TIB - An Investors Journal #824 - Uranium, Nuclear, Battery Technology, Rare Earths, Gold/Silver Mining, US Retail, ASX Stocks, Base Metals, German Healthcare, Marijuana, US Oil + more

A massive options expiry mostly assigning covered calls confirms the big theme in gold/silver mining. All on the back of dollar debasement

Portfolio News

In a week where S&P 500 dropped 1.37% and Europe rose 0.38%, my pension portfolio rose 0.87%. Drivers were gold and silver.

Big movers of the week were Grand Gulf Energy (GGE.AX) (50%), Euro Manganese (EMN.AX) (35.3%), Bitmine Immersion Technologies, (BMNR) (26.3%), Australian Clinical Labs (ACL.AX) (26%), Miramar Resources (M2R.AX) (25%), Andrada Mining (ATM.L) (24.4%), Delivra Health Brands (DHB.V) (20%), Flagship Minerals (FLG.AX) (20%), Broken Hill Mines (BHM.AX) (19.3%), Mithril Silver and Gold (MTH.AX) (18.2%), Gold X2 Mining (AUXX.V) (17.9%), Wheaton Precious Metals Corp (WPM) (17.6%), Black Bear Minerals (BKB.AX) (17.3%), Titan Minerals (TTM.AX) (17.2%), Lightning Minerals (L1M.AX) (16.7%), AdAlta (1AD.AX) (16.7%), Radisson Mining Resources (RDS.V) (14.8%), Fortune Bay Corp (FOR.V) (14.3%), IsoEnergy Ltd. (ISO.TO) (14.1%), VanEck Gold Miners ETF (GDX.AX) (13.6%), Alamos Gold (AGI) (13.4%), Sprott Inc (SII) (13.3%), St George Mining (SGQ.AX) (13.2%), The Mosaic Company (MOS) (13%), American West Metals (AW1.AX) (12.7%), Coronado Global Resources (CRN.AX) (12.5%), Investigator Silver (IVR.AX) (12.5%), Aeris Resources (AIS.AX) (12.3%), Stamper Oil & Gas Corp (STMP.V) (11.8%), Kaiser Reef (KAU.AX) (11.6%), Island Pharmaceuticals (ILA.AX) (11.4%), Terra Critical Minerals (T92.AX) (11.4%), Atha Energy Corp (SASK.V) (11.3%), GoGold Resources (GGD.TO) (11.3%), Lodestar Minerals (LSR.AX) (11.1%), Bannerman Energy (BMN.AX) (10.7%), Tiger Gold Corp (TIGR.V) (10.5%) American Pacific Mining Corp (USGD.CN) (10.3%), Pursuit Minerals (PUR.AX) (10.3%), U.S. Gold Corp (USAU) (10.3%), Anfield Energy (AEC) (10.2%), Robin Energy (RBNE) (10.2%), CGN Mining Company (1164.HK) (10%), West Coast Silver (WCE.AX) (10%)

43 stocks in he big movers list with the big themes well represented. From the top alternate energy (3 stocks), gold/silver mining (22 stocks), marijuana (1 stock), uranium (6 stocks). A few oil and gas stocks and one coal miner.

US markets are reacting to higher yields. US Treasury action in midweek supplied some key liquidity to stem the flows - a bit

The headline writers have stopped using the word stagflation - the new tagline is "dollar debasement". Somehow the deficit has to be funded - money printing it is then. Hence the big moves in gold and silver stocks (and maybe even explaining cryptocurrency moves)

Crypto Booms

Bitcoin price got a rocket finishing the week 21% higher than the open with a trough to peak range of 25.6%. Semes like the US Treasury action got people excited to leave US Treasuries. The notable part is price ignored the resistance level around $72k - next level is$82.5k

Ethereum price did the same but bigger finishing the week 28.2% higher than the open with a trough to peak range of 34.7%.

Was happening across a lot of altcoin space - Aave, the lending protocol (AAVEUSDT) jumps 71% giving away one third.

Ripple (XRPBTC) up 41% making for 70% against USD.

Zcash (ZEC) pops 82% against USD - not quite enough to hit pending exit order.

