Tom Bodrovics interviews Mart Wolbert, founder of the Contrarian Codex Newsletter, to discuss the current state and future prospects of the uranium market. Wolbert highlights the significant increase in the term price of uranium, which has risen to $82-$83, driven by cost inflation and project delays. He notes that despite this increase, the market remains tight, with a substantial supply-demand deficit projected through 2040. Utilities, particularly in the US and Europe, are facing challenges in securing adequate fuel supplies, leading to a shift towards longer-term contracting and higher prices.

Wolbert emphasizes that the uranium market is complex and requires multiple factors to align for a balanced supply. He discusses the potential for new supply sources, such as uranium extraction from phosphate tails and re-enrichment of tails, but notes that these depend on higher prices and technological advancements. He also highlights the geopolitical considerations surrounding KazAtomProm, a major Russian uranium producer, and its influence on global uranium supply.

The conversation also touches on the role of artificial intelligence (AI) in driving future demand for uranium, as data centers require significant power. Wolbert believes that while AI will increase demand, it is not the primary driver of the current uranium bull market.

Mart also discusses the importance of diversifying investments to mitigate risks, including holding positions in gold, silver, oil, gas, and other commodities. Wolbert shares his sentiment rating for the uranium market, which is currently very optimistic but not yet euphoric. He advises listeners to be cautious and prepare for potential market corrections, using the analogy of a desert trek to emphasize the importance of planning for challenging times. He concludes by encouraging listeners to stay informed and consider the long-term prospects of the uranium market.

Guest Links:
X: https://x.com/Yellowbull11
Patreon: https://www.patreon.com/contrariancodex
Email: mailto:[email protected]

Mart Wolbert is a dedicated investor who specializes in identifying contrarian investment opportunities with the potential for life-changing returns. After thousands of hours researching the macro environment, uranium markets, and various commodities, he has developed a distinctive approach to finding value in overlooked and often unloved sectors of the market.

As the founder of Contrarian Codex, Wolbert has built a thriving community of like-minded investors who share his passion for thorough research and bold positioning. His commitment to delivering value extends through multiple channels, including a biweekly uranium newsletter, comprehensive investment theses, and detailed company coverage. When opportunities arise beyond his uranium specialty, Wolbert doesn’t hesitate to explore other sectors, providing sample portfolios and actionable insights to his followers.

What sets Wolbert apart is his dedication to making complex investment analysis accessible and understandable. Through exclusive interviews with industry experts, timely buy and sell alerts, and breaking news coverage, he ensures his community stays ahead of market movements. His approach isn’t just about financial returns—it’s about helping others achieve the freedom to pursue what they truly enjoy in life.

With a growing presence across Twitter, Reddit, and his Patreon platform, Mart Wolbert continues to challenge conventional investment wisdom while building a community of investors who value thorough research over popular opinion.