{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-c1d722fc47f6", "slug": "93a89beead91", "title": "Uranium Energy Corp (UEC)", "subtitle": "Spruce Point Capital Management · 2025-09", "author": "Spruce Point Capital Management", "date": "2025-09-18 00:00:00", "pageCount": 39, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Uranium Energy Corp", "targetTicker": "UEC", "document": { "id": "019dd923-622c-750b-8b99-c1d722fc47f6", "slug": "93a89beead91", "title": "Uranium Energy Corp (UEC)", "rawTitle": "68cbfa0b750df3344ade1550 uec research thesis 9 18 2025", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "authorDisplay": "Spruce Point Capital Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2025-09-68cbfa0b750df3344ade1550_uec_research_thesis_9-18-2025.pdf", "sourceUrl": null, "sourceDate": "2025-09-18 00:00:00", "presentationDate": "2025-09-18 00:00:00", "ingestedAt": "2026-04-22 22:07:10+00", "status": "ready", "pageCount": 39, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Uranium Energy Corp", "targetTicker": "UEC", "metadata": { "local_root": "/tmp/legacy-images/93a89beead91", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 211.7998583316803 } }, "coverage": { "pageCount": 39, "pagesIndexed": 39, "pagesWithImages": 39, "pagesWithMetadata": 39, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 251, "chartCount": 6, "metricSlides": 0, "toolMatches": 5, "documentToolMatches": 4, "frameworkMatches": 28, "arcMatches": 1, "beatMatches": 6, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "evidence": "The document follows a narrative arc of presenting obstacles (UEC's governance issues) and the ultimate goal of overcoming them (shorting UEC).", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:05.054744+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "Hook", "beatId": "bd4bc363-4b64-4e11-969c-59f3b63818ab", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "evidence": "The title slide 'URANIUM GOLD OR DIRT?' grabs the audience's attention.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 6, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 5, "name": "Complication", "beatId": "68331da2-4641-4f8e-9368-dccaacde18ba", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The executive summary and key messages highlight the main issues with UEC.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 10, "name": "Villain Critique", "beatId": "57198021-76ff-4bab-b48c-bda0ef231863", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "The slide critiquing UEC's CEO as highly promotional but lacking execution ability.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 7, "name": "Thesis Headline", "beatId": "21f1b2bc-d52d-442e-bd3b-f7e7d9b6fa69", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "The thesis headline summarizes the main argument against UEC.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 37, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 36, "name": "Valuation Table", "beatId": "29b9c4b8-8fa0-4360-b750-3e18fd132e9a", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "The valuation tables provide quantitative evidence for the potential downside risk.", "position": 5, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "0eba7a69-a6b9-4a76-a415-380539987ab7", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f9b48ab8-3563-427f-901e-e232751cd21b", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "94d2799b-d274-4d1f-b88d-f9e7f92f91f4", "evidence": "Amir Adnani (CEO)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "28f3cee5-ea43-4ff0-986f-e15d4386bd76", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "9a874064-f957-4d39-939b-9bd5b11a4de4", "evidence": "Comparison table of ABTC/LODE and USAC campaigns", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:07:27.965649+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "0667d53a-cd2e-4c16-9bb2-3bbca4b819e3", "evidence": "Citing past successful campaigns to build credibility for current thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:39.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "authority-citation" }, { "matchId": "c165e5a0-b45b-403c-aa47-cf9672c4d964", "evidence": "The slide uses a clear, declarative headline that summarizes the investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:41.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "thesis-headline" }, { "matchId": "1cf6b9a7-ac99-45c7-8f9c-ec823c415959", "evidence": "The slide explicitly frames the CEO as a 'promoter' with negative associations to establish a villain narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "antagonist-introduction" }, { "matchId": "a0e68a7f-059a-4db1-9f5b-2ec86a04affc", "evidence": "Contrasts CEO's macro-level media quotes with the lack of operational/financial specifics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:46.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "6d6a9717-e1e7-4ce3-bf0f-02cf9a2e2c62", "evidence": "Connects CEO to convicted fraudster via family ties", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" }, { "matchId": "73916646-6906-40d7-8e84-4c63f540b158", "evidence": "Linking company leadership/advisors to criminal activity via public records.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:41.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" }, { "matchId": "60842fd5-c0ac-4c5b-8bf9-bdd90a2b965c", "evidence": "Exposing legal/regulatory history of UEC associates", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:45.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "755d9cea-71d8-4cb9-99c6-91c4e41ae04a", "evidence": "Exposing a contradiction in SEC filings regarding material relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:29:07.779+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "f396f617-7459-4cee-a4e5-4c0734c7aaff", "evidence": "Exposing the criminal/regulatory history of a key investor to undermine credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:46.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" }, { "matchId": "bf54dd9b-9e8b-4bbe-8e07-8691647e1639", "evidence": "The slide explicitly links a current executive's past legal allegations to their current role to undermine credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" }, { "matchId": "ce1dd16a-e836-4091-b177-0772b5c6a2b6", "evidence": "The slide explicitly links a director's undisclosed history to potential corporate malfeasance.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:24:42.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "fraud-exposure" }, { "matchId": "c768aca8-6572-421a-a298-474c26a7950d", "evidence": "Connecting executives to a known bad actor and SEC litigation", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:41.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "fraud-exposure" }, { "matchId": "17dcb003-87a6-4d85-b367-964ce568fefb", "evidence": "Exposing the gap between company claims and regulatory disclosures regarding mineral reserves.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:24:42.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" }, { "matchId": "d245adc3-0739-4103-abad-495c04b441e7", "evidence": "Contrasting marketing materials with regulatory filings and site evidence to suggest deception.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" }, { "matchId": "d8a28244-fcac-4205-8592-d746350df30b", "evidence": "Uses regulatory data to undermine company credibility and operational integrity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" }, { "matchId": "30a346ee-9cd9-40e5-98ef-6c68a04d5b54", "evidence": "The slide explicitly frames the company as a 'speculator' and highlights lack of R&D and production to expose a contradiction in business model.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" }, { "matchId": "20d463ae-ac4d-45a7-8f0d-9107b9906217", "evidence": "The slide frames the company's lack of history as a precursor to inevitable failure and dilution.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:24:43.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "fraud-exposure" }, { "matchId": "53167352-d2f1-42d5-998e-5801e90fda01", "evidence": "The slide explicitly links dilution and compensation to 'hallmarks indicative of stock promotions'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" }, { "matchId": "2548eb3d-73bc-42ea-afcf-df23dc71c770", "evidence": "Contrasts current biography with historical record to expose omission.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:46.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "2891158b-0195-4878-9d92-5578b081a677", "evidence": "The slide explicitly links a board member to a company involved in a fraud scandal to question governance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "fraud-exposure" }, { "matchId": "af55d57e-2b8a-496b-87e6-178d8b33d315", "evidence": "The slide explicitly links board members to companies accused of fraud to undermine credibility.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:24:43.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "fraud-exposure" }, { "matchId": "4f173ba3-9148-4d8e-974f-6d2a392ca39a", "evidence": "The slide explicitly questions the CFO's transparency regarding past business ventures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" }, { "matchId": "ec53d8d2-f108-4ac0-a17c-fc244213e5a0", "evidence": "The slide uses a peer group table to highlight a discrepancy in audit fees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:43.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "comparison_frame" }, { "matchId": "200e2dfc-acf8-44b1-8769-9d8e635b562c", "evidence": "The slide explicitly frames management's private consulting and overlapping roles as a lack of transparency and a distraction, typical of activist short-seller 'fraud-exposure' or 'governance-failure' narratives.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:24:44.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "fraud-exposure" }, { "matchId": "0e2f1d8c-34f2-46df-8673-0306614c9e31", "evidence": "Contrasts stated operational goals with actual bonus criteria shifts.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:44.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "29e4e095-e4fa-47ef-b5a2-a090a6412a3a", "evidence": "Contrasting analyst 'Buy' consensus with the author's 'poor risk/reward' thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:44.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "expose_contradiction" }, { "matchId": "2922e78a-f695-4526-9120-b650c359ca90", "evidence": "Direct comparison of UEC against peer group metrics to highlight valuation discrepancy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:45.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "comparison_frame" }, { "matchId": "5a042835-fa51-40b0-8bb4-d06649b4cba5", "evidence": "The table explicitly bridges from EV/Sales to Equity Value and Share Price.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:24:48.724+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "valuation-bridge" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short-report template: dense forensic slides, red/yellow callout boxes, track-record slide up front (pp.3) citing prior ABML/LODE and UAMY successes. Strong rhetorical moves: cartoon 'MAYBE there's uranium here' cover metaphor, CNBC screenshots with speech bubbles highlighting CEO's macro-talk vs operational silence (p.9), Google Street View 'blank sign' vs Feb-2023 investor deck at Hobson (p.21), Lindsay family tree linking CEO to convicted fraudster son-in-law (p.11). Governance critique spans CEO, Chairman Spencer Abraham's C3.ai history, Audit Chair David Kong/Silvercorp ties, Controller Julia Zhang/Silvercorp overlap, CFO Josephine Man's scrubbed SAIS Limited history, and deceased-attorney Diane Dalmy. No stake percentage disclosed (standard short-seller practice — they note positions may be closed post-publication). No traditional 'demands' since this is a short report, not an activist campaign — the ask is implicit: sell/avoid.", "kpisCited": [ { "detail": "UEC at 41.7x vs producer peer average 10.9x and junior-explorer average 4.6x", "metric": "EV/2026E Sales multiple" }, { "detail": "UEC at 106.5x vs producer peer average 30.6x", "metric": "EV/2026E EBITDA multiple" }, { "detail": "UEC at 5.8x vs industry peers", "metric": "Price / Book Value" }, { "detail": "UEC 0.05% vs peer group average 0.26% (lowest in the comp set)", "metric": "Audit fee as % of total assets" }, { "detail": "~15% per annum over 20 years with only $12mm cumulative PP&E capex", "metric": "Share dilution" }, { "detail": "$10.97 average — already implies -10.3% downside vs $12.24 stock", "metric": "Consensus analyst price target" }, { "detail": "$128 million; market values UEC at 42x this figure", "metric": "2026E revenue" }, { "detail": "$106mm burn funded by $176mm equity raise, tied to CEO bonus on balance-sheet liquidity", "metric": "Cash burn / raise (2024)" } ], "closingAsk": "Exercise extreme caution on UEC and expect shares to underperform the uranium and mining sector as the multiple compresses toward Cameco/Energy Fuels levels.", "extraction": { "at": "2026-04-22 22:07:10+00", "model": "unknown-legacy", "runId": null, "seconds": 211.79987, "promptVersion": null }, "scqaReward": "Applying 5-14x 2026E sales (vs UEC's current 42x) yields a $1.76-$4.33 share-price estimate versus $12.24 today — 65%-85% downside, or roughly $4 billion of implied market-cap loss.