Uranium (SPUT proxy)

Azincourt Energy Corp. has completed prospecting and soil sampling across priority targets at its Harrier Project in Labrador's Central Mineral Belt and has commenced diamond drilling at the Snegamook uranium deposit. The 2026 drill program, which began in late September, is now expected to consist of approximately 2,000 metres in 6 to 7 drill holes at Snegamook, designed to provide geological and confirmatory information that may support evaluation of a potential future mineral resource estimate. The Harrier Project covers approximately 13,000 hectares across six licence groups, and the summer prospecting program identified two new uranium showings in the southern Boiteau Lake area and northwest of the Brook showing, bringing the total number of uranium showings on the property to 16. A 10 cm check sample from historical drill hole SN-08-06 returned a grade of 2.71% U3O8, while a sample from SN-08-18 returned 0.35% U3O8. CEO Mark Tommasi said the immediate focus is to test selected historical mineralized intervals at Snegamook while using the summer fieldwork to prioritize targets across the broader project.

Uranium Energy Corp reported fiscal 2026 revenue of $37.3 million from sales of 400,000 pounds of uranium, with a weighted average realized price of $93.13 per pound that the company believes is the highest among publicly traded uranium producers. Gross profit for the fiscal year came in at $16.9 million, while full-year production exceeded 229,000 pounds and roughly 359,000 pounds have been produced since commissioning. Fourth-quarter production reached nearly 83,000 pounds of precipitated uranium and dried and drummed U3O8, up 157% from the third quarter, as the full-year cash cost averaged about $34 per pound and the total cost $39.94 per pound, with the fourth-quarter total cost down 33% quarter over quarter to about $36.50 per pound. At year-end the company held 1.26 million pounds of uranium inventory worth about $109 million at current market prices, nearly three times fiscal 2026 revenue, plus roughly 359,000 pounds produced and held at the Irigaray and Hobson plants, alongside $753 million in liquid assets including $495 million in cash and no debt. Chief Executive Amir Adnani said UEC remains unhedged and is advancing its vertical integration strategy through the Uranium Refining and Conversion Corp project, with a class 4 cost estimate from Fluor expected by mid-2027 and no final investment decision before then, while the company declined to issue formal fiscal 2027 production guidance because regulatory approvals for new header houses and wellfields remain outside its control.

J.P. Morgan analysts said Europe's accelerating data centre buildout could strengthen the case for new nuclear capacity as technology companies seek dependable, low-carbon electricity to power AI infrastructure. European data centre electricity consumption could rise from about 70 TWh currently to roughly 115 TWh by 2030, according to European Commission estimates cited in the report, and J.P. Morgan forecasts an additional 89 TWh of annual European data centre power demand by 2030 compared with 2023, with Iberia and the Nordics accounting for about 45% of the increase. Europe's announced data centre pipeline stood at 66.1 GW at the end of 2025, compared with 10.8 GW of live capacity. Google recently agreed to a 22-year power purchase agreement with Fortum covering nuclear generation in Finland, carrying an estimated premium of roughly 60% to forward electricity prices, following similar nuclear agreements by Microsoft, Meta, Amazon and Google in the United States. Small modular reactors could play a larger role as demand grows, though Europe currently has no operating commercial SMRs, with the first projects targeted for the early 2030s, and the European Commission estimates €241 billion of investment will be required through 2050 for new large reactors and lifetime extensions.

Centrus Energy Corp. reported on September 17 that it had signed a multi-year contract to supply high-assay low-enriched uranium, or HALEU, to Antares Nuclear, with deliveries expected to begin before the end of the decade. Financial terms were not disclosed, but the deal includes prepayments from Antares to help fund Centrus' expanded HALEU capacity. Antares is developing compact microreactors for critical missions on Earth and in space and was recently selected for the U.S. Army's Janus Program, a $2.2 billion initiative to build and operate tiny nuclear reactors on military bases. Centrus President and CEO Amir Vexler said the contract is another sign that demand for HALEU is real and accelerating, and that binding orders from Antares and others are supporting the company's expansion to commercial-scale production. The agreement adds to Centrus Energy's backlog of $4.5 billion as of the end of the second quarter, including about $3 billion of contingent LEU and HALEU sales commitments, of which around $2.4 billion are under definitive agreements. The deal's near-term impact remains limited, since the contract value, pricing and delivery volumes were not disclosed and deliveries are years away, while Centrus' first new commercial capacity is not expected online before 2029.

