The primary driver behind today's surge appears to be the...

The primary driver behind today's surge appears to be the upsizing of the Sprott Physical Uranium Trust, which as discuamended its at-the-market program ssed here last week, has sharply moved prices higher by buying uranium on the spot market, and which to be able to raise up to $1.3 billion.

As explained here, the recent spike in prices started due to Sprott Physical Uranium Trust buying uranium in the spot market after they started its previous at-the-market equity program to raise $300 million on Aug 17.

Not even three weeks later, the Trust has already issued 24.7 million units for gross proceeds of approximately US$244.7 million. So with demand rising, and supply about to run out, and also seeing the profound impact this modest ATM buying has had on the sector, Sprott decided to upsize the buying program dramatically and on Friday the trust filed an amended and restated base shelf prospectus, which allows it to issue up to $1.3 billion of units of the Trust in Canada, more than 4x more than the original proposed amount.

4225/4275 USc/Lb I3O8 (Delivery at CMO , Chg +200c, +4.71%)

good article on Zerohedge