Uranium - November 16, 2023

Sprott Physical Uranium Fund

Open Position: 12%

ACB: $20.50

Last $25.29

• Our position in Sprott Uranium fund helped us outperform the stock market for five months into October. But in November, it has gone nowhere while the S&P500 and Nasdaq jumped higher.   

• Do we worry about short term index underperformance if the trend remains in place, and the fundamental story remains extremely strong? I don’t think so.  

• Just yesterday we got news that the US & UK are pushing a global movement to triple nuclear power and sway the World Bank and others to finance new reactor builds. The political tide seems to be turning towards nuclear power on a global scale. 

• Keep in mind, there appears to be a shortage of supply of approximately 50 million pounds per year, for current utility needs, never mind global expansion.  

• I think we are visibly leaving the "stealth" stage of this cyclical bull market in uranium and the utility contracting cycle is just getting started. 

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