Ur-Energy was a simple bet on mothballed uranium production getting a re-rate when uranium prices rose to a level at which it would be profitable to start producing again. Along the way, it picked up brownie points for being US-based production at a t time when the US started buying US-sourced uranium. It has delivered excellent gains on both counts.

However, the company is behind schedule bringing operations back online, citing personnel shortages among other issues. After several quarters, it's still far below target. At the very least, this will increase the cost of resuming production. Worse, the company has contractual obligations to deliver U3O8 that exceed inventory, so it may be forced to buy on the spot market at costs far above what it would be paid, taking a loss on every pound thus sold.

I don't know how this will work out, but I have a big win I don't want slipping through my claws, so, after giving clients a chance to go first, I've sold my remaining shares and closed the position. I'll be happy to have a fresh look once the company is back in production at nameplate capacity and showing steady profit.

Note that giving The Independent Speculator clients a chance to buy before I do and sell before I do is an advantage that's part of what they pay for in the service.

Note as well that I had already executed an Upside Maximizer on this position, taking profits, so the exit price cited above is a weighted average of my realized Sells.