Nuclear Update

⚛️Last week in Premium I published a 30 page deep dive on Cameco @cameconews $CCJ $CCO. I just made it free for everyone to read. Inside: -#Uranium mining and mills, production, exploration -Fuel Services and non-Russian conversion leverage -Westinghouse @WECNuclear and the reactor build pipeline -GLE, the enrichment and #HALEU wildcard -Contract book and pricing structure -Financials and fundamentals -Valuation, what’s priced in and what’s not Read it here: nuclearupdate.com/p/cameco-the-b…

⚛️This week in Premium: #Oil is at $111 and the market is having a proper meltdown. The S&P 500 broke below its 200-day moving average, and VIX crossed 30 for the first time in 11 months. The #stagflation trade is the only trade that is working right now. In #uranium, TradeTech pegged the long-term uranium price at $93 per pound, an 18-year high and just $2 from the all-time record set in 2008. This week I am taking a deep dive into what happened the last time we were at these levels, what was different about the 1970s and 2008 cycles, and why the structural case for uranium today is stronger than anything we have seen in either of those eras. Read it here: nuclearupdate.com/p/nuclear-upda…

Between 1948 and 1971, the Atomic #Energy Commission (that later evolved into the @NRCgov) went on a massive buying spree, purchasing roughly 350 million lbs of #uranium. History doesn't repeat itself, but it does rhyme.

Read it here: nuclearupdate.com/p/nrc-unveils-…

This week's newsletter: ⚛️ NRC Unveils New #Reactor Licensing Process to Speed Deployment 🏗️ Vietnam to Build 2 VVER-1200 Reactors 🇪🇺 Europe’s #Nuclear Sector Launches Action Plan for Nuclear 🔋 Atomic Alternatives: #Uranium Batteries Link in replies⤵️

🚨If U only do 1 thing this weekend to further your research into #Uranium then it MUST be watching today's @BloorStreetCap Uranium Conference📺⚛️⛏️👥 featuring a set of fabulous insightful @JamesConnor1999 interviews to help U better understand the #Nuclear fuel market and where this sector is headed given recent geopolitical events.📈 Watch here: 👉youtube.com/watch?v=YSUH6e… If U are short on time then my suggestion would be to make these interviews your priorities: 1) @Sprott CEO John Ciampaglia on #SPUT, its activity with respect to the Spot and Term markets and strategy to deal with its 9M lbs Spot purchasing limit, capital raises, and overall institutional investor sentiment and outlook (First interview) 2) Spot Uranium Trader Per Jander of @WMC_Energy with a deep dive into what's going on under the hood in the Uranium market that most folks don't understand (1h 17mins in) 3) Uranium investing OG Mike @FootnotesFirst Alkin of @SachemCove sharing insights into the long view of supply vs demand fundamentals, mining cost inflation in Kazakhstan, Spot vs Long-term market signals, contracting volumes and the price reporters, understanding fuel buyer purchasing psyche and where prices are headed this year (2h 37mins in) 4) Long-time U sector investing newsletter writer Justin @UraniumInsider Huhn for his take on what investors should be focused on at both the macro and micro levels of this unique sector, assessing individual producers, developers, explorers for long-term 'Focus List' investors and those looking for short-term ' Dynamic Model Positioning' (3h 4 mins in) 🦻Then listen to Q&A with individual companies in support of your due diligence to better understand the stocks you own or are considering. Tip:🪙 If U are extremely short on time U can turn on captions and crank up the playback speed and/or pull up the Transcript and scan/search for issues most important to U.🏎️ Thanks Jimmy for another fantastic Uranium Conference, and for your very kind shout-out!🙏🍻🤠🐂

⚛️This week in Premium: #macro: The Strait of Hormuz disruption has turned into a full-scale energy shock, pushing oil higher, slowing growth, and forcing markets to reprice a world where policy support is no longer guaranteed. In #uranium: Kazatomprom @NAC_Kazatomprom $KAP, the world’s largest uranium producer, reported 2025 results reinforcing that supply remains disciplined, costs are rising, and utilities are still sitting on the sidelines while uncovered demand builds. Read it here: nuclearupdate.com/p/nuclear-upda…

Zacks Bull of the Day: BWX Technologies $BWXT the top supplier of #Nuclear technologies. #Uranium

Silex Systems $SLX Secures $98.9M incentives package for Paducah Laser Enrichment Facility #Nuclear #Uranium

What happens if $U.UN (SPUT) exceeds its yearly 9Mlb uranium cap? Ciampaglia clarifies that the cap applies only to spot (≤365-day). As a contingency, SPUT can still buy additional lbs via the term market, and has already explored and begun messaging this option to investors...

@da_sails This is awesome, where to buy?

AP1000 Super Cycle

⚛️Last week’s price targets in #uranium and #nuclear: Boss Energy $BOE: -Canaccord Genuity cut PT to A$2.55 NuScale Power $SMR: -UBS cut PT to $13 from $20 Oklo $OKLO: -Goldman Sachs cut PT to $65 from $91 -B. Riley cut PT to $92 from $129 -Citigroup cut PT to $73.50 from $95 -Canaccord cut PT to $125 from $175 -Needham cut PT to $73 from $135 -Cantor Fitzgerald maintained PT at $122 -HC Wainwright maintained PT at $90

Read it here: nuclearupdate.com/p/japan-u-s-40…

This week's newsletter: ⚛️ Japan–U.S. $40B #SMR buildout 🏗️ First #Reactor at INL in 50 Years 🟢 DOE Clears Oklo’s First Reactor Design ✍️ Guest Post: What 40 Years in #Nuclear Taught Me About Batteries Links in replies⤵️ Enjoy! #Uranium

⚛️This week in Premium: Markets moved from unstable to outright fragile, with the long-term trend breaking just as credit stress and #macro conditions worsened. Rising #oil prices, softer growth, and tighter financial conditions are now starting to hit the market at the same time. In #uranium, the picture kept improving. The U.S. and Japan announced a $40 billion #nuclear buildout built around BWRX-300 #SMRs, and the Indo-Pacific Energy Security Summit added another $56 billion of #energy and supply-chain deals with meaningful nuclear relevance. Read it here: nuclearupdate.com/p/nuclear-upda…

@Stephen57908892 That's correct Stephen, that's what I wrote in the second to last tweet in the thread 👍

@UpdateNuclear AEC wasn't buying for power production. They were buying for bombs.

⚛️With all the talk about a U.S. strategic uranium stockpile, here’s a reminder: The U.S. government once bought roughly 350 million lbs of uranium. Between 1948 and 1971, the Atomic Energy Commission (that later evolved into the NRC) went on a massive buying spree. History doesn’t repeat, but it rhymes. Let’s look at what happened last time. 👇

If you want more of this, I break down the uranium market, nuclear sector, and portfolio positioning for investors every week. Subscribe here: upgrade.nuclearupdate.com #uranium #nuclear #energy

Worth noting: Most of this uranium fed the Cold War weapons program. By 1970, nuclear power was still less than 2% of U.S. electricity. This was defense-driven demand first, energy second. That government-driven demand created a massive supply response, and eventually too much supply, forcing the government to cap purchases. 👇