Nuclear Energy Holdings

Major changes with big slice of assignments and a 0.3% rise in valuations

Mix of holdings sees Uranium Royalty Corp (UROY) drop out of Top 10 with the assignments there. New number one is Yellow Cake plc (YCA.L) moving up two places. Denison Mines (DNN) moves up two places to slot 2. Energy Fuels Inc. (UUUU) moves up 2 places to slot 3. Cameco Corporation (CCJ) slides two places to slot 4. VanEck Uranium and Nuclear ETF (NLR) comes into Top 10 in slot 5 with the addition there. NuScale Power Corporation (SMR) moves up two places to slot 6. enCore Energy (EU) comes into Top 10 in slot 7 on the additions there. Share of portfolios drops over 5 points to 28.4% - all based on sales. Dropping out the Top 10 are ETFS - Sprott Uranium Miners ETF (URNM) and Sprott Junior Uranium Miners ETF (URNJ) on the sales there. Ur-Energy (URG) comes into Top 10 in slot 10 on the addition there.

This now looks a bit wonky with Top 10 less than 50%. What the chart does not show is a large number of call options and call spreads on Uranium Royalty Corp (UROY) that will go to exercise before too long.

Holdings by stage sees big changes with a big drop in Physical on the sale of Uranium Royalty Corp (UROY) - classified as Physical as they have large holdings in physical uranium.

Alternate Energy Holdings

A few changes though options assignment with one big new holding. A 0.8% drop in valuations.

Mix of holdings sees L'Air Liquide S.A. (AI.PA) come into Top 10 in slot 2. QuantumScape Corporation (QS) jumps a place into slot 5 on the addition there. Westwater Resources, (WWR) and Lithium Americas Corp (LAC) drop two places each into slot 6 and 7. Dropping out the Top 10 is Gevo, Inc (GEVO). Share of portfolios goes up nearly 1 point to 7.4%.

Precious Metals Holdings

Massive selloff though options assignment and a 2.6% increase in valuations. Going to take some work to build back

Mix of holdings sees Amplify Junior Silver Miners ETF (SILJ) drop two places to slot 4 on the sales there. Wheaton Precious Metals (WPM) drops out the Top 10 - its holdings are now small with a few call options instead. Northern Star Resources (NST.AX) rises two places into slot 2. Royal Gold (RGLD) rises 6 places to slot 3. WisdomTree Physical Gold (PHGP.L) rises 4 places into slot 6. New entrants to Top 10 are Alamos Gold (AGI) in slot 5, GoGold Resources Inc. (GGD.TO) in slot 7, First Majestic Silver (AG) in slot 8, Pilbara Gold (PGL.AX) in slot 9 and Hercules Metals Corp. (BIG.V) in slot 10. Also dropping out the Top 10 are Coeur Mining (CDE), Agnico Eagle Mines (AEM), Barrick Mining Corporation (B), and Pan American Silver (PAAS). Share of Others drops nearly 9 points to 23.9%. Share of portfolios drops over 5 points to 9.3% - this feels out of balance. That said there are quite a few call options and call spreads that are likely to go to exercise.

Bought

enCore Energy Corp (EU): Uranium. Assigned early on sold put in managed portfolio. Breakeven $1.35 vs$1.07 close (Aug 18) - one cycle. Also in pension portfolio - Breakeven $1.37 vs$1.07 close (Aug 18) - 3 cycles from last assignment. In pension portfolio this has been a challenging investment going back to early 2024 with income from options trades recovering 95% of the capital losses. Worse story in managed portfolio with income from options trades recovering only 79% of the capital losses.

Price was pummeled after the August 10 results

Despite the revenue growth, the company posted a net loss of $41.45 million and a diluted loss per share (EPS) of ($0.21), compared to a net loss of $6.33 million and an EPS of ($0.03) in the prior-year quarter. The increased loss was primarily driven by a shift toward purchasing higher-cost uranium inventory rather than extracting it domestically, which raised the weighted average cost of delivered U₃O₈ to $75.54 per pound from$59.42 in 2025.

