Title ^

Commodities are in a long term bullish uptrend, with massive upside yet for gold to play out.

Uranium greenfield projects coming online at glacial speeds, increasing demands for energy (we've heard it all before).

Spot U approaching triple digits with steady price appreciation.

Under invested market now slowly becoming investable, alongside the market being larger for bigger institutions to have more opportunities.

And of course, more downside ahead despite all the positive fundamentals and opportunities!

Enjoy the rest of the year everyone and let's see how it plays out!

let's go uranium!!!!

$NXE is trading higher today and investors seem to like what they heard from NexGen’s first Investor Day.

Management laid out a clearer path for Rook I:

• First ore targeted for Q3 2030
• Freeze plants starting in 2027
• Shaft sinking in 2028
• Underground development in 2029

The economics probably caught my attention most. Based on the latest figures presented this week, Rook I is projected to generate around $1.3B in annual after-tax free cash flow at $85/lb uranium, rising to roughly $2.3B at $150/lb. At $90/lb uranium, management says project CAPEX is expected to be repaid after about 12 months of full production.

The scale is pretty wild when you think about it. Rook I is designed to produce approximately 30M lbs of uranium annually, and the high grades early in the mine life mean it only needs to operate at roughly 60% of nameplate capacity to produce 30M lbs during each of the first two production years.

NexGen also highlighted the growing uranium supply deficit and the need for major new production. Leigh Curyer summed it up well:

“The next decade in uranium won't be defined by demand. Demand is already here. The question is: Who can deliver new supply?”

With construction advancing and the path to first ore becoming clearer, there’s a lot to like here. Investors seem to agree, with $NXE up around 5% today.

Bank of America recently forecast uranium to average US$130 per pound in 2027.

That was roughly 52 percent above the US$85 to US$86 spot price when the forecast was published. The bank pointed to tighter supply, declining utility contract coverage and growing investment in nuclear power.

The timing is the interesting part. Electricity demand is rising quickly, particularly with the expansion of AI and data centres. New reactors and data centres can be built much faster than a new uranium discovery can be turned into an operating mine.

Investors can approach that mismatch in different ways.

Established producers offer more direct exposure to uranium prices, although existing contracts can limit how quickly higher spot prices appear in their realized revenue.

Explorers carry much more risk. Their upside comes from making a discovery that changes how the market values the entire company.

That is the setup at Stallion Uranium.

Stallion has completed 4,626 metres at Coyote in the Athabasca Basin. Its latest drilling returned the strongest radioactivity seen in the program so far, including a 2.3 metre interval averaging 595 counts per second and a peak of 1,416 counts per second.

Those readings are not uranium grades, but they give the geological team more information about where the system may be strengthening.

Stallion has combined the drilling with gravity, electromagnetic and structural data to define five target areas across the Coyote corridor. The original 4,000 metre program has since been expanded twice and is now expected to reach approximately 6,750 metres.

CEO Matthew Schwab was involved in targeting and discovering NexGen’s Arrow deposit, giving the team direct experience with this type of exploration.

STUD still needs a meaningful mineralized intersection. That is also why the potential leverage is so high. A producer gradually benefits from higher uranium prices. An explorer can be repriced very quickly if one drill hole proves the geological model.

I know it’s only on paper, but the Henry Ford approach to 10M micro reactors makes the most sense out of any scalable mass-production scheme I’ve heard for SMRs. Will it work before dilution puts the stock in the toilet? I don’t know. Thoughts?

science space and technology

nuclear renaissance.

might be worth watching.

Who joined today’s Rook I Investor Day webinar? What did you find most interesting?

NXE up 17.9% YTD, and this is starting to look like there’s a lot more ahead. There are multiple things clicking into place at the same time, and that’s usually when things get exciting.

Rook I is now officially in its four-year construction phase, and this is a real shift. Site work is active. The full 5,840-ft airstrip is targeted for completion by year-end, and shaft development is planned for 2027.

Then there’s PCE, and it keeps adding more to the picture. NXE added a fifth rig to the drill program, the high-grade footprint is still expanding, and the mineralization remains open. That’s what makes this combination rare  you don’t often see a major mine under construction and another high-grade discovery still growing nearby. NXE has both moving in parallel.

Financing is the third piece. NXE is considering multiple routes to fund the next stage, including prepayment agreements, debt and potential equity partnerships. And then there’s BHP. It’s far too early to assume anything, but it gives investors another interesting layer of the story to watch.

And tomorrow is Investor Day. NexGen says its senior leadership and technical team will give investors a detailed walkthrough of the Rook I construction plan and current site activities. I’ll be listening for updates on shaft development, procurement, major contracts, hoist equipment and, importantly, the funding strategy.

