Uranium Mining & Development

Xcite Uranium Inc. has commenced a 1300m, 6-hole diamond drilling program at Eagle Plains Resources Ltd.'s 100% owned Black Bay Project near Uranium City, Saskatchewan, and has procured a second drill rig to speed completion of the planned work. The program will test for structurally-controlled Beaverlodge-type and basement-hosted unconformity style uranium mineralization, targeting 2025 VTEM conductors along trend from the past-producing Black Bay Mine, with 6 holes from 5 pad locations and the second rig under contract to Base Diamond Drilling. The approved 2026 budget for Black Bay is approximately $1.1 million, comprising $125,000 in completed fieldwork and $975,000 allocated for drilling, with all work managed by TerraLogic Exploration Inc. The 1114ha project overlies 7 Saskatchewan Mineral Deposit Index occurrences including the past-producing Black Bay Uranium Mine, and sits within the six-project Xcite option agreement covering 54 SMDI occurrences and five past-producing uranium mines, under which Xcite may earn up to an 80% interest in each project by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 common shares and paying CDN$55,000 over four years, for an aggregate of CDN$19,200,000 in exploration expenditures, 4,500,000 shares and $330,000 in cash to Eagle Plains. Historic trench samples at Black Bay include 6.51% U3O8, 3.78% U3O8 and 3.62% U3O8 over 0.3m, while grab samples from historical drill core at the Blue Grass 'B' Zone include 9.64% U3O8 and 16.74% U3O8. The Black Bay mine produced approximately 1375 tons of material at a grade of 0.17% U3O8 shipped to the Lorado custom mill between 1953 and 1960.

Uranium Energy Corp. reported fourth-quarter production of 82,744 pounds of U3O8, up 157% from the third quarter, as three new header houses at Christensen Ranch ran a full quarter and Burke Hollow in South Texas contributed its first full quarter. Total cost per pound across both mines dropped 33% to $36.54, and approval for four more header houses arrived on September 28, with production expected to start within weeks. The company sold 400,000 pounds from inventory at $93.13 per pound and still holds 1.256 million pounds worth about $109 million at spot prices, backed by $495 million in cash and no debt. Management declined to give formal production guidance because header house and wellfield approval timing is outside its control, and its refining subsidiary is still preparing its license application to the Nuclear Regulatory Commission, with a cost estimate not expected until mid-2027. Hedge fund interest cooled to 26 funds holding the stock from 32 in the prior quarter, short interest stands at 14.60% of the float, and the forward P/E of 178.57 as of October 2 reflects expectations for a production base far larger than today's.

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.

Google has signed a 22-year agreement covering up to 50% of the capacity of Finland's Loviisa nuclear plant, supporting its life extension through 2050, as part of a €13 billion ($15.1 billion) investment in the country over 2027 and 2028 to expand digital infrastructure including data-center capacity. The deal reflects a broader hyperscaler trend in which Alphabet, Amazon.com Inc, Meta Platforms Inc and Microsoft Corp have all pursued nuclear power agreements or partnerships as AI pushes their electricity requirements higher, with a Carnegie analysis estimating those commitments could represent roughly 6.9 gigawatts of nuclear capacity by the early 2030s. Christo Liebenberg, co-founder and president of LIS Technologies, told Benzinga in an exclusive interview that hyperscalers are investing heavily in power purchase agreements with reactor companies but very little in fuel purchase agreements into the nuclear fuel supply chain. Liebenberg argues the U.S. has underbuilt several stages of the nuclear fuel chain, from uranium mining through conversion, enrichment and fuel fabrication, a gap particularly relevant for advanced reactors that may require specialized fuels such as HALEU. The U.S. government is already spending billions to rebuild domestic enrichment capacity, while companies including Centrus are developing additional production, and Liebenberg says Big Tech and the U.S. government will need to help fund that broader infrastructure if the nuclear buildout is to match rising electricity demand.

