Hope you’re having a fantastic Friday wherever in the world you are reading and have a restful weekend ahead.

It was a red session for the uranium and nuclear related equities yesterday; Uranium producers and developers posting losses, all five of the uranium ETFs closed in negative territory, same was true for the SMR developers & uranium enrichers.

Before we look at the trading action and chart movements of the uranium mining stocks, ETFs and SMR developers & uranium enrichers, let’s take a quick look at where uranium spot and term prices currently are…

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso Aug 21

791KB ∙ PDF file

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URANIUM PRICES & SPUT ACTIVITY

Spot price: ----------$88.50/lbs U₃O₈.

Long-term price: ----$95.50/lbs U₃O₈.

UF₆ price: -----------$290.95/KgU

SWU price: ----------$190.00/SWU

Uranium spot price ticked up +$0.25/lbs yesterday. U₃O₈ spot is has been trading in a narrow range in a narrow range between $85~$87/lbs for the past several months, but now the June-July summer doldrums are in the rear-view mirror we are starting to see spot market activity tick up slightly, and spot price is signalling a break from the trading range it has been “stuck” in. As we get into the end of August and start of September, perhaps with traders eying up higher prices to come in the fall, we may see spot prices continue to tick up into the low-$90’s/lbs. However, I do not expect spot market activity to get lively until we get into late-September-October.

SPUT typically doesn’t like to take its treasury below $60m, and given the trust’s current discount to NAV is below -10%, issuing units to raise capital appears unlikely in the immediate term (unless we see significant risk-on sentiment return to the sector), suggesting SPUT’s recent end-of-July activity is not the start of large buying spree (yet). But they do have roughly +$30M to pick up pounds, assuming they prefer to keep the typical $60M buffer.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $7.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of additional pounds of U₃O₈ yesterday. The trust also reported no new raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -10.09% discount to NAV. SPUT’s treasury is sitting at roughly $91M.

SPUT purchases year-to-date: 6,807,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers yesterday were UUUU -6.40%, and URG -5.00%.

All the uranium mining stocks we monitor on the daily watchlist table closed the session in negative territory – some significantly in the red.

Stocks in the sector moved in unison, all displaying similar trading action and chart movements throughout the session and corelating strongly with the broad market.

The sector opened lower and spent the first thirty minutes of trading declining. Sideways chop followed until around midday. Further selling pressure returned after midday, pushing share price valuations lower. Intraday lows were hit just before the start of the penultimate hour of trading. The sector benefitted from a bounce in the final hour, paring some of the losses, but insufficient for any of the stocks to close the session in the green.

Trading volumes were significantly lower than average. In the case of NXE and URG trading volumes were -50% lower than average. Pre Market valuations up across the board at time of writing.

URANIUM-RELATED ETFs: Daily percentage change at market close URA -2.60%, URNM -2.70%, URNJ -2.77%, NUKZ -1.80%, NLR -2.69%.

Very similar trading action and chart movements for the uranium and nuclear related ETFs as seen in the uranium mining stocks, and significantly corelated to the broad market, see sparklines below in the daily watchlist tables – no need for additional commentary.

Trading volumes were close to average levels, and Pre Market valuations are green across the board at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were XE -7.86%, and IMSR -7.38%.

All but one of the SMR developers and uranium enrichers closed yesterday’s session with losses – only exception being FRMI, managing to close up +3.65%.

Chart movements and trading action were similar across the sector, differing slightly to the aforementioned sectors above. The sector moved in unison, see sparklines below.

The sector opened lower, falling sharply in the first hour of trading. From there the trading action was characterised by ‘sideways-to-down chop’. Like the sectors mentioned above, the SMR developers and uranium enrichers were also significantly corelated to the broad market, hitting intraday lows at the start of the penultimate hour. Sector pared some of the losses during the small bounce in the final hour of trading.

Trading volumes were lower than average. Pre Market valuations are green across the board at time of writing.

--DAILY WATCHLIST TABLES--

--NEWS--

Standard Uranium released a press statement yesterday updating the market of drill results at their Corvo Project in Wollaston Lake, Saskatchewan.

In their first-ever drill campaign at the project, Standard Uranium reported finding: 13 metres of highly anomalous uranium, 23 metres of moderately anomalous uranium, and 55 metres of weakly anomalous uranium.

The company is planning further exploration in the coming months, with a second round of drilling planned in 2027.

The market and speculators were not impressed, STDN.V was down -6.67% at the closing bell yesterday.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -1.32%, Nasdaq -1.00%, S&P 500 -0.87%, and Russell 2000 -1.34%.

All four of the major US indexes posted losses yesterday.

Markets were a little spooked as bond yields across the longer durations rose back above levels just before the US Treasury Department said they would at least double debt repurchases. Time is need to truly determine if this extraordinary action will achieve the desired result, but in the immediate term it appears to be failing as 10-year, 20-year, and 30-yearbond yields are not subdued.

No breakthroughs to report relating to the middle east conflict. The situation in the Hormuz Strait remains at an impasse. US blockade remains in place. Threats of a “D-Day” equivalent of economic sanctions to be imposed on Iran as early as Monday according to the Treasury Secretary, Scott Bessent.

Brent crude price currently: $93.94/barrel, up +0.17%. WTI price currently: $87.15, up +0.37%.

Gold price currently sitting at: $4,589.04/oz, up +1.68%.

Have a fantastic Friday and restful weekend ahead!

Warm regards,

Jim

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Hope you’re having a nice Thursday wherever in the world you are reading.

Green session for the uranium and nuclear related equities yesterday; Uranium mining stocks all chalking up gains, along with the uranium ETFs, and the SMR developers & uranium enrichers also having a decent session.

Before we look at the trading action and chart movements of the uranium mining stocks, ETFs and SMR developers & uranium enrichers, let’s take a quick look at where uranium spot and term prices currently are…

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso Aug 20

858KB ∙ PDF file

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URANIUM PRICES & SPUT ACTIVITY

Spot price: ----------$88.25/lbs U₃O₈.

Long-term price: ----$95.50/lbs U₃O₈.

UF₆ price: -----------$290.95/KgU

SWU price: ----------$190.00/SWU

Uranium spot price ticked up +$0.10/lbs yesterday. U₃O₈ spot has been trading in a narrow range in a narrow range between $85~$87/lbs for several months, but now the June-July summer doldrums are in the rear-view mirror we are starting to see spot market activity tick up slightly, and spot price is signalling a break from the trading range it has been “stuck” in.

As we get deeper into August and start of September, perhaps with traders eying up higher prices to come in the fall, we may see spot prices continue to tick up to the high $80’s-low-$90’s/lbs. However, I do not expect spot market activity to get lively until we get into late-September-October.

As mentioned, SPUT typically doesn’t like to take its treasury below $60m, and given the trust’s current discount to NAV is below -7%, issuing units to raise capital appears unlikely in the immediate term (unless we see significant risk-on sentiment return to the sector), suggesting SPUT’s recent end-of-July activity is not the start of large buying spree (yet). But they do have +$30M to pick up pounds, assuming they prefer to keep the typical $60M buffer.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $7.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of additional pounds of U₃O₈ yesterday. The trust also reported no new raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -7.93% discount to NAV. SPUT’s treasury is sitting at roughly $91M.

SPUT purchases year-to-date: 6,807,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers yesterday were UEC +6.11%, and UUUU +5.39%.

Decent day for the uranium mining stocks in yesterday’s session, all the stocks we monitor on the daily watchlist tables chalking up gains. ‘Risk-on’ sentiment was present across the mining sectors more broadly yesterday, especially the precious metals miners, and this sentiment helped lift the uranium mining stocks throughout the session.

The uranium producers and developers opened higher and spent the first half of the session chopping sideways. Following midday, the sector dropped slightly, but in the final two hours of trading most in the sector bounced higher and rode increased buying pressure into the closing bell. The most well-known North American names rode the end-of-day buying pressure to close just off intraday highs.

Trading volumes were lower than average levels, and valuations of the equities in Pre Market are down at the time of writing.

URANIUM-RELATED ETFs: Daily percentage change at market close URA +3.19%, URNM +3.06%, URNJ +2.70%, NUKZ +0.28%, NLR +2.86%.

“As above, so below”. All five of the uranium and nuclear ETFs we monitor chalked up decent daily gains.

Trading action and chart movements were similar to the miners mentioned above; opened the session in positive territory and chopped sideways for the first half of the session. Valuations of the funds dipped slightly after midday, then during the last two hours of trading climbed higher as ‘risk-on’ sentiment washed over the mining sectors broadly. URA, URNM, URNJ and NLR closed at intraday highs.

Trading volumes were significantly below average levels. Pre Market valuations are mixed at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were SMR +7.52%, and ASPI +5.96%.

The SMR developers and uranium enrichers also chalked up decent daily gains in yesterday’s session, also benefiting from the ‘risk-on’ sentiment seen across the mining sectors.

Stocks in this subsector opened neutral-to-slightly-down, then began rising towards the end of the first hour. Share prices climbed gradually until around midday. Following midday, trading action in this subsector was characterised by sideways chop until the closing bell.

Much like the aforementioned above, trading volumes were lower than average levels. Pre Market valuations are positive at time of writing.

--DAILY WATCHLIST TABLES--

--NEWS--

Laramide Resources has secured exploration licenses to explore for uranium in Hotagen province and Arjeplog-Arvidsjaur province, Sweden.

Laramide Resources president and CEO Marc Henderson stated:

“Sweden has undergone one of the most significant policy shifts in the global uranium sector.

“In a relatively short period, the Swedish Government has restored uranium mining, modernised the regulatory framework and reaffirmed nuclear energy as a cornerstone of the country’s long-term energy strategy.

“We believe these reforms represent a transformational shift for Sweden’s mining sector and have created an attractive opportunity to establish a strategic position within an emerging European uranium supply chain.”

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones +0.22%, Nasdaq +0.16%, S&P 500 +0.21%, and Russell 2000 +0.50%.

All four of the major US indexes chalked up gains yesterday. Investors reacted positively to the US treasury Departments decision to at least double the size of the government debt repurchases.

The initiative is aimed at the longer-dated treasuries, focussing between the 10-year and 30-year (including the 20-year).

Recently bond yields have been hitting multi-decade highs.

After yesterday’s announcement yields dropped several basis points, leading to ‘risk-on’ sentiment to wash over numerous sectors; precious metals and precious metal miners being one of them. And as the gold and silver miners tend to be the “gateway sectors” for many speculators who end up building positions in the uranium mining stocks, when the precious metals mining stocks do well, uranium mining stocks typically benefit. Yesterday was one of those days.

No breakthroughs to report relating to the middle east conflict. The situation in the Hormuz Strait remains at an impasse.

Brent crude price currently: $94.00/barrel, up +2.58%. WTI price currently: $88.40, up +2.99%.

Gold price currently sitting at: $4,483.98/oz, down -0.08%.

Have great day

Warm regards,

Jim

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Hope you’re having a nice Wednesday wherever in the world you are reading.

Red across the board for the uranium mining stocks in yesterday’s session. Same was true for the uranium and nuclear related ETFs, all chalking up losses on the day. Red session for the SMR developers and uranium enrichers, too, all posting losses in yesterday’s session.

Before we look at the trading action and chart movements of the uranium mining stocks, ETFs and SMR developers & uranium enrichers, let’s take a quick look at where uranium spot and term prices currently are…

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso Aug 19

758KB ∙ PDF file

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URANIUM PRICES & SPUT ACTIVITY

Spot price: ------------$88.15/lbs U₃O₈.

Long-term price: ------$95.50/lbs U₃O₈.

UF₆ price: -------------$290.95/KgU

SWU price: ------------$190.00/SWU

Uranium spot price ticked up +$0.40/lbs yesterday. U₃O₈ spot is has been trading in a narrow range in a narrow range between $85~$87/lbs for several months, but now the June-July summer doldrums are in the rear-view mirror we are starting to see spot market activity tick up slightly, and spot price is signalling a break from the trading range it has been “stuck” in. As we get deeper into August and start of September, perhaps with traders eying up higher prices to come in the fall, we may see spot prices continue to tick up to the high $80’s-low-$90’s/lbs. However, I do not expect spot market activity to get lively until we get into late-September-October.

As mentioned, SPUT typically doesn’t like to take its treasury below $60m, and given the trust’s current discount to NAV is below -7%, issuing units to raise capital appears unlikely in the immediate term (unless we see significant risk-on sentiment return to the sector), suggesting SPUT’s recent end-of-July activity is not the start of large buying spree (yet). But they do have +$30M to pick up pounds, assuming they prefer to keep the typical $60M buffer.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $7.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of additional pounds of U₃O₈ yesterday. The trust also reported no new raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -8.79% discount to NAV. SPUT’s treasury is sitting at roughly $91M.