Xcite Uranium Inc. reported multiple intervals of anomalous radioactivity from its 2026 drilling program at the Don Lake Project near Uranium City, Saskatchewan, with peak readings of 29586 and 21907 counts per second. The 1106m, 10-hole program, contracted to Apex Drilling, tested structurally-controlled uranium mineralization across the A, B and C Zones, which historical drilling and trenching have traced over 525m of strike length. Highlights included 0.7m up to 29586 cps from 22.03m in hole DN26008 and 2.2m up to 21485 cps from 28.03m in hole DN26009, while the first three holes in the A Zone returned peaks including 51978 cps at 55m in DN26001. The approved 2026 budget for Don Lake is approximately $1.1 million, consisting of $200,000 in completed fieldwork and $900,000 allocated for drilling, with all work managed by TerraLogic Exploration Inc. Geochemical assays of drill core samples remain pending, and the company said true thicknesses cannot yet be determined.

The International Atomic Energy Agency (IAEA) has revealed that North Korea has built a new uranium enrichment facility at the Yongbyon nuclear complex, capable of accommodating up to 28 cascades of centrifuges, and has started operating an extension building of the uranium enrichment plant at Kangson. In a report dated August 28, the IAEA said it used satellite imagery and open-source information, including images released by North Korean state media, to monitor nuclear activities, as no inspectors have been in North Korea since 2009. The new facility at Yongbyon is a two-story building, marking the second uranium enrichment plant at the complex. This was determined by comparing images released by state media during a visit by North Korean leader Kim Jong Un in June with satellite imagery from the construction period. The plant at Kangson, near Pyongyang, began operations in January within an extension building constructed in 2024. IAEA Director General Rafael Grossi said the operation of the Kangson and Yongbyon plants, along with reports of expanding production capacity for weapons-grade nuclear material, is extremely concerning and violates United Nations Security Council resolutions. North Korea has consistently rejected the IAEA's authority. In September last year, the Pyongyang government stated that its status as a nuclear-armed state is irreversible and that the IAEA has no legal right to interfere in the internal affairs of a state outside the Non-Proliferation Treaty (NPT).

The International Atomic Energy Agency (IAEA) has called on Iran to urgently grant inspectors access to its nuclear facilities after being blocked from conducting inspections. In its quarterly report released on Tuesday, the agency stated that the lack of information and the inability to conduct on-site inspections are matters of concern regarding the proliferation of nuclear weapons. The IAEA is particularly worried about the facility in Isfahan, which has been hit by multiple waves of attacks. Rafael Grossi, the Director General, said the issue needs to be resolved through a long-term diplomatic agreement. Iran has not yet allowed inspections, despite Trump's claim that the program has been dismantled, but the amount of enriched uranium remains unverifiable. Mohammad Eslami, head of the Atomic Energy Organization of Iran, said on August 26 that the IAEA would only be allowed to inspect if specific criteria for the attacked areas are met. Iran had suspended cooperation after the attack in June 2025 before allowing inspectors to return in September 2025. The IAEA plans to present the report to the Board of Governors meeting from September 21 to 25, and has previously noted that enrichment levels exceed civilian needs, though not yet at the level of warhead production.

Geiger Energy Corp. has announced a new uranium discovery at the Fox Zone on its Aberdeen Project in Nunavut's Thelon Basin, with the first drill hole ever completed at the previously untested target intersecting elevated radioactivity in two zones. Drill hole FOX26-001 returned approximately 50 metres of elevated radioactivity in two intervals, from 173 to 193 metres and 200 to 230 metres, with counts largely exceeding 100 cps and locally exceeding 500 cps, plus sporadic elevated radioactivity from near surface to the end of the hole at 350 metres. The mineralization is associated with a strongly altered quartz breccia stockwork reactivated along the Andrew Lake Fault, directly on trend with Orano's Kiggavik deposits, which host approximately 133 million pounds of uranium resources. The corridor extends 17 kilometres across Geiger's Aberdeen Project, and the company plans to prioritize follow-up drilling at Fox and apply its validated targeting model to other untested anomalies along the trend.

