Sprott Inc.

The point I'm making is when you have 400 uranium companies ostensibly claiming that they're going to, how many of them are going to be legit? So I've tried to tell people it's very volatile, these stocks.

And so if you buy one of these funds, Yellow Cake or Sprott, and when it's a negative net asset value, and then if you get a big sell-off in the sector, which happens about every year to 18 months, if you really want to maybe buy Cameco, it's always, yeah, it's relative to its historical price.

That's the best you can do.

Sure.

And I think that's why we're seeing all this interest right now.

So let's look at the Sprott Physical Uranium Trust or SPUD.

Take us through the year.

Q1 was very busy, very active.

It was a very quiet period for us.

And then investors kind of looked at the opportunity, they looked past the noise and they saw a very attractive Uranium pricing.

And I can tell you that over the last five quarters, we have raised more capital in the Sprott Physical Uranium Trust than at any point in its five-year history.

And that, to me, says a lot about the direction of travel for uranium prices, investors' view on the sector.

Our season premiere has already hit the ground running.

We've broken records with our Rick Rule episode, and I know that you all are gonna enjoy today's conversation with JF Tardif, who, by the way, is also ex-Sprott.

So we're having a little bit of a Sprott week.

Um, and many people know JF for his idiosyncratic sort of small cap ideas.

He does skew, uh, mining as well, but he brought us a lot of interesting non-mining ideas.

Thank you for having me.

Well, you were, uh, very successful in your pro picks last year, so you're back by popular demand.

And this week, um, it's kind of a Sprott week 'cause we just had Rick Rule on the podcast.

having access to cash to access securities markets without having to sell my gold or silver is convenient for me.

Interestingly, because as an example, I'm the largest shareholder of Sprott, a large financial services concern, which is built around gold or silver.

A financial planner would tell me that I didn't need to own any gold, that my life was already leveraged to gold.

But again, owning physical gold makes me sleep better.

You came on.

You talked about Sprott.

You've done well on Sprott.

It's up 65% since then.

Do you continue to like it? I mean, it's a real, it's a financial play on the commodity story there.

AUM has exploded as commodities have moved higher.

It should be noted I'm a former employee of Sprott.

I'm no longer an officer, director, or an employee.

First of all, maybe I would start off with our current shareholder base.

We have some institutions led by Sprott and Orion, but we've got...

Sprott or Eric Sprott?

Sprott.

Okay.

John Hathaway.

And Tony, you and I did an interview when I was there at PDC.

Why don't you maybe sum it up for me? Last time you and I were talking, you were just open the Eric Sprott financing.

You've obviously closed it.

But what else have you done for shareholders in the meantime?

So versus last year, we're trading kind of a sideways, you know, between 50 and 70 cents, we found a new kind of floor, you know, in the one 20 to one 30 range.

So it's nice to have stability at that price and around $260 million market cap.

Closed the Eric Sprott financing.

We doubled the amount of money that we have in the bank, so approximately $55 million in the bank, plus receivables at the start of our expiration season.