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Russia Halts U.S. Uranium Supply

Russia has enacted a ban on enriched uranium exports to the United States, redirecting supplies to nations it deems “friendly.” The ban, formalized through a decree signed on November 14, aligns with a broader policy of retaliation against Western sanctions imposed after Russia’s invasion of Ukraine. Analysts warn that this shift could strain the U.S. nuclear energy sector while reinforcing Russia’s strategic partnerships with key allies.

The decree amends Russia’s Foreign Exports Ban Resolution No. 313, originally introduced in March 2022. Russian Prime Minister Mikhail Mishustin signed the latest amendments, which specifically target enriched uranium exports to the United States, with limited exceptions for one-time licenses. The ban is slated to last until at least the end of 2025, although its extension remains possible.

You can read more on the matter here.

What’s going on?

• Texas Lawmaker Files Bills for Gold, Silver-Backed Money (theDeepDive)

• Ontario investigating recruiter in Alberta who helps supply low-wage foreign workers to Canadian Tire stores (Globe)

• 900-Foot Gold Vein: Future Results Could Be Even Better | Frank Callaghan – Golden Cariboo (theDeepDive)

• Macy’s says employee hid more than $132mn in delivery expenses (FT)

• Game-Changing Solution for Heart Inflammation? | David Elsley – Cardiol Therapeutics (theDeepDive)

• Trump's tax-cut plans could be slowed by a wary bond market (Reuters)

• Nvidia Q3 Earnings: Are We Nearing A Top? (theDeepDive)

• Ukraine Clings to Shrinking Sliver of Russia, Expecting Trump to Push for Peace Talks (WSJ)

• Russia Cuts Off U.S. Uranium Supply, Sends Fuel To Allies Instead (theDeepDive)

• Migrants in Colorado consider fleeing to Canada as Trump's return looms (Globe)

What’s the latest?

• CI Financial : CI Financial Corp. will be taken private by Mubadala Capital in a $4.7 billion deal, with shareholders receiving $32 per share in cash. CI shares last traded at $24.01 on the Toronto Stock Exchange. The transaction, expected to close in Q2 2025, requires regulatory and shareholder approval. CI will retain its Canadian operations, headquarters, and management team, with CEO Kurt MacAlpine rolling his equity into the new holding structure.

• Northvolt: Justin Trudeau has announced new affordability measures, including a two-month GST/HST holiday from Dec. 14, 2024, to Feb. 15, 2025, on items like prepared foods, children's goods, alcohol under 7% ABV, and books, effectively making food tax-free in Canada. The government will also issue $250 "Working Canadians Rebate" cheques in early spring 2025 to 18.7 million workers earning $150,000 or less.

• Bitcoin: Bitcoin’s rally has slowed near the $100,000 mark, trading at $98,243.25, after a 40% surge since Trump’s re-election. Analysts cite profit-taking by long-term holders and leverage in the market as reasons for the pause. Supply constraints, such as the recent halving, may support prices in 2025. While sentiment remains bullish, experts expect short-term corrections before potential further gains.

• UniCredit: UniCredit has proposed a €10 billion ($10.5 billion) all-stock acquisition of Banco BPM at €6.657 per share, a slight premium over its last closing price. This follows UniCredit's recent moves to increase its stake in Commerzbank to 21% and its full-year profit guidance being raised to over €9 billion after an 8% year-on-year Q3 net profit rise. Banco BPM shares rose 5% on the news, while UniCredit's dropped 1.7%.

• Tesla: UBS analysts attribute Tesla's post-election stock surge to market momentum rather than improved fundamentals, maintaining a sell rating while raising the price target to $226 from $197. Potential policy changes under President-elect Trump, such as removing EV tax credits, could pressure Tesla to lower prices, and the company lacks a robotaxi to benefit from AI-friendly regulations. Tesla shares fell 1.4% Monday but added over $350 billion in market cap since the election.

How Canadian Copper is defying the odds in junior mining

The stock market and stuff

• Newmont Sells Eleonore Mine To Private UK-Based Firm For $795 Million (theDeepDive)

• Dollar falls after Donald Trump names Scott Bessent to Treasury role (FT)

• Canadian Regulators Advance Denison Mines’ Wheeler River Uranium Project (theDeepDive)

In the juniors

• Seabridge Gold Sees Substantially Started Designation At KSM Challenged By Indigenous Group (theDeepDive)

• Rua Gold Closes On Purchase Of Reefton Assets, Now Holds Claims On 95% Of District (theDeepDive)

• Aldebaran Resources Reports 22 Billion M&I Pounds Of Contained Copper In New Resource Estimate (theDeepDive)

FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.