TIB - An Investors Journal #824 - Uranium, Nuclear, Battery Technology, Rare Earths, Gold/Silver Mining, US Retail, ASX Stocks, Base Metals, German Healthcare, Marijuana, US Oil + more
Published on HivePostify by @carrinm · Thu Aug 27 2026
A massive options expiry mostly assigning covered calls confirms the big theme in gold/silver mining. All on the back of dollar debasement
Portfolio News
In a week where S&P 500 dropped 1.37% and Europe rose 0.38%, my pension portfolio rose 0.87%. Drivers were gold and silver.
Big movers of the week were Grand Gulf Energy (GGE.AX) (50%), Euro Manganese (EMN.AX) (35.3%), Bitmine Immersion Technologies, (BMNR) (26.3%), Australian Clinical Labs (ACL.AX) (26%), Miramar Resources (M2R.AX) (25%), Andrada Mining (ATM.L) (24.4%), Delivra Health Brands (DHB.V) (20%), Flagship Minerals (FLG.AX) (20%), Broken Hill Mines (BHM.AX) (19.3%), Mithril Silver and Gold (MTH.AX) (18.2%), Gold X2 Mining (AUXX.V) (17.9%), Wheaton Precious Metals Corp (WPM) (17.6%), Black Bear Minerals (BKB.AX) (17.3%), Titan Minerals (TTM.AX) (17.2%), Lightning Minerals (L1M.AX) (16.7%), AdAlta (1AD.AX) (16.7%), Radisson Mining Resources (RDS.V) (14.8%), Fortune Bay Corp (FOR.V) (14.3%), IsoEnergy Ltd. (ISO.TO) (14.1%), VanEck Gold Miners ETF (GDX.AX) (13.6%), Alamos Gold (AGI) (13.4%), Sprott Inc (SII) (13.3%), St George Mining (SGQ.AX) (13.2%), The Mosaic Company (MOS) (13%), American West Metals (AW1.AX) (12.7%), Coronado Global Resources (CRN.AX) (12.5%), Investigator Silver (IVR.AX) (12.5%), Aeris Resources (AIS.AX) (12.3%), Stamper Oil & Gas Corp (STMP.V) (11.8%), Kaiser Reef (KAU.AX) (11.6%), Island Pharmaceuticals (ILA.AX) (11.4%), Terra Critical Minerals (T92.AX) (11.4%), Atha Energy Corp (SASK.V) (11.3%), GoGold Resources (GGD.TO) (11.3%), Lodestar Minerals (LSR.AX) (11.1%), Bannerman Energy (BMN.AX) (10.7%), Tiger Gold Corp (TIGR.V) (10.5%) American Pacific Mining Corp (USGD.CN) (10.3%), Pursuit Minerals (PUR.AX) (10.3%), U.S. Gold Corp (USAU) (10.3%), Anfield Energy (AEC) (10.2%), Robin Energy (RBNE) (10.2%), CGN Mining Company (1164.HK) (10%), West Coast Silver (WCE.AX) (10%)
43 stocks in he big movers list with the big themes well represented. From the top alternate energy (3 stocks), gold/silver mining (22 stocks), marijuana (1 stock), uranium (6 stocks). A few oil and gas stocks and one coal miner.
US markets are reacting to higher yields. US Treasury action in midweek supplied some key liquidity to stem the flows - a bit
The headline writers have stopped using the word stagflation - the new tagline is "dollar debasement". Somehow the deficit has to be funded - money printing it is then. Hence the big moves in gold and silver stocks (and maybe even explaining cryptocurrency moves)
Crypto Booms
Bitcoin price got a rocket finishing the week 21% higher than the open with a trough to peak range of 25.6%. Semes like the US Treasury action got people excited to leave US Treasuries. The notable part is price ignored the resistance level around $72k - next level is $82.5k
Ethereum price did the same but bigger finishing the week 28.2% higher than the open with a trough to peak range of 34.7%.
Was happening across a lot of altcoin space - Aave, the lending protocol (AAVEUSDT) jumps 71% giving away one third.
Ripple (XRPBTC) up 41% making for 70% against USD.
Zcash (ZEC) pops 82% against USD - not quite enough to hit pending exit order.
