A busy options expiry week. Action before was focused on nuclear technology and uranium explorers - time to rotate a bit and let assignments release capital
Portfolio News
In a week where S&P 500 rose 1.74% and Europe rose 2.05%, my pension portfolio rose only 0.63%. A few drags - Canadian uranium explorers, a bunch of Japan, and a few US uranium stocks like Ur-Energy (URG) down 17.4% and Anfield Energy (AEC) down 22.5%.
Big movers of the week were Cobalt Blue Holdings (COB.AX) (86.3%), Bayhorse Silver (BHS.V) (50%), Articore Group (ATG.AX) (35.6%), Euro Manganese (EMN.AX) (35.5%), Sarytogan Graphite (SGA.AX) (34.8%), Panther Metals (PNT.AX) (30%), VHM (VHM.AX) (28.8%), Titan Minerals (TTM.AX) (26.3%), Azincourt Energy Corp (AAZ.V) (25%), Northern Minerals (NTU.AX) (24.4%), Star Minerals (SMS.AX) (23.5%), Orpheus Uranium (ORP.AX) (22.4%), AdAlta (1AD.AX) (20%), Alliance Aviation Services (AQZ.AX) (19.1%), New Frontier Minerals (NFM.AX) (18.7%), Pantera Lithium (PFE.AX) (17.2%), Sun Silver (SS1.AX) (16.4%), POSCO Holdings (PKX) (16.1%), Resolution Minerals (RML.AX) (14.7%), Delivra Health Brands (DHB.V) (14.6%), VanEck Gold Miners ETF (GDX.AX) (14.6%), Fortuna Metals (FUN.AX) (14.3%), AuKing Mining (AKN.AX) (14.3%), Pursuit Minerals (PUR.AX) (14.1%), Lithium Universe (LU7.AX) (13.3%), Peninsula Energy (PEN.AX) (13.3%), NuScale Power Corporation (SMR) (12.8%), Deep Yellow (DYL.AX) (12.6%), Earths Energy (EE1.AX) (12.5%), Dutch Bros (BROS) (12.3%), AIC Mines (A1M.AX) (11.9%), Iondrive (ION.AX) (11.6%), Agricultural Bank of China (601288.SS) (11.6%), Kaiser Reef (KAU.AX) (11.5%), Largo (LGO) (11%), GoGold Resources (GGD.TO) (10.8%), WhiteHawk (WHK.AX) (10%)
37 stocks in the big movers list representing a few of the big themes - from the top - alternate energy (11 stocks), gold/silver mining (10 stocks), rare earths (6 stocks), uranium/nuclear (4 stocks), marijuana (1 stock)
With 26 of this list coming from ASX holdings in one of the portfolios, we know commodities are beginning to boom. Interesting to see this Agricultural Bank of China (601288.SS) in the list - clearly tariffs are not hurting China banking - up over 100% since purchase.
US markets were a bit nervy in the week - buoyed by a few solid earnings reports in the early season and then rocking with some bank credit concerns in US regional banks and a bit frothy around China and soybeans and a retaliation on cooking oil. The friendly catalyst was earnings. Note: One headline for each of the last 3 days of the week.
Crypto Wobbles
Bitcoin price kept going lower finishing the week 4.7% lower than the open with a peak to trough range of 10.6%. The key was price did drop through the bottom of the channel (the lower red line) and made it way back in.
Ethereum price pushed higher and then slid finishing the week 3.6% higher lower than the open with a peak to trough range of 14.5%.
Nuclear Energy Holdings
A few key changes in nuclear this wee - a few sales and assignments on covered calls and a few additions some from call options and some explorers. Key was a 4.2% increase in valuations. before the Friday pull back (Oct 17) portfolio had crossed $1 million. Missing from he changes this week is Paladin Energy (PDN.AX) as Interactive Brokers has not processed the corporate action yet.