SPUT purchases year-to-date: 6,807,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers yesterday were GLO.TO -6.90%, and EU -5.31%.

Negative trading session for the uranium mining equities yesterday, all stocks we monitor on the daily watchlist tables closed with losses.

The sector moved in unison, starting the session lower with vast majority of the uranium mining stocks plumbing intraday lows just before midday. Brief buying pressure returned into the second half of the session before turning into sideways chop. In the final thirty minutes of trading a second wave of buying pressure lifted share price valuations – some to intraday highs – but proved insufficient for any of the uranium miners to closed the session in the green.

Pre Market valuations mixed at time of writing.

URANIUM-RELATED ETFs: Daily percentage change at market close URA -3.60%, URNM -2.95%, URNJ -2.16%, NUKZ -2.62%, NLR -3.30%.

All five of the uranium and nuclear related ETFs we monitor on the daily watchlist tables chalked up losses yesterday.

ETF chart movements and trading action all exhibiting similar behaviour. Opened the session lower and continued to decline until hitting intraday lows just before the start of the third hour of trading.

The ETFs had a small bounce after plumbing intraday lows followed by sideways chop until the closing bell.

Trading volumes were lower than average across the ETFs, with the exception of URNJ, trading volumes for the Sprott-managed fund +40.6% higher.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were XE -7.80%, and NNE -6.84%.

Similar story for the SMR developer and uranium enricher stocks; red across the board, see sparklines below.

Sector opened lower and spent the first two hours of the session trading lower before bouncing on a small bid after midday. The bounce was short-lived, giving way to further declines into the closing bell. Most stocks in the sector closed at – or close to – intraday lows.

Trading volumes of the SMR developers and uranium enrichers were significantly below average. Pre Market valuations mixed at time of writing.

--DAILY WATCHLIST TABLES--

--NEWS—

Laramide Resources has secured exploration licenses to explore for uranium in Hotagen province and Arjeplog-Arvidsjaur province, Sweden.

Laramide Resources president and CEO Marc Henderson stated:

“Sweden has undergone one of the most significant policy shifts in the global uranium sector.

“In a relatively short period, the Swedish Government has restored uranium mining, modernised the regulatory framework and reaffirmed nuclear energy as a cornerstone of the country’s long-term energy strategy.

“We believe these reforms represent a transformational shift for Sweden’s mining sector and have created an attractive opportunity to establish a strategic position within an emerging European uranium supply chain.”

NXE & BHP

The rise in NXE share price on Monday attributed to the article published by Reuters, reporting that BHP and NXE have discussed regularly NXE’s Rook 1 Project in Saskatchewan. According to the article NXE is looking to raise up to $1B in funding in the next nine months, possibly means of “prepayment agreements with utility companies, debt finance and direct equity in the project”.

The report also mentioned there has been genuine interest from the mining giant BHP about possibly acquiring the uranium project. We will continue to follow this story and any future developments.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -0.22%, Nasdaq -1.33%, S&P 500 -0.69%, and Russell 2000 -1.30%.

All four of the major US indexes chalked up losses yesterday.

Oil prices continue to tick up and FUD surround the middle east conflict show no signs of being resolved. If anything, threats and rhetoric are escalating. Iran threatening to shift to an offensive posture if demands are not met.

US and Japan bond yields are hitting multi-year highs. US 30-year hit 19-year highs yesterday. While Japan’s 10-year bond yield hit highest levels in thirty years. French 30-year government bond yield has reached fresh highs not seen since 2008.

Brent crude price currently $91.36/barrel, down +0.40%. WTI prices currently $85.27/barrel, up +0.39%.

Gold price currently sitting at $4,417.14/oz, up +1.18%.

Have a great day!

Warm regards,

Jim

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Hope you’re having a nice Tuesday wherever in the world you are reading!

Mixed bag for the uranium mining stocks. Uranium and nuclear related ETFs fared better, four of the five fund we monitor chalked up gains on the day. SMR developers and uranium enrichers all posting losses in yesterday’s session.

Before we look at the trading action and chart movements of the uranium mining stocks, ETFs and SMR developers & uranium enrichers, let’s take a quick look at where uranium spot & term market prices currently are…

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso Aug 18

821KB ∙ PDF file

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URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$87.75/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$290.95/KgU

SWU price: -----------$190.00/SWU

Uranium spot price ticked up +$0.75/lbs since Friday. U₃O₈ spot is has been trading in a narrow range in a narrow range between $85~$87/lbs for several months, but now the June-July summer doldrums are in the rear-view mirror we are starting to see spot market activity tick up slightly, and spot price is signalling a break from the trading range it has been “stuck” in. As we get deeper into August and start of September, perhaps with traders eying up higher prices to come in the fall, we may see spot prices continue to tick up to the high $80’s-low-$90’s/lbs. However, I do not expect spot market activity to get lively until we get into late-September-October.

As mentioned, ad nauseum SPUT typically doesn’t like to take its treasury below $60m, and given the trust’s current discount to NAV is below -6%, issuing units to raise capital appears unlikely in the immediate term (unless we see significant risk-on sentiment return to the sector), suggesting SPUT’s recent end-of-July activity is not the start of large buying spree (yet).

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $7.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of additional pounds of U₃O₈ yesterday. The trust also reported no new raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -7.06% discount to NAV. SPUT’s treasury is sitting at roughly $91M.

SPUT purchases year-to-date: 6,807,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers yesterday were EU -6.61%, and NXE +3.46%.

The uranium mining stocks started the session lower, but by the start of the second hour of trading most had risen above the neutral and were starting to accumulate gains. Share prices across the sector rose until around midday.

Throughout the second half of the day share prices began to give up the early-found gains, coinciding with the declines seen across the broad market indexes during the same time period, see sparklines below for comparisons between equities.

Trading volumes across the sector were lower than average. Pre Market valuations are down significantly across the board at time of writing, potentially a harbinger of the session to come when the American markets open for trading.

URANIUM-RELATED ETFs: Daily percentage change at market close URA +0.71%, URNM +1.80%, URNJ+1.35%, NUKZ -0.29%, NLR +0.21%.

The uranium and nuclear related ETFs fared better yesterday, with four of the five ETFs we monitor on the daily watchlist tables managing to chalk up gains on the day. The outlier being NUKZ, down -0.29%.

The trading action and chart movements were very similar to the mining stocks mentioned above; opened slightly lower, but in the first hour of trading rose well on buying pressure, which eventually subsided around midday. The ETFs gave up roughly half of their gains by the closing bell, as the second half of the session was characterised by a gradual reversal as selling pressure increased and negative sentiment trickled down from the broad market.

Trading volumes were lower than average levels, and Pre Market valuations are slightly negative at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were ASPI -5.85%, and FRMI -4.06%.

Red across the board for this subsector yesterday. The trading action and chart movements of the SMR developers and uranium enrichers was varied, see sparklines below for comparison. The one thing all the equities in this sector had in common was being ‘red’ by the closing bell.

The percentage changes registered at the closing bell and the volatility seen throughout the session were lower than is typical for this exceptionally volatile sector.

Trading volumes were significantly below average levels, in many cases -50% lower than average. Pre Market valuations are mostly negative at time of writing.

--DAILY WATCHLIST TABLES--

--NEWS—

NXE was the standout performer yesterday, chalking up gains of +3.46%, on trading volumes significantly above average. Yesterday’s trading volume: 14.8M, compared to an average of 5.52M.

The rise in share price and significant rise in daily trading volumes can be attributed to the article published by Reuters, reporting that BHP and NXE have discussed regularly NXE’s Rook 1 Project in Saskatchewan. According to the article NXE is looking to raise up to $1B in funding in the next nine months, possibly means of “prepayment agreements with utility companies, debt finance and direct equity in the project”.

The report also mentioned there has been genuine interest from the mining giant BHP about possibly acquiring the uranium project. We will continue to follow this story and any future developments

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -0.51%, Nasdaq -0.32%, S&P 500 -0.52%, and Russell 2000 -0.35%.

All four of the major US indexes chalked up losses yesterday.

The MOU signed June 17, between the US and Iran has officially expired, with both showing – publicly at least - zero interest in extending the term of the MOU.

Senior Iranian officials are signalling they will shift their posture from “defensive” to “offensive” if diplomacy with the US fails.

Brent crude price currently $90.76/barrel, down -0.10%. WTI prices currently $84.87/barrel, up +0.44%.

Gold price currently sitting at $4,392.75/oz, up -0.55%.

Warm regards,

Jim

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Hope you’re having a great Thursday wherever in the world you are reading.

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso Aug 13

601KB ∙ PDF file

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A mostly ‘red’ day for the uranium mining stocks in yesterday’s session with majority chalking up small losses by the closing bell.

The uranium and nuclear related ETFs fared better; four of the five funds chalking up small gains.

It was a mixed bag for the SMR developers and uranium enricher stocks at the closing bell.

Before we look at the trading action and chart movements of the uranium mining stocks, ETFs and SMR developers & uranium enrichers, let’s take a quick look at where uranium spot & term market prices currently are…

URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$87.00/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$290.95/KgU

SWU price: -----------$190.00/SWU

Uranium spot price ticked up +$0.20/lbs yesterday. U₃O₈ spot is still trading in a narrow range between $85~$87/lbs.

Now June-July summer doldrums are in the rear-view mirror; we are starting to see spot market activity tick up slightly. As we get deeper into August and perhaps with traders eying up higher prices to come in the fall, we may see spot prices continue to tick up to the high $80’s/lbs. However, I do not expect spot market activity to get lively until we get into late-September-October.

SPUT typically doesn’t like to take its treasury below $60m, and given the trust’s current discount to NAV is below -6%, issuing units to raise capital appears unlikely in the immediate term (unless we see significant risk-on sentiment return to the sector), suggesting SPUT’s recent end-of-July activity is not the start of large buying spree (yet).

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $9.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of additional pounds of U₃O₈ yesterday. The trust also reported no new raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -6.97% discount to NAV. SPUT’s treasury is sitting at roughly $92M.

SPUT purchases year-to-date: 6,807,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers yesterday were URG -2.88%, and UUUU -2.10%.

It was a fairly unremarkable day in terms of daily percentage gains-losses for the uranium mining stocks in yesterday session. Most of the companies we monitor on the daily watchlist tables ended the day with losses, putting an end to a weeks-long run of steady gains, although the declines were muted.

The uranium stocks started the session well, climbing higher in the first thirty minutes of trading. However, the peak of these early gains proved to be intraday highs. By midday most stocks fell below the neutral line, and from there it was mostly sideways chop-trending gradually down. Valuations at the closing bell were intraday lows for most.

CCJ being the exception yesterday, managing to eke out gains of +0.30%. EU and GLO.TO ended the session unchanged.

Trading volumes were well below average. Pre Market valuations of the uranium producers and developers are up at time of writing.

URANIUM-RELATED ETFs: Daily percentage change at market close URA +0.07%, URNM +0.04%, URNJ+0.20%, NUKZ +0.83%, NLR -0.55%.

Four of the five ETFs managed to eke out gains by the closing bell yesterday. The funds opened the session higher and much like the miners mentioned above, climbed higher in the first half an hour trading, hitting intraday highs during this time, before giving up most of those early gains by midday, followed by sideways chop until the closing bell. Four out of the five ETFs manage to hold on and eke out small daily gains.

Trading volumes were significantly lower than average levels, URA, URNM and NUKZ trading volumes were -50% lower than average volumes.

Pre Market valuations are in negative territory at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were FRMI +6.74%, and OKLO -4.00%.

Mixed bag for the SMR developer and uranium enricher stocks in yesterday’s session. It was a typically ‘choppier’ day compared to the uranium mining equities, displaying divergence in trading action and chart movements, see sparklines below for comparison.

Trading volumes were significantly below average levels, in several cases -40% lower than average. Pre Market valuations are mixed at time of writing.

--DAILY WATCHLIST TABLES--

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -0.04%, Nasdaq +0.54%, S&P 500 +0.26%, and Russell 2000 +0.61%.

Three of the four major US indexes eked out gains yesterday; Dow Jones chalked up minor losses.

Markets were not surprised by the July CPI report, with headline inflation coming in +0.1% higher than expectations on the month. Annual inflation sitting at +3.4%.

Odds increased that the Federal Reserve will leave interest rates unchanged at the next Fed meeting in September.

Brent crude price currently $87.30/barrel, down -1.89%. WTI prices currently $81.44/barrel, down -2.20%.

Gold price currently sitting at $4,390.35/oz, up -0.38%.

