Weekly Watchlist - January. 13, 2024

Several commodities finished the week strong after news of more issues with shipping in the Red Sea. This issue looks like it might persist for awhile.

This week I had several potential candidates for this watchlist, several precious metals stocks are set up really nicely, they are just waiting for a catalyst to breakout. Whenever gold/silver finally make their big moves, alot of these stocks will breakout at the same time.

The gold/silver mining stocks are very close to cycle bottoms and are trading at very attractive levels. This opportunity presents itself every few years as the cycle continues to repeat. This is where large percentage gains can be made very quickly. I have been very early on some of these stocks but I still feel that 2024 is the year.

Uranium hit $100 per pound this week, the physical commodity itself has been on a tear. The mining stocks haven’t really performed that great recently, some of them are cheaper than in 2021 when Uranium went to $50 per pound. This week I noticed this might be changing as some of the juniors are starting to look pretty good.

Uranium is much later in it’s cycle, so it’s important to be aware of that when trading these stocks. It’s possible we get some parabolic moves now as people pour into the sector and have FOMO. I have noticed it’s gone mainstream more recently with lots of talk about the commodity on CNBC. This is usually more of a late stage phenomenon.

Baseload Energy - Market Cap $56 Million Canadian

Baseload Energy has chopped around for over a year and hadn’t been able to gain any traction even with a rising uranium price. I owned the stock in 2021 when it made it’s initial discovery, it was a big winner for me. I still think it’s one of the more interesting juniors in the space.

The CEO is an excellent geologist and has a knack for finding uranium deposits. There is alot of potential for more discoveries at their properties and it looks like the Ackio discovery has a chance to grow and be an open pit style of deposit due to it’s shallow depth.

According to the company presentation they still have over $10 million in cash. With aggressive exploration plans going into 2024.

This week the company broke out of it’s base on high volume, I will be monitoring this stock early next week and may take a position if it continues to act in this manner. I like the exploration upside going into a potentially parabolic uranium market.

District Metals - Market Cap $26 Million Canadian

This is a stock I wrote about early last year, it is up over 60% since then. The company acquired the Viken Property which is one of the largest uranium deposits on the planet, with over 1 billion pounds of lower grade uranium

The previous company that had owned the property had a market cap of over $300 million Canadian at one point, if Sweden reverses the uranium ban this is going to re-rate. The stock is already woefully undervalued based on the projects they have.

Nice volume came into the stock this week as it blew through some important levels, there is still some resistance ahead, I like the risk/reward here.

Goliath Resources - Market cap $79 Million Canadian

A gold stock that continues to deliver impressive results with the drill, the stock has been in a basing structure for over a year now, and is one of those stocks that looks ready to launch when Gold breaks out.

The Surebet Deposit is already over 1.6 Sq Km, and is still open for additional growth. The stock had the most weekly volume since Mid September and is on watch for a potential breakout next week.

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