What the market doesn't realize is that GLE (and more so the rest of SLX) is NOT a U3O8 supplier. If you look at the "triple opportunities" only the fist one (5mlbs/yr NUF6) is a uranium "producer" (i.e NOT a miner) and that this product is "protected" since it carries a "conversion" premium (not a Kazatomprom product) and is genuine "stars and stripes" since it's feedstock lies in casks as depleted UF6 in a yard in Paducah, KY/ The production of LEU (opportunity 2) and opportunity 3 (HALEU) have nothing to do with Kazatomprom supplies and are likely to get DoE support from the RfP to be submitted by 26/8. If you look at the Cameco charts (at their recent MD&A presentation): we have:
Unlike the U3O8 spot price which has fallen back to around the term price. The enrichment and conversion prices (both on term type contracts) have remained buoyant - the underlying fundamentals for SLX have remained consistent where the Kazatomprom increased production of U3O8 has little impact on their underlying fundamentals. IMHO the market just acts like a "herd of sheep" but this is also presents a buying opportunity
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$4.50 |
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-0.180(3.85%) |
Mkt cap ! $1.067B |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
11 | 37322 | $4.50 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$4.51 | 3008 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
9 | 36658 | 4.500 |
2 | 1235 | 4.490 |
2 | 15500 | 4.480 |
4 | 690 | 4.470 |
1 | 288 | 4.460 |
Price($) | Vol. | No. |
---|---|---|
4.530 | 288 | 1 |
4.540 | 288 | 1 |
4.550 | 288 | 1 |
4.560 | 288 | 1 |
4.570 | 288 | 1 |
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