Warm regards,

Jim

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Hope you’re having a great Wednesday wherever in the world you are reading.

A last-minute trip meant no Morning Espressos last week.

The North American uranium mining stocks we follow on the daily watchlist tables performed well during that time.

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso Aug 12

841KB ∙ PDF file

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PAST WEEK

CCJ is up +3.52%, NXE +6.13%, DNN +9.60%, UEC +7.40%, UUUU +13.78%, URG +6.33%, EU +18.86%, UROY +22.29%.

Four of the five ETFs have also performed well in the Past Week; URA up +5.02%, URNM +5.27%, URNJ +6.01%, NUKZ +0.90%, NLR +4.21%.

Before we look at the trading action and chart movements of the uranium mining stocks, ETFs and SMR developers & uranium enrichers, let’s take a quick look at where uranium spot & term market prices currently are…

URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$86.80/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$290.95/KgU

SWU price: -----------$190.00/SWU

Uranium spot price has ticked up +$0.30/lbs Past Week. U₃O₈ spot continues to chop sideways-to-slightly up. Still in a narrow range between $85~$87/lbs. The activity we saw throughout June and July in the spot market – or lack thereof – is typical for the summer months.

SPUT purchased 250k lbs in month of July utilising their large cash position. Now July is in the rear-view mirror, we may start to see spot market activity tick up slightly as we get deeper into August perhaps with less selling, with traders eying up higher prices as we go into fall. However, I do not expect spot market activity to get lively until we get into September and October.

SPUT typically doesn’t like to take its treasury below $60m, and given the trust’s current discount to NAV is below -6%, issuing units to raise capital appears unlikely in the immediate term (unless we see significant risk-on sentiment return to the sector), suggesting SPUT’s recent activity is not the start of large buying spree (yet).

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $9.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of additional pounds of U₃O₈ yesterday. The trust also reported no new raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -6.61% discount to NAV. SPUT’s treasury is sitting at roughly $92M.

SPUT purchases year-to-date: 6,807,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers yesterday were EU +5.34%, and UUUU +3.43%.

Overall, a positive session yesterday for the uranium producers and developers, all but one stock on the daily watchlist table chalking up gains on the day.

Choppiness characterised the day for the sector, see sparklines below. The sector opened higher, dropped slightly during the first minutes of trading, before spiking midway through the second hour as buying pressure increased.

The spike was brief and proved to be the intraday high point for several producers and developers. Sideways chop followed for the remainder of the session before a final increase in buying pressure lifted valuations into the closing bell.

Trading volumes yesterday were significantly lower than average levels, in some cases -50% lower volumes than average. Pre Market valuations are green across the board (at time of writing).

URANIUM-RELATED ETFs: Daily percentage change at market close URA +1.78%, URNM +1.41%, URNJ +1.47%, NUKZ +1.28%, NLR +1.87%.

Trading action and chart movements of the uranium and nuclear related ETFs were similar to the miners mentioned above; vicissitudes and increases in buying pressure occurring at same points throughout the session. See sparklines below. No need more additional commentary on trading action.

Trading volumes of the uranium and nuclear related ETFs were lower than average. The three ETFs with a basket of uranium mining stocks are up in Pre Market. NUKZ and NLR down slightly in Pre Market.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were FRMI +21.09%, and SMR +7.73%.

Decent session for the SMR developers and uranium enrichers yesterday, all but two stocks on the daily watchlist table chalking up gains. The two exceptions being LEU and XE, down -0.08% and -0.34% respectively.

Chart movements and trading action were similar across the sector, moving in unison. All started the session up, declining in the first minutes of trading – some falling just below the neutral line – before climbing in the first and second hour. The majority of the session was characterised by sideways chop. Several stocks benefitted from an increase in buying pressure towards session end – the share prices that did closed at intraday highs.

Trading volumes were significantly below average levels, in several cases -40% lower than average. Most stocks are up in Pre Market.

--DAILY WATCHLIST TABLES--

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -0.34%, Nasdaq -0.60%, S&P 500 -0.32%, and Russell 2000 +0.32%.

Three of the four major US indexes chalked up losses in yesterday’s session, as losses in the tech & chip stocks weighed on the market, and the ongoing FUD surrounding the middle east conflict.

Nvidia shares fell in the second half of the session, Apple closed lower -1% on the day, and Alphabet closed lower, too, down -3.83%.

FUD stemming from the middle east conflict continues. Kinetic exchanges remain paused. But the US naval blockade remains in place. The IRGC state publicly every day the Straits remain closed and will do so until the US meets all of its demands. Negotiations through mediators continue according several states helping broker a ‘deal’. However, the chasm between the stances of the US and Iran appear to grow ever bigger.

Absent a lasting deal, FUD is likely to persist, oil prices likely to climb, along with the high risk of kinetic exchanges resuming at any moment.

Brent crude price currently $89.17/barrel, down -0.29%. WTI prices currently $83.70/barrel, down +0.60%.

Gold price currently sitting at $4,480.25/oz, up -0.60%.

Warm regards,

Jim

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Hope you’re having a great Tuesday wherever in the world you are reading.

Green across the board when looking at the charts of the uranium related equities for yesterday’s session. Uranium miners, ETFs, and the SMR & uranium enricher stocks all up – some significantly. The broad market indexes had a very strong session yesterday, especially the tech-heavy sentiment-sensitive Nasdaq, which gave speculators who gravitate toward high-risk mining stocks the confidence to go ‘risk-on’, injecting significant buying pressure throughout the session to the uranium related equities, sparklines below…

Before we look at the trading action and chart movements of the uranium mining stocks, ETFs and SMR developers & uranium enrichers, let’s take a quick look at where uranium spot & term market prices currently are…

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso Aug 04

621KB ∙ PDF file

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URANIUM PRICES & SPUT ACTIVITY

Spot price: -------------$86.50/lbs U₃O₈.

Long-term price: -------$95.50/lbs U₃O₈.

UF₆ price: --------------$290.95/KgU

SWU price: -------------$190.00/SWU

Uranium spot price unchanged. U₃O₈ spot continues to chop sideways, staying in its narrow range between $85~$87/lbs. The activity we have seen throughout June and July in the spot market – or lack thereof – is typical for the summer months.

SPUT did purchase 250k lbs in month of July. Now July is in the rear-view mirror, we may start to see spot market activity tick up slightly as we get deeper into August. However, I do not expect spot market activity to get lively until we get into September and October.

SPUT typically doesn’t like to take its treasury below $60m, and given the trust’s current discount to NAV is below -10%, issuing units to raise capital appears unlikely in the immediate term (unless we see significant risk-on sentiment return to the sector), suggesting SPUT’s recent activity is not the start of large buying spree (yet).

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $9.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of additional pounds of U₃O₈ yesterday. The trust also reported no new raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -12.9% discount to NAV. SPUT’s treasury is sitting at roughly $93.2M.

SPUT purchases year-to-date: ---------------------------------------------- 6,807,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were UUUU +6.21%, and NXE +4.59%.

The trading action and chart movements of the uranium mining stocks was relatively straight forward. Vast majority of the uranium producers and developers in the sector moved in unison, corelating strongly with the broad market. The sector started the session just below the neutral line, breaking above it within the first ten minutes of trading. Followed by an immediate reversal, with the sector ‘kissing’ the neutral line, which proved to be lows from there on.

Twenty minutes into the session the sector caught a bid, rising significantly as ‘risk-on’ sentiment permeated down from the broad market, climbing higher on continuous buying pressure until the start of the second hour. From there, it was sideways chop for the majority of the day, with a smaller second wave of buying pressure coming in the final hour of trading.

Most of the uranium producers and developers closed the day at – or very close to – intraday highs.

The only exception from the uranium mining stocks we monitor on the daily watchlist tables was EU, chalking up small losses on the day, finishing down -0.92%.

Trading volumes yesterday were significantly lower than average levels, and Pre Market valuations are green across the board (at time of writing).

URANIUM-RELATED ETFs: Daily percentage change at market close URA +4.45%, URNM +4.43%, URNJ+3.33%, NUKZ +2.53%, NLR +4.40%.

Very similar story for the uranium and nuclear related ETFs, all five funds chalked up strong daily gains and exhibited similar trading action and chart movements to the uranium mining stocks mentioned above – no need for additional commentary, see sparklines of the ETFs below.

Trading volumes of the uranium and nuclear related ETFs were lower than average, and like the miners mentioned above, all five funds are up in Pre Market valuations.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were NNE +10.50%, and SMR +7.01%.

The chart movements and trading action of the SMR developers and uranium enricher stocks exhibited very similar behaviour to the aforementioned above; opened just below the neutral line, within the first ten minutes of trading began climbing, buying pressure eased around the start of the second hour, sideways chop followed. Stocks in the sector closed at – or just off – intraday highs.

Trading volumes were below average levels and all stocks in this sector are up in Pre Market.

--DAILY WATCHLIST TABLES--

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones +1.19%, Nasdaq +2.78%, S&P 500 +1.66%, and Russell 2000 +1.37%.

All four of the major US indexes chalked up significant gains in yesterday’s session.

Stock futures are up at time of writing in Pre Market as US treasury Secretary, Scott Bessent, when asked by reported claimed a deal between the US and Iran to “open” and “normalised positions” could come as soon as today or tomorrow. Markets appear to like this. And as a result, oil continues to decline.

Stocks futures are also up after Palantir and Caterpillar reported string Q1 results.

SpaceX is scheduled to report their Q1 results later today.

Brent crude price currently $81.83/barrel, down -2.27%. WTI prices currently $77.94/barrel, down -2.97%.

Gold price currently sitting at $4,075.20/oz, up -0.99%.

Have nice Tuesday,

Warm regards,

Jim

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Hope you’re having a fantastic Friday and a restful weekend ahead, wherever in the world you are reading.

It was a sea of green when looking at the charts of the uranium related equities yesterday. Uranium miners, ETFs, and the SMR & uranium enricher stocks all up – some on stilts. The broad market indexes had a very strong session yesterday, which gave the green light to the speculators to go ‘risk-on’, injecting significant buying pressure, sparklines below…

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 31

837KB ∙ PDF file

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Before we look at the trading action and chart movements of the uranium equities, let’s take a quick look at where uranium spot & term market prices currently are…

URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$86.50/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$290.95/KgU

SWU price: -----------$190.00/SWU

Uranium spot price unchanged. U₃O₈ spot continues to chop sideways, staying in its narrow range between $85~$87/lbs. The activity we have seen throughout June and July in the spot market – or lack thereof – is typical for the summer months.

However, SPUT has purchased 200k lbs in the last two sessions, in addition to the 50k lbs sequestered on July 21. With July almost in the rearview mirror, we may start to see spot market activity tick up as we go into August.

Although it is worth remembering, SPUT typically doesn’t like to take its treasury below $60m, and given the trust’s current discount to NAV is close to -10%, issuing units to raise capital appears unlikely in the immediate term (unless we see significant risk-on sentiment return to the sector), suggesting SPUT’s recent activity is not the start of large buying spree (yet).

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $9.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported 100,000 pounds of new U₃O₈ purchases yesterday. The trust reported no new raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -9.86% discount to NAV. SPUT’s treasury is sitting at roughly $93.2M.

SPUT purchases year-to-date: 6,807,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were UROY +12.87%, and UUUU +9.03%.

Strong daily performances across the uranium producers and developers in yesterday’s session, all chalking up significant gains at market close. The uranium miners continue to remain highly corelated to the broad market, which also had a strong day yesterday, which led to bullish sentiment across the uranium sector.

The trading action and chart movements were fairly straight forward, see sparklines below. The sector opened higher and within the first half an hour of trading share prices climbed as buying pressure increased. The uranium miners then chopped sideway-to-up until around midday, followed by more buying pressure in the second half of the session, with the final hour of trading proving to be yet more volatile to the upside.

Majority of the uranium mining stocks closed at – or just off – intraday highs. Trading volumes were above average levels, and Pre Market valuations are green across the board.

The only uranium mining stock we monitor on the daily watchlist tables chalking up losses on the day was GLO.TO, down -1.82%.

URANIUM-RELATED ETFs: Daily percentage change at market close URA +5.86%, URNM +4.92%, URNJ +5.51%, NUKZ +5.02%, NLR +5.51%.

Very strong daily performances for the uranium and nuclear related ETFs, too. All five of the funds posting daily gains of around +5%. Interestingly, trading volumes of the ETFs were significantly lower than average.

The trading action and chart movements were very similar to the mining stocks mentioned above – no need for additional commentary.

Pre Market valuations of the ETFs all up, green across the board.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were FRMI +14.85%, and SMR +13.31%.

