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Uranium now at $93/lb!

We are now of the opinion that the spot price of uranium has moved again and now stands at $93/lb. The uranium market is so small that just getting the data and being able to track the price of uranium is arduous to say the least.

The powers that be publish their data at certain times and we all wait with baited breath to see what it is. This web site has a number of well informed readers that tip us off with numerous bits of information along with the price of uranium as and when the price changes, so we are at times ahead of the general press thanks to them.

The spot price will make the headlines and have an effect on trader sentiment but please bear in mind that it is the long-term price of uranium that we need to watch. However this is still good news and good news should make for great day when the US and Canadian stock markets open.

Once again many thanks for all your input which has helped to put this web site in pole position on Google when we enter uranium stocks.

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Strateco Resources: Up 40% Since Our BUY Signal 4 Months Ago

On the 9th of July we signalled a BUY on Strateco Resources and in the four months since we signalled that BUY and added Strateco Resources Inc to our uranium stocks portfolio, Strateco has risen 40%.

Strateco Resources: Up 40% Since Our BUY Signal 4 Months Ago

We had been looking at Strateco for some time before we signalled a BUY, but we were waiting for a pullback to purchase shares at a discount. The pullback came in the summer and it was in the middle of the summer doldrums that we chose to buy this stock at $2.32, after it had fallen from $4.00, a drop of 42%.

However we did not pick the exact bottom on this one as Strateco Resources went on to fall down to below $1.50. We are fully aware of the volatility of the uranium market and its stocks so we were not panicked into selling by this further drop as we were confident that Strateco Resources would make a recovery as this is a good company with decent uranium projects which will prove ever more valuable as uranium prices continue to rise.

Our patience appears to have paid off as Strateco Resources closed trading on Friday at $3.23 and this means we are sitting on a paper profit of roughly 40%. It could be a time to take some money off the table, but we are holding all of our uranium stocks. The correction in the uranium spot prices appears to be over as we have seen the uranium price rise to $80/lb, then to $84/lb and it now stands at $93/lb.

Strateco Resources is a uranium exploration company, with some interesting projects in Quebec, Cananda and it is now worth nearly $350 million. If you want to know more about Strateco Resources and why we bought it, please read our write up of the company just click here.

Strateco Resources Inc
. trades as RSC on the Toronto Stock Exchange.

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Uranium: now at $90!

Just as the charts are being updated to reflect a price for uranium of $85/lb its ‘hold the front page time’ as the price could be even higher.

According to Bloomberg the price is $90/lb in an article by Yuriy Humber referring to TradeTech he writes:

Uranium oxide concentrate for immediate delivery, used to make fuel for nuclear power plants, rose to $90 a pound, from $84 at the end of last week, Denver-based pricing service TradeTech LLC said yesterday. The metal has jumped 20 percent in a month.

The advance ``gained momentum as news of production shortfalls made its way into the market,'' TradeTech said in a report. That ``prompted sellers to withdraw from the market.''

Well it should make for an interesting session today and a nice end to the week.

Should you wish to read the whole article then please click this LINK.

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Cigar Lake: 2011 at the earliest!

Cameco logo 30oct07
Cameco issued an upbeat report today covering the third quarter earnings etc, however as pointed out by one of our readers the delays continue.

We draw your attention to this quote in the report:

“As previously announced, completing the second shaft as a priority item and the delay in some remediation activities would set back the planned production start-up date from 2010 to 2011. We have now made the decision to complete this shaft prior to completion of some of the underground mine development program and some of the remediation activities are taking longer than anticipated. As a result, the production start-up date is now expected to be 2011, at the earliest. We will be able to provide a firmer production start-up date after the mine has been dewatered and the condition of the underground development has been assessed”.

As this problem has yet to be assessed after dewatering it is rather difficult to compile a detailed plan of what is required. Once the plan has been compiled then in can be set to a timeframe, which is called the schedule. The schedule requires an in-depth study and application of the resources required such labour, mechanical plant, power, finance, permits, etc. Then and only then are you in a position to give a start up date. Achieving that start-up date is another story as we stated in our article entitled: Flooded Mines: The Critical Factor for Uranium.

As investors in uranium stocks we cannot take our eye off Cameco however it could be some time, if ever, before we feel the effect of their production.

As we write Cameco’s stock is trading down 2.64% at $46.91 so the market is not too pleased with this news release. However, this is good news for the rest of the sector as most of them are trading in positive territory and some are experiencing double digit gains.

Food for thought!

Have a good one.

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Mega Uranium: A monster move of 17.72% in one day!

Mega logo 29oct07

Uranium stocks went into top gear yesterday to obliterate the Monday morning blues and Mega Uranium put in a monster performance with an advance of 17.72% for a gain of $0.76.

Turnover was up from Fridays half a million to just over two million shares traded for the day. There were many super performances by uranium stocks along with Mega’s, which must have put at least a small smile on the faces of the uranium bugs worldwide. Mega Uranium closed at $5.05, which is double what it was in the middle of August when the sell off was at its worst.

Mega Chart 29oct07

As we can see from this chart Mega Uranium is fighting back in great style. Although we could argue that the technical indicators have moved from the buy range and headed towards the top of the sell area we think that any breather could short lived. The reason being is that the spot price turned up three weeks ago and it is the spot price that grabs the headlines. In turn the good publicity provides a little more in the way of confidence to investors who are looking for a re-entry point.

Anyway, breather or not Mega Uranium is still a good buy in our opinion so roll on more Mondays like this one.

Have a good one.

