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Uranium – Nuclear Summer is Coming

A new uranium bull market is comingsooner than most people think. Our work suggests that the current price environment is unsustainable and that the long-term the price needs to increase 72% to more than US$55/lb U3O8e to stimulate the market enough to bring on new production (Figures 4, 5 and 6). In this report, we evaluate both the supply and demand fundamentals of the market, the real cost to bring on new supply and the price response required to do so. In addition, we evaluate most uranium companies and provide a detailed analysis of stocks that we believe are likely to benefit with the coming bull market.

We have seen this playbook before – several catalysts set to converge in 2020. The market is setting up much like the last bull run in uranium, which was characterized by tightening supply/demand fundamentals ignited by a black swan event (Cigar Lake flooding), which resulted in a parabolic move in uranium equities. In 2019, we have tighter supply/demand outlook and a substantially higher uranium price requirement to bring on enough of the required supply. We believe a Presidential ruling on the Section 232 investigation could act as the catalyst for utilities to resume securing uranium supply. We expect this to positively affect the uranium price, as the long-term nature of the uranium market suggests utilities need to incentivize new supply starting in 2020.

A rising tide floats all boats, but not all boats are created equal. Our view is that the uranium price should more than double over the medium-term and should drive all uranium focused equities higher. However, while we are waiting for the price to increase, we remain selective on names that we recommend. We have ranked the majority of the uranium universe based on six key criteria including: 1) cost profile, 2) exploration upside, 3) financeability, 4) time to production, 5) jurisdiction and 6) relative valuation to similar stage peers (Figure 20).

Providing initial estimates on seven uranium companies. After evaluating the sector, we have elected do a deeper dive on seven names that can provide investors a range of exposure including companies with US assets, higher grades in the Athabasca basin, near-term production, and exploration upside.

