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Episode Description
We're joined by Mike Alkin of Sachem Cove to break down where we are in the uranium cycle, why his supply-driven thesis evolved, and what he thinks of the SMR and data centre hype.He digs into the broken price reporting that distorts the market, Kazakhstan's value-over-volume shift, the East-West bifurcation of supply, and how to think about a world-class asset like NexGen's Rook I in the trickiest part of the cycle.Plus, his contrarian plays in offshore drillers.• Why uranium’s supply shortage was structurally predetermined• How broken price reporting distorts the entire uranium market• Kazakhstan, the East-West split, and the return of supply discipline• Valuing NexGen’s Arrow deposit through the Lassonde Curve• Contrarian opportunities in offshore drillers and uranium equities
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TIMESTAMPS
(0:00) Uranium Market Catch-Up
(7:10) Kazakh Supply Myth
(15:50) East vs West Uranium Split
(31:00) RFPs and Broken Pricing
(38:20) Broken Price Discovery
(45:10) Valuing NexGen Arrow
(53:00) Strategic Buyers and M&A
(1:04:30) Offshore Drillers Thesis
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