John Ciampaglia

Sprott's John Ciampaglia on Uranium and SPUT

• Top takeaway John's core thesis is that uranium fundamentals are getting stronger regardless of macro noise — a structural supply deficit underpins the story and he expects investors to keep looking past short-term distractions.
• He argues the AI and hyperscaler linkage to nuclear is structural even if some AI IPOs disappoint: hyperscalers need baseload power for data centers, are funding small modular reactors, and signing long-dated, high-value power purchase agreements.
• On SPUT specifically, he highlights record five-quarter capital raises, about 7 million lbs bought in 2026 so far on the way to a 9 million lb annual limit, and holdings growing from roughly 18 million lbs at the July 2021 launch to just under 82 million lbs now.
• He is broadly bullish on critical materials — uranium, copper, rare earths, battery metals — and argues the current commodity bull is prolonged because of the prior 10–15 years of underinvestment, putting the cycle in the early-to-middle innings.
• On gold and silver, John says gold has found a bottom near $4,000 and that hard assets look attractive given the US bond market showdown, rising yields, persistent inflation pressure, and very high global debt levels.

Sprott Physical Uranium Trust (SPUT) has bought roughly 7 million pounds of U3O8 so far in 2026, racing toward its 9-million-pound annual purchase limit. Hyperscalers (the cloud and AI operators) are signing long-term power agreements, pulling fresh capital into uranium as AI data centers demand baseload power. Western utilities are quietly returning to RFPs (requests for proposals) to refill depleted inventories, while China builds around 8 new nuclear reactors per year. Despite a quiet 2026 spot and term market, Sprott is seeing renewed rotation into uranium equities and inflows across copper, gold and silver products. Sprott argues the broader commodity bull cycle is in its early-to-middle innings, as decades of underinvestment set up structural supply deficits.

FREE Master Class on Investing in Copper and Copper Stocks | Jimmy Connor

• Top takeaway John Ciampaglia argues copper has decoupled from traditional industrial metals due to its critical role in electrification, AI data centers, EVs, and national security.
• He describes the Sprott Physical Copper Trust as a structurally enhanced vehicle that, since adding monthly redemption options in May 2026, has traded much closer to its NAV.
• John notes the trust holds 14,600 metric tons of copper worth just over $200 million and aims to grow for greater institutional investor participation.
• He cites Robert Friedland's statistic that 700 million tons of copper has been mined since the beginning of time, with a similar amount needed in the next 18-22 years.
• John argues that physical copper ownership avoids the negative roll yield embedded in contangoed copper futures markets.

UBS projects a 520,000-ton copper deficit by 2027 and a $15,000/ton price, framing the supply-demand squeeze that drove this conference. Chile produces roughly a quarter of global copper but output peaked in 2018, as falling ore grades and longer development timelines pressure new supply. AI data centers, EVs (150 lbs vs 50 lbs in gas cars), and renewable build-out are reshaping demand — together already making up 32% of copper use. Major supply disruptions at Cobre Panama, Grasberg, and Kamoa Kakula hit at the same time as demand acceleration, exposing the fragility of the supply base. Eight copper-focused company conversations cover developers (ATEX, Faraday, Highland, Lumina), a tailings processor (Amerigo), a royalty platform (Evolve), and Sprott's physical and ETF vehicles.

Uranium Flows in Q1 2026 | John Ciampaglia and Jimmy Connor

• Top takeaway Argues no meaningful greenfield uranium supply will arrive for roughly the next five years while utilities' uncovered requirements grow really large around 2030, a tightening market he expects to be a powerful catalyst for significantly higher prices.
• Says uranium's long-term fundamentals remain intact despite the war-driven pullback: spot started 2026 near $81/lb, briefly touched about $100/lb for the first time in almost two years, then drifted to the mid-$80s after the Iran war began.
• Highlights India's state-owned energy company signing two multi-billion-dollar supply contracts — one with Kazatomprom, one with Cameco — joining China and South Korea in locking in uranium in a market he says has 100% inelastic demand with no substitution effect.
• Points to the term price at $90/lb as of the recording (early April 2026), its highest level since 2008 after six months of gains, with the spot-to-term carry trade keeping the two prices tightly tethered and the direction of travel up.
• Describes producers holding their strongest negotiating power in over a decade, with term-contract price caps now around $150/lb or dropped entirely, versus the roughly $30 fixed prices utilities could lock in 4-5 years earlier.

