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Are we seeing an atomic revival?

The uranium market, once languishing, is now experiencing what Joe Kelly, a seasoned broker in the uranium markets, terms as the “Atomic Revival,” marked by a significant surge in prices and renewed interest.

Over the past decade, uranium prices had been stagnant in the mid-$20 range, leading to a gloomy outlook for producers. However, a remarkable turnaround has occurred, with prices skyrocketing nearly 500% in the last couple of years, reaching over $100 per pound. This shift has created a unique scenario for brokers like Kelly, who interact with both buyers and sellers.

“Uranium is going through a bit of a Renaissance. […] For a 10-year period there, it was dead money,” Kelly said in a recent The Deep Dive interview.

You can read more on the matter here.

What’s going on?

• Is Canada About to Gift Money to Nvidia? (theDeepDive)

• New Senate bill aims to kill proposed SEC rule on AI conflicts of interest (CNBC)

• Atomic Revival: The Uranium Rush Sparks Renewed Interest Among Traders (theDeepDive)

• Greater Toronto housing market tightens as home sales surge 37% in January (BNN)

• DocuSign to lay off 6% of workforce, or about 440 jobs (CNBC)

• There’s Lead In Your Stanley Cup: Makers Of Viral Tumbler Sued Over Deceptive Practices (theDeepDive)

• U.S. safety board to release initial report on Boeing 737 MAX cabin blowout (Reuters)

• Personal insolvencies 'moving up the income curve': study (BNN)

• Brookfield Wants $15 Billion for Real Estate Bet After Stumbles (Bloomberg)

• Uranium Gets Threatened Following Dissolution of Kazakhstan’s Government (theDeepDive)

• Appeals court denies Trump immunity in DC election case (CNBC)

• Meta will label AI-generated images from OpenAI, Google and other companies (CBC)

What’s the latest?

• Manulife Concedes: Manulife Financial Corp. has reversed its decision to limit specialty drug prescriptions to Shoppers Drug Mart and other Loblaw-owned pharmacies after facing backlash. Initially, Manulife had moved its specialty drug program to be primarily executed through Loblaw pharmacies. The specialty drug program involves around 260 medications for serious conditions, affecting less than one percent of Manulife's insured members.

• Toronto Home Sales: Greater Toronto Area home sales experienced a significant increase of 37% last month compared to the same period last year, driven by lower borrowing costs for fixed-rate mortgages. The Toronto Regional Real Estate Board reported a total of 4,223 home sales, showing a 22.9% rise from December. Despite a 6.1% increase in new listings, the market has become tighter due to growing demand.

• Suncor Fined: Suncor Energy has been fined a record US$10.5 million for air pollution violations at its Commerce City refinery in Colorado. This fine, the largest ever imposed by the Colorado Department of Public Health and Environment for a single facility's air pollution, is part of efforts to address incidents that occurred from July 2019 to June 2021.

• Crypto Shut Out: A cryptocurrency company's attempt to compel BC Hydro to supply the substantial electricity needed for its operations was rejected by the B.C. Supreme Court, maintaining the provincial government's decision to temporarily halt power connections for new crypto mining projects. The court deemed the government's 18-month suspension, initiated in December 2022, as "reasonable" and fair.

• Racism Card Pulled: Canada's decision to extend the ban on foreign homebuyers for an additional two years, aiming to address the nation's housing affordability issues, has been met with skepticism by experts who claim it is xenophobic. Critics argue that foreign buyers constitute a minor fraction of the market and that the ban will not significantly impact housing affordability.

The urgency of capital preservation

The stock market and stuff

• Elon Musk Says Tesla’s Workers Will Need To Be ‘Living’ On The Production Line For New Mass-Market EV (theDeepDive)

• China regulator announces more curbs on short-selling (Reuters)

• Is Musk Willing to Pay Millions to Transfer Tesla to Texas? (theDeepDive)

• Paytm Rebounds After 40% Selloff as Shares Seen Offering Value (Bloomberg)

• Genesis Wants Sale of Grayscale Trust Assets For Gemini Earn Users (theDeepDive)

• Palantir shares rocket 25% after revenue beat, strong demand for AI (CNBC)

In the juniors

• Goldshore Resources Posts 1.5 Million Indicated Ounces In Revised Resource Estimate (theDeepDive)

• ACME Lithium Reports Maiden Resource Of 302,900 Tons Lithium Carbonate At Clayton Valley (theDeepDive)

• Adam Neumann Tries to Buy Back WeWork (WSJ)

• ATHA Energy Appoints 50-Year Uranium Veteran As Technical Advisor (theDeepDive)

• Sigma Lithium Continues To Plummet, Falls 14% As EV Demand Loses Steam (theDeepDive)

FULL DISCLOSURE: DiagnaMed Holdings is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of DiagnaMed Holdings. The author has been compensated to cover DiagnaMed Holdings 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.