Everything you need to know about uranium

The Rules of Investing

Livewire Markets

Uranium is one of the hottest commodities in the world right now, with most equities rallying by multiples over the last year. But what's all the fuss about? 

I recently penned a major article about the sector, with input from Brandon Munro, CEO of Bannerman Resources and co-Chair of the World Nuclear Association's Nuclear Fuel Demand Working Group, Leigh Curyer, CEO of NexGen Energy, and Guy Keller, Portfolio Manager of the Tribeca Nuclear Opportunities Fund.

Despite the article's considerable length, there was an awful lot that ended up on the cutting room floor. Given the incredible response I received for the article, I've edited the three interviews into a special podcast miniseries, so that you can get all the detail on the sector that your heart desires. 

We hear about the history of the uranium market over the last 10 years and how we got here today, where future demand might come from (and why future supply might not live up to expectation), and each of the CEOs explain why they think their company is worthy of consideration. Guy Keller also shares his top pick from the sector. 

Tune in below. 

Part 1: Brandon Munro – CEO, Bannerman Resources

  • 1:56 – Background on the uranium industry
  • 7:42 – Significant changes in the uranium spot price through Sprott’s physical uranium trust
  • 11:21 – Has the market run ahead of its fundamental value?
  • 13:55 – What is an appropriate incentive price for uranium units to drive appropriate levels of supply?
  • 15:24 – Given the green credentials of uranium, why is there remaining political scepticism?
  • 18:55 – Bannerman’s feasibility studies and decision to scale back production
  • 23:25 – What are the most important points for investors to keep in mind when considering Bannerman Resources?

Part 2: Leigh Curyer – CEO, NexGen Energy

  • 1:50 – What is the significance of electric vehicles for nuclear energy
  • 3:35 – Why nuclear is the cleanest form of base load power sources of energy?
  • 4:56 – Availability of skilled labour to work on mining projects
  • 7:17 – How significant is government support for the future of nuclear energy?
  • 10:49 – The timeline for Japan’s reactor restarts
  • 12:46 – Are reactor restarts and extensions essential for the uranium bull case to play out?
  • 14:07 – What is the incentive spot price required to jumpstart projects?
  • 19:00 – After successful North American listings, what was the allure of listing in Australia?
  • 21:46 – How will NextGen raise capital to support the project’s initial $1.3 billion CAPEX requirements
  • 24:13 - What are the most important points for investors to consider when looking at NextGen Energy?

Part 3: Guy Keller - Portfolio Manager, Tribeca Nuclear Opportunities Fund.

  • 2:20 – When did Guy first identify the supply-demand imbalance in the uranium market?
  • 7:41 – Supply constraints that the public aren’t paying enough attention to
  • 11:28 – What are small modular reactors and why are they important?
  • 13:50 – Insights from Boss Energy’s recent announcement
  • 16:00 – What spot price would Boss Energy look for before committing to production?
  • 17:52 – How to structure a well-diversified uranium/nuclear portfolio
  • 22:33 – Are there undervalued uranium names on the market currently?
  • 26:10 – What are other ways investors can get exposure to uranium and nuclear energy
  • 29:43 – If Guy could hold one uranium company, what would be his first choice?
  • 31:00 – Does Cameco offer leverage to the uranium spot price?

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The Rules of Investing is one of Australia's top investing podcasts. We interview the leading investment minds from Australia and overseas to better understand their processes and philosophy. After launching in October 2017, there have been over...

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