Silicon Investor - Uranium Stocks

[Gib Bogle] A 13% discount looks like a no-brainer to buy. There is a high level of nervous...

Gib Bogle — 10/9/2026 4:29:32 AM

A 13% discount looks like a no-brainer to buy. There is a high level of nervousness about the general market - people are expecting the shit to hit the fan any day. I find it reassuring that Sprott is in Canada, not the US.

[Gib Bogle] John Ciampaglia on Money of Mine: youtube.com Project Nuke from 23:00

Gib Bogle — 10/9/2026 4:10:15 AM

[stuffbug] Sprott Uranium closed at a 13%+ discount to NAV. Sold off inline with the Urani...

stuffbug — 10/8/2026 10:51:56 PM

Sprott Uranium closed at a 13%+ discount to NAV.
Sold off inline with the Uranium stocks.

[Paul Senior] SRUUF down some today. I add some.

Paul Senior — 10/8/2026 7:13:12 PM

[Gib Bogle] The big scramble is going to have geo-political implications, IMO.

Gib Bogle — 10/8/2026 6:24:13 PM

[Gib Bogle] It'll pay off in the long run. My dad quoted Keynes: "In the long run we are al...

Gib Bogle — 10/8/2026 6:23:09 PM

It'll pay off in the long run. My dad quoted Keynes: "In the long run we are all dead."

[A. Wiseacre] Russia may end up scrambling for uranium. kz.kursiv.media

A. Wiseacre — 10/8/2026 1:57:50 PM

[The Barracuda™] Ok, let’s try some reverse psychology and ironic investing [X] Don’t worry, f...

The Barracuda™ — 10/8/2026 12:14:08 PM

Ok, let’s try some reverse psychology and ironic investing

[X]

Don’t worry, folks. We’re only 2-3 years away from #uranium taking off. We mean it this time!
— KP (@UraniumKevin) October 7, 2026

[/X]

[sixty2nds] The machines are relentless. Cheers, 60

sixty2nds — 10/7/2026 12:41:49 PM

[golfer72] I dont know the volume looked really good and late day pullbacks are normal. Ha...

golfer72 — 10/7/2026 4:34:04 AM

I dont know the volume looked really good and late day pullbacks are normal. Have to see how much follow thru over the next few days

[Gib Bogle] At one point almost all the U stocks were up more than 5%, but by market close m...

Gib Bogle — 10/6/2026 11:26:00 PM

At one point almost all the U stocks were up more than 5%, but by market close most I own had fallen back below 4%. That tells me that there are a lot of day traders, and/or people keen to unload their shares.

[golfer72] Uraniums popping. The thread post count indicator strikes again LOL

golfer72 — 10/6/2026 11:58:23 AM

[Gib Bogle] The stupidity of global leaders is something to see.

Gib Bogle — 10/5/2026 4:04:54 AM

[nicewatch] Oh dear... Superpowers Race to Put Nuclear Reactors on the Moon archive.is

nicewatch — 10/4/2026 8:30:13 PM

[#Breeze] [graphic]

#Breeze — 10/1/2026 10:26:55 AM

[Gib Bogle] Some sense from Justin Huhn: In a few chapters of Howard Marks’ excellent bo...

Gib Bogle — 9/25/2026 7:26:02 PM

Some sense from Justin Huhn:

In a few chapters of Howard Marks’ excellent book, The Most Important Thing, he highlights several insightful market concepts, including “Awareness of the Pendulum,” “Being Attentive to Cycles,” and “Contrarianism.”

Marks argues that superior investing depends less on predicting the future but far more on judging the present: identify where the market sits in its cycle by reading sentiment, which he emphasizes overshoots fundamentals in both directions, and to then take the uncomfortable opposite side when the crowd is most certain.

“In the real world, things generally fluctuate between ‘pretty good’ and ‘not so hot.’ But in the world of investing, perception often swings from ‘flawless’ to ‘hopeless.’”

“Recognize that psychology swings much more than fundamentals, and usually in the wrong direction or at the wrong time.”Having closely tracked the uranium sector for nearly a decade, I’ve repeatedly witnessed investor emotion swing wildly – shifting from total despair to sheer euphoria, and back again, often in a remarkably short span of time.

Right now, sentiment is very depressed. I have only seen it worse two times in the past 10 years: March 2020 (COVID), and April 2025. Terrible sentiment, by nature, influences equities action in the present far more than it does fear of even the immediate future. The poor sentiment in the uranium sector right now is completely driven by the reversal in share price action following only a few weeks of positive movement last month. When investors believe that what is happening should not be happening, sentiment can take a serious turn downward.

Contrarian investing has always made sense to me, but taking action opposite market consensus is far easier in theory than in practice.

In these kinds of situations like we find ourselves in right now, the first thing you have to do is ask yourself, “Based on fundamentals, is the trade over? Are there any signs in the physical market, currently, that lead me to believe that the trajectory from here for the price of uranium is down, not up?”

The spot market might move up or down $.10-$.20 day over day, but what is happening in the long-term market where most of the volume is procured?

The terms being negotiated right now in the long-term contracting market are for market-referenced contracts at the time of delivery, with floors in the $70s & $80s and ceilings as high as $160/lb. (with escalators). The terms under discussion right now between producers and utility fuel buyers strongly benefit the seller, and have only moved higher since I have been following this market. I can assure you that at this time, there is nothing that I can see in the physical uranium market that suggests prices are about to level off, let alone fall from here. Even the industry players – nuclear utilities, nuclear fuel analysts (UxC, TradeTech, etc.), and producers alike – see the environment we are in and what lies ahead: much higher prices.

