A rebound week felt the right time to go bottom fishing on uranium and nuclear stocks with stock and options trades.
Portfolio News
In a week where S&P 500 rose 3.43% and Europe rose 4.75%, my pension portfolio rose a more modest 2.96%. After the horror week last week this feels like a win.
Big movers of the week were Cauldron Energy (CXU.AX) (79.2%), Grand Gulf Energy (GGE.AX) (50%), American Uranium (AMU.AX) (38.1%), Sigma Lithium Corporation (SGML) (37.4%), Atomic Eagle (AEU.AX) (29.3%), Jaguar Uranium Corp (JAGU) (28.7%), Western Uranium & Vanadium Corp (WUC.CN) (25%), Black Bear Minerals (BKB.AX) (22.7%), Curaleaf Holdings (CURA.TO) (21.3%), Arizona Eagle Mining Corp (AZEM.V) (21%), Northern Star Resources (NST.AX) (18.1%), Seabridge Gold (SEA.TO) (16.9%), DevEx Resources (DEV.AX) (16.7%), Iondrive (ION.AX) (16.7%), Northern Dynasty Minerals (NAK) (16.4%), Equinox Gold Corp (EQX) (16%), Frontier Nuclear and Minerals (FNUC) (15.3%), RocketBoots (ROC.AX) (15%), Strike Energy (STX.AX) (15%), Premier American Uranium (PUR.V) (14%), Canopy Growth Corporation (WEED.TO) (13.8%), Rush Rare Metals Corp (RSH.CN) (13.6%), Power Solutions International (PSIX) (13.3%), F3 Uranium Corp (FUU.V) (13.3%), NICO Resources (NC1.AX) (12.5%), Hercules Metals Corp (BIG.V) (12.1%), Stamper Oil & Gas Corp (STMP.V) (12%), FMC Corporation (FMC) (12.6%), Zinc of Ireland (ZMI.AX) (12.5%), Coeur Mining (CDE) (11.4%), Arafura Rare Earths (ARU.AX) (11.1%), Delivra Health Brands (DHB.V) (11.1%), Lotus Resources (LOT.AX) (11%), Skyharbour Resources (SYH.V) (11%), Andrada Mining (ATM.L) (10.7%), Aurelia Metals (AMI.AX) (10.6%), Carnarvon Energy (CVN.AX) (10.5%), Uranium Royalty Corp (UROY) (10.5%), AML3D (AL3.AX) (10.3%)
39 stocks make it to the big movers lists. More like it with the big themes well represented from the top - uranium (12 stocks), alternate energy (4 stocks), gold/silver mining (10 stocks), marijuana (3 stocks), rare earths (3 stocks). A few oil and gas shows and one coal miner.
US markets kept doing their bounce around on rumours about a ceasefire - up a day - down a day. At least the losing streak was broken.
Crypto Drifts
Bitcoin price pushed higher a few days then sagged finishing the week 3% higher than the open with a trough to peak range of 6%.
Ethereum price pushed higher testing through resistance, failed and then tried again finishing the week 3.5% higher than the open with a trough to peak range of 7.5%.
A lot of trouble in altcoin land with Chaos pulling out of AAVE and Solana hacks. Not all gloom - 54% pop in Algorand (ALGOBTC)
Nuclear Energy Holdings
A few additions and one sale as the market sentiment improved and a solid 7.5% improvement in valuations.
A few small changes in rankings with IsoEnergy Ltd. (ISO.TO) and Paladin Energy Ltd (PDN.AX) moving up a place each into slots 8 and 9. Key change is share of portfolios pops up 1.6 points to 31.6%
Holdings by Stage sees Physical drop 1.5 points with no additions there. Producing comes off a bit. Explorers up 0.7 points, ETF's up a point, Enrichment up 0.5 points and Technology up just short a point.
Alternate Energy Holdings
No changes in holdings and a tidy 9.3% increase in valuations
A few changes in the mix with JinkoSolar Holding Co (JKS) moving up a place into slot 1. Sigma Lithium Corporation (SGML) also moves up a place into slot 3. Westwater Resources, Inc. (WWR) and Invesco Solar ETF (TAN) change places in slots 5 and 6
Precious Metals Holdings
One addition through purchase and one through a reverse takeover with a nickel business and a solid 12.2% increase in valuations - the market is deciding on the war outcomes. Note opening balance changes with the reverse takeover by Arizona Eagle Mining Corp (AZEM.V) of Core Nickel Corp - converting a nickel stock to a gold stock
Mix of holdings has no changes other than adding one more stock to others. Share of portfolios rises to 13.7%
Bought
Robin Energy (RBNE): Oil Shipping. Swiss Transparent Portfolio idea to capitalise on a buyback at $3 - buy at $2.60 locks in potential gain of 15% for doing nothing. The art is to buy an odd lot under 100 shares. Did that in two portfolios. Of course now the entry level is lower. Deadline date is April 23.