Westinghouse Electric is reportedly seeking a valuation of more than $50 billion for an initial public offering that could come as early as October, according to a Bloomberg report. The proposed valuation would be a boon for Cameco, which owns a 49% interest in Westinghouse and would see that stake worth over $24.5 billion, while co-owner Brookfield Renewable's 10.8% interest would be worth $5.4 billion. Cameco and Brookfield Renewable formed a strategic partnership to acquire Westinghouse from Brookfield Business in October 2022, closing in late 2023 in a deal valuing Westinghouse at $8.2 billion including $3.8 billion of debt, with Cameco paying $2.1 billion for its 49% equity stake. A wrinkle could dilute those values: the U.S. Government holds a participation interest entitling it to 20% of any cash distributions Westinghouse makes to investors above $17.5 billion, a claim worth roughly $6.5 billion at a $50 billion valuation. The valuation may prove difficult to achieve given a wave of nuclear stock IPOs this year, with X-Energy down more than 55% from its IPO high and Standard Nuclear down 22% from its peak, while Holtec Nuclear has already canceled its planned IPO.

Westinghouse Electric is seeking a valuation of more than $50B in its U.S. initial public offering, with a filing targeted for as soon as October, though details including timing could still change, Bloomberg reported Friday. Citigroup and Goldman Sachs are leading the IPO, with CIBC, J.P. Morgan Chase and Royal Bank of Canada also working on the listing. Westinghouse is jointly owned by Brookfield Renewable Partners and Cameco, which completed a deal in 2023 to buy a 49% stake in the company at a roughly $8B value. The company looks set to benefit from the Trump administration's efforts to boost the U.S. nuclear industry, and the U.S. Army recently selected it as one of five firms to build, own and operate its power plants. Westinghouse's nuclear power technology is used by 57% of the world's nuclear reactors, and it has a pipeline of as many as 91 opportunities for its latest generation reactor.

Canadian Prime Minister Mark Carney is hosting a two-day investment summit in Toronto starting Monday, aiming to attract global capital for more than 160 projects as Canada navigates a trade war with the United States. Confirmed attendees include BlackRock CEO Larry Fink, Blackstone President Jon Gray, Temasek CEO Dilhan Pillay and APG Groep CEO Annette Mosman, with the summit matching roughly 100 global investors with Canadian CEOs, companies and local officials. Carney has pledged to attract C$1 trillion, or $721 billion, in investment over the next five years by cutting red tape and developing mining, energy, technology and infrastructure projects, though a government source said major deals could take 12 to 18 months to materialize. The prospectus includes 96 data centers in development, an equity investment in Xanadu's photonic quantum computer targeted for commercialization by 2029-2030, the Crawford Nickel Project, and C$900 million in financing sought for a proposed high-speed transportation pod between Calgary and Edmonton. Canada's foreign direct investment flows have averaged around C$23 billion per quarter in 2024 and 2025, up from C$16.3 billion in 2023 and C$15 billion in 2022, though BMO Capital Markets chief economist Doug Porter cautioned it is difficult to lure greenfield investment in a mature economy like Canada's.

Shares of several energy companies rose in afternoon trading after crude oil prices climbed sharply following strikes on Saudi Arabian energy facilities and mounting supply disruption fears in the Middle East. The Saudi energy ministry reported that operations at several facilities in the country's south were halted after missile and drone strikes from Yemen's Houthis ignited fires, wounding more than 70 people. Saudi Aramco's oil facilities in Jizan, home to a major 400,000-barrel-per-day refinery, were targeted, causing local authorities to suspend operations. Brent crude futures rose $1.00 to settle over $98.00 a barrel, while U.S. West Texas Intermediate crude futures rose over $2.00 to reach $93.65 a barrel. Among the stocks impacted, Centrus Energy jumped 8.3%, SM Energy rose 3.1%, BKV gained 3.2%, Select Water Solutions advanced 3.1%, and ProFrac climbed 4.5%.

Jefferies has initiated coverage on nuclear companies, forecasting roughly $55 trillion in nuclear-related capital spending through 2100, driven by data center power demand, electrification, and aging plants. The brokerage calls the figure conservative, citing energy needs from physical AI. Analyst Laurence Alexander says governments competing in AI will prioritize cheap electricity, lowering return hurdles. Jefferies placed buy ratings on Cameco, Kazatomprom, NexGen, Denison Mines, BWX Technologies, and Mirion, with holds on others. The note highlights a near-term supply shortfall and projects $9 trillion investment by 2050 and $46 trillion by 2100, with an aging reactor fleet averaging 33 years.