NexGen Energy Ltd. is in active talks with BHP Group Limited regarding a potential equity stake and financing for its Rook I uranium project in Saskatchewan, as CEO Leigh Curyer revealed on August 17. NexGen, which recently broke ground on the project slated to be one of the world's largest and lowest-cost uranium mines, aims to raise $1 billion in capital over the next nine months through prepayments, debt, or direct equity. The company posted a net income of $74.55 million CAD in Q2 2026, reversing a net loss of $86.69 million CAD a year earlier, and holds $970.25 million CAD in cash and short-term investments. In contrast, BHP reported record FY2026 results with underlying EBITDA of $33 billion, up 27% year-over-year, and free cash flow of $9.8 billion, up 83%. BHP's financial strength and diversified portfolio contrast sharply with NexGen's development-stage profile, making the potential partnership a key catalyst for NexGen's funding gap.

Constellation Energy raised its 2026 adjusted EPS guidance to a range of $11.50 to $12.50, up from $11.00 to $12.00, while Talen Energy cleared more than 10 GW in the 2028/2029 PJM Base Residual Auction worth $2.025 billion to $2.225 billion. Uranium Energy carries zero debt and $794 million in liquid assets while operating the largest new greenfield ISR uranium project in over a decade. Constellation's Q2 adjusted EPS of $2.55 beat estimates by 9.52% on revenue of $7.504 billion, up 23% year over year, and management reiterated base EPS growth of 20% or more through 2029. Talen reported a GAAP loss of $2.00 per share due to $211 million in unrealized commodity derivative losses, but adjusted EBITDA rose to $374 million from $90 million a year ago. Uranium Energy produced 200,000 pounds at a total cost of $54.61 per pound in fiscal Q3 with no revenue recognized as management held inventory.

Centrus Energy CEO Amir Vexler said he sees a new market for the company's enriched uranium coming from the U.S. military through a potential supply deal to meet domestic security needs. Vexler told Bloomberg in an interview that he anticipates a U.S. government contract to supply nuclear fuel for defense will be finalized this year, after the Department of Energy issued a notice of intent last year to award the sole-source contract to Centrus, the only U.S.-owned company that produces enriched uranium for reactors. An agreement could include supplying fuel for U.S. Navy vessels or small reactors the military plans to deploy at bases, and could also support production of tritium used to make nuclear weapons, though end uses would be determined by the DoE's National Nuclear Security Administration. Centrus, which is building out a multibillion-dollar enrichment facility in Ohio, has a competitive edge in the national security market because of restrictions on using uranium sourced abroad for U.S. military applications.

BHP Group is in talks with NexGen Energy over the massive Rook I uranium project in Saskatchewan, moving the mining giant closer to the center of the uranium race. NexGen is searching for roughly $1 billion in funding over the next nine months and is considering a mix of project equity, debt financing and long-term customer agreements. Rook I is not expected to start production until around 2030, but the project could become one of the world's biggest uranium operations. BHP already has uranium exposure through Olympic Dam, and Reuters reported that the mining giant previously explored a potential NexGen acquisition, although BHP has stayed quiet on the latest discussions. Shares gained about 1.4% to $87.96 as investors looked beyond traditional commodities and focused on uranium's growing role in powering the next wave of artificial intelligence infrastructure.

Cameco Corporation maintained its 2026 production outlook of 19.5 million to 21.5 million pounds of U3O8 despite temporary operational disruptions at its Northern Saskatchewan mines. CEO Timothy Gitzel noted that spring road conditions caused unplanned disruptions at Key Lake and McArthur River during the quarter, and a two-week production suspension at Cigar Lake occurred after quarter end, but these issues have been addressed with no impact on the annual plan. The company also disclosed that Westinghouse Electric Company has confidentially submitted a draft registration statement for a proposed initial public offering, while providing extensive new details on its AP1000 reactor pipeline, including 91 identified opportunities globally and a $17.5 billion conditional commitment from the U.S. Department of Energy for long-lead items. Average realized uranium prices increased during the quarter, and management highlighted that long-term uranium prices have reached decade highs, with market-related contracts now showing floor prices in the high 70s and ceiling prices around 160.

