Last week, North Shore Indices entered into an agreement with Sprott Asset Management. The agreement involves Sprott acquiring an exclusive license that will allow the company to utilize the North Shore Global Uranium Mining Index. This transaction between the two companies hasn’t yet been approved by the shareholders of North Shore Global Uranium Mining ETF and its board of trustees.
Once it is granted approval, the company will undergo reorganization in order to establish Sprott Uranium Miners ETF, which will be subadvised and advised by Alps Advisors Inc. and Sprott Asset Management, respectively. It is expected that the reorganization will be completed by the first quarter of next year, if a go ahead is given by both the shareholders and the board of trustees.
Sprott Asset Management CEO John Ciampaglia stated that the North Shore Global Uranium Mining ETF was the ideal complement to the company’s uranium trust, adding that he believed the sector was in the early stages of a uranium bull market. The performance of North Shore’s index is tracked by the North Shore Global Uranium Mining ETF. Sprott’s uranium trust, dubbed the Sprott Physical Uranium Trust, is currently the biggest physical uranium fund globally.
Ciampaglia noted that the North Shore Global Uranium Mining ETF was the only pure-play uranium equities ETF listed in the United States, asserting that Sprott looked forward to offering investors different options to invest in the sector.
Currently, the company’s suite of precious metals ETFs is made up of mining equities through the Sprott Junior Gold Miners ETF and the Sprott Gold Miners ETF as well as physical trusts in gold and silver, through the Sprott Physical Silver Trust and the Sprott Physical Gold Trust.
Interest in uranium has increased around the globe as policymakers try to manage an energy crisis while dealing with the challenges of shifting to the use of more renewable sources of energy. Given that emissions from the use of fossil fuels is the main driver of climate change and that renewable energy sources such as wind and solar do not have the capacity to satisfy the demands of the electrical grid at the present, nuclear power is currently the safest and most reliable bet.
Nuclear power has both a remarkable energy output as well as low carbon emissions, which makes uranium an essential material for the future. However, some policymakers argue that despite its immense benefits, nuclear power has a significant impact on the environment, with others highlighting its catastrophic accidents, which have caused the deaths of thousands around the globe.
This heightened activity by way of sector consolidation shows that uranium miners such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) could be in for a surge in demand as nuclear energy regains its rightful place as a green form of energy.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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