Showing posts with label uranium. Show all posts

Tuesday, August 19, 2025

A small, retail investor can invest in the Nuclear industry! Here are the two companies we like!

Investment & Business Case:

Cameco (CCJ) & BWX Technologies (BWXT)

1. Executive Summary

The global pivot toward decarbonization, energy security, and electrification has re-ignited interest in nuclear power. Small Modular Reactors (SMRs) and advanced nuclear technologies are attracting government funding and corporate investment.

Cameco (CCJ) provides exposure to the uranium supply chain, underpinned by high-grade mines and its ownership in Westinghouse (eVinci SMR).
BWX Technologies (BWXT) provides exposure to advanced reactor technology and TRISO fuel production, with near-term demonstrations in defense and long-term civilian opportunities.

Together, CCJ and BWXT offer a balanced portfolio: secure resource leverage + leading-edge technology.

2. Market Drivers

Global Energy Security: Governments are doubling down on nuclear to secure reliable, non-fossil baseload power.
SMR Deployment Timelines: First units expected late 2020s–early 2030s; multi-billion-dollar addressable market.
Fuel Cycle Security: U.S. and allies are reducing dependence on Russian uranium and fuel services.
Decarbonization: Nuclear seen as essential to meet net-zero targets; SMRs add flexibility for industry, data centers, and remote sites.

3. Company Profiles

Cameco (CCJ, NYSE/TSE)

Core Business: One of the world’s largest uranium producers. Assets include McArthur River and Cigar Lake—two of the richest uranium mines globally.
Vertical Integration: 49% ownership of Westinghouse Electric, which:
- Develops the eVinci microreactor (SMR).
- Provides nuclear services and technology worldwide.
Strategic Strengths:
- Leverage to uranium spot prices.
- Western supplier at a time of geopolitical supply concerns.
- Optionality on SMR rollout via Westinghouse stake.
Growth Catalyst: Saskatchewan eVinci demo (~2029) + uranium demand surge.

BWX Technologies (BWXT, NYSE)

Core Business: Supplies nuclear components for the U.S. Navy (submarines and carriers) — long-term, recurring revenue.
Advanced Nuclear:
- Developing BANR (HTGR microreactor).
- Manufactures TRISO fuel at commercial scale (key enabler for advanced reactors).
- Building Project Pele microreactor for U.S. DoD, expected by 2028.
Diversification: Medical isotopes (cancer treatment, diagnostics).
Strategic Strengths:
- First-mover in TRISO fuel supply chain.
- Near-term government-backed demonstration projects.
- Stable cash flows from defense business underpin riskier R&D.

4. Financial Positioning (as of mid-2025)

Cameco (CCJ):
- Revenue ~$2.6B (FY2024).
- EBITDA margin: expanding with uranium prices.
- Balance sheet strengthened post-Westinghouse deal.
BWXT (BWXT):
- Revenue ~$2.5B (FY2024).
- High visibility of cash flows from Navy contracts.
- R&D spending in advanced reactors supported by government funding.

5. Growth Prospects

Cameco:
- Uranium demand CAGR ~3–4% through 2035.
- Westinghouse eVinci offers SMR optionality without significant capex burden on CCJ itself.
BWXT:
- First TRISO production in decades = monopoly-like positioning.
- Project Pele success = proof-of-concept, leading to military/industrial adoption.
- Expansion into isotopes = new healthcare revenue stream.

6. Risk Factors

Cameco: Uranium spot price volatility, operational risks in mining, and political risk in Canada/Kazakhstan supply chains.
BWXT: R&D execution risk on BANR/Project Pele, regulatory hurdles for civilian deployment, reliance on U.S. government contracts.

7. Investment Case & Portfolio Fit

Why Together?

Cameco = Resource + Scale
Provides leverage to uranium price cycle, plus Westinghouse stake = exposure to one of the leading Western reactor vendors.
BWXT = Technology + Fuel Supply
Provides exposure to cutting-edge TRISO fuel and advanced reactors with nearer-term demonstration milestones.

