Sprott Physical Uranium Trust, page-20

Very strong follow through on the breakout. There is a lot of chatter about Elevate being included in the upcoming URNM rebalancing, so there could be a lot of investors wanting to buy their shares now before they get more expensive if we are admitted to the URNM ETF. It was a shame to miss out on the last URNM rebalancing, but in retrospect, I think that the timing is much better now, I would prefer to have indiscriminate ETF buying during a period of uranium market strength than in uranium market weakness and we are going into a seasonally strong period of the year for uranium.