“If the uranium miners are considered volatile, the SMR & uranium enrichers can be considered extremely volatile”. The SMR developer and uranium enricher stocks we monitor on the daily watchlist tables all posted significant gains yesterday – most up double digits on the day.

The chart movements and trading action of the stocks in this subsector mimicked the miners and ETFs mentioned above, albeit with extra volatility - no need for additional commentary, see sparklines below.

Daily trading volumes were below average, and Pre Market valuations are green across the board.

--DAILY WATCHLIST TABLES--

--NEWS--

Westinghouse have filed for IPO in the US, reported earlier this morning by UK-based Reuters.

Westinghouse owned by Brookfield (51%) and Cameco (49%) did state last year when the $80B strategic partnership was announced, an IPO for Westinghouse would be sought upon if WEC hit a $30B valuation b y 2029. This announcement certainly comes earlier than expected.

At time of writing, details remain unknown – regarding IPO price and specific timeline on the offering. We will follow this development closely and dive deeper into Cameco’s Q2 report in coming days.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones +1.19%, Nasdaq +2.78%, S&P 500 +1.66%, and Russell 2000 +1.37%.

All four of the major US indexes chalked up gains in yesterday session as investors shrugged off the FUD radiating from the middle east that was building earlier in the week.

Tech stocks and chip makers had a strong day, helping lift the Nasdaq by +2.78% on the day, putting an end to a six-day losing streak. Microsoft was up +15.51% and Micron Technologies up +18.36%.

Brent crude is currently at $90.39/barrel, and WTI is sitting at $85.34/barrel (at the time of writing).

Gold price at time of writing, down roughly -1.09%. Currently sitting at $4,056.60/oz.

Have a fantastic Friday and a restful weekend ahead,

Warm regards,

Jim

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Hope you’re having a nice Thursday wherever in the world you are reading.

It was another ‘red’ day for the uranium and nuclear related equities in yesterday’s session. The uranium mining stocks, ETFs and the SMR & uranium enrichers all displaying significant corelation to the broad market, see sparklines below.

Before looking at the trading action and chart movements of the uranium equities, let’s take a quick look at where uranium spot & term prices are…

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 30

811KB ∙ PDF file

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URANIUM PRICES & SPUT ACTIVITY

Spot price: ---------$86.50/lbs U₃O₈.

Long-term price: ---$95.50/lbs U₃O₈.

UF₆ price: ----------$290.95/KgU

SWU price: ---------$190.00/SWU

Uranium spot price ticked up $0.25/lbs, now $86.50/lbs. U₃O₈ spot continues to chop sideways, staying in its narrow range between $85~$87/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence (aside from the 100k purchase yesterday), the spot market is fairly quiet, and likely will remain so for rest of this month.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $9.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported 100,000 additional pounds of U₃O₈ purchased yesterday. The trust reported no additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -12.04% discount to NAV. SPUT’s treasury is now sitting at roughly $102M.

SPUT purchases year-to-date: 6,807,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were UROY +8.99%, and EU -7.83%.

The uranium mining stocks opened the session slightly lower, and within the first thirty minutes of trading attempted to rise back above the neutral line, which proved to be resistance. After half an hour the uranium mining stocks were pushed down on significant selling pressure.

Selling pressure eased around midday, where most stocks hit intraday lows. After midday some buying pressure returned to the sector, as sentiment in the broad market rose during the second half of the day.

Roughly one hour before the closing bell momentum appeared positive and suggested the uranium miners were on course to par the early session losses and close the day positive.

However, developments in the middle east put a stop to that (see BROAD MARKET section below). The markets did not like the news. The four major indexes turned negative, along with them all the speculative sectors, the uranium and nuclear related equities included.

The one exception UROY, chalking up strong gains yesterday, marking a second-straight day of gains. UROY closed the session up +8.99% (see NEWS below)

Trading volumes were just above average and Pre Market valuations are mixed at the time of writing. EU is currently standing out in Pre Market, up +5.66%.

URANIUM-RELATED ETFs: Daily percentage change at market close URA -3.67%, URNM -2.54%, URNJ-2.52%, NUKZ -3.12%, NLR -3.24%.

It was the same story for the uranium and nuclear related ETFs. All five of the funds exhibited trading action and chart movements similar to uranium mining stocks and broad market indexes. No need for additional commentary.

Trading volumes of the ETFs were slightly lower than average. All five ETFs up in Pre Market valuations.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were SMR -7.66%, and IMSR -7.39%.

It was also a similar story for the SMR developers and uranium enrichers, moving in unison with the broad market – just with the outsized volatility as is typical in the sector, see sparklines below.

All the stocks we monitor in this subsector on the daily watchlist tables chalked up significant losses on the day.

Trading volumes just below average levels. Green across the board in Pre Market.

--DAILY WATCHLIST TABLES--

--NEWS--

UROY’s Portfolio Grows

UROY completed the $1.1 billion acquisition of Sweetwater Royalties. The acquisition will integrate new large and strategic land packages, with existing cash-flowing royalty portfolios. The ‘diamond in the crown’ being the largest known soda ash (trona) deposit in the world in the Green River Basin, Wyoming.

The agreement also gives UROY potential future oil & gas leasing, critical mineral development opportunities, and various green-field options.

Investors and speculators liked the news; UROY’s share price rising +8.99% in yesterday’s session alone as the market digested the development. The almost +9% rise yesterday impressed, despite the sector-wide negative backdrop and ‘risk-off’ sentiment permeating down from the broad market.

Denison Phoenix Enters Full-Scale Construction

Denison Mines updated investors Tuesday on their progress at their Phoenix mine project, Saskatchewan. The public announcement stated they have transitioned from site preparations to full-scale construction. This is a major milestone for DNN.

The market reacted negatively to the news, with DNN shares down -5.82% end of day Tuesday, down a further -2.18% yesterday. Some of those declines could may attributed to speculators potentially sniffing out dilution in the short-term to further finance the build out. We will dive deeper into DNN’s profile in future Monthly Newsletter.

Lotus Trading Resumption

Lotus Resources (LOT.AX) shares resumed trading Monday, after a month-long halt. The share price is currently in a state of wild flux, as speculators unload (and some pick up) positions on the back of fundamentally negative news regarding their operations at the Kayelekera mine in Malawi (missed production targets and massive refinancing & restructuring at unfavourable terms to existing shareholders).

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -2.19%, Nasdaq -1.74%, S&P 500 -1.52%, and Russell 2000 -1.61%.

All four of the major US indexes chalked up losses yesterday; the Dow Jones posting the largest of those losses, falling as FUD spread as the situation in the middle east escalated further.

The US launched heavy airstrikes in Iran late last night in retaliation to the surprise missile attack by IRGC-backed PMF militias on a US base in Jordan.

The IRGC also claimed responsibility for the attack on an American-owned LNG tanker in Egypt.

Speaking of tankers, the Iran-backed Houthis continue to fire at Saudi vessels when in range transiting the Bab al-Mandab Straits off the coast of Yemen, and also at Saudi oil & gas infrastructure in Saudi Arabia. The Iran backed-group also announced publicly Tuesday they intend to begin enforcing a tolling system to transit the Strait.

All of these geopolitical and military developments continue to weigh on markets. FUD spreads as no clear end to the conflict is yet in sight, and the fundamental differences between numerous players appear far from resolved.

Brent crude is currently at $89.77/barrel, and WTI is sitting at $84.40/barrel (at the time of writing).

Gold price at time of writing, down roughly +1.01%. Currently sitting at $4,078.74/oz.

Have a great Thursday,

Warm regards,

Jim

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Hope you’re having a nice Wednesday wherever in the world you are reading.

Let’s take a quick look at where uranium spot & term prices are, and yesterday’s trading action across the uranium equities before North American markets open today….

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 29

795KB ∙ PDF file

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URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$86.25/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$284.78/KgU

SWU price: -----------$190.00/SWU

Sentiment towards the uranium mining stocks continues to take a beating, spot prices however, are holding up against the negative backdrop. Uranium spot price remained unchanged yesterday.

U₃O₈ spot continues to chop sideways, staying in its narrow range between $85~$87/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence, the spot market is quiet, and likely will remain so for rest of this month.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $9.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of U₃O₈ yesterday. The trust also reported no additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -11.42% discount to NAV. SPUT’s treasury is sitting at roughly $111M.

SPUT purchases year-to-date: 6,707,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were DNN -5.82%, and UEC -4.74%.

The uranium producers and developers opened yesterday’s session weaker, with vast majority remaining in negative territory for the duration of trading.

The trading action and chart movements of stocks in the sector moved on unison; opened lower on the previous close, declining further during the first hour of trading as ‘risk-off’ sentiment permeated down form the broad market.

Selling pressure was greatest during the first hour of the day, with intraday lows being plumbed prior to the start of the second hour of trading. Share prices rose from intraday lows just before midday and was followed by sideways chop that lasted for the remainder of the session. Sector closing negative.

The only two exceptions being UROY and GLO.TO, closing up +1.46% and +1.75% respectively.

Trading volumes were close to average levels. Pre Market valuations are mixed at time of writing.

URANIUM-RELATED ETFs: Daily percentage change at market close URA -3.40%, URNM -3.32%, URNJ -3.16%, NUKZ -2.53%, NLR -3.30%.

Red day for the uranium and nuclear related ETFs, with all five finds chalking up losses on the day.

The chart movements and trading action of the ETFs were every similar to the mining stocks mentioned above, no need for additional commentary.

Trading volumes of the ETFs were significantly below average levels. In the case of URNM, URNJ and NUKZ, trading volumes were down ~50% compared to average levels.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were FRMI -13.14%, and ASPI -6.79%.

All but one of the stocks on the SMR developer and uranium enricher watchlist table closed yesterday’s session in the red.

Due to the sector’s inherently volatile and speculative nature when ‘risk-on’ sentiment is lacking, these equities typically take a hit, moving with even more volatility to the downside than the uranium mining stocks (with the inverse being true during times of positive sentiment).

Trading volumes were lower than average levels, and Pre Market valuations are mixed across the sector.

--DAILY WATCHLIST TABLES--

--NEWS--

Denison Mines updated investors yesterday on their progress at their Phoenix mine project, Saskatchewan. The public announcement stated they have transitioned from site preparations to full-scale construction. This is a major milestone for DNN.

The market reacted negatively to the news, with DNN shares down -5.82% end of day. Some of those declines could may attributed to speculators potentially sniffing out dilution in the short-term to further finance the build out. We will dive deeper into DNN profile in future Monthly Newsletter.

Trading Resumption

Lotus Resources (LOT.AX) shares resumed trading Monday, after a month-long halt. The share price is currently in a state of wild flux, as speculators unload (and some pick up) positions on the back of fundamentally negative news regarding their operations at the Kayelekera mine in Malawi (missed production targets and massive refinancing & restructuring at unfavourable terms to existing shareholders).

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones +1.03%, Nasdaq -0.22%, S&P 500 +0.21%, and Russell 2000 +0.20%.

Three of the four major US indexes chalked up gains yesterday, with the Nasdaq posting small daily losses of -0.22%.

Kinetic exchanges have unofficially ceased directly between the US and Iran (caveats, see below). According to reports both the US and Iran are holding indirect talks with Qatari and Pakistani mediators. The Straits remain essentially closed.

Iran-backed Houthis are firing at Saudi vessels when in range transiting the Bab al-Mandab Straits off the coast of Yemen, and also at Saudi oil and gas infrastructure in Saudi Arabia, and also announced publicly today they intend to begin enforcing a tolling system to transit the Strait.

Will this unofficial ceasefire lead to meaningful talks that lead to peace between Iran and the US, or is it delusional to believe such a thing could be achieved without one side winning and the other capitulating, and the ceasefire is just a quick ‘breather’ giving each side the time and space to reposition and rearm?

Late last night IRGC-backed Iraqi militant fired at a US base in Jordan. With retaliatory airstrikes carried out by both US and Saudi fighter jets. So, while direct exchanges between the US and Iran have paused, continued fighting through proxies have not.

Brent crude currently at $87.71/barrel, up +4.23%% today, and WTI sitting at $82.44/barrel, down +4.01% today (at the time of writing).

Gold price at time of writing, down roughly -0.14%. Currently sitting at $4,032.16/oz.

Have a nice Wednesday,

Warm regards,

Jim

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Hope you’re having a nice Tuesday wherever in the world you are reading.

Let’s take a quick look at where uranium spot & term prices are, and yesterday’s trading action across the uranium equities before North American markets open today….

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 28

801KB ∙ PDF file

Download

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URANIUM PRICES & SPUT ACTIVITY

Spot price: -------------$86.25/lbs U₃O₈.

Long-term price: -------$95.50/lbs U₃O₈.