Complementarity

Cameco gives commodity upside + SMR optionality.
BWXT gives technology exposure + steady defense-backed income.

Time Horizon

Near term (3–5 years): BWXT benefits from Pele/DoD contracts and TRISO fuel production ramp-up.
Long term (5–15 years): Cameco benefits from uranium cycle + SMR adoption via Westinghouse eVinci.

8. Conclusion – The Case for a Dual Investment

Investing in Cameco + BWXT provides a synergistic play:

Cameco anchors the portfolio with uranium mining cash flows + SMR exposure via Westinghouse.
BWXT offers nearer-term exposure to reactor tech and TRISO fuel, while being de-risked by naval contracts.

This pairing balances resource leverage with technology leadership, giving investors one of the most complete exposures to the nuclear renaissance and SMR revolution.

✅ Recommendation: A combined allocation to Cameco (uranium resource + Westinghouse SMR exposure) and BWXT (TRISO + microreactor leadership + defense stability) positions investors strongly for both the uranium supercycle and the commercialization of advanced reactors in the coming decade.

A comparison of analyst expectations for Cameco (CCJ) and BWX Technologies (BWXT) to help you evaluate potential entry points:

Analyst Price Targets & Ratings Overview

Company	Consensus Rating	Current Price	Avg. Target
Cameco (CCJ)	Strong Buy / Buy	~$73.60	• TipRanks: $80.96 (+7%) TipRanks+15MarketBeat+15
• MarketBeat: $83.32 (+13%) MarketBeat
• StockAnalysis: $85.82 (+16%)
• Fintel: $105.32 (+43%) – likely an outlier Fintel	Moderate to strong 7% to +16%)
BWX Technologies (BWXT)	Moderate Buy / Buy	~$164.75	• TipRanks: $178.33 (+4%) TipRanks
• MarketBeat: $154.51 (-6%) MarketBeat+4TipRanks+4
• StockAnalysis: $155.80 (−5%) StockAnalysis
• MarketWatch: $186.75 (+13–14%) MarketWatch
• Recent BofA analyst target: $220 (+~33%), Buy rating Wall Street Journal+5Barron's+5MarketBeat+5	Mixed—ranging from modest upside to notable upside (up to +33%)

Key Takeaways

Cameco (CCJ) offers steady upside, backed by the safest score across analyst forecasts (~7–16%). The “Strong Buy” consensus reinforces confidence in its underlying uranium business and Westinghouse exposure.
BWXT shows a wider spread of price targets—from modest downside to a strong (+33%) upside in optimistic scenarios. The recent Bank of America target hike to $220 indicates heightened bullish sentiment tied to nuclear expansion and emerging SMR opportunities.

Investment Strategy

Diversified Exposure with Balanced Risk-Return

Cameco (CCJ):
- Pros: Clear upside, stable business fundamentals, and SMR optionality through Westinghouse.
- Entry point: Buying now leverages a relatively safe upward forecast, especially if you believe in returning uranium prices or progress on the eVinci demo.
BWXT (BWXT):
- Pros: High reward potential through TRISO fuel, Project Pele, and defence contracts.
- Cons: Greater consensus uncertainty and near-term execution risk.
- Strategy: Position selectively for upside—consider waiting for further confirmation from upcoming earnings or Pele progress, or scaling in to moderate exposure.

Portfolio Fit

Cameco brings resource leverage, stable cash flows, and long-term optionality.
BWXT brings technological upside and nearer-term catalysts, balanced by military and government-backed stability.

Together, they form a compelling nuclear-focused core—Cameco as the foundation, and BWXT as the growth engine.

Now: let’s translate everything we’ve discussed about Cameco (CCJ) and BWX Technologies (BWXT) into a portfolio allocation decision for a $10,000 investment.

