In short: Referenced only — by project: Triple R (the Patterson Lake South deposit Paladin acquired with Fission) is the third of the large Canadian developments showing no start date in the Red Book — cited as evidence, not a stance on the company.
4:26To put that in perspective, just one major new mine has been completed anywhere in the world since 2016. The report lists dozens more planned and prospective mines, but only about one in five have a start date. Even the three largest Canadian developments, Arrow, Phoenix, and Triple R, show no start date in the report. Demand, meanwhile, has barely changed from the last edition.
In short: Cited as corroboration: Paladin's recent call described very strong utility interest, buyers "acutely aware of the ramp-up and start-up troubles other producers have been having," a 2030s deficit "coming home to roost," reported term ~$97 with their own utility conversations pointing to $100 and above, and mid-term demand flooring spot through carry trades.
Full passage: premium transcript (PDF).
In short: Reference point: one of Skeleton's concessions is adjacent to Paladin's Langer Heinrich mine in Namibia. No view on the company.
17:57Some of the concessions are actually adjacent to existing producers, specifically the Rossing mine, which has been in production now for probably 42 or 43 years, maybe longer, and Shusip, which was the old Extract which the Chinese went in and built and has been operating now for 15 years, and one of them is adjacent to Paladin's Langanger Heinrich.
In short: The third name in the India yardstick ("Paladin's mines in Saskatchewan" — its Canadian development asset). Supply context only.
3:03Now they need to turn to be more strategic because it's not just them buying. You have large state-owned players in places like China and India. India alone announced last week that they can envision adding another 100 gigawatts of nuclear capacity in the coming years. That amount of nuclear growth would consume all the production out of NexGen, Denison, and Paladin's mines in Saskatchewan.
In short: Context for China's equity strategy: China holds a stake in "Fission, which is now Paladin's PLS project in Saskatchewan," alongside its Rössing share and 100% of Husab in Namibia.
7:33China of course has the Rossing mine, a share of the Rossing mine in Namibia. They have 100% ownership of the Husab mine in Namibia. They've got a stake in Fision, which is now Paladin's PLS project in Saskatchewan. They're also taking stakes in projects in addition to buying uranium, primarily large long-term contracts with KazadMrom, their major joint venture partner.
In short: FY 2026 results: "the results are good, and the issues that were present previously seem to have been resolved. This will remain a hold for me."
In short: The specific indictment of the uranium equities, on realized price: "there's no cash flow even at — they sold things at spot at 88 and the term price is 97 and I'm looking at even Paladin, they're like realized price is 57. It's like guys what did you do?" He grants the operational fix — "Paladin finally got their act together bringing Langer Heinrich on board" — but the point stands that a producer selling well below both spot and term is not the way to own a rising commodity. He also uses it for the era contrast: six years ago "I'm picking up Paladin shares for 25 cents while we were talking… and that was the easy money because there was no actual results."
Paladin runs the Langer Heinrich mine in Namibia and is one of the few juniors that has actually restarted production. Polomny's complaint is specific and worth understanding, because it is the trap in every commodity bull market: the price of the commodity is not the price the company receives.
Uranium was trading around $88 in the spot market and $97 on long-term contracts, but Paladin's realised price — what it actually got paid, after legacy contracts signed in leaner years — was $57. "Guys, what did you do?" A miner locked into old low-price contracts gives you the operational risk of mining with only a fraction of the upside you were trying to buy.
He is not saying the business is broken; he acknowledges they finally "got their act together" operationally. He is saying it is the wrong instrument. It is also a useful check for any resource stock: before buying it, find the realised price in the accounts and compare it to the headline commodity price.
1:08:56So the problem is how do I express a position or a way to invest in this that makes sense now because those times are over. Now these companies actually have to perform and the disappointment has set in and there's no cash flow even at, they sold things at spot at 88 and the term price is 97 and I'm looking at even Paladin they're like realized price is 57.
In short: Q2 2026 — management hit guidance, with a production increase and a higher realized price. "Uranium is currently out of favor even though term prices are making new highs. Sentiment will eventually shift to positive, and as long as management executes, they should do well."