Mix of holdings also has key changes with Energy Fuels (UUUU) dropping nearly 2 points on the sale there. Denison Mines Corp. (DNN) moves up a place into slot 4 on the add there. Silex Systems Limited (SLX.AX) moves up a place into slot 6 on value increase. NuScale Power Corporation (SMR) comes into Top 10 in slot 9. Dropping out is Lotus resources (LOT.AX). The slider is IsoEnergy Ltd. (ISO.TO) down two places into slot 10. Others goes up 4 stocks to 44 with the new tech and explorer stocks added (and adding Rolls Royce (RR.L) back. Share of portfolios drops to 28.3% - keeping below 30% feels smart
One key change in holdings by stage with Producing dropping 3.4 points on the sale there. This shuffles up the relative weights with Near Producing up 0.6 points, 2027 on up 0.8 points. ETFs drops 1.6 points on the assignment there. Enrichment is up 0.5 points on value change and Technology up 2.9 points. Some of that from adding Rolls Royce (RR.L) back in). Small nudge up in Explorers on the adds there.
Alternate Energy Holdings
Options expiry delivers a few assignments in solar power and clean energy. Overall a 1.1% increase in valuations. Will add some of he two ETF's again using sold puts.
Key changes in mix of holdings with Invesco Solar ETF (TAN) and iShares Global Clean Energy ETF (ICLN) dropping out with the sales there. Largo Inc (LGO) moves up 4 places to slot 4 on the add there. KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) comes into top 10 in slot 9. Number 10 slot is an anomaly as the stock has been delisted. There have been changes since the sale of he mali lithium business. Will report those changes next week. Share of portfolios drops 1.3 points to 6.5%
Bought
Power Minerals (PNN.AX): Lithium. Next Investors idea. Added a small parcel in personal portfolio
The Company is advancing a portfolio of high-potential projects, including the Santa Anna niobium-rare earth-gallium project in Brazil and the Salta Lithium Project in Argentina’s Lithium Triangle.
More important was the acquisition of an option on a rare earths project in Mountain Pass, Wyoming.
AdAlta Limited (1AD.AX): Pharmaceuticals. AdAlta announced
a non-brokered private placement to strategic investor strengthens AdAlta’s ability to close cellular immunotherapy transactions
Took that as a signal to average down holding - plunk down $500 as an options type trade to move to a breakeven exit.
Orpheus Uranium (ORP.AX): Uranium. Noted that Elevate Uranium Ltd (EL8.AX) had sold their Oobagooma project in Western Australia to Orpheus. Highlighted that in a tweet - do like it when businesses reduce the range of projects and focus. Jonathan Fisher, CEO of Cauldron Energy (CXU) suggested it was an interesting punt play for when Western Australia drops the uranium mining ban. Added a small parcel in personal portfolio to do just that - punt.
Largo Inc (LGO): Vanadium. Largo announced a direct offering and a rollover of debts owed to 5 Brazilian banks. Share price tanked. Doubled position size in pension portfolio - view is the restructuring strengthens the balance sheet and the vanadium potential as a battery technology is not going away. Timing of taking action was solid as price moved up 24% from the purchased priced to $1.44 close (Oct 15)
American West Metals Limited (AW1.AX): Rare Earths. Next Investors idea. Completed placement to accelerate development of indium deposits in US. Had worked out the clues in the newsletter sent ahead of their story - pending order in the trading halt was too low - did chase this a bit. Will put in another pending order well below the market to mitigate the front running that happens with these offers.
Continued process of levering up exposure to uranium explorers and nuclear technology stocks across the portfolios
Forsys Metals Corp (FSY.TO): Uranium. Doubled position in pension portfolio at 3.6% discount to price paid the week before.
F3 Uranium Corp (FUU.V): Uranium. Scaled position by one third in pension portfolio at 13.4% discount to price paid the month before.
Myriad Uranium Corp (M.CN): Uranium. Doubled position in managed portfolio at 7% premium to price paid two weeks before.
Mirion Technologies (MIR): Nuclear Technology. New entry in pension portfolio - NuclearPro idea. Also added a 25/20 November expiry credit spread offering 40.3% ROI with 1.5% price coverage. Tighter 25/22.5 spread in managed portfolio with 61.3% ROI - no stock purchase there.
