Sput's $200m surprise raise set the sector on fire. This would equate to c2.7Mlbs of U3O8 buying capacity and is the largest raise we have witnessed. One should bear in mind however that: 1) Sput purchases had been zero YTD, and in comparison, over the same timeframe in 2024 Sput had bought 2.3Mlbs. 2) the market certainly did not assume in its models zero buying of physical at Sput throughout 2025. Finally, equities here offer a limited c9% upside assuming $80/lb (at term price).
Be interested what upside you see on Denison. Very active volume atm