IMO, prices in this sector got way ahead of reality a few weeks...

IMO, prices in this sector got way ahead of reality a few weeks ago. They will get there again and higher, but needed a breather.

I believe the decade long demand/supply mismatch and underinvestment will be favourable to most uranium players in the years ahead, even those that don't and won't produce 1lb.

That said, a large % of this cycle's gains is already priced into equity prices. Producers now need to deliver on expectations, and deliver big to justify current market caps.

Having lightened above $6, (ditto for PDN and LOT) l am happy to sit on the sidelines for a month or so for the market to rid itself of its speculative froth. If prices recover, my bottom line will retest recent highs. If they don't, l will enjoy buying from the punters l may have sold to, at much cheaper prices.

l am to old to get caught up in binary share price or commodity price outcomes. I don't need to be right, l just need optionality no matter what happens.

Having nibbled at SYR in the graphite space, the silly high prices supported by a positive narrative 18 months ago became silly low prices a month ago. Management this, short sellers that, China blamed for everything. It is mainly justification BS.

Being a contrarian, the reasons for large price movements in both directions mean little to me. They reflect the short term emotive responses of FOMO and fear. Long term fundamentals mean everything.

The timing and price one pays for a commodity narrative, in the end, is what will determine one's financial outcome. Backing the right commodity, but paying too much, can be as damaging as backing the wrong commodity and paying pennies.

l think BOE could rise strongly when we see sellable production. It could also fall before then in line with the general spot U3O8 pricing cycle.

My only high level guidance is that no one should be hoping that from $5 BOE will be a multi bag play. That may be very disappointing as in my view that ship has sailed.

GLTASH