📊 Recommended Allocation

Base Case Allocation (Balanced Approach)

Cameco (CCJ): $6,000 (60%)
BWXT (BWXT): $4,000 (40%)

🔎 Why This Split?

1. Cameco (CCJ) — The Foundation (60%)

Uranium leverage: CCJ is a direct play on the uranium cycle. Uranium demand is highly likely to rise as SMRs and new large reactors come online.
Westinghouse optionality: The 49% stake in Westinghouse gives CCJ exposure to SMR deployment without the heavy capex risk.
Risk profile: Lower than BWXT — CCJ is profitable, with diversified uranium supply and services, making it a safer anchor in the nuclear theme.

2. BWX Technologies (BWXT) — The Upside Engine (40%)

TRISO fuel leadership: BWXT is the only commercial-scale TRISO fuel producer — a bottleneck technology for HTGR/advanced reactors.
Near-term catalysts:
- Project Pele (DoD microreactor, ~2028).
- Medical isotope expansion.
- Steady Navy contracts for propulsion systems.
Risk profile: Higher, because its advanced reactor revenue is future-oriented, but also higher alpha potential. Analyst targets range widely, with some seeing +30%+ upside.

📈 Scenario Considerations

More Conservative (70% CCJ / 30% BWXT): If you prefer resource stability and want less exposure to tech execution risk.
More Aggressive (50% CCJ / 50% BWXT): If you want to lean into BWXT’s TRISO and microreactor catalysts, accepting volatility.

🎯 Why 60/40 Works Best

CCJ anchors the investment in a market already benefiting from uranium price cycles and global nuclear buildout.
BWXT adds differentiated exposure to TRISO fuel and SMR technology, but without letting high R&D risk dominate the portfolio.
A 60/40 split balances steady commodity leverage with transformative tech growth, giving you both downside protection and upside optionality.

✅ Ed Note:

We will be taking these initial, small positions, once we allocate funds to this market!

60% in Cameco and 40% in BWXT as a balanced way to gain exposure to both the uranium supply chain and advanced nuclear technology.

Related Articles:

Cameco Corp's Uranium is a crucial component of energy futures

Commodities are often overlooked in a young investors portfolio. They should not be!

Related articles from other sources:

tastylive.com/news-insights/uranium-30-cameco-bwx-2025-nuclear

Monday, March 3, 2025

Commodities are often overlooked in a young investors portfolio. They should not be!

Investors looking for stability and lucrative returns over the next two years, I would rank these natural resources in the following order, considering supply-demand dynamics, geopolitical risks, energy transition trends, and industrial importance:

Ed Note:

We are currently invested in companies producing 5 of these commodities.

1. Uranium

Bullish Case: Nuclear energy is experiencing a renaissance, with increasing global support for clean energy. Supply is constrained, and demand is rising with new reactor projects and small modular reactors (SMRs).
Key Players: Cameco (CCJ), Kazatomprom, NexGen Energy (NXE).
Risk: Some policy risks if governments shift focus.

2. Copper

Bullish Case: Essential for electrification (EVs, power grids, renewables), and long-term supply deficits are expected due to lack of new mines. Prices have remained strong.
Key Players: Freeport-McMoRan (FCX), Southern Copper (SCCO), BHP.
Risk: Short-term recession could dampen demand.

3. Oil

Bullish Case: Despite the energy transition, oil demand remains strong. OPEC+ supply cuts and geopolitical risks (Middle East conflicts, Russia sanctions) keep prices elevated.
Key Players: ExxonMobil (XOM), Chevron (CVX), Saudi Aramco.
Risk: Demand destruction if global economic slowdown occurs.

4. Natural Gas

Bullish Case: Europe's pivot away from Russian gas, LNG export growth (U.S. to Europe/Asia), and continued reliance on gas as a transition fuel.
Key Players: Cheniere Energy (LNG), EQT Corp (EQT).
Risk: Overproduction could lower prices, mild winters reduce demand.