Mirion Technologies, Inc. provides radiation detection, measurement, analysis, and monitoring products and services in North America, Europe, and the Asia Pacific. It operates in two segments, Medical, and Nuclear & Safety.
https://finance.yahoo.com/quote/MIR/profile/
FMC Corporation (FMC): US Agriculture. Assigned early in pension portfolio on sold put. Breakeven $32.04 vs $29.40 close (Oct 17) - got work to do to recover that. The soybean and seed oil spat with China is not helping.
Global Atomic Corporation (GLO.TO): Uranium. Price tanked after announcement of private placement. Doubled position in pension portfolio to scale in. The placement was heavily oversubscribed and placement size was increased - this will provide enough working capital to continue mine development for several months (maybe more than a year) - DFC financing can be pushed out even more.
Rush Rare Metals Corp (RSH.CN): Uranium. Read a tweet highlighting the relative value differentials between Rush and Myriad Uranium (M.CN) who have agreed to merge.
The deal is 1 Myriad share for every 2 Rush shares which would imply a relative value of $0.24 for each Rush share - I paid 0.235 = differential closed since that tweet was published.
The comparison chart shows Rush under-performing by 25 points - that gap has to close should the merger be completed.
Energy Fuels (UUUU): Uranium. Wrote this below in the sold section the day before (Oct 18).
Lesson learned after 3 winning trades like this in this portfolio (335% and 337%) - keep some call option trades open-ended.
With previous close at $21.69 (Oct 16), deployed part of profits from the sales and bought April 26 22 strike call option.
Let's look at the chart which shows the bought call (22) and breakeven as orange rays with the expiry the vertical green line on the right margin (top right). Breakeven is above the most recent high. The price arrow scenarios used for previous trades are now all redundant - who knows what this will do? What I will do is slot in some sold puts next week when we see a price reversal to fund this call premium. I want breakeven below $22.
Denison Mines Corp (DNN): Uranium. Exercised on 2/2.5 risk reversal - breakeven after accounting for the sold put premium (2) is $2.46 vs $2.92 close (Oct 17)
Quick look at the chart shows the trade as the two rays ending at the left hand vertical line. The price scenario modelled was for price to drop to 0.618 Fibonacci retracement and then do another blue arrow. It only dropped to 0.382 level and then did a slightly steeper move up similar in length to a blue arrow.
What comes next? I am going to suggest a retracement to 0.786 and then a light blue arrow matching the last run. That will leave the other bought call (2.5) showing well in-the-money at expiry. That 3.5 level looks like a good level to write covered calls at for a few months - one month at a time
Options Expiry - sold puts assigned
Quite a few sold puts assigned across 3 portfolios. Firstly the marijuana plan - scale in using sold puts and scrape the breakevens higher each cycle and exit using covered calls. Charts are suggesting there is life in the sector
Aurora Cannabis (ACB.TO): Marijuana. Assigned across 3 portfolios - compared with $7.35 close (Oct 17) breakevens are
- In managed portfolio $7.09 - 3.5% lower - 3 cycles
- In personal portfolio $6.05 - 17.6% lower - 3 cycles
- In pension portfolio $6.76 - 8% lower - 2 cycles
Chart shows price making higher lows after reversing off a support level (the green line)
Cronos Group *CRON): Marijuana. Price finished below strike (2.5) but only a portion of contracts were assigned in managed portfolio - price had been moving above and below strike all day. Breakeven $2.31 vs $2.49 close (Oct 17) - 3 cycles
Chart is similar - a clear double bottom off support
Halliburton Company (HAL): Oil Services. In personal portfolio. Breakeven $21.14 vs $22.27 close (Oct 17)
iShares Brazil Index (EWZ): Brazil Index. In pension portfolio - tweet idea going back a while. Buy Brazil. I did - made some profits - sold some puts - back in again. Breakeven $27.93 vs $29.71 close (Oct 17) - 6 cycles
Star Bulk Carriers Corp (SBLK): Shipping. In pension portfolio breakeven $17.25 vs $17.68 close (Oct 17)
In summary, looks like the naked put strategy is working to reduce breakeven prices. The key is to keep on top of exercise exposure. It is very easy to grab the premium dollars and wipe out an account
Sold
American Rare Earths (ARR.AX): Rare Earths. With the big move up (Oct 13) took off the profits for the day locking in 3,900% profit since February 2020 (yep three thousand nine hundred percent). The idea came from a friend - watch BHP Prospecting he said which is a spin-off of small projects from iron-ore giant BHP. I did.
