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Uranium is one of the market’s most talked-about themes. On Switzer TV this week, two guests landed on the same call.
Adam Dawes of Shaw and Partners and Rudi Filapek-Vandyck of FNArena were talking uranium on the 22 June episode. Both like the long-run story. Both told viewers the cleaner way to play it is an exchange-traded fund rather than picking a single miner.
The “supercycle” moment
The bulls call this a “supercycle”: a long, structural run in demand that outlasts the usual boom-and-bust felt by markets as a whole.
For uranium, the case rests on more reactors. Governments from the United States to Europe to Asia have swung back towards nuclear power for electricity that does not depend on the weather, and the data centres behind the artificial-intelligence build-out need round-the-clock supply. More reactors means more fuel, and the world is not digging up enough of it yet.
That is the bull case. The problem, both guests argued, is turning it into a share price.
Filapek-Vandyck was blunt about the listed names.
“With uranium I’m making an exception. If you want exposure, I’d rather own NexGen or the uranium ETF,” he said. “Almost every listed uranium stock, Paladin, Lotus, Boss Energy, has had one or two problems and been a field of pain. If you want to play uranium, just buy the ETF.”
The share prices bear out that pain. Boss Energy, hit by production problems at its Honeymoon mine, is down about 74 per cent over the past 12 months at around $1.16 (as at 22 June 2026). Lotus Resources is off about 67 per cent over the same stretch, near 66 cents. Paladin, the biggest of the three, is the exception that proves his point: it is up about 34 per cent over 12 months, but it has fallen from a 52-week high of $15.10 to under $10. The theme is intact. The individual rides have not been.
Dawes reached the same conclusion:
“Shaw’s research has Paladin as a buy, so I’ll stay with the house view,” he said. “That said, most of my clients get their exposure through the uranium ETF. You don’t get damaged by all the individual losers.”
NexGen Energy, the other name Rudi nominated, is listed on the ASX as a Canadian developer building the Rook I uranium project in Saskatchewan’s Athabasca Basin. It is a single stock, but it is the one company he was willing to hold outright rather than inside the ETF basket.
The other side of the trade
Not everyone is steering clear of the single stock. On a previous Switzer TV ep, Michael Gable made a bullish case for Paladin, telling viewers he expected the stock to have “a two in front of it” by the end of the year. That is the basket-versus-single-stock question in two episodes: own the sector and accept the average, or back your read on one name and wear the swings.
Dawes and Filapek-Vandyck both took the ETF approach instead.
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Stocks mentioned are referenced as representative of declared business exposure to the sectors discussed, not as recommendations.
