SPUT Premium / Discount Tracker

Sprott Physical Uranium Trust · TSX: U-U.TO · Physical U₃O₈ holder & spot buyer
Spot: $85.60/lb · Holdings: 50M lbs · Fetched: 2026-05-21 09:46 UTC
🔴 ATM CLOSED — SPUT dormant (trading at discount to NAV)Premium: -5.5% · NAV: C$20.63 · Price: C$19.49
SPUT Price (CAD)
C$19.49
-20.8% off 52wk high
Implied NAV (CAD)
C$20.63
50M lbs × $85.60 × 1.393
Premium / Discount
-5.5%
DISCOUNT — ATM closed
ATM Status
CLOSED
No new buying
Trust NAV (Total)
C$5.96B
50M lbs held
3M Avg Premium
-9.8%
0/60 days at premium
52-Week Range
15.25–24.60
+28% off low
Volume Ratio
0.23x avg
16,700 vs 73,714 avg

Price vs Implied NAV — 52 Week

SPUT Price (C$) vs Implied NAV — 52 WeekC$11.2C$15.3C$19.3C$23.3C$27.3C$19.49NAV C$20.63PriceImplied NAV25-0525-0725-0925-1126-0126-03

Premium / Discount to NAV (%)

SPUT Premium / Discount to Implied NAV (%)+2% ATM-10%-5%+0%+5%+10%NAV-5.5%25-0525-0725-0925-1126-0126-03
NAV approximated from URA ETF scaled to current spot ($85.60/lb). Accuracy ±3-5%. Green bars in volume chart = days with premium ≥ +2% (ATM active period).

Daily Volume — ATM Activity Signal

Volume (blue = premium day)3m avg25-0525-0725-0925-1126-0126-03

Why SPUT Premium/Discount Matters

🟢 Premium → ATM Open → Spot Buying

  • Mechanism: When SPUT trades above NAV, it can issue new units at a profit and use the proceeds to buy physical uranium on the spot market
  • 2021 case study: SPUT raised >$1.6B and bought ~30M lbs in 4 months, driving spot from $32 → $65/lb
  • Signal: A sustained premium (>+2%) with rising volume means institutional money is flowing into SPUT faster than it can buy uranium
  • Threshold: The +2% line is watched closely — above it, the ATM is highly active; below it, issuance is minimal

🔴 Discount → ATM Closed → Spot Bid Removed

  • Mechanism: SPUT cannot issue units below NAV — selling units at a discount destroys trust value
  • Effect: One of the largest systematic spot buyers exits the market; removes structural floor demand
  • 2023 case: SPUT traded at -10% discount through most of 2023 — this coincided with spot drifting from $52 → $47 before the Jan 2024 spike
  • Current status: SPUT at discount — no mechanistic spot buying from the trust

📊 Premium/Discount Reference Levels

Premium/DiscountATM StatusHistorical ContextPrice Impact
>+5%HOT — high issuanceSep 2021, Feb 2024 peakStrong spot lift
+2% to +5%Active ATMMost of 2022 rallySteady spot support
0% to +2%Eligible, minimalRange-bound marketNeutral
-3% to 0%DormantH2 2023, H1 2024Modest negative pressure
< -5%CLOSEDMost of 2023Structural selling pressure