Looks like a long hold - time to get back to mining uranium and not buying on the spot market

Alligator Energy (AGE.AX): Uranium. Company is running a rights offer. Bought parcel in pension portfolio equivalent to smallest tranche one could buy on rights issue at a price lower than the rights price - even after brokerage worked out a cheaper way to not get diluted.

QuantumScape Corporation (QS): Battery Technology. Assigned early on sold put in pension portfolio. Breakeven $6.56 vs$5.76 close (Aug 18) - 4 cycles - a bit of work to do

Australian Mines (AUZ.AX): Rare Earths. Next Investors idea following on from their investment in the Sunrise Energy Metals (SRL.AX) scandium development which just received US Department of War funding to build a plant. Australian Mines (AUZ.AX) resources are right next door and at higher grades.

Deployed one tranche of the Sunrise Energy Metals (SRL.AX) sale in personal portfolio. Somehow managed to take initial capital out twice (mistake). This offers a good way to redeploy one tranche in the same theme

The comparative chart of Australian Mines (AUZ.AX) (the blue line) to Sunrise Energy Metals (SRL.AX) (the bars) with a 600 points difference even after the pullback

Scandium makes aluminium stronger and weldable for fighter jets, missiles, drone frames etc. It’s also critical for fuel cells that power AI data centres… and how many of those are about to get built around the world.

Lotus Resources Limited (LOT.AX): Uranium. Rights issue allocations in pension portfolio, personal portfolio and managed portfolio - averages down entry price - took up minimums plus some overs.

Intelligent Investor Equity Growth Fund (IIGF.AX): Australian Index. Reinvestment of dividends in pension portfolio

Intelligent Investor Australian Equity Income Fund (INIF.AX): Australian Index. Reinvestment of dividends in pension portfolio

Stroud Resources (SDR.V): Silver Mining. Scaled into holding in pension portfolio.

VanEck Uranium and Nuclear ETF (NLR): Nuclear Power. Assigned on sold put in managed portfolio. Breakeven $112.70 vs$119.94 close (Aug 21) - two cycles

Silvercorp Metals (SVM.TO): Silver Mining. With price opening at $17.90 (Aug 21) and covered calls going to be assigned put in place a December/September 18/17 ratio risk reversal in pension portfolio. Breakeven starts out at$19.05 requiring a 6.4% price move. The ratio of sold puts does not fully cover the call premium. Two trade options open - keep doing sold puts month by month and/or sell a call higher than the bought call strike (18). Preference is to keep the trade open ended. BTW the trade is fully funded by profits on the stock position just sold.

**Pan American Silver Corp (PAAS): Silver Mining. With price opening at $53.15 (Aug 21) put in place a January 2027 expiry 55/70/42 call spread ratio risk reversal. This offers maximum profit potential of 325% for 31.7% price move. The sold put (42) fully funds the call spread premium through the ratio with 21% price coverage

Let's look at the chart which shows the bought call (55) as a blue ray and the sold call (70) as a red ray and the sold put (42) as a dotted red ray with the expiry date the dotted green line on the right margin. Simple enough trade idea - trade just above the early 2026 highs for the maximum and happy to buy the stock around the recent lows. Price needs one blue arrow price scenario to get close with enough time for a retracement along the way

L'Air Liquide S.A. (AI.PA): Specialty Chemicals. Assigned on sold put leg of credit spread in pension portfolio. Breakeven €165.41 vs €167.12 close (Aug 21) - 3 cycles. Had good success with this trade idea since January 2024.

Peabody Energy Corporation (BTU): Coal Mining. Assigned on sold put in pension portfolio. Breakeven $26.20 vs$27.61 close (Aug 21) - 2 cycles of which one was a rollover.

Walmart Inc (WMT): US Retail. Results disappointed the markets - price got smacked - JP Morgan said it was a buy.

Bought a tranche in extended hours Friday - figuring market over-reacted. Details of the online sales contained in the earnings were very strong - taking on Amazon with a distributed delivery and pick-up network already built

State Street Financial Select Sector SPDR ETF (XLF): US Financials. Assigned on a 57/52 risk reversal in pension portfolio. The sold put funded part of the call premium only - could have just bought the stock as it was trading around $56 at trade time. Breakeven$57.59 vs $57.48 close (Aug 21). One covered call will bring this to profit.

