Sprott Physical Uranium Trust — the vehicle Jander buys for: raised $500M+ and bought 6M lb in the first two months of 2026 before risk-off stalled it; a copper-to-uranium rotation is starting and he would “love” to raise capital and buy again.
Uranium (U3O8) — spot has “a very hard floor at 85” set by the record $96–97 term price via the carry trade, so at $90 “very little downside”; reported term volume understates demand and the NNSA’s 4M lb/yr US-origin tender is a new eight-reactor buyer.
Cameco — counterparty to one of India’s two under-the-radar ~$2bn term deals, not in the 37M lb YTD term count; Canadian-origin pounds should earn a premium.
Kazatomprom — counterparty to India’s other ~$2bn term deal (possibly already in last year’s volume); cited as evidence the term market is busier than reported.
In one line: From the desk that buys SPUT's pounds: spot uranium is floored near $85 by a record term price (the carry trade), reported term volume understates real demand, and new buyers — a US-origin NNSA tender, SMR developers, rotating investors — are arriving faster than the market has priced.
The term price sets the floor. With term at an all-time high of $96–97, spot below ~$85 invites a carry trade and finance deal, so utilities, traders and producers step in; at $90 he sees "very little downside" (2026-SEP-10).
Headline term volume misleads. The 37M lb YTD figure misses India's two ~$2bn deals with Kazatomprom and Cameco (~18–20M lb) and lags large contracts that take months to sign; four or five tenders are live at any time.
New demand is policy- and origin-driven. The NNSA wants 4M lb/yr of US-origin pounds from 2030 for 10 years (eight AP1000s) against ~2M lb US output YTD; Canadian-origin pounds should command a premium.
Fuel-cycle prices at records, but the rush has passed. Enrichment ~$215/SWU and conversion ~$60/kg; the post-Ukraine scramble has subsided and contracting is leaning back toward U3O8.
Investors are the swing buyer. Sprott bought 6M lb in early 2026, then risk-off froze inflows; a small copper-to-uranium rotation has begun and uranium still looks under-invested.
Transcripts
One dated page per appearance — each has its stock table, talking points, and the saved transcript. Newest first.