17 chemical elements

Strategic metal age

Scarcity as a political factor

Lynas Rare Earths

Iluka Resources

Arafura Rare Earths

MP Materials

Energy Fuels and others

Solactive Rare Earths Index

Link: https://shorturl.at/KPyWG

$LYC (-3,74 %)
$ILU (-2,79 %)
$ARU (-1,59 %)
$MP (+0 %)
$UUUU (+8,7 %) $

Dear Community,

Where the hunger for energy is being met by nuclear power and the new generation of Small Modular Reactors (SMRs), a massive growth market for downstream services is inevitably emerging.

This applies above all to nuclear waste disposal, the professional dismantling of old plants and the recycling of fuels and water.

Since there is currently no pure "nuclear waste ETF" (at least that I am aware of), we investors must focus on specialized individual stocks that are global leaders in the disposal of uranium and contaminated components (including water).

1. the operational heavyweights for dismantling and disposal

• Veolia ($VIE (+1,11 %)
  ): Although Veolia is primarily perceived as a global environmental services provider, it also operates a nuclear power plant with Veolia Nuclear Solutions a highly specialized division. As the global market leader in robot-assisted cleaning and the dismantling of highly radioactive sites (such as Fukushima), they are indispensable. They offer technologies for the vitrification of waste ("vitrification", the transformation of liquid or solid nuclear waste into a solid glass body) and for water treatment in contaminated areas. Veolia thus bridges the gap to the traditional water business and covers two key areas in its portfolio at the same time.

• Fortum ($FORTUM (-1,66 %)
  ): The Finnish energy group is a hidden champion of nuclear aftercare. In addition to operating power plants, Fortum offers specialized services for the purification of radioactive liquids (NUKEM technology) and final disposal. They are a key player in European waste management standards.

• Jacobs Solutions ($J (-1,86 %)
  ): The US engineering services giant manages major government nuclear sites such as Sellafield (UK) and Hanford (USA). Its focus is on program management for the long-term storage of fuel elements. The SMR connection is particularly exciting: Jacobs is already advising numerous developers on planning the entire life cycle, including disposal.

• Perma-Fix Environmental Services ($PESI (+1,37 %)
  ): Perma-Fix is regarded as one of the few genuine "pure plays". The company operates its own facilities for the treatment of nuclear and mixed waste. Its core competence lies in massively reducing the volume of nuclear waste before it is transferred to a final repository.

2 The fuel cycle: Cameco and Westinghouse

Cameco ($CCO (+0,95 %)
) is primarily known as a uranium producer, but together with Brookfield Asset Management holds a majority stake in Westinghouse Electric Corporation (electrical engineering). The company thus covers the entire cycle:

• Operations: Cameco produces uranium concentrate (yellowcake), while Westinghouse supplies the reactor technology and maintenance.

• Disposal expertise: Through Westinghouse, Cameco covers the lucrative "back end". This includes the decontamination of process water as well as the conditioning and volume reduction of of radioactive waste.

• Dismantling service: As a technological market leader, the team offers solutions for the dismantling (D&D) of old plants, using specialized filter systems to clean contaminated liquids.

• Market model: Sales are stable through long-term supply contracts. The service division makes the company less dependent on fluctuations in the uranium price, as maintenance and waste treatment are permanent tasks required by law.

Energy Fuels ($UUUU (+8,7 %)
): This company occupies a strategic niche. In its White Mesa Mill they recover uranium from residual materials and waste from other industries. This positions Energy Fuels as a pioneer in "uranium recycling", which reduces dependence on primary extraction and makes waste streams economically viable.

3. specialty materials and water technology

In the nuclear industry, water is not only a coolant, but often also a transport medium for contaminants. This is where the technology leaders come into play:

• Xylem Inc. ($XYL (+1,23 %)
  ): As a pure water technology company, Xylem supplies the heavy-duty pumping and filtration systems that are essential for the cooling circuits of modern reactors and subsequent wastewater treatment.

• Danaher Corporation ($DHR (-0,06 %)
  ): Via the divested environmental division Veralto Danaher offers high-precision analytical instruments for monitoring water quality - a critical component for detecting leaks and contamination in real time.

• Umicore ($UMI (+0,04 %)
  ): The materials technology group is pursuing a "closed-loop" model. In the long term, its expertise in recovering metals from complex industrial waste could play a role in the recycling of power plant components.

