Nuclear: What Is Westinghouse Worth?
Cameco announced last week that Westinghouse had submitted a draft registration statement to the US SEC for a proposed IPO. We estimate potential fair values.
Asymmetric Research
Independent natural resources research. Mining investing legend Rick Rule has highlighted our work on multiple occasions. Founded by a former sell-side equity analyst and hedge fund analyst at an energy transition fund. Not investment advice. DYOR.
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EU Natural Gas: Russia's Closing Window
Europe is weaker on storage than it was going into the last crisis, and Russia's leverage expires in 2027...
Uranium: Equities Valuations After the Sell-Off
In this note we look at the valuation of uranium equities following the sell-off. The sector is currently implicitly discounting a uranium price of...
EU Natural Gas: Is the Market Finally Starting to Wake Up?
TTF, the benchmark for European natural gas prices, has rebounded by 20% over the past two weeks. What's next?
Uranium: Cameco's Safety Buffer Used Up
Cameco has temporarily halted mining at Cigar Lake following an acid plant failure at Orano’s McClean Lake mill, where the ore is processed. Implications...
Gold Equities: What's Being Priced In?
Gold continues its descent following what many interpreted as a hawkish shift from the Fed. What are gold equities pricing?
Do Higher Rates Really Kill Gold?
Following what many interpreted as a hawkish shift from the Fed, we want to reiterate our view on what this means for gold.
Gold: Buying This Correction. 3 Names We Are Adding
Gold is under continued selling pressure today... We are adding.
A Gold Play on Steroids
Nations Royalty is a Canadian-listed royalty company with two value drivers, neither of which the market is pricing in.
Gold Could 2-4x in 18 Months: The 1970s Inflation Parallel
A striking correlation between today’s US CPI trajectory and the 1970s inflation cycle points to a second, larger wave ahead.
Uranium — Japan: New Nuclear Build Inevitable?
Even under Japan’s conservative nuclear scenario, utilities face a c10Mlbs uranium inventory shortfall.
EU Natural Gas – Lock and Reload
EU natural gas injections have trended below our forecasts since the end of April, with figures strikingly weak over the past week.
Uranium – Cameco Guidance Hanging by a Thread, Implications for Market Purchases
Cameco’s flagship McArthur River mine and Key Lake mill are cut off.
Uranium — Release Valve Running Dry?
We do not own Cameco, but the Q1 results carry read-through for the broader uranium sector.
The Uranium Catalyst Nobody Is Pricing In
We believe utility restocking is rapidly becoming the central catalyst for the uranium bull case — shifting from mere optionality to a high-probability outcome over the next 3 years.
From Conflict to Catalyst: Uranium's Next Leg Higher
After having been cautious early last year, we turned constructive on uranium in summer. We now turn outright bullish.
Gold – GMining Acquisition of G2: Key Takes
We have crunched the numbers on G Mining Ventures announced takeover of G2 Goldfields.
Natural Gas – Updated European Outlook After Ceasefire
European natural gas prices (TTF) dropped below €45/MWh, with news that the US and Iran have agreed to a two-week ceasefire, which includes the reopening of the Strait of Hormuz.
Gold’s Descent: Now What?
Gold has dropped by 27% from its January peak, at time of writing...
Gold: Where is the Bottom?
Gold has dropped >16% from its peak two months ago, positioning it…