MAR.25 Trans-Pacific Dynamic Equity Allocation Research Report

Thank you for accessing the MAR.25 TPDEARR Squad! Please use the analysis in this report wisely and in conjunction with the MAR.25 TPDEARR Articles (linked in the carousel on this page) and your own analysis and portfolio allocation procedures.

Investing is inherently risky.

Only you can fully understand your timeline, your risk tolerance, and your goals.

Now, please, go get rich and be free.

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MAR.25 Squad

The following equity assets make up the MAR.25 Squad for the MAR.25 TPDEARR issue:

1. Denison Mines Corp. – (NYSE:DNN)
2. Stantec, Inc – (NYSE:STN)
3. PureCycle Technologies, Inc – (NASDAQ:PCT)

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Strategy and Future Disposition of MAR.25 Squad

The MAR.25 Squad is a collection of equity assets suggested as a micro-portfolio for investors for an intermediate-term investing horizon of 3-6 quarters. Investors who take up positions in the MAR.25 Squad by purchasing equity shares on the open market can look to hold their positions until around Q3 2025 – Q1 2026, before realizing their gains and recognizing a lower, long-term capital gains taxation. Strategizing how to deposition each Squad is an important aspect of realizing gains and calculating the proper taxation and profit. Investors are highly encouraged to coordinate the timing of sale of equity assets in a Squad with the timelines of other Squads that they may deploy, in order to ensure a consistency of realizable equity revenue, as well as to minimize unnecessary taxation on capital gains. Further analysis for the MAR.25 research report is distributed across the MAR.25 articles on this website. We find that this collection of equity assets in the MAR.25 Squad represents a potential micro-portfolio of highly enticing investments with independently substantiated geopolitical and macroeconomic evidence.

Investors should consult with their financial advisor before allocating capital.

Taking positions allocating USD$100,000 across these assets in proportion to individual measures of risk tolerance, and sufficient diversification efforts, puts an investor in a strong position to realize returns over the intermediate-term horizon of 12-18 months. The assets are selected specifically for this timeframe in order to maximize both the tax benefits of longer-term holding, as well as the sanity of the investor. A longer holding period nullifies the impact of daily volatility and allows broader market impacts and trends to hold greater relevance in asset selection; this is why our TPDEARR articles focus on fundamentals of Natural Elements, Macroeconomics, Geopolitics and Demographics, and not technical analyses of stock prices or broadly-applied and overly-reductive statistical practices.

The research and analysis in this issue are provided to you in order to contribute to a more comprehensive understanding of the myriad economic, geographic, and environmental factors involved in investments in the trans-Pacific economy. Please read all of the free MAR.25 articles to engage with the breadth of all information being analyzed this quarter. Each asset is further detailed below:

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1. Denison Mines CorP – (NYSE:DNN)

Denison Mines (DNN) is a key contributor to our shared energy-intensive (and low-carbon) future.

It’s no secret that electric energy is the most pressing resource demand in the current era, as we discussed thoroughly in this issue’s Natural Elements article. Popular pressures to generate electricity with increasingly sustainable and environmentally-friendly technologies only continues to grow, while scale adjustments and demand growth are regularly reducing the costs of implementing new electricity generation infrastructure. As a key player in this arena, nuclear power, while contentious, has undergone tremendous evolution as an industry, now capable of offering small, modular reactors (SMR) with highly-advanced technologies that can be assembled in-factory, then shipped to their installation site where quicker grid connection and more-systemic interoperability contribute to even lower up-front capital allocations. The costs of installing new nuclear power systems (with significantly-reduced meltdown likelihood) continues to drop with more than 80 designs from 19 nations now under development and being rolled out worldwide, according to the IAEA.

Virtually all these new SMRs require uranium (²³⁵U) as the fissile material feedstock, and Canada-based Denison is a prime player in the uranium mining game. Not only are the US and Canada the top two siters of new SMR systems, but Canada also has the third most proven reserves of uranium in the world, with the majority of the country’s landmass still unexplored due to permafrost. Major commitments from world leaders to triple their nations’ nuclear output over the next few decades have led to lots of new demand and a robust pipeline of novel innovations and companies working to scale up to match the growing interest.

Denison, in selling the fissile feedstock for the nuclear reaction itself, provides a resource which perpetually experiences a multiplication of further-order end-uses tied to technological progress—electricity is necessary for computing, an ever-growing phenomenon. All new nuclear reactor companies contribute to a growing market of competition for a scarce and unevenly distributed resource, ensuring some degree of price support moving forward, even in a tariff-stressed international order.