5. Lithium

Bullish Case: EV demand remains strong, but overproduction has led to price volatility. Long-term supply chain constraints could tighten the market again.
Key Players: Albemarle (ALB), SQM, Lithium Americas (LAC).
Risk: High volatility, price declines if demand slows.

6. Rare Earths

Bullish Case: Critical for defense, electronics, and EVs. China dominates supply, but Western nations are ramping up production. Supply chain security remains a priority.
Key Players: MP Materials (MP), Lynas Rare Earths (LYC).
Risk: Geopolitical uncertainty; rare earth processing is complex.

7. Nickel

Bullish Case: Needed for EV batteries and stainless steel. Supply disruptions in Indonesia and Russia could support prices.
Key Players: Vale (VALE), Norilsk Nickel, BHP.
Risk: EV battery chemistry shifting away from high-nickel designs.

8. Gold

Bullish Case: Inflation hedge, central bank demand, and safe-haven asset during global uncertainties.
Key Players: Barrick Gold (GOLD), Newmont (NEM).
Risk: Interest rate cuts could impact returns.

9. Water

Bullish Case: Scarcity makes it an essential resource. Water infrastructure, desalination, and privatization could drive investment.
Key Players: American Water Works (AWK), Veolia (VEOEY).
Risk: Regulatory constraints on private water ownership.

10. Potash

Bullish Case: Fertilizer demand is steady due to global food security concerns.
Key Players: Nutrien (NTR), Mosaic (MOS).
Risk: Agricultural cycles can impact demand.
.

Final Thoughts:

For a balanced, stable, and profitable investment in natural resources over the next two years, Uranium, Copper, and Oil seem the strongest plays due to demand-supply imbalances and global energy trends. Natural Gas and Lithium are also good, but face short-term price volatility. Rare Earths and Nickel are critical, but geopolitical risks and tech advancements could impact pricing. Gold, Water, and Potash are more defensive but lack aggressive upside.

Sunday, February 16, 2025

Cameco Corp's Uranium is a crucial component of energy futures

Investment Report: Cameco Corporation and the Global Uranium Market

Executive Summary Cameco Corporation (NYSE: CCJ, TSX: CCO) stands as one of the world’s largest publicly traded uranium producers, playing a vital role in global nuclear energy supply. The company is headquartered in Saskatoon, Saskatchewan, and operates several of the highest-grade uranium mines in the world, primarily in Canada’s Athabasca Basin. While Kazakhstan’s Kazatomprom remains the largest uranium producer globally, Cameco is the dominant player in North America and a key supplier to nuclear utilities worldwide, particularly in the United States.

This report examines Cameco’s business model, financials, production capacity, market position, and strategic outlook, as well as the broader uranium market, including key competitors such as Kazatomprom, Denison Mines, NexGen Energy, and Uranium Energy Corp.

1. Cameco Corporation: Market Position & Operations

Cameco is the second-largest uranium producer in the world, trailing only Kazatomprom, which accounts for approximately 43% of global uranium production. As of 2024, Cameco is responsible for approximately 15% of total global uranium output, with production expected to increase significantly in the coming years due to growing demand for nuclear energy.

Key Mines & Production Capacity:
- McArthur River/Key Lake (Canada): One of the largest and highest-grade uranium mines in the world, restarted in 2022 after being idled in 2018 due to low uranium prices.
- Cigar Lake (Canada): The highest-grade uranium mine globally, producing over 13 million pounds of uranium in 2023.
- Inkai (Kazakhstan, JV with Kazatomprom): Cameco has a joint venture stake in this high-producing mine.
- U.S. & European Partnerships: Cameco has supply agreements with nuclear utilities in North America, Europe, and Asia.
Production Growth & Outlook:
- In 2023, Cameco produced 17.6 million pounds of uranium, marking a 69% increase from 2022.
- Plans to increase production to 23.1 million pounds in 2024.
- Strategic agreements with the U.S. and European nuclear power sectors to expand exports amid geopolitical tensions affecting uranium supplies.

2. Financial Performance & Investment Outlook

Cameco has exhibited strong financial performance, benefitting from rising uranium prices driven by increased global demand for clean energy and nuclear power expansion.

Financial Highlights:
- Revenue (2023): Approximately $1.93 billion USD.
- Net Profit (2023): Exceeded $273 million USD.
- Cash Reserves (2023): Estimated at $1.0 billion USD.
- Debt-to-Equity Ratio: Relatively low, positioning Cameco for strategic acquisitions or expansions.
Stock Performance:
- Cameco’s stock price on the NYSE stood at $47.19 as of February 15, 2025.
- The company has consistently outperformed broader market indices, reflecting investor confidence in uranium as a key energy commodity.
- Analysts predict further upside as nuclear power adoption grows globally.

3. Global Uranium Market Overview

Canada’s Market Share: Canada remains the second-largest uranium-producing nation, contributing approximately 23% of global uranium supply in 2024.
U.S. Imports: Canada supplies approximately 27% of the uranium used in U.S. nuclear reactors, with Cameco representing a significant portion of these imports.
Other Major Producers:
- Kazatomprom (Kazakhstan): Largest global uranium producer, with a dominant position.
- Denison Mines (Canada): Focused on exploration and development; key asset is the Wheeler River project.
- NexGen Energy (Canada): Owns the high-grade Rook I project in the Athabasca Basin.
- Uranium Energy Corp (U.S.): Expanding production in Texas and Wyoming.
- Paladin Energy (Australia): Operates the Langer Heinrich mine in Namibia.

4. Strategic Outlook & Investment Considerations

Increasing Nuclear Power Demand:
- Rising interest in nuclear energy as a clean alternative to fossil fuels.
- Governments worldwide are investing in new nuclear power plants.
Supply Chain & Geopolitical Risks:
- Ongoing geopolitical tensions affecting uranium exports from Russia and Kazakhstan.
- Canada and the U.S. increasing domestic uranium supply chains for energy security.
Investment Risks & Opportunities:
- Opportunities: Strong long-term uranium demand, high-grade assets, robust financials.
- Risks: Price volatility, regulatory changes, mine operational risks.

Conclusion

Cameco Corporation is a dominant player in the uranium sector, benefitting from rising global demand for nuclear energy. With a strong financial position, high-grade mining assets, and an expanding production capacity, Cameco remains well-positioned for future growth. Investors looking to gain exposure to the uranium market should consider Cameco as a leading option, while keeping an eye on evolving market dynamics, regulatory developments, and geopolitical risks affecting uranium supply chains.

Ed Note:

today we have no position in Cameco, however we are bullish and of the ten analyst following this stock, all ten say it is a buy. Subsequently, we will be buying the stock on Tuesday!

(Update: Feb 18th 2025, Bought Cameco shares)

Related Articles:

Commodities are often overlooked in a young investors portfolio. They should not be!

Monday, February 3, 2025

In a heated and escalating trade war with Canada, how would an export tax levied by Canada on all it's natural resources entering the USA affect American business and society

Below is a high-level assessment of how a hypothetical 25% or 50% Canadian export tax on all Canadian natural resources—oil, gas, metals, minerals, lumber, agricultural commodities, and even fresh water or hydro power—could affect the U.S. economy. This scenario represents a highly escalated trade conflict that would likely be unprecedented given the integrated nature of North American supply chains and the long-standing Canada-U.S. trade relationship.