Nuclear Energy Holdings
Major changes with big slice of assignments and a 0.3% rise in valuations
Mix of holdings sees Uranium Royalty Corp (UROY) drop out of Top 10 with the assignments there. New number one is Yellow Cake plc (YCA.L) moving up two places. Denison Mines (DNN) moves up two places to slot 2. Energy Fuels Inc. (UUUU) moves up 2 places to slot 3. Cameco Corporation (CCJ) slides two places to slot 4. VanEck Uranium and Nuclear ETF (NLR) comes into Top 10 in slot 5 with the addition there. NuScale Power Corporation (SMR) moves up two places to slot 6. enCore Energy (EU) comes into Top 10 in slot 7 on the additions there. Share of portfolios drops over 5 points to 28.4% - all based on sales. Dropping out the Top 10 are ETFS - Sprott Uranium Miners ETF (URNM) and Sprott Junior Uranium Miners ETF (URNJ) on the sales there. Ur-Energy (URG) comes into Top 10 in slot 10 on the addition there.
This now looks a bit wonky with Top 10 less than 50%. What the chart does not show is a large number of call options and call spreads on Uranium Royalty Corp (UROY) that will go to exercise before too long.
Holdings by stage sees big changes with a big drop in Physical on the sale of Uranium Royalty Corp (UROY) - classified as Physical as they have large holdings in physical uranium.
Alternate Energy Holdings
A few changes though options assignment with one big new holding. A 0.8% drop in valuations.
Mix of holdings sees L'Air Liquide S.A. (AI.PA) come into Top 10 in slot 2. QuantumScape Corporation (QS) jumps a place into slot 5 on the addition there. Westwater Resources, (WWR) and Lithium Americas Corp (LAC) drop two places each into slot 6 and 7. Dropping out the Top 10 is Gevo, Inc (GEVO). Share of portfolios goes up nearly 1 point to 7.4%.
Precious Metals Holdings
Massive selloff though options assignment and a 2.6% increase in valuations. Going to take some work to build back
Mix of holdings sees Amplify Junior Silver Miners ETF (SILJ) drop two places to slot 4 on the sales there. Wheaton Precious Metals (WPM) drops out the Top 10 - its holdings are now small with a few call options instead. Northern Star Resources (NST.AX) rises two places into slot 2. Royal Gold (RGLD) rises 6 places to slot 3. WisdomTree Physical Gold (PHGP.L) rises 4 places into slot 6. New entrants to Top 10 are Alamos Gold (AGI) in slot 5, GoGold Resources Inc. (GGD.TO) in slot 7, First Majestic Silver (AG) in slot 8, Pilbara Gold (PGL.AX) in slot 9 and Hercules Metals Corp. (BIG.V) in slot 10. Also dropping out the Top 10 are Coeur Mining (CDE), Agnico Eagle Mines (AEM), Barrick Mining Corporation (B), and Pan American Silver (PAAS). Share of Others drops nearly 9 points to 23.9%. Share of portfolios drops over 5 points to 9.3% - this feels out of balance. That said there are quite a few call options and call spreads that are likely to go to exercise.
Bought
enCore Energy Corp (EU): Uranium. Assigned early on sold put in managed portfolio. Breakeven $1.35 vs $1.07 close (Aug 18) - one cycle. Also in pension portfolio - Breakeven $1.37 vs $1.07 close (Aug 18) - 3 cycles from last assignment. In pension portfolio this has been a challenging investment going back to early 2024 with income from options trades recovering 95% of the capital losses. Worse story in managed portfolio with income from options trades recovering only 79% of the capital losses.
Price was pummeled after the August 10 results
>Despite the revenue growth, the company posted a net loss of $41.45 million and a diluted loss per share (EPS) of ($0.21), compared to a net loss of $6.33 million and an EPS of ($0.03) in the prior-year quarter. The increased loss was primarily driven by a shift toward purchasing higher-cost uranium inventory rather than extracting it domestically, which raised the weighted average cost of delivered U₃O₈ to $75.54 per pound from $59.42 in 2025.
Looks like a long hold - time to get back to mining uranium and not buying on the spot market
Alligator Energy (AGE.AX): Uranium. Company is running a rights offer. Bought parcel in pension portfolio equivalent to smallest tranche one could buy on rights issue at a price lower than the rights price - even after brokerage worked out a cheaper way to not get diluted.
