Sector · 3 names
Physical uranium
Funds that buy uranium and store it. No mines, no management risk; you own pounds. The purest bet on the price.
What matters here
The discount to NAV. Today the funds trade 13–23% below the uranium they hold, so the share price implies $67–81/lb while utilities sign contracts at $98.00. The discount exists because money is leaving the sector, and Sprott can't issue new units below NAV, so it has stopped buying: one source of demand switched off. It closes on a utility contracting wave, a rising spot price, or buybacks (Yellow Cake bought back $10M in June-July). It can also widen past 20%.
Every name in the sector, total return
Total return in USD, on a log scale · grey is physical uranium (U.U)
