PDN -6.67%: Out with their quarterly activity report this morning however more importantly for the sector was news overnight from Sprott Asset Management that the SEC has rejected its US listing application for the Sprott Physical Uranium Trust (TSX: U.UN). This follows the news earlier in the week the company had closed its acquisition of the Sprott Uranium Miners ETF (NYSE: URNM), which was previously known as the North Shore Global Uranium Mining ETF, the largest uranium equities ETF in the US. While the news is not a total shock given the delayed timeframe that had transpired with the listing having previously been intended for 3Q21. The market took this as a negative today however we do not have a strong view one way or the other regarding how the SPUT US listing affects the commodity in the short-mid-term – we doubt it will have a big bearing. The reason to own PDN is for exposure to a resurgence in Nuclear Power which we think will play out over the coming years.
MM remains bullish Paladin (PDN)
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