QuantumScape Corporation (QS): Battery Technology. Assigned early on sold put in pension portfolio. Breakeven $6.56 vs $5.76 close (Aug 18) - 4 cycles - a bit of work to do
Australian Mines (AUZ.AX): Rare Earths. Next Investors idea following on from their investment in the Sunrise Energy Metals (SRL.AX) scandium development which just received US Department of War funding to build a plant. Australian Mines (AUZ.AX) resources are right next door and at higher grades.
Deployed one tranche of the Sunrise Energy Metals (SRL.AX) sale in personal portfolio. Somehow managed to take initial capital out twice (mistake). This offers a good way to redeploy one tranche in the same theme
The comparative chart of Australian Mines (AUZ.AX) (the blue line) to Sunrise Energy Metals (SRL.AX) (the bars) with a 600 points difference even after the pullback
>Scandium makes aluminium stronger and weldable for fighter jets, missiles, drone frames etc. It’s also critical for fuel cells that power AI data centres… and how many of those are about to get built around the world.
Lotus Resources Limited (LOT.AX): Uranium. Rights issue allocations in pension portfolio, personal portfolio and managed portfolio - averages down entry price - took up minimums plus some overs.
Intelligent Investor Equity Growth Fund (IIGF.AX): Australian Index. Reinvestment of dividends in pension portfolio
Intelligent Investor Australian Equity Income Fund (INIF.AX): Australian Index. Reinvestment of dividends in pension portfolio
Stroud Resources (SDR.V): Silver Mining. Scaled into holding in pension portfolio.
VanEck Uranium and Nuclear ETF (NLR): Nuclear Power. Assigned on sold put in managed portfolio. Breakeven $112.70 vs $119.94 close (Aug 21) - two cycles
Silvercorp Metals (SVM.TO): Silver Mining. With price opening at $17.90 (Aug 21) and covered calls going to be assigned put in place a December/September 18/17 ratio risk reversal in pension portfolio. Breakeven starts out at $19.05 requiring a 6.4% price move. The ratio of sold puts does not fully cover the call premium. Two trade options open - keep doing sold puts month by month and/or sell a call higher than the bought call strike (18). Preference is to keep the trade open ended. BTW the trade is fully funded by profits on the stock position just sold.
Pan American Silver Corp (PAAS): Silver Mining. With price opening at $53.15 (Aug 21) put in place a January 2027 expiry 55/70/42 call spread ratio risk reversal. This offers maximum profit potential of 325% for 31.7% price move. The sold put (42) fully funds the call spread premium through the ratio with 21% price coverage
Let's look at the chart which shows the bought call (55) as a blue ray and the sold call (70) as a red ray and the sold put (42) as a dotted red ray with the expiry date the dotted green line on the right margin. Simple enough trade idea - trade just above the early 2026 highs for the maximum and happy to buy the stock around the recent lows. Price needs one blue arrow price scenario to get close with enough time for a retracement along the way
L'Air Liquide S.A. (AI.PA): Specialty Chemicals. Assigned on sold put leg of credit spread in pension portfolio. Breakeven €165.41 vs €167.12 close (Aug 21) - 3 cycles. Had good success with this trade idea since January 2024.
Peabody Energy Corporation (BTU): Coal Mining. Assigned on sold put in pension portfolio. Breakeven $26.20 vs $27.61 close (Aug 21) - 2 cycles of which one was a rollover.
Walmart Inc (WMT): US Retail. Results disappointed the markets - price got smacked - JP Morgan said it was a buy.
Bought a tranche in extended hours Friday - figuring market over-reacted. Details of the online sales contained in the earnings were very strong - taking on Amazon with a distributed delivery and pick-up network already built
State Street Financial Select Sector SPDR ETF (XLF): US Financials. Assigned on a 57/52 risk reversal in pension portfolio. The sold put funded part of the call premium only - could have just bought the stock as it was trading around $56 at trade time. Breakeven $57.59 vs $57.48 close (Aug 21). One covered call will bring this to profit.
Trade idea was to ride a potentially good bank earnings season - wanting an open ended trade. Quick update of the chart shows the sold put (52) was never in play and price spent the front half of the trade time below the bought call (57) before moving higher. $56 was only tested in week one. See TIB819 for the rationale
Sold
Tags: #tib#investing#stocks#bitcoin#crypto#options#uranium#hive