The market has been caught off-guard by NexGen’ acquisition of 2.7Mlbs of physical uranium using US$250M in convertible debentures as payment. We suspect the share price action will reverse if uranium market prices continue to climb. This purchase followed a recent ASX capital raise for A$250M. New spectrometer results have piqued the interest of the market. Positive assays, permitting advancement and further strength in the uranium spot market remain near term catalysts.
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