Uranium soars as Sprott boosts at-the-market offer by $1bn, buys up physical supply

Uranium soars as Sprott boosts at-the-market offer by $1bn, buys up physical supply

Sprott Physical Uranium Trust has increased its equity offer to US$1.3 billion to continue its uranium buying spree. Sprott Physical Uranium Trust, the world’s largest fund holding actual uranium rather than futures contracts, is swiftly driving the commodity’s price upwards as it attempts to corner the market.

Investment firm Sprott Asset Management launched its Physical Uranium Trust earlier this year with the intention to buy and hold physical uranium ore. The trust listed on the Toronto Stock Exchange in July and as expected, spurred demand for physical uranium with the commodity’s price surging as a result.

Sprott’s website shows it has now accumulated more than 24 million pounds of uranium after a recent buying spree that has included purchasing more than 500,000lbs in a single day.

The fund then announced in a filing on Friday that it is increasing the amount available under its at-the-market equity program by US$1 billion (A$1.36 billion) […]

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