Here’s the pattern we’ve watched play out continuously for seven years running this newsletter during this long-term secular uranium bull market:

Every meaningful cyclical low in this sector has been made not when the fundamentals declined, but when sentiment became so lopsidedly negative it resulted in an exhaustion of sellers and a preponderance of overconfident shorts. That becomes the fuel for the next leg higher.

Uranium equities are a leveraged bet on a physical commodity with a real, structural supply deficit – which means the equity drawdowns are almost always sharper and more emotional than anything happening in the underlying metal. That gap between “the fundamentals are fine” and “the stocks feel terrible” is where the money gets made, and it’s precisely the environment we find ourselves in today.

Only hindsight will show whether this is the exact bottom of this down-cycle…however, what we can tell you is that the ingredients of a sentiment washout are all present: depressed positioning, equity underperformance relative to spot, public capitulation, while perversely at the same time the long-term contracting market keeps quietly tightening in the background as utilities attempt to lock in supply for the 2030s.

That’s not a market losing its bull case. That’s a market clearing out weak hands once again before its next leg higher.

This is the uncomfortable part of a secular bull market – the part where conviction actually gets tested, not just talked about.

The nuclear growth story hasn’t changed (the World Nuclear Association’s reactor pipeline data still tells that story plainly), and neither has the underlying supply deficit. What’s changed is that fear has temporarily disconnected price from fundamentals – and that disconnect is historically where the best entries in this sector have been made.

[Gib Bogle] Bannerman completes the deal with CNNC. Details here: investors.bannermanenergy...

Gib Bogle — 9/25/2026 1:19:54 AM

Bannerman completes the deal with CNNC. Details here: investors.bannermanenergy.com

I think this is a good move.

[jazzlover2] Maybe a bottom here soon? UUUU Energy Fuels only a lob pass from its 52 week low...

jazzlover2 — 9/23/2026 9:39:34 PM

Maybe a bottom here soon? UUUU Energy Fuels only a lob pass from its 52 week low. Cameco only 10 or 15% from its 52 wk low as well.

[Gib Bogle] Spot seems to have plateaued at about 89.5 - 90. This morning for the first tim...

Gib Bogle — 9/23/2026 6:35:13 PM

Spot seems to have plateaued at about 89.5 - 90. This morning for the first time tradingeconomics.com/commodity/uranium and price.uranium.io/en are in close agreement at 89.75.

[Miner2025] Eagle Plains / Xcite Uranium — Don Lake (Saskatchewan): new B/C Zone hits, assay...

Miner2025 — 9/22/2026 5:28:07 PM

Eagle Plains / Xcite Uranium — Don Lake (Saskatchewan): new B/C Zone hits, assays still pending

Eagle Plains (TSXV:EPL) and optionee Xcite Uranium (CSE:XRI) put out results on the 17th from the 2026 program at Don Lake, near Uranium City — Beaverlodge-style basement/unconformity-hosted target. B Zone came back with DN26005 (1.3m @ 2,898 cps at 69.25m depth) and DN26006 (5.5m @ 2,656 cps at 15.75m). C Zone was narrower but higher-count: DN26008 (0.7m @ 10,403 cps at 22.33m) and DN26009 (0.6m @ 12,473 cps at 26m), both in holes running 75–114m total.

Worth flagging for anyone screening on the cps numbers alone: these are downhole gamma probe readings, not lab assays: the release itself says geochemical assays are still pending. On Beaverlodge-style structurally controlled uranium, probe response can read high or low versus what disequilibrium in the assay eventually shows. I'd wait for the lab numbers before sizing this one either way.

Citation: Minestarters Atlas
Source: financialcontent.com

[nicewatch] "It's quicker to build a reactor than it is to build a mine” Ocean Wall Sep 22,...

nicewatch — 9/22/2026 10:26:44 AM

"It's quicker to build a reactor than it is to build a mine”

Ocean Wall Sep 22, 2026

“Buckle up for $100 / lb” and more from Zurich

Ocean Wall attended the Arnova nuclear conference in Zurich this week, where Ben Finegold moderated The Fuel: Uranium Production and Refinement panel, bringing together Scott Melbye of URC and UEC, Seth Grae of Lightbridge, Per Jander of WMC, André Liebenberg of Yellow Cake Plc and Crispin Clarke of xU3O8. The discussion covered the full fuel cycle from mine to assembly, the concentration of supply in Kazakhstan and Russia, and closed with each panellist’s price view.

The through-line of the panel was that uranium is the one stage of the fuel cycle that can’t be built to order. Scott Melbye opened by walking through the chain from mine to yellowcake to UF6 conversion, enrichment, deconversion, pelletising and fuel assembly, and drew the distinction that everything downstream of the mine is manufacturing capacity that can be added, whereas with uranium, as he put it, “you’ve got to have it in the ground,” with exploration, discovery and development carrying lead times that conversion and enrichment plants do not.

Per Jander pushed back on the scarcity framing while accepting the timing problem. “There is plenty of uranium,” he said, “whether it’s in the ground or it’s in spent fuel or it’s in the ocean,” adding that “if we’re going to triple or quadruple the industry, we’re going to need all of it.” His point was about cost and availability rather than endowment, and his sharpest line was on lead times: “it’s quicker to build a reactor than it is to build a mine,” with reactors at five to ten years against ten to fifteen for new mines. He nonetheless doesn’t expect fuel to be the binding constraint on the fleet, seeing no scenario in which “a reactor will not be built, will not operate, because it cannot find fuel.”

