| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 8,593 | $7.60 | $65,307 | 2.67% | $9.25 | $-14,221 | -17.9% | — |
| ROTH | 1,077 | $7.60 | $8,185 | 3.19% | $9.35 | $-1,881 | -18.7% | — |
| Total | 9,670 | $73,492 | 1.64% | $-16,102 | -18.0% | — |
In short: Tracked as the second physical vehicle (not a Focus List position): 24,374,996 lbs of U3O8 and US$60.7M of cash, closing June at a −14.9% discount to NAV — an implied uranium price of $70.29/lb against $85.12 spot. The US$10M buyback announced June 14 "makes sense to us given their treasury balance and the implied purchase price of uranium based on Yellow Cake's significant Discount to NAV." Shares −8.8% in USD terms on the month.
Yellow Cake is SPUT's London-listed cousin: a company whose only real activity is holding physical uranium — 24.4 million pounds of it, plus about $60.7M of cash. Huhn tracks it monthly but does not hold it on the Focus List.
Its discount to the value of its uranium is even wider than SPUT's — 14.9% at the end of June, implying a uranium price of $70.29 a pound against $85.12 spot. Its response was to announce a $10M buyback, which Huhn approves of for a precise reason: when a company holding uranium trades well below the value of that uranium, buying back its own shares is the cheapest way it can possibly acquire more uranium per share. It is buying pounds at $70 instead of $85.
Full passage: premium transcript (PDF).
In short: "Another potential shooter on the field" — the London sequester vehicle now trading ~+5% over NAV (implying $89/lb vs $85 spot) with its $100mn CY2026 Kazatomprom call still unused. "Why they have not yet triggered… I don't know. But if they did…" Corroborating bullish uranium context.
In short: The "other shooter on the field" — the London-listed physical-uranium sequester vehicle (YCA.LN) that holds an annual US$100mn option to buy Kazakh physical from Kazatomprom. After months at a steep discount it rallied to a -0.4% discount to NAV (traded at a premium intraday), so it too could exercise its call and do a raise. Cited as corroborating demand potential, no equity stance.
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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.