Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Equity Bottom-Up

<ul>
<li>Our bearish outlook on the nuclear industry could be too optimistic</li>
<li>No Chinese nuclear station has commenced construction since 2016</li>
<li>5-year forecast for uranium demand to decelerate due to growth in decommissioning </li>
<li>Est. prices &lt;US$20/lb U3O8 within the next several years to restore mkt equilibrium</li>
<li>Despite low inventories, non-critical nature of Zn depresses prices</li>
<li>Political pressure increasing against NPI mining in Indonesia and Philippines</li>
<li>Indonesia and Philippines account for ~40% of global Ni supply</li>
<li>Ni consumption predicted to grow at 4.7% CAGR over the next few years</li>
<li>
<a href="https://www.smartkarma.com/entities/nac-kazatomprom-jsc" target="_blank" data-smartkarma-citation="entities:27845:1" rel="noopener">NAC Kazatomprom JSC (KAP LI), </a><a href="https://www.smartkarma.com/entities/cameco-corp" target="_blank" data-smartkarma-citation="entities:25364:1" rel="noopener">Cameco Corp (CCO CN), </a><a href="https://www.smartkarma.com/entities/yellow-cake-plc" target="_blank" data-smartkarma-citation="entities:27844:1" rel="noopener">Yellow Cake PLC (YCA LN), </a><a href="https://www.smartkarma.com/entities/bhp-billiton-ltd-adr" target="_blank" data-smartkarma-citation="entities:5424:1" rel="noopener">Bhp Billiton Ltd (Adr) (BHP US), </a><a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU), </a><a href="https://www.smartkarma.com/entities/peel-mining-ltd" target="_blank" data-smartkarma-citation="entities:4111:1" rel="noopener">Peel Mining Ltd (PEX AU), </a><a href="https://www.smartkarma.com/entities/golden-rim-resources-ltd" target="_blank" data-smartkarma-citation="entities:8395:1" rel="noopener">Golden Rim Resources (GMR AU), </a><a href="https://www.smartkarma.com/entities/focus-minerals-ltd" target="_blank" data-smartkarma-citation="entities:10577:1" rel="noopener">Focus Minerals (FML AU), </a><a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU), </a><a href="https://www.smartkarma.com/entities/jameson-resources-ltd" target="_blank" data-smartkarma-citation="entities:1923:1" rel="noopener">Jameson Resources (JAL AU), </a><a href="https://www.smartkarma.com/entities/red-5-ltd" target="_blank" data-smartkarma-citation="entities:7940:1" rel="noopener">Red 5 Ltd (RED AU), </a><a href="https://www.smartkarma.com/entities/pacifico-minerals-ltd" target="_blank" data-smartkarma-citation="entities:11085:1" rel="noopener">Pacifico Minerals (PMY AU), </a><a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU), </a><a href="https://www.smartkarma.com/entities/ausmex-mining-group-ltd" target="_blank" data-smartkarma-citation="entities:11167:1" rel="noopener">Ausmex Mining Group (AMG AU), Calidus Resources (ASX: CAI), Venturex (ASX: VRX), Saturn Minerals (ASX: STN), Indiana Resources (ASX: IDA), Ora Banda (ASX: OBM) </a>
</li>
</ul>


Our bearish outlook on the nuclear industry could be too optimistic
No Chinese nuclear station has commenced construction since 2016
5-year forecast for uranium demand to decelerate due to growth in decommissioning 
Est. prices &lt;US$20/lb U3O8 within the next several years to restore mkt equilibrium
Despite low inventories, non-critical nature of Zn depresses prices
Political pressure increasing against NPI mining in Indonesia and Philippines
Indonesia and Philippines account for ~40% of global Ni supply
Ni consumption predicted to grow at 4.7% CAGR over the next few years

NAC Kazatomprom JSC (KAP LI), Cameco Corp (CCO CN), Yellow Cake PLC (YCA LN), Bhp Billiton Ltd (Adr) (BHP US), Lynas Corp Ltd (LYC AU), Peel Mining Ltd (PEX AU), Golden Rim Resources (GMR AU), Focus Minerals (FML AU), Liontown Resources (LTR AU), Jameson Resources (JAL AU), Red 5 Ltd (RED AU), Pacifico Minerals (PMY AU), Tietto Minerals Ltd (TIE AU), Ausmex Mining Group (AMG AU), Calidus Resources (ASX: CAI), Venturex (ASX: VRX), Saturn Minerals (ASX: STN), Indiana Resources (ASX: IDA), Ora Banda (ASX: OBM) 



New J Hutton – Exploration Report Pt 2 (Weeks Ending 02/08/19)

Australia

Boab Metals Limited operates as an exploration and development company. The Company focuses on developing the sorby hills lead-silver-zinc joint venture project in Western Australia.

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Boab Metals (BML AU)

New J Hutton – Exploration Report Pt 2 (Weeks Ending 02/08/19)

Our bearish outlook on the nuclear industry could be too optimistic No Chinese nuclear station has commenced construction since 2016 5-year...

Gaius King

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