Fiscal Policy & Economic Growth - The analysis suggests tariffs are running at an annual rate between $400 billion and $500 billion, potentially improving the deficit, but real GDP growth is considered the key to significantly reducing the deficit as a percentage of GDP [1] - The report anticipates real GDP growth will surprise on the high side of expectations later in the year and into 2026, driven by innovation platforms like robotics, energy storage, AI, multiomic sequencing, and blockchain technology, all catalyzed by AI [1] - The analysis highlights deregulation, particularly in crypto, AI, and nuclear energy, as a significant factor for economic growth, with tax changes encouraging manufacturing and innovation through accelerated depreciation schedules and full expensing of equipment, R&D, and software [1] Inflation & Monetary Policy - The report indicates that while inflation may seem stuck in the 2% to 3% range, innovation-driven productivity gains could lead to deflation in the coming years [2] - The analysis points out that M2 money supply growth has significantly dropped compared to the COVID boom, and the velocity of money is declining, potentially diffusing inflationary pressures [2] - The yield curve, measured by the two-year Treasury yield relative to the three-month Treasury yield, indicates tight monetary policy, which is expected to have disinflationary or deflationary effects [3] - True inflation CPI is reported at 19%, even with tariffs factored in, and consumer inflation expectations are expected to decline [3] Market Indicators & Investment Strategy - The analysis notes that manufacturing has been contracting for the last three years, and services are not in great shape, signaling potential economic concerns [4] - The report highlights that AI-powered capital spending is increasing, supported by new tax rules, while the trade deficit is being addressed [5] - The analysis observes that pending home sales are deteriorating, and new home inventory is high, potentially leading to price cuts and impacting the CPI [5] - The report suggests that the return on investment in the US is expected to increase due to innovation, tax laws, and deregulation, potentially strengthening the dollar [5] - The analysis notes that corporate profits are healthy, but quality of earnings and harnessing new technologies will be crucial for future growth [5] - The report observes that commodity prices are going nowhere, and gold is breaking out to all-time highs relative to metals, possibly signaling deflationary concerns [5]

Also on the daily podcast: nuclear’s new dawn and remembering entrepreneur Stephanie Shirley https://t.co/GqxUqFvsbU ...

Nowhere is the change of attitude towards nuclear more apparent than in America. Donald Trump is calling for a quadrupling of domestic capacity to 400GW by 2050. Although that target is unrealistically ambitious, it has mobilised the political system https://t.co/JEF4QTWd28 ...

The only nuclear assets that can boost US electric capacity anytime soon are the ones left for dead: shuttered reactors, writes @willwwade https://t.co/trg9hio01S ...

Summary of District Metals Conference Call Company Overview - **Company Name**: District Metals Corp - **Ticker Symbols**: DMXCF (OTCQB), DMX (TSXV) - **Industry**: Mineral exploration and development, specifically focused on uranium and polymetallic projects in Sweden - **Flagship Project**: Weaken Property, which hosts the largest undeveloped uranium deposit in the world [3][6] Key Points and Arguments Management and Team - The management team has a proven track record in exploration, discovery, and capital markets [5] - The CEO, Garrett Ainsworth, has significant experience in uranium exploration, having previously worked with Alpha Minerals and NextGen Energy [9][10] - The company has a strong board and advisory committee with diverse expertise in mining and capital markets [12][14] Jurisdiction and Market Environment - Sweden is recognized as an attractive jurisdiction for mining, ranked sixth by the Fraser Institute for investment attractiveness [18] - The Swedish government has shifted towards a pro-nuclear stance, planning to build 10 more nuclear reactors by 2045, which increases the demand for domestic uranium supply [21][22] - The lifting of the uranium mining moratorium is expected by January 1, 2026, which will allow full-scale operations on uranium properties [23][42] Project Details - The Weaken Property contains significant resources: - 4.3 billion tons with 1.5 billion pounds of uranium and 24.3 billion pounds of vanadium [26] - Additional potential for rare earth elements, which will be assessed once the moratorium is lifted [27] - The company also has other advanced exploration stage uranium properties in Sweden, including Soc Jarn and Arnaz Bara, which show promising mineralization [34][36] Economic Viability - Despite low-grade uranium, the project remains economically viable due to the presence of valuable byproducts such as vanadium, molybdenum, nickel, copper, and zinc [47][48] - The potential value of the Weaken deposit is enhanced by the strategic importance of these byproducts for the EU's supply chain [48] Market Comparisons - The company’s valuation is significantly lower than peers, with an estimated value of $0.09 per pound of uranium compared to the industry average of over $3 per pound [31][32] - Historical acquisitions in the uranium sector indicate potential for significant monetization events, suggesting a favorable outlook for District Metals [29] Upcoming Milestones - The company is conducting various surveys and expects results from mobile MT surveys and drone radiometric surveys in the coming months [40][41] - A preliminary economic assessment is anticipated to begin shortly after the moratorium is lifted, with a timeline of 6 to 12 months depending on survey results [52] Additional Important Information - The exit of Boliden, which was funding $10 million over four years, allows District Metals to focus solely on uranium projects [45][46] - The company has a strong shareholder base, including significant institutional investors, which supports its strategic direction [16][44] This summary encapsulates the critical aspects of District Metals' conference call, highlighting the company's strategic positioning, project potential, and market dynamics.