DNN is currently in control of over 120 million pounds of uranium in “Total Indicated Mineral Resources”, the majority of which is located in sites around the Athabasca Basin, which already boasts established infrastructure for such operations. The Athabasca Basin hosts 20% of the world’s uranium supply, including the world’s largest high-grade uranium mine (MacArthur River), the world’s second largest high-grade deposit (Cigar Lake), and the world’s largest uranium Mill (Key Lake). Even more significantly, focus on, and interest in, the region has intensified lately since Australia, host to the largest share of the world’s reserves (roughly 1/3), has banned mining of the element throughout much of the country. Even if the multiple Australian territorial legislatures were to spontaneously reverse their positions, the IAEA assesses that new mining operations aren’t likely to get started on a timeline any shorter than 10 years. Canada will remain a forefront player in the uranium and nuclear game over the coming years.

For some people, even with dramatic reductions to the severity and likelihood of [meltdown] incidents with new SMR technology, nuclear power will be a perpetual non-starter. Nonetheless, the emission-free use of the technology cannot be discounted for its environmental benefits, and the intermediate term headwinds of resistance are localized, and not enough to threaten continued development of the science or implementation of the technology more broadly. The future demands for uranium to power nuclear generators and provide critical electricity to population centers and wealthy corporate clients are growing by the moment, and Denison is well positioned to profit from their already-broad stake in Canadian uranium mining.

DNN is currently trading under USD$2/share after having dropped >20% on the year. We find this temporary drop to falsely indicate microeconomic weakness in a market that’s been characterized as experiencing a “First phase of supply response from incumbent producers [that is] insufficient to meet [uranium] demand projections”. Global uranium output projections point to the market entering a period of sustained structural supply shortage, likely further exacerbated as new SMR companies that have already been testing and certifying new reactor designs come to market. Economically, a growing deficit of supply portends that prices will rise to incent new supply. And as urban areas grow, ensuring that expanding populations have sustainable and stable access to electricity will be an increasingly central concern to administrations responsible for the effort.

While other investors and pundits might be distracted about the bloating valuations of nuclear energy providers and site-specific opposition or blowback to specific new nuclear installations, uranium resource miners like Denison have a growing market of domestic and international clientele for their commodity, and are looking at a lot of potential upside over the intermediate term.

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2. Stantec Inc. – (NYSE:STN)

Stantec Inc. (STN), also based out of Canada, has quietly risen into a world-leading international design firm, intelligently tackling the biggest problems facing society today, such as “climate change, digital transformation, and future-proofing our cities and infrastructure“. Stantec’s breadth of expertise supports integrating engineering design across many different fundamental areas, including buildings, transportation, water, environment, community development, energy, and mining, as well as navigating government relations and program and construction management; Stantec offers it all, which is what’s required in order to fully address the scale of of the issues being tackled. Through projects and services in these varying-but-overlapping markets, Stantec delivers large-scale, community-impacting solutions. Global initiatives of climate solutions, digital solutions, coastal resilience, ecosystem restoration, energy transitioning, smart cities, sustainability and international development coalesce to attract top-tier, forward-thinking engineers and thinkers. We hope Stantec remains true to the nobility of their motives, and all signs point to both authenticity of goals and the possibility of profitability.

Everywhere humans are faced with challenges like water security and aging infrastructure, so Stantec operates in an arena of essentially endless supply, and endless demand for their services; in 2024, according to their annual report, STN logged a record USD$7.8 in backlogged service demand. As we discussed in this quarter’s Natural Elements article, electrical infrastructure is a critical component of virtually all civil projects, and Stantec’s docket of (already) 10 pumped hydro storage projects, along with numerous other hydro, thermal and grid modernization solutions, are strong indicators of competitive strength in the market.

Pumped Storage Hydro (PSH, or PHES-pumped hydro energy storage) is, in simplest terms, a gravity battery with water. The advantages of the core idea are clear, proven and technologically mature in many ways, already providing over 180MW of power capacity around the world, over 12% of the global total of hydropower energy capacity. While not particularly remarkable in and of itself, it should be clear from the MAR.25 TPDEARR Natural Elements article, along with the fundamental ideas of Electron Flow, how much demand is bubbling up for more electrical access in the coming years.

