Combined Holdings — 91.7M lbs U3O8 = 64.1% of annual global production
SPUT 73.6%
YCA 23.7%
URC
67.5M lbs SPUT
21.7M lbs Yellow Cake
2.5M lbs UROY
~143M lbs/yr global production
SPUT — Signal & Mechanism
The ATM mechanism is what makes SPUT unique. When SPUT trades at a premium to NAV, it can issue new units at a profit and immediately use those proceeds to buy physical uranium on the spot market. This creates a self-reinforcing loop: spot rises → SPUT premium expands → ATM opens → more spot buying → spot rises further. In 2021, SPUT purchased ~30M lbs in under 4 months, driving spot from $32 → $65/lb. When SPUT trades at a discount (current: -5.5%), the ATM cannot activate, and this systematic bid is entirely removed from the spot market.
SPUT Price (C$) vs Implied NAV — 52 Week
SPUT ATM Mechanism — How It Works
1
Spot rises → SPUT price exceeds NAV → premium opens
Trigger: price > C$20.63 NAV/unit
2
ATM facility opens → SPUT issues new units into market
C$1.5B shelf remaining
3
Proceeds used to buy physical uranium on spot
Uranium held at Cameco / ConverDyn facilities
4
More physical bought → spot rises further → cycle repeats
Self-reinforcing bull loop when ATM is open
×
Current: ATM CLOSED — -5.5% discount
Systematic spot buying suspended · near-term bearish signal
SPUT Re-rate Scenarios → Spot Impact
ATM Closed (Current)BEARISH
Disc: -5.5%ATM buying: —
Trust buying paused — structural spot bid absent
Par / Flat NAVNEUTRAL
Disc: +0.0%ATM buying: —
ATM eligibility threshold — zero systematic buying
+3% Premium (ATM Opens)BULLISH
Prem: +3.0%ATM buying: ~3.5M lbs/yr
Systematic spot buying resumes
+10% Premium (2022 scenario)VERY BULLISH
Prem: +10.0%ATM buying: ~14.8M lbs/yr
Peak ATM mode — 2021–2022 precedent
SPUT Implied NAV at Various Spot Prices — vs Current Price C$19.49
Spot (USD/lb)
USD/CAD rate
Implied NAV/unit (CAD)
vs C$19.49
ATM Status
$70/lb
0.718
C$16.89
-13.3% disc
CLOSED
$80/lb
0.718
C$19.30
-1.0% disc
CLOSED
$85.60/lb
0.718
C$20.63
-5.5% (current)
CLOSED
$92/lb
0.718
C$22.18
+13.8% prem
ATM OPEN
$100/lb
0.718
C$24.11
+23.7% prem
ACTIVE
$120/lb
0.718
C$28.94
+48.5% prem
PEAK MODE
NAV = holdings × spot ÷ USD/CAD ÷ units outstanding (289M). USD/CAD 0.718 = May 2026.
Premium / Discount Comparison — 8 Quarters
SPUT vs YCA vs UROY — Quarterly Premium / Discount to NAV (%)
Quarter
SPUT (U-U.TO)
Yellow Cake (YCA.L)
UROY
SPUT ATM
Q2 '24
+2.1%
-8.0%
+22.0%
▲ OPEN
Q3 '24
+1.8%
-10.1%
+18.5%
▲ OPEN
Q4 '24
-0.5%
-12.3%
+12.0%
■ CLOSED
Q1 '25
+0.8%
-10.4%
+16.0%
■ CLOSED
Q2 '25
+1.5%
-9.8%
+14.0%
■ MARGINAL
Q3 '25
-1.2%
-13.1%
+10.0%
■ CLOSED
Q4 '25
-3.1%
-15.2%
+8.0%
▼ CLOSED
Q1 '26
-5.5%
-2.5%
+19.8%
▼ CLOSED
SPUT ATM Buying History — Annual Physical Uranium Purchased
2021–2022: ATM purchased ~45M lbs · drove spot $32 → $65/lb. 2024–2026: ATM inactive (discount). Buying resumes only if SPUT re-rates to premium.
YCA's structural discount vs SPUT reflects four factors: (1) No ATM mechanism — can't systematically buy physical. (2) AIM illiquidity — smaller market, wider bid/ask. (3) GBP currency friction for USD/CAD uranium investors. (4) KAP concentration risk — 100% offtake from one state-owned Kazakh counterparty.
UROY Royalty Portfolio — $180M NAV
Project
Operator
Royalty
Stage
NAV
Roughrider
Rio Tinto
GR 2%
Dev.
$45M
Hurricane
NexGen
GR 1%
Feas.
$38M
Langer Heinrich
Paladin
GR 1.5%
Prod.
$31M
McClean Lake
Orano
NPI 2%
Prod.
$27M
Christie Lake
UEC
NPI 5%
Expl.
$22M
Other
Various
Various
Various
$17M
Total Royalty NAV
$180M
UROY's +19.8% premium to physical NAV reflects royalty optionality. Roughrider (Rio Tinto) and Hurricane (NexGen) are two of the highest-grade undeveloped deposits in the Athabasca Basin.
Sources: Sprott Asset Management IR (sprott.com/uranium) · Yellow Cake plc AIM disclosures (yellowcakeplc.com) · Uranium Royalty Corp IR (uraniumroyalty.com) · UxC spot $85.60/lb (May 21, 2026) · USD/CAD 0.718 (May 2026) ·
Notes: SPUT NAV estimated from holdings × spot ÷ FX ÷ units O/S. YCA NAV in GBP (£1 = $1.27). UROY royalty NAV based on analyst consensus estimate — not company-disclosed. Premium/discount to NAV reflects market price vs estimated NAV; accuracy ±3–5%. Not investment advice.