Americas Uranium Corp. has entered into a Mineral Property Purchase Agreement to acquire a 100% interest in the Treeline uranium property in New Mexico from Verdera Energy Corp. and its subsidiary NM Energy Holding Corp. The deal includes a US$100,000 cash payment and C$2,000,000 in common shares, with 90% of the share consideration paid in staged issuances over 36 months. The property hosts a historical estimate of approximately 1.02 million pounds of U3O8, though this estimate predates current NI 43-101 standards and requires further work to verify. The acquisition aligns with the company's strategy to build a North American uranium portfolio amid rising U.S. nuclear energy ambitions, including a policy goal to expand nuclear capacity to 400 gigawatts by 2050. Closing is subject to regulatory approvals, including from the Canadian Securities Exchange.

Lithium miners are reporting strong first-half profits driven by surging battery storage demand, with major producers planning output increases. Tianqi Lithium and Ganfeng Lithium posted their biggest profits in three years, while Albemarle noted global lithium demand rose 45% year-over-year through May. Supply growth has lagged, creating a gap that benefits miners, and Tianqi warned that overseas supply may face policy and logistics hurdles, suggesting further price upside. CATL expects energy storage to account for half of its sales by 2030, and Middle East tensions are boosting demand as countries seek energy independence.

Sociedad Química y Minera de Chile reported second-quarter revenue of $2.47 billion, up 136.7% year over year, with net income of $660 million, or $2.31 per share, and adjusted EBITDA of $1.32 billion that beat consensus. Lithium and derivatives revenue rose nearly 300% to $1.78 billion on record sales volume of 84,100 metric tons of lithium carbonate equivalent, up 59%, while the realized price in the Novandino business was about $21.80 per kilogram, up 23% sequentially. Management raised its 2026 global lithium-demand forecast to more than 2.1 million metric tons from roughly 1.9 million, citing battery-energy-storage demand that offset slower-than-expected growth in the battery-electric-vehicle market. The company expects third-quarter lithium prices to remain broadly in line with the first-half average and sales volumes to stay near second-quarter levels, with production costs below 2025 levels. SQM plans approximately $3 billion of capital spending from 2026 through 2028, and Salar Futuro could require about $3 billion over seven years after approvals, while the company accrued more than $1.6 billion in payments to the Chilean state during the first half.

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.

Youngy Co. released its 2026 interim report, with first-half net profit attributable to the parent company of 1.002 billion yuan, up 1,076.14 percent year on year. The company achieved operating revenue of 1.524 billion yuan, up 402.35 percent year on year, and non-GAAP net profit of 1.004 billion yuan, up 1,269.63 percent. Second-quarter non-GAAP net profit surged about 149 percent from the first quarter, mainly benefiting from a rebound in lithium salt prices. The company's total output of lithium concentrate reached 146,100 tonnes, up 108.80 percent year on year, of which second-quarter output was 86,700 tonnes, up 45.99 percent quarter on quarter. Its lithium mining and processing subsidiary Rongda Lithium achieved net profit of 1.031 billion yuan, up 1,103.78 percent year on year.

Eagle Nuclear Energy Corp. CEO Mark Mukhija said in an interview that US nuclear utilities are approaching an inflection point that could trigger a new wave of uranium contracting. The United States consumed 50 million pounds of uranium in 2024 while producing only 677,000 pounds, a structural deficit that Eagle aims to address with its Aurora project in Oregon, which hosts an indicated resource of 32.75 million pounds. The company is awaiting state approvals for a drill program to support a pre-feasibility study targeted for the second half of 2027, with a baseline production estimate of 2032. Eagle, which began trading on Nasdaq in February 2026 after a business combination, was added to the Solactive Global Uranium and Nuclear Components Total Return Index in early August, qualifying it for the Global X Uranium ETF. The company is also developing small modular reactor designs as part of an integrated nuclear energy platform.

