A busy options expiry week - sold a lot and added a lot back especially in gold and silver mining
In a week where S&P 500 rose 4.5% and Europe rose 2.3%, my pension portfolio rose 3.8% - in the middle. Heavy lifting from nuclear tech and ASX and Canadian uranium and some lithium moves.
Big movers of the week were F4 Uranium Corp (FFU.V) (50%), NuScale Power Corporation (SMR) (37.3%), Neo Energy Metals Plc (NEO.L) (36%), Fermi (FRMI) (34.5%), Grand Gulf Energy (GGE.AX) (33.3%), AuKing Mining (AKN.AX) (33.3%), Oklo (OKLO) (33%), Strategic Minerals Plc (SML.L) (30.8%), Iondrive (ION.AX) (30%), Jaguar Uranium Corp (JAGU) (29.8%), Kairos Minerals (KAI.AX) (29.3%), Haranga Resources (HAR.AX) (28.9%), EraNova Metals (NOVA.V) (27.6%), Sunrise Energy Metals (SRL.AX) (26.6%), Lightning Minerals (L1M.AX) (25%), Lithium Universe (LU7.AX) (25%), F3 Uranium Corp (FUU.V) (23.5%), BMG Resources (BMG.AX) (23.3%), ADX Energy (ADX.AX) (23.1%), ChargePoint Holdings (CHPT) (22.2%), Earths Energy (EE1.AX) (20%), ASP Isotopes (ASPI) (19.9%), CleanSpark (CLSK) (19.5%), Lithium Americas Corp (LAC) (18.9%), Atha Energy Corp (SASK.V) (18.7%), Lightbridge Corporation (LTBR) (17.2%), SK Hynix Inc (HY9H.SG) (16.9%), Curaleaf Holdings (CURA.TO) (16.1%), Andrada Mining (ATM.L) (15.9%), Bannerman Energy (BMN.AX) (15.7%), Paladin Energy (PDN.AX) (15.5%), American West Metals (AW1.AX) (14.9%), Stamper Oil & Gas Corp (STMP.V) (14.8%), Westwater Resources(WWR) (14.4%), Robin Energy Ltd. (RBNE) (14.3%), WhiteHawk (WHK.AX) (14.3%), Cobalt Blue Holdings (COB.AX) (13.7%), TDK Corporation (6762.T) (13.2%), PLS Group (PLS.AX) (12.7%), Frontier Nuclear and Minerals (FNUC) (12.5%), Lifeist Wellness (LFST.V) (12.5%), TechGen Metals (TG1.AX) (12.5%), Arafura Rare Earths (ARU.AX) (12.3%), Elevate Uranium (EL8.AX) (12.3%), Mayne Pharma Group (MYX.AX) (12%), Duolingo(DUOL) (11.6%), QuantumScape Corporation (QS) (11.6%), Skyharbour Resources Ltd. (SYH.V) (11.6%), Alligator Energy (AGE.AX) (11.5%), Aura Energy (AEE.AX) (11.5%), Energy Fuels (UUUU) (11.4%), NICO Resources (NC1.AX) (11.4%), Premier American Uranium (PUR.V) (11.3%), Tess Holdings (5074.T) (11.3%), Fortune Bay Corp (FOR.V) (10.9%), American Uranium (AMU.AX) (10.6%), Uranium Energy Corp (UEC) (10.6%), Sprott Junior Uranium Miners ETF (URNJ) (10.6%), Sun Silver (SS1.AX) (10.2%), Largo (LGO) (10.1%)
What a week with 60 stocks in the big movers list - a record. The big themes are well represented - from the top - uranium (16 stocks), nuclear tech (5 stocks), gold/silver mining (9 stocks), rare earths (5 stocks), alternate energy (9 stocks), marijuana (1 stock). A few oil and gas stocks too.