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "CEO Adnani has documented ties to SEC/BCSC/DOJ-charged fraudsters including his father-in-law's convicted son", "Zero proven or probable reserves after 20 years; UEC has produced scant uranium", "Trades at 42x 2026E revenue and 106x EV/EBITDA — 65-85% downside to $1.76-$4.33" ], "scqaSituation": "UEC is a Vancouver-rooted US uranium explorer with a $5 billion market cap, promoted by CEO Amir Adnani as the company to lead America's nuclear revival under Trump-era domestic-energy priorities.", "thesisSummary": "Spruce Point argues that Uranium Energy Corp, a $5 billion market-cap US uranium explorer, is a classic promotional story whose share price has disconnected from reality. CEO Amir Adnani is characterized as a highly promotional executive with documented connections — including his father-in-law Alan Lindsay and multiple former co-directors — to individuals charged by the SEC, BCSC, and DOJ for fraud and market manipulation. After 20 years UEC has no proven or probable reserves, has produced scant uranium, and has diluted investors at 15% per year. Board and audit oversight is weak: Audit Chair David Kong is linked to Silvercorp, which was targeted by short-sellers. Trading at 42x 2026E revenue and 5.8x book — well above Cameco and Energy Fuels — Spruce Point sees 65%-85% downside, a $1.76-$4.33 price target implying multiple compression toward junior-explorer norms.", "primaryDemands": [ "Exercise extreme caution on UEC shares", "Expect UEC to underperform the uranium and mining sector as multiple compresses" ], "scqaResolution": "Spruce Point argues investors should exercise extreme caution and expect UEC to underperform peers as the market rerates the stock toward producer multiples like Cameco or Energy Fuels at 14x 2026E sales.", "thesisOneLiner": "Spruce Point calls UEC a promotional penny-stock-turned-$5bn uranium speculator: CEO Adnani's ties to charged fraudsters plus zero proven reserves imply 65-85% downside.", "precedentsCited": [ "Spruce Point ABML/LODE short (March 2021, -97%)", "Spruce Point UAMY/US Antimony short (August 2012, -83%)", "Hindenburg Research on New Pacific Metals (April 2020)" ], "scqaComplication": "After 20 years, UEC has no proven or probable reserves, scant production, audit fees at 0.05% of assets, and a CEO whose family and colleagues have repeatedly been sanctioned by SEC, BCSC, and DOJ.", "narrativeInterest": 4, "notableSlidePages": [ 1, 6, 9, 11, 38, 39 ], "peerCompaniesCited": [ "Cameco (CCJ)", "Centrus Energy (LEU)", "Energy Fuels (UUUU)", "Paladin Energy (PDN)", "Denison Mines (DNN)", "Ur-Energy (URG)", "enCore Energy (EU)", "NexGen Energy (NXE)", "Silvercorp Metals (SVM)", "New Pacific Metals (NEWP)" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The slide uses a satirical image of a person looking over a landscape with a speech bubble questioning the presence of uranium, implying the company's claims ar", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/3mVVV2rxb-s1iLTC-NJ_l-ClESjq4VAkjyvjhr0Ajzc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85M2E4OWJlZWFkOTEvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 6, "textChars": 234, "nDataPoints": 0, "notes": "The slide uses a satirical image of a person looking over a landscape with a speech bubble questioning the presence of uranium, implying the company's claims are unproven.", "elementsJson": [ "photo", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:39.624+00", "seconds": 3.077, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/1", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.2, "x": 0.69, "y": 0.27 }, "kind": "callout", "text": "MAYBE there's uranium here, but I can't prove it", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26d09e12-093f-4c2c-9757-ac142de4bf85", "parentComponentId": null }, { "bbox": { "h": 1, "w": 1, "x": 0, "y": 0 }, "kind": "image", "text": "Person looking over landscape with radioactive symbol on backpack", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02c30125-bdd7-4887-97ce-f38ebe312e79", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.08, "y": 0.85 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca4a554b-ee3e-405a-bdd6-9611ca643215", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.08, "y": 0.81 }, "kind": "paragraph", "text": "Uranium Energy Corp. | NYSE American: UEC", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f20f992-7418-49a8-9acd-8277ba1912af", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.08, "y": 0.77 }, "kind": "paragraph", "text": "/ STRONG SELL OPINION /", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5efd183-1201-452a-8614-aec714c138e8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.08, "y": 0.72 }, "kind": "title", "text": "Uranium Gold or Dirt?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92a539c8-1d0c-428e-a073-64ef21ae029e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 1, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "Hook", "beatId": "bd4bc363-4b64-4e11-969c-59f3b63818ab", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "evidence": "The title slide 'URANIUM GOLD OR DIRT?' grabs the audience's attention.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/S-xqA0DZ6B4r4RLb0849Yhx6jV4t9nKVma0H61ZCsww/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85M2E4OWJlZWFkOTEvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/oOQ5Qep3bNuFqSzxWOT1Z8Xm4d-Cws8Tu3R3jYjMAt8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85M2E4OWJlZWFkOTEvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/taTREO0asZ2gNSrLHmkuf-TiLg_AOZXGHAs4PXFxcYY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85M2E4OWJlZWFkOTEvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 2, "textChars": 199, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:38.57+00", "seconds": 1.914, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/2", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.8, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "disclaimer", "text": "This research presentation expresses our research opinions. Spruce Point Capital Management LLC (\"SPCM\") is a practitioner of an investment approach known as research activism...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:38.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e9cd49e-2268-44bf-95b0-45049d6ed80b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.35, "y": 0.05 }, "kind": "title", "text": "Full Legal Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:38.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "336731ac-75b0-4148-838a-abb4a5e92ec0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "evidence", "title": "The slide uses a comparison table to establish credibility by citing past performance.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 6, "textChars": 752, "nDataPoints": 4, "notes": "The slide uses a comparison table to establish credibility by citing past performance.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:39.349+00", "seconds": 2.522, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/3", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Spruce Point has a track record of exposing promotional material and mining companies that have failed to meet lofty aspirations promoted to their largely retail investor bases.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc6-fe7274ff4f47", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.94 }, "kind": "disclaimer", "text": "The recommendations shown above are not intended to be exhaustive or represent investment returns following Spruce Point's research campaigns. A full list of all recommendations made over the past twelve months can be found on our website.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "091e3d6c-2ed8-46c5-be9d-1fdca7a6d944", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Maximum Decline Post Report: -97%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-0275d3ea2958", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point has a track record of exposing promotional material and mining companies that have failed to meet lofty aspirations promoted to their largely retail investor bases.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bced0de0-06ea-42bb-b464-a8afd2698f93", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.25 }, "kind": "table", "text": "Comparison table of ABTC/LODE and USAC campaigns", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1973085f-eb29-490b-aa23-54371b805f32", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Spruce Point Has A Track Record With Promotional Material and Mining Companies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1805b276-2b22-41a5-853b-a025356cb527", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "9a874064-f957-4d39-939b-9bd5b11a4de4", "evidence": "Comparison table of ABTC/LODE and USAC campaigns", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:07:27.965649+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "0667d53a-cd2e-4c16-9bb2-3bbca4b819e3", "evidence": "Citing past successful campaigns to build credibility for current thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:39.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "function": "summarize", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 2, "textChars": 457, "nDataPoints": 2, "notes": null, "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:39.383+00", "seconds": 2.018, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/4", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.185 }, "kind": "list", "text": "1. Executive Summary\n2. We View UEC's CEO As A Promoter With Documented Connections To Multiple SEC, BCSC and DOJ Charged Individuals\n3. UEC's Assets Are Weak And Its Aggressive Goals Are Likely To Disappoint High Investor Expectations With More Aggressive Dilution\n4. Weak Governance And Uncomfortable Connections To Other Alleged Corporate Scandals In The Audit And Financial Control Roles\n5. We Estimate 65% - 85% Potential Downside Risk", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.383+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7e76b38-1608-4475-bb65-6c489bee7561", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.25, "x": 0.315, "y": 0.055 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:39.383+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f2cb201-7cdb-4869-a80d-9abb1dcc243a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "function": "front_matter", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 3, "textChars": 132, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:41.811+00", "seconds": 4.276, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/5", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.012, "w": 0.527, "x": 0.453, "y": 0.961 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.811+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38366f2d-4fb7-44be-9aa7-2c9e87f41906", "parentComponentId": null }, { "bbox": { "h": 0.268, "w": 0.2, "x": 0.073, "y": 0.306 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.811+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11477a3e-23e6-45e5-9929-45b13fb37a08", "parentComponentId": null }, { "bbox": { "h": 0.034, "w": 0.252, "x": 0.374, "y": 0.473 }, "kind": "title", "text": "Executive Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.811+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc6eb209-4e0e-48e4-8666-0ed5376f1b1c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Complication", "beatId": "68331da2-4641-4f8e-9368-dccaacde18ba", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The executive summary and key messages highlight the main issues with UEC.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "The slide uses a numbered list format with red flag icons to denote critical risks.", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 5, "textChars": 2053, "nDataPoints": 6, "notes": "The slide uses a numbered list format with red flag icons to denote critical risks.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "icon_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:44.115+00", "seconds": 6.548, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/6", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "From a penny stock to a $5 billion market cap with no proven or probable reserves and now trading at 42x highly questionable 2026E revenue estimates, we believe investors should exercise extreme caution and believe there is 65%-85% potential downside risk.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-64257a4ca39f", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.96, "x": 0.02, "y": 0.29 }, "kind": "list", "text": "1. UEC is formerly a bulletin board stock from Vancouver, B.C. Canada whose promoters were lawyers, accountants, and financiers that were sanctioned in the U.S. and Canada by securities and federal regulators with at least two people named in its SEC filings sent to prison.\n2. We believe that UEC’s CEO Amir Adnani is highly promotional, and his judgement should be questioned given his documented bushess and familial connections to unscrupulous actors.\n3. UEC has no proven or probable reserves, offers no guidance on capex or cash cost of production at scale, and we believe is a glorified uranium concentrate speculator.\n4. Board and financial oversight is troubling. Management has distractions with other public companies such as Uranium Royalty Corp (UROY) and GoldMining Inc (GLDG).\n5. UEC’s valuation is extreme with an immediate 10% implied downside to the consensus price target of $10.97/sh. UEC trades at 5.8x book value and 42x 2026E revenues which vastly exceeds industry peers.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd7d81dd-74ef-4196-9430-9cc64156081e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 65%-85%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-6833050d79f5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "After conducting a forensic evaluation of Uranium Energy Corp. (NYSE American: UEC or “the Company”) and its ambitions of becoming a leading integrated uranium explorer and producer in the U.S. While we applaud and agree with the Trump administration’s desire to strengthen domestic uranium capabilities, we do not believe that UEC is the right company to lead its revival given the CEO’s documented connections to SEC, BCSC, and DOJ convicted individuals. From a penny stock to a $5 billion market cap with no proven or probable reserves and now trading at 42x highly questionable 2026E revenue estimates, we believe investors should exercise extreme caution and believe there is 65%-85% potential downside risk.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "232cb2ba-75b4-4e1f-90fd-20019787501d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Top 5 Reasons We Are Short Uranium Energy Corp. (NYSE American: UEC)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "724faebf-c460-4646-9c76-24abda737ff0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Complication", "beatId": "68331da2-4641-4f8e-9368-dccaacde18ba", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The executive summary and key messages highlight the main issues with UEC.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "tension", "title": "The slide uses a strong narrative framing ('disconnected from reality') to set up a short thesis.", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 6, "textChars": 991, "nDataPoints": 3, "notes": "The slide uses a strong narrative framing ('disconnected from reality') to set up a short thesis.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:41.104+00", "seconds": 3.422, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/7", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In our view, UEC’s period of vast stock price outperformance relative to the uranium industry defies common sense.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-7f4d5f63ebb6", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "chart", "text": "UEC Share Price Return vs. Uranium ETF and Weekly Spot Uranium Price", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdfab0d2-20f4-4c42-8635-1758d63797aa", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price return: 680.000", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-807843818fea", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "paragraph", "text": "In our view, UEC’s period of vast stock price outperformance relative to the uranium industry defies common sense. We believe new investors are not attuned to the dark history behind the Company that directly links the CEO to a web of SEC, BSCS and DOJ charged individuals. This directly calls into question the CEO’s judgement and fitness to serve investors. UEC is a company that has produced scant uranium in 20 years, has no intention to provide proven or probable resources, has spent almost nothing on PP&E, and diluted investors at 15% p.a. As a result, we believe its premium valuation is likely to contract going forward as expectations are too high and results are likely to disappoint.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a351129f-8461-45d6-82da-14de52d8172b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7322bd67-2441-44aa-b87c-ccb2cd536193", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "We Believe UEC’s Share Price Performance Is Disconnected From Reality", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72e8e516-8b0c-49ff-9015-bcd4575ef948", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c165e5a0-b45b-403c-aa47-cf9672c4d964", "evidence": "The slide uses a clear, declarative headline that summarizes the investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:41.