1. Exit Case: Canadian Utilities Limited 

Overview:

Canadian Utilities Limited (TSX: CU) is a subsidiary of holding company Atco, offers gas and electricity services. The company's main divisions include electricity (generation, transmission, and distribution), pipelines & liquid (natural gas and water), and Retail Energy. Headquartered in Calgary, Alberta, the firm mainly operates in Canada and Australia, along with some operations in the United States and Mexico.

CU has been a part of the ‘Value Portfolio’ since 24 April 2025, however, considering a decent rally in the share price of the stock, an ‘Exit’ is recommended from the stock at the price of CAD 42.06, (as on 2^nd December 2025).  

1.1 Support and Resistance Summary as provided in our last published report dated 24 April 2025.

Canadian Utilities Limited

2. New Entry Case: Energy Fuels Inc. 

Overview:  

Energy Fuels Inc. (TSX: EFR) is the largest uranium producer in the U.S. and holds more production capacity and uranium resources than any other U.S. producer. The Company also produces vanadium.

Technical Analysis: The daily price chart shows a constructive setup as EFR rebounds from recent lows, reclaiming the CAD 21 level with improving momentum. RSI is turning upward from oversold territory, suggesting strengthening bullish pressure. Price is stabilizing above short-term support, indicating the potential for a continuation of the recovery trend. The key support for stock is at CAD 76.2, while the critical resistance level is at CAD 100.5.

Considering the above mentioned factors, technical analysis, support & resistance levels, an ‘Entry’ is recommended in the ‘Value Portfolio’ at the closing market price of CAD 21.03, as on (as on 2^nd December 2025). 

Energy Fuels Inc. (TSX: EFR) has been identified as the new entry to our Value Portfolio.

2.1 Support and Resistance Summary (as on 2^nd December 2025)

2.2 Energy Fuels Inc.

 Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency as of 2^nd December 2025). The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings.  

Disclaimer

This information should not be relied upon as personal financial advice by Kalkine on (i) the stocks or (ii) the use or suitability of the model portfolios. Only an investor knows about their circumstances to make an investment decision.

Model Portfolio has been prepared for illustrative purpose only and does not take into account the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on the information, consider its appropriateness, having regard to their objectives, financial situation and needs. Past performance is not necessarily indicative of future performance results. Actual investment returns will vary, and the value of investments can go up or down.