Markets cruised through the week ahead of earnings on positive feelings about the ceasefire
Crypto Rebounds on Good News
Bitcoin price pushed higher all week finishing the week 5.6% higher than the open with a trough to peak range of 11%. Stayed above resistance level of $72k all week
Ethereum price pushed higher finishing the week 5.2% higher than the open with a trough to peak range of 13.3%. Not often does Ethereum rise less in a week than Bitcoin.
Enjin (ENJBTC) continued its surge
Nuclear Energy Holdings
Options expiry drove a bunch of sales with the 9.5% increase in valuations covering half the sales amount.
Mix of holdings sees Rolls-Royce Holdings (RR.L) drop out on the sale there. Cameco Corporation (CCJ and Sprott Junior Uranium Miners ETF (URNJ) and IsoEnergy (ISO.TO) all drop out of the Top 10 - still have one holding in each. Moving up the ranking is Oklo Inc (OKlO) up 4 places into slot 6. Coming into the Top 10 are Atomic Eagle (AEU.AX), Silex Systems (SLX.AX) and Ur-Energy (URG). Share of portfolios drops nearly 5 points to 27.1% - more in line with a 25 to 30% weighting target.
Alternate Energy Holdings
The sales through options assignment sees a big change in alternate energy holdings but there was 5% increase in valuations.
Key changes in mix of holdings with ChargePoint Holdings (CHPT) dropping to slot 2 on the sale there. Largo (LGO) moves up two places into slot 3 taking over from Sigma Lithium Corporation (SGML) which was sold. QuantumScape Corporation (QS) moves up 3 places to slot 7. Global X Lithium & Battery Tech ETF (LIT) and KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) drops out with the sales there. Coming into the Top 10 are iShares Global Clean Energy ETF (ICLN), Pilbara Gold (KAI.AX) and Vulcan Energy Resources (VUL.AX). Share of portfolios drops to 5.2%
Precious Metals Holdings
Also a slew of sales on options expiry with new purchases almost matching the amount sold. Valuations went up 3.9%
Mix of holdings sees Coeur Mining (CDE) drop one place to slot 4 on the sale there. Dropping out the Top 10 is Wheaton Precious Metals (WPM). Coming in is VanEck Gold Miners ETF (GDX) into slot 9 on the add here. Alamos Gold (AGI) moves up a place into slot 6, Barrick Mining Corporation (B) moves up 3 places into slot 7 and Kairos Minerals - now called Pilbara Gold (PGL.AX) - moves up one place into slot 8. Dropping 2 places is GoGold Resources Inc. (GGD.TO) into slot 10.
Stamper Oil & Gas Corp (STMP.V): Namibia Oil & Gas. Added to holding in pension portfolio - trigger was stock in big movers lists the week before and a pop in oil prices. Happy to see price pop on the same day.
American Uranium was GTI Energy (AMU.AX): Uranium. Company announced a placement at 12 cents a share. Added to holding in personal portfolio to avoid dilution at a price lower than placement price. There will be an SPP - will take those up too.
Non-renounceable Rights Entitlement Offer planned for eligible AMU shareholders. Subject to shareholder approval, subscribers to the Placement will receive a 1-for-2 free attaching option exercisable at $0.16 expiring 30 June 2029 (Placement Options).
Strike Energy (STX.AX): Australian Oil & Gas. Stock appeared on ASX portfolio screen - rather than add a parcel in that portfolio added a small parcel in personal portfolio to average down holding cost there. Interesting article in Intelligent Investor coincides with the purchase
Other small oil and gas stocks showing signs of waking after a long hibernation include Strike Oil, which is an active player close to Rinehart's Belisama project.
https://www.intelligentinvestor.com.au/investment-news/small-oils-shine/155273
Laramide Resources (LAM.AX): Uranium. Watched interview on Triangle Investor with CEO Marc Henderson. Company has projects in US and Australia. New Mexico projects are progressing through permitting - seems to be on track. Key information was a reminder of what was stated in the last management discussion about the Westmoreland, Queensland project.
