Why the uranium shorts are wrong (Guy Keller interview)

It had been too long since we last spoke with Aussie funds management’s leading uranium bull, Guy Keller.

He joined us on the show again to pick apart the enormous short-interest in uranium stocks, why EnCore was down 50% on last weeks news, how he’s thinking about portfolio management, the spot vs term debate, where incentive pricing now sits, what’s next for NexGen and plenty more.

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(0:00:00)Introduction

(0:02:30)The SHORTS

(0:06:22)Deepseek reaction

(0:08:05)The balance of shorts with hedging strategies

(0:11:21)Spot price to Term price

(0:13:00)SPUT trading tactics

(0:17:45)BHP's role in spot market

(0:19:12)Contracting structures currently

(0:22:05)Restart performance and incentive pricing

(0:27:45)enCore plummet and how is Boss sitting?

(0:38:14)Reflection on PDN and Fission

(0:41:53)Namibian restarts

(0:44:50)Aura Energy

(0:46:30)Buying developers/producers vs physical

(0:49:05)Uranium tech investment

(0:51:34)Knowing who's contracted and who's not

(0:56:13)What to see out of Nexgen this year