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "thesis-headline" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Thesis Headline", "beatId": "21f1b2bc-d52d-442e-bd3b-f7e7d9b6fa69", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "The thesis headline summarizes the main argument against UEC.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "tension", "title": "The slide uses the Spruce Point Capital Management logo (the tree) as a visual anchor.", "function": "name_villain", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 4, "textChars": 369, "nDataPoints": 0, "notes": "The slide uses the Spruce Point Capital Management logo (the tree) as a visual anchor.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.998+00", "seconds": 5.142, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/8", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We View UEC's CEO As A Promoter With Documented Connections To Multiple SEC, BCSC And DOJ Charged Individuals", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-32adde5beb4d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cfb6151-ada7-4d52-a857-7cea0ea752ee", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.18, "x": 0.12, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6db405b-eab0-478b-a91c-cf991e1e05ff", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "We View UEC's CEO As A Promoter With Documented Connections To Multiple SEC, BCSC And DOJ Charged Individuals", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f745ef02-3388-4cf9-b42d-4c8b1753ecac", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1cf6b9a7-ac99-45c7-8f9c-ec823c415959", "evidence": "The slide explicitly frames the CEO as a 'promoter' with negative associations to establish a villain narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "tension", "title": "Uses screenshots of CNBC interviews to contrast macro-rhetoric with lack of operational detail.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 7, "textChars": 634, "nDataPoints": 0, "notes": "Uses screenshots of CNBC interviews to contrast macro-rhetoric with lack of operational detail.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:46.97+00", "seconds": 9.102, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/9", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "CEO Adnani has regularly been talking about uranium on CNBC, but curiously the interviews do not focus on how exactly UEC will profitably produce and supply uranium along with detailed specifics about the capital costs necessary.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5757d86e-a082-4f04-9434-6d482395be37", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.38, "x": 0.5, "y": 0.26 }, "kind": "image", "text": "June 2025 CNBC interview", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "745ace79-e66e-42d4-90f1-54665e582722", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.38, "x": 0.1, "y": 0.26 }, "kind": "image", "text": "March 2025 CNBC interview", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2562130-5ae2-4e09-a282-b6213bb2015f", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.38, "x": 0.3, "y": 0.6 }, "kind": "image", "text": "Sept 2025 CNBC interview", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0476ff9-c2a6-443d-81ff-886929632ab1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“There’s a huge market dislocation with energy” — Amir Adnani; “Nuclear energy is back in a big way” — Amir Adnani; “Attitudes in favour of nuclear energy are at an all-time high” — Amir Adnani", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-d154af5b1f1e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: CNBC (March 2025, June 2025, Sept 2025)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79636aec-03cd-4199-a522-fef4d3cef8f0", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "CEO Promotes Macro Nuclear Dynamics With Few Specifics About How UEC Will Produce Profitably", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "992a6eaf-0f7f-4a7d-9177-74a3161b45c7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a0e68a7f-059a-4db1-9f5b-2ec86a04affc", "evidence": "Contrasts CEO's macro-level media quotes with the lack of operational/financial specifics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:46.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "tension", "title": "The slide uses a side-by-side comparison of biography excerpts from 2009 vs today to highlight a shift in narrative or focus.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 8, "textChars": 1328, "nDataPoints": 0, "notes": "The slide uses a side-by-side comparison of biography excerpts from 2009 vs today to highlight a shift in narrative or focus.", "elementsJson": [ "headline_text", "paragraph", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:41.518+00", "seconds": 3.459, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/10", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.49, "x": 0.51, "y": 0.75 }, "kind": "callout", "text": "CEO Adnani is classic entrepreneur in our view who is self-assured with grand ambitions supported by highly promotional claims. However, we are further troubled by his judgement and association with a web troubling business relationships. Further, his time is distracted with two other public company ventures.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80b27c38-922c-4939-8c79-ea0967f31ae6", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.49, "x": 0.01, "y": 0.39 }, "kind": "list", "text": "Amir Adnani biography text comparing current and 2009 proxy statements.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "177ad935-8f4d-45fd-bbc3-a0e408383286", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.49, "x": 0.51, "y": 0.39 }, "kind": "list", "text": "Amir Adnani biography text comparing current and 2009 proxy statements.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4feb44ce-8731-477f-baba-d107c8ed0867", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "paragraph", "text": "We believe CEO Amir Adnani is a highly promotional CEO with little proof that he can run a fully operational and integrated \"world class\" and \"low cost\" uranium business empire. While we admire Mr. Adnani's entrepreneurship and devotion to the dream of uranium energy supremacy, we are highly skeptical that he can fulfill the aggressive goals being delineated for investors. As we will detail in the coming slides, we believe Mr. Adnani has made poor choices in judgement by associating himself with lawyers, directors, and investors with criminal and civil regulatory violations. This should put investors on high alert when evaluating his public statements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "646ab5e5-9377-4058-a214-08399e0331c4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: UEC 2025 and 2009 proxy statement. Red underline Spruce Point.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36a7209d-3a0d-47a8-be14-105c232a2b06", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "We Believe UEC's CEO Is Highly Promotional But Lacks The Ability To Execute On UEC's Promises", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8775af5-bc93-4761-bcb7-d06082264755", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.49, "x": 0.51, "y": 0.35 }, "kind": "title", "text": "CEO Adnani Biography: 2009", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "771a0d8e-1870-48ab-9bed-ecf22e0b1266", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.49, "x": 0.01, "y": 0.35 }, "kind": "title", "text": "CEO Adnani Biography: Today", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a75b18e2-13ef-4b0c-af75-5ac3d18a9d17", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 10, "name": "Villain Critique", "beatId": "57198021-76ff-4bab-b48c-bda0ef231863", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "The slide critiquing UEC's CEO as highly promotional but lacking execution ability.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 11, "type": "tension", "title": "Uses red underlines and callouts to highlight connections between documents and individuals.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 10, "textChars": 992, "nDataPoints": 0, "notes": "Uses red underlines and callouts to highlight connections between documents and individuals.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.261+00", "seconds": 3.792, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/11", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.16 }, "kind": "callout", "text": "Alan Lindsay was UEC’s Chairman of the Board and large shareholder who was granted practically free equity. His son Oliver Lindsay is a convicted stock fraudster who served time in prison. CEO Adnani is related to the Lindsay family.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e2da000-5515-413d-9fbd-eb7fa9dafc32", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.32, "x": 0.52, "y": 0.49 }, "kind": "callout", "text": "Were the names intentionally misspelled? Lindsay vs. Lindsey", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3d34b78-ff5e-457d-9f03-2350e1e89d5e", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.31, "x": 0.35, "y": 0.63 }, "kind": "image", "text": "BCSC news release regarding Oliver Lindsay ban", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "707ccea7-960b-4658-b01c-b1ff3a459b94", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.34, "x": 0.02, "y": 0.38 }, "kind": "image", "text": "US Attorney's Office press release regarding Oliver Lindsay", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acb08d0c-efbc-4868-ae58-ba48aae8564a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.25 }, "kind": "paragraph", "text": "Last Disclosure in 2017: CEO Adnani Is Related Through Marriage to The Former Chairman And Large Shareholder", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c02c7f9-070b-4c63-8e3e-f70f8fdf3658", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.32, "x": 0.67, "y": 0.63 }, "kind": "paragraph", "text": "SEC Obtains Final Judgment in Insider Trading Case against Oliver-Barret Lindsay", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92095e1b-7ebf-4de4-9290-380a7cf19d97", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Alan Lindsay is the father-in-law of Amir Adnani. — UEC Proxy", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-20b064f40499", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.98, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Strategic American Oil Corp SEC filing linking Oliver and Alan as father/son. UEC proxy disclosing Andani/Lindsay relationship. DOJ, SEC and BCSC cases. Red underline Spruce Point.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1209c5c-c25e-435d-9f51-20bb3282cf96", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.6, "x": 0.38, "y": 0.38 }, "kind": "table", "text": "UEC's Prospectus From 2005 showing Alan, Johnathan, and Oliver Lindsay", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90eecd90-8aa0-4389-8a51-2ae4a8048e8f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.68, "x": 0.305, "y": 0.02 }, "kind": "title", "text": "CEO Adnani Has Been Related To UEC’s Former Chairman Whose Son Is A Convicted Fraudster", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1592bf0f-f689-437e-8a24-3411c7c07de8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6d6a9717-e1e7-4ce3-bf0f-02cf9a2e2c62", "evidence": "Connects CEO to convicted fraudster via family ties", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:24:42.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "tension", "title": "Uses screenshots of SEC/DOJ documents to establish a link between the company and a convicted fraudster.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 7, "textChars": 879, "nDataPoints": 0, "notes": "Uses screenshots of SEC/DOJ documents to establish a link between the company and a convicted fraudster.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:41.78+00", "seconds": 3.286, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/12", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "Diane D. Dalmy was a Colorado Attorney used by UEC who was later charged by the SEC for a fraudulent scheme to issue false legal opinions. The DOJ also brought a case which resulted in 2 years of prison. Her name is prominently featured in UEC's SEC shareholder filings and for a notification of a delayed 10-K filing also signed by CEO Andani.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebca19ce-33ba-4d75-94d3-fe062f05bb1e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Diane D. Dalmy was a Colorado Attorney used by UEC who was later charged by the SEC for a fraudulent scheme to issue false legal opinions. The DOJ also brought a case which resulted in 2 years of prison.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-97e99d58ce55", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.45, "x": 0.03, "y": 0.29 }, "kind": "image", "text": "SEC litigation release screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f5340a1-6fa6-4411-9294-5561f1331022", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.47, "x": 0.5, "y": 0.29 }, "kind": "image", "text": "SEC filing document screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcacf8a2-75b4-41f3-8ab9-f0088a672b0a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "SEC Obtains Judgments Against Two Attorneys in Fraudulent Scheme to Issue False Legal Opinions — U.S. Securities and Exchange Commission", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-9ab7e161084f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: SEC Enforcement Case, DOJ Case and Dalmy in UEC SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30d86d3f-fbd0-400b-9cca-e34833e51e55", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "UEC's Attorney Was Later Charged By The SEC In A Scheme To Defraud", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b92d9190-c607-4558-8d28-1d9d1d1eb98d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "73916646-6906-40d7-8e84-4c63f540b158", "evidence": "Linking company leadership/advisors to criminal activity via public records.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:41.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "tension", "title": "Uses red boxes to highlight incriminating text in SEC documents.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 5, "textChars": 491, "nDataPoints": 0, "notes": "Uses red boxes to highlight incriminating text in SEC documents.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:45.094+00", "seconds": 6.6, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/13", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "William D. O'Neal is a lawyer who settled with the SEC in a stock manipulation case in 2008. His name is prominently featured in UEC SEC filings aside CEO Adnani. The SEC case was in 2008, just two years after his name was present in UEC SEC filings.