Ann: Honeymoon EFS progressing well with key milestones completed, page-12

Any correlation between the US$ spot price and those of uranium stocks in A$ disappeared over the past 12 months. Forward looking sentiment has lifted stocks strongly but the 12 month forward spot has been declining.
Companies keep presenting charts of supply/demand imbalance but I have noticed that over the years the time when the imbalance kicks in has been moving out too. We seem to have a perpetual anticipation of turnaround in uranium demand that never actually arrives.
I can't see why we should get excited about Biden favouring climate change policies with nuclear as an option because the lead time for constructing new reactors is so long. The policies may reduce the turning off of reactors (in favour of gas for economic reasons) but that is about all. The only U company on the ASX that can profit from US policies at present is PEN as a result of the US building a strategic reserve using local product (apart from SLX of course). Even that Federal action is delayed.
The initial lift in demand from new reactors (China etc) and Japan restarts can be met fairly quickly by Kazatom and Cameco from their mothballed mines and I guess PDN falls into this category but I suspect the other two big players can move faster.