29 December 2021
Toronto, ON, December 29, 2021 – Consolidated Uranium Inc. (the "Company", “CUR” or “Consolidated Uranium”) (TSXV: CUR) (OTCQB: CURUF) is pleased to share an open letter from Chairman and Chief Executive Officer, Philip Williams, to shareholders of the Company.
Dear Fellow Shareholders:
As we end 2021, I wanted to take a moment to reflect on our Company’s achievements over the past year and set out our objectives for the upcoming year and beyond.
Looking back at our letter from last year, we noted that uranium prices had increased from the low of US$20.00 per lb in early 2020 to close that year at approximately US$30.00 per lb. At that time, we expected prices, both spot and long term, to continue to climb and we were not disappointed. As of writing this letter, according to TradeTech, the weekly spot price indicator sits at US$43.25 per lb with the long-term price indicator at US$45.00 per lb. This impressive 42% increase in the spot price year-over-year tells only part of the story. The spot price peaked at just over US$50 per lb in September on the back of aggressive spot market purchases from the Sprott Physical Uranium Trust, which now holds 41.3 m lbs of U3O8 up from just 18.1 m lbs at the beginning of the year.
As expected, this continued upward strength in the uranium price has had a positive impact on share prices for uranium equites. The best way to see this is by looking at the performance of North Shore Global Uranium Mining ETF (URNM), which is now up 82% year-to-date despite correcting 20% from its high of early November.
Read the full release here.