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1. The Uranium renaissance continues…

The uranium price spiked ~15% over the weekend to eclipse US$100/lb for the first time! The catalyst was a Kazatomprom, the world’s largest uranium producer, announcement that issues sourcing sulphuric acid (a key operating material in uranium mining) may result in lower production in 2024/2025.

For context, Kazakhstan makes up 36% of uranium supply. Changes to its production levels can have a big impact on the uranium price. Given the country is landlocked between Russia, China, and the Middle East, you can imagine why its difficult to source supplies and export uranium at the moment.

We continue to see upside for uranium producers NexGen Energy and Boss Energy, key holdings in the Firetrail Small Companies and Firetrail Absolute Return Funds. The demand outlook is strong with 22 countries committing to tripling nuclear energy capacity by 2050 at COP28.

At the same time, it is taking longer for new projects to come online. Our research suggests we’re heading into a supply deficit over the coming years.


Source: Firetrail


2. Copper pure-play incoming…

Firetrail analyst Alex Collen was out in Cobar NSW this week, inspecting soon-to-be ASX-listed Metals Acquisition Corp’s copper mine, CSA. We’ve dropped some photos from his trip below.

Cobar is one of Australia’s oldest and greatest mining regions. The CSA mine is the region’s oldest and largest mine, first developed in the early 1900s! It is the highest-grade copper mine in Australia, as well as one of the deepest at 1,800m vertical.

With limited pure-play copper options available on the ASX, Metals Acquisition Corp’s listing will provide Aussie investors with much-needed choice in accessing exposure to the commodity. We view this as highly positive given the important role copper will play in decarbonisation, and its strong global demand outlook as a result.

A rock face that has been blasted out with explosives – 1,800m deep!

Blasted rock containing copper

Now to processing! The dark silvery fluid is copper ‘concentrate’. This gets dried into a black powder containing ~27% copper.

Source: Firetrail

3. Population boom…

Immigration to Australia is booming post-COVID. The population over age 15 grew 3% in 2023 according to the ABS labour force survey. Australia hasn’t seen this level of population growth since the 1970s. Population growth is the key economic tailwind likely to help Australia avoid a recession. Population growth is also helping to cool a tight labour market, which should put downward pressure on wage inflation and help the RBA wrestle inflation back within its target band.

Source: ABS, Antipodean Macro


This article is prepared by Firetrail Investments Pty Limited (‘Firetrail’) (ABN 98 622 377 913, AFSL 516821) as the investment manager of the Firetrail Australian High Conviction Fund (ARSN 624 136 045), the Firetrail Absolute Return Fund (ARSN 624 135 879), the Firetrail Australian Small Companies Fund (ARSN 638 792 113) and the Firetrail S3 Global Opportunities Fund (ARSN 653 717 625) (‘the Funds’). Pinnacle Fund Services Limited ('PFSL') (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund. PFSL is not licensed to provide financial product advice. PFSL is a wholly-owned subsidiary of the Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184). The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the relevant Fund are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund.

Links to the Product Disclosure Statement: WHT3810AU, WHT5134AU, WHT3093AU, WHT7794AU

Links to the Target Market Determination: WHT3810AU, WHT5134AU, WHT3093AU, WHT7794AU

For historic TMD’s please contact Pinnacle client service Phone 1300 010 311 or Email

This communication is for general information only. It is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. Past performance is for illustrative purposes only and is not indicative of future performance.

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