Sweet Yellow Cake

When it began

I’m not sure to know when

Yet now nuclear fuel is strong

Bought stock in spring

Met management this summer

Who knew uranium would come along

Hands

Diamond hands

Reachin’ out

Touchin Me

Touchin UUUU

Sweet yellowcake

Boom, Boom, Boom

War times never seemed so good

I’ve been inclined

To believe they never would

But now I

Look at the chart

And it don’t seem so lonely

Glad others own Energy Fuel

During sell offs

Sell offs roll off our shoulders

How can I hurt

When holding UUUU

War

Feels like war

Freakin out

Dysprosium

Rare earths too

Sweet yellow cake

This stock never seemed so good

I’ve been inclined

To believe they never would

Oh, no, no

Sweet yellow cake

Good times never seemed so good

I’ve been inclined to believe they never would

Sweet yellow cake

Energy Fuels is acting good

Sweet yellow cake

An up cycle means they should

Tactical Frannie has been yelling out her condo window since the spring warning anyone that will listen to her to “cut the crap” with the crypto and monster tech stocks. She was convinced that precious metals, uranium, natural gas, rare earths and even coal will be the sectors attracting investment dollars in the coming years. That Frannie loves Hard ASSets.

Given our country’s cozy relationship with Putin, we decided to explore nuclear power. Luckily, Google, Microsoft, and other data center firms felt like a little exposure could help cure their electrical grid problems. Most global demand comes from the West while supply comes from Russia and Kazakhstan. Hmmm, that recipe is worse than mom’s Exlax brownies.

Cameco was the first company that entered my uranium cranium, but thanks to the good people of Cannacord Genuity, I was able to listen to a very sharp CEO, Mark Chalmers on a panel. I met Gary Evans, CEO of US Antimony at the event as well. He agreed that The Stock Pawnshop owners and it’s client base should increase their “exposure” to uranium. The United States is in a deficit position and the Trump administration is focused on making sure this country has its own supply chain of critical minerals and rare earths.

The pawn stars kept digging and attended the Enercom conference in Denver. It became that our uranium assets in the ground valuation of $18 per share was quite conservative considering margins should increase with long term contract renewals in 2027. The costs of extraction are falling in Pinyon Plain mine. Inventories have been growing and their White Mesa Mill in Utah has ample capacity to process uranium as well as rare earths.

The company is hosting a tour of this facility Columbus Day week. Much thanks to Jennifer Ly of The Blueshirt Group for keeping us in the loop on this unique story. With the recent news of China restricting exports of rare earths (which is much needed for magnets) the Energy Fuel’s stock is becoming a Lutnick special. Management recently issued a convert with only 10% dilution and has ample capital, so my guess is the government offers higher floor pricing on the firm’s output.

A positive wildcard is UUUU’s medical isotopes for targeted alpha therapy, an emerging cancer therapy. We think the vanadium or is it radium compounds are priced at roughly $5,000 per gram.

All in, there is quite a bit of option value at this company. We maintain a core position because Frannie thinks the cycle could be just starting and our price target has moved to the mid-twenties.

NEWSLETTER DISCLAIMEIR

The Stock Pawnshop newsletter (“Newsletter”) should not be construed as investment advice. The Newsletter is for entertainment purposes only. Antimony Isle, LLC, its owners or affiliates, do not make any representations or warranties, express or implied, about the Newsletter’s accuracy, completeness, or correctness. The information in the Newsletter may become outdated and there is no obligation to update any such information. The information contained in the Newsletter is not intended to constitute legal, accounting or tax advice or individually-tailored investment advice and is not designed to meet your personal financial situation. The investments discussed in the Newsletter may not be suitable for you. This Newsletter should not be construed as a solicitation to act as securities broker or dealer. Antimony Isle, LLC and its owners and affiliates may hold or acquire securities covered in this Newsletter and may purchase or sell such securities at any time, including security positions that are inconsistent or contrary to positions mentioned in this Newsletter, without notice.