Sun Silver (SS1.AX): Silver Mining. With the big move up (Oct 13) took off the initial capital locking in 510% profit since May 2024. Next Investors idea
Arafura Rare Earths (ARU.AX): Rare Earths. With the big move up (Oct 13) took off the profits for the day locking in 375% profit since September 2018. First bought the stock following a conversation in a campsite in Aileron, NT in 2006 - "man there are a lot of trucks in the hills behind labelled Arafura" Taken some off and there is still only a pilot plant at Nolans.
St George Mining (SGQ.AX): Rare Earths. With the big move up (Oct 14) took off the initial capital locking in 341% profit since August 2024. Next Investors idea
Resolution Minerals (RML.AX): Antimony. With the big move up (Oct 15) took off the initial capital locking in 241% profit since June 2025. Do have a large holding following the placement taken up in September - 50% profit from that entry level. Next Investors idea
Paladin Energy (PDN.TO): Uranium. Pending order to sell Canadian listing in pension portfolio for this stock taken up at 52 week high for 0.6% profit since December 2024. Chose some time back to hold only the ASX listing in all portfolios. In that time the Canadian Dollar weakened 1.68% against the Australian Dollar making this a 1% loss. Also was not able to subscribe to the SPP through this holding.
Energy Fuels (UUUU): Uranium. Position size in personal portfolio getting uncomfortably large - took out a portion for 290% profit since July 2024. In pension portfolio, closed out January 2026 12/16 call spread for a 201% profit on the spread alone since September 2025 - 5 weeks work. Trade was part of a call spread risk reversal which was fully funded by the sold put (9). Lesson learned after 3 winning trades like this in this portfolio (335% and 337%) - keep some call option trades open-ended.
iShares Global Clean Energy ETF (ICLN): Alternate Energy. Assigned on covered call in managed portfolio locking in blended loss on average cost of 16% since August 2022/March/December 2023/September 2024. Averaging don did help. Income trades recovered only 37% of the capital loss.
Now for stocks assigned on covered calls
3D Systems Corporation (DDD): 3D Printing. 14.3% blended loss in managed portfolio since November 2024/March 2025. Income trades have done what? Over the life of the investment going back to 2019 income trades have recovered 79% of the capital losses. Maybe it is time to stop selling puts and lets this print itself a casket.
Centrica plc (CNA.L): UK Utility. In personal portfolio for 6.25% profit since July 2025. This has been a solid income play
Ultragenyx Pharmaceutical (RARE): US Pharmaceuticals. In personal portfolio for 14.4% blended loss. Original idea was a covered call idea from TSP. Buy a parcel of stock and write overed calls out quite a few months. Then shifted to monthly writing - big dump in stock price has only been caught up 82% by income trades in this portfolio. In pension portfolio profit of 7.6% since August 2025 - was a follow up of the original idea - worked well. Income trades added 88% to the profit. Net-net across the two portfolios = a profit.
Carrefour SA (CA.PA): French Supermarkets. In pension portfolio 1.7% blended profit since August/September 2025. Stock screen idea. Income trades increased profit by 1.8 times.
DHL Group (DPWA.DU). Europe Logistics. In pension portfolio at breakeven since September 2025. Stock screen idea from some time back - over the last 12 months stocks trades ended at a loss with income trades covering that 4.5 times over
ENGIE SA (ENGI.PA): French Utility. In pension portfolio at French transaction taxes (loss) since September 2025. Long been a solid income play recovering the capital losses.