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9dbcfc16-d514-47b4-8dd5-bdb485184b6b", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.48, "x": 0.02, "y": 0.29 }, "kind": "image", "text": "SEC Litigation Release snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31728923-6306-48e6-8dbe-c0999b7a275a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.48, "x": 0.51, "y": 0.29 }, "kind": "image", "text": "UEC SEC filing snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c11076d8-d937-49f3-af53-8cb0c050a79b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: SEC Enforcement Case, O'Neal in UEC prospectus and SEC Correspondence, OTC Market prohibited list", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "407ad786-c463-4fb0-91f7-354116b7f1f5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.32, "y": 0.03 }, "kind": "title", "text": "Another UEC Lawyer Settled With The SEC For Involvement In A Stock Manipulation Case", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdc0d205-6b7f-47bc-936a-f4a7f929bee7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "60842fd5-c0ac-4c5b-8bf9-bdd90a2b965c", "evidence": "Exposing legal/regulatory history of UEC associates", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:45.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "tension", "title": "Uses red underlining to highlight key evidence of the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 9, "textChars": 1935, "nDataPoints": 5, "notes": "Uses red underlining to highlight key evidence of the contradiction.", "elementsJson": [ "headline_text", "paragraph", "data_table", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-17 03:29:07.779+00", "seconds": 3.763, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/14", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "UEC's early prospectus in 2005 said that the only family relationship among directors and officers was between Alan Lindsay and Jonathan Lindsay. Yet, the second largest shareholder at 18.5% was Isaiah Capital Trust which was for the benefit of Sandra Corin who required no Board seat which we find unusual. Later in 2008 for an SEC filing of Strategic American Oil Corp (OTCBB: SGCA), there was a shocking disclosure that Sandra Corin was in fact the sister of Director Alan Lindsay. As a best practice, we believe that UEC should have made a similar disclosure in its SEC filings.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:07.779+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1a41876-ee99-4d2d-bd7a-d4020297d166", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "As a best practice, we believe that UEC should have made a similar disclosure in its SEC filings.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-ac57c1d5554c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.02, "y": 0.97 }, "kind": "other", "text": "Source: Standard American Oil SEC Filing, June 2008, UEC prospectus, November 23, 2005. Red underline Spruce Point.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:07.779+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ae0b2e4-c036-49e1-ad80-578a8e72e07a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.79 }, "kind": "paragraph", "text": "The Secretary of our Company, Johnathan Lindsay, is the son of Alan Lindsay, a director of our Company; otherwise, there are no other family relationships among our directors or officers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:07.779+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03e0d445-7c9a-4513-80c8-e880f3df491d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.91 }, "kind": "paragraph", "text": "(6) To our knowledge, Sandra Gail Corin exercises dispositive and voting power with respect to these shares. Sandra Gail Corin is the sister of Alan Lindsay, one of our directors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:07.779+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "543d5f4f-bb3d-413e-b76b-20ab3706d99b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.58 }, "kind": "paragraph", "text": "(1) Isaiah Capital Trust is a trust account held for the benefit of Sandra Corin, the sole beneficiary, and is managed by Equity Trust. (2) Thomas O'Neill Management Corp. is controlled by Thomas O'Neill, its sole officer, director and shareholder. (3) Newport Capital Corp. is controlled by Brent Pierce, its president and director, and its sole shareholder Regulus Advisor Limited, as trustee for Emerald Trust.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:07.779+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb93e7dc-512f-49a0-9f3e-234132dd9098", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The Secretary of our Company, Johnathan Lindsay, is the son of Alan Lindsay, a director of our Company; otherwise, there are no other family relationships among our directors or officers. — UEC Prospectus, November 23, 2005", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-b083a837c50d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.41 }, "kind": "table", "text": "Isaiah Capital Trust (1) 1,823,333 23,333 1,800,000 15.02% 18.56%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:07.779+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07fe9e22-6b28-4c6b-9440-f941ed5e526e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Think UEC Should Have Disclosed A Material Shareholder Affiliation.....", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:07.779+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f94b559-b310-4e2c-8474-0b47bb8a3c13", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "755d9cea-71d8-4cb9-99c6-91c4e41ae04a", "evidence": "Exposing a contradiction in SEC filings regarding material relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:29:07.779+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "tension", "title": "Uses screenshots of legal documents as evidence of regulatory actions.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 9, "textChars": 1455, "nDataPoints": 0, "notes": "Uses screenshots of legal documents as evidence of regulatory actions.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:46.344+00", "seconds": 7.636, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/15", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.0016799999999999999 }, "kind": "callout", "text": "Gordon Brent Pierce was an initial investor in UEC and had business dealings with Grant Atkins who was UEC's first CFO. Mr. Pierce is no stranger to US and Canadian regulators. Mr. Pierce was first sanctioned by the British Columbia regulator in 1993 and later received a permanent ban in 2016. The SEC later opined that Mr. Pierce had violated securities laws in connection with the sale of stock in Lexington Resources, Inc. which he has vigorously challenged.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61eddeef-f415-4909-90cc-28ed036663f7", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Gordon Brent Pierce was an initial investor in UEC and had business dealings with Grant Atkins who was UEC's first CFO.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-c81f021872f6", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.28, "x": 0.68, "y": 0.00495 }, "kind": "image", "text": "BCSC News Release", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "308b036b-2200-4308-8176-9771f21f96aa", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.28, "x": 0.38, "y": 0.00495 }, "kind": "image", "text": "SEC document regarding Gordon Brent Pierce", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a078f235-5d5a-480e-8b56-3f5851ec369a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.28, "x": 0.08, "y": 0.00495 }, "kind": "image", "text": "SEC document regarding Lexington Resources", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e99c371e-628e-4c01-a931-a1a6e3624665", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.0029500000000000004 }, "kind": "paragraph", "text": "Brent Pierce's Newport Capital Corp. Was An Early Backer of UEC\nSELLING SHAREHOLDERS - continued\n(1) Isaiah Capital Trust is a trust account held for the benefit of Sandra Corin, the sole beneficiary, and is managed by Equity Trust.\n(2) Thomas O'Neill Management Corp. is controlled by Thomas O'Neill, its sole officer, director and shareholder.\n(3) Newport Capital Corp. is controlled by Brent Pierce, its president and director, and its sole shareholder Regulus Advisor Limited, as trustee for Emerald Trust.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "090bd5f4-511a-4556-b730-a67ae465f8bf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "BCSC panel permanently bans B.C. man from capital markets — British Columbia Securities Commission News Release", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-cf2dfa929054", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: BCSC permanent ban in 2016 and SEC case", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b0f6445-a586-4e8d-bf8b-6f10281abf8d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.67, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "An Early UEC Investor And Capital Partner To Its First CFO Was Permanently Banned By A Canadian Regulator", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30b4794d-24a3-40c0-a6c5-65cb69d3da2a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f396f617-7459-4cee-a4e5-4c0734c7aaff", "evidence": "Exposing the criminal/regulatory history of a key investor to undermine credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:46.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "tension", "title": "Includes a screenshot of a UEC website from 2006 and a block quote detailing legal allegations against Horton.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 2042, "nDataPoints": 0, "notes": "Includes a screenshot of a UEC website from 2006 and a block quote detailing legal allegations against Horton.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.7+00", "seconds": 3.926, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/16", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.42, "x": 0.55, "y": 0.00405 }, "kind": "callout", "text": "Allegations Against Bruce Horton", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "064f5d34-e51f-4804-8043-7bde41a57bbf", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.0016799999999999999 }, "kind": "callout", "text": "D. Bruce Horton served early on UEC's audit committee and served as CFO (2006-2007). He had a controversial past as Co-Founder, Director and CFO of Clearly Canadian Beverage Corp. whereby the Company was sued, and allegations were made that Mr. Horton misled the market.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf91b336-4738-4cd2-928d-d18dfecac327", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.5, "x": 0.02, "y": 0.00298 }, "kind": "image", "text": "UEC website screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2dd3afd2-5b7e-4fea-a507-1aa91ab4447b", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.42, "x": 0.55, "y": 0.0047 }, "kind": "paragraph", "text": "Finally, in late June 1993, Clearly Canadian's CFO, defendant Horton, allegedly assured analysts that sales for the quarter ending in June would be in line with expectations of five-and-a-half to six million cases, when in fact, as of the end of May, Horton allegedly knew quarterly sales had been just over 3 million cases. Plaintiffs argue Horton had no reasonable basis for assuming the company would meet his prediction. SAC ¶ 96. When Clearly Canadian finally announced its earnings for the quarter ending in June, they turned out to be lower than some analysts had predicted. Following this announcement on July 19, the last day of the purported class period, Clearly Canadian's stock dropped to $6 per share.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3be9eba3-8701-42e2-a2b5-42052f6de7f9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Finally, in late June 1993, Clearly Canadian's CFO, defendant Horton, allegedly assured analysts that sales for the quarter ending in June would be in line with expectations of five-and-a-half to six million cases, when in fact, as of the end of May, Horton allegedly knew quarterly sales had been just over 3 million cases. Plaintiffs argue Horton had no reasonable basis for assuming the company would meet his prediction. SAC ¶ 96. When Clearly Canadian finally announced its earnings for the quarter ending in June, they turned out to be lower than some analysts had predicted. Following this announcement on July 19, the last day of the purported class period, Clearly Canadian's stock dropped to $6 per share. — In Re Clearly Canadian Securities Litigation", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-69fb545e51ee", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Wayback Machine archive of UEC, In Re Clearly Canadian Securities Litigation at JUSTIA and settlement, Horton compensation claim. Red underline Spruce Point.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d60de33-1f6a-4997-ae44-1e4e497f22c9", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "UEC's Early CFO And Audit Committee Director Also Allegedly Misled Investors", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d178378-62ef-4e4a-b8c5-407a030dc143", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bf54dd9b-9e8b-4bbe-8e07-8691647e1639", "evidence": "The slide explicitly links a current executive's past legal allegations to their current role to undermine credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "tension", "title": "Includes a screenshot of the UEC website from 2006 and a callout box highlighting the fraud risk.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 7, "textChars": 1329, "nDataPoints": 0, "notes": "Includes a screenshot of the UEC website from 2006 and a callout box highlighting the fraud risk.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.199+00", "seconds": 3.408, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/17", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.38, "x": 0.61, "y": 0.47 }, "kind": "callout", "text": "Avoiding Market Fraudsters. An example is Uranium Energy Corp. One of its directors is Stephen Jewett, a Vancouver CA who was barred by the CA institute from auditing any public companies after he mishandled the audit of an unrelated Vancouver junior company.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c3638c8-9cac-4b8e-8793-ad3d98bf849a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Steve Jewett was one of two original Audit Committee members of UEC and he failed to disclose a troubling history. Mr. Jewett was barred by the CA institute from auditing any public companies after he mishandled another audit.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-f5491d4154e8", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.58, "x": 0.02, "y": 0.29 }, "kind": "image", "text": "UEC website screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62db7a6f-5a8e-425b-95da-944e0e715f66", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Steve Jewett was one of two original Audit Committee members of UEC and he failed to disclose a troubling history. Mr. Jewett was barred by the CA institute from auditing any public companies after he mishandled another audit. This fact was not disclosed on his biography. This raises the possibility that UEC's books and records have been mishandled from inception.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04397f1b-4e1b-4829-bfc3-a2fe6e435e8f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“An example is Uranium Energy Corp. One of its directors is Stephen Jewett, a Vancouver CA who was barred by the CA institute from auditing any public companies after he mishandled the audit of an unrelated Vancouver junior company.” — Investment Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc7-f9f57213d338", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Wayback Machine archive of UEC, Investment Executive, August 30, 2006. Mr. Jewett resigned from the Board effective August 23, 2006.