Saw the uranium and silver markets turn and added a few positions across the portfolios
Jaguar Uranium Corp (JAGU): Uranium. In personal portfolio to average down entry price - nicely surprised to see a jump over 50% same day.
Neo Energy Metals (NEO.L): Uranium. In personal portfolio - two tranches on successive days - follows operational update on progress on Beisa site
so that certain preparatory works can commence while the Section 11 approval process is being implemented.
Provided regulatory approvals are forthcoming for the transfer from Sibanye-Stillwater (0A56.L) this is a promising uranium project with solid gold credits. See TIBxxx
Myriad Uranium Corp (M.CN): Uranium. In managed portfolio and personal portfolio. A John Polomny pick
F4 Uranium Corp (FFU.V): Uranium. In managed portfolio - scaling in. The day for explorers is coming
NuScale Power Corporation (SMR): Nuclear Technology. New positions in managed portfolio and personal portfolio. Beginning to feel the bottom is in though nothing showing that on the charts.
Energy Fuels (UUUU): Uranium. In personal portfolio. Do have a few options trades open but not holding any stock.
Sprott Uranium Miners ETF (URNM): Uranium. In managed portfolio. Scaling in
ASP Isotopes (ASPI): Nuclear Technology. In personal portfolio - new position. Wrote covered call for 3.3% premium with 21.9% price coverage.
enCore Energy Corp (EU): Uranium. In personal portfolio
Lightbridge Corporation (LTBR): Nuclear Technology. In personal portfolio
One chart comparting all these additions to the Global X Uranium ETF (URA - the bars). Only two of the stocks have outperformed the ETF since the April 2025 lows - all the rest are lagging. The biggest laggards are the nuclear SMR technology and fuel stocks. One producer and one explorer in those lows too - but all ahead of the zero line.
Ivanhoe Mines (IVN.TO): Base Metals. Scaled into holding in personal portfolio to average down a little. Wrote covered call for 2% premium with 23.7% price coverage - amazing implied volatility for 2 weeks exposure. John Polomny idea from the week before
Cactus, Inc (WHD): Oil Services. Scaled into holding in personal portfolio.
I wrote last week that uranium and nuclear charts were looking ripe for a few longer term options trades. Put on a few in two portfolios that have margin spare to carry the sold put exposure.
NexGen Energy (NXE): Uranium. With price closing at $11.60 (Apr 1) put in place a November expiry 12/17/10 call spread risk reversal in managed portfolio. This offers maximum profit potential of 285% for 46% price move. The sold put (10) fully funds the call spread premium with 13.8% price coverage.
The chart shows this a bit of a blue sky trade which needs an Elliot Wave formation to complete by expiry. The key is the sold put (10) level looks pretty solid as it is around the last higher low.
In personal portfolio, went for January 2028 12/25 call spread funded by a November 10 strike ratio sold put.
This is the real blue sky trade with a lot of time to run - maybe by January 2028, the mine approvals will be in place and the window to production totally clear. What is becoming clear in the supply deficit analysis is Arrow is going to be a key plank in meeting supply from 2030 onwards. Again note the sold put level is the same (10)
NuScale Power Corporation (SMR): Nuclear Technology. With price closing at $10.26 (Apr 1) put in place a November expiry 10/15/8 call spread risk reversal. This offers maximum profit potential of 285% for 46% price move. The sold put (8) fully funds the call spread premium with 22% price coverage - coincidental numbers. In personal portfolio, went for January 2027 10/20 call spread funded by an August 8 strike ratio sold put.
Chart is a little complicated as it has both trades showing. The first one has blue and red rays for the call spread. The longer one has light blue and pink rays for the call spread. The short term trade needs just one blue arrow price scenario to run through. The longer term trade needs two. Given the history on the left in late 2025, somehow this is not going to be an issue provided the company can actually show big progress to deliver a reactor. There is a lot of hype on this business.
Oklo Inc (OKLO): Nuclear Technology. With price closing at $48.07 (Apr 1) put in place a January 2027 expiry 55/90/37 call spread risk reversal. This offers maximum profit potential of 392% for 87% price move. The sold put (37) fully funds the call spread premium with 23% price coverage
The chart has two trades on it. The Bought Call 90 has a few weeks to run. It is a free trade that was funded by a now expired sold put The new trade is looking for the 1-2-3 part of an Elliot Wave run (12345) to win. The older trade could do with a full 1-2-3-4-5. The key is the sold put (37) is well below price action and is below the low that was the 2 in the Elliot Wave seen in 2025.