NatWest Group plc (NWG.L): UK Bank. In pension portfolio for 9.5% blended profit since July 2025 - stock screen idea. Income trades added another 58% to profits.
Advanced Micro Devices (AMD). US Semiconductors. In pension portfolio for 23.6% blended profit since April 2024/January 2025. This is one that covered call writing let get away. That said income trades did add another 83% to profits.
iShares MSCI Emerging Markets ex China ETF (EMXC): Emerging Markets Index/ In pension portfolio for 12.1% profit since September 2024 - a pre-tariffs win. Income trades added 37% to profits - a bit low with poor liquidity in options market making it not every month able to get a trade.
Range Nuclear Renaissance ETF (NUKZ): Nuclear Power. In pension portfolio for 22.3% blended profit since June/September 2025 - remain exposed with one tranche just above the sell price. Income trades added another 25% to profits - also a poor liquidity options market.
Invesco Solar ETF (TAN): Solar Power. In pension portfolio for 22.5% blended loss since January/August/September/December 2023/August 2024 - not one single profitable tranche - did income work? Overall other trades since the first stock tranches here recovered 139% of the capital loss. Been a rough journey nevertheless
Expiring Options
A number of sold puts that are part of call spread risk reversals expired. This means that the associated call spreads which have longer dated expiries are now free trades. Showing the relevant strike and the Friday close (Oct 17)
- ASP Isotopes Inc. (ASPI): Nuclear Technology. 7 strike vs $10.01 close
- CleanSpark, Inc. (CLSK): Bitcoin Mining. 12.5 strike vs $19.52 close
- enCore Energy Corp. (EU): Uranium. 1.5 strike vs $3.25 close
- Uranium Royalty Corp. (UROY): Uranium. 1.5 strike vs $4.05 close
- Energy Fuels Inc. (UUUU): Uranium. 4 strike vs $21.06 close
A list of tickers with sold puts expiring - will sell some more puts on all of these: LTBR, QS, SSRM, B, TAN, TLRY
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
Coronado Global Resources (CRN.AX): Coal Mining. 2nd time entering the stock. With Trump highlighting the climate scam, Virginia coal field properties become potentially more interesting to add to strong Bowen Basin properties shipping coal to Japan.
Chart shows the first cycle entries on the way up - this time it is a more classic recovery play.
Peninsula Energy Limited (PEN.AX): Uranium. Took up a portion when the signal arrived - despite holding in several other portfolios - following the strategy of favouring beaten up stocks.
Top Ups
Broken Hill Mines (BHM.AX): Copper Mining. Was prompted by a tweet about the silver ratios in some miners - and highlighting this stock. Signal came up - scaled into holding even through there was a purchase made less than a month back.
Sold
Iluka Resources (ILU.AX): Rare Earths. Sold at 52 week high target for 31.1% blended profit since February/April 2024/July 2025. This will become an example of one that got away given the rare earths explosion - but the trading strategy is in place
Global X Uranium ETF AUD (ATOM.AX): Uranium. Sold a parcel to make way for uranium purchase above. Locks in 140.6% blended profit from two autoinvest tranches from April/May 2025
On gold/silver stocks have decided to widen the exit percentage - more next week.
Hedging Trades
Northern Dynasty Minerals (NAK): Gold Mining. Closed out part of holding in personal portfolio at 52 week and all time high locking in 51.9% blended profit since July 2020. 49.6% blended profit since July 2020 in managed portfolio. Still have holdings at a lower entry price in both portfolios. The initial purchase was made in the middle of a 9 month absence writing the posts - first post after was @carrinm/tib-today-i-bought-and-sold-an-investors-journal-516-telecom-poland-thailand-reit-s-marijuana-solar-cybersecurity-uranium-oil
Haranga Resources (HAR.AX): Gold Mining. Next Investors idea following a placement that enables Haranga to continue development of its California projects.
Added a small parcel in personal portfolio. Had previously ignored that idea as the initial property is for gold mining in Senegal. West Africa resource investing has not been a happy hunting ground - the African way gets in the way.