Cameco maintained its 2026 production outlook of 19.5 million to 21.5 million pounds of U3O8 despite weather-related disruptions at Key Lake and McArthur River and a temporary suspension at Cigar Lake. CEO Tim Gitzel said the company is on track with its expectations, citing growing support for nuclear energy, while long-term uranium prices reached decade highs and contracting activity increased. Cameco has contracts for average annual deliveries of more than 28 million pounds over the next five years and remains selective on additional commitments. Westinghouse reported a pipeline of 91 AP1000 reactor opportunities, supported by a potential $17.5 billion U.S. Department of Energy financing commitment. Management said standardized reactor designs and new construction could create recurring demand across its uranium, conversion, enrichment and nuclear-services businesses.

Centrus Energy, the only US company licensed to produce high-assay low-enriched uranium, reported a record $3.9 billion backlog extending through 2040 at the end of the first quarter of 2026. Roughly $3.1 billion of that backlog comes from its low-enriched uranium business. The company ended the quarter with approximately $1.8 billion in cash, cash equivalents, and restricted cash, while generating $76.7 million in revenue and $10 million in GAAP net income. Earlier this year, the US Department of Energy awarded Centrus a contract worth up to $900 million to help establish a domestic HALEU supply chain, reinforcing its position as a key player in America's nuclear fuel independence.

Noble Plains Uranium CEO Drew Zimmerman said in a fireside chat that the next AI trade may be power, highlighting uranium as a strategic national asset. He discussed how Wyoming in-situ recovery offers the fastest path to domestic uranium growth and outlined Noble's model of converting historic uranium into compliant pounds. Zimmerman pointed to the Duck Creek project as proof the strategy works and noted that the Shirley Central project benefits from AI-driven acceleration and infrastructure alignment. He also emphasized that junior uranium offers torque but requires selectivity.

President Donald Trump signed an executive order in May 2025 aiming to expand U.S. nuclear power capacity from 100 gigawatts to 400 gigawatts by 2050. The order seeks to accelerate regulatory and financing support for both established nuclear operators and emerging technologies like small modular reactors. Constellation Energy has already received a $1 billion government loan tied to its nuclear ambitions, while NuScale Power recently won approval for a higher-capacity reactor design and is working with a Romanian utility and the Tennessee Valley Authority on potential first deployments. Cameco and Brookfield Renewable offer indirect exposure through uranium supply and shared ownership of Westinghouse, respectively. Power demand is projected to grow 60% over the next 20 years, up from 10% in the prior two decades, intensifying the push for reliable, carbon-free baseload generation.

President Donald Trump has announced support for a peaceful nuclear programme in Saudi Arabia, on the condition that Saudi Arabia joins the Abraham Accords to establish diplomatic relations with Israel. Trump stated that the peaceful nuclear cooperation agreement being drafted between the US Department of Energy and Saudi Arabia will strictly prohibit uranium enrichment and will cover only non-military uses. The United States does not object to civilian nuclear plants as long as there is no enrichment of nuclear fuel. Countries that have already joined the Abraham Accords include the United Arab Emirates, Bahrain, Morocco, Sudan, and Kazakhstan.

President Donald Trump has announced preparations for a heavy strike on Pikaxe Mountain, Iran's underground nuclear site located near the Natanz uranium enrichment facility, in the near future. This follows an Israeli intelligence assessment that Iran may be moving advanced uranium enrichment centrifuges to the site. Iran denies it is a secret nuclear facility, stating it had informed the IAEA in 2020 that it was a future construction site for an advanced centrifuge assembly plant. Iran's Khatam al-Anbiya Central Headquarters warned that a US attack would be considered an expansion of the conflict and would lead to strikes on US and allied targets across the Middle East, and could disrupt all oil exports from West Asia. Experts note that the underground base is built deep beneath rock layers with multiple reinforced structures, making it one of the deepest and most heavily defended nuclear structures ever disclosed, and it may challenge the effectiveness of conventional US bunker-buster weapons.