PLS Project Overview - The PLS Project is located in the Athabasca Basin, Canada, a premier high-grade uranium mining jurisdiction[36] - The project targets first uranium production in 2031, reflecting engineering, procurement, construction, and regulatory approval timelines[23] - The project boasts a probable mineral reserve of 93.7 Mlb U3O8 at 1.41%[21] Economic Outcomes - The initial mine life is estimated at 10 years[22] - Average annual production target is approximately 9.1 Mlb U3O8 over the mine life[21, 22] - The Life of Mine (LOM) operating cash cost is forecast at US$11.7/lb[23] - The pre-production capital cost is estimated at US$1,226 million[22, 23] - The sustaining capital cost (LOM) is estimated at US$325 million[22] Growth Potential - The company is focused on extending Triple R mineralized zones and infill drilling to convert 25.1 Mlb U3O8 of indicated mineral resources and 10.9 Mlb U3O8 of inferred mineral resources to mineral reserves[28] - Drilling at the Saloon East zone is planned to follow up on significant radioactivity intersected in 2024 and 2025[28]

Look, the entire state of Utah runs on about 4 gawatts of electricity. Uh we have one data center campus that would operate on 4 gawatts of electricity. I I mean that's that's over 100 years worth of electricity production and development in in the state of Utah.And and they need that kind of power right now. So we we need all of it. We we need the solar um we we need the the the coal that is still burning in Utah, the cleanest burning coal anywhere in the world.We need the natural gas. Unfortunately, we ha ...

AND THE PRESS BEING EXCUSED FROM THE OVAL OFFICE AFTER A LENGTHY CONVERSATION WITH PRESIDENT TRUMP AND PRESIDENT LEE OF SOUTH KOREA VISITING THE WHITE HOUSE TO TALK ABOUT A RANGE OF ISSUES, AS WE BROUGHT TO YOU LIVE ON BLOOMBERG TV AND RADIO. I'M JOE MATHIEU IN WASHINGTON. THIS IS "BALANCE OF POWER," THE MONDAY EDITION, WITH A BUSY DAY AT THE WHITE HOUSE, STARTING EARLY WITH A NEWS CONFERENCE THAT WE BROUGHT YOU LIVE ON BLOOMBERG.NOW THE PRESIDENT OF SOUTH KOREA BRINGING FORTH A NUMBER OF ISSUES, AS I SAID, ...

Industry Overview - Centrus Energy (LEU) and Energy Fuels Inc. (UUUU) are key players in the U.S. uranium industry, poised to benefit from the global shift towards nuclear energy as a clean power source [1] - Uranium prices have recently recovered to approximately $73.50 per pound, driven by increased optimism in nuclear power investments from major countries [2] - India aims to expand its nuclear capacity by 13 times by 2024, while the U.S. plans to increase its nuclear energy capacity from about 100 GW in 2024 to 400 GW by 2050 [2] Centrus Energy (LEU) - Centrus Energy supplies components of nuclear fuel, particularly Low-Enriched Uranium (LEU), to commercial customers [4] - In Q2 2025, Centrus reported total revenues of $155 million, an 18% decline year-over-year, with LEU segment revenues down 26% to $125.7 million [6] - The company has a $3.6 billion revenue backlog from long-term contracts with major utilities through 2040 [7] - Centrus is the only U.S. company licensed for High-Assay Low-Enriched Uranium (HALEU) production, with a contract extension from the DOE allowing production through June 30, 2026 [8] - The HALEU market is projected to grow from $0.26 billion in 2025 to $6.2 billion by 2035, prompting Centrus to expand production capacity [11] Energy Fuels Inc. (UUUU) - Energy Fuels has been a leader in U.S. uranium production, accounting for about two-thirds of the output since 2017 [12] - The company reported Q2 revenues of approximately $4.2 million, a 52% year-over-year decline, primarily due to lower uranium sales [15] - Energy Fuels aims to mine between 875,000 and 1,435,000 pounds of uranium in 2025, with plans to process up to 1 million pounds this year [18] - The company expects to lower its cost of goods sold to approximately $23–$30 per pound of uranium, positioning itself among the lowest-cost producers globally [19][20] - Energy Fuels is also diversifying into rare earth elements (REEs) and has achieved significant milestones in producing dysprosium oxide [13] Financial Estimates and Performance - The Zacks Consensus Estimate for Centrus Energy's 2025 revenues is $451.4 million, indicating a 2.1% growth, while UUUU's 2025 revenues are estimated at $40.8 million, reflecting a 48% drop [22][23] - Centrus Energy's stock has surged 166.2% year-to-date, while Energy Fuels has gained 83.3% [26] - Centrus is trading at a forward price-to-sales multiple of 6.66X, while Energy Fuels is significantly higher at 22.49X [27] - Centrus Energy's earnings estimates have moved higher for both 2025 and 2026, contrasting with downward revisions for Energy Fuels [24][29]

Project Overview - Peninsula Energy is positioned to capitalize on growth in US and global nuclear energy[1] - Lance Project in Wyoming, USA, is one of the largest US Uranium ISR Projects[34, 85] - The company has a significant resource of 58Mlbs in USA at Lance with exploration upside[29] Production and Operations - The company has a fully constructed 2Mlbs p.a Central Processing Plant, commissioning underway, production expected during the September quarter[29] - Revised production estimates include commissioning in CY2025, ramp-up in CY2026 & CY2027 with 400,000 - 600,000lbs pa, and full-scale production of 12Mlb – 15Mlbs pa from 2028+[45] - The production target is underpinned by wellfield designs containing measured and indicated resources (comprising 90% of the production target) and inferred resources (comprising 10% of the production target)[15] Financials and Funding - The company is conducting an approximately A$70M (US$45M) Equity Raise via a fully underwritten two tranche placement and entitlement offer[133, 135, 141] - The company has secured debt financing of up to US$15M with Davidson Kempner[139] - Proceeds from the Equity Raise, together with existing cash, will be applied to completion of CPP, wellfield development, sales contract termination, exploration studies (Kendrick and Dagger) and working capital and corporate costs[135]