The Sprott Physical Uranium Trust’s (TSX: U.U for USD; U.UN for CAD) holdings now total about 68.6 million lb. of uranium after it bought 50,000 lb. of the energy metal this week in another bet on the resurgence of nuclear energy.
That buy brings its total third quarter purchases to 1.2 million lb. of uranium oxide (U3O8), its highest level since last year’s second quarter, BMO Capital Markets analysts Helen Amos and George Heppel said in a note on Thursday. Its holdings amount to a market value of about $5.12 billion, according to Sprott.
The increasing holdings of the Toronto-based trust come as the spot uranium price continues to rise, gaining about 18% to $74.70 per lb. U3O8 from its slump of $63.45 per lb. U3O8 in March.
With uranium demand poised to rise, driven by reactor life extensions, new builds, and energy-hungry data centres, Sprott’s move underscores uranium’s growing role in the…