Mithril Silver and Gold (MTH.AX): Silver Mining. Closed out portion of holdings in personal portfolio to lock in profits of 250% since June 2024 - Next Investors idea. Will exercise options received from a placement to replace this holding at 57% discount to A$0.70 trade price (Oct 16).
Stroud Resources (SDR.V): Silver Mining. Closed out portion of holding in pension portfolio at 52 week high. Locks in 43.1% blended profit on FIFO basis since May/August 2021/January 2022/March/August 2023/March 2024. Frist three tranches were losers. Initial entry based on Next Rush idea to add a few Canadian silver miners - no science - just added what was available.
Vanguard FTSE Europe ETF (VGK): Europe Index. Assigned on covered call in pension portfolio for 6.7% profit since June 2025. Long position arose from a hedging trade. Instinct is telling me to do more hedging trades.
Cryptocurrency
Bitcoin (BTCAUD): Have a plan to buy A$20 a month for each of my granddaughters, Scarlett and Violette. To date this has been a simple process of allocating Bitcoin I already own - just calculate a price and rate each month. After the big sell-off last Friday (Oct 13) put in place steps to buy the next 12 months worth - too bad my bank put a 24 hour delay on the funds transfer - that cost me a fair bit of the recovery potential.
Income Trades
Covered Calls
60 covered calls went to expiry with 14 assignments. UK 7 (2) Europe 8 (3) US 42 (9) Canada 3
Naked Puts
49 naked puts went to expiry with 5 assigned (UK 1 Europe 4 US 40 (2) Canada 4 (3))
Sold puts on stocks happy to own at lower prices:
- Commerzbank AG (CBK.DE): German Bank Return 3.6% Coverage 3.1%
Sold puts on stocks likely to be assigned on covered calls:
- Cameco Corporation (CCJ): Uranium. Return 5% Coverage 1.6%
Kicked the can down the road on sold puts that could be assigned:
- ING Groep N.V. (INGA.AS): Dutch Bank. Loss on buy back 126% 26.5% cash positive. Down a strike.
- Deutsche Bank AG (DBK.DE): German Bank. Loss on buy back 135% 106% cash positive. Down a strike.
- Crédit Agricole S.A. (ACA.PA): French Bank. Loss on buy back 44% 169% cash positive
- Fiverr International Ltd. (FVRR): Internet Services. Loss on buy back 522% 83% cash positive
Each time one of these gets kicked down the road the return steps up a bit thanks to delta. The art is only doing it on stocks that are likely to move up or sideways. Dump the lead stones.
Credit Spreads
BWX Technologies (BWXT): Nuclear Technology. ROI 59.5% Coverage 3.9% - a bit lower ROI in managed portfolio. New credit spread based on NuclearPro idea - do not want to miss the chance to ride nuclear technology moves. NuclearPro includes a new ETF idea to out perform the main nuclear ETF's. Am till studying how to take part given the extensive nuclear holdings already. Thinking will be to trim down some holdings and use profits to construct an ETF - maybe construct an options play portfolio.
GE Vernova GEV): Alternate Energy. 627.5/615 credit spread traded TTB in managed portfolio. Got my eye off the ball on this one
Credit spreads in pension portfolio on NLR, PLTR, ESTC, GOOGL all expired with an overall ROI of 25% - not bad for one month's work
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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Investing: Interactive Brokers provides comprehensive global markets coverage with very competitive commissions. Open an account to earn up to USD 1,000 in IBKR stock. https://mclnks.com/ibkr
Crypto Trading: Binance offers a wide range of coins to trade, tight spreads and low fees if you use BNB to pay https://mymark.mx/Binance
Kucoin offers a wider range of altcoins than many of the other exchanges. I do like to diversify my holdings in case an exchange gets knocked over. Grab 15% discount on your trades when you open an account on this link https://mclnks.com/kucoin15
Gate.io offers a solid range of coins many of which have been delisted elsewhere. Have chosen to share the commission rebates. 40% is the rate - split 30% for me and you get to keep 10% for any people you invite. https://mclnks.com/gateio
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October 13-17, 2025