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1281db0a-bad4-433a-8761-403688948bb3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "UEC's Original Audit Committee Member Was Barred From Audits", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb58bb5d-cab0-49dd-8cd8-1b41a202e582", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ce1dd16a-e836-4091-b177-0772b5c6a2b6", "evidence": "The slide explicitly links a director's undisclosed history to potential corporate malfeasance.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:24:42.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "tension", "title": "The slide uses a visual mapping technique to connect specific individuals listed in a table to an SEC litigation case.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 8, "textChars": 1049, "nDataPoints": 10, "notes": "The slide uses a visual mapping technique to connect specific individuals listed in a table to an SEC litigation case.", "elementsJson": [ "headline_text", "paragraph", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:41.824+00", "seconds": 3.021, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/18", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.21, "w": 0.48, "x": 0.49, "y": 0.29 }, "kind": "callout", "text": "UEC Executives at SGCA: Leonard Garcia, Johnathan Lindsay, Alan Lindsay, Randall Reneau", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cde8d8d4-e765-4712-9009-ddd17bce8e5b", "parentComponentId": null }, { "bbox": { "h": 0.34, "w": 0.48, "x": 0.49, "y": 0.57 }, "kind": "callout", "text": "SEC Case Against Honig: Barry Honig and Three Other Defendants Settle with SEC in Market Manipulation Case", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecdcbb85-87fd-44a8-bebb-2c5a0512f1cf", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In 2009, multiple UEC executives were named executives in Strategic American Oil Corp (OTC: SGCA) alongside investor Barry Honig and CEO Adnani was a Director. Mr. Honig's name surfaced in 2018 in a case brought by the SEC related to market manipulation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-36e21cd02c62", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "In 2009, multiple UEC executives were named executives in Strategic American Oil Corp (OTC: SGCA) alongside investor Barry Honig and CEO Adnani was a Director. Mr. Honig's name surfaced in 2018 in a case brought by the SEC related to market manipulation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "812e0a70-020c-4d81-b6db-647ce167ddd4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Barry Honig and Three Other Defendants Settle with SEC in Market Manipulation Case — Litigation Release No. 24529 / July 12, 2019", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-3a47b4fc2ac3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Honig SEC Enforcement Case, SGCA Prospectus, Dec 7, 2009 and filing disclosing Adnani's involvement.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3942a35e-b4cf-42a5-a7ab-f7c2b178cab4", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.44, "x": 0.03, "y": 0.29 }, "kind": "table", "text": "Executives and Shareholders of Strategic American Oil Corp (OTC: SGCA)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "941431fa-cf00-4869-9a56-cc25a75469cc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.305, "y": 0.04 }, "kind": "title", "text": "Former UEC Executives Tied To Barry Honig", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a84af372-85ea-494f-8548-f220b97243a2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c768aca8-6572-421a-a298-474c26a7950d", "evidence": "Connecting executives to a known bad actor and SEC litigation", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:41.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "tension", "title": "This is a section divider or thesis slide used by Spruce Point Capital Management.", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 4, "textChars": 420, "nDataPoints": 0, "notes": "This is a section divider or thesis slide used by Spruce Point Capital Management.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:41.392+00", "seconds": 2.51, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/19", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "UEC’s Assets Are Weak And Its Aggressive Goals Are Likely To Disappoint High Investor Expectations With More Aggressive Dilution", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-0c72bfb0f6dd", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15e94eb8-2eff-4a9d-8f7d-75b4b4a60858", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo (pine tree)", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bda2578b-9e35-4750-b9c9-6aa9503c8ea1", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.6, "x": 0.35, "y": 0.35 }, "kind": "title", "text": "UEC's Assets Are Weak And Its Aggressive Goals Are Likely To Disappoint High Investor Expectations With More Aggressive Dilution", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:41.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ded5b258-affb-42d1-add5-37b0cdcf2a08", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "tension", "title": "Uses SEC S-K 1300 disclosure requirements to frame the company's lack of reserves as a risk/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 7, "textChars": 853, "nDataPoints": 0, "notes": "Uses SEC S-K 1300 disclosure requirements to frame the company's lack of reserves as a risk/contradiction.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.638+00", "seconds": 3.73, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/20", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "UEC has not provided investors proven or probable reserves for any of its projects through the completion of a bankable feasibility study, but rather relies on measured, indicated, and inferred resources which has a lower confidence level.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd7d4b69-0609-4e93-b393-a9b20ec12a18", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.72 }, "kind": "paragraph", "text": "We are an exploration stage company and do not currently have any known mineral reserves and cannot expect to have known mineral reserves unless and until an appropriate technical and economic study is completed...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66cfd2fb-613c-4dd0-823d-893082439a74", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.39 }, "kind": "paragraph", "text": "All mineral estimates constituting mining operations that are material to our business or financial condition included in this Annual Report for Fiscal 2024... have been prepared in accordance with S-K 1300...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97f6e17a-b7c2-41b6-8bfa-ed47b4d64145", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "paragraph", "text": "CAUTIONARY NOTE REGARDING EXPLORATION STAGE COMPANIES", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b455576f-45c3-455b-923f-0aabf472889e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.34 }, "kind": "paragraph", "text": "UEC's Warnings About Mineral Resource Disclosures", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "effa9fcb-a2f5-455a-aea5-34c29f142e48", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: 2023 vs. 2024 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b0c481a-83ee-4123-8c4c-c84508eb2b8f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.3, "y": 0.05 }, "kind": "title", "text": "Why Has UEC Never Provided Proven or Probable Mineral Reserves?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3f71f96-b0b9-4d4b-b22f-875207b39990", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "17dcb003-87a6-4d85-b367-964ce568fefb", "evidence": "Exposing the gap between company claims and regulatory disclosures regarding mineral reserves.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:24:42.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "tension", "title": "Uses visual evidence (screenshots) to undermine corporate narrative.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 9, "textChars": 1091, "nDataPoints": 0, "notes": "Uses visual evidence (screenshots) to undermine corporate narrative.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.921+00", "seconds": 3.979, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/21", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.15, "x": 0.77, "y": 0.55 }, "kind": "callout", "text": "GP for Venture", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3812e6f4-d199-4300-84a4-3ba7eebb714e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.22, "x": 0.63, "y": 0.8 }, "kind": "callout", "text": "Not Even A Corporate Sign For The Facility As of The Presentation In Feb 2023 (now there is a sign)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "952d62c4-162a-4f01-baf4-392e8665925f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "UEC's Hobson Processing Facility in Texas is a cornerstone of its marketing to investors and appears on the last slide of its investor presentation. In February 2023, UEC showed an image with a group of people touring the facility. However, according to Google Maps archives the facility sign was blank at the time and recent corporate filings indicate delinquencies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-92c300976e0d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.44, "x": 0.54, "y": 0.36 }, "kind": "image", "text": "Texas Secretary of State filings", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "224456aa-ef0a-43d6-a961-ac15ef8e1a4c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.51, "x": 0.02, "y": 0.36 }, "kind": "image", "text": "Investor presentation photo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9882db49-0d3a-462b-a817-e15a67cf4a44", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.34, "x": 0.17, "y": 0.65 }, "kind": "image", "text": "Google Maps archive showing blank sign", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c858a61-7dd1-48e9-bab1-d9a638cea063", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "UEC's Hobson Processing Facility in Texas is a cornerstone of its marketing to investors and appears on the last slide of its investor presentation. In February 2023, UEC showed an image with a group of people touring the facility. However, according to Google Maps archives the facility sign was blank at the time and recent corporate filings indicate delinquencies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3d847c9-e7be-461e-bcd1-83d3cc784df0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Google Maps, UEC Investor Presentation (Feb 2023), Texas Department of State", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa48f3bc-0690-4cfe-8867-056e223a24a0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Hobson Facility Is A Highly Promoted Showpiece To Investors....", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6fb0a1e-bdc5-42f4-b288-91f262865263", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d245adc3-0739-4103-abad-495c04b441e7", "evidence": "Contrasting marketing materials with regulatory filings and site evidence to suggest deception.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 22, "type": "tension", "title": "Uses a table of enforcement orders linked to specific red-box callouts highlighting the severity of the violations.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 8, "textChars": 936, "nDataPoints": 3, "notes": "Uses a table of enforcement orders linked to specific red-box callouts highlighting the severity of the violations.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.313+00", "seconds": 3.247, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/22", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.2, "x": 0.78, "y": 0.78 }, "kind": "callout", "text": "Failure to keep complete and accurate records", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2cf4fa5-a7b1-45ce-8dbf-85e1d6b6363f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.2, "x": 0.78, "y": 0.54 }, "kind": "callout", "text": "Loss of mechanical integrity at a facility that operates uranium mining and refinement", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d084571d-a955-405a-8d1f-180373b09d33", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.2, "x": 0.78, "y": 0.68 }, "kind": "callout", "text": "Failure to monitor corrosion", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efa0d72c-ef34-438a-b21b-cebc5baad22d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes that investors should carefully consider if UEC is really the right company to entrust with handling nuclear activities.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-4d26e5e57797", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point believes that investors should carefully consider if UEC is really the right company to entrust with handling nuclear activities. Our research indicates that it has recent violations in the state of Texas at Hobson with the Commission on Environmental Quality for loss of mechanical integrity and failure to keep complete and accurate records. Hopefully, this is just a one-off event, and the issues have been permanently rectified.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edf640a6-d5fc-45fc-8122-d65285e4aa37", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Texas Commission on Environmental Quality", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cfb3ae5-891a-4c11-94d5-3fcfea667d8a", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.63, "x": 0.08, "y": 0.42 }, "kind": "table", "text": "Table of Effective Enforcement Orders for Hobson Mining Project", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ae08c30-6cdb-40bb-9e45-2d7fa8c7af5d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Do We Really Want To Trust Non-Compliant Operators To Handle Nuclear Activity?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e41aa49b-165d-43c8-9b70-ddb05a3361f8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d8a28244-fcac-4205-8592-d746350df30b", "evidence": "Uses regulatory data to undermine company credibility and operational integrity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 23, "type": "tension", "title": "The slide uses a combination of narrative text and a bar chart to cast doubt on the value of the acquired asset.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 7, "textChars": 1697, "nDataPoints": 3, "notes": "The slide uses a combination of narrative text and a bar chart to cast doubt on the value of the acquired asset.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "bar_chart_vertical" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:46.251+00", "seconds": 7.164, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/23", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Curiously, we see that in the footnote to its financial statements, UEC has been rapidly increasing its estimate for Asset Retirement Obligations from $29 to $89 million within seven months of closing the transaction.