Seth Graetook the conversion and enrichment side, where Russia built capacity for both its domestic market and export. The old objection to investing in Western replacement capacity was that Russian supply might return before new plants paid back; the panel’s view is that this argument has lost force, because utilities and investors have concluded “we don’t ever want to rely on it again,“ and because “energy has been shown to be used as a weapon and can and will be again.” He drew on his own experience working in Russia under Department of Energy programmes to reject the claim that the nuclear trade was ever commercially separate from the state, citing Russian control of nuclear facilities in Ukraine.

André Liebenbergquestioned whether Kazakhstan still functions as the market’s swing producer. At roughly 40% of global supply, most of it committed to Chinese, Russian and now Indian customers under long-term contracts, the country is less an available residual than a supplier already spoken for. Production costs have roughly doubled on higher tax rates, sulphuric acid and supply chain inflation, Kazatomprom’s own guidance points to supply peaking around 2030, and the government has mandated that a large share of the resource base, a figure given on the panel as around 200 million pounds and described as “way more than the industry produces today,” be reserved for domestic use and effectively sterilised. His conclusion: “supply will come, it always does, but it’s not going to be in time.”

Stockpiling

On stockpiling, Melbye put the structural deficit at 2.1 billion pounds over twenty years, with other estimates between 1.6 and 2 billion and a near-term annual gap approaching 50 million pounds, against a base of 440 operating reactors and 80 under construction before any allowance for hyperscalers, SMRs or micro reactors. The Fukushima-era excess inventories that cushioned the market have been drawn down. He noted the NNSA announcement that US government purchasing resumes in 2030 at 4 million pounds a year for defence-origin requirements.

On price, the panel clustered around triple digits with the disagreement on timing. Jander sees virtually no downside from roughly $90 spot, with a floor near $85 held up by term contracts that “only keep marching up,” and thinks the market has to get used to $150 to $200, with no level at which demand destruction occurs given fuel is under 10 per cent of plant running costs. Grae is the most cautious at $92 by year end, rising steadily thereafter. Liebenberg thinks “the price can double from here because the supply side is challenged.” Melbye expects $100 to be breached this year and advised the room to “buckle up.” Ben Finegold closed the panel with “a bearish 250 by next year.”

The Uranium Squeeze: Russian Sulfuric Bans Meet New U.S. Sanctions

Russia has announced a temporary ban on sulphuric acid exports through 31 December, placing Kazakhstan’s uranium supply chain under renewed scrutiny given that Russia supplied 93.6% of the country’s acid imports in 2023. The ban lands on top of prices already elevated by the war in Iran. Sulphuric acid is the principal reagent used to recover uranium through in-situ leaching, the production method used across all Kazatomprom’s operations, and it accounted for 15.3% of the group’s uranium production costs in the first half of 2026, with an estimated 15 to 20% of supply sourced from Russia. It has been one of the main drivers of the company’s cost inflation, which has carried Kazatomprom out of the lowest quartile and further up the cost curve, to a position now comparable with Paladin’s Langer Heinrich.

Figure 1: Kazatomprom costs under pressure

Source: Company accounts

The company yesterday morning issued clarification surrounding its sulfuric acid supply. Contrary to reports of a complete export ban, Kazatomprom clarified that the new measure introduces a revised approval procedure for exports through 31 December 2026, stating:

“Based on the information currently available, these measures do not prohibit sulphuric acid exports. Rather, they introduce a revised approval procedure for export volumes, which is expected to remain in effect until 31 December 2026.”

In another Russia related story this week, the House passed the Lindsey Graham Sanctioning Russia and Iran Act 262–159, with overwhelming bipartisan support. It now heads to Trump’s desk for his signature.

The bill imposes new sanctions on Russia and Iran, gives Trump authority to impose tariffs of up to 100% on the top five purchasers of Russian oil or natural gas, and under Section 111 requires the President to enforce the existing prohibition on Russian uranium imports while sanctioning Rosatom leadership.

The commercial response is already arriving: two contracts this week fund the Western capacity that displacing Russian supply requires:

Centrus Energy has signed a definitive multi-year contract to supply HALEU to Antares Nuclear, with deliveries starting before the end of the decade and prepayments from Antares to help fund Centrus’ capacity expansion at its Piketon, Ohio plant. The gives Antares a domestic source of fuel for its microreactors.

Cameco has signed an exclusive offtake agreement to buy all future output from GLE’s planned Paducah Laser Enrichment Facility in Kentucky. For GLE, which uses the SILEX laser process and is 49% owned by Cameco, this is a key commercial pillar ahead of FID, with its NRC licence expected in early 2027.

[sixty2nds] uraniumroyalty.com Uranium Royalty Reports Results for the First Quarter of Fis...

sixty2nds — 9/21/2026 5:08:26 AM

uraniumroyalty.com

Uranium Royalty Reports Results for the First Quarter of Fiscal Year 2027

Lakewood, Colorado – September 14, 2026 – Uranium Royalty Corp. (NASDAQ: UROY) ("UROY" or the "Company") is pleased to announce the filing of its operating and financial results for the three months ended July 31, 2026.