Sprott Junior Uranium Miners ETF (URNJ): Uranium. With price closing at $29.87 (Apr 1) put in place a September expiry 31/40/25 call spread risk reversal. This offers maximum profit potential of 228% for 34% price move. The sold put (25) fully funds the call spread premium with 16% price coverage.
This is a simple trade idea - look for price to make another cycle higher when markets settle down - with enough time for settling down. Sold call level is around the previous highs and the sold put (25) is below recent price action. Would not be unhappy buying more stock at that level.
Also put in place an April expiry 30/28 ratio risk reversal - with a 34 strike sold call written as a covered call this effectively becomes a 30/34/28 call spread risk reversal leaving a naked 28 strike sold put. This offers maximum profit potential of 300% for 13.8% price move. The ratio sold put (28) fully funds the call spread premium with 6% price coverage - OK for two weeks exposure.
Energy Fuels Inc (UUUU): Uranium. With price closing at $18.25 (Mar 31) put in place a January 2027 expiry 20/32/15 call spread risk reversal. This offers maximum profit potential of 341% for 75% price move. The sold put (15) fully funds the call spread premium with 18% price coverage.
The chart is a little crowded as it is also showing some older trades. The new trade is highlighted by the big pink arrows. This is a bit of a blue sky trade as the sold call (32) is above the recent highs (touched twice). So it is going to need two pink arrow price scenarios to flow through (or something bigger). Quite frankly this looks like a coiled spring. The sold put (15) level is a bit uncomfortable as there are higher lows below it.
Sold
Cue Energy Resources (CUE.AX): Oil and Gas. Company is subject to a takeover offer - time to take the capital and deploy elsewhere.
We are an oil and gas production and exploration company with a diversified mix of gas and oil production assets in Australia, Indonesia and New Zealand.
Locks in 11.5% profit since October 2013 - not exactly shooting the lights out. Dividend yield at 5.00%.
Chart shows there was an opportunity to exit with a higher profit in late 2020 but mostly the holding has been under water (a bit like their oil)
Arizona Eagle Mining Corp (AZEM.V): Gold Mining. Sold fractional share after split and reverse take over of Core Nickel Co with 40% profit since November 2023. Company is now operating as a gold explorer in Arizona
This transaction delivers outstanding value to Core Nickel shareholders by providing ownership in a high-quality gold exploration company with substantial potential, while preserving exposure to our nickel assets in Manitoba.
Atomic Eagle Limited (AEU.AX): Uranium. Closed out portion of holding in pension portfolio to release capital for 81.8% profit since Goviex merger completion date in November 2025. Company operates Muntanga project in Zambia.
ASX Portfolio
The segment reports trading in ASX fractional share portfolio. Exits are made at 35% profit or 25% if 52 week high is lower than 35% advance.
Sold
Yancoal Australia (YAL.AX): Coal Mining. Closed above 52 week high target for 52.8% blended profit since June 2025/January 2026.
Chart shows this is 2nd time exiting the stock with an entry after testing support and then scaling in again. Just goes to show coal is not dead.
Income Trades
Covered Calls
31 covered calls written across 3 portfolios (UK 3 Europe 4 US 19 Canada 5)
UBS ETRACS Crude Oil Shares Covered Call ETN (SLVO): Silver. Added another small parcel on the pull back in silver stocks. Yield 30.96%
Naked Puts
Sold puts happy to own at lower prices
- Coeur Mining (CDE): Silver Mining. Return 4.7% Coverage 19% - May expiry
- Denison Mines Corp (DNN): Uranium. Return 3.3% Coverage 12%
- Centrus Energy Corp (LEU): Nuclear Technology. Return 4.8% Coverage 3%
- Lightbridge Corporation (LTBR): Nuclear Technology. Return 6.5% Coverage 7%
- VanEck Uranium and Nuclear ETF (NLR): Nuclear Power. Return 5.7% Coverage 0.2% - May expiry
- Oklo (OKLO): Nuclear Technology. Return 8.1% Coverage 2.2%
- Sprott Junior Uranium Miners ETF (URNJ): Uranium. Return 3.3% Coverage 10.4%
- The Mosaic Company (MOS): Fertilizer. Return 1.5% Coverage 12.3%
- Norwegian Cruise Line Holdings Ltd. (NCLH): Cruising. Return 3% Coverage 6.2%
- Tilray Brands (TLRY): Marijuana. Return 2.9% Coverage 10.4%
- Deutsche Bank AG (DBK.DE): German Bank. Return 1.35% Coverage 14.2%
- Lloyds Banking Group plc (LLOY.L): UK Bank. Return 3% Coverage 1.3%
- Glencore plc (GLEN.L): Base Metals. Return 0.55% Coverage 15.2%
- Barclays PLC (BARC.L): UK Bank. Return 2.4% Coverage 3.8%
Credit Spreads
No change
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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March 30 - April 3, 2026