PDN +12.41%: Reported 1H22 results this morning that confirmed they remain in a strong financial position with net cash ~US$38m (end Dec21q). They retained their guidance FY22 cash expenditure (US$12m) and spoke to the pathway forward for production at their Langer Heinrich Uranium mine. We think PDN is the best way to play the building Uranium thematic being the premium and most liquid name in the sector. A contract price above US$50/lb over the coming period appears realistic, which will allow PDN to restart LH operations.
MM is long & bullish PDN in our Emerging Companies Portfolio
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