Looking ahead to 2026, Laramide intends to update the Westmoreland Preliminary Economic Assessment to reflect current uranium pricing and cost assumptions
It seems that this revision will contain some material assumption changes (the prior study is 10 years old). Of note: Queensland still has a uranium mining ban - there was an air of confidence that will be lifted - "on the one yard line" was the status comment.
https://triangleinvestor.substack.com/p/america-needs-50m-pounds-of-uraniumbut
Added another small parcel in personal portfolio. Stock is listed on TSE and ASX - liquidity is low on ASX.
abrdn Physical Platinum Shares ETF (PPLT): Platinum. Added a small parcel in personal portfolio to match the one made in the managed portfolio. John Polomny idea - EV's will not replace the need for platinum in catalytic converters - market is oversold.
Uranium Royalty Corp (UROY): Uranium. Scaled into holding in managed portfolio. Been watching a few Triangle Investor interviews - sentiment is markets are moving to the next leg up.
Gemfields Group was Pallinghurst Resources (GEM.L): Precious Gems. Averaged down entry price in pension portfolio - this holding is somewhat cursed having come in from acquisition of a Mozambique ruby and graphite business. This is now one of the largest emerald and ruby providers world wide.
Watched a few interviews on Triangle Investors - looking at gold and silver miners now the selloff has eased off. Chose to focus on existing holdings in silver and gold with one new idea.
Bayhorse Silver (BHS.V): Silver Mining. Company announced a major placement - bought a parcel in pension portfolio below the placement price to average down.
Stroud Resources (SDR.V): Silver Mining. Added a small holding to pension portfolio.
Barrick Gold (B): Gold Mining. Scaled into holding in pension portfolio.
VanEck Vectors Gold Miners ETF (GDX): Gold Mining. Rather than look for most likely gold mining winners chose to start over with the ETF's. New holding in pension portfolio.
VanEck Junior Gold Miners ETF (GDXJ): Gold Mining. Added a small new holding in pension portfolio in the junior - same thinking - too hard to pick winners just yet.
Did watch a Rick Rule interview in the new week. His view on junior gold miners is the industry is hard to invest in - collectively worth a negative $2 billion. Finding winners comes down to known teams operating in known geographies and preferably in single asset situations. Might reconsider this idea.
U.S. Gold Corp (USAU): Gold Mining. One interviewee did like this stock with exploration holdings in Wyoming, Nevada and Idaho.
Henkel AG & Co. KGaA (HEN3.DE): Consumer Products. Assigned on sold put in pension portfolio. Breakeven €68.20 vs €66.84 close (Apr 17) - some way to go. Dividend yield 3.10% - ex date Apr 28.
Gevo, Inc (GEVO): Specialty Chemicals. Assigned on sold put in pension portfolio - Breakeven $1.14 vs $1.70 close (Apr 17) - 5 cycles. Been a planned move to sell puts in-the-money to get this discounted entry level.
Power Solutions International (PSIX): Assigned on sold put in pension portfolio - Breakeven $72.78 vs $79.60 close (Apr 17) 2 cycles. Swiss Transparent Portfolio idea.
ING Groep (INGA.AS): Dutch Bank. Assigned early on covered call in pension portfolio for 3.6% blended profit since March 2026.
Mitsubishi Materials (5711.T): Japan Industrials. Closed out at profit target in pension portfolio for 63% blended profit since March/May 2017 - decided it was time to bank some Japan profits and look for new ideas. Yen exposure was hedged - not exactly a hot annual return at 6.9% simple interest.