Trade idea was to ride a potentially good bank earnings season - wanting an open ended trade. Quick update of the chart shows the sold put (52) was never in play and price spent the front half of the trade time below the bought call (57) before moving higher. $56 was only tested in week one. See TIB819 for the rationale

Sold

BHP Group (BHP.AX): Base Metals. Rounded down holding in pension portfolio for 30.9% profit since 2024.

A heap of covered calls assigned across the portfolios:

Wheaton Precious Metals Corp (WPM): Gold/Silver Mining. In pension portfolio for 0.8% blended loss since March/June/August 2026. Averaging down helped. Income trades since the last assignment covered this capital loss 7 times over. Happier outcome at a lower strike in personal portfolio locking in 9.1% profit since July 2026.

Aurora Cannabis (ACB.TO): Marijuana. Takeover approach by Curaleaf Holdings (CURA.TO) has propelled price past sold strikes on covered calls. In personal portfolio lets loose a massive 50% blended loss going all the way back from February 2019 - only one tranche from July 2026 was profitable. In managed portfolio also a 49.6% blended loss going back as far with only last two tranches profitable. Income trades recovered only 29% of the capital losses in managed portfolio - personal portfolio will be much the same (do not have them all recorded). Big lesson about investing in an industry where it is easy to add capacity and one that can be held hostage by regulation (in this case the US restricting access for marijuana products and financial services to the industry

Ivanhoe Mines (IVN.TO): Copper Mining. In personal portfolio for 15.6% blended profit since March/April/July 2026. In managed portfolio for 10.8% blended profit since May/July 2026. Michael Gentile idea.

Glencore plc (GLEN.L): Base Metals. In personal portfolio for 12.7% blended profit since December 2023/February 2025/February/July 2026. In managed portfolio for 12.4% blended profit since September 2025/February/July 2026. Changed multiplier results in a 5 share short position in both portfolios

Cameco Corporation (CCJ): Uranium. In personal portfolio for trading costs. In pension portfolio for 19% loss since February 2026. Income trades recovered this capital loss 3 times in that time.

Coeur Mining (CDE): Silver Mining. Two tranches at different strikes in personal portfolio for 29.2% blended profit since November 2024/November 2025 and for 14.3% blended profit since March/July 2026.

Cronos Group (CRON): Marijuana. In personal portfolio for 28.9% blended profit since November 2023/April 2024/July 2025. In managed portfolio for 4.7% blended profit since April 2021/April/May 2024/July/August/September/October/November 2025. Good to see one marijuana investment work.

abrdn Physical Platinum Shares ETF (PPLT): Platinum. In personal portfolio for 4.2% blended loss since April/July 2026 - written a bit tight for 1st tranche. In managed portfolio for 0.1% loss since March 2026. Managed to create a short position in managed portfolio - sold a call option instead of a put option. Breakeven $16.76 vs$17.02 close (Aug 21)

Royal Gold (RGLD): Gold Mining. In personal portfolio for 10% profit since July 2026.

Amplify Junior Silver Miners ETF (SILJ): Silver Mining. In personal portfolio for 9.9% blended profit since May/June/July 2026. Scaling in the last tranche helped. In managed portfolio for 3.5% blended loss since April/June 2026 - income trades have covered this capital loss 2.45 times. Will look at buying the stock again (or some specific silver juniors)

Uranium Energy Corp (UEC): Uranium. In personal portfolio for 15.2% blended profit since January/March/July 2026.

Uranium Royalty Corp (UROY): Uranium. In personal portfolio for 19.1% blended profit since October/November/December 2024/March 2025/March 2026. Last tranche not profitable. In small managed portfolio for 10% blended loss since January 2025/June 2026. In managed portfolio for 25.3% blended profit since August/September/October/November/December 2024/March 2025/April 2026. Last tranche also not profitable. In pension portfolio for 28.7% profit since June/July/August/September 2024/January/June 2025/January 2026. All tranches profitable.

Fresenius SE & Co (FRE.DE): German Healthcare. In managed portfolio for 0.5% blended profit since March/July 2026.

