The sister lesson already told the "uranium is soaring because of AI" story — this one tells the scarier story: who actually digs it up. Nearly 40% of the world's uranium comes from Kazakhstan alone, and most of the shipping routes and enrichment are tied to Russia. When the war in Ukraine broke out, the US went so far as to pass a law banning Russian uranium and poured billions into building its own supply chain. This is a story about a strategic mineral where "security" matters as much as "price" — and the West is racing to find places to mine inside its own alliance before it's too late.
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News & notes movingUranium Mining
Canada
Uranium Mining▲2
Xcite Uranium Begins 1300m Drill Program at Eagle Plains' Black Bay Project
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.
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) ▲Supply
Xcite Uranium Inc. · Technology · Positive Xcite commenced a 1300m, 6-hole diamond drill program testing for Beaverlodge-type and basement-hosted unconformity uranium mineralization at Black Bay.
Eagle Plains Resources Ltd. · Demand · Positive Xcite's drilling program advances exploration on Eagle Plains' Black Bay project, with Xcite funding up to CDN$3.2M in expenditures and issuing shares/cash to Eagle Plains under the option agreement.
Uranium Energy Q4 Output Jumps 157% as Costs Fall 33%
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.
China Uranium Chairman Yuan Xu Resigns Due to Work Adjustment, Completed Company IPO During Tenure
China Uranium, stock code 001280, announced that Chairman Yuan Xu has resigned due to work adjustment. The announcement shows that the board of directors of China Uranium recently received a written resignation report from Yuan Xu, in which he applied to resign from his positions as chairman, director, and convener of the board's strategy and investment committee. His original term was set to end upon the expiration of the second board of directors. After resigning, he will no longer hold any position in the company. According to relevant regulations, Yuan Xu's resignation will not cause the number of board members to fall below the statutory minimum, and his resignation report takes effect from the date it is delivered to the board. It will not have an adverse impact on the company's daily management or production and operations. As of the disclosure date of the announcement, Yuan Xu does not hold any company shares, and there are no commitments that should have been fulfilled but have not been fulfilled. China Uranium stated that during his tenure, Yuan Xu performed his duties diligently and conscientiously, steadily advanced the increase of domestic natural uranium reserves and production, significantly enhanced the ability to control overseas uranium resources, accelerated the development of the comprehensive utilization industry for radioactive associated resources, strengthened top-level design for scientific and technological innovation, and successfully completed the company's initial public offering and listing.
F3 Uranium to Pay Denison Interest With 797,872 Shares and $225,000 Cash
F3 Uranium Corp. will issue 797,872 common shares to Denison Mines Corp. to settle a portion of accrued interest owed under a financing agreement entered into in October 2023. The payment consists of a cash payment of $225,000 plus the shares, issued at a deemed price of $0.141 per share, being the 20-day VWAP as at September 28, 2026. The underlying debenture carries a 9% coupon payable quarterly, matures on October 18, 2028, and is convertible at Denison's option at a conversion price of $0.56 per share; F3 may pay up to one-third of the interest in shares. All securities issued are subject to TSX-V approval and a statutory hold period in Canada expiring four months and one day from issuance. The shares-for-debt transaction was approved by F3's Board of Directors and did not require a formal valuation or minority shareholder approval under Multilateral Instrument 61-101.
Critical Materials & Supply Chain › Uranium Mining Capital
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) Capital
DNN · Capital · Positive Denison receives $225,000 cash plus 797,872 F3 shares to settle accrued interest under its convertible debenture financing.
F3 Uranium Corp. · Capital · Neutral F3 issues shares and pays cash to settle accrued interest on its 9% convertible debenture, a financing-related obligation.
Azincourt Energy Begins Drilling at Snegamook Uranium Deposit After Completing Harrier Prospecting
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.
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) ▲Supply
Azincourt Energy Corp. · Technology · Positive Azincourt commenced diamond drilling at the Snegamook uranium deposit and identified two new uranium showings at Harrier, advancing its exploration program
URANIUM · Supply · Positive New uranium showings and drilling at Snegamook/Harrier add to potential uranium supply pipeline, a mild positive for uranium exposure
RBC Starts Uranium Energy at Sector Perform With $10 Target
RBC Capital initiated coverage of Uranium Energy with a Sector Perform rating, a Speculative Risk qualifier and a $10 price target, sending shares down 0.6% in Friday's trading. Analyst Andrew Wong said the shares look fairly valued, balancing strong growth potential against execution risk. Uranium Energy holds the largest licensed U.S. uranium capacity at 12M lbs/year, with production currently ramping, which could generate significant cash flow at RBC's roughly $110/lb long-term uranium price forecast. Wong flagged ramp-up risks tied to labor, permitting and construction, noting the company is ramping production in Wyoming and Texas, developing the Roughrider project in Saskatchewan, and plans to build new uranium conversion capacity in the U.S. He said the company offers highly leveraged exposure to uranium, especially U.S.-origin, but carries potential execution risks given its ambitious and expansive plans, adding that building greenfield conversion in the U.S. comes with significant risks and that plan details are currently limited.
UEC · Capital · Neutral RBC initiates coverage with a Sector Perform rating and $10 target, calling shares fairly valued while flagging execution risk.
Torq Resources Inc. has closed its previously announced shares-for-debt settlement, issuing 2,261,120 shares to two directors, 240,018 shares to arm's length creditors and 8,081,182 units to arm's length creditors to settle an aggregate of $529,116 of debts. The settlement follows the closing of the company's private placement for gross proceeds of $1.7m on September 16, 2026, and the units issued are identical to those in that placement, each consisting of one common share and one share purchase warrant exercisable until October 1, 2029, to acquire a share for C$0.10. The debts primarily relate to accrued interest on Torq's $2.8m loan facility, both the principal and accrued interest on an $84k promissory note, and settlement of certain accrued director wages. No finder fees were paid in connection with the closing, and the securities issued are subject to a statutory four-month and one-day hold period in Canada. The 2,261,120 shares issued to related parties are exempted from formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of Canadian Multilateral Instrument 61-101, as neither the fair market value of the securities issued to nor the consideration paid by such person could exceed $2.5 million or 25% of the company's market capitalization.
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