Justin Huhn, Founder and Publisher of the Uranium Insider, joins me for yet another very comprehensive macro update on the supply and demand fundamentals for uranium and the nuclear fuel sector.   After just getting back from the World Nuclear Symposium in London, Justin provides some boots-on-the-ground feedback as to the longer-term contracting cycle is setting up with utility companies, different bottlenecks in the nuclear fuel cycle that he is watching, and how he is positioning in the uranium equities to feed the front end of that supply chain.

This is a longer-format discussion building upon our prior conversations in 2024 and early 2025, because even more key macro news and company developments have been announced in the nuclear and uranium sector.

We start off reviewing the series of right-tail risks that are propelling the sector and supply/demand fundamentals to the upside.   In addition to the global reactor builds, pinch points in enrichment, buying in the spot markets from the Yellowcake fund and Sprott Physical Uranium Trust, and the 4 executive orders out of the Trump Administration in May that focused on the nuclear and uranium industries; we’ve continued to see even more factors stacking up for the bullish longer-term thesis.  Justin highlights that just this afternoon we saw the Trump administration announce that it was researching building up a strategic uranium reserve, which sent many uranium stocks up double-digits on the day.

Transitioning over the supply environment from the uranium mining companies, we’ve seen a flurry of news all year out of producers across the board struggling to ramp up production.  Justin unpacks the news out of Kazatomprom, the largest uranium swing producer in Kazakhstan, lowering expected guidance, as well as Canadian senior uranium producer Cameco (CCO.V) (CCJ) discussing the difficulty they are having in sourcing skilled labor to expand their operations.

Next we point out that large development projects in the Athabasca Basin of Canada, like the Phoenix Project held by Denison Mines (TSX: DML) (NYSE: DNN), Paladin Energy’s (ASX: PDN) (OTCQX: PALAF) Triple R/Patterson Lake Project, and in specific the importance of the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), seeing timelines get pushed back to 2030 or later. There is very little new supply coming online globally, with the exception of some smaller production out of the US and Australian producers. All of this points to a much more constrained output from global uranium producers, even in face of growing uranium demand.   Justin highlights the opportunity he sees for growth in the smaller US producers and developers, and that he expects to see merger and acquisition transactions in this jurisdiction in the years to come.

Wrapping up, Justin weighs in on the importance of seeing more developers and explorers move projects forward, and that the exploration stocks in particular have been left for dead by investors and represent compelling value propositions in this current environment.

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