UF₆ price: --------------$284.78/KgU

SWU price: -------------$190.00/SWU

Uranium spot price unchanged. U₃O₈ spot continues to chop sideways, staying in its narrow range between $85~$87/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence (aside from the 50k lbs. purchased on Tuesday), the spot market is quiet, and likely will remain so for rest of this month.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $9.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of U₃O₈ on Monday. The trust also reported no additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -8.34% discount to NAV. SPUT’s treasury is sitting at roughly $111M.

SPUT purchases year-to-date: 6,707,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were UROY -7.43%, and EU +4.39%.

The uranium mining stocks chalked up gains at the closing bell after a ‘choppy’ session. The significant corelation to the broad market continues.

The uranium miners opened higher on the previous session and rallied further during the first thirty minutes of trading, a timestamp that proved to be intraday highs for the sector.

Halfway through the first hour, geopolitical developments in the middle east injected fear, uncertainty & doubt (FUD) into the broad market, which in turn led to some selling pressure across the uranium mining stocks.

The direction of travel for the mining stocks was ‘downward chop’ until hitting intraday lows around midday. The ‘choppiness’ continued through the second half of the session. The uranium mining share prices rallied after midday catching a bid that stemmed from the sentiment in the broad market. Selling pressure returned due to yet more broad market FUD. However, the uranium miners finished the session strongly, catching a second bid just before the start of the final hour, see sparklines below in the daily watchlist tables for comparison.

Trading volumes were significantly lower compared to average levels. Pre Market valuations are red across the sector.

URANIUM-RELATED ETFs: Daily percentage change at market close URA +1.08%, URNM +1.19%, URNJ+0.27%, NUKZ +0.21%, NLR +1.54%.

All five of the uranium and nuclear related ETFs chalked up gains in yesterday’s session

Trading action and chart movements of the uranium and nuclear related ETFs were very similar to those of the uranium miners mentioned above; no need for additional commentary. See sparklines below for similarities.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were SLX.XA -8.08%, and NNE +7.70%.

It was also a very similar day for the SMR developers and uranium enrichers, with all but two stocks on the daily watchlist tables chalking up gains. As is typically the case, the stocks in this subsector moved with increased volatility and displayed great vicissitudes - recording outsized gains compared to the mining stocks (the inverse being true on down days).

The chart movements and trading action of the stocks in this sector mimicked those mentioned above; opened the session positive, climbing higher during the first thirty minutes, then spent several hours chopping down and sideways, before catching a bid in the final hour of trading – with most closing just off intraday high volumes.

Trading volumes were lower than average levels, and Pre Market valuations are mostly red across the sector.

--DAILY WATCHLIST TABLES--

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones +0.51%, Nasdaq -0.18%, S&P 500 +0.02%, and Russell 2000 +0.62%.

Three of the four major US indexes chalked up gains yesterday after a choppy session.

It was yet another day where news and developments coming out of the middle east shaped sentiment in the markets.

Kinetic exchanges have unofficially ceased. According to reports both the US and Iran are holding indirect talks with Qatari and Pakistani mediators. The Straits remain essentially closed.

Iran-backed Houthis are firing at Saudi vessels when in range transiting the Bab al-Mandab Straits off the coast of Yemen, and also at Saudi oil and gas infrastructure in Saudi Arabia.

Will this unofficial ceasefire lead to meaningful talks that lead to peace between Iran and the US, or is it delusional to believe such a thing could be achieved without one side winning and the other capitulating, and the ceasefire is just a quick ‘breather’ giving each side the time and space to reposition and rearm?

Brent crude currently at $86.51/barrel, down -2.09% today, and WTI sitting at $81.17/barrel, down +1.74% today (at the time of writing).

Gold price at time of writing, down roughly -1.01%. Currently sitting at $4,033.91/oz.

Have a nice Tuesday,

Warm regards,

Jim

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Hope you’re having a nice Thursday wherever in the world you are reading.

Let’s take a quick look at where uranium spot & term prices are, and yesterday’s trading action across the uranium equities before North American markets open today….

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 23

845KB ∙ PDF file

Download

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URANIUM PRICES & SPUT ACTIVITY

Spot price: ------------$85.70/lbs U₃O₈.

Long-term price: ------$95.50/lbs U₃O₈.

UF₆ price: -------------$284.78/KgU

SWU price: ------------$190.00/SWU

Uranium spot price unchanged. U₃O₈ spot continues to chop sideways, staying in its narrow range between $84~$86/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence (aside from the 50k lbs. purchased on Tuesday), the spot market is quiet, and likely will remain so for rest of this month.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $10.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported no new purchases of U₃O₈ yesterday. The trust also reported no additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -8.46% discount to NAV. After the purchase Tuesday, their treasury is sitting at roughly $111M.

SPUT purchases year-to-date: 6,707,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were PDN.AX +11.61%, and GLO.TO +5.08%.

Results were mixed for the uranium mining stocks at yesterday’s close. Daily gains and losses across the sector were somewhat muted. There were however, two stocks on the daily watchlist table that posted significant daily gains, GLO.TO managed to close with gains of +5.08%, and UROY chalked up +4.30% by the closing bell.

Earlier today, uranium miners listed on the Aussie exchanges posted strong daily gains. PDN.AX closed today up +11.61%, and DYL.AX chalked up gains of +5.56%.

The uranium producers and developers continue to be significantly corelated to the broad market, illustrated clearly when comparing the chart movements of the broad market indexes and the uranium sector (generally). Despite the ever-growing positive fundamentals, immediate-term sentiment permeating down form the broad market dictates the very short-term direction of the uranium producers and developers charts and trading action. Especially true during the ‘summer doldrums’ and lack of movement in the spot market.

Trading volumes across the sector were below average yesterday. Pre Market valuations are broadly negative at time of writing, with the exception of EU, up approx. +4.00%, and UROY + 1.24% (at time of writing).

URANIUM-RELATED ETFs: Daily percentage change at market close URA +1.79%, URNM +1.81%, URNJ+2.26%, NUKZ +0.83%, NLR +2.12%.

All five of the uranium and nuclear related ETFs managed to chalk up decent gains yesterday. The charts movements of the ETFs matched the movements seen across the broad market indexes, remaining significantly corelated.

The trading action was similar to the uranium producers and developers. The first half of the session was characterised by ‘choppy’ swings, but remaining in positive territory throughout.

Trading volumes calmed in the second half of the day, eventually levelling off, and chopping sideways during the last two hours of trading. The gains found in the first half of the session were sufficient for all five funds to chalk up gains, despite the cooling volumes in the latter half.

Trading volumes were well below average levels, especially URA, URNM and URNJ. Pre Market valuations for the uranium and nuclear related ETFs are mixed at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were ASPI -4.23%, and SLX.XA +2.81%.

Similar story for this subsector - mixed bag of results at the closing bell.

The SMR developers and uranium enrichers started yesterday’s session strongly, opening higher and climbing further during the first hour of trading. But much like the ETFs mentioned above, share prices in this subsector spent the first half session chopping back and forth. Some of the swings to the upside could be attributed to initial positivity regarding the Saudi-US nuclear deal (see NEWS below)

Volumes dropped after midday and the chart movements - broadly speaking - levelled off. Several stocks turned negative at this point and despite some ‘risk-on’ sentiment trickling down form the broad market towards the latter end of the day, were unable to par losses, see sparklines below in daily watchlist tables.

Trading volumes were below average in yesterday’s session, and at time of writing, Pre Market valuations red across the board.

--DAILY WATCHLIST TABLES--

--NEWS--

US-Saudi nuclear energy pact.

Yesterday President Trump approved a 30-year nuclear energy pact with Saudi Arabia. The deal still needs congressional approval, and according to a social media post by President Trump yesterday, is also contingent on Saudi Arabia becoming a signatory and joining the Abraham Accords.

Assuming congressional approval and successful navigation of all the geopolitical implications following such approval, the news adds yet further future pressure on the demand side of the future uranium supply-demand dynamic. It also significantly raises the opportunity for American-based nuclear power developers, be it Cameco/Westinghouse, or potentially some of the SMR developers going forward. We will follow in greater detail as the story progresses in future Monthly Newsletters and Morning Espressos

Program to accelerate SMR build out.

The SMR developer stocks benefitted from positive news that followed after a Bloomberg report (Tuesday) that suggested the both OKLO and X-Energy are joining a Trump administration program aimed at accelerating SMR development to power AI data centres.

The initiative is reported to be worth roughly $200m and also include the likes of Microsoft and Nvidia.

The report by Bloomberg, coupled with the ‘risk-on’ sentiment permeating down to the SMR developer sub-sector from the broad market yesterday, led to many stocks chalking up strong daily gains.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -0.01%, Nasdaq -0.57%, S&P 500 -0.14%, and Russell 2000 -0.92%.

All four of the major US indexes chalked up losses in Wednesday’s session. Markets futures are down very slightly at time of writing.

Fears and uncertainty continue to rise as the middle east conflict escalates militarily. US strikes against Iran continued last nights.

The IRGC launched missiles and drones strikes at neighbouring gulf nations again last night and this morning, with Kuwait and Bahrain taking the brunt of strikes. Military build-up in the region continues at pace.

Brent crude currently at $99.87/barrel, up +6.21% today, and WTI sitting at $91.41/barrel, up +5.31% today (at the time of writing).

Gold price at time of writing, up roughly -2.27%. Currently sitting at $4,052.57/oz.

Have a nice Thursday,

Warm regards,

Jim

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Hope you’re having a nice Wednesday wherever in the world you are reading. A last-minute camping trip meant I could not get any Morning Espressos posted on Monday and yesterday. But it was nice to come back and see green across the uranium charts for the first time in what feels like months at this point…

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 22

820KB ∙ PDF file

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URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$85.70/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$284.78/KgU

SWU price: -----------$190.00/SWU

Uranium spot price ticked up +$0.10/lbs yesterday, up to $85.70/lbs U₃O₈. U₃O₈ spot continues to chop sideways, staying in its narrow range between $84~$86/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence, the spot market is quiet, and likely will remain so for rest of this month. Although SPUT did pick up some pounds yesterday (see below).

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $10.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

Sprott Physical Uranium Trust

SPUT reported new purchases of 50k pounds of U₃O₈ yesterday. The trust reported no additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -10.33% discount to NAV. After the purchase yesterday, their treasury is sitting at roughly $111M.

SPUT purchases year-to-date: 6,707,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were URG +9.09%, and DNN +5.65%.

Green across the board for the uranium mining stocks in yesterday’s session.

“One swallow does not make a summer”. Whilst a green day across the uranium stocks offers a little relief from the recent multi-week beatdown and sea of red we have seen across the charts, it is far too early to determine if the cyclical ‘summer drawdown’ is approaching its end. Unlikely.

The trading action and chart movements of the uranium mining stocks were similar across the sector, with vast majority moving in unison and all chalking up decent-to-strong daily gains at the closing bell.

Uranium miners opened the session up 1~2% higher on the previous day, but gave up some of those opening gains in first fifteen minutes of trading. However, the valuations posted in those first fifteen minutes proved to be sector-wide intraday lows. Valuations quickly began to climb, with strong buying pressure characterising the first two hours of trading. The uranium mining stocks chopped sideways until just before the start of the final hour of the session, when a second injection of buying pressure pushed share prices up.

The closing minutes of trading ended with some selling pressure, likely attributable to traders and speculators looking in some daily gains. The end-of-day selling meant majority of uranium miners closed just off intraday highs.

The chart movements and trading action of the uranium sectors once again corelated significantly with the movements and sentiment seen in the broad market yesterday.

Trading volumes were slightly lower than average volumes yesterday. Pre Market valuations are positive at time of writing, green across the board – with the exception of EU, down approx. -1.60% (at time of writing).

URANIUM-RELATED ETFs: Daily percentage change at market close URA +4.09%, URNM +3.98%, URNJ +4.59%, NUKZ +3.06%, NLR +3.82%.

Very similar story for the uranium related ETFs in yesterday’s session. The ETFs exhibited the same trading action and chart movements as the uranium miners mentioned above. No need for additional commentary, see sparklines in the daily watchlist tables below for comparison.

Trading volumes were very close to average levels and Pre Market valuations for the uranium and nuclear related ETFs are positive at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were IMSR +12.35%, and ASPI +9.51%.

Positive gains posted at market close for the SMR developers and uranium enricher stocks yesterday. Stocks in this sector displayed increased volatility to the upside, even when comparing to the already inherently volatile uranium mining stocks.

