In short: "Even Boss recently with the Honeymoon feasibility study at the end of the year" — the most recent disappointment on his list of ISR/brownfield projects that missed the promised ramp.
These are smaller uranium producers that were supposed to restart or ramp up mines and have fallen short. Mart names them as proof that "mining is hard": even with prices near $90–97 a pound, new supply keeps arriving late or smaller than promised. That is bad for their shareholders but, in his view, good for the uranium price, because it leaves buyers scrambling for reliable pounds.
20:32have just not delivered. There are a few examples of that. I don't want to rain on anybody's parade here, and I'm not here to be the bad guy or whatever, but Peninsula, Lotus, even Boss recently with the Honeymoon feasibility study at the end of the year — they have really not delivered the way that they perhaps had hoped to, and perhaps fuel buyers had hoped to.
In short: Named as the live proof that "mining is hard" now that the sector has to deliver: "most of these projects suck. They're brownfield projects that just keep getting recycled and they're hard like boss energy in Australia — the resources pocketed and its cost went up." One of the reasons he owns the metal instead of the miners.
1:08:33And most of these projects suck. They're brownfield projects that just keep getting recycled and they're hard like boss energy in Australia. The — resources pocketed and its cost went up and everybody knows about global atomic and nir and — Paladin finally got their act together bringing Langer Heinrich on board.
In short: Cautionary example of how hard uranium-junior mining is: last year Boss "had a very disappointing result and they just went down the elevator 40% in a day." Why he prefers expressing uranium through quality, not single-name juniors.
Boss Energy is an Australian uranium producer Polomny uses as a warning, not a buy: last year one disappointing operational result sent the stock down 40% in a single day. It's his evidence for why, even though he's very bullish on uranium as a theme, he'd rather own it through quality/physical exposure than bet on individual junior miners where "mining's hard" and one bad print wipes you out.
47:42you remember last year, they had a very disappointing result and they just went down the elevator 40% in a day. So, exactly, mining's hard. Indeed. So I think copper — I'm very bullish on copper but I'm curious of how much of the recent copper price increase in demand is wedded to the buildout of this AI infrastructure.
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