Tribeca Nuclear Energy Opportunities Fund – Monthly Update – September 2021


Overnight, the Sprott Physical Uranium Trust (SPUT) announced they would be renewing their “At The Market “(ATM) facility with an additional one-billion-dollar (US$1bn) capacity. This is 2-3 times larger than the market was expecting.

The spot price in a historical context still has a long way to run. If you are not convinced that we are at the beginning of something massive, then it’s probably time to hit that “unsubscribe” button! To put this into perspective, the original SPUT facility for $300m purchased just shy of 7 million pounds. This is the equivalent of 5% of last year’s primary mine supply and resulted in the spot price appreciation of 40% from midAugust lows. Another billion dollars assuming an average purchase price of say… $45 USD/lb means the SPUT will soak up 25% of annual primary mine supply, who knows where the price lands.

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