The United States and Saudi Arabia have signed a nuclear technology cooperation agreement, paving the way for American companies to build nuclear reactors in Saudi Arabia and potentially allowing the kingdom to enrich uranium itself. US Energy Secretary Chris Wright and Saudi Energy Minister Prince Abdulaziz bin Salman signed the peaceful nuclear cooperation agreement and a bilateral safeguards agreement. The deal is expected to create business opportunities for US firms such as Westinghouse Electric, but it has raised concerns among some experts and members of Congress who fear it could enable Saudi Arabia to process uranium into weapons-grade material. The Wall Street Journal reports that under the agreement, US companies could build uranium enrichment plants in Saudi Arabia if a joint study deems it necessary, with the project valued at tens of billions of dollars. The signing comes amid heightened tensions in the Middle East, with the US arguing it aims to curb Iran's nuclear program and prevent nuclear proliferation.

Shares of Oklo surged as much as 7.7% today following two separate developments that could expand its nuclear reactor business. The U.S. Department of Energy launched an initiative to speed reactor development for AI data centers, with Oklo reportedly joining a $200 million plan alongside major technology firms. Separately, President Trump approved a landmark 30-year agreement with Saudi Arabia that could be valued at tens of billions of dollars, allowing American companies to build a civilian nuclear program and potentially enabling uranium enrichment within the kingdom. Oklo and other U.S. nuclear firms stand to benefit, though no concrete orders have been announced and the stock remains speculative.

Paladin Energy has successfully completed the ramp-up of its Langer Heinrich Mine in Namibia, achieving or exceeding all key FY2026 guidance metrics. The mine produced 1.23 million pounds of U3O8 in the June quarter, bringing full-year production to 4.82 million pounds, at the upper end of the 4.5 to 4.8 million pound guidance range. Sales for the quarter reached 1.35 million pounds at an average realised price of 70.6 US dollars per pound, with full-year sales of 4.35 million pounds exceeding the upper end of the 3.8 to 4.2 million pound guidance. The cost of production for the financial year was 43.3 US dollars per pound, at the lower end of the 44 to 48 dollar guidance range. At the Patterson Lake South project in Canada, the Canadian Nuclear Safety Commission determined the construction licence application was sufficient to proceed, and a subsequent administrative protocol targets completion of hearings by the end of 2027. The company also reported a new high-grade uranium discovery, Atlas, 3.5 kilometres south of the Triple R deposit, and held 265 million US dollars in cash and investments with an undrawn 70 million dollar revolving credit facility at quarter end.

Energy Fuels offers a stronger investment opportunity than Cameco, according to a Zacks Investment Research analysis, driven by accelerating uranium production and an expanding rare earth business. Energy Fuels' first-quarter 2026 revenues surged 112% year over year to $35.8 million, and the company expects to mine 2 to 2.5 million pounds of uranium in 2026 while processing between 1.5 million and 2.5 million pounds of finished uranium. Cameco's first-quarter 2026 total revenues rose 7% to CAD 845 million, but its full-year 2026 revenue guidance implies a 7% year-over-year decline at the midpoint, and the company recently faced temporary operational disruptions at Cigar Lake and Key Lake. Energy Fuels also benefits from rare earth progress, including a conditional commitment for up to $725 million in U.S. government financing and the planned acquisition of Australian Strategic Materials, while Cameco holds a 49% stake in Westinghouse and could benefit from up to $17.5 billion in U.S. Department of Energy support for nuclear reactors. Energy Fuels carries a Zacks Rank number 2, or Buy, and Cameco holds a Zacks Rank number 3, or Hold.

Frontier Nuclear and Minerals has commenced its 2026 drill program at the wholly owned Pine Ridge uranium project in Wyoming’s Powder River Basin. The program will consist of approximately 120 holes totaling about 36,000 meters, with drilling running from July through December 2026 and potentially into January 2027. The objective is to define roll front deposits and support preparation of a maiden mineral resource estimate by early 2027. The program builds on the 2025 campaign that confirmed widespread uranium mineralization, demonstrated continuity across multiple areas, and identified at least 25 mineralized roll fronts within multiple major sandstone packages. Pine Ridge covers roughly 39,390 acres and is surrounded by existing uranium projects, located about 15 kilometers from Cameco’s Smith Ranch processing facility.

