Independent long-form research on the uranium market. Geology, fuel cycle, geopolitics, price structure. We write what we learn. We invest behind it.
Where uranium sits, why it sits there, and why geology determines cost, not the other way around. Deposit types, grade economics, the five processes that concentrate uranium to mineable levels.
How uranium becomes reactor fuel. Mining, conversion, enrichment, fabrication. Why enrichment captures more economic value than mining. The Western bottleneck.
Why the fuel cycle is a geopolitical system, not a commercial market. Concentration risk, Central Asian supply dynamics, Russian integration, the African discount. Central European specificity.
Modeling what happens under stress. Supply disruption, enrichment weaponization, demand shocks, counterfactuals. Distinctive analytical work, not commentary.
Every piece in this archive is written as research. Every piece is also a position we take seriously enough to put our own capital behind.
The same analysis that appears here drives where our money sits. Names, sizing, entries, and exits are ours. The research archive and the portfolio are not separate efforts. They are the same reasoning, applied twice.
This is not investment advice, and we don't publish positions in real time. But you should know the writing is not detached commentary from the sideline. The people producing it have skin in the core.
Uranium is the one commodity where understanding the geology is prerequisite to understanding the market. Oil traders can ignore the Cretaceous. Uranium investors cannot ignore the Proterozoic unconformity geology of the Athabasca Basin, or the Cretaceous sandstone basins of Kazakhstan, or why the IOCG systems of South Australia behave differently from everywhere else.
Most uranium writing falls into one of two modes. Retail speculation dressed as analysis, or institutional research that's paywalled, dense, and disconnected from what the reader actually needs to understand. Neither is useful for people who want to understand the space seriously without becoming an industry insider.
This archive sits in the gap. Finance-literate, geology-informed, structurally honest. Every piece is written for readers who already understand margins, cost curves, and operating leverage, but who've never had the uranium-specific frame laid out clearly.
And the occasional what if, modeled rigorously. Because the structure of the present market is only visible when you hold it against alternates that didn't happen.
New pieces arrive when there is something worth saying. Expect roughly one per month, occasionally two, occasionally none. Unsubscribe whenever.