Uranium stocks - Data and Analysis
Bibliographic record
Abstract
<div dir="auto" class="body markup"> <h3 class="header-with-anchor-widget">If I were to boil the thesis down to a few bullets, I’d say: <div id="§if-i-were-to-boil-the-thesis-down-to-a-few-bullets-id-say" class="header-anchor-widget"> <div class="header-anchor-widget-button-container"><a class="header-anchor-widget-button" href="https://investy4l.substack.com/i/41001682/if-i-were-to-boil-the-thesis-down-to-a-few-bullets-id-say"> <svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="header-anchor-widget-icon"> <path d="M10 13a5 5 0 007.54.54l3-3a5 5 0 00-7.07-7.07l-1.72 1.71"></path> <path d="M14 11a5 5 0 00-7.54-.54l-3 3a5 5 0 007.07 7.07l1.71-1.71"></path> </svg> </a></div> </div> </h3> <ul> <li><p><span>Uranium is an essential input for nuclear reactors with&nbsp;</span><strong>no substitute. </strong><span>Following the Fukushima disaster, there was a massive supply glut as reactors were taken offline due to safety concerns </span><br> </p></li> <li><p><span>Now a supply crunch is looming, with a current market deficit of ~40m lbs </span><br></p></li> <li><p><span>Nuclear power plants </span><em>usually</em><span> contract uranium supplies several years out before their inventory gets run down. Due to the oversupply coming out of the previous cycle, however, they have been purchasing additional supply needs in the spot market instead of contracting years in advance.</span><br> </p></li> <li><p><span><a href="https://alpharesearch.io/sec-filings/13f-filings">13f filings</a> indicate that the power plants’ coverage rates (contracted lbs of uranium supply / lbs of uranium required) are beginning to trend below 100%, indicating utilities have less locked-in supply than they need to keep running their reactors, at a time when market supply is tightening (note utilities typically look to maintain coverage ratios well above 100% to ensure no unforeseen shortfalls)</span><br> </p></li> <li><p><span>Global demand for uranium is increasing, with ~56 new reactors under construction an a further 99 in planning currently. Nuclear power currently generates ~10% of the world’s electricity but with the closure of coal and fossil fuel power plants due to ESG considerations, nuclear energy is increasingly being seen as the only viable way to make up up the lost energy capacity. </span><br> </p></li> </ul> <p><em><strong>Putting all of this together</strong></em><span>, a fundamental supply/demand imbalance for an essential commodity with price insensitive buyers and ESG tailwinds makes the bull case extremely compelling.</span> </p> <p>But a picture is worth a thousand words, so some historic charts probably best provide a sense of the future upside expected in the next cycle. Using the data of <a href="https://alpharesearch.io/sec-filings/form-8k">form 8k</a>, at the peak of the previous uranium bull market in 2007 (when there was no supply deficit) the uranium spot price reached ~$136/lb after a run up from ~$15/share at the start of 2004 (~9x increase). </p> <p>Today the current price is ~$42/lb with the view that the price will reach new highs in this coming cycle:</p> <div class="captioned-image-container"> <figure><a class="image-link image2" target="_blank" rel="nofollow" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png"> <picture> <source type="image/webp" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png 1456w" sizes="100vw"> <img src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png" width="893" height="682" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png&quot;,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:682,&quot;width&quot;:893,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:54361,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F99f1cca9-5dc9-49bd-b43f-9fecdf6300d1_893x682.png 1456w" sizes="100vw"></picture> </a></figure> </div> <p></p> <p>Many uranium investors, based on the majority of form <a href="https://alpharesearch.io/sec-filings/10q">10q</a>, focus on the miners rather than the commodity as being the way to play the new uranium bull market, as these are more levered to price increases in the underlying commodity. &nbsp;</p> <p><strong><span>The share price for Canadian-based Cameco Corporation (</span><a href="https://www.bloomberg.com/quote/CCO:CN" rel="nofollow ugc noopener">CCO&nbsp;</a><span>/&nbsp;</span><a href="https://www.bloomberg.com/quote/CCJ:US" rel="nofollow ugc noopener">CCJ</a><span>, the second largest uranium producer in the world) increased from USD $3/share to $55/share ( ~18x bagger) during the previous bull market from ~2004 – 2007:</span></strong> </p> <div class="captioned-image-container"> <figure><a class="image-link image2" target="_blank" rel="nofollow" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F29669dcd-09b9-444b-90c1-4fb78049f6b2_2400x1240.png"> <picture> <source type="image/webp" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F29669dcd-09b9-444b-90c1-4fb78049f6b2_2400x1240.png 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F29669dcd-09b9-444b-90c1-4fb78049f6b2_2400x1240.png 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F29669dcd-09b9-444b-90c1-4fb78049f6b2_2400x1240.png 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F29669dcd-09b9-444b-90c1-4fb78049f6b2_2400x1240.png 1456w" sizes="100vw"> <img src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F29669dcd-09b9-444b-90c1-4fb78049f6b2_2400x1240.png" width="1456" height="752" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/29669dcd-09b9-444b-90c1-4fb78049f6b2_2400x1240.png&quot;,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:752,&quot;width&quot;:14
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.015 | 0.009 |
| Meta-epidemiology (narrow) | 0.001 | 0.001 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.005 | 0.009 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.007 | 0.021 |
| Research integrity | 0.000 | 0.006 |
| Insufficient payload (model declined to judge) | 0.094 | 0.002 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; both teacher heads agree on what is shown here.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".