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-27b2e5e6f7e7", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.53, "y": 0.38 }, "kind": "chart", "text": "Asset Retirement Obligations In The Footnotes Have Materially Expanded", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4743d1b0-50ba-45f9-866a-8ad499a0df8b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Asset Retirement Obligations: $88.9mm", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-2aea41b56332", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "We see problems with UEC's acquisition of Rio Tinto's Sweetwater Plant which it paid $179 million in cash to acquire in September 2024. If this truly were a gem asset critical to America's nuclear future, why was it sold so inexpensively by a sophisticated global mining corporation? It turns out that according to the U.S. Nuclear Regulatory Commission (NRC), the facility has been on standby since 1983. Moreover, there is groundwater contamination. Curiously, we see that in the footnote to its financial statements, UEC has been rapidly increasing its estimate for Asset Retirement Obligations from $29 to $89 million within seven months of closing the transaction. The Company does not provide capital estimates for the costs to, 1) Restore the facility to operations and 2) Find human resources with enough experience and expertise to operate it safely and efficiently.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b577984-a381-40ed-88fa-ddb66336b588", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.02, "y": 0.45 }, "kind": "paragraph", "text": "Facility Licensing and Operating History... The U.S. Nuclear Regulatory Commission (NRC) issued Source Materials License SUA-1350 to Kennecott Uranium Company (Kennecott) in February 1979. The Sweetwater Project facility was constructed in 1980, operated from 1981 to 1983, and has been in standby status since 1983.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4c30162-64e4-4b1b-af3e-7b33977d307d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: NRC report, UEC financial statements, UEC press release announcing acquisition", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eed54875-4a35-4a7c-88eb-81664b0eb7eb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Did UEC \"Get A Steal\" On An Asset Strategic To U.S. Nuclear Goals, Or An Environmental Headache?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94f9d2e0-35e7-47ba-b783-6afb0994a85c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 24, "type": "tension", "title": "Uses red underlines and boxes to highlight specific data points in tables.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 8, "textChars": 992, "nDataPoints": 30, "notes": "Uses red underlines and boxes to highlight specific data points in tables.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.538+00", "seconds": 3.153, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/24", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "callout", "text": "UEC appears to be just a speculator of commodity uranium with little to no value-added function. To illustrate, UEC spends nothing on research and development activities. Moreover, despite a multi-year rise of uranium spot prices and claims that its Mineral Resource estimates use a long-term uranium price of $40 per pound for ISR projects and $65 per pound for conventional projects, why hasn't UEC been in a better position to produce and capitalize on the current market environment?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72f14791-ef0d-45e4-8590-d72a2f5667d9", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "UEC appears to be just a speculator of commodity uranium with little to no value-added function.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-fb399ac8c17a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.14, "x": 0.01, "y": 0.32 }, "kind": "list", "text": "Just Buying And Selling A Commodity Product? No R&D. Rising Prices But No Production?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58c723f1-f41b-45d7-a8b7-4c556bce49ee", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "uranium spot price: $83.06", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-fed360010476", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: UEC 2024 10-K, Red underline Spruce Point.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f2cc758-baff-4d02-8886-07eac60292dc", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.83, "x": 0.15, "y": 0.82 }, "kind": "table", "text": "Uranium spot price table showing high/low/average/close prices from 2020-2024.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b82b62d-972b-4f7d-ae9f-84291ee51968", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.83, "x": 0.15, "y": 0.48 }, "kind": "table", "text": "Sales and Service Revenue table showing decline in inventory sales and toll processing revenue.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a599482e-9b21-49de-84ca-bc9844674134", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.02 }, "kind": "title", "text": "We Believe UEC Is Really A Glorified Uranium Speculator Adding Little Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29645720-ef42-4efb-aaf9-61b81f321c54", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "30a346ee-9cd9-40e5-98ef-6c68a04d5b54", "evidence": "The slide explicitly frames the company as a 'speculator' and highlights lack of R&D and production to expose a contradiction in business model.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 25, "type": "tension", "title": "The chart highlights a stark contrast between historical low capex and projected high capex.", "function": "diagnose_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 6, "textChars": 1053, "nDataPoints": 18, "notes": "The chart highlights a stark contrast between historical low capex and projected high capex.", "elementsJson": [ "headline_text", "paragraph", "bar_chart_grouped", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:43.424+00", "seconds": 4.007, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/25", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.2, "x": 0.56, "y": 0.48 }, "kind": "callout", "text": "Substantial risk that costs are more than planned and stock dilution is likely to intensify", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cef06850-68fb-4c02-a1c2-f8378747ce8c", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.37 }, "kind": "chart", "text": "UEC's Reported Annual, Cumulative, and Projected Purchases of Property, Plant, and Equipment", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e40c19a9-d9d7-488f-a188-61a25ae06a8e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "PP&E spending: $12.1 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-c847ba109fb8", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Since its 2003 inception, UEC has spent cumulatively only $12.1 million on property, plant, and equipment. The Company does not provide any capex guidance and now analyst projections indicate that capex is set to increase materially. We see two large risks for UEC shareholders including, 1) Costs are materially higher than planned, which from our experience is frequently the case in mining operations, and 2) UEC does not have the internal resources or requisite corporate know-how to scale efficiently, and it will be difficult to hire qualified talent. What we do expect is that share issuance and dilution is likely to increase substantially given the lack of proven and probable resources.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f8dd602-3bc8-4d6a-a8ab-7f5f317ba653", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: UEC financial statements and Bloomberg consensus estimates.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49558e71-4587-49d6-a1c6-52590b7949d5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "How Is UEC Going To Scale With Minimal History Navigating Large Capex Projects?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "929a908b-2444-4311-8179-824023cd4c7a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "20d463ae-ac4d-45a7-8f0d-9107b9906217", "evidence": "The slide frames the company's lack of history as a precursor to inevitable failure and dilution.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:24:43.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "The slide uses a dual-chart layout to show the inverse relationship between share count/CEO pay and insider ownership.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 7, "textChars": 1160, "nDataPoints": 40, "notes": "The slide uses a dual-chart layout to show the inverse relationship between share count/CEO pay and insider ownership.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "line_chart", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.623+00", "seconds": 3.025, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/26", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We typically find that excessive compensation, frequent shareholder dilution, and minimal insider alignment to be hallmarks indicative of stock promotions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-a5a8d454c2e7", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.48, "x": 0.51, "y": 0.37 }, "kind": "chart", "text": "Diluted Share Count (millions)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec4185a6-d478-47b5-bd8f-81828feec681", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.48, "x": 0.02, "y": 0.37 }, "kind": "chart", "text": "Insider Ownership & CEO Comp / SG&A", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfa376c9-a288-4ce8-a653-ddb949ac0a72", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "diluted share count: 450 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-ab688738c26d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "While UEC has not exactly delivered on ambitions of commercializing its uranium production at scale or delivering a study that says it has proven and probable reserves, it has shown great ability to issue stock and pay the CEO. UEC's diluted share count has expanded from approximately 26 to 450 million or 15% p.a. As a result of the frequent dilution, insider ownership has plummeted. For reference, UEC has approximately 93 employees, but CEO Adnani's compensation is approximately 25% of selling, general, and administrative expense (\"SG&A\"). We typically find that excessive compensation, frequent shareholder dilution, and minimal insider alignment to be hallmarks indicative of stock promotions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b3eaac9-8cb7-4e46-9085-bdeb08f58e42", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: UEC proxy and financial statements. All insider ownership excludes the 18% Isaiah Capital Trust ownership which was Lindsay's sister.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe90e794-f9fb-42a0-9779-6040568fc7c5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Repeated Dilution Leaves Insiders With Almost No Skin In The Game", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15b1a35e-4948-4097-9abd-418be0637e86", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "53167352-d2f1-42d5-998e-5801e90fda01", "evidence": "The slide explicitly links dilution and compensation to 'hallmarks indicative of stock promotions'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:42.623+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 27, "type": "setup", "title": "Spruce Point Capital Management branding (pine tree logo).", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 3, "textChars": 237, "nDataPoints": 0, "notes": "Spruce Point Capital Management branding (pine tree logo).", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:42.014+00", "seconds": 2.296, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/27", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.54, "x": 0.45, "y": 0.96 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05ad992d-e420-456d-a8b9-3b766c7e32db", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70082351-0b0b-4067-89c9-cc78f7248dad", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.6, "x": 0.36, "y": 0.37 }, "kind": "title", "text": "Weak Governance And Uncomfortable Connections To Other Alleged Corporate Scandals In The Audit And Financial Control Roles", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:42.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "753ca57f-ee7d-48db-b8d9-991ccdb7e2da", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 28, "type": "tension", "title": "Uses a side-by-side comparison of website screenshots to prove the omission.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 7, "textChars": 766, "nDataPoints": 0, "notes": "Uses a side-by-side comparison of website screenshots to prove the omission.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:46.532+00", "seconds": 6.778, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/28", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.15, "x": 0.45, "y": 0.8 }, "kind": "callout", "text": "No mention of this role", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffc00a0c-d7e7-44e2-8119-6b808493f601", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "UEC’s Chairman of the Board does not put on his biography his prior role at C3 Energy (ultimately becoming C3.ai) which we believe has become the poster-child and case study of promotional, speculative, and serial AI disappointment.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-3de44695c838", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.5, "x": 0.45, "y": 0.35 }, "kind": "image", "text": "Screenshot of UEC biography page", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82089dc5-fe6a-4bfa-8e6f-e2224877412a", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.4, "x": 0.05, "y": 0.35 }, "kind": "image", "text": "Screenshot of C3 Energy board page", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89f802c2-2f7b-461e-8b75-179271f360e4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "UEC's Chairman of the Board does not put on his biography his prior role at C3 Energy (ultimately becoming C3.ai) which we believe has become the poster-child and case study of promotional, speculative, and serial AI disappointment.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62832e74-b7d7-4bc6-9c69-c9176352a198", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Company website and Wayback Machine archive of C3-energy. Note: UEC's 2018 10-K last disclosed Mr. Abraham as a Director of C3 IoT.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "635f5d0b-80a1-477e-be62-475d36770fc0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.25, "y": 0.02 }, "kind": "title", "text": "UEC's Chairman of the Board Failed To Make C3 Energy (Now C3.ai) A Success", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:46.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d45a551-dd03-4c60-a035-03f6dd9a4064", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2548eb3d-73bc-42ea-afcf-df23dc71c770", "evidence": "Contrasts current biography with historical record to expose omission.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:46.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 29, "type": "tension", "title": "Uses red boxes and arrows to draw attention to specific directors and their backgrounds.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 9, "textChars": 2322, "nDataPoints": 8, "notes": "Uses red boxes and arrows to draw attention to specific directors and their backgrounds.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:44.567+00", "seconds": 4.805, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/29", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.25, "x": 0.73, "y": 0.51 }, "kind": "callout", "text": "Della Volpe's professional career described as a \"money manager\" and not as an auditor/accountant", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b78454f-b968-41d3-9337-aaab884576ef", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.73, "y": 0.37 }, "kind": "callout", "text": "How Engaged Are Two Audit Committee Directors At 78 and 82 Years Old, Respectively?