Uranium keeps moving. Time to work around the edges adding carefully and locking in big profits in a few spots - rare earths, silver
Portfolio News
In a week where S&P 500 rose 1.12% and Europe rose 3.03%, my pension portfolio rose 1.16%. Sure do know the portfolio is under-invested in Europe. The other drags were Japan (new PM will fix that) and Canada uranium
Big movers of the week were Delivra Health Brands (DHB.V) (75%), Cobalt Blue Holdings (COB.AX) (61.2%), Tilray Brands (TLRY) (40.9%), Dateline Resources (DTR.AX) (38.3%), Stroud Resources (SDR.V) (37.5%), Advance Metals (AVM.AX) (35%), Kairos Minerals (KAI.AX) (29%), Curaleaf Holdings (CURA.TO) (27.6%), RocketBoots (ROC.AX) (27.3%), Heavy Minerals (HVY.AX) (27.1%), TechGen Metals (TG1.AX) (26.7%), QuantumScape Corporation (QS) (25.7%), Peninsula Energy (PEN.AX) (25.2%), Bayhorse Silver (BHS.V) (25%), Westwater Resources (WWR) (19.8%), Elevate Uranium (EL8.AX) (18.7%), Resolution Minerals (RML.AX) (17.5%), AuKing Mining (AKN.AX) (16.7%), Aurora Cannabis (ACB.TO) (16.5%), Cauldron Energy (CXU.AX) (15.8%), Northern Dynasty Minerals (NAK) (15.8%), Earths Energy (EE1.AX) (14.3%), New Frontier Minerals (NFM.AX) (14.3%), Lightning Minerals (L1M.AX) (13.9%), Stanmore Resources (SMR.AX) (13.4%), Arafura Rare Earths (ARU.AX) (13.2%), Star Minerals (SMS.AX) (13%), Fortuna Metals (FUN.AX) (12.5%), Zinc of Ireland (ZMI.AX) (12.5%), L&G Hydrogen Economy UCITS ETF (HTWO.SW) (12.5%), Bitmine Immersion Technologies (BMNR) (12.2%), Locksley Resources (LKY.AX) (12.1%), Anfield Energy (AEC) (11.4%), CGN Mining (1164.HK) (11.2%), Northern Minerals (NTU.AX) (10.8%), Alligator Energy (AGE.AX) (10.7%), Mount Gibson Iron (MGX.AX) (10.7%), ChargePoint Holdings (CHPT) (10.1%), Metals X (MLX.AX) (10.1%), Ora Banda Mining (OBM.AX) (10.1%)
A big 40 stocks in the big movers list with the big themes well represented - from the top - marijuana (4 stocks), alternate energy (7 stocks), rare earths (6 stocks), gold/silver mining (9 stocks), uranium (6 stocks) - always good times as a commodities investor when commodities start to move
A little about the top mover - been quietly moving up each week the last few
President Trump posted a pro-CBD video on Truth Social last weekend
US markets shrugged off the government shutdown in a week where 100,000 Federal workers quit - savings right there.
Crypto booms
Bitcoin price pushed higher all week pushing through the all time high finishing the week 10.5% higher than the open with a trough to peak range of 12.5%.
Ethereum price pushed higher all week too finishing the week 10% higher than the open with a trough to peak range of 13.1%. Not often that the weekly move for Ethereum is smaller than Bitcoin
For the most part altcoins were lost in the focus on Bitcoin and Ethereum. Two exceptions - Binance Coin (BNB) popping 22%
And Litecoin (LTC) popping 20% and giving a third away
Nuclear Energy Holdings
A few sales and a few additions especially in explorers and a modest 1% jump in valuations.
Small drop in the share of portfolios to 28.8% - still above target of 25% - let this run to solid profits. Silex Systems Limited (SLX.AX) and enCore Energy Corp. (EU) change places in the middle with sales made there. Lotus Resources Limited (LOT.AX) and Sprott Junior Uranium Miners ETF (URNJ) swap places at the bottom of the Top 10 - value changes. And there are now 40 stocks in Other with the new addition in the explorers.
Holdings by stage shows some changes in categories with a few Near Producers moved to Production - two added together remain little changed at 48%. Small ups and downs - nothing of note.
Alternate Energy Holdings
Jump in valuations by 7.3% with only one sell changing holdings
Share of portfolios jumps 0.3 points to 7.5%. A few changes in rankings with L&G Hydrogen Economy UCITS ETF (HTWO.SW) going up 0.8 points. In the detail Sigma Lithium (SGML) and Vulcan Resources (VUL.AX) jump a place each pushing Largo (LGO) down two places into slot 10.
Bought
Casino Guichard-Perrachon (CO.PA): French Supermarkets. Am expecting to be assigned on competitor Carrefour (CA.PA) - deploying some of the proceeds in advance to average down entry price in pension portfolio.