Technological innovations in PSH continue to unfurl around the world, and the atlas of possible siting opportunities continues to expand rapidly. National targets play greatly into production demands, and many nations who already employ PSH in their energy mix are seeking to multiply their uses to meet growth and environmental sustainability targets; capital flows must accommodate these upgrades to infrastructure, and they have proven that they very much do of late. For example, in China, annual grid expansion investments are typically much larger than investments in new power generation, so we should be clear of the relative scale of opportunity here—Stantec got its first foothold in the China market through its work on the Tongbai PSH project in Hangzhou, China (which now gives electrical power to 21 million residents). New power isn’t really helpful until it can actually be transmitted to the end user, and done so reliably and consistently—that’s where PSH factors in as a critical player in the expanding electrical energy regime, and that’s where Stantec’s ability to offer integrated civil engineering services is so valuable.

Stantec has stretched into 400 cities around the world with very positive results, and with its share price hovering around all-time highs (at the time of this writing in late March 2025), even despite the ongoing tariff-war. Don’t be scared of companies breaking up into new share price territory. The fact that STN is a service provider, whose operations are not strictly tied to goods exchange or commodity shipments, gives the company’s equity buoyancy in a trade war. Stantec goes into host localities with the ability to, in order to support local communities and sustainability, use location-specific solutions and materials to solve the civil challenges faced in adapting to changing times. This mindset transcends nationalist superiority complexes and attests to the preeminence of progressive thought in guiding capitalistic success. With only 24% of its revenue coming from markets outside of Canada-USA, there is enormous opportunity for growth internationally. Stantec has “its mind” in the right place for success.

Competitive markets always beget new entrants, so Stantec is sure to face some new market challenges moving forward, as well as the environmental challenges of its projects, but that is the name of the game, and Stantec is not shying away from it. A history of successful strategic acquisitions and strong growth to revenue and income YoY ensure STN will stay in “fighting form” over the next year or so, at least. We find Stantec to be a very compelling equity investment opportunity for the intermediate term.

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3. PureCycle Technologies, INC – (NASDAQ:PCT)

It’s no secret that the US has never recycled more than 10% of its plastic used, so the total addressable market for “used” plastic as an input feedstock seems almost limitless. Without rehashing the value of being able to recycle plastics, we would like to simply state that PureCycle Technologies, Inc. is a fantastic pure-play opportunity in the plastics recycling space. Many major multi-national chemical firms with numerous operational divisions are working with various kinds of polymer recycling, but PureCycle’s pure-play structure is the kind of precision exposure we are looking for for this equity play; and it has to do specifically with polypropylene, a highly commonly produced plastic polymer.

PCT’s recycling process is clear: the company uses a polymer separation technology (developed at The Proctor and Gamble Company) to restore “waste polypropylene into resin with near-virgin characteristics, called PureFive™ resin”, according to the company’s latest 10-K filing. PureFive™ resin represents a family of products that PCT offers.

This equity play is with a new company: the flagship recycling plant in Ironton, Ohio, is “mechanically complete” but not yet at full operational capacity, still going through commissioning processes. The company itself reports that revenue at this ramping-up stage is so low as to be “immaterial”. But the process is effective and new facilities are planned and in development, including a multi-stream plant in Augusta, Georgia, USA, and the first international plant in Antwerp, Belgium, with more discussions in the works with Mitsui & Co. Ltd. in Japan for in-country production and sales. There is a lot to look forward to, and there are quite a few hurdles to overcome. Risks abound, but the opportunities remain exceedingly plentiful, especially considering that more than 35 million tons of new plastics are generated annually in the US alone.

Further bolstering prospects is a PureCycle Feed Prep facility that recently opened up in Pennsylvania, USA, to source and supply polypropylene (plastic #5) waste for separation; it began operations in October 2024. Preliminary assessments indicate it will be “able to source feedstock sufficient to support future operations in the U.S., Europe, and Asia.” This indicates there is a will and a way to supply-pipelining commercial success.

PCT currently sits around USD$7/share, and we find it in great position to capitalize as operations rollout in full over the intermediate term.

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Thank you for accessing the MAR.25 TPDEARR Squad. We hope these picks can help you strategize your own portfolio and make enough profit to stay ahead of inflation and accomplish your capital goals.

Make sure to consider your overall portfolio diversification when considering taking up positions in these MAR.25 TPDEARR Squad equity assets on the open market. Listen to your instincts and don’t ever trade into anything you’re uncomfortable with.

Look to de-position from these assets in your trading accounts in around 12-18 months (APR-SEP.26), making sure you wait longer than 365 days to sell each specific security in order to qualify for long-term capital gains taxation in the US.

Good luck out there everyone!

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