New Energy Weekly – Uranium
The New Uranium Bull Market is On!
I hope you paid attention to the uranium positions in our portfolio.
We’ve seen some remarkable price action lately. Starting with the Sprott Physical Uranium Trust Fund (TSX: U-UN).
We recommended this company in November 2022. The fund tracks the price of uranium by holding the physical commodity.
It traded sideways until April 2023, when it began to climb. But in the last three months, it took off, as you can see here:
We are up 32% on our position now. That feels rather good. And the rising price of uranium had a dramatic impact on the uranium miners too.
Our giant uranium development company, NexGen Energy (NYSE: NXE) is up 30% since we recommended it in June 2022. You can see its chart here:
The one laggard in our uranium portfolio is Skyharbour Resources (TSX V: SYH). We recommended the tiny explorer in February 2023.
The company hasn’t received the same bump from rising uranium prices as the more advanced projects, as you can see here:
The company continues to work, so we’ll continue to hold it and watch the news. But for now, uranium is a great place to be invested.
For the Good,
The Mangrove Investor Team