Guest John Ciampaglia argues uranium's slide from $100 to the mid-$80s after the Iran war reflects investor de-risking, not damaged fundamentals. The uranium term price — the base reference price for future delivery — sits at $90 per pound, its highest level since 2008. A carry trade — buying spot weakness and selling uranium forward — keeps spot and term prices tethered, cushioning market downdrafts. India's state-owned energy company is signing multi-billion-dollar uranium contracts with Kazatomprom and Cameco, joining China in locking down long-term supply. He expects a tight market: no meaningful new mine supply until roughly 2030, when utilities' uncovered requirements grow and price caps reach $150.

Virtual Nuclear Energy & Uranium Conference | Learn the Benefits of Nuclear Energy

• Top takeaway Ciampaglia says the term price at $90 is its highest since 2008 and, with utilities' uncovered requirements swelling toward 2030 and no meaningful greenfield supply for roughly five years, the market keeps tightening.
• He reports SPUT has bought about 5 million of its 9-million-pound 2026 spot limit, has purchased 14 million pounds since mid-2025 after a six-month dormant stretch, and holds about 80 million pounds in total.
• He interprets the 9-million-pound cap as covering only spot purchases (delivery within 365 days), so longer-dated buying would not count against the limit, at modestly higher carrying cost.
• He reads India's multi-billion-dollar contracts with Kazatomprom and Cameco, plus returning utility RFPs, as evidence that buyers must line up for supply, with producer leverage visible in $150 price caps and even no-cap offers.
• He stresses uranium demand is 100% inelastic — no substitution or thrifting — and lists catalysts ahead: an Iran off-ramp, more contracting, SMR ground-breakings, and Europe and Japan pivoting back to nuclear.

Uranium's term price (the long-term reference price) holds near $90 per pound, its highest level since 2008, anchoring a firm spot market. Producers are holding output flat while utilities and state buyers like India return, signaling intensifying competition for future pounds. Denison Mines has started construction at Phoenix, the first new Canadian uranium mine approved in over 20 years, targeting production by mid-2028. NexGen says fully permitted Arrow will produce up to 30 million pounds annually — about 20% of world mine supply — with construction underway. Contract terms are shifting toward sellers: ceilings near $150 per pound, some deals with no cap at all, ending the $30 fixed-price era.

Free Virtual Silver Conference Replay

• Top takeaway Argues silver's long-delayed catch-up trade is in motion: after 14 years below the 2011 high of $50, the mid-$80s price still looks attractive, and a fifth straight annual supply deficit supports higher prices despite the volatility.
• Runs the Sprott Physical Silver Trust at about $17 billion - 100% allocated, stored at the Royal Canadian Mint and Brinks, over 150 million ounces bought since 2020 - with positive year-to-date flows while its larger competitor saw outflows.
• Sees speculative excess flushing out - a Chinese silver futures ETF that traded 60% above NAV, CTA-led derivative flows, and reported Chinese intervention against a large short - leaving a bull-versus-bear tug of war in the near term.
• Frames silver as newly strategic: added to the US critical-minerals list, backed by a $12 billion US reserve-fund initiative, and squeezed by China's export restrictions in a market where 50-80% of some metals refining is China-based.
• Advises investors to dollar-cost average, size positions for volatility, and consider Sprott's three vehicles - PSLV, CEF and the SLVR silver miners ETF - as ways to gain exposure.

Silver's five-year supply deficit and rising industrial demand anchor the bull case speakers make despite a 30% one-day price crash. Sprott managers call the selloff a buying opportunity: average in slowly, judge explorers on deposit size, producers on cash flow. Dolly Varden's merger with Contango pairs high-grade BC silver with an Alaska gold miner's cash flow and permitting expertise. AbraSilver and Aya are advancing toward bigger resources and record output, while Skeena is fully permitted and targets 2027 cash flow. Washington's critical-minerals push, including the $12 billion Project Vault reserve fund, and cheap grid power are reshaping mining economics.