– A bullish bet on the Uranium industry with multi-bagger upside from GLO’s uranium mine in Niger.
– Detailed thesis of why the uranium market will be in sustained deficit over the next decade and why uranium prices are expected to reach $100/lb.
– GLO mine will begin production in 2024 and has >250m of U3O8 and 50-year mine life.
– Limited geopolitical risks as Niger is a top-tier jurisdiction for uranium producers.
– Management owns 15% of the company.
– At $70/lb uranium price Phase 1 of the mine would deliver $1.7bn in cumulative and $225m peak cashflow in 2028, this compares to the current EV of $370m.
– Phase 1 is only 20% of total resources, and the project is 5x larger.
Exp. gain: Potential multi-bagger.
Full $GLO.TO write-up (free guest account required):