A nice boost for uranium stocks today with US President Joe Biden announcing a $US4.3b push to reduce the country’s reliance on Russian supply. The plan is to buy enriched uranium from US producers for reactors currently in the works to help support local production. Currently, there is only one producer in the US, but a number of others are looking to start or restart production if prices can continue to rally. With a stable, size buyer of domestic production in the market, they can be more confident in investing money in the ground. Peninsula, which owns a Wyoming development, was up 20% today on the news while Paladin (PDN) was 13.48%
MM is bullish Uranium, and long PDN in our Emerging Companies portfolio
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