Paladin is an operating uranium producer, and this quarter it did what it said it would: hit guidance, produce more, and sell at a higher price. That matters because most of the sector runs late and over budget.
The stock is nonetheless out of favor while the contract price of uranium makes new highs — the same disconnect as the ETF. His condition is explicit and unromantic: "as long as management executes, they should do well." Delivery, not the commodity, is the risk here.
In short: In the juniors basket — "would definitely include Paladin." Same risk/volatility/do-the-work caveat.
Paladin Energy is a uranium producer Rick would "definitely include" in the juniors basket — one of the higher-risk, higher-reward names to own alongside the safer SPUT/Cameco exposure. Expect volatility and do the work on its news flow.
58:05You could buy Kamako, the second biggest but the largest producer of uranium. If you feel a bit more gamey, you could buy their Kazakhstani competitor, Kazatam. Or you could buy a basket of juniors. That basket would probably include NextGen. Would definitely include Paladin. and could conceivably also include Denison.
In short: His "most important" 10-bagger, told as a case study (not a current call): bought John Borshoff's ~A$1.8M-cap uranium shell in a 20-year-hated bear market — a database-not-drilling story — at ~10c via a $2M placement with warrants; rode 1.5c→$10 over seven years, then sold before it fell back to 60c. Illustrates buy-hate + tenacity through a 50% drawdown + selling the top.
Paladin is a uranium miner, but here Rick isn't recommending it — he tells its early history as the single best lesson of his career. Decades ago, when uranium had been hated for 20 years, he found John Borshoff running a shell company worth about A$1.8 million with no cash. The twist: Borshoff didn't need to spend money exploring, because a former employer had handed him a billion-dollar geological database as severance, so he could just stake ground that had already been discovered.
Rick financed it with a "private placement" (buying new shares directly from the company) that also came with "warrants" — the right to buy more shares later at a fixed low price, a cheap form of leverage. The stock cratered to a penny before rocketing from 1.5 cents to $10 over seven years, and he sold near the top before it fell back to 60 cents. The reusable lessons: buy a hated sector, back a fanatic, insist on warrants, hold through a brutal drawdown if your thesis still holds — and take the money when the crowd finally shows up.
7:31The most important one. Let's do the most important one. — Okay. — The most important one was Paladin. — Paladin. — Important for many reasons. I was a contrarian, and you make the most money in a hated sector. — Yep. — Uranium was truly a hated sector. It had been a bear market for 20 years. When people thought of it, they thought of Hiroshima and Nagasaki and Three Mile Island.
In short: Holding; no major news this month (AIA Portfolio).
In short: No major news this month (AIA Portfolio holding).
In short: "What attracts me to Paladin is the whole development pipeline" and that it "will be, I think, a prime beneficiary of the market's move to term contracts" — the ability "to finance these mines into production with certainty around the ability of Paladin to sell specified amounts of pounds at specified prices over time." His estimate of the edge: a cost of capital "350 or 400 or 450 basis points lower than would be faced by a gold developer or a copper developer or a coal developer," because volumes and prices can be locked "for a 20-year or 30-year term" — "a factor that the entire market is overlooking… probably the critical structural change in that market."
Paladin operates the Langer Heinrich uranium mine in Namibia and, after buying Fission Uranium, owns the Patterson Lake South project in Canada. Rule likes the whole pipeline of projects, but his real argument is about how uranium is sold.
Most metals are sold at whatever the market price is on the day. Uranium is increasingly sold to utilities under long-term contracts that fix the volume and the price for 10, 20 or even 30 years. A bank will lend against a contract like that, because the future revenue is known. So a uranium developer can borrow to build its mine, rather than selling lots of new shares, and it borrows more cheaply. Rule's estimate is that Paladin's funding costs end up 3.5 to 4.5 percentage points lower than a gold or copper developer's. He thinks this shift from spot sales to long-term contracts is the most important change in the uranium market and that investors are largely ignoring it.
7:19What attracts me to Paladin is the whole development pipeline in Paladin. And the fact that Paladin will be, I think, a prime beneficiary of the market's move to term contracts. Their ability to finance these mines into production with certainty around the ability of Paladin to sell specified amounts of pounds at specified prices over time.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.