John Ciampaglia · CEO of Sprott Asset Management — runs the Sprott Physical Uranium Trust (SPUT) and Sprott's physical-metal and critical-materials products.
Copper — nominal all-time highs but still far below prior cycle peaks inflation-adjusted, with mine disruptions opening deficits against electrification demand.
Gold — bottomed around $4,000 with western flows returning after the correction; a neutral reserve asset against rising yields, the Bessent-vs-bond-vigilantes showdown and high global debt.
Sprott Physical Uranium Trust — his own vehicle: record capital raising over the last five quarters, 18M → ~82M lb since July 2021 (~7M of a 9M lb annual limit bought in 2026), and “even at $90 spot” still very attractive.
Uranium (U3O8) — a structural supply deficit meets demand the models barely carry: a US government RFP, SMRs reaching criticality, China’s ~8 reactors a year, India stockpiling and utilities back with RFPs; term price at records.
Westinghouse Electric — its coming IPO (and other nuclear listings) is “net positive”: a still-recapitalizing sector gets more ways for investors to position.
In one line: The uranium bull case from the man who buys the pounds — a structural supply deficit, new demand the models don't carry, and record capital raising into the physical trust, inside a commodity cycle still in its early-to-middle innings. (He runs SPUT, so read the flow data as first-hand and the conclusions as interested.)
Uranium: the deficit is the story. Investors look past the Iran and US-rates noise to a structural supply deficit; the term price is at records and $90 spot is "still very attractive" (2026-SEP-10).
Demand that isn't in the models. A US government uranium RFP, SMRs reaching criticality, China's ~8 reactors a year, India's large stockpiling deals, and western utilities back with RFPs to replenish inventories; hyperscalers bring capital and long-term PPAs. He won't predict the catalyst, only that the demand will be recognized over 12–24 months.
Flows as the tell. SPUT's last five quarters were its biggest capital-raising stretch ever; investor attendance at London uranium week has shifted from a few specialist hedge funds to bank-hosted events all week. Nuclear IPOs (Westinghouse) are "net positive" — more ways to position in a sector still recapitalizing after 2011–2020.
Copper and gold alongside. Copper at nominal records but far below prior cycle highs in real terms; gold bottomed around $4,000 with western flows returning, a neutral reserve asset against the bond-market showdown and high debt.
A prolonged commodity cycle. Critical materials matter for energy and national security; after 10–15 years of under-investment and with big capital pools barely exposed, the cycle is "very early to middle innings."
What it is: The Sprott Physical Uranium Trust (SPUT; TSX U.UN/U.U, US OTC SRUUF), run by Sprott Asset Management with Ciampaglia as CEO — a listed trust that raises equity and uses it to buy and hold physical uranium (U3O8). Launched July 2021 with about 18M lb; now just under 82M lb. Sprott also runs copper, gold and silver products (not named on the show).
Offering
What it is
How he runs it
Seen in the index
Physical uranium trust (SPUT)
Units backed by stored pounds of U3O8 — uranium exposure without mining-company risk
Raises capital when investor demand is there and deploys it into pounds: just under 9M lb in 2025, ~6M lb in Q1 2026 and ~7M lb year-to-date, against a 9M lb annual purchase limit; if the limit is filled, Sprott has "the ability to do some other things" to keep raising equity accretively
SRUUF
Copper / gold / silver products
Sprott's other resource vehicles, mentioned generically
Reports renewed copper flows; gold and silver saw heavy interest early in 2026, then western money left and is now returning to gold
Copper, Gold, Silver
How it serves retail investors: a single listed unit gives direct exposure to a commodity he calls opaque and "very different than other commodities," with no need to trade the term or spot market.
Buying pressure is visible: each capital raise becomes physical purchases, so the trust's raising and buying pace doubles as a read on investor demand — the signal he points to himself.
Transcripts
One dated page per appearance — each has its stock table, talking points, and the saved transcript. Newest first.