Myriad Uranium Corp (M.CN): Uranium. Not had the chance to invest in this stock since it first came up on the radar screen. Interactive Brokers now support PURE Canadian listings. Added parcels to a few portfolios based on this tweet - NT has been doing research on scaling in investment. Saved me doing the work.
Hercules Metals Corp (BIG.V): Silver Mining. Scaled into holding in personal portfolio to average down entry price - thinking that rising silver price would be good for lagging silver stocks. Have had a holding for a while and must have not been paying attention when the company changed its name from Hercules Silver.
Began as an epithermal silver project in 2022 with extensive historical drilling from 1965-1984.
Significant porphyry copper discovery in 2023 which intersected 185m of 0.84% Cu, 111 ppm Mo, and 2.6 g/t Ag. Now advancing discovery with definition drilling that’s expanding the system in both directions.
All good - copper prices are expected to bounce
Western Uranium & Vanadium (WUC.V): Uranium. Price was smacked with the ETF rebalancing at month end - added a parcel in pension portfolio to average down entry price at 6% lower price.
Forsys Metals Corp (FSY.TO): Uranium. Private placement announcement sees prices take a smack down toward offer price - added a parcel in pension portfolio to average down entry price.
This is one way to manage dilution - scale in when price tanks on the news.
Sprott Junior Uranium Miners ETF (URNJ): Uranium. Was asked the question on X
Did some analysis. Step 1: compare the uranium and nuclear ETF's against Global X Uranium ETF (URA - the bars) going back to the cycle low in 2021.
This suggests that Sprott Junior Uranium Miners ETF (URNJ) was the laggard -and the gap is over 100 percentage points. Good news is that is consistent with what I have been doing over the last few weeks - hone in on junior miners. Building on that finding and not wanting to do a $10k block, set up a March 2026 30/25 risk reversal. This is effectively a $6k block maximum. With a net premium of $2.20 this gives a breakeven of $32.12 - some 7.2% above the $29.95 open and with 19.8% coverage on the sold put (25). Idea is to leave an open-ended trade. Next week I will look to reduce the net premium by ratioing the sold put (that keeps the trade open-ended) or adding a sold call
[Means: Risk Reversal. Buy a call option and fund the premium partly by selling an out-the-money put option below the strikes for the call option]
It does pay to look at the chart especially a few days after the trade. It shows the new trade up top and right with the expiry the green vertical line on the right margin. The price scenario arrows are from previous trades - the market has blown those out the water - hence putting on a blue sky trade - the sold put (25) is around the previous 2025 high - happy to buy there if needed
Ur-Energy Inc (URG): Uranium. Next step of the analysis was to map the Top 15 holdings of Sprott Junior Uranium Miners ETF (URNJ) against the ETF. As this ETF was listed more recently than the cycle low did that against Global X Uranium ETF (URA - the bars).
Picked the 2nd from bottom stock as it lags also by 100 percentage points. As the focus is on explorers skipped the bottom stock - Sprott Physical Uranium Trust Fund (U-UN.TO) as it is not an explorer. Bought a parcel of shares in pension portfolio as URG does not offer an options market.
There is a weakness in the approach - who is to say that the next 10 bagger is not going to come out of the stocks in the ETF below the Top 15? There are a heap of stocks making up the remaining 10% of the ETF. The hard part is guessing which might win.
Step back viewpoint. With over 30% of my portfolio invested already in uranium/nuclear I am not adding blocks of $10k. Step one in deciding if one wanted to add $10k in one stock, what are your criteria and time frames. I am interested in long term - very long term. Of course the answer is very different if one has no exposure at all - simple answer given where we are in the cycle now - junior explorers - go with Sprott Junior Uranium Miners ETF (URNJ). What really concerns me is this misses exposure to the nuclear technology opportunities. Two ways around this - go with Global X Uranium ETF (URA) as it covers some of the uranium stocks too. I would rather do 50:50 with Sprott Junior Uranium Miners ETF (URNJ) and the Range Nuclear Renaissance Index ETF (NUKZ) - that way you get the miners and the technology. Who wins? The businesses that generate more free cash flow when uranium breaks out of its current holding pattern
Sold
Mineral Resources Limited (MIN.AX): Mining Services. Closed out half the holding in personal portfolio for a loss on a FIFO basis and a large profit on a LIFO basis. My accountant will book the blended FIFO loss of 14% since January/August 2024 vs the LIFO profit of 70.8%. The strategy of scaling in after the Board of Directors shakeout in July 2025 was a smart move. The previous CEO was involved in a bunch of related transactions to the detriment of shareholders - swept away now. As there is still a holding going to view this with an average case profit of 14.4%. Originally an Investsmart idea - will keep holding to ride the improvement in iron ore and lithium markets
A bit of a mis-categorisation of the company as mining services as the company also mines iron ore and lithium and explores for oil - all in Western Australia.
Atos SE (ATO.PA): Europe IT Services. With earnings coming up chose to lock in 30% profits since August 2025. Stock screen idea - had not checked if there was an options market when I bought. Prefer buying European stocks where I can write covered calls.
