Sprott Physical Uranium Trust
ConvictionContext
Closed-end physical commodity trust managed by Sprott Asset Management: raises capital via an at-the-market (ATM) equity program when units trade at a premium to NAV (plus occasional bought-deal offerings, e.g. US$200M in June 2025), deploys proceeds into spot U3O8 purchases, and stores the material at licensed facilities. It has not sold or lent uranium since inception; value accrues from uranium price appreciation, net of a 0.35% management fee plus storage/operating costs.
Revenue
None - the trust holds physical uranium and generates no operating revenueNAV is the tracked metric ($6.84B, 2026-03-31Rev growth
n/auranium market value grew from $6.13B at 2026-01-05 to $6.74B at 2026-03-31, on ATM/bought-deal-funded purchases plus price moves; monthly NAV return was -2.26% for March 2026Gross margin
n/a - commodity trustno COGSOp margin
n/a - expense drag instead: 0.35%/yr management fee plus storage and admin costsCapex intensity
n/a - capital is deployed directly into U3O8: 8.67M lbs purchasedin 2025 vs 3.06M lbs in 2024 and 3.89M lbs in 2023 (MINING.COMMarket cap
~$6.4B est~337M units implied by U.UN quote CA$26.68 / CA$8.99B market cap on hl.co.uk, x $18.89 SRUUF close 2026-07-09); total NAV $6.84B (2026-03-31Members only
Full financial intelligence for Sprott Physical Uranium Trust
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence