The Globe and Mail reports in its Thursday, Feb. 13, edition that National Bank Financial analyst Mohamed Sidibe is constructive on the uranium market and uranium prices. The Globe's David Leeder writes that Mr. Sidibe says in a note: "This, coupled with rising geopolitical tensions and trade wars affecting supply, an under investment in new mines and projects since the Fukushima incident has led to a tight market and has pushed uranium prices higher. In 2024, uranium U3O8 spot prices averaged $86 (U.S.)/lb, a year-over-year increase vs. the 2023 average of $60 (U.S.)/lb and current spot prices of $70.25 (U.S.)/lb. We model long-term prices of $85 (U.S.)/lb." Mr. Sidibe commenced coverage on Uranium Royalty with an "outperform" rating and $4.50 (Canadian) share target. Analysts on average target the shares at $5.90 (Canadian). Mr. Sidibe adds: "Uranium Royalty boasts an attractive diversified royalty portfolio, along with a strong physical uranium program which provides it with the necessary liquidity to be active on future acquisitions. While we expect it to ultimately benefit from our positive outlook on the uranium price, the lack of meaningful CF driven from near to medium-term royalty dilutes this in our view."