First Quarter Financial Highlights

The Company sold 593,255 pounds (lbs) of U3O8, generating revenue of $51.0 million at an average realized price of approximately $86.00/lb. This was slightly above the average of the UxC Historical Ux Daily Prices published from May 1 through July 31, 2026, of $85.45/lb. The related cost of sales was $34.1 million, or approximately $57.40/lb. The proceeds from these sales were used, in part, to finance the Company's Sweetwater acquisition in July 2026. This highlights the value of the Company’s physical uranium strategy, demonstrating the ability to monetize holdings to fund accretive transactions and support continued growth.
Net income increased by 1530% to $16.3 million for the three months ended July 31, 2026, compared to $1.0 million for the three months ended July 31, 2025.
Diluted earnings per share increased by 900% to $0.10 for the three months ended July 31, 2026, compared to $0.01 for the same period in 2025.

First Quarter Operational Highlights

Completed landmark Sweetwater transaction, creating a leading diversified royalty platform: The successful completion of the Sweetwater transaction materially enhanced the Company’s scale and long-term cash flow profile. The Company now holds one of the largest land positions in the U.S., positioning it to accelerate uranium-focused growth, while unlocking long-term optionality across critical minerals, energy and industrial development.
Operator momentum supports uranium royalty portfolio outlook: Key counterparties have largely maintained production guidance across core assets. Cameco Corporation (“Cameco”) reiterated its 2026 production guidance at both Cigar Lake (17.5-18.0 million lbs, unchanged despite temporary disruptions) and McArthur River/Key Lake (14.0-16.5 million lbs, maintained), while Paladin Energy Ltd. ("Paladin") announced that Langer Heinrich exceeded its production guidance for its fiscal year 2026 (4.82 million lbs vs guidance of 4.5-4.8 million lbs) and outlined further growth into 2027.(1) Collectively this underscores the resilient operating performance and expected positive growth for the Company's portfolio.
Soda ash production underpinned by low-cost operator positioning: Operators across the Company’s Wyoming-based soda ash assets continue to demonstrate resilient performance and expansion potential. While the global soda ash industry continues to face macro headwinds, the Company’s royalty portfolio is concentrated with operators positioned at the lower end of the global cost curve. As a result, production across the Company’s assets has remained relatively stable, with cost advantages supporting continued operations and planned expansions.
Unlocking additional value from Sweetwater land holdings: Approximately 38,000 acres were leased, with active exploration work being conducted to assess oil and gas potential. Acreage is located near established oil and gas production. UROY’s total land position (surface and minerals) exceeds 5.3 million acres, making the Company the largest landowner in Wyoming and the second largest publicly traded landowner in the United States. The scale and location of these holdings provide meaningful long-term potential to unlock additional value through oil and gas, critical minerals and other development opportunities.

Scott Melbye, Chief Executive Officer of the Company, stated:

“The successful completion of the Sweetwater transaction marked a defining milestone for the Company, transforming us into the largest American publicly traded non-precious metal royalty and streaming platform with a strong long-term cash flow profile and one of the largest strategic land positions in the United States.

At the same time, we remain the only uranium-focused royalty company. By monetizing physical uranium at a realized price above the market average, we funded the Sweetwater acquisition while delivering record net income of $16.3 million, and our uranium royalty counterparties, including Cameco at McArthur River and Cigar Lake, have largely maintained production guidance, reinforcing the stability and visibility of our core portfolio.

Across our soda ash assets, all in Wyoming, our exposure to operators at the lower end of the global cost curve continues to underpin resilient production and durable cash flow from domestic industrial supply chains.

Our land position adds further optionality. The lease of approximately 38,000 acres prospective for oil and gas development is a first example of the value these holdings can unlock across critical minerals and energy.

We believe this combination of long-term cash flow, high-quality counterparties and strategic land provides a strong foundation for sustained growth and value creation."

This news release should be read in conjunction with the Company’s unaudited condensed consolidated financial statements and management’s discussion and analysis for the three months ended July 31, 2026, which are included in the Company’s Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission. These documents are available under the Company's profile at www.sec.gov and on the Company’s website at www.UraniumRoyalty.com. All amounts are expressed in U.S. dollars unless otherwise noted.

Note:

See Cameco news release dated July 31, 2026 and Paladin Stock Exchange Announcement dated August 26, 2026

About Uranium Royalty Corp.

Uranium Royalty Corp. (NASDAQ: UROY) is the largest U.S. non-precious metal royalty and streaming platform with exposure to uranium, energy and industrial supply chains. UROY provides investors with uranium commodity price exposure through strategic acquisitions in uranium interests, including royalties, streams, debt and equity in uranium companies, as well as through the trading of physical uranium. Through a transformational combination with Sweetwater Royalties in 2026, UROY substantially expanded and diversified its asset base, including interests in trona assets. UROY is also the second largest public company landowner in the U.S. and the largest landowner in Wyoming, providing significant long-term optionality across uranium, critical minerals, energy and other development opportunities.

For further information:

Investor Relations:
Toll Free: 1.855.396.8222
Email: info@uraniumroyalty.com
Website: www.UraniumRoyalty.com
Corporate Office: 141 Union Blvd, Suite #310, Lakewood, CO 80228
Phone: 604.396.8222

Notice to Investors

For further information regarding the project updates regarding the mining properties underlying the Company's royalty interests, please refer to the disclosures of the operators thereof, including those referenced herein and the other disclosures of such operators. Certain information provided herein regarding the projects underlying the Company's royalty and other interests, including information about expected production and other property developments, was provided to the Company by the operators of those properties or is publicly available information filed by these operators. The Company has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness, or fairness of, this third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.