Denison Mines Corp (DNN): Uranium. In managed portfolio for 12.9% blended profit since January/March/May 2026.

Devon Energy Corporation (DVN): US Oil. In managed portfolio for 7.1% profit since August 2026 - Rick Rule idea.

OR Royalties (OR): Gold Mining. In managed portfolio for 2.8% blended loss since April/June 2026. Income trades have covered the capital loss 1.95 times. Will be buying this back in some form.

Westwater Resources (WWR): Graphite. In managed portfolio for 16.7% loss since December 2024. Income trades for last 12 months but one massive trading error in 2025 skews the viewpoint - got sizing wrong.

Silvercorp Metals (SVM.TO): Silver Mining. In pension portfolio for 10.6% blended profit since June/July 2026.

Agnico Eagle Mines (AEM): Gold Mining. In pension portfolio for 2.9% loss since June 2026. The opportunity missed is a massive 30% - need a rethink on writing covered calls on gold and silver stocks when the market is in this mood. Income trades covered the capital loss 2.9 times - makes up for the opportunity lost.

Barrick Gold (B): Gold Mining. In pension portfolio for 0.5% blended loss since January/April/July 2026. The opportunity missed is a more modest 13%. First entry got a smack from the start of the Iran War selloff.

Bitmine Immersion Technologies (BMNR): Crypto Mining. In pension portfolio for 58.1% blended loss since September 2025/February 2026. Loss is at least half as big on a LIFO basis but still a loss. Covered call trades have recovered 27% of the capital loss. Sold puts approach has not worked well. Maybe the 28% jump in Ethereum will drive some forward momentum.

SonicShares Global Shipping ETF (BOAT): Shipping. In pension portfolio for 15.7% blended profit since July 2024/June/July 2025/July 2026.

Range Global Coal ETF (COAL): Coal Mining. In pension portfolio for 1.8% profit since April 2026. Still have a holding.

Equinox Gold Corp (EQX): Gold Mining. In pension portfolio for 25% blended profit since July 2026

Newmont Corporation (NEM): Gold Mining. In pension portfolio for trading costs since May 2026. Income trades have delivered profits equivalent to 10% of the capital deployed.

Pan American Silver Corp (PAAS): Silver Mining. In pension portfolio for 6.3% blended loss since January/February/April/July 2026. Two tranches bought just before the war began cost the most. Income trades covered the capital loss 1.8 times

Rio Tinto US ADR (RIO): Base Metals. In pension portfolio for 1.7% blended profit since April/July 2026. Covered call written a bit tight given two tranches were bought at the sold strike

SLB N.V. (SLB): Oil Services. In pension portfolio for 0.2% blended profit since February/June 2026. Covered call written a bit tight given last tranche was bought just above the sold strike. Call written at that strike (55) would not have been called

Sprott Junior Uranium Miners ETF (URNJ): Uranium. In pension portfolio for 7.7% blended profit since July/December 2025.

Sprott Uranium Miners ETF (URNM): Uranium. In pension portfolio for 11.3% blended profit since July 2026

ASX Portfolio

The segment reports trading in ASX fractional share portfolio. Trade entries are made based on stock screens looking for undervalued stocks (price to book, price earnings, price to sales) that are showing technical signs of breaking a downtrend. Exits are made at 35% profit or 25% if 52 week high is lower than 35% advance. New buys are in $500 lots. Scale ins and top ups in$250 lots

New Buys

Healius Ltd (HLS.AX): Healthcare. Dividend yield 2.74% (2025)

Did not buy a full parcel - bought the same number of shares that were sold when stock tanked rather than doing a full slot - chart seems to indicate a recovery could be on the cards

This is what was written then - see TIB774

Updated chart shows an example of a beaten up stock that got even more beaten up. The broker notes on earnings two days ago - needs more time in the recovery room. No amount of averaging down was going to work here. Out of patience in this portfolio.

AGL Energy Limited (AGL.AX): Gas/Electric Utility. Dividend yield 5.80%. Ex date Aug 25

Chart shows price making a double bottom almost a year apart. Broker target would be a 52 week high target meet and there is a substantial gap to the main competition Origin Energy (ORG.AX - blue line)

Amplitude Energy Limited (AEL.AX): Oil/Gas.

