Barry Schwartz Cameco Corporation CCO-T HOLD Jun 03, 2025

He and his team are secular bulls on the nuclear renaissance. Cheap and clean. Has second-largest stock of uranium in the world. Utilities that buy uranium are like deer in the headlights right now on uncertainty of whether Washington will broker a truce with Russia on Ukraine, bringing Russian uranium back online.

Think of it as a core position in a Canadian context. Uranium has really come into its own. Outside of speculative companies, is the best low-cost producer. Nuclear servicing via Westinghouse purchase. Not something you need to jump into with both feet today.

Uranium stocks had a fantastic run. Not at a 12-month low but, fundamentally speaking, you have utilities that aren't properly covered in terms of their needs. Supply issues. Not many are starting new mines, as they wait for prices to get back to $100/pound. It takes time to start new mines. Buy it now, knowing of the fundamental global energy trend in place. Modular reactors will become reality over the next 10 years.

Spot market is what people look at every single day, and that's where you see the gyrations in uranium prices. Right now, ~$65/pound. Term market is where most of the long-term contracting gets done, such as by utilities; and that one's been fairly steady.

Extended in the short term, likely to see a pullback to around $74-75. Once that's done, broader reacceleration after that. But downtrend definitely broken, and it's in a new intermediate-term uptrend.

A rising tide floats all boats, and that's where we are now in the market. But remember that August and September are typically the worst months for equities. So you can hold this name till then, but then look to manage some risk.

It's in the right space, uranium, given demand for nuclear power. The share price is high, so wait for a pullback. Also, commodities are volatile. A well-run company.

The whole nuclear energy theme has really jumped back into the spotlight. No matter what happens with tariffs and other things, we know that there will be expanded (perhaps exponential) demand for energy. Some of that will come from natural gas, and some from nuclear.

A new position for him. Good, and getting better. Can't ignore the breakout from a multi-year base. Westinghouse business is getting better.

Nuclear resurgence has been strong, and CCO plays a key role. Saskatchewan assets are very high grade, the best you can get. If you own it, sit tight. If not, watch and wait. Don't chase. So much hype in the space. Executing well, but there's only so much uranium that can be mined and sold.

He sold part of his position around $90 last year. RSI says it is now way overbought. He likes it, but expects it to pull back to slightly above its old high.

Likes uranium, the world needs more, and Canada has lots. The world particularly likes uranium from geopolitically stable countries.