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Uranium: Spot Price Up another $4.00 to $84/lb

Monday Morning Feeling Cartoon 29oct 07
That Monday morning feeling should be lightened a little by the news that the spot price for uranium is up again by $4/lb for increase of 5%. According to TradeTech LLC "Renewed buying interest on the part of speculators and hedge funds is contributing to the upward price pressure,"

The price of uranium has now ticked up over the last three weeks which is an encouraging sign and should bode well for those invested in uranium stocks. As always though keep an eye on the long-term uranium price and don’t go too mad on the weekly oscillations of the spot price. To repeat this is a very thin market, which can be pushed up or down by the immediate needs of an end user or the cash requirements of an investment fund.

Over in the futures corner the price for December delivery is $92/lb however for most of the remainder of 2008 the price is $81/lb.

Those of you who held on through the summer battering should be sleeping a little easier now.

Have a good one.

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Santoy Resources: A Readers View

Santoy Logo
Every now and again we publish an article from one of our readers, which we think, might be of interest to you. Today’s article is about Santoy Resources, which we have traded in the past but do not own at the moment.

Santoy: Worth A Look At These Levels?

One of the interesting characteristics of the stock market and indeed humans in general is that they rarely behave rationally. As seen mid August, some commodity shares seem to be inextricably linked to the fortune of the general market. This makes no sense as the fundamentals for energy and particularly uranium continue to sparkle.

One of the uranium companies hit hard these past months is Santoy Resources. I like Santoy for a number of reasons. Number one it is an acquisitor with properties close to known deposits in the Athabasca Basin, South East British Columbia, Otish Mountains Quebec and the Central Mineral Belt of Labrador. As a junior, Santoy has been able to attract quality joint venture partners including Mega Uranium, Denison and Wescan in 50/50 arrangements to minimise costs moving forward.

This strategy can be attributed to Santoy’s legendary CEO Ron Netolitzky. Ron was one of the original players in the Saskatchewan uranium rush. At that time he acquired over one million acres in the area before cashing out to switch into gold. He continued in Saskatchewan forming Delaware resources discovering the Snip deposit that ultimately produced one million ounces. In 1987 at $7 Delaware was hit by the stock crash. With a large debt, Ron was able to use his contacts to refinance quickly. Twelve months later he sold out of Delaware for $28 a share.

Ron moved on to developing Eskay Creek that became the fifth largest silver producer in the world. More recently Ron has again been developing precious metal properties with Golden Band, currently the largest landholder in the Saskatchewan La Range gold belt.

Santoy is his latest energy play focusing on properties close to known uranium deposits. It also has a coal bed methane prospect in the Rock River Basin, Yukon Territory. They own 37 percent of Boss Power Corp who are developing the Blizzard property with 1 914 973 tonnes U3O8 indicated resources (historic data). Early drilling has commenced at Mustang Lake showing a hole with similar grading to Aurora Energy’s Michellin deposit. The search continues.

Santoy’s goal is to increase shareholder value by developing properties to a feasibility stage. They have no long-term debt and 14.5 million dollars of working capital. Their CEO understands how to grow shareholder value using quality joint venture deals that minimise dilution. The combination of excellent people and properties may be significant going forward. At present, share price is down significantly and seems to be forming a double bottom around forty-eight cents. It may be worth a new look.

Paul Trevethan
Disclaimer: This is not investment advice.

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Mega and Cash Minerals Announce Drill Results

Mega Logo

Mega Uranium Limited and Cash Minerals Limited announced yesterday that their additional drill results from the Igor property as intersecting 0.99% U3O8 and 2.7% Copper Over 4.5 Metres.

Cash Minerals Logo

The company news release went on to say that:

“An iron-oxide copper-gold-uranium (IOCG-U) property located in the Wernecke Uranium District, Yukon. New results include 0.99% U3O8, 2.70% copper, 0.07 g/t gold and 5.7 g/t silver over 4.5 metres at Igor.

Additional drill assays from the 2007 program are expected to be released by the end of the year and once obtained, will be reviewed in order to assist in identifying new targets for the 2008 exploration program”

Should you want to see the tables and read this news release in full then please click on this LINK.

Mega Uranium Limited trades on the TSX under the symbol MGA and joint-venture partner Cash Minerals Limited trades on the TSX Venture Exchange under the symbol V: CHX

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Olympic Dam incurs more losses

BHP Billiton Logo 24sep07

A report released yesterday by BHP Billiton reveals that the company continues to incur losses through having to buy uranium on the spot market in order to fulfil existing contracts, according to The Age newspaper.

Uranium production for the September quarter was 933 tonnes, which is considerably short of the quarterly capacity of more than 1250 tonnes. If we consider that the spot price for uranium is currently $78/lb and Olympic Dam's uranium contract price is less than $US20/lb on-going until 2010, then things don’t look too rosy as this situation will continue to have a negative impact on the companies finances.

Olympic dam photo 27aug07

BHP is one of the mining industries giants so the uranium element of their business may not be so important, anyway the shares closed 8¢ higher yesterday at $46.00.

To read the article in full please click on this LINK.

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Uranium: Spot price up another $2.00 to $80/lb

The spot price for uranium has now moved up to $80/lb according to stockinterview who refer to TradeTech’s figures of the 19th October 2007.

However the UX Consulting Company are still showing the spot price of uranium at $78/lb. No doubt that they will all agree on the spot price sometime this week. But as we have said before keep an eye on the long-term uranium price and let the day-to-day price fluctuations do what they will. As we write it is strange to see that the uranium stocks have opened down it is almost as though the fall in the price of gold has had a knock on effect to uranium stocks.

Any thoughts?