Sector outperform recommendation. Expects higher distributions going forward.

Made a magnificent discovery in Russia, but this may be a cause of concern. It is the reason for the upside in its price. Has a 24% interest in Cerro Casale in S.A.

World's 2nd largest miner of uranium. Fundamentals for the uranium market are very robust. Will not only get the benefit from higher uranium prices, but also as demand for uranium fuel increases.

One of the most well run junior uranium companies. Has vast land holdings in Mongolia and a promising discovery (joint) in the Athabaskan basin. Will continue to benefit from a strong uranium market.

One of the very few companies based exclusively in the US so as the US$ declines and gold prices rise, revenues will increase. The Jarret Canyon mine, a complex ore deposit, will be a difficult deposit to mine. Operation costs will be high.

In spite of enormous mineralization in China, it will be difficult and costly to mine it.

Likes the form of mineralization in their Sweden holdings. Very early stage, but the company has very good exploration potential. Volatile and significant risk.