A heap of assignments on covered calls across three portfolios
IsoEnergy Ltd (ISO.TO): Uranium. In personal portfolio for 12.2% blended profit since March/June/October 2024/August 2025. Averaging down helped with first two tranches not profitable. In pension portfolio for 5.7% blended profit since September/October/December 2023/January/April/October 2024/August 2025. Shows the price of being early on an idea - keep averaging down and be patient with covered call writing.
enCore Energy Corp (EU): Uranium. In personal portfolio for 5.5% profit since April 2026 - two weeks. In managed portfolio a different story for 42% blended loss since February/July/November 2024/July/November 2025/February 2026 - no profitable tranches. In pension portfolio for 19.3% blended loss since February/March/April/June/October/November 2024/March/April 2025/February 2026. Options trades did cover the capital losses - maybe keep going. Early investing and a sad sold put exposure in February 2026 tells the sad story. Time to analyses this a lot more closely to see if it is ever worth investing in again.
Did a comparison of these early stage ideas going back to the early stage timing (early 2024) to URNM and CCJ and DNN - no real harm in buying these back given the lag effect.
Commerzbank AG (CBK.DE): German Bank. In personal portfolio for 3.1% blended profit since September 2025/March 2026. In managed portfolio for 1.5% blended loss since September/November 2025. Income trades have been a strong play covering capital losses 1.9 times in managed portfolio since the first investment in November 2020. In pension portfolio for 9.4% profit since March 2026.
Deutsche Bank AG (DBK.DE): German Bank. In personal portfolio for 8% blended loss since February/March 2026 - the war bent this the wrong way with covered calls written a bit tight. In managed portfolio for 11.4% blended loss since February/March 2026. Income trades have been a strong play covering capital losses 3.7 times in managed portfolio since the first investment in July 2018. In pension portfolio for 3.4% loss since March 2026.
Sixt SE (SIXT.DE): Vehicle Rentals. In personal portfolio for 3.1% blended profit since November 2025/March 2026. In managed portfolio for 2.9% loss since November 2025 - some way to go to recover capital losses in managed portfolio
Barclays Group plc (BARC.L): UK Bank. In personal portfolio for 2.2% loss since March 2026 - covered call written too tight especially with UK stamp duty to cover.
NatWest Group plc (NWG.L): UK Bank. In personal portfolio and managed portfolio for trading costs and stamp duty - also written too tight.
Cameco Corporation (CCJ): Uranium. In personal portfolio for 11.5% blended profit since February/March 2026.
Northern Dynasty Minerals (NAK): Gold Mining. In personal portfolio for 65.8% profit since August 2025. In managed portfolio also for 65.5% profit since August 2025. 2nd exit since first holdings in July 2020 making 54% overall capital profit with income trades covering that another 1.09 times in managed portfolio (will be the same in personal portfolio). Not bad returns for an Alaska gold/copper explorer that does not yet have a mine and has been facing major permitting hurdles.
NVIDIA Corporation (NVDA): US Semiconductors. In personal portfolio for 15.7% blended profit since January/April 2025/January 2026. Last tranche not profitable.
Sigma Lithium Corporation (SGML): Lithium. In personal portfolio for 46.3% blended profit since June 2024/May/July/August/September 2025. Averaging down helped with first tranche unprofitable.
Société BIC SA (BB.PA): Europe Consumer Products. In managed portfolio for 4% blended loss since December 2024/September 2025. Averaging down helped. Income trades have offered 1.9 times accumulated capital profits since first investment in January 2022.
ChargePoint Holdings (CHPT): Electric Vehicles. In managed portfolio for a staggering 66% blended loss since October 2022/March/April/May/December 2023/June/October 2024/September/November 2025/January 2026. Not one tranche was profitable. The journey from April 2022 started out well enough - and then electric vehicles in US went out of favour - too much capital needed to provide realistic charging coverage and not enough revenue. Income trades did recover 23% of the capital losses.
Lightbridge Corporation (LTBR): Nuclear Technology. In managed portfolio for 10.4% blended profit since May 2025/February 2026. Will replace this tranche in stages.
Sprott Uranium Miners ETF (URNM): Uranium. Two tranches in managed portfolio - one for 44.7% profit since January 2025 and the other for 12.5% profit since April 2026.
