Madison CEO urges investors to buy uranium equities while prices are low
Uranium resource developer Madison Metals CEO Duane Parnham has urged investors to take advantage of the low price of uranium equities before it starts to rise again.
“Uranium equities have historically bottomed in July and August over the past three years. This pattern underscores the strong cyclical nature of our industry and presents a unique opportunity for those positioned to capitalise on the upward trends that typically follow,” he said in a letter to the industry on August 16.
Parnham said this was evidenced by industry consensus of robust uranium demand continuing in this year.
He pointed out that, at the end of May, Nuclear Engineering International (NEI) stated that “… the continued upward pressure on uranium prices shows little sign of slowing as market drivers and geopolitical events continue to shape the price profile. Despite this, there’s every indication that the drive to develop new nuclear generation capacity will continue.”
Meanwhile, newswire Bloomberg reported in June that nuclear power was “back in vogue” as countries confronted mounting pressure to meet climate goals and overcome energy supply strains caused by geopolitical turmoil.
It noted that, globally, 61 plants were under construction, with about 90 in the planning stage, and more than 300 proposed, along with a push to reopen closed plants.
Parnham also highlighted the strong insider buying within Madison Metals.
“This is a clear demonstration of the confidence that management and insiders have in our company’s future and in the significant upside potential we see ahead,” he said.
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