HeyJaredAsymmetric Research
Independent natural resources research. Mining investing legend Rick Rule has highlighted our work on multiple occasions. Founded by a former sell-side equity analyst and hedge fund analyst at an energy transition fund. Not investment advice. DYOR.
- Indexed issues, last 90 days
- 9
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- Sep 21, 2026
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- Jul 9, 2026
Latest issues
Nuclear/Uranium: Westinghouse Is Targeting $50bn. Here's What We'd Do Now (opens the original)
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Bloomberg reported last week that Westinghouse is targeting a valuation of more than USD 50bn in its coming US IPO, with a public filing as soon as October. We flag it because it validates the analysis we published on 3 August and puts a number on it that sits within the range we set out.When we published our valuation of Westinghouse, we set out a base case fair value of more than USD 40bn (precisely USD 43bn), a bull case of USD 85bn, and a conservative case of USD 26bn. For context, Brookfiel
Uranium: Russia's Acid Ban and the Kazakh Question (opens the original)
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Russia has temporarily banned the export of sulphuric acid until the end of the year, to secure supply for its own industrial and fertiliser producers. This matters because of Kazakhstan, the world’s largest producer of uranium, and its reliance on Russian acid.Why the acid ban matters for Kazakh uranium Read more
Royalties: Where We See Value Amongst Small Caps (opens the original)
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In this note we look at relative valuations across high-quality small-cap royalty and streaming names, a cohort we have owned at various points. The valuation spread within it is wide. Read more
Uranium: The Era of Cheap Uranium Is Over (opens the original)
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We turn back to uranium. In our late-July note, written after the equity sell-off, we asked whether the sector had become outright cheap and set out fair-value upsides against a $150/lb price over the next two years, with YCA as our standout on risk and reward. Since then, the stocks have rebounded, spot has moved higher, and several developments have landed that, on balance, strengthen the thesis. We also revisit a piece of the Kazakh picture that is not new but that we think the market has ove
EU Natural Gas: A Rude Awakening (opens the original)
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Back after a break, and plenty has moved in our favour while we were out. On uranium, spot has reached $90/lb as post-summer seasonality turned, helped by news of a delay to Kazatomprom’s sulphuric acid plant that strengthens the case for lower production next year. On gold, a wild run of around $600/oz since the start of the month further bolstered by the US Treasury’s bond buyback announcement, the bounce vindicating the call we made at the summer lows, though equities now look overbought. We
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