Much like the uranium & nuclear related ETFs and uranium mining stocks mentioned above, the SMR developers and uranium enrichers remain significantly corelated to the broad markets and benefitted yesterday from the broad market gains and the subsequent ‘risk-on’ sentiment trickling down to this volatile sector. There was also some positive news reported yesterday that gave this subsector extra torque to the upside (see NEWS below).

Trading volumes were close to average volumes in yesterday’s session, and at time of writing, Pre Market valuations red across the board.

--DAILY WATCHLIST TABLES--

--NEWS--

The SMR developer stocks benefitted from positive news that followed after a Bloomberg report that suggested the both OKLO and X-Energy are joining a Trump administration program aimed at accelerating SMR development to power AI data centres.

The initiative is reported to be worth roughly $200m and also include the likes of Microsoft and Nvidia.

The report by Bloomberg, coupled with the ‘risk-on’ sentiment permeating down to the SMR developer subsector from the broad market yesterday, led to many stocks chalking up strong daily gains.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones +0.74%, Nasdaq +1.29%, S&P 500 +0.89%, and Russell 2000 +1.53%.

All four of the major US indexes chalked up gains in Tuesday’s session. Markets futures are down very slightly at time of writing.

Fears and uncertainty continue to rise as the middle east conflict escalates militarily. US strikes against Iran continued over the weekend and Monday & Tuesday nights.

The IRGC have launched missiles and drones strikes at neighbouring gulf nations, with Kuwait and Jordan taking the brunt of strikes in the last few days.

Brent crude currently at $94.55/barrel, up +3.89% today, and WTI sitting at $87.35/barrel, up +3.58% today (at the time of writing).

Gold price at time of writing, up roughly +1.29%. Currently sitting at $4,124.73/oz.

Have a great Wednesday,

Warm regards,

Jim

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Hope you’re having a nice Friday wherever in the world you are reading and have a restful weekend ahead…. Let’s take a quick look at where uranium spot & term prices are, and yesterday’s trading action across the uranium equities before North American markets open today….

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 17

787KB ∙ PDF file

Download

Download

URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$85.50/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$284.78/KgU

SWU price: -----------$190.00/SWU

Uranium spot price unchanged yesterday. U₃O₈ spot continues to chop sideways, staying in its narrow range between $84~$86/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence, the spot market is quiet, and likely will remain so for most July.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $10.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

SPUT reported no new purchases of U₃O₈ pounds yesterday. The trust did also not report any additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -9.92% discount to NAV. Treasury sitting at roughly $117M.

SPUT purchases year-to-date: 6,657,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were UUUU -7.89%, and DNN -7.77%.

The cyclical ‘summer doldrums’ continue for the uranium mining stocks.

Yesterday the uranium producers and developers took another ‘shellacking’, with most chalking up significant losses on the day.

In the past week alone, all the uranium mining stocks are deeply in the red. Several stocks have technically entered ‘correction’ territory (-10% or less), some are on the cusp of technically entering ‘bear market’ territory (-20% or less).

I will put together a couple charts in R-Studio and attach in separate post directly to Substack Notes over the weekend.

The trading action and chart movements of the uranium mining stocks yesterday was very straight forward; began the session lower and chopped downwards throughout the day on the back of sustained selling pressure.

Just before the start of the final hour of trading, selling pressure eased and gave way to sideways chop until the closing bell. A handful of stocks saw a tiny uptick in buying pressure during the final minutes, sufficient to lift them from intraday lows, but nowhere near enough to par the significant losses throughout the day. Another rough day for the sector.

Trading volumes were lower than average levels yesterday. Pre Market valuations are red at time of writing.

URANIUM-RELATED ETFs: Daily percentage change at market close URA -4.38%, URNM -4.15%, URNJ -4.73%, NUKZ -2.49%, NLR -4.31%.

“As above, so below”. The uranium and nuclear related ETFs are also to a further ‘beatdown’ in yesterday’s session.

And much like the miners mentioned above, the ETFs are flirting with technically entering correction territory; all down significantly during the past week. I will put out a separate Notes post directly on Substack later today with some charts focussing on the ETFs.

All five of the funds moved in unison yesterday, exhibiting the same trading action and chart movements (see sparklines below). Started the session in negative territory, selling off further in the first minutes of trading. Selling pressure continued to exert downward pressure on the uranium and nuclear ETFs for the vast majority of the session. There was slight relief in final minutes of trading as a tiny amount of end-of-day buying helped lift prices from intraday lows, but nowhere near sufficient to par losses chalked up throughout the prior hours. All five of the funds closing the day significantly in the red.

Trading volumes were average and Pre Market valuations are negative at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were ASPI -13.86%, and NNE -9.35%.

It was a rough day for the ever-volatile SMR developers and uranium enrichers in yesterday’s session. Red across the sector.

There was some divergence in chart movements across the stocks throughout the day, but one thing all had in common was the significant losses chalked up at the end of day.

In the past week many of the SMR developers and uranium enrichers are technically deep in ‘correction territory’, and approaching ‘bear market’ territory – with several already there: ASPI -26.54%, IMSR -22.86%, and SLX.XA -21.72% in past week alone.

Trading volumes were close to average volumes in yesterday’s session, and at time of writing, Pre Market valuations red across the board.

--DAILY WATCHLIST TABLES--

--NEWS--

Standard Nuclear (STDN) began trading publicly yesterday (Thursday July 16). The company’s share slid on its debut after slashing its IPO size. The reduction in its offering led to a rough opening day for the company, chalking up losses of -18.00% on day one.

Investors and speculators – especially in this sector – remain cautious and spooked by the recent short-term negative sentiment, despite the long-term optimism and enthusiasm surrounding need and demand of nuclear energy going forward.

Current Mkt Cap of STDN is $1.97 billion. We will add to future Daily Watchlist tables and monitor its performances going forward. STDN is based out of Oak Ridge, Tennessee.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -0.20%, Nasdaq -1.47%, S&P 500 -0.51%, and Russell 2000 -0.06%.

All four of the major US indexes chalked up losses in yesterday.

S&P 500 and Nasdaq futures are down at time of writing. Netflix is down roughly -11% in Pre Market. Chip makers sliding in Pre Market, too.

Fears and uncertainty continue to rise as the middle east conflict escalates militarily.

Brent crude currently at $86.01/barrel, up +2.13% today, and WTI sitting at $80.78/barrel, up +2.72% today (at the time of writing).

Gold price at time of writing, down roughly -0.16%. Currently sitting at $3,981.42/oz.

Have a fantastic Friday and a restful weekend ahead!

Warm regards,

Jim

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Hope you’re having a nice Thursday wherever in the world you are reading. Let’s take a quick look at where uranium spot & term prices are, and yesterday’s trading action across the uranium equities before the US markets open….

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 16

825KB ∙ PDF file

Download

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URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$85.50/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$284.78/KgU

SWU price: -----------$190.00/SWU

Uranium spot price unchanged yesterday. U₃O₈ spot continues to chop sideways, staying in its narrow range between $84~$86/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence, the spot market is quiet, and likely will remain so for most July.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $10.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

SPUT reported no new purchases of U₃O₈ pounds yesterday. The trust did also not report any additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -6.98% discount to NAV. Treasury sitting at roughly $117M.

SPUT purchases year-to-date: 6,657,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were UUUU -4.23%, and GLO.TO -3.39%.

Well, it was another day the uranium mining stocks chopped lower and continued to chip away at speculator sentiment. Seasonally, the summer months tend to be when sentiment towards the uranium trade hits lows, this summer is not bucking that trend. The sector is certainly deep into its multi-month drawdown. Yesterday just added to it.

The uranium producers and developers actually started the session in the green, but within the opening minutes of trading began giving up those gains, with most turning negative after fifteen minutes.

The selling pressure continued until around midday where intraday lows were plumbed. There was a slight rebound following the midday lows, but just before the start of the final hour selling pressure returned once more, all but one stock on the daily watchlist table closes in the red.

The one exception being UROY, managing to chalk up gains of +1.10%.

Trading volumes were lower than average levels yesterday. Pre Market valuations are mostly red at time of writing.

URANIUM-RELATED ETFs: Daily percentage change at market close URA -1.56%, URNM -1.38%, URNJ-1.21%, NUKZ -0.71%, NLR -1.79%.

The trading action and chart movements of the uranium and nuclear related ETFs mimicked the uranium producers and developers mentioned above. No additional commentary needed. See daily sparklines below for similarity.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were FRMI -7.27%, and SLX.XA -4.25%.

The chart movements and trading action seen across the equities in the SMR developer and uranium enricher subsector also exhibited very similar characteristics as those mentioned above for the producers and developers.

Trading volumes were close to average volumes in yesterday’s session, and at time of writing, Pre Market valuations up significantly, green across the board.

--DAILY WATCHLIST TABLES--

--NEWS--

URA end-of-month rebalance.

Global-X Uranium ETF announced it usual semi-annual rebalance, due to take place at the end of July (with the other semi-annual rebalance usually taking place in January).

URA tracks the Solactive Global Uranium & Nuclear Components Index, which typically records any new holdings or weightings - along with announcing any stocks that may have been dropped from the index – during these periods adjusting exposure across pure-play uranium producers & developers and nuclear component providers.

Depending on the size an amount of rebalancing that takes place, we may see some notable price volatility. As one would expect, when a rebalance involves massive block trades, prices in the underlying stocks, especially those with less liquidity, can be very volatile. We’ll keep an eye on any rebalance within URA and cover it in future Morning Espressos.

EDF pauses and reduces nuclear power output due to heatwave.

France temporarily has temporarily shut down three nuclear reactors, and is operating eight others at a reduced power due to heatwave sweeping across Europe.

The reason is in no way related to operational safety at the three plants; it is purely a measure to remain within environmental regulations relating to water discharge.

As the heatwave has reduced river levels and also increased average river water temperature, EDF must reduce their own water discharge output as not to raise the temperature of the rivers to levels that would become harmful to aquatic life.

EDF, France’s main energy provider, announced the actions on Sunday, stating: “Due to the weather conditions and to comply with regulations on (cooling water) discharges, and thus to protect the environment,” reactors at the Bugey, Chooz, and Golfech power plants have been shut down.” Eight others are operating at reduced capacity.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones +0.29%, Nasdaq +0.62%, S&P 500 +0.38%, and Russell 2000 +0.39%.

All four of the major US indexes chalked up gains yesterday. All four started the session in the green, turned red briefly around midday, but bounced back just as quickly, then chopped sideways until the closing bell.

Market futures are lower today as chip stocks fall.

Treasury yield are edging higher across all note durations as investors and traders await key US employment data, expected later today. The 10-year note up 3 basis points to 4.57%, 2-year note up 2 basis points to 4.15%, and the longer 30-year note also up 2 basis points to 5.11%.

The conflict in the middle east continues. The US struck several more targets across Iran, with majority focussing along the coastline to limit the IRGC’s ability to militarily control the Straits of Hormuz.

Iran launched several ballistic missile and even more one-way attacks drones at gulf neighbours across the region, seemingly targeting US bases and oil production and refinement installations.

Brent crude currently at $85.85/barrel, up +1.06% today, and WTI sitting at $80.47/barrel, up +1.09% (at the time of writing).

Gold price at time of writing, down roughly -1.33%, currently sitting at $3,994.72/oz.

Have a great day!

Warm regards,

Jim

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Hope you’re having a great Tuesday wherever in the world you are reading. Let’s take a quick look at where uranium spot & term prices are, and yesterday’s trading action across the uranium equities before the US markets open….

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 14

797KB ∙ PDF file

Download

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URANIUM PRICES & SPUT ACTIVITY

Spot price: ------------$85.50/lbs U₃O₈.

Long-term price: ------$95.50/lbs U₃O₈.

UF₆ price: -------------$284.78/KgU

SWU price: ------------$190.00/SWU

Uranium spot price unchanged yesterday. U₃O₈ spot continues to chop sideways, staying in its narrow range between $84~$86/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence, the spot market is quiet, and likely will remain so for most July.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $10.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

SPUT reported no new purchases of U₃O₈ pounds yesterday. The trust did also not report any additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -9.66% discount to NAV. Treasury sitting at roughly $117M.

SPUT purchases year-to-date: 6,657,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were EU -7.58%, and NXE -6.83%.

Negative start to the week for the uranium mining stocks. All the uranium producers and developers began the session in the red – much like many sectors did – as fears and uncertainty grew over the weekend as the situation in the middle east escalated once more (a little more on that in the broad market section below).

The first wave of selling pressure ended quarter of an hour into the session, followed by sideways chop. Halfway through the second hour equities began paring some of the early losses on back of a slight up-tick in buying pressure, however, it did not last. A second wave of selling pressure hit the uranium mining stocks and it was only down form there.

The producers and developers declined steadily throughout the rest of the session. A tiny, last-minute sector-wide bid saved several stocks from closing at intraday lows – but not by much. The sector closed significantly lower on the day, several uranium miners closing with negative ‘-6 handles. The significant corelation to the broad market continues.

Trading volumes were above average levels yesterday. Pre Market valuations are positive at time of writing, green across the board, roughly up +1%.

URANIUM-RELATED ETFs: Daily percentage change at market close URA -5.24%, URNM -5.78%, URNJ -5.97%, NUKZ -2.69%, NLR -4.35%.

The brief commentary mentioned above for the miners could be copied and pasted here and explain the trading action and chart movements of the uranium and nuclear related ETFs, see sparklines below in the daily watchlist table.

All five uranium related funds closed at – or just off – intraday lows, with daily trading volumes at average levels. Pre Market valuations are up at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were LEU -8.77%, and LTBR -8.55%.

As is typically the case, when the uranium mining stocks and ETFs are down, so are the SMR developers & uranium enrichers, just with more volatility and aggressive moves.

Yesterday was no different. Several stocks in this subsector closed with percentage declines with a “negative 8-handle” at the closing bell. All stocks we monitor in this sector chalked up losses on the day.

Trading volumes were close to average volumes in yesterday’s session, and at time of writing, Pre Market valuations up significantly, green across the board.

--DAILY WATCHLIST TABLES--

--NEWS--

France temporarily shuts down three nuclear reactors, and is operating eight others at a reduced power due to heatwave sweeping across Europe.

The reason is in no way related to operational safety at the three plants; it is purely a measure to remain within environmental regulations relating to water discharge.

As the heatwave has reduced river levels and also increased average river water temperature, EDF must reduce their own water discharge output as not to raise the temperature of the rivers to levels that would become harmful to aquatic life.

EDF, France’s main energy provider, announced the actions on Sunday, stating: “Due to the weather conditions and to comply with regulations on (cooling water) discharges, and thus to protect the environment,” reactors at the Bugey, Chooz, and Golfech power plants have been shut down.” Eight others are operating at reduced capacity.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -0.26%, Nasdaq -1.55%, S&P 500 -0.79%, and Russell 2000 -0.83%.

All four of the major US indexes closed yesterday’s session chalking up losses, with the standout being the Nasdaq, closing with -1.55% losses on the day.

The declines came after the markets were spooked by the increase in hostilities and escalation in the middle east. The US has resumed strikes on IRGC installations and operations especially around coastal areas of the Hormuz Strait. The IRGC continues to fire at commercial shipping passing through the Strait, especially when attempting to transit along the southern corridor (closer to Oman). Iran also targeted neighbouring gulf nations over the weekend including, Kuwait, UAE, and Jordan.

Oil prices have once again jumped as a result.

Brent crude currently at $87.17/barrel, up +4.62% today, and WTI sitting at $80.80/barrel, up +3.39% (at the time of writing).

Gold price at time of writing, up roughly +1.95% on yesterday, currently sitting at $4,076.72/oz.

Have a great day!

Warm regards,

Jim

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Hope you’re having a great Friday wherever in the world you are reading; and hope you have a restful weekend ahead. Let’s take a quick look at where uranium spot & term prices are, along with yesterday’s trading action across the uranium equities before the US markets open later today.

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 10

1.28MB ∙ PDF file

Download

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URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$85.50/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------ $284.78/KgU

SWU price: -----------$190.00/SWU

Uranium spot price unchanged yesterday. U₃O₈ spot continues to chop sideways, staying in its narrow range between $84~$86/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence, the spot market is quiet, and likely will remain so for most July.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $10.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

SPUT reported no new purchases of U₃O₈ pounds yesterday. The trust did also not report any additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -7.87% discount to NAV. Treasury sitting at roughly $118M.

SPUT purchases year-to-date: 6,657,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were NXE +3.27%, and UUUU +2.66%.

Second straight day of gains for the uranium sector, majority of stocks ending the session in positive territory, building on the gains from Wednesday.

Trading action and chart movements were uniform across the sector, showing significant corelation the broad market. The uranium producers and developers opened higher on the previous session, spent the first thirty minutes climbing higher before dropping back down to opening values. Buying pressure swiftly returned and persisted until just before midday, lifting the majority of the uranium mining stocks to intraday highs.

After midday, majority of the uranium producers and developers chopped sideways-to-slightly-down until the closing bell, with all but one stock on the Producer & Developer daily watchlist table ending the day with gains. The one exception being UROY, chalking a slight loss on the day, down -0.38%.

Trading volumes were significantly lower than average levels yesterday, in some cases -50% lower than average volumes. Pre Market valuations are positive at time of writing, green across the board.

URANIUM-RELATED ETFs: Daily percentage change at market close URA +1.66%, URNM +1.69%, URNJ +1.93%, NUKZ +0.72%, NLR +1.79%.

“As above, so below”. Very similar story for the uranium and nuclear related ETFs yesterday, the trading action and chart movements exhibiting the same characteristics as the uranium miners mentioned above. No need for additional commentary.

Trading volumes of the funds were well below average levels in yesterday’s session. Pre Market valuations of the ETFs are in the green at time of writing.

I have put together a YTD chart of URNM in R-Studio, let’s take a quick look….:

Year to date: -13.63%

Past six months: -20.27%

Past three months: -18.98%

Past month: -1.37%

Past week: -2.10%

Day: +1.69%

RSI levels for URNM are currently 40.1, which would typically be defined as “neutral” to “slightly-bearish”. Speculators who follow the uranium sectors closely will no doubt feel we are clearly in a sector-wide downtrend – very normal historically during the summer months. While the RSI does not prove we are in a drawdown, when taken into account and analysed alongside MACD values – which is currently illustrating the short-term moving average is lower than the long-term moving average - both figures statistically backup the “feeling” of a summer drawdown.

Pairing URNM RSI 40.1 and MACD -3.6 together shows the Sprott ETF has clear downward momentum, but it not yet in “oversold” just yet. That being said, entry points at – or lower than - these levels are personally looking interesting.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were SLX.XA +9.11%, and LEU +4.26%.

The SMR developers and uranium enrichers also exhibited significant corelation the broad market in yesterday’s session, with majority of stocks in this subsector moving in unison.

Chart movements and trading action exhibited very similar characteristics as the ETFs and mining stocks mentioned above. SMR developers and uranium enrichers started the session in positive territory, climbing higher in the first thirty minutes of trading before declining back to, or slightly below, their respective opening values. Several equities in this sector during first-hour selling pressure dropped below the neutral line, briefly turning red. However, buying pressure returned, lasting until just before midday, sufficient to lift most share prices to intraday highs. The rest of the session was characterised by sideways chop until the closing bell.

Trading volumes were significantly lower than average levels. Pre Market valuations positive, green across the board.

--DAILY WATCHLIST TABLES--

--NEWS--

Australia and India strike uranium supply deal

India has a lofty goal of reaching 100 gigawatts of nuclear energy capacity by 2047, and a key step it towards achieving this is securing supplies from Australia (among others). Indian Prime Minister, Narendra Modi, is currently in Australia and met with Prime Minister Anthony Albanese in Melbourne today. A uranium export deal has been inked between the two nations. Details are yet to be made public with regards to volumes, time frame and overall value. We will keep a look out for any future details and share them here as and when.

Russia deepens its ties to Sahel countries

Niger, Burkino Faso and Mali. Russian Foreign Minister, Sergey Lavrov, is the region with the four nations pledging to strengthen military ties. The Sahal nations are turning to Russia for support in tackling terrorist groups in the region since they have all but kicked out the French – whom used to provide security in the former French colonies.

What will Russia be asking for in return to military and security guarantees? Increased mining operations? Access to more of Niger’s uranium reserves? Purely speculation on my part, but this news may add to the already-high risk associated with GLO.TO and their uranium operations.

(on Wednesday) Bloomberg’s BNEF (Bloomberg New Energy Finance) – highlighted how nuclear power generation is set to grow +44% in the next ten years. BNEF predicts global electricity production form nuclear sources will be roughly 535 gigawatts by 2036, up from 372 gigawatts this year.

They suggest the majority of this increase in generation will stem from Asian – mainly led by the “aggressive” build out of nuclear power plants in China and India.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones +0.27%, Nasdaq +1.30%, S&P 500 +0.81%, and Russell 2000 +1.22%.

All four of the major US indexes chalked up gains on the day yesterday. Stock market futures are mixed.

Asian markets were up earlier today, Japans Nikkei 225 up +1.2% and South Korea’s Kospi chalked up +2.5% gains.

Oil prices: Brent crude currently at $76.55/barrel, up +0.34% and WTI sitting at $72.23/barrel, up +0.25% (at the time of writing).

Gold price at time of writing, down roughly +0.99% on yesterday, currently sitting at $4,106.78/oz.

Have a great day and a restful weekend ahead!

Warm regards,

Jim

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Hope you’re having a nice Thursday wherever in the world you are reading. Let’s take a quick look at where uranium spot & term prices are, and yesterday’s trading action across the uranium equities before the US markets open later today.

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 09

831KB ∙ PDF file

Download

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URANIUM PRICES & SPUT ACTIVITY

Spot price: ------------$85.70/lbs U₃O₈.

Long-term price: ------$95.50/lbs U₃O₈.

UF₆ price: -------------$284.78/KgU

SWU price: ------------$190.00/SWU

Uranium spot price unchanged yesterday. U₃O₈ spot continues to chop sideways, staying in its narrow range between $84~$86/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence, the spot market is quiet, and likely will remain so for most July.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $10.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

SPUT reported no new purchases of U₃O₈ pounds yesterday. The trust did also not report any additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -9.34% discount to NAV. Treasury sitting at roughly $118M.

SPUT purchases year-to-date: 6,657,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were EU +3.17%, and UUUU +2.18%.

The uranium sector managed to close in the green yesterday, despite the declines seen in the broad market following recent escalations across the middle east. The uranium sector held up quite well considering.

Trading action and chart movements of the uranium producers and developers were uniform across the sector, opening the session just below the neutral line after poor performances in the Pre Market. However, the uranium stocks swiftly turned ‘green’ rising in the first minutes of trading.

Stocks in the sector rose during the first thirty minutes of the session, but just as quickly reversed course. By the start of the second hour, majority of the uranium producers and developers were again in negative territory. Intraday lows were hit and followed by sideways chop until around midday.

Throughout the second half of the session the producers and developer benefitted from a gradual uptick in buying pressure, which sustained until the closing bell. This buying pressure was sufficient to enable the majority of uranium miners to break back above the neutral line by the session close - with all but DNN on our daily watchlist tables chalking up gains on the day.

Trading volumes were significantly lower than average levels yesterday, and Pre Market valuations are positive at time of writing, green across the board.

URANIUM-RELATED ETFs: Daily percentage change at market close URA -0.22%, URNM +1.32%, URNJ+2.10%, NUKZ -0.43%, NLR +0.29%.

Mixed day for the uranium ETFs. The two strongest performers were the two Sprott-managed funds, URNM & URNJ both chalking up decent gain on the day.

Chart movements and trading action of the ETFs was very similar to those seen across the uranium mining stocks. Rising early in the session, quickly reversing course and turning negative, chopping sideways after plumbing intraday lows, to then spend the second half of the session recovering the first half losses as buying pressure sustained until the closing bell (see sparklines below in the daily watchlist tables).

Trading volumes of the funds were below average levels. Pre Market valuations of the ETFs are mixed at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were ASPI -2.37%, and SMR -2.23%.

Mixed end of day results for the SMR and uranium enricher stocks yesterday. The chart movements and trading action was very similar to aforementioned above, no need for repeat commentary.

Given how inherently volatile this sector is and how vulnerable to ‘risk-on/off’ sentiment it typically is, the moves we saw yesterday were “calm”, despite fears growing in the broad market as the middle east situation escalates once more - the stocks in this sector held up quite well, even on low volumes.

Trading volumes were significantly lower than average levels. Pre Market valuations positive, green across the board.

--DAILY WATCHLIST TABLES--

--NEWS--

Australia and India strike uranium supply deal

India has a lofty goal of reaching 100 gigawatts of nuclear energy capacity by 2047, and a key step it towards achieving this is securing supplies from Australia (among others). Indian Prime Minister, Narendra Modi, is currently in Australia and met with Prime Minister Anthony Albanese in Melbourne today. A uranium export deal has been inked between the two nations. Details are yet to be made public with regards to volumes, time frame and overall value. We will keep a look out for any future details and share them here as and when.

Russia deepens its ties to Sahel countries

Niger, Burkino Faso and Mali. Russian Foreign Minister, Sergey Lavrov, is the region with the four nations pledging to strengthen military ties. The Sahal nations are turning to Russia for support in tackling terrorist groups in the region since they have all but kicked out the French – whom used to provide security in the former French colonies.