The US government has announced more than $2 billion in new projects to support the domestic mining industry, alongside over $180 million for mining workforce development. The Department of War confirmed investments including over $85 million for Standard Bauxite to supply refractory-grade bauxite, $150 million for Minnesota-based Niron Magnetics to develop rare earth-free permanent magnets for defense, $1.4 billion for California's Sila Nanotechnologies to expand silicon-carbon battery anode and lithium-ion cell manufacturing, and $400 million for Sunrise Energy Metals to establish a scandium value chain. The Export-Import Bank allocated $8 million to 5E Advanced Materials for boron production, $25 million to Westwater Resources for graphite extraction, and $25 million to Global Advanced Materials for tantalum and niobium development. The Department of Energy is providing $100 million to 14 mining schools to double capacity for mining-related qualifications, while the Department of War will give over $80 million to three schools for workforce and innovation initiatives.

The inflationary effects of President Donald Trump's Iran war are spreading well beyond the energy sector, with Core Personal Consumption Expenditures reaching 3.4% in May, its highest since October 2023. While headline inflation eased to 3.5% in June from a three-year high of 4.2% in May, the Federal Reserve's preferred Core PCE measure remains sticky, with the Cleveland Fed forecasting 3.36% for August. The conflict, which began on February 28, shut down the Strait of Hormuz and removed about 20 million barrels of daily petroleum liquids, but now businesses are altering shipping routes, fertilizer shortages are raising food costs, and petroleum-based products and helium disruptions are adding to price pressures. This broadening inflation could force the Federal Open Market Committee to raise interest rates, potentially ending the historic rallies in the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite.

Among five nuclear stocks driving market enthusiasm, only Cameco and Centrus Energy sell nuclear fuel today, while Oklo, NuScale Power, and Nano Nuclear Energy remain pre-commercial developers with a combined market value of about $12 billion against roughly $12 million in trailing revenue. Cameco, with a market value of about $41 billion, booked about $2.5 billion in trailing-12-month revenue and raised its full-year outlook for realized uranium prices and revenue despite second-quarter production disruptions. Centrus Energy, valued at about $3.6 billion, generated about $474 million in trailing revenue and operates America's first facility licensed to produce high-assay low-enriched uranium, the fuel most advanced reactor designs require. The three developers hold billions in cash and are pursuing regulatory milestones and first commercial deployments, with Oklo reporting a first-half net loss of $81.6 million on $1.2 million in second-quarter revenue, NuScale holding the first NRC-certified small modular reactor design but only $10.7 million in trailing sales, and Nano Nuclear yet to record any revenue. The sell-off has pushed NuScale about 83% below its 52-week high, Oklo about 77% below, and Nano Nuclear about 70% below, while Cameco sits about 29% below its peak.

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.

President Trump has announced a $3 billion investment plan in the critical minerals sector, underscoring his aim to reduce dependence on China. The Department of Defense's Office of Strategic Capital has signed a $1.4 billion loan agreement with Sila Nanotechnologies to expand production of silicon-based anodes and lithium-ion battery cells. It will also invest $400 million in Sunrise Energy Metals to scale up scandium production in Australia, and $150 million in Niron Magnetics. The Export-Import Bank of the United States is preparing over $1 billion in financing for Ivanhoe Electric's copper project in Arizona, and will put $25 million into a graphite mine in Alabama. Additionally, more than $180 million will be allocated to industry education programs to train the next generation of miners.

The Democratic Republic of the Congo has issued an administrative order banning the export of copper and cobalt concentrates, triggering a sharp rally in cobalt mining stocks. Huayou Cobalt responded that its products in the DRC are crude cobalt hydroxide and electrowon copper, and it does not export concentrates, adding that the situation is similar for other Chinese companies. Tianfeng Securities noted that in the short term, cobalt raw material supply is tight but not scarce, and cobalt prices are fluctuating with a weak bias. CITIC Securities believes the ban has limited impact on Chinese copper companies, but could intensify concerns over copper supply tightness and push LME copper prices to accelerate toward fifteen thousand dollars per tonne and above.