Chart shows a bottoming out and plenty scope to hit a profit target below the broker target

Comparative chart to peers shows a meaningful gap - reaching the next one up will not hit the profit target but the next one up will

Auto-invest - ASX Gold Mining

In my personal portfolios, changed the auto-invest in indexes - replaced the VanEck Gold Miners ETF (GDX.AX) allocation to four ASX gold mining stocks at $25 each and dropped Vanguard Australian Shares Index ETF (VAS.AX) and Vanguard MSCI Index International Shares ETF (VGS.AX).

• Catalyst Metals (CYL.AX)
• Regis Resources (RRL.AX)
• Ramelius Resources (RMS.AX)
• Brightstar Resources (BTR.AX) - production planned for 2027 onwards

Top Ups

Mirvac Group (MGR.AX): Property. Dividend yield 5.20%

Chart shows price dropping below support and making a short term uptrend. Looking to exit at breakeven.

Sold

No sales

Shorts

Pfizer (PFE): US Pharmaceuticals. Assigned on a sold call in personal portfolio - got some work to recover this one. Breakeven $29.83 vs$28.07 close (Aug 21) = 6.3% above current price - 3 cycles in this portfolio. Could sell a put at 29 strike to get a profit and protect the run up risk.

Expiring Options

iShares U.S. Aerospace & Defense ETF (ITA): Aerospace/Defense. With price closing at $237.34 (Aug 21), 225 strike sold put expired out-the-money. Brings to an end a series of credit spreads which started in January 2026. The 2nd month credit spread had the sold put (230) rolled out and down a few times. Now the exit point has been found the tally is a 558% return on the initial capital deployed.

Lightbridge Corporation (LTBR): Nuclear Technology. With price closing at $8.22 (Aug 21), 15/20/7.5 call spread risk reversal expired. Trade started in December 2025 as a 15/20/12.5 call spread risk reversal with the sold put (12.5) expiring in February 2026. Between that expiry and this expiry there were a series of sold puts on the stock but the one remaining at this expiry was a 7.5 strike taken out in July.

Quick update of the chart shows a simple trade idea - trade up to half the previous 2025 highs with the sold put (12.5) below the recent lows. Price made one move above the bought call (15) and then drifted lower narrowly missing assignment on the sold put in February 2026. The last sold put was really only a chance to get a discounted entry at $7.50 rather than an attempt to lever up a lost trade. Not really a lost trade as the two sold puts funded the call spread premium and delivered a 96% profit on the capital deployed on the spread. Now you can see why call spread risk reversals are helpful even on failed trades.

This seems to be the problem - long timelines and no revenue. Maybe the next options trade needs to have 2030 in mind - furthest out expiries are December 2028

CEO Seth Gray outlined that the company is targeting the mid-2030s for initial commercial deployment. Key milestones include completing irradiation testing, obtaining NRC licensing, and securing a commercial customer. The company is also exploring opportunities to accelerate the timeline through strategic partnerships and government support.

https://finance.yahoo.com/energy/articles/lightbridge-corp-ltbr-q2-2026-030130735.html

Nordic American Tankers (NAT): Oil Shipping. With price closing at $6.97 (Aug 21), 6 strike sold put levering up a 4.5/3.5 risk reversal expired. Might as well keep levering up trades that are fully funded and open ended.

Power Solutions International (PSIX): US Industrials. With price closing at $36.43 (Aug 21) remaining parts of what started as August 45/55/35 call spread risk reversal expired worthless.

Quick update of the chart shows the trade only spent two days above the bought call strike (45) and a couple of weeks below the sold put strike (35) without being assigned. The market reaction at the time of the earnings debacle in May 2026 was clearly valid and a trade on over-reaction thesis was a mistake. At least this trade was profitable as the sold puts and levered up sold puts covered the call premium. In fact they produced a 434% profit on the capital deployed on the initial call spread.