Ur-Energy has received regulatory approval from the Wyoming Department of Environmental Quality for its Shirley Basin Project, allowing the company to scale up to full-scale uranium in situ recovery operations. The approval follows a detailed preoperational assessment that verified safety systems, procedures, staffing, radiation safety, and environmental monitoring. Since uranium recovery began at Shirley Basin in April 2020, the company has loaded over 10,500 pounds of uranium onto resin, and shipments to the Lost Creek processing plant will commence shortly. This milestone comes after Ur-Energy recently completed its 100th consignment of uranium concentrate from the Lost Creek site, bringing cumulative shipped capacity to over 3.5 million pounds since 2013.

Uranium Energy Corp. is positioning itself as a key player in the U.S. nuclear fuel supply chain by pairing its domestic in-situ recovery production with a proposed uranium conversion facility. The company holds what it describes as the largest uranium resource base and most licensed production capacity in the United States, with hub-and-spoke operations in Wyoming and South Texas totaling about 12 million pounds of licensed annual capacity. Its subsidiary United States Uranium Refining & Conversion Corp. has received a U.S. Nuclear Regulatory Commission docket number for a planned conversion facility, with engineering and design work by Fluor ongoing and a formal license application expected after site selection. UEC also adds critical-mineral exposure through its Alto Paraná project in Paraguay, where a preliminary economic assessment showed a net present value of up to $1.55 billion and a 25% post-tax internal rate of return for the larger-scale development case. Despite the strategic narrative, near-term execution remains a concern, with the Zacks Consensus Estimate projecting a loss of 19 cents per share for fiscal 2026 and a loss of 11 cents for fiscal 2027, and the stock currently carrying a Zacks Rank #4 (Sell).

Nuclear energy stocks have slumped in the first half of 2026 after a strong 2025, with advanced reactor start-ups Oklo and NuScale Power down 27% and 30% year to date, respectively, while uranium miner Cameco is up 7% year to date but down 27% from its February peak. Oklo and NuScale have experienced larger price swings due to long implementation timelines for their technologies, with Oklo down 73% from its 52-week high and NuScale down 83%. Cameco, a mature company with high-grade mines in Canada and a 49% stake in Westinghouse, is positioned to benefit more immediately from growing uranium demand and the nuclear build-out. The long-term industry tailwinds remain in place, but advanced reactor technologies are not expected to operate at commercial scale until the 2030s.

Centrus Energy is set to join the S&P SmallCap 600 Index effective prior to the opening of trading on July 14, 2026. The inclusion reflects the company's growing role in strengthening America's nuclear fuel supply chain and restoring domestic uranium enrichment capabilities. Centrus recently launched centrifuge manufacturing to support a major expansion of its Piketon, Ohio enrichment plant, a multi-billion-dollar project expected to create thousands of jobs. The company also signed a contract to finalize terms of a $900 million task order from the U.S. Department of Energy. Centrus will replace Whitestone REIT in the index.

RBC Capital raised its price target on Cameco Corporation to C$175 from C$160 while maintaining an Outperform rating, citing strengthening uranium market fundamentals and growing global nuclear energy demand. The firm highlighted robust purchasing by sovereign entities and utilities, contract pricing above public reports, and supportive U.S. and Canadian policies for reactor deployment. Separately, Cameco and Orano Canada agreed to acquire Tepco Resources' 5% stake in the Cigar Lake Joint Venture, which will increase Cameco's ownership in the high-grade Saskatchewan uranium mine to approximately 57.4%. Cameco's portion of the acquisition is valued at about $115.75 million and is expected to close in the third quarter of 2026 pending regulatory approvals.

Cameco has closed the acquisition of TEPCO Resources Inc.'s 5% participating interest in the Cigar Lake Joint Venture, increasing its ownership stake in the Cigar Lake uranium mine in northern Saskatchewan by 2.871 percentage points to 57.418%. Orano Canada Inc. also participated in the acquisition, raising its share by 2.129 percentage points to 42.582%. The transaction was previously announced on June 1, 2026.