confluent reverter

For under $2B you can now buy: - White Mesa Mill - Pinyon Plain - Roca Honda - Sheep Mountain - Portfolio of smaller uranium projects - Vara Mada Project - All rare earths from the Donald Project - Bahia Project - 100% of Australian Strategic Materials - Lots and lots of intellectual property And if you pay over $3B, you’ll also get a 100+ years old magnet manufacturer That asset portfolio at its current stage also exposes you to: - Management risk - Funding risk - Market risk (ree, magnets, uranium, hms) - Construction risk - Timeline risk - Geopolitical risk - Logistical risk - US policy risk - Australia policy risk - Madagascar policy risk - South Korea policy risk - Brazil policy risk And all the other mining, and other kind of risks that are present in investing. I wrote my first Energy Fuels Substack-article over a year ago and got a lot of praise about explaining the complexities of the company. And that was before ASM & VAC or any upstream aspirations. As I write this, the company is even more complex, following the recent acquisitions. Because of the said complexity and pretty much a completely new business model being implemented (from a small domestic uranium producer into a global magnet manufacturing powerhouse), Energy Fuels is more or less a management play. It is not a Warren Buffett’s favourite kind of business, that even an idiot could run it without destroying shareholder value. Given my long journey with the company, you can definitely consider me biased when I say that I trust the management in this. I think the management have been able to create a lot of shareholder value by taking a longer term view and really utilizing White Mesa’s full potential. Apart from some ways to raise cash (In my opinion it is a wrong approach to use ATM to issue shares at lower prices when you could also sell your uranium inventory. I’m not happy about the decisions to hoard uranium and ’waiting higher prices’ and using that as an excuse to sell shares. IMO the priorities are wrong and the last thing you should always touch is your share capital. Sell the uranium inventory first. 10% rise in uranium price is not gonna make that much of a difference anyway. In normal market conditions the uranium price also have leveraged effect into the share price. I have voiced these concerns to the management fwiw). Other than that one concern, I’ve been pretty happy shareholder. It is a pity that the godfather of this long term strategy, Mark Chalmers, retired earlier this year, but him remaining as an advisor is definitely comforting. New CEO Ross Bhappu inherited a great and ambitious company with the brilliant long-time employees like Curtis Moore and Dan Kapostasy climbing up the ranks and taking more and more responsibility. People come and go, but I think that the foundation and company culture of Energy Fuels is still in place, despite Ross took the reigns from Mark. I wanted to write some quick thoughts about Energy Fuels since the share price has corrected hard and been in the toilet for a while. In my opinion the big picture has not changed. The possibilities are still there, but so are the risks. There is no doubt about the quality of the assets, but bringing them into life and get them to generate profits for the shareholders is a different question. Question about management abilities, imo.