Forward-Looking Statements

Certain statements in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Forward-looking statements include statements that address or discuss activities, events or developments that the Company expects or anticipates may occur in the future. Forward-looking statements include, but are not limited to, statements with respect to expectations and plans announced by operators of the Company's royalty and other interests, the anticipated benefits of the Sweetwater transaction, the Company's business plans and its expectations regarding its business. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "will", "believes", "intends" "should", "could", "may" and other similar terminology are intended to identify such forward-looking information. Statements constituting forward-looking information reflect the current expectations and beliefs of the Company's management. These statements involve significant uncertainties, known and unknown risks, uncertainties and other factors and, therefore, actual results, performance or achievements of the Company and its industry may be materially different from those implied by such forward-looking statements. They should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from such forward- looking information, including, without limitation, risks inherent to royalty companies, market conditions, share price, uranium price volatility and risks related to the operators of the projects underlying the Company's existing and proposed interests and those other risks described in filings of the Company with Canadian securities regulators and the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking information and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

[The Barracuda™] That's one reason im big into the uranium etf's

The Barracuda™ — 9/20/2026 1:18:12 PM

[The Barracuda™] When is uranium going to join the party? [X] Shocking stat of the day: The ...

The Barracuda™ — 9/20/2026 12:50:08 PM

When is uranium going to join the party?

[X]

Shocking stat of the day:

The Breakwave Tanker Shipping ETF, $BWET, is up +5,820% over the last 12 months.

This ETF reflects futures linked to the cost of transporting crude oil from the Middle East and West Africa to China and other destinations, making it highly sensitive to… pic.twitter.com/1vYgtYnTM5
— The Kobeissi Letter (@KobeissiLetter) September 20, 2026

[/X]

[The Barracuda™] Mart says [X] My interview with Mart is out. The Uranium Market Is Running Out...

The Barracuda™ — 9/15/2026 4:00:25 PM

Mart says

[X]

My interview with Mart is out.
The Uranium Market Is Running Out of Shock Breakers — BIG WNA Takeaways from @Yellowbull11 #uranium #nuclearenergy https://t.co/diM9ZXMB5C
— 📐triANGLE INVESTOR (@capnek123) September 15, 2026

[/X]

[The Barracuda™] I can't wait until this type market action hits the uraniums [X] CHART OF THE ...

The Barracuda™ — 9/15/2026 2:52:30 PM

I can't wait until this type market action hits the uraniums

[X]

CHART OF THE DAY: The cost of hiring an oil tanker on the industry’s benchmark trade (Middle East to the Far East) route has topped $1 million a day for the first time -- a year ago, it was less than $100,000 a day. h/t @alexlongley1 pic.twitter.com/Il6OF8TlyW
— Javier Blas (@JavierBlas) September 15, 2026

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[The Barracuda™] Rut row.... [X] 🟡 URANIUM'S NEW CHAPTER Kazatomprom: "We could have sold the...

The Barracuda™ — 9/15/2026 2:43:29 PM

Rut row....

[X]

🟡 URANIUM'S NEW CHAPTER

Kazatomprom: "We could have sold the entire volume of our production into the East and still there would be more appetite coming from the East."

The uranium market isn't in another cycle. It's in a new chapter. 🧵 pic.twitter.com/b1BTHrLOEf
— Nuclear Business Platform (@Nuclear_BP) September 15, 2026

[/X]

[Miner2025] First post here, been reading this thread a while. On the disclosure side, worth...

Miner2025 — 9/15/2026 11:20:29 AM

First post here, been reading this thread a while. On the disclosure side, worth remembering uranium drill results carry a wrinkle most other commodities don't, radioactive disequilibrium. A high cps reading off the scintillometer isn't the same as a confirmed assayed grade, and a release doesn't always make clear which one you're actually looking at until lab results come back... Same idea as an "assays pending" flag versus a confirmed one, one's real, one's still probabilistic, easy to miss if you're skimming for the headline number. Been using a tool called Atlas that tags this kind of distinction automatically across the sector.

[The Barracuda™] Electricity now dropping in EU euenergy.live

The Barracuda™ — 9/15/2026 11:09:37 AM

[Gib Bogle] The felon (or is it Netanyahu?) is crashing the global economy. U miners will n...

Gib Bogle — 9/14/2026 3:58:28 PM

The felon (or is it Netanyahu?) is crashing the global economy. U miners will not be immune.

[The Barracuda™] Electricity soaring in EU euenergy.live

The Barracuda™ — 9/14/2026 3:41:09 PM

[nicewatch] Ambition to action: notes from World Nuclear Symposium 2026. We were on the grou...

nicewatch — 9/14/2026 2:29:48 PM

Ambition to action: notes from World Nuclear Symposium 2026. We were on the ground in London, where utilities, miners, enrichers, developers, regulators and financiers spent the week under one roof.

Ocean Wall Sep 14, 2026

The World Nuclear Symposium ran under the theme “from ambition to action”. The case for nuclear no longer needs arguing. What occupied the room instead was delivery. The finance summit opened proceedings by pressing the industry to present nuclear as an investable asset class rather than a permanent exception. The conversation then turned to supply chains, skills and the industrial capacity required to meet the numbers now being forecast.