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COMPANIES

ACME Lithium Inc.
Adyton Resources Corp.
Alianza Minerals Ltd.
American Eagle Gold Corp.
Anfield Energy Inc.
Angold Resources Ltd.
Appia Energy Corp.
Aquila Resources Inc.
Arianne Phosphate Inc.
Aris Gold Corp.
Aston Minerals Ltd.
Atico Mining Corp.
Atomic Minerals Corp.
Altaley Mining Corp.
ALX Resources Corp.
Aura Minerals Inc.
Aurion Resources
Awalé Resources Ltd.
Azincourt Energy Corp.
Baselode Energy Corp.
Basin Uranium Corp.
Benz Mining Corp.
Blackrock Silver Corp.
Blue Sky Uranium Corp.
Blue Star Gold Corp.
Brixton Metals Corp.
Bradda Head Lithium Ltd.
Canada Nickel Company Inc.
Canadian Palladium Resources Inc.
Canagold Resources Ltd.
CanAlaska Uranium Ltd.
Capitan Mining Inc.
Cassiar Gold Corp.
CAVU Energy Metals Corp.
Chalice Mining Ltd.
Churchill Resources Inc.
Cerrado Gold Inc.
CMC Metals Ltd.
Compass Gold Corp.
Contact Gold Corp.
Consolidated Uranium Inc.
Consolidated Woodjam Copper Corp.
CopperBank Resources Corp.
Cordoba Minerals Corp.
Cross River Ventures Corp.
Currie Rose Resources Inc.
De Grey Mining Ltd.
Deep-South Resources Inc.
Defiance Silver Corp.
Doré Copper Mining Corp.
Electra Battery Materials Corp.
Emgold Mining Corp.
Empress Royalty Corp.
enCore Energy Corp.
Energy Fuels Inc.
EnviroGold Global Ltd.
Equity Metals Corp.
Eskay Mining Corp.
EV Nickel Inc.
E3 Metals Corp.
E79 Resources Corp.
Fidelity Minerals Corp.
Fiore Gold Ltd.
FireFox Gold Corp.
Fission Uranium Corp.
Fission 3.0 Corp.
Flying Nickel Mining Corp.
Foremost Lithium Resource & Technology Ltd.
Galleon Gold Corp.
GCM Mining Corp.
Genesis Metals Corp.
Getchell Gold Corp.
Giyani Metals Corp.
Global Atomic Corp.
Gold’n Futures Mineral Corp.
Gold79 Mines Ltd.
Gold Bull Resources Corp.
Goldplay Mining Inc.
GoviEx Uranium Inc.
Graycliff Exploration Ltd.
Great Bear Royalties Corp.
Great Panther Mining Ltd.
Grid Metals Corp.
Group Ten Metals Inc.
GT Gold Corp.
G6 Materials Corp.
HeliosX Lithium & Technologies Corp..
Japan Gold Corp.
Karora Resources Inc.
Kesselrun Resources Ltd.
Klondike Gold Corp.
Kutcho Copper Corp.
Lake Resources NL
Labrador Uranium Inc.
Laramide Resources Ltd.
Libero Copper & Gold Corp.
Lion One Metals
Lotus Resources Ltd.
Lumina Gold Corp.
Luminex Resources Corp.
Mako Mining Corp.
Marimaca Copper Corp.
Mawson Gold Ltd.
Megawatt Lithium and Battery Metals Corp.
Metallum Resources Inc.
MineHub Technologies Inc.
Minera Alamos Inc.
Monarca Minerals Inc.
Mountain Boy Minerals Ltd.
NexGen Energy Ltd.
New Placer Dome Gold Corp.
Nevada Exploration Inc.
NevGold Corp.
Nexus Gold Corp.
Noram Lithium Corp.
North American Palladium Ltd.
Northern Shield Resources Inc.
NorthIsle Copper & Gold Inc.
NorZinc Ltd.
Novo Resources Corp.
NXGold Ltd.
O3 Mining Inc.
Omai Gold Mines Corp.
Ophir Gold Corp.
Orford Mining Corp.
Orex Minerals Inc.
Pacton Gold Inc.
Pancontinental Resources Corp.
Paramount Gold Nevada Corp.
Pasofino Gold Ltd.
Patriot Battery Metals Inc.
Phenom Resources Corp.
Pilar Gold Inc.
Platinum Group Metals Ltd.
Prospector Metals Corp.
Purepoint Uranium Group Inc.
Quebec Precious Metals Corp.
Red Pine Exploration Inc.
Renforth Resources Inc.
Reyna Silver Corp.
RNC Minerals Corp.
Rockcliff Metals Corp.
Sailfish Royalty Corp.
Seabridge Gold Inc.
Sigma Lithium Corp.
Silver Tiger Metals Inc.
Silver Viper Minerals Corp.
Silver X Mining Corp.
Sixth Wave Innovations Inc.
SKRR Exploration Inc.
Skyharbour Resources Ltd.
SolGold Plc.
Southern Gold Ltd.
Southern Silver Exploration Corp.
South Atlantic Gold Inc.
South Star Battery Metals Corp.
St. Anthony Gold Corp.
Standard Lithium Ltd.
Standard Uranium Ltd.
Star Diamond Corp.
Stratabound Minerals Corp.
Strategic Metals Ltd.
Sterling Metals Corp.
Sun Summit Minerals Inc.
Tanzanian Gold Corp.
Tarachi Gold Corp..
Tectonic Metals Inc.
Tempus Resources Ltd.
Thunderstruck Resources Ltd.
Tonogold Resources Inc.
Trillium Gold Mines Inc.
Troilus Gold Corp.
UEX Corp.
Ultra Resources Inc.
ValOre Metals Corp.
Vanadium One Iron Corp.
Visionary Gold Corp.
Vista Gold Corp.
Vox Royalty Corp.
Wallbridge Mining Company Ltd.
Wealth Minerals Ltd.
Western Atlas Resources Inc.
Westhaven Gold Corp.
West Mining Corp.
Whitehorse Gold Corp.
World Copper Ltd.

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