The new generation of reactors: SMR specialists in detail

When it comes to direct energy supply for the AI sector, two companies are in the spotlight:

• NuScale Power ($SMR
  ): The conservative pioneer relies on proven light water reactor technology (VOYGR™). As NuScale traditionally relies on water, the need for water technology (pumps, filters from suppliers such as Xylem) is extremely high. This makes NuScale an ideal partner for traditional infrastructure investors.

• Oklo Inc.$OKLO
  ): The radical innovator (supported by Sam Altman) develops "fast reactors". The key feature: these can be fueled with recycled nuclear waste (HALEU). Oklo transforms a disposal problem directly into an energy source and thus addresses the waste problem at its root.

Strategic conclusion

If you want to bridge the gap between water cooling and waste disposal, you will find in Veolia the most stable connection.

Jacobs Solutions and Perma-Fix are the most direct options for physical dismantling.

Energy Fuels offers an exciting bet on the recycling of uranium residues, while Xylem and Danaher provide the indispensable technological basis for water management in a nuclear renaissance.

However, the decisive strategic winner of the current nuclear renaissance could be the team of Cameco & Westinghouse ($CCO) (+0,95 %) could be:

By merging uranium mining and reactor technology, they have created a vertically integrated business model. They not only profit from the sale of the fuel, but also control the entire downstream value chain via Westinghouse - from the purification of the process water to the final storage preparation.

As a result, Cameco has risen from a pure mining player to an indispensable infrastructure partner for the energy and AI economy.

In addition, the 80 billion dollar agreement with the US government agreed at the end of 2025 is likely to have cemented Cameco's long-term market leadership in the West (https://de.marketscreener.com/boerse-nachrichten/westinghouse-electric-cameco-und-brookfield-starten-80-milliarden-dollar-offensive-fuer-atomkraft-in-ce7d5ddcd88cf127).

Risk analysis

The nuclear renaissance is more real today than it was ten years ago, but as investors we need to look at two sides of the coin:

Opportunities through regulatory certainty: Waste disposal and dismantling are not "optional services", but permanent tasks prescribed by law. Financing is often already secured by existing provisions of the groups, which makes the service providers (Veolia, Jacobs, Perma-Fix) crisis-resistant.

Risks: Political risks remain. A change of government can delay approval processes for final storage facilities. In addition, the sector is highly emotional; ESG ratings often (still?!) determine how much capital actually flows into the shares.

Could water and waste management technology end up being the safer investment than the actual SMR builders, because it makes money from every technological outcome? How do you see the risk/reward ratio?

Best regards and thank you very much for the positive response and all the feedback on my previous and very first post ✌🏼

Anderlé

For me $UUUU (+8,7 %) a value with a lot of potential in the rare earths and uranium sector.

The company Energy Fuels Inc. (NYSE:UUUU) (TSX:EFR) announced on Tuesday that it has reached an agreement to acquire Australian Strategic Materials Limited (ASX:ASM) to acquire UUUU. The transaction, valued at $299 million, aims to create what the company claims will be the largest, fully integrated rare earths producer outside of China. ASM brings strong financial performance to the transaction, with revenue growth of 58% over the last twelve months and a "VERY GOOD" overall financial health rating according to data from InvestingPro.

Under the terms of the agreement, ASM shareholders will receive 0.053 shares of Energy Fuels or CHESS Depository Interests and a non-tax advantaged special dividend of up to A$0.13 per share. This represents a total implied value of A$1.60 per ASM share. The acquisition comes at a time when ASM shares have delivered a remarkable 540% return over the past year and are currently trading close to their 52-week high of $7.09.

The acquisition will combine Energy Fuels' rare earth oxide production capacity at the White Mesa Mill in Utah with ASM's Korean metals plant. This plant currently produces rare earth metals and alloys, including neodymium-praseodymium, dysprosium and terbium metals.

The transaction also includes ASM's planned US metals plant and the Dubbo rare earths project in New South Wales, Australia. This expands Energy Fuels' development portfolio, which already includes projects in Australia, Madagascar and Brazil.

Mark S. Chalmers, CEO of Energy Fuels, stated that the acquisition will allow the company to "offer an expanded range of rare earth products" by combining US production of rare earth oxides with downstream metals and alloys production capacity.

ASM's Board of Directors has unanimously recommended that shareholders vote in favor of the transaction. This includes the Company's largest shareholder, Non-Executive Chairman Ian Gandel, who holds approximately 13.6% of ASM's issued shares.

The transaction is subject to the approval of ASM shareholders, the Federal Court of Australia and the Australian Foreign Investment Review Board. Completion is expected by the end of June 2026.

