Nick Lawson

Four commodities will power the new Industrial Revolution reader.moneyweek.com/2026/03/13/opi…

@oceanwall2 The Hoot ⚛️ Kazakhstan just raised #uranium costs again, moving to a tiered, price linked tax from 1 Jan 2026, squeezing supply flexibility across ~40% of global output. US nuclear momentum keeps building, Trump at Davos doubling down on nuclear as core to energy security and growth. SPUT is back in size, $153m raised in the first 19 days of 2026, ~20% of 2025 inflows and ~50% of all 2024 issuance, cementing its role as the marginal spot buyer. Uranium fundamentals, quietly tightening.

@oceanwall2 The Hoot out #Uranium is a national security asset. Trump’s Section 232 Executive Order opens the door to price floors, tariffs and strategic stockpiling. Utilities are contracting out to 2035 plus, even 2048, signalling long term scarcity, not cycles. Juniors remain capital constrained. SPUT and Yellow Cake trade at sustained premiums, with over 650,000 lbs already sequestered in early 2026, tightening spot further. AI is forcing nuclear build now. Data centre demand is overwhelming grids, pushing Big Tech to underwrite new generation. Supply is not responding. Permitting, cost inflation and replacement pricing keep the market structurally undersupplied for decades.

Section 232 is the major catalyst. A decision is expected within weeks. Scott Melbye highlights rising geopolitical risk and growing defence grade #uranium demand, with political support to expand the Strategic Uranium Reserve.

In @oceanwall2 The Hoot - Kazakhstan has moved to reset the #uranium rules. New laws give Kazatomprom 90% of all future JVs and at least 75% of new discoveries. China and Russia are not exempt, so their JVs will be first tested as contracts roll off toward 2030. Kazakhstan, which supplies 40% of global uranium, is now behaving more like a uranium OPEC. Expect western assets to trade at a security premium. China National Uranium surged up to 280% on debut, raising about $628m to boost domestic output. With 34 reactors under construction and only 10% of its uranium needs met at home, China will keep expanding its global uranium footprint, especially in Africa.

amzn.eu/d/gpFs4mL Nothing to do with uranium or nuclear but yesterday my fantasy fiction novel “Lazaroo and the Realm of Chaos” was published. All proceeds go to the almt.org “Created as the ultimate goblin weapon, Lazaroo’s mission to steal a human king goes disastrously wrong. Stranded in the Realm of Chaos, he is forced into an uneasy alliance with King Bruan as monsters, legends, and the dark wizard Malakar rise to swallow their world. Together they battle dragons, sea beasts, and their own darkest truths in a race to stop Malakar’s ascent or lose everything to the coming darkness. Lazaroo must decide whether to follow the destiny he was made for, or forge one of his own.”

In this week’s @oceanwall2 The Hoot- #Uranium term demand is tightening. November contracting jumped 31 Mlbs, taking YTD term volume to 74.9 Mlbs, one of the biggest monthly increases this cycle. Utilities are buying for security as term prices reach $86 per lb, with Cameco now signalling $125 per lb ceilings for new long term offers. China is pulling more supply east. Kazatomprom disclosures show China now represents about 60% of KAP revenue, and its domestic reactor build out could absorb around 187 Mlbs over time. This eastward pull adds to long term structural tightness for Western utilities.

This week in @oceanwall2 The Hoot - Sprott’s URNM rule change has smashed the smaller #uranium names, with the “removed” basket dropping about 30% versus the “remaining” group since mid-October. This is a technical wash out, not fundamentals, and has clearly over shot. Elsewhere Skyharbour lands a CAD 61.5m deal with Denison and consolidates full control of Russell Lake. Constellation gets a USD 1bn DOE loan to restart Three Mile Island, backed by a long dated Microsoft offtake. Another big federal push for nuclear. EU planning a central critical minerals stockpile as the US hoovers up supply. US Army selects nine sites for its Janus microreactor rollout. Oklo signs with Siemens Energy to lock in the power conversion kit for its first Aurora plant. Japan set to approve the restart of Kashiwazaki Kariwa, bringing 2.7 GW back online in phase one.

This week’s @oceanwall2 The Hoot is free for all. The sharp pull-back in #uranium reflects profit-taking after one of the sector’s strongest runs in years. But beneath the short-term volatility, the story hasn’t changed. As we explore iWestern supply remains tight, policy momentum is accelerating, and the fundamental drivers behind this cycle are more intact than ever.

