Just touched down in Savannah, GA for the @NEI International #Uranium Fuel Seminar, the #nuclear industry’s first in person conference in almost two years. Should be an interesting few days… stay tuned for updates!
Pretty direct messaging from Kazatomprom $KAP to kick things off. Major focus on security of supply and the need for committed long term contracts to drive #uranium production decisions. ImageImage
$CCJ follows with a similar theme - where are the pounds going to come from? Talking about long term market health, incentive structures, risk adjusting future supply assumptions and issues with prod cost comparisons. Know @FootnotesFirst is going to like the title… ImageImage
@Bruce_Power discussing #ESG from the utility perspective- their 2027 net zero target is one of the most aggressive in the industry. Why is this possible? #nuclear as the backbone of their clean energy portfolio. Clearly a major focus for their supply chain going forward as well. ImageImageImage
Jonathan Hinze from @UxC_Nuclear opens today’s Market and Price Dynamics session emphasizing investor interest and reminding the room that we’ve actually been in a bull market for 5 years! Trading/liquidity in spot is changing how prices are reported, increasing mkt transparency. ImageImageImageImage
@BillFreebairn of @SPGlobalPlatts up next talking about their approach to #uranium px reporting with an emphasis on transparency and process (including auditing & documentation of px reports). Their “heards” feature is cool - you should check it out! ImageImageImageImage
Packed room for Per Jander from WMC / @Sprott explaining #SPUT to the industry. Discussed the fund’s funding mechanism, investor interest, and longer term goals. “Sprott’s only goal is to grow the vehicle. NYSE filing will happen before the end of Jan. We will not sell material.” ImageImageImageImage
Fletcher Newton from Tenex asking the panel about social media’s impact on the market - Bill responding that we’ll see a growing link between social media / investor interest and the physical market and no one knows how this is going to develop.
That’s a wrap folks. Learned a lot as always and great to connect with the industry in person. Thank you @NEI and @NAshkeboussi for putting on a great event.

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More from @JekyllCapital

14 Sep
1/ Some brief thoughts on $SPUT / $U-U and why it trading lower on today's open is a good thing for #uranium -- Yesterday's daily update showed that #Sprott did not purchase material or issue units.
2/ This confounded some investors, given the close to 30% premium of the vehicle...

There is a simple explanation: While updating an ATM, it is common to have limitations on market activities.
3/ While the new base shelf prospectus hit Friday, the company did not file an updated sales agreement and confirm the ATM until post close yesterday (see attached).
Read 8 tweets
22 Jan
1/ A thread on Nexgen’s Arrow & the #uranium cycle ($NXE)
2/ Given the scale and cost structure of Arrow, it makes sense that investors are intensely focused on its delivery timeline. This thread will discuss possible timelines, current market expectations (i.e., what’s “priced in”) & how different Arrow scenarios will impact the mkt.
3/ As you can see from the litany of responses to Michael’s tweet, there is great skepticism in the market regarding Arrow’s timeline. This is largely due to a bearish narrative conveyed by competing CEO’s whose assets only hold value if Arrow is substantially delayed.
Read 28 tweets
8 Jan
My tweet regarding the $EU last night clearly rubbed some people the wrong way. While not entirely unexpected, I thought I would explain our motivations for tweeting on the topic and clarify a few points. A long thread:

As I noted in several responses to my initial Encore tweet, the goal was not to attack management. While we do not have much of a relationship with Bill, we like and respect Paul and have known him for years.
The purpose of the tweet was to call out some of the overly promotional twitter accounts which were clearly pumping an illiquid, low float stock into retail hands at valuations that (to us) were absurd relative to other names in the sector.
Read 23 tweets
23 Dec 20
There seems to be some confusion on the $YCA #uranium option - how to exercise, order of events, some idea of a credit line?!?

Here is a short thread on how it would work:

1) Yellowcake management submits an exercise notice to $KAP signaling an intent to raise capital to buy U
2) KAP has some time period to respond with an indicative price which is then verified by $YCA management as "market" when compared to third party price reporters

3) Once a price and indicated size is agreed upon, THEN management has a couple weeks to raise capital in the market
What is key here is that by the time the market is aware of a transaction, the indicated size and pricing has been set (if you think about it, a requirement to raise before pricing is set would never make sense - the market would move on your raise).
Read 8 tweets

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