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58a3ca54-dfd8-497a-8cc0-5555bb0d00dc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.73, "y": 0.78 }, "kind": "callout", "text": "Mr. Kong joined Silvercorp Metals right after fraud allegations were made.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69e12882-40c3-434f-bf87-c20f8a527e4d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe UEC investors should demand a fresh and younger set of eyes on its Audit Committee.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-65efb243b367", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Audit Committee Chairman David Kong is associated with Silvercorp Metals, Inc. (TSX / NYSAmerican: SVM) which came under scrutiny from a short-seller who alleged fraud in 2011. Shortly after the allegations were levied, David Kong joined SVM's Board during this contentious period. A KPMG forensic investigation did not find any cash or revenue discrepancies although a Globe & Mail article suggested that the chief mining advisor of the BCSC sent a letter to SVM outlining complaints with a technical mining report. Mr. Kong is now 78 years old and is joined by Vincent Della Volpe who is 82 years old. We believe UEC investors should demand a fresh and younger set of eyes on its Audit Committee.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05a93ea9-0701-4950-83a9-ed41c2718c53", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.66, "x": 0.02, "y": 0.73 }, "kind": "paragraph", "text": "David Kong. David Kong has served on our Board of Directors since January 2011 and served as our lead independent director from June 2016 to May 2024. Mr. Kong serves as Chairperson of our Audit Committee and is a member of our Compensation Committee, our Corporate Governance and Nominating Committee and our Sustainability Committee. Mr. Kong has also served as a director of GoldMining Inc., a public company listed on the Toronto Stock Exchange (the “TSX”) and the NYSE American since October 2010, as a director of Silvercorp Metals Inc., a public company listed on the TSX and the NYSE American, from November 2011 to September 2023, and as a director of New Pacific Metals Corp., a public company listed on the TSX and the NYSE American, from November 2010 to December 2022.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73f256d7-f35b-4c0f-a239-d493a4cf867c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: UEC 2025 proxy statement. Silvercorp Denies Overstating Earnings, Financial Post, Sep 19, 2011. Kong joins Silvercorp Metals, November 25, 2011. Silvercorp receives clear forensic accountants report, October 24, 2011. \"The Full Story of Jon Carnes, Silvercorp and the BCSC\", Globe & Mail, May 14, 2015. Red underline Spruce Point.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d52d0b43-14f4-4513-b889-37fb56967ae6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.66, "x": 0.02, "y": 0.39 }, "kind": "table", "text": "Directors and Executive Officers table showing names, ages, and positions.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80c24ac4-91c9-4297-b3fa-43e81b2e5852", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "UEC's Audit Chairman Is Associated With The Silvercorp Metals Alleged Fraud Scandal", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ced98bc5-956c-4f10-90cb-391dbed2a462", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2891158b-0195-4878-9d92-5578b081a677", "evidence": "The slide explicitly links a board member to a company involved in a fraud scandal to question governance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:44.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 30, "type": "tension", "title": "The slide uses a narrative callout box to link individuals to controversial entities, supported by a table of corporate affiliations.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 27, "componentCount": 5, "textChars": 570, "nDataPoints": 0, "notes": "The slide uses a narrative callout box to link individuals to controversial entities, supported by a table of corporate affiliations.", "elementsJson": [ "headline_text", "callout_box", "data_table", "headshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:43.214+00", "seconds": 3.181, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/30", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Audit Committee Chairman David Kong has also served on the Board of New Pacific Metals... UEC's financial controller is Jian Hua (Julia) Zhang who was an Internal Auditor at Silvercorp Metals.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "986c91c3-7a26-4ae6-afa6-56f50d34e0eb", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.32, "x": 0.02, "y": 0.44 }, "kind": "list", "text": "Julia Zhang Experience: Controller UEC, Controller New Pacific Metals, Internal Auditor Silvercorp", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8d403f4-26d3-4339-9523-8f93599110b1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Zhang LinkedIn, New Pacific Metals AIF, Sept 25, 2020, Hindenburg Research, April 20, 2020", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65a44e8c-4a7e-456f-acc9-4e878762aa11", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.63, "x": 0.35, "y": 0.44 }, "kind": "table", "text": "Corporate Overlap Between Audit Chair Kong And Financial Controller Zhang", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb360736-4b9c-4afd-adaf-398b9ce270bc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "UEC's Audit Chairman And Financial Controller Have Both Been Associated With The Same Controversial Companies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "130d7588-12a1-455b-9bee-949a12799b65", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "af55d57e-2b8a-496b-87e6-178d8b33d315", "evidence": "The slide explicitly links board members to companies accused of fraud to undermine credibility.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:24:43.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 31, "type": "tension", "title": "Uses a red arrow to visually connect the past biography to the current one, highlighting the missing information.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 11, "textChars": 973, "nDataPoints": 0, "notes": "Uses a red arrow to visually connect the past biography to the current one, highlighting the missing information.", "elementsJson": [ "headline_text", "callout_box", "headshot", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:48.283+00", "seconds": 8.243, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/31", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.03, "x": 0.4, "y": 0.6 }, "kind": "callout", "text": "??", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73781c52-d3ac-40e0-a117-2e1c45f5859f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "If this is a failed mining venture involving CFO Man, then we believe UEC investors deserve to know.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc8-e1c4712875bc", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.08, "x": 0.17, "y": 0.37 }, "kind": "image", "text": "Josephine Man", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0255f44f-dd3d-41ec-bd1e-b53e2593ef92", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.15, "x": 0.02, "y": 0.37 }, "kind": "list", "text": "CFO Biography While at GROY", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f650a73-275c-4f81-bc87-7e721524b3e8", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.15, "x": 0.02, "y": 0.62 }, "kind": "list", "text": "CFO Biography At UEC", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d369cda-02c5-4ca6-9cac-44dde754ba91", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "In the spirit of full transparency, we question why the CFO does not present a complete biography for UEC investors. She now omits from her biography a role at SAIS Limited...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25713811-4244-4fe3-81b3-ec56a85ac63c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.35, "x": 0.27, "y": 0.37 }, "kind": "paragraph", "text": "Ms. Man is an experience financial professional and acts as CFO of Uranium Royalty Corp. Prior to joining Gold Royalty Corp. Ms. Man was VP, Finance and Control of SAIS Limited...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4529f0b1-038a-4644-9396-ddff2aecbad8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.17, "y": 0.62 }, "kind": "paragraph", "text": "Ms. Man has over 28 years of experience in financial reporting, corporate finance, mergers and acquisitions, and risk management. Previously, from 2018 to 2025, Ms. Man served as...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f91ebd82-3819-4f98-b386-f5d83927fdf8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: GROY 2022 investor presentation, Man biography on UEC website, SAIS Limited to delist from TSX-V, SAIS Ltd news", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98be1973-2c2c-4c69-b5b5-de31f4ab53f2", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.32, "x": 0.66, "y": 0.37 }, "kind": "table", "text": "SAIS Description: About SAIS Limited... Associated With Trafigura Executives...", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d23557d5-b0a8-4be5-8f2e-c02259cf6ced", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Why Is The Biography For UEC's CFO Incomplete With An Unusual Venture Missing?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cec4679-eb06-486a-b2f7-849c26c67143", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4f173ba3-9148-4d8e-974f-6d2a392ca39a", "evidence": "The slide explicitly questions the CFO's transparency regarding past business ventures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:48.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 32, "type": "setup", "title": "The slide highlights a specific red flag regarding corporate governance and audit quality.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 7, "textChars": 861, "nDataPoints": 24, "notes": "The slide highlights a specific red flag regarding corporate governance and audit quality.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:43.889+00", "seconds": 2.983, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/32", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.34 }, "kind": "callout", "text": "Valuation of mineral rights and properties acquired along with assessment of impairment indicators of long-lived assets have been prominently described as \"Critical Audit Matters\" in the past two Annual Reports. These amounts constitute ~77% of UEC's assets and very little has been spent on the audit.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56d5cfb7-a96c-4bb0-af8b-cd7286615d5b", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Investors should be cautioned that UEC's audit fees in relation to its reported total assets are miniscule.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-e45ecde3731c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Audit Fee / Assets: 0.05%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-e920d9534755", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Investors should be cautioned that UEC's audit fees in relation to its reported total assets are miniscule. UEC has had three auditors since coming public including Dale Matheson Carr-Hilton LaBonte LLP (2004-2007), Ernest & Young (2008-2020) and PwC (2020-present).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1427a24f-d6e6-4e44-9816-8414231e363a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Company filings and proxy statements.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "203c1102-f508-4103-b93e-2e3c5144c004", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.96, "x": 0.02, "y": 0.5 }, "kind": "table", "text": "Audit Fee Analysis of Junior Miners and Explorers", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9c6b86f-38e6-47b8-8fab-125f9ae40df3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "We Believe That UEC's Miniscule Audit Fees Are A Major Red Flag....", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:43.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4ac2a17-e63f-4efc-b134-5a9171aec72e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ec53d8d2-f108-4ac0-a17c-fc244213e5a0", "evidence": "The slide uses a peer group table to highlight a discrepancy in audit fees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:43.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 33, "type": "tension", "title": "The slide uses a table to demonstrate 'distractions' and lack of transparency regarding CEO services.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 5, "textChars": 948, "nDataPoints": 0, "notes": "The slide uses a table to demonstrate 'distractions' and lack of transparency regarding CEO services.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:44.6+00", "seconds": 3.202, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/33", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Why does the CEO not explicitly tell investors what services he is providing that are above and beyond the normal scope of his duties to the Company?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-95ef4023e3a6", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "With all the uphill battles we believe UEC faces towards realizing its US uranium supremacy dreams, we believe the challenges becomes even harder given management's distractions at other mining ventures. CEO Adnani is heavily involved with two other public companies, Uranium Royalty Corp. and GoldMining Inc. In addition, he controls a private company that provides unspecified services to UEC and potentially other companies as well. Why does the CEO not explicitly tell investors what services he is providing that are above and beyond the normal scope of his duties to the Company?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8592d2e8-cbc2-4a2e-9255-8c2050186e6e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Uranium Royalty and GoldMining websites and UEC proxy statement", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80f39214-2511-4b86-921f-2b6c6fdf1723", "parentComponentId": null }, { "bbox": { "h": 0.61, "w": 0.96, "x": 0.02, "y": 0.34 }, "kind": "table", "text": "Overlap of UEC Executives and Directors With UROY and GLDG", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "584f9eee-152f-4213-a458-58c4d2f9ef49", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Distractions Should Undermine Confidence In UEC's Ability To Execute For Shareholders", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30b0a5e0-64f1-4b06-8d22-14407cdbbd46", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "200e2dfc-acf8-44b1-8769-9d8e635b562c", "evidence": "The slide explicitly frames management's private consulting and overlapping roles as a lack of transparency and a distraction, typical of activist short-seller 'fraud-exposure' or 'governance-failure' narratives.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:24:44.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 34, "type": "tension", "title": "The slide uses a table to contrast shifting incentive structures, specifically highlighting the 2024 pivot toward liquidity.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 6, "textChars": 592, "nDataPoints": 24, "notes": "The slide uses a table to contrast shifting incentive structures, specifically highlighting the 2024 pivot toward liquidity.", "elementsJson": [ "headline_text", "paragraph", "kpi_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:44.905+00", "seconds": 3.369, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/34", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "UEC burned through $106 million in 2024 and raised $176 million which factored heavily towards the CEO hitting his maximum target bonus.