Cantor reporthttps://cantorcanadaresearch.com/wp-content/uploads/2024/02/UraniumMacroNote020224.pdf
Sprott Physical Uranium Trust: Maintaining a Buy rating and increasing our price target to $31.00/C$41.50 from $26.00/C$35.00/unit based on an unchanged multiple of 1.05x NAVPU (rounded). We are incorporating our revised uranium price deck ($120/lb U3O8 average spot in 2024) and an unchanged C$/US$ FX rate estimate of 0.75. Note that immediately following the initial Kazatomprom guidance warning on January 12, the Sprott Physical Uranium Trust raised +$50 MM in cash via its registered offerings. In the 2.5- weeks that have followed, the Trust has purchased 400 klb U3O8 in the spot market. The Sprott Trust is holding uranium in inventory of 63.6 MMlb ($6.8 BB at current spot prices), cash of ~$30 MM and ~$1.4 BB of room on its shelf/registered offerings to continue buying material in the spot market.