Update came earlier than expected courtesy of Sprott's Twitter...

Update came earlier than expected courtesy of Sprott's Twitter feed.

1.15m pounds bought overnight - incredible. That's the best part of 3m pounds now since last Monday. Since SPUT went live in mid-August, they've hoovered up about 14m pounds in addition to the 18m they got when they acquired Uranium Participation Corp.

Here's annual mined supply over the last 10 years (data from the World Nuclear Association). It's in tonnes, but total U308 primary production last year was 124m pounds. Obviously affected by COVID, but ramping production back up is not a straightforward process.

If we say SPUT is buying 7m pounds a month on average (14m in the last 2 months), that's an annualised rate of 84m pounds. Of course, most of that 124m pounds of primary production never makes it to the spot market - it would have been delivered into contracts.

In short, the spot market is going to run dry at this rate. Possibly in the middle of a broader energy crisis (see what is happening in natural gas and coal).

Anyone trying to shake you out because of a hypothetical capital raise is either deceitful or woefully incorrect. In reality, a capital raise to announce an expanded drilling program in prime tenements in the Athabasca basin would likely be heavily oversubscribed and may in fact be a positive for the share price.

Keep your eyes on the prize, and good luck to all holders.