As we wrote in our recent report, From blueprint to fleet: mapping the nuclear trade, the scale of the challenge is enormous. Tim Gitzel of Cameco pointed to 1,457 GW by 2050 if everything announced is actually built, noting that if even half of it is built, it implies a tripling of fuel production, which needs to be thought about now. His warning was about sequencing. Conversion can be built. Enrichment can be built. Uranium is either in the ground or it isn’t, and you can’t legislate it into being. A reactor starting construction today needs fuel in 2035, 2045, 2055, and will run for eighty years. That is the time horizon which needs to be under consideration.

The moment that drew applause came from Kansai Electric: Japan is back. Fifteen years on from Fukushima, the message to the market was unambiguous, and the advice to colleagues was to look outward; the market has changed completely, and the assumptions carried through years of absence no longer hold.

This was the fourth conference in a row where sentiment has continued to build in nuclear’s favour, with security, power demand and climate commitments running through the week as a consistent thread. The hope for next year is that we will be marking a series of reactors reaching FID.

Uranium is THE long lead item

Opening the Finance Summit on day one of the 51st Symposium, which also marks the World Nuclear Association’s 25th anniversary, Dr Sama Bilbao y León set out the case for nuclear as a mainstream infrastructure asset class rather than a special case requiring bespoke treatment, comparing it to airports, ports and other large infrastructure projects. She argued that it now sits at the centre of four converging pressures: energy security, climate resilience, rising electricity demand and industrial growth.

The numbers she puts behind that were mind-boggling: $250bn a year for 25 years, totalling roughly $6 trillion by 2050, covering workforce, supply chain, new build, restarts and uprates.

Grant Isaac followed, with “ambition to action” as his theme, and made the sharper financing argument: the five risks he listed are all front-end risks, and front-end risk is what blocks financing. He started with design risk and licensing risk, both to be eliminated rather than managed. Next was regulatory risk, which needs to be understood, fourth was supply chain risk, to be addressed, and finally megaproject risk, to be handled by standardising, sequencing and simplifying. He put the fuel cycle – mining, conversion, enrichment and fabrication – within the supply chain category rather than alongside it. He put the construction multiplier at 2x the project capex and said the wider multiplier effect is underappreciated.

Demand has shifted east, with China now the largest buyer and sitting on something like 700 million lbs of inventory, which rewrites the ground rules for Western utilities that were used to being the marginal buyer rather than competing with a stockpiler.

The pipeline is filling out (Palisades and TMI in ‘28, Duane Arnold ‘29, Darlington SMR 2030, Natrium ‘31, VC Summer ‘35, adding up to 5 GW of uprates and restarts by 2035). The market, however, awaits FID on US new builds, with up to 20 supported between DOE and DOC initiatives.

Day 2

Loyiso Tyabashe, Necsa – South Africa committed to redeveloping fuel cycle

Mr Tyabashe’s argument on workforce: flexibility matters more than depth in one discipline, so the aim is multidisciplinary skills, with an engineer able to work as a project manager and grow both vertically and horizontally. If training someone took twenty years a generation ago, it shouldn’t take that long now given the tools available.

South Africa has seen an exodus of skills to the UK, Abu Dhabi and now Amsterdam. Against that, it has an industrialisation plan taking capacity from 1.8 GW today to 5.2 GW by 2039. Necsa wants to develop SMRs for power, heat and medical isotopes alongside its nuclear research work, and to redevelop its front-end fuel cycle covering conversion, enrichment and fabrication. The World Nuclear University summer institute comes to Cape Town next year which is significant as global nuclear arrives in South Africa.

John Fingleton CBE, Fingleton review

John Fingleton CBE, whose review of the UK’s nuclear regulatory regime produced 47 recommendations was asked, “how it was going?”. He noted that an implementation group has been set up, with progress trackable through the centre of British nuclear. The change of government has slowed some of it, though the Chancellor has committed to the review and implementation.

The review runs to six chapters: two on environment and planning, then simplification, risk proportionality, culture, capability and innovation, and international harmonisation.

He said the philosophy behind the review came from repeatedly watching legal processes produce stupid outcomes. He was commissioned on the assumption that regulation was holding back growth, but concluded the bigger problems sit in government policy, gold plating* and excessive risk aversion in business. He asked for examples of regulatory easement bringing costs down and couldn’t find any. His view is that the UK can go further by looking at South Korea and the UAE, that governments have to be clearer and more consistent, and that the approach needs to be systemic rather than picking on individual details.

*His definition of gold plating: choosing to put gold in your bathrooms rather than steel when both do the same job, because it’s government money, which is to say the taxpayer’s.

Joe St Julian, President of Nuclear, AtkinsRéalis on Scaling Nuclear

His framing for the nuclear supply chain is make, buy, partner or acquire, and his argument was that the partner option needs to stop being treated as second best. ATRL owns the CANDU design but also works with competitors on theirs, and his point was that even as competitors they don’t want their partners to fail. Partnerships are fundamental to scaling.

A panel with Dastan Kosherbayev, International Development Officer at Kazatomprom. His remarks, lightly edited:

On maintaining deliveries east and west: It’s getting more difficult year to year. We have a diversified sales portfolio, with volumes elevated towards the East, and the remainder split fairly evenly between Europe and America. Without wanting to blame anyone, we see appetite in the East growing, and at the same time we are waiting to see when countries in the West actually start delivering on the capacity they’ve announced.

What has been missing in the uranium space isn’t negligence exactly, but the industry hasn’t had proper attention or involvement for years, and the structural deficits people now talk about are the result of not prioritising uranium. We’ve sustained balance for quite a while and can keep doing it, technology permitting, but when I talk to the investment community the message is that we can’t simply keep rebuilding the fields without commitment coming from the West. Our shareholders and our partners, everyone involved, stayed committed through the low-price environment, and we’re happy to remain open.