@oceanwall2 arranged this transaction and are leading the international side $ASPI

A incredibly busy @oceanwall2 The Hoot this week. Washington’s $80 billion Westinghouse deal marks a historic push to rebuild America’s nuclear base, just as Big Tech’s $400 billion AI-power boom makes firm energy the new frontier. NextEra’s clean-power pact with Google underscores the fusion of AI and nuclear, while Yellow Cake’s raise and SPUT’s #uranium buying power tighten supply. With Illinois lifting its nuclear-build ban and Premier American Uranium advancing its Cebolleta PEA, momentum across the atomic economy is accelerating fast.

This week in @oceanwall2 The Hoot. The U.S. Department of Energy takes a landmark step toward fuel independence, converting 19 tonnes of weapons-grade plutonium into reactor fuel and ushering in a new era of circular nuclear power. We spotlight Quantum Leap Energy’s Creber Units, a breakthrough that turns nuclear waste into reusable fuel and high-value materials. Finally, we unpack the recent pull-back in #uranium, nuclear, and rare-earth equities after their record run, and what it signals for the next phase of the sector.

@oceanwall2 The Hoot just released. Fresh EIA data confirms U.S. reactors are running stronger for longer, just as the Army’s Janus microreactor programme brings defence into the #nuclear fold. Paladin’s update from Patterson Lake South reinforced its Tier-1 credentials, while Geiger Counter’s NexGen stake surged after a C$950 million raise. And in markets, #uranium and nuclear equities rallied once more on the wave of massive AI-driven investment, underscoring, yet again, that nuclear power is emerging as the true energy backbone of the compute era.

Morgan Stanley has just launched its National Security (MSXXNSEC) index. ASP Isotopes holds a 1.6% weighting as does Lightbridge. Both positioned it as mid tier components among the nuclear and #uranium group. This inclusion signals recognition of both company’s role in the national security and isotope supply chain narrative Also included are Energy Fuels USA RareEarths, UEC, MP Materials Hence the rally of 25% for $ASPI today

This week’s @oceanwall2 The Hoot we examine how Washington’s stake in Trilogy Metals marks a shift from “critical” to “near-critical” minerals, a group that now includes #uranium. We also explore how a weakening fiat base is driving a revaluation of real assets, with gold and bitcoin breaking higher as investors hedge against policy decay. In this landscape, uranium, scarce, strategic, and vital to productive energy, may be the most mispriced real asset of the decade.

This week @oceanwall2 looks at Fermi America’s landmark IPO, the first London–NASDAQ concurrent dual listing in a century giving investors a front-row seat to the fusion of AI demand and baseload power supply. With Fermi already locking in gigawatts of firm capacity and a pivot to nuclear underway, the deal feels like a turning point for energy-driven compute. Elsewhere, #uranium term prices have broken out to 17-year highs and enrichment prices hit records, all signs the fuel cycle is tightening fast

For all of us working with Fermi America this was a landmark $13.8bn Nasdaq listing - a milestone that not only underscores investor confidence in the company’s growth trajectory but also highlights the continued appetite for transformative businesses coming to public markets. For investors, this is a strong signal of capital market resilience and the opportunity for exposure to innovation at scale. @oceanwall2  presence reflects the importance of strategic advisory and cross-border capital partnerships in unlocking value for both companies and shareholders.

Yesterday, Ocean Wall Ltd CEO Nick Lawson was with the Fermi America Team celebrating the monumental $13.8bn listing on the Nasdaq

This week's @oceanwall2 The Hoot looks at uranium’s contango ending this week as spot prices surged from $78.05/lb to $83.80/lb, moving above term prices and creating backwardation. This shift signals tightening supply and renewed bullish sentiment around nuclear. Investor enthusiasm spans the fuel cycle, with the Sprott Uranium Miners ETF up 21% in a month and Oklo, a small modular reactor developer, up 60%. Nuclear is increasingly framed as a solution to energy-intensive AI demand, while front-end supply bottlenecks create compelling opportunities. The rally began on reports of potential US #uranium reserve additions, then strengthened as Mercuria entered uranium trading, drawing parallels with the 2007 supercycle. This week, further gains were driven by sequester activity and direct utility buying. With fundamentals strong, sentiment elevated, and financial institutions, utilities, and carbon sequesters all active, uranium appears set for a sustained bull phase under what looks like a perfect storm for the sector.

reuters.com/business/energ… I met with these guys at the FT conference in Lausanne earlier this year. This is a serious foray by them and reminds me when, at Deutsche, we started trading #uranium futures on Comex in 2006. It was us, the financial players, ahead of the utilities that really drove the uranium price 7x higher in six months.