Tesla (TSLA): Electric Vehicles. With price closing at $362.86 (Aug 21), 330 strike put option part of a January 2027/August 2026 420/520/330 call spread risk reversal expired. This sold put was added in April 2026 to lever up what already a fully funded call spread.

Quick update of the chart shows the most recent sold put (330) as a dashed red ray. Price did spend some time below without being assigned. Price scenarios have not been changed from the initial chart. Price has effectively done the 0.786 retracement shown by the yellow arrow and is on trajectory of the blue arrow. Somehow do not think price will make the sold call level (520) by expiry unless there is a pink arrow move like the one seen in Q4 of 2025. Trade management action will be to close out the spread once it goes in-the-money. In this portfolio it is not possible to hold an uncovered sold call (i.e., sell the 420 strike call). A different idea - use the profits on the sold puts to date to buy back the sold call and leave the trade open ended. News of a 3 million EV vehicle in China (not all Tesla) is a concern.

U.S. Gold Corp (USAU): Gold Mining. With price closing at $16.38 (Aug 21), sold put leg of November 2026 17.5/25/12.5 call spread risk reversal expired. The sold put fully funded the call spread.

Quick update of the chart shows price did not follow the price scenarios. Have cloned hose as light blue arrows. Follow those and trade will go in-the-money with a risk of a retracement making things a bit touch and go at expiry. Going to take some effort to make the maximum. An idea would be to sell another 12.5 strike put option and used the proceeds to close out he sold call and leave the trade open ended.

Income Trades

Covered Calls

114 covered calls went to expiry across four portfolios with 41 going to assignment (UK 3(2) Europe 6(1) US 98(33) Canada 7(5)

Naked Puts

67 naked puts went to expiry with seven going to assignment across three portfolios (UK 1 Europe 7 US 56(6) Canada 3(1)). Was planned as a quieter month for naked puts especially in one portfolio a bit tight on capital.

Sold puts happy to own at lower prices

• enCore Energy (EU): Uranium. Return 5.5% Coverage 13%
• RTX Corporation (RTX): Aerospace/Defense. Return 1.8% Coverage 1.3%

Sold puts on stocks that might get assigned on covered calls

• Cameco Corporation (CCJ): Uranium. Return 4.1% Coverage 0.9%
• Coeur Mining, Inc. (CDE): Silver Mining. Return 5.2% Coverage 3.3%
• TotalEnergies SE (TTE): Oil. Return 2.3% Coverage -0.1% - ITM by choice
• Coeur Mining, Inc. (CDE): Silver Mining. Return 4.5% Coverage 8.7%

Kicked the can down the road on sold puts that could be assigned

• VanEck Junior Gold Miners ETF (GDXJ): Gold Mining. 93% profit on the buy back. 246% cash positive - could really have let this run to expiry but it is a big ticker price.
• Pan American Silver Corp. (PAAS): Silver Mining. 30% profit on the buy back. 129% cash positive.
• iShares MSCI India ETF (INDA): India Index. 73% profit on the buy back. 83% cash positive.

Credit Spreads

One credit spread expired with ROI of 82% (iShares MSCI South Korea ETF (EWY)) and one exercised (L'Air Liquide S.A. (AI.PA)).

Resources

Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas

Images: I own the rights to use and edit the Buy Sell image. News headlines come from Google Search. All other images are created using my various trading and charting platforms. They are all my own work

Tickers: I monitor my portfolios using Yahoo Finance. The ticker symbols used are Yahoo Finance tickers. Crypto tickers come from TradingView

Charts: http://mymark.mx/TradingView - this is a free charting package. I have a Pro subscription to get access to real time forex prices

Investing: Interactive Brokers provides comprehensive global markets coverage with very competitive commissions. Open an account to earn up to USD 1,000 in IBKR stock. https://mclnks.com/ibkr

Crypto Trading: Binance offers a wide range of coins to trade, tight spreads and low fees if you use BNB to pay https://mymark.mx/Binance

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Gate.io offers a solid range of coins many of which have been delisted elsewhere. Have chosen to share the commission rebates. 40% is the rate - split 30% for me and you get to keep 10% for any people you invite. https://mclnks.com/gateio

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August 17-21, 2026