PDN advanced +3.3% on Monday, mirroring the strong performance by US uranium names on Friday after the world’s largest Uranium producer, Kazatomprom, alluded to only a modest increase in production in the year ahead. They also echoed our bullish medium/long-term view, stressing the world will be short of Uranium by 2030. Not surprisingly, the company is from Kazakhstan, which produces 43% of the world’s uranium; hence, when they talk, the market listens.
- We can see PDN breaking above $1.50 in 2024/5, but it may take a little time; remember it trod water for 4 months around $1 in 2H of 2023 before driving higher.
MM is long and bullish towards PDN over the coming months
Add To Hit List