What will Russia be asking for in return to military and security guarantees? Increased mining operations? Access to more of Niger’s uranium reserves? Purely speculation on my part, but this news may add to the already-high risk associated with GLO.TO and their uranium operations.

(on Wednesday) Bloomberg’s BNEF (Bloomberg New Energy Finance) – highlighted how nuclear power generation is set to grow +44% in the next ten years. BNEF predicts global electricity production form nuclear sources will be roughly 535 gigawatts by 2036, up from 372 gigawatts this year.

They suggest the majority of this increase in generation will stem from Asian – mainly led by the “aggressive” build out of nuclear power plants in China and India.

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -1.09%, Nasdaq +0.20%, S&P 500 -0.28%, and Russell 2000 -0.88%.

Three of the four major US indexes chalked up losses on the day yesterday as tensions between Iran and the US flared once more, leading to kinetic strikes from both. Stocks fell and oil rose as a result.

Market futures appear calmer today as investor assess where things may be headed – is this the start of a major conflict again in the middle east, or is it just a brief flare up in strikes that will lead to more ‘negotiations?

Chip stocks are looking positive and lifting Nasdaq futures. Asian markets closed positive today, too.

Oil prices are ticking back up: Brent crude currently at $78.42/barrel, up +0.58% and WTI sitting at $73.71/barrel, up +0.26% (at the time of writing).

Gold price at time of writing, down roughly +0.99% on yesterday, currently sitting at $4,112.48/oz.

Have a great day!

Warm regards,

Jim

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Hope you’re having a nice Wednesday wherever in the world you are reading. Let’s take a quick look at where uranium spot & term prices are, and yesterday’s trading action across the uranium equities before the US markets open later today….

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 08

776KB ∙ PDF file

Download

Download

URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$85.70/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$284.78/KgU

SWU price: -----------$190.00/SWU

Uranium spot price unchanged yesterday. U₃O₈ spot continues to chop sideways, staying in its narrow range between $84~$86/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence, the spot market is quiet, and likely will remain so for most July.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $10.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

SPUT reported no new purchases of U₃O₈ pounds yesterday. The trust did also not report any additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -9.88% discount to NAV. Treasury sitting at roughly $118M.

SPUT purchases year-to-date: 6,657,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were URG -7.86%, and UUUU -6.61%.

Red across the board for the uranium mining stocks in yesterday’s session. All the damage done to share price valuations across the sector occurred in the opening hour of trading.

The trading action and chart movements were similar across the sector. The uranium producer and developer stocks opened lower on the previous session, followed immediately by a spike in selling pressure, triggering the hour-long selloff. This selloff saw the uranium mining stocks shed several percentage points.

The selloff ceased into the second hour of trading and was followed by sideways chop until around midday. At midday some buying pressure gradually lifted the share prices through the second half of the day, paring some of the early session losses. However, into the final hour of the session selling pressure returned, pushing valuations back down.

The midday bounce was sufficient for most stocks to avoid closing at intraday lows – intraday lows were plumbed during the early-session selloff.

Trading volumes were lower than average levels yesterday, and Pre Market valuations at time of writing are down.

URANIUM-RELATED ETFs: Daily percentage change at market close URA -4.85%, URNM -5.40%, URNJ -6.67%, NUKZ -3.14%, NLR -4.93%.

“As above, so below”. Chart movements and trading action of the uranium and nuclear related ETFs mimicked those of the mining stocks, see sparklines below for comparison.

The most well-known uranium-related ETFs opened the session lower and began selling off immediately, much like the mining stocks, giving up several percentage points in the first hour of trading. Sideways chop followed until midday, proceeded by a sector-wide bounce, then a return in selling pressure into the final hour of trading. The ETFs closes just above intraday lows.

Trading volumes of the funds were just above average levels. Pre Market valuations of the ETFs are down, red across the board.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were FRMI -10.11%, and IMSR -9.68%.

Very much a similar story for the SMR developers & uranium enrichers yesterday, see sparklines below to compare to the ETFs and uranium miners. The trading action and chart movements exhibited in this sector matched those seen in the aforementioned – no need for additional commentary.

The only difference worth mentioning from yesterday’s session – as is typically the case for the SMR developers and uranium enrichers – is the increased volatility. The downward momentum and percentage losses were more extreme than those posted by the miners and ETFs. The inverse is often the case, too. When the uranium sectors benefit from ‘risk-on’ sentiment, it is the SMR developers and uranium enrichers that typically move the most in percentage terms to the upside. Yesterday was one another of those ‘beatdown’ days.

Trading volumes were close to average levels. Pre Market valuations are red across the board.

--DAILY WATCHLIST TABLES--

--NEWS--

Bloomberg’s BNEF (Bloomberg New Energy Finance) - today highlighted how nuclear power generation is set to grow +44% in the next ten years. BNEF predicts global electricity production form nuclear sources will be roughly 535 gigawatts by 2036, up from 372 gigawatts this year.

They suggest the majority of this increase in generation will stem from Asian – mainly led by the “aggressive” build out of nuclear power plants in China and India.

One of the big questions is: “where will the uranium needed to fuel and sustain these new “aggressive” reactor buildouts come from? And at what prices?

(From Monday) - Centrus Energy Corp. (LEU) signed a contract with the Department of Energy (DOE) to finalise the terms of the recent $900m task order, with the aim to expand production at their centrifuge facility in Piketon, Ohio, of high-assay low-enriched uranium (HALEU), and also includes expansion capacity of low-enriched uranium (LEU) too.

Speculators also liked the recent statement by the company that indicated they are ahead of schedule delivering into their demonstration contract with the DOE, stating Centrus:

“has now completed all HALEU production called for under the existing demonstration contract. Production of the final 900 kilograms of HALEU UF₆ required under that contract was completed in mid-June, two weeks ahead of schedule, with a cumulative total of more than 1,900 kilograms produced over the life of the contract.”

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones -0.25%, Nasdaq -1.16%, S&P 500 -0.45%, and Russell 2000 -0.90%.

All four of the major US indexes chalked up losses yesterday.

US market futures are down (at time of writing) as the situation in the middle east once again turned kinetic last night. European and Asian markets are spooked. Oil prices ticking up.

Things escalated last night as the US military responded to the IRGC attacks on at least three tankers transiting the Straits of Hormuz by striking fast boats in the straits, and coastal radar installations & air defence systems.

US Centcom stated they hit 80 different targets in last night’s strikes. Iran has said they have since targeted US bases in Bahrain and Kuwait in retaliation. No reports yet of any direct hits.

Oil prices are ticking back up: Brent crude currently at $78.10/barrel, up +5.26% and WTI sitting at $73.96/barrel, up +5.10% (at the time of writing).

Gold price at time of writing, down roughly -2.25% on yesterday, currently sitting at $4,054.07/oz.

Have a great day!

Warm regards,

Jim

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Hope you’re having a nice Tuesday wherever in the world you are reading…

Hope all my American readers had a fantastic July 4th Weekend!

Let’s take a quick look at where uranium spot & term prices are, and yesterday’s trading action across the uranium equities before the US markets open later today….

Today’s Morning Espresso PDF can be downloaded for free below. As always, please forgive the brevity and any typos:

Morning Espresso July 07

627KB ∙ PDF file

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URANIUM PRICES & SPUT ACTIVITY

Spot price: -----------$85.70/lbs U₃O₈.

Long-term price: -----$95.50/lbs U₃O₈.

UF₆ price: ------------$284.78/KgU

SWU price: -----------$190.00/SWU

Uranium spot price unchanged yesterday. U₃O₈ spot continues to chop sideways, staying in its narrow range between $84~$86/lbs. The activity we see in the spot market at the moment – or lack thereof – is typical for the summer months. Coupled with SPUT’s notable absence, the spot market is quiet, and likely will remain so for most July.

The story is different however for the Long-Term price, LT uranium contracting price continues its steady march higher, now sitting at $95.50/lbs, rising $1.50/lbs month-on-month. Currently roughly $10.00/lbs higher than current spot price. Spot will eventually play catch-up and – if past is prologue - shoot past LT prices.

SPUT reported no new purchases of U₃O₈ pounds yesterday. The trust did also not report any additional raised capital through its ATM (at-the-market program). The physical uranium trust is currently trading at a -6.80% discount to NAV. Treasury sitting at roughly $118M.

SPUT purchases year-to-date: 6,657,944 lbs U₃O₈.

PRODUCERS & DEVELOPERS: The largest daily percentage changes amongst the producers and developers were URG +3.70%, and EU +3.10%.

Yesterday, the first trading day following the July 4^th holiday weekend for the uranium sectors was calm and fairly unremarkable. End of day percentage gains/losses were small, despite the broad market demonstrating resilience and continuing its steady march higher.

The trading action and chart movements of the uranium producers and developers were similar across the sector, see sparklines below. The sector opened higher from it left off on Thursday last week, but for most uranium miners those early session valuations proved to be intraday highs. Selling pressure began towards the end of the first hour and persisted throughout the session, gradually putting downward pressure on share prices, ensuring most stocks closed at – or every close to – intraday lows.

Two outliers and largest movers on the day being URG and EU up +3.70% and +3.10% respectively, at the closing bell, benefiting from a late bid.

Trading volumes were significantly lower than average levels across the sector, in some cases -50% lower. Pre Market valuations are mostly red across the producers and developers (at time of writing).

The Aussie stocks closed today’s session (Australia time) down. PDN.AX and DYL.AX chalked up losses today, down -4.13% and -6.87% respectively.

URANIUM-RELATED ETFs: Daily percentage change at market close URA +1.50%, URNM +1.38%, URNJ +1.31%, NUKZ +1.40%, NLR +1.37%.

Green day for the five uranium and nuclear related ETFs in yesterday’s session, all chalking up gains of +1%. The funds opened the session higher, declined slightly half way through the first hour, then spent the rest of the session chopping sideways, see sparklines below.

No large gains for the ETFs, but green and ‘calm’ nonetheless, a nice change from typical volatility.

Trading volumes of the ETFs yesterday were significantly lower than average levels. Especially true for the funds with more uranium miner-heavy baskets. URA volumes were -61% lower than average, and for Sprott-managed URNM -66% lower than average volumes. Pre Market valuations are red across all five ETFs at time of writing.

SMR DEVELOPERS & URANIUM ENRICHERS: The two largest share price daily changes in percentage terms were LEU +7.46%, and SLX.XA -5.29%.

Mixed day for the SMR developers and uranium enricher stocks. It was also a relatively ‘calm’ session compared to the usual volatility seen in this subsector. The trading action and chart movements across the sector was varied, see sparklines below.

LEU was the largest mover in percentage terms during yesterday’s session, closing the day up +7.46% on back of continued optimism surrounding contracts with the DOE and being ahead of schedule of certain commitments, see NEWS section below.

Much like the aforementioned above, trading volumes were significantly lower than average volumes across the SMR developers and uranium enrichers. Pre Market valuations mixed at time of writing.

--DAILY WATCHLIST TABLES--

--NEWS--

Centrus Energy Corp. (LEU) signed a contract with the Department of Energy (DOE) to finalise the terms of the recent $900m task order, with the aim to expand production at their centrifuge facility in Piketon, Ohio, of high-assay low-enriched uranium (HALEU), and also includes expansion capacity of low-enriched uranium (LEU) too.

Speculators also liked the recent statement by the company that indicated they are ahead of schedule delivering into their demonstration contract with the DOE, stating Centrus:

“has now completed all HALEU production called for under the existing demonstration contract. Production of the final 900 kilograms of HALEU UF₆ required under that contract was completed in mid-June, two weeks ahead of schedule, with a cumulative total of more than 1,900 kilograms produced over the life of the contract.”

--BROAD MARKET--

Let’s end with a quick look at the broad market; Dow Jones +0.29%, Nasdaq +1.12%, S&P 500 +0.72%, and Russell 2000 +0.45%.

All four of the major US indexes chalked up gains yesterday, continuing to march higher.

The Dow Jones Industrial average closed above 53,000 for the first time ever, ending yesterday at 53,055.91, up +0.29% on the day.

The Nasdaq chalked up the largest daily gains among the four major indexes, closing the session up +1.12%, lifted by optimism across the chip stocks.

News out of the middle east has been quiet over the July 4^th weekend.

Oil prices ticked up slightly: Brent crude currently at $72.69/barrel and WTI sitting at $69.12/barrel (at the time of writing).

Gold price at time of writing, down roughly -0.45% on yesterday, currently sitting at $4,136.45/oz.

Have a great day!

Warm regards,

Jim

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