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-7af4b0249065", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "CEO bonus criteria weighting: 50%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-7effaf036a03", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "UEC does not give investors any formal guidance, but investors should pay careful attention to UEC's proxy statement for clues as to management's focus. If becoming an operating industry leader is a priority, it's not evident from recent internal goals.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eefd4342-fc5f-4e95-bb38-0ea1c3799182", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Company proxy statements.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "175ed62e-c235-42f0-a74c-779bbf076197", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.96, "x": 0.02, "y": 0.35 }, "kind": "table", "text": "Factors Weighting Towards The CEO's Short-Term Bonus", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5431326-c881-49a8-96bc-658c38cf6250", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "UEC Doesn't Give Guidance, But It Appears To Know When Big Losses Are Likely To Occur", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b6ba76f-f0c5-4930-848c-38f58c008c21", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0e2f1d8c-34f2-46df-8673-0306614c9e31", "evidence": "Contrasts stated operational goals with actual bonus criteria shifts.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:44.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 35, "type": "setup", "title": "This is a classic activist investor 'thesis' slide, often used as a transition or summary point.", "function": "summarize", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 5, "textChars": 266, "nDataPoints": 2, "notes": "This is a classic activist investor 'thesis' slide, often used as a transition or summary point.", "elementsJson": [ "headline_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:44.221+00", "seconds": 2.522, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/35", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We Estimate 65% - 85% Potential Downside Risk", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-10e0c334129b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ea34c3b-445d-4d6a-9b9e-05ae41f92e63", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "199a7714-9214-431f-8f96-83b71530d527", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 65% - 85%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-17dc19a00970", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.34, "y": 0.43 }, "kind": "title", "text": "We Estimate 65% - 85% Potential Downside Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e2b1199-3f25-41ae-a335-f7539c4224e2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 36, "type": "tension", "title": "The slide highlights a consensus of 'Buy' ratings while simultaneously arguing the stock is a poor investment, framing the consensus as misguided.", "function": "expose_contradiction", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 7, "textChars": 793, "nDataPoints": 26, "notes": "The slide highlights a consensus of 'Buy' ratings while simultaneously arguing the stock is a poor investment, framing the consensus as misguided.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "pie_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:44.925+00", "seconds": 2.922, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/36", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-36", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The stock is currently trading above consensus targets which we believe make it a poor risk / reward.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-afda8d3c1652", "parentComponentId": null }, { "bbox": { "h": 0.53, "w": 0.48, "x": 0.5, "y": 0.305 }, "kind": "chart", "text": "Ratings Distribution pie chart showing 100% Buy rating.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98e011fa-881b-48c2-8ab2-cbde87a6b113", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "implied downside: -10.3%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dc9-b2b6ff2eda85", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.97, "x": 0.015, "y": 0.17 }, "kind": "paragraph", "text": "Despite UEC's dubious history as a penny stock promotion, no proven or probable reserves, and grand ambitions to become a dominant player in the uranium industry at scale without any sustained production history, analysts give the Company the benefit of the doubt for its ability to execute flawlessly. The stock is currently trading above consensus targets which we believe make it a poor risk / reward.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9067af9e-9dfb-492c-acfd-ad88db38e219", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.01, "y": 0.975 }, "kind": "source-note", "text": "Source: Bloomberg, Spruce Point analysis, broker reports", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1dd982ab-e852-4011-90e7-baf58bc31294", "parentComponentId": null }, { "bbox": { "h": 0.53, "w": 0.45, "x": 0.015, "y": 0.305 }, "kind": "table", "text": "Analyst, Recommendation, Price Target table with 8 rows of data and an average summary row.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4fe82844-3b67-46a3-8f52-87873bdc851e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.68, "x": 0.31, "y": 0.01 }, "kind": "title", "text": "UEC Is Trading Above Fair Value Making It A Poor Risk / Reward", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:44.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "abec043a-f4c5-41d9-abc4-1761519d00eb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "29e4e095-e4fa-47ef-b5a2-a090a6412a3a", "evidence": "Contrasting analyst 'Buy' consensus with the author's 'poor risk/reward' thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:44.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 37, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 36, "name": "Valuation Table", "beatId": "29b9c4b8-8fa0-4360-b750-3e18fd132e9a", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "The valuation tables provide quantitative evidence for the potential downside risk.", "position": 5, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 37, "type": "setup", "title": "The slide uses a 'Spruce Point Adjusted' column to reconcile Street estimates with their own adjustments.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 8, "textChars": 483, "nDataPoints": 36, "notes": "The slide uses a 'Spruce Point Adjusted' column to reconcile Street estimates with their own adjustments.", "elementsJson": [ "headline_text", "callout_box", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:45.053+00", "seconds": 3.005, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/37", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-37", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.35, "x": 0.62, "y": 0.63 }, "kind": "callout", "text": "Growing obligations to keep an eye on related to environmental remediation", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acaab91e-ea4f-42ca-800b-8320261ad984", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.35, "x": 0.62, "y": 0.81 }, "kind": "callout", "text": "From At-The-Market Stock Sales Post Quarter Close", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b064ca4d-adcf-4b8f-87c7-677b79880567", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We adjust UEC's capital structure for stock issuance and asset retirement obligations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dca-1a3063f72773", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value: $5,351.5", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dca-1d4fe878c11c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.02, "y": 0.205 }, "kind": "paragraph", "text": "We adjust UEC's capital structure for stock issuance and asset retirement obligations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "593908f5-7c76-4be2-bee5-4e25ddc9f40d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: SEC filings and Spruce Point analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb9bc643-a816-47cc-ae48-e72856c5bfbb", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.56, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Valuation bridge table showing Street, Adjusted, and Spruce Point Adjusted figures.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "259af0b3-94cc-42f6-b494-7c0b26a9a45b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.58, "x": 0.308, "y": 0.045 }, "kind": "title", "text": "UEC Now Has A $5 Billion Valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f8c9c3b-b731-4f64-9f26-94142090ce71", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 37, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 36, "name": "Valuation Table", "beatId": "29b9c4b8-8fa0-4360-b750-3e18fd132e9a", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "The valuation tables provide quantitative evidence for the potential downside risk.", "position": 5, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 38, "type": "setup", "title": "The table highlights UEC's high EV/EBITDA multiples (106.5x 2026E) compared to the peer group averages.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 5, "textChars": 642, "nDataPoints": 144, "notes": "The table highlights UEC's high EV/EBITDA multiples (106.5x 2026E) compared to the peer group averages.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:45.114+00", "seconds": 3.043, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/38", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.0016799999999999999 }, "kind": "callout", "text": "The market believes in UEC's ability to significantly ramp its production and uranium sales to deliver rapid revenue and EBITDA growth. We believe expectations are simply too high and the valuation premium is extreme.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05569a1e-f333-4e70-83e7-19ac16eefe7f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / EBITDA: 106.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dca-536785a2c33c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.98, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Company filings, Bloomberg and Spruce Point estimates. Denison and enCore are pro forma for recent debt offerings and Paladin for equity offering. Debt is adjusted for reclamation costs", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "982d7627-3d5c-4b48-8ecd-0043f12ef33c", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.82, "x": 0.09, "y": 0.00325 }, "kind": "table", "text": "Peer comparison table including Stock Price, Adj Ent. Value, 2025E EBITDA Margin, Sales Growth, EV/Revenues, EV/EBITDA, Price/Book, and Net Debt/Total Assets.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6264155e-675b-45e8-9cee-526e54e15373", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.32, "y": 0.02 }, "kind": "title", "text": "We Believe UEC Trades At An Irrational Premium To Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:45.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "814f08e7-f6f6-458d-bd4a-4f153420fbfc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2922e78a-f695-4526-9120-b650c359ca90", "evidence": "Direct comparison of UEC against peer group metrics to highlight valuation discrepancy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:45.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "setup", "title": "The slide uses a valuation bridge to justify a 65-85% downside, supported by a list of governance and operational concerns.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 620, "nDataPoints": 24, "notes": "The slide uses a valuation bridge to justify a 65-85% downside, supported by a list of governance and operational concerns.", "elementsJson": [ "headline_text", "callout_box", "valuation_table", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:48.724+00", "seconds": 6.497, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/39", "deck": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.98, "x": 0.01, "y": 0.16 }, "kind": "callout", "text": "We believe that UEC is a “trust me” story from a promotional CEO with documented connections to bad actors, and a resource base that has never been proven to have economically viable uranium that can be produced at scale.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.724+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45e353bf-005f-47c7-b90b-3a0263e7be38", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.48, "x": 0.5, "y": 0.325 }, "kind": "list", "text": "Factors Favoring Multiple Compression: CEO connections, weak board, inventory sell-down, lack of reserves, high capex, and regulatory/labor challenges.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.724+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f568eea-9776-470d-87ec-6570f3fb6a6f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 65%-85%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac5-725e-9dca-363eddf08181", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point Research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.724+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "218d70d6-bc84-4422-9e06-24436c731211", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.48, "x": 0.01, "y": 0.325 }, "kind": "table", "text": "Valuation bridge table showing Low Case and Base Case scenarios for EV/Sales multiples, Enterprise Value, and resulting share price downside.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.724+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c34295d8-3a9d-49ee-b135-5652714a810f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.65, "x": 0.33, "y": 0.02 }, "kind": "title", "text": "Spruce Point Estimates 65% – 85% Potential Downside Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:48.724+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b21a4f3-1086-4288-b1dd-d07ef5e1f4b7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5a042835-fa51-40b0-8bb4-d06649b4cba5", "evidence": "The table explicitly bridges from EV/Sales to Equity Value and Share Price.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:24:48.724+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "valuation-bridge" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5", "matchId": "555fd143-05bb-407c-9645-9ef06a7f40a9", "beatType": null, "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 1, "label": "Hook", "description": "The title slide 'URANIUM GOLD OR DIRT?' grabs the audience's attention." }, { "from": 5, "to": 6, "label": "Complication", "description": "The executive summary and key messages highlight the main issues with UEC." }, { "from": 7, "to": 39, "label": "Expose Contradiction", "description": "Multiple slides expose contradictions and red flags in UEC's management and governance." }, { "from": 10, "to": 10, "label": "Villain Critique", "description": "The slide critiquing UEC's CEO as highly promotional but lacking execution ability." }, { "from": 7, "to": 7, "label": "Thesis Headline", "description": "The thesis headline summarizes the main argument against UEC." }, { "from": 36, "to": 37, "label": "Valuation Table", "description": "The valuation tables provide quantitative evidence for the potential downside risk." } ], "loops": [] }