On the Ulba fuel assembly plant and the partnership with the Chinese utility: Expanding into downstream and developing new competencies isn’t normal for us, but it’s a necessity, and it lets us extend our presence further along the chain. Once you’ve built and managed something, people come to you and ask you to build another. But the uranium itself is the constraint. You can’t legislate it into existence. What we have is what we have.

On ambition to action: We welcome the politicians, and we want juniors and other producers to deliver, because there’s room for everyone. There’s a lot remaining to do to sustain this, and we don’t want to end up in a position where the major producer in the world has to prioritise between its customers. This has been the moment we were all waiting for. Now is the time to see some action.

Sama Bilbao y León in conversation with Tim Gitzel, CEO of Cameco. His remarks, lightly edited:

The number is 1,457 gigawatts if everything that’s been announced actually gets implemented. Even if it’s half of that, we have a lot of work to do. If we’re going to triple nuclear, we’re probably going to have to triple fuel production, which means we have to be thinking about it now. We wake up at Cameco thinking about it every day. Where is the fuel going to come from? Will we be ready?

The message we’ve been trying to send is that uranium is special, because everything else flows from it, and it’s the long lead item. People starting to build a reactor today don’t need uranium today. They need it in 2035, 2045, 2055, and the reactor runs for eighty years. That’s the horizon we have to think on.

Conversion you can build. Enrichment you can build, as needed. But uranium is either in the ground, or it isn’t. You can’t legislate it into the ground. That’s the piece we watch most closely, and we’re working on it every day.

“This is the most exciting time we’ve had in my entire career. The future looks so, so bright for us. We just have got to get it going” – Tim Gitzel

[The Barracuda™] John says [youtube video]

The Barracuda™ — 9/11/2026 8:57:16 AM

[The Barracuda™] US gov in market for 4 million lbs/ for years and those 4 million lbs must be US...

The Barracuda™ — 9/10/2026 5:34:20 PM

US gov in market for 4 million lbs/ for years and those 4 million lbs must be US origin. The US currently produces 2,000,000 lbs/yr

[The Barracuda™] Per says [youtube video]

The Barracuda™ — 9/10/2026 4:44:09 PM

[ItsAllCyclical] BWXT, UEC, DNN, UUUU are just some of the leaders that had ugly candles today (o...

ItsAllCyclical — 9/10/2026 4:08:01 PM

BWXT, UEC, DNN, UUUU are just some of the leaders that had ugly candles today (or likely breakdowns).

I doubt CCJ holds 94 w/this market tape. Likely leads to a retest of the July lows around 84 (or lower). Flywheel goes both ways. Look at bottom of CCJ weekly channel to where this could easily go. S&P 7K to 7200 looks probable during Sept/Oct. Would be perfectly normal given SoH, rates, private credit stress to name a few.

Next Trump Taco could be violent, but short lived. Raised cash which included extra SRUUF recently bought. Energy still working, but getting more dangerous ST for bulls and bears alike. Careful out there.

[Gib Bogle] That guy is not someone I take seriously, but I do happen to own all three. I'v...

Gib Bogle — 9/10/2026 3:11:01 PM

That guy is not someone I take seriously, but I do happen to own all three. I've had PDN and DNN for many years. In my PF PDN is doing OK, DNN is still in the red but I am optimistic.

[The Barracuda™] I've got NXE. Wouldn't touch DNN with tongs All ready have enough uraniums wi...

The Barracuda™ — 9/10/2026 10:40:57 AM

I've got NXE.

Wouldn't touch DNN with tongs

All ready have enough uraniums without adding PDN

[Gib Bogle] Somebody's idea of the best 3 uranium miners: youtube.com

Gib Bogle — 9/10/2026 5:49:34 AM

[The Barracuda™] It's getting crazy scary out there . Hallowe’en is approaching so be careful ...

The Barracuda™ — 9/8/2026 1:02:03 PM

It's getting crazy scary out there . Hallowe’en is approaching so be careful

tradingeconomics.com

[ItsAllCyclical] I did increase my position in SRUUF today. Approx 15% increase maybe. Agai...

ItsAllCyclical — 9/8/2026 12:26:38 PM

I did increase my position in SRUUF today. Approx 15% increase maybe. Again a lot of things working. Risk reward does look good here. Sector wise I'm waiting. Not willing to chase anything w/so many sectors working in commodities in general. SoH still looking to matter. Looking for more vol ahead.

[The Barracuda™] Watching $91.44 [graphic]

The Barracuda™ — 9/8/2026 11:48:31 AM

Watching $91.44

[The Barracuda™] I'm hoping right tail risk unexpected factoid at WNA spooks the U3o8 market into...