1. Immediate Price and Inflation Impacts

Spiking Input Costs
- U.S. companies reliant on Canadian resources (oil, gas, uranium, metals, potash, etc.) would face significantly higher costs.
- These cost increases would ripple through numerous industries—energy, manufacturing, construction, and agriculture—ultimately raising consumer prices.
Widespread Inflationary Pressure
- The U.S. would see broad-based inflation if major raw materials become more expensive or scarce.
- Higher costs for fuels (gasoline, diesel, jet fuel), metals (steel, aluminum, copper), and agricultural inputs (wheat, potash fertilizer) would feed into nearly every segment of the economy.
Potential “Price Shocks”
- Resources where Canada is a top supplier (e.g., potash for fertilizer, certain heavy crude oil grades, certain rare earths) could experience short-term shortages in the U.S., causing severe price spikes until alternative sources are found (if feasible).

2. Sector-by-Sector Effects

Energy Sector
- Oil and Gas:
  - Canada is a leading oil exporter to the U.S., especially heavy crude from Alberta. A 25% or 50% export tax would sharply raise import costs for U.S. refiners.
  - Many refineries, especially along the Gulf Coast and in the Midwest, are optimized for heavier Canadian crude—switching to lighter U.S. shale or other foreign supplies is not straightforward.
  - Natural Gas: Pipeline gas from Canada serves parts of the northern U.S.; higher import costs would raise heating and industrial process costs.
- Hydroelectric Power:
  - Certain U.S. border states import Canadian hydro power. An export tax would raise electricity costs in those regions.
Metals and Minerals
Canada's natural resources
- Canada is a major source of nickel, copper, zinc, aluminum, iron ore, gold, silver, and uranium for the U.S.
- Canada is the worlds #2 producer of Uranium (nuclear energy) and, Canada has the world's largest deposits of high-grade uranium, with grades of up to 20%, which is 100 times greater than the world average.
- A steep export tax could disrupt U.S. manufacturing (e.g., cars, aerospace, electronics) and defense (e.g., uranium for nuclear reactors, key metals for military equipment).
- Prices of consumer products relying on these metals (from cars to electronics) would likely increase.
Agriculture and Food
- Wheat, Meat, Seafood, Maple Syrup, etc.:
  - If these exports faced a 25%–50% tax, U.S. wholesalers and consumers would likely pay significantly more for Canadian wheat, beef, pork, fish, and specialty items (e.g., maple syrup and Lobster).
  - Certain regional markets in the U.S. (e.g., northern states) rely heavily on cross-border supply for fresh or specialty goods (ie: Seafood).
Fertilizer (Potash)
- Canada is the world’s largest producer of potash, a key fertilizer ingredient. A hefty export tax could raise costs for U.S. farmers significantly, impacting crop yields and food prices.
Lumber and Forestry Products
- Canada is a major exporter of softwood lumber and other wood products.
  
  A steep export tax drives up construction costs in the U.S., affecting everything from homebuilding to renovation industries.
Fresh Water Exports (in bulk) Canada has 9% of worlds fresh water supply
- While large-scale bulk water exports are minimal or highly regulated, any new tax on water or hydro resources would raise utility costs in cross-border communities.(Also fracking, as in America's shale operations, requires massive amounts of fresh water)

3. Supply Chain Disruptions and Reconfiguration (USA)

Search for Alternative Suppliers
- U.S. companies would scramble to find replacement sources—domestically or overseas—for critical inputs (heavy crude, metals, potash, lumber).
- This process can be time-consuming and may come with higher transportation/logistics costs.
Retooling and Capital Investment
- Refiners configured for heavy Canadian crude might face expensive refitting to process lighter oil or other blends from countries like Venezuela, Saudi Arabia, or Mexico (all with their own geopolitical or supply constraints).
- Manufacturers dependent on Canadian metals (like nickel or aluminum) might shift supply chains to other countries, though quality, reliability, and shipping costs vary.
Trade and Policy Uncertainty
- The fear of future escalations or shifting tariffs can freeze investment decisions, delaying expansion or hiring in affected sectors.
- Multinational companies operating on both sides of the border might re-evaluate where to locate production facilities.