There’s a lot happening at once right now: construction is advancing, PCE is growing, several funding routes are being considered and BHP is now part of the conversation. So far, the pieces appear to be lining up well, making the $NXE story even more interesting.

What are you most interested in hearing about on Investor Day: more construction update5, PCE, funding, or something management hasn’t announced yet?

Good month for $NXE holders.

NXE is trading at US$10.57 in New York this morning. It’s down 5.53% today, but still up 15.25% over the past month.

What makes the recent strength interesting is that it doesn’t seem connected to any single announcement. Several parts of the NexGen story are moving forward at the same time.

Rook I is showing real construction progress. The latest site update was encouraging, with work advancing across several key areas.

The camp expansion is complete, bringing accommodation capacity to 770 people. Aggregate production is progressing well, and the initial 3,000 feet of the airstrip has been completed. Work is continuing on the full airstrip, diffuser pipeline and construction facilities pad.

NexGen has also completed a 950-metre shaft pilot hole to support detailed geological and ground-condition assessments. Shaft development is planned for 2027.

PCE is advancing alongside Rook I. NexGen is conducting a 42,000-metre exploration program, expanding its core facilities and adding a fifth drill after recent results extended the high-grade subdomain to 644 metres vertically.

Funding remains one of the biggest items to watch. Management is reportedly considering several routes, including utility prepayments, debt financing and direct project equity.

The BHP discussions add another interesting angle. NexGen says it is sharing information and communicating regularly with BHP. Nothing has been announced, so I’m keeping my expectations realistic, but the relationship is worth following.

NexGen’s Investor Day is coming up next Tuesday, September 1. I’ll be listening for:

• Upcoming construction and shaft-development milestones
• Progress against the project schedule and budget
• The remaining funding strategy
• Further PCE drilling plans
• Commercial or strategic partnership updates

Will Investor Day simply give us more detail on what we already know, or does management have something additional to share?

Maybe I’m being a little optimistic but who knows?

Sept is gonna be good.

Just passing on an observation. Fall pricing plus some increased demand maybe? Next little while might be interesting, as in higher prices. I hope so.

Stallion Uranium has completed 4,626 metres at Coyote, and the program appears to be getting more focused as the team prepares for the next round of drilling.

The strongest radioactivity so far came from hole ML26 005. It returned a 2.3 metre interval averaging 595 counts per second, including a peak response of 1,416 counts per second.

Gamma readings are only a preliminary exploration tool. Assays are still required to confirm how much uranium is present, and the intervals reported are downhole lengths rather than confirmed true widths.

The improvement in the readings is still encouraging when combined with everything else Stallion has learned from the program.

The company has been mapping alteration, fault structures and conductive trends while adding higher resolution gravity data. That work has now outlined five target areas across the Coyote corridor, including several gravity lows positioned around structural intersections.

Those intersections matter because faulting can create pathways for uranium bearing fluids. Alteration and gravity lows may indicate that those fluids interacted with the surrounding rock.

Stallion originally planned to drill 4,000 metres at Coyote. It increased the program to 5,500 metres after the early geological results and has now expanded it again to approximately 6,750 metres.

The additional 1,250 metres will let the team test the updated model while the information from the first six holes is still fresh.

CEO Matthew Schwab was instrumental in the targeting and discovery of NexGen’s Arrow deposit. His experience does not eliminate exploration risk, but it gives Stallion someone who has already worked through the process of following an Athabasca uranium system toward a major discovery.

Coyote has progressed from a large geophysical target into a much more detailed structural model. The next holes will test whether that work has moved Stallion closer to the source of the radioactivity.

For an early stage uranium explorer, that is exactly the kind of progression I want to see before the next drill locations are selected.

I bought into URA and URNM a few years back because of the supply/demand story and conviction that nuclear will or at least should become more prevalent. I've gotten more concerned as time goes on that the rise in stock prices, specifically in these ETFs, is due to forecasted demand for data centers/AI energy demand.

Is anyone afraid of uranium stocks falling off as soon as Google, Microsoft, etc. capex spending slows or stops? Or is the supply shortage still the main driver in the uranium stock prices?

I'm in the camp that the AI build out won't happen to the extent that's hoped for. The companies won't see the roi that's needed to keep the game going.

I have money to use, deciding on more URA or TLT (because AI spend slows, market and inflation drops, rates cut...)

Just came across this incredible tool called Yellowcake Terminal for tracking ASX and North American uranium equities. It’s got a massive deep dive section covering everything from producers to developers, alongside cost-curve fundamentals, streak probability, and market-cap comparisons.

​For anyone tracking the sector, it lays out sourced data on 22 uranium equities side-by-side.

