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« Mega Uranium Limited: Holding Gains! | Main | Uranium Price Update »
Thursday
Mar122009

Uranium-Stocks: Portfolio Update 13 March 2009

Uranium Chart 13mar09

Chart courtesy of u3o8.biz.

The uranium spot price stands at $44/lb according to TradeTech with the long-term price of uranium trading at $70/lb as reported by TradeTech.

On the 6 January 2009 we decided to put a toe in the water and purchased shares in Denison Mines Corporation at $1.66 and Crosshair Exploration and Mining Corporation at $0.25, other than that we have made no further purchases or sales.

Our intention remains to hold on to what we have as the damage has already been done to our uranium holdings, and we are holding our positions at heavy losses until such time that the uranium industry turns around, although we acknowledge this could be some time away. In the mean time we do intend to make the occasional acquisition as and when the opportunities present themselves
.

Here follows our portfolio update as of 13 March 2009:

Denison Mines Corporation – Watch
Bought on 6th January 2009 for $1.66, a uranium stock that we had watched for some time but for various reasons we had never managed to purchase. We are happy to own some of this stock and believe it to be a good quality acquisition, however it has fallen back to recently and closed at $1.03 yesterday

Crosshair Exploration and Mining Corporation – Watch
We never expected to see Crosshair trade as low as it is today so we acquired some on 6th January 2009 at a cost of $0.25, again we are pleased to own this uranium stock despite the price falling back over the last few months. CXX closed at $0.145 yesterday.

Cameco Corporation – Watch
This uranium heavyweight closed down at $15.61 on yesterday, having traded at $13.00 recently. We currently have no position and are not buyers at this point.

RPT Uranium Corporation – Hold.
We bought RPT on the 19th February 2007 for $0.42 and sold it for $0.62 on the 13th June 2007 for a profit of 47.6% in 4 months. We then bought it back at around 50 cents, however RPT closed yesterday at $0.060, which is just below its 50dma.

Uranium Participation Limited – Hold
Not much change in this stock since our last portfolio update, now trading a little lower at $6.35 . We bought at $11.97 on 21 November 2006 so still in the red with this trade with a long climb ahead.

Strateco Resources Incorporated – Hold
We made a small investment in RSC at $2.30 but it crashed to $0.48 a few months ago, before recovering slightly to close at $1.21 yesterday. The recovery has been fairly steady and consistent so its fingers crossed for this one.

Laramide Resources Limited – Buy
We bought at $5.78 on the 28 July 2006 so again we are still in the red with this one, it was trading at 97 cents recently however has started to recover and closed yesterday at $1.59 having experienced some extreme volatility . When we were sitting on a paper profit of around 80% we sold half of our position in order to buy other uranium stocks, as we needed a bigger spread of stocks at the time.

Mega Uranium Limited – Buy
We bought MEGA at around $4.0 on 27 July 2006. MGA was trading at $0.72 recently and closed yesterday $1.18, again a very volatile uranium stock.

Khan Resources Ltd - Hold
We bought Khan on the 5th March at $3.63 and it has since dropped to lower levels due to licensing issues with the Mongolian regulators. So, in anticipation of Khans management team finding a resolution to this problem we decided to buy again. (See Khan Resources: A speculative buy) the stock rallied and we took a profit of 15% in a matter of days before the stock fell back again. Khan is still having a torrid time and was trading at $0.165 recently but it closed yesterday at $0.38 yesterday

Aurora Energy Resources - Hold
We bought Aurora on the 5th March 2007 at $14.17 and it has traded as low as $1.21, however it closed yesterday at $2.25 a slight improvement but still a real battering for our position. This is due the sell off in the sector, as well as licensing issues in the central mineral belt.

Strathmore Mineral Corporation - Hold
We bought STM on the 14th April 2007 at $4.96 and it traded as low as $0.24, however, it closed yesterday at $0.30 still a very disappointing performance indeed and extremely volatile.

Ur-Energy - Hold
We bought Ur-Energy on the 23rd April 2007 at $4.75 and we also bought again on the 24th August 2007 when we acquired more stock at $3.03, it closed yesterday at $0.66, having traded for sub 40 cents recently.

Other than sit tight through these torrid times, there is little we can do right now. This situation may remain with us for some time, so we will just have to hold on until the argument for nuclear power begins to take center stage again and gives the uranium price a boost. However we do believe that the worst is behind us now, so now is the time to be looking to acquire a few more of your favorite uranium stocks as this tiny sector begins a slow course of recovery.

Have a good one.

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