Kairos Minerals Limited (KAI.AX): Gold Mining. Closed out portion of holding in personal portfolio at 52 week high. A profitable exit on LIFO or average cost basis - accountant will book the FIFO 32% blended loss since May 2014/April 2015/July 2016/December 2017/October 2018. Last tranche sold at a profit. This is one of those frustrating resource investments - several SPP's almost annually and a change of direction. Original investment thesis when the business was called Mining Projects was in the zinc deposits in Kalgoorlie, Western Australia. Business is now a gold mining business primarily.
Locksley Resources (LKY.AX): Rare Earths. Banked profits in personal portfolio to take out initial capital for 340% profit since August 2025. This is what I wrote at the time
Next Investors idea exploring tenements close to MP Materials Corp (MP) tenements. Stake idea is to ride the coattails of the DoD investment in MP.
Dateline Resources (DTR.AX): Rare Earths. Banked profits in personal portfolio to take out initial capital for 420% profit since August 2025.
Was a follow up to the investment above - their tenements are close by. In TIB771 I shared a chart relative to MP Materials Corp (MP) - both stocks were doing better then. Now for the updated chart going back to the date of the first trade (August 1)
Also wrote this at the time - now that the capital is taken out, the remainder is an investment in the rare earths story
More like an options trade than an investment in USA critical materials.
Why take out the capital? I have learned in resource investing that profits disappear very quickly on news flow
Silex Systems (SLX.AX): Uranium Enrichment. Took profits to reduce position size in personal portfolio for 26.1% blended profit since January/February 2025. Tranches sold were all at higher average cost than the SPP level from September 2025.
ASX Portfolio
The segment reports trading in ASX fractional share portfolio. Trade entries are made based on stock screens looking for undervalued stocks (price to book, price earnings, price to sales) that are showing technical signs of breaking a downtrend. Exits are made at 35% profit or 25% if 52 week high is lower than 35% advance. New buys are in $500 lots. Scale ins and top ups in $250 lots
New Buys
Broken Hill Mines (BHM.AX): Base Metals.
Chart shows price making a reversal after previous earnings. Plenty scope for profit target below previous highs. Business is made of up two Broken Hill copper mines that are being combined into a single business.
Mayne Pharma Group Ltd (MYX): Pharmaceuticals.
Third time holding this stock in the portfolio. Chart seems to show this is a boom and bust type stock - every now and then something goes wrong and stock tanks only to build again. At one of those points again with an earnings related fall and a recovery with a short term rising trend.
Top Ups
Stanmore Resources Ltd (SMR.AX): Coal Mining. Dividend yield 13.56%
A fourth top up. Normally I would not top up so soon - I like to wait more than a month - but this does average down entry price quite tidily. Chart is showing a double bottom off a level. Just have to clear those last two highs to be a winner. Coal stocks have been recovering on the back of Trump rhetoric about the climate change con.
Sold
Alcoa Corp (AAI.AX): Aluminium. Reviewing another buy signal and see that Alcoa have laid plans to close the Kwinana, Western Australia aluminium smelter. The reason for adding this to the portfolio was it had a WA facility at a time Rio were talking about closing their Tomago refinery. Took the exits for 3.9% profit since August 2025 - did recover a bit more than trading costs
Hedging Trades
Sun Silver (SS1.AX): Silver Mining. At the risk of not letting winners run, closed out part of holding in personal portfolio for 507.5% profit since May 2024. Sun Silver are developing tenements in Elko, Nevada. Part of the thinking is to release capital for other precious metals ideas. Next Investor idea.
Income Trades
Covered Calls
Six covered calls written across two portfolios (UK 1 US 4 Canada 1)
Naked Puts
Sold puts on stocks likely to be assigned on covered calls
- Aurora Cannabis Inc. (ACB.TO): Marijuana. Return 5.87% Coverage 3.2%
- Aurora Cannabis Inc. (ACB.TO): Marijuana. Return 4.4% Coverage 9.9% - smaller return, wider coverage, lower strike
- Engie SA (ENGI.PA): French Utility. Return 0.77% Coverage 1.7%
- Crédit Agricole S.A. (ACA.PA): French Bank. Return 1.08% Coverage 1.0%
Sold puts on stocks happy to own at lower prices
- QuantumScape Corporation (QS): Battery Technology. Return 4.27% Coverage 11.8%
- Cameco Corporation (CCJ): Uranium. Return 1.14% Coverage 9.9%
- ChargePoint Holdings, Inc. (CHPT): Electric Vehicles. Return 3.4% Coverage 16.3%
- Tilray Brands, Inc. (TLRY): Marijuana. Return 10.7% Coverage 10.3%
- Tilray Brands, Inc. (TLRY): Marijuana. Return 8% Coverage 7.3%
- Hecla Mining Company (HL): Silver Mining. Return 2.09% Coverage 9.6%
Credit Spreads
Exercise risk is well within cash avaialble - there are a few big assignments possible.
Resources
Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas
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September 29 - October 3, 2025