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Apr 27 • 7 tweets • 7 min read
London has been beautiful for this week’s @WorldNuclear Working Group meetings - learned a lot as always.

World #Nuclear Fuel Cycle meeting kicking off now with Treva from @U3O8TradeTech discussing #uranium fundamentals with @cameconews @Oranogroup @NAC_Kazatomprom
Jason Murphy from @ConstellationEG giving a great talk on the company’s #nuclear fleet - very impressive stats all around. Emphasized that the company intends to pursue life extensions to 80 years for the whole fleet. Also- contracting strategy starts 6 years before any reload!
Favorite quote of the day so far: “we don’t live in the spot market like some others do. I’m not sure how those guys sleep at night”… long term contracts with reliable partners is the name of the game. Also strategic inventories are clearly important for a fleet of their size.
Adrienne Hanly, Uranium Production Specialist from the @iaeaorg discussing U.S. inventory levels. Her study shows 16 months on average vs. their recommendation of 2Y+. This is an issue from her perspective and something governments may need to address (Europe just above 2Y now).
Security of Supply panel starting now - Fredrik Leijonhufvud from @VattenfallGroup opens by highlighting how quickly things have changed. After years of low energy prices, tight budgeting and oversupplied mkts we have now refocused on security of supply & fuel cycle uncertainty.
John-Paul Jones from @urencoglobal discussing S/D in enrichment and conversion. Great slides explaining why Russia’s exclusion from global markets is a big problem. Also addressing Advanced #nuclear / #HALEU demand - Urenco’s dance card is clearly full at the conference…
That’s a wrap folks. Night flight back to NYC. Thanks to @NEI and @WorldNuclear for a wonderful event. Look forward to seeing everyone in person again soon. Next conference for me is @Reuters SMR & Advanced Reactor Forum in Atlanta next month. Reach out if attending!

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More from @JekyllCapital

Art Hyde Profile picture
Mar 1
1/ Lots of folks asking about @NAC_Kazatomprom $KAP today given it's relative underperformance vs. the broader #uranium sector - a few short thoughts.
2/ First, today's sharp drop and brief halt was triggered by a shift in GDR treatment by a number of major western banks. Goldman Sachs told us they could no longer accept London GDR orders due to uncertainty with respect to ongoing settlement of Clearstream and Euroclear.
3/ Several other banks told us the same. It was triggered b/c many Russian GDR orders were at risk of not clearing due to market closure in Russia. Despite $KAP not trading in Russia, it (& many other London GDRs) were suddenly prohibited from trading in cash (swaps unwind only)
Read 6 tweets
Art Hyde Profile picture
Nov 12, 2021
1/ Some quick takeaways from this morning's @NAC_Kazatomprom management call with new CEO Mr. Mazhit Sharipov. Note that due to the Russian to English translation, some of the transcript is choppy.

#uranium #nuclear #nuclearpower

kazatomprom.kz/en/media/view/…
2/ First, the Sharipov opens by clearly stating that their strategy of value over volume will not change and cuts will continue as planned. They are also seeing supply chain impacts to their production and cost base. Also seeing tightening supply and increased customer interest.
3/ While not many details were disclosed on today's China term contract news, they remain comfortable with market related pricing today (i.e., remain bullish price). Will consider hybrid fixed / market contracts in future but need higher prices to make them comfortable
Read 7 tweets
Art Hyde Profile picture
Nov 7, 2021
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
Read 9 tweets
Art Hyde Profile picture
Sep 14, 2021
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
Art Hyde Profile picture
Jan 22, 2021
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
Art Hyde Profile picture
Jan 8, 2021
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

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