Seabridge Gold (SEA.TO): Gold Mining. In pension portfolio for 4.3% blended profit since January/February 2026. Averaging down helped - might have been smarter to not write covered calls on the gold and silver stocks
Silvercorp Metals (SVM.TO): Silver Mining. In pension portfolio for 1% blended loss since January/February/March 2026 - written a bit tight with only one tranche profitable but call premium did cover the loss.
Rolls-Royce Holdings plc (RR.L): Aerospace/Defense. In pension portfolio for 10.3% blended profit since November 2025/March 2026. This has been an investment on the nuclear power subset of the business which has returned 9.3% total capital profit since June 2024 with income trades supplementing by another 67%. Of note is put:call ratio is 2.9 times.
Robinhood Markets (HOOD): Financial Markets. In pension portfolio for 25% loss since assignment in February 2026 - total profit story is quite different. Have had 6 capital trades with 3 losses but income trades have covered those accumulated losses 1.27 times. Put:call ratio is 2.09 - sold puts work if one can manage the exercise risk.
KraneShares Electric Vehicles and Future Mobility Index ETF (KARS): Electric Vehicles. In pension portfolio for 29.3% profit since September 2025.
Global X Lithium ETF (LIT): Lithium. In pension portfolio for 8.9% blended profit since January/February 2026. Lithium cycle has turned.
SuRo Capital Corp (SSSS): Venture Capital. In pension portfolio for 45.7% blended profit since July 2025/January 2026. Been a solid cycle for venture capital industry.
Wheaton Precious Metals Corp (WPM): Gold/Silver Mining. In pension portfolio for 3.8% blended profit since January/February/March 2026 - averaging down helped. Still have a small holding.
State Street Technology Select Sector SPDR ETF (XLK): US Technology. In pension portfolio for 1.3% profit since February 2026 - bought days before the war began.
State Street Financial Select Sector SPDR ETF (XLF): US Financials. In pension portfolio for 2.2% profit since February 2026 - bought days before the war began.
The segment reports trading in ASX fractional share portfolio. Trade entries are made based on stock screens looking for undervalued stocks (price to book, price earnings, price to sales) that are showing technical signs of breaking a downtrend. Exits are made at 35% profit or 25% if 52 week high is lower than 35% advance. New buys are in $500 lots. Scale ins and top ups in $250 lots
New Buys
Suncorp Group (SUN.AX): Bank. Dividend yield 2.05%
Chart shows price breaking downtrend a few times and reversing off support. Challenge will be to get a profitable exit given the broker targets are well below recent highs. This is a takeover target.
Top Ups
Nufarm Limited (NUF.AX): Fertilizer.
Maybe a classic breakout chart - tracked sideways fr over a year - plumbed lower and broke through resistance. the key might be in the words - not seeing problems with fertilizer supply.
Sold
PLS Group (PLS.AX): Lithium. Closed half the holding at 52 week high target for 35% blended profit since May/July 2023/February/April 2024. Chose to sell only half as lithium carbonate prices have found their bottom. Do retain a large holding in pension portfolio.
Pfizer (PFE): US Pharmaceuticals. Got a whiff about potential for a Covid court case. Put in place another ratio put spread in personal portfolio - not sure why I did it. With price opening at $26.83 (Apr 13) put in place a May expiry 26/24 ratio put spread. With a net premium of $0.43 this offers maximum profit potential of 27% for a 11.8% drop in price. Hardly worth the effort. Not doing that again.
Coeur Mining (CDE): Silver Mining. Assigned in managed portfolio for 235% blended profit since December 2024 - two tranches.
Energy Fuels (UUUU): Uranium. With price closing at $20.49 a number of risk reversals expired in the middle between the bought call strikes and the sold put strikes.