4. Impact on U.S. Consumers and Businesses

Immediate Cost Pass-Through
- Companies facing a sudden 25%–50% cost increase on Canadian resources will pass as much of that cost as possible onto consumers—leading to higher prices for energy, groceries, goods, and services.
Potential Job Losses
- While some U.S. resource producers might enjoy a temporary competitive edge, many businesses reliant on Canadian inputs could see profit margins squeezed or lose competitiveness (especially if they export finished goods to other markets).
- Supply chain disruptions often lead to factory slowdowns, reduced output, and in some cases layoffs.
Inflationary Pressure and Reduced Purchasing Power
- As prices rise, American households and businesses have less disposable income to spend on non-essential goods, possibly slowing overall economic growth.

5. Geopolitical and Long-Term Consequences

Severe Strain on Bilateral Relations
- A blanket 25%–50% export tax on all Canadian resources is an extreme measure that signals a deep breakdown in trade relations. The resulting tension could spill over into defense, security, and diplomatic realms.
Undermining USMCA (Formerly NAFTA)
- This move would eviscerate the spirit of the U.S.-Mexico-Canada Agreement and likely prompt complex legal battles.
- Retaliation and counter-retaliation could spiral, damaging the integrated North American economy.
Acceleration of Resource Self-Sufficiency or Alternate Sourcing
- Over the long term, the U.S. might invest more heavily in domestic mining, energy production, or forging new trade deals with other countries.
- Canada’s potential leverage is highest in the short to medium term, before U.S. producers scale up or alternative suppliers emerge.

Conclusion

A 25%–50% export tax on all Canadian natural resources would pose a significant economic shock to the United States:

Energy and industrial supply chains would face immediate cost inflation, especially for heavy crude, metals, potash, and lumber.
Consumers and businesses would encounter higher prices on everything from fuel and electricity to cars and groceries, fueling inflation.
Supply chain disruption would be severe, compelling U.S. companies to retool or seek alternative suppliers, processes that are costly and time-consuming.
The overall U.S. economy could face slower growth, job losses in industries reliant on Canadian inputs, and a potential inflationary spiral if retaliation escalates.

In short, while a few domestic resource producers in the U.S. might see short-term gains, the vast majority of the U.S. economy would feel pain from such a sweeping Canadian export tax—a drastic measure that signals a major breakdown in the traditionally cooperative Canada-U.S. trade relationship.

GOT GOLD?

Agnico Eagle Gold is a top 3 Gold miner on the world stage now, and, it's still growing!

GOT BOTS?

Tuesday, August 19, 2025

Investment & Business Case:

Cameco (CCJ) & BWX Technologies (BWXT)

1. Executive Summary

2. Market Drivers

3. Company Profiles

Cameco (CCJ, NYSE/TSE)

BWX Technologies (BWXT, NYSE)

4. Financial Positioning (as of mid-2025)

5. Growth Prospects

6. Risk Factors

7. Investment Case & Portfolio Fit

Why Together?

Complementarity

Time Horizon

8. Conclusion – The Case for a Dual Investment

Analyst Price Targets & Ratings Overview

Key Takeaways

Investment Strategy

Portfolio Fit

📊 Recommended Allocation

Base Case Allocation (Balanced Approach)

🔎 Why This Split?

1. Cameco (CCJ) — The Foundation (60%)

2. BWX Technologies (BWXT) — The Upside Engine (40%)

📈 Scenario Considerations

🎯 Why 60/40 Works Best

Monday, March 3, 2025

1. Uranium

2. Copper

3. Oil

4. Natural Gas

5. Lithium

6. Rare Earths

7. Nickel

8. Gold

9. Water

10. Potash

Final Thoughts:

Sunday, February 16, 2025

Monday, February 3, 2025

1. Immediate Price and Inflation Impacts

2. Sector-by-Sector Effects

Canada's natural resources

3. Supply Chain Disruptions and Reconfiguration (USA)

4. Impact on U.S. Consumers and Businesses

5. Geopolitical and Long-Term Consequences

Conclusion