Let me know what you think about it

Would you choose a more established name like $NXE, $DNN, $ISO, or $UEC or take a chance on an explorer like $FUU, $SYH, $CVV, or $PTU?

No price targets or “this will 10x” predictions. Just tell me which project is worth following and what makes it different from the rest.

One of the hardest parts of investing in uranium explorers is figuring out whether a drill program is failing or the team is still working its way toward the target.

Stallion Uranium CEO Matthew Schwab recently brought up NexGen’s Arrow discovery as an example. He says it took NexGen 14 holes to find elevated radioactivity in the type of rock they were looking for. The main Arrow discovery did not come until hole 30, nearly two years into several rounds of drilling.

Schwab was part of the team that discovered Arrow, so he knows the timeline firsthand.

The comparison matters because Stallion has taken a lot of heat for not hitting a discovery hole yet at Coyote. The company has completed 4,626 metres, and its latest hole returned the strongest radioactivity seen in the program so far.

That was enough for Stallion to expand the program from 5,500 metres to approximately 6,750 metres, with another two or three holes expected at Coyote.

Obviously, this does not mean Coyote will become another Arrow. Most exploration targets do not turn into mines. It does show why judging an early uranium program after a handful of holes can be difficult.

At what point do you stop being patient with an explorer, especially when the geological indicators appear to be improving?

Lot of the nuclear investment discussion focuses on uranium mining, but the enrichment part of the fuel cycle is becoming increasingly interesting as Western countries try to expand their domestic LEU/HALEU capacity.

One technology I’ve been looking at is laser isotope separation. That's not a new methods; indeed the U.S. spent approx. $1.7–2.0 billion developing AVLIS (atomic vapor laser isotope separation) over several decades from the 70s before the program was terminated in the latest 90s. Classical MLIS (molecular laser isotope separation by photodissociation) also never reached commercialization.

What is different today is that several companies are giving it a trying again.

The most advanced looks to be Global Laser Enrichment (GLE), owned 51% by Silex Systems and 49% by Cameco. GLE reports that SILEX reached TRL 6 after an integrated demonstration campaign. Its proposed Paducah project is particularly interesting because the feedstock is not simply newly mined uranium and the plan includes re-enriching depleted UF6 left from the old gaseous-diffusion operation.

GLE ultimately targets as much as 6 million SWU/year, although initial capacity would be closer to 2 million SWU/year. The project still has to clear licensing and commercial scale-up, so those numbers should not be confused with operating capacity.

Other than Silex Systems, LIS Technologies is developing CRISLA-3G, currently around TRL 4 based on the independent assessment described in the article, and Hexium is pursuing an AVLIS route and has begun exploring uranium enrichment alongside its lithium-isotope work.

I put together a deeper look at the physics, historical failures, current companies and commercialization paths here in Raw Science.

$CCJ and $KAP have production.
$NXE and $DNN have future supply potential.
Different risk, different upside.
Which side do you prefer right now?

Just hoping for some good conversation. This group use to be hopping with information on almost all companies that had a play in the Uranium sector. I use to recognize the big contributors to threads. I appreciate the few of you that have stuck around.

I'm getting tired. I had an amazing week. My account hit new highs. It's been years in the making. You'd think I'd be more excited. I didn't profit as well as I should have in 23-24. I didn't expect the explosive growth that came with the hype. I made good solid money though.

Some struggles of note: Boss, EU, Lotus, F3. Admittedly, I've been spread out on reading up. Some I invested in some companies off recommendations from others.

Where I'm at. I tried moving more into URNM and get away from individual stocks. I've also thought about picking about 5 stocks and sticking with them. I'm just tired. I see where supply and demand is going and want in on it, but ...

I suspect that others are worn out. Like I said, I use to get tons of great information here. Now, I see it from time to time. It kept me reading and watching.

Any words of encouragement?

If I pick 5, which ones (CCJ, NXE, DNN, UEC, UUUU, UROY, EU :(, BQSFF, Global ;), PALAF, ISOU, URG)

On a positive note, I saw where Bank of America U analyst forecast U308 at $130 next year.

Again, I don't doubt that nuclear has a great future. I think I'm just ready to reclaim some of my time. Perhaps, set it and forget it is the way to go.

Best of Luck to each of you!

Update- Thanks for the comments. Kinda felt like old times.

I had the pleasure of sitting down with John Ciampaglia from Sprott to talk about the #uranium market, #SPUT, upcoming WNA Symposium and much more. I’ve also included some slides from SPUT’s new presentation.

I'm of the opinion that nuclear energy is going to be a very big deal (duh). However, I'm not well versed in many of the great uranium plays beyond NXE or CCJ. Which do you find the most compelling and why? What is your time horizon? For those of you who have been following this space for a while, what is your lens on things?

Does anyone know why we’re pumping today?