Chart shows two - a 23/18 ratio risk reversal and a 22/15 ratio risk reversal. In both cases the sold puts funded the call premium = free trades provided price did not collapse. Chart shows a FOMO type entry setting the bought calls (22 and 23) above a strong price move. Did not look good for long with price falling below both sold put levels before passing the bought calls again. Maybe that was the time to sell the calls and go further out in time. My investing coach was always keen to let options run to expiry. It looks like this pair of trades needed one or two more months.
This has been a solid stock to do call spreads on - then levered up hard with sold puts below those cycle lows. Profits in pension portfolios have more than covered the annual pension payments.
Sprott Junior Uranium Miners ETF (URNJ): Uranium. A bunch of expiries in managed portfolio including a 30/25 ratio risk reversal and some naked puts offered a 117% blended profit for April exposure.
Uranium Royalty Corp (UROY): Uranium. With price closing at $3.63 5/2.5 risk reversal in managed portfolio expired between the strikes. The call premium was fully funded by the sold put premium without needing ratio leverage.
Chart shows price stayed comfortably above the sold put level (2.5) and price action was a bit stronger than the blue arrow price scenarios drawn in at trade time. Ifn fact they were strong enough to take the trade over teh bought call level (5) a few times. When this breaks out of the range, the break will be big.
iShares South Korea Index (EWY): South Korea Index. With price closing at $152.33, 130/140/120 call spread risk reversal expired in pension portfolio over the top of the call spread. The call spread was fully funded by the sold put premium. Capital profits accounted for 80% of total profit with options profits the other 20% - he call spread risk reversal and a February credit spread.
Korean market was smacked when it opened after a holiday Monday - at one stage down 12%. Yes, they are reliant about 30% on oil and gas deliveries through the Straits of Hormuz. No other markets were hit that hard - not even Japan. Added a small parcel of stock thinking this was an over-reaction.
This is what I wrote at the time in TIB801 - got that over-reaction call right. Still have the stock bought then.
ASP Isotopes (ASPI): Nuclear Technology. With price closing at $5.37, 12/8 risk reversal set up in August 2025 in pension portfolio expired - well it is not fully complete as the sold put was kicked down the road
Chart shows the challenge of this type of trade. At the time of setup, prices were moving ahead hard - put in place something of a blue sky call option funded by a sold put never expecting price to fall as hard as it did. Going to take some time to recover that entry point. Not really fussed as to date option income is way exceeding capital losses.
Covered Calls
95 covered calls went to expiry across 4 portfolios with 38 assignments - signs of a good cycle (UK 6 (4) Europe 14 (10) US 68 (20) Canada 7 (4))
Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ): US Technology. Came across an interesting review of this covered call offering covering 100 top Nasdaq stocks. Key difference in strategy compared with Global X NASDAQ 100 Covered Call ETF (QYLD) is that there is a dynamic element - when markets are running hot they run a partial overwrite strategy. That holds onto some of the capital upside typically given away when stocks gets assigned. Yield 10.68% vs QYLD 11.93%
Chart comparing the two shows a clear capital advantage - chart goes back to one of the cycle lows (cannot go back much further as GPIQ was only listed March 2023). Gap from the outset is a significant 32 percentage points. And there is an options market. Must say a bit of a tech selloff felt like a good time to revisit the idea. 0.4% 6.6% - not the best premium.
enCore Energy Corp (EU): Uranium. Managed to sell call options at the wrong strike in excess of the holding in personal portfolio - was looking to close out a long call position. Buyback was a bit costly - luckily I was paid commission on both legs of the trade.
Naked Puts
Just a few sold puts (3) went to assignment with 37 expiring across 3 portfolios (UK 8 Europe 8 (1) US 21 (2))
Sold puts happy to own at lower prices (a few samples)
Sold puts to convert call spreads to call spread risk reversals
Sold puts on stocks that might get assigned on covered calls (a few samples across the portfolios - all stocks showing but not all trades)
Kicked the can down the road on sold puts that could be assigned
Credit Spreads
One new credit spread with April expiry - expired safely
Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas
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April 13-17, 2026