The Barracuda™ — 9/8/2026 11:29:46 AM

I'm hoping right tail risk unexpected factoid at WNA spooks the U3o8 market into

Watching this closely: price.uranium.io

[The Barracuda™] WNA starting now wna-symposium.org

The Barracuda™ — 9/8/2026 9:10:09 AM

[nicewatch] Paladin investor day takeaways Ocean Wall Sep 07, 2026 [graphic] Paladin Ene...

nicewatch — 9/7/2026 12:45:58 PM

Paladin investor day takeaways

Ocean Wall Sep 07, 2026

Paladin Energy held its Investor Day last week, showcasing its transition to a full-fledged global producer. Building on our discussion of Paladin in last week’s edition, here is our 10 key takeaways from the event:

10 Key Takeaways from Paladin’s Investor Day

1. LHM delivered FY2026 production of 4.82M lbs U3O8 (beating revised guidance of 4.5–4.8M lbs) and sold 4.35M lbs (beating 3.8–4.2M lb guidance). Plant recoveries hit 90%, driving revenue up 71% to US$304.3M on a realised price of US$70.0/lb. Production costs beat guidance at US$43.3/lb, leaving cash and investments at US$265M.

2. FY2027 targets production of 5.1–5.6M lbs (+11% YoY) and sales of 4.8–5.3M lbs (+16% YoY) at a cost of US$44–48/lb. Output is heavily H2-weighted due to planned maintenance and pit sequencing.

3. PLS remains the cornerstone asset, targeting 9M lbs/year over a 10-year mine life at a low US$15.20/lb AISC. Following Saskatchewan EIS approval, CNSC construction licence hearings are targeted for end-CY2027. CFO Anna Sudlow noted debt project financing is being prioritised first as the longest lead-time path to test lender appetite while keeping all funding options open.

4. PLS capex pressure: Management explicitly signalled that PLS capital costs will rise above the baseline C$1.16bn feasibility study figure. Asked directly by JPMorgan if capex would increase ahead of FID, CEO Paul Hemburrow noted, “I’m absolutely confident that it will go up... no projects get cheaper the closer you get to construction.” Cost revisions will occur after FEED, through detailed design, and into production. Note that this pressure is specific to the PLS build, not routine sustaining spend at LHM.

5. Paladin reported ongoing, constructive engagement with First Nations groups, having already secured agreements with the Clearwater River, Buffalo River, and Birch Narrows Dene Nations. Meanwhile, the new high-grade Atlas discovery (3.5km from PLS) highlights regional upside and will be a major focus of a 30,000m drill programme budgeted for FY2027.

6. CCO Alex Rybak framed the global supply context around location: “The countries that need uranium don’t have it. Countries like China, Russia, the big U.S., the big consumers of uranium do not have significant domestic production.”. OnKazakhstan and swing supply limits, Rybak noted: “If they could produce more, they would probably produce more... that marginal pound isn’t going to the Western utilities. And there’s a real opportunity for producers like Paladin to leverage that.”

7. Planned maintenance shutdowns in the September and December 2026 quarters are expected to impact production in the first half. Cost of production is expected to trend towards the upper end of the guidance range in the first half of FY2027 due to lower anticipated production and additional costs associated with planned maintenance during the period

8. Highlighting structural deficits, Rybak said: “About 180 million pounds of new supply has to come to the market to balance the market in 2035.”He added: “If you take all the projects under development and you assume they all happen on time, on budget, you probably get to about 50 million pounds, 60 million pounds. So it’s unclear where that’s going to come from. And that will certainly need higher uranium prices.”Uncovered requirements stand at ~800M lbs over the decade.

9. Utilities are lengthening commitments, with Rybak observing: “Utilities are moving... from just-in-time to just-in-case type contracting.” Utilities are asking for supply extending well into the 2030s, offering premium base-escalation terms above US GDP IPD, and even “asking for equity stakes in the PLS project.”

10. Significant Utility Price Headroom: On affordability, Rybak stressed: “Uranium represents less than 10% of utility generation cost... uranium can go 4, 5, 6x higher from here before it is considered expensive for the utilities.” Broad electrification needs double baseline power demand by 2050, with US tailwinds (Trump EOs, 100?400 GW targets) offering upside, though “what the utilities are really waiting for is... certainty on cost and the cost overrun insurance.”

[Gib Bogle] Reactor building: youtube.com

Gib Bogle — 9/6/2026 2:35:35 AM

[Maple MAGA ] This is a nice idea, but the data they are using is incomplete and mostly not ac...

Maple MAGA — 9/5/2026 10:17:10 PM

This is a nice idea, but the data they are using is incomplete and mostly not accurate.

For instance, when a large uranium producer files assessment there are two sets of data, one they file for compliance purposes and the one that stays in the office.

Any harvesting done by Ai is therefore incomplete.

KoBold Metals claims to do the same thing... koboldmetals.com

KoBold failed to find anything meaningful and so will the Berkeley punks.

[The Barracuda™] I wonder what the bid/ask is and who or what makes the market ? app.metals.io

The Barracuda™ — 9/4/2026 3:32:01 PM

[Gib Bogle] Trader Ferg on platinum, LNG and uranium: youtube.com

Gib Bogle — 9/4/2026 6:51:03 AM

[jpdunwell] Hi IAC, thanks for the post, which are always appreciated by me, even if not of...

jpdunwell — 9/3/2026 5:29:20 PM

Hi IAC,

thanks for the post, which are always appreciated by me, even if not often acknowledged. I don't have the TA insight that you have, but it's easy to look at the chart of CCJ vs. the energy sector and see what's currently performing. My biggest investments in the energy sector are refiners. They've done particularly well over the last year, and my worry there is knowing when to get out. What areas in Energy are you liking in particular?

I've also got some natural gas holdings that I wish I'd dumped back on the last big top (good example of not knowing when to get out!).

I do like the Uranium sector as an eventual winner, but it does seem there will likely be more buying opportunities coming before the payoff.

Good luck to you, and please do stick around and continue to post your thoughts.