According to the press release, Energy Fuels is being advised by Goldman Sachs & Co. LLC, while ASM is being advised by MA Moelis Australia and Moelis & Company LLC.

Hello my dears,

I have now also realized that there is a lot of potential for the future in uranium energy and that there are some opportunities in the field of SMR mini-reactors. Since I want to invest more broadly in the field of uranium and do not want to and cannot deal with countless shares and areas of uranium, you are in demand.

Do you see more potential in the pure uranium mining or producer sector or would you diversify?

I have picked out several ETFs that I can trade on TR (please no hate for the platform😅).

My goal will be to invest 10k in the sector over the year, which is about 7% of my portfolio as of today.

I would also have the funds to invest in one go, but I sleep better if I spread it out over the next few months, or do you see so much potential in 2026 that you would invest it directly yourself?

Here is the selection of ETFs:

1. VanEck Uranium and Nuclear Technologies UCITS ETF

➡️ Broad thematically in the uranium/nuclear energy sector

👉 Mix of uranium producers, nuclear technology and energy/component companies → More diversification across sub-sectors

2nd Global X Uranium UCITS ETF

➡️ Commodity/producer-centric

👉 Strong focus on uranium mining, exploration and supporting components → More concentrated on commodity/producer sector

3rd HANetf Sprott Uranium Miners UCITS ETF

➡️ Very specialized in uranium miners

👉 Sector segment with a focus on mining and exploration companies → High concentration risk in one sector

4 WisdomTree Uranium and Nuclear Energy UCITS ETF

➡️ Broad across the nuclear energy ecosystem

👉 Includes mining, utilities, suppliers and technology → Broad diversification across different industries in the nuclear sector

$OKLO$CCO (+0,95 %)
$UUUU (+8,7 %)
$3842
$UEC (+4,4 %)
$NXE (+1,55 %)
$BWXT (+1,25 %)
$CEG
$LEU (+8,54 %)

@Multibagger
@Tenbagger2024
@Epi

What do you, and of course the others, think? Will Japan spit in the "price soup" tomorrow and shave a few stocks (further)?

I actually still have a few arrows in my quiver to compensate for losses. I like to invest for the long term and yes, I know timing is not possible (it's not the primary goal), but today, for example, I don't think it makes sense to add right away.

Think above all of $IREN (+2,45 %) possibly also $BITF (+4,97 %)
$SBET (-3,31 %) but would also like to increase my positions in $UUUU (+8,7 %) , $MP (+0 %) and also $BNTX (-1,31 %) to increase them. For a new title that was recently presented by dear @TenBagger I will perhaps also decide on a new title once I have read through it at my leisure.

The end of the year is actually bad for good decisions :)

I'm also toying with the idea of increasing the @Epi 3xGTAA.

Best regards

Your Migu

$UUUU (+8,7 %) reported for Q3 25 EPS of -$0.07 (Est. -$0.05) ❌

Revenue on the other hand increased by +337.3% YoY ($17.71M) and beat expectations by $7.92M ✅

Guidance 2026:

$UUUU (+8,7 %) Expects to sell approximately 620,000 to 880,000 pounds of Uranium Oxide U3O8 under its long-term contracts in 2026. It also reserves the right to sell additional uranium on the spot market if deemed appropriate.

Energy Fuels expects the uranium price to level off in Q4-25 and FY-26 and not increase further.

Highlights:

• Robust Balance Sheet with Nearly $300 million of Liquidity
• Completion of Upsized $700 Million Convertible Senior Notes Offering Post-Quarter
• Over $15 Million of Additional Liquidity from Market Value of Finished Inventory
• Reduced Net Loss of $16.7 Million Compared to Q2 2025
• Well-Stocked to Capture Market Opportunities and to Meet Long-term Contract Obligations

The long-term uranium price continues to creep slowly upwards, was also briefly reached by the spot price, but this has bounced off and is heading downwards for the time being.

At the moment it looks as if companies in the commodity/uranium sector are suffering somewhat due to weaker prospects and the selling off of strong profits.

$BWXT (+1,25 %) Despite strong figures and a good outlook, the US dollar has also lost ground.

Tomorrow is $CCO (+0,95 %) to present its earnings tomorrow, I am very excited 👀

If we also see a stronger decline in the share price here for the time being, buying opportunities could emerge again in the entire sector.

$NXE (+1,55 %) just under -7% (at close)

$UEC (+4,4 %) just under -8% (at close)

etc...

What is your current view on the uranium sector? @Multibagger Do you see any potential to add here, as you are deeply involved in the commodities market and the company mentioned?