Before uranium can become fuel in a reactor, it has to be dug out of the ground first — and this is the story of the people who work at the very top of the chain: uranium mining. The world is rushing back to build nuclear plants to power the AI data centers that crave enormous amounts of energy, but mines worldwide have failed to keep up with demand for years. The result is a "shortage" that pushed uranium from $30 past $100 a pound. This lesson walks through how a lump of ore becomes "yellowcake," who the real market leaders are, and why "prices rising" doesn't mean "the supply comes fast."
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Theme index· base 100 · USD total return
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Why is Uranium Mining & Development moving?
Q2 2026
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Uranium miners rise on AI nuclear demand and G7 support
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AI-driven nuclear demand and G7 critical minerals push Uranium miners gained in June 2026 as demand for nuclear power from AI data centers grew and G7 nations advanced critical minerals initiatives, boosting the outlook for uranium producers.
This is the main positive force behind the sector's gain this period.
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New U.S. production and Cameco deals Uranium Energy started production at Burke Hollow, Cameco signed long-term utility contracts and increased its Cigar Lake stake, and RBC raised its price target, all supporting the sector.
These company-specific actions drove positive sentiment and supply growth.
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Geopolitical and operational risks China's export controls on MP Materials highlight supply-chain vulnerability, and Cameco's Saskatchewan flooding shows operational risks, even as it tightens supply and supports prices.
These are the key counterweights that could disrupt the positive trend.
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Energy Fuels' Defense Department loan Energy Fuels' $725 million Defense Department loan supports critical minerals processing but may dilute shareholders and shift focus from pure uranium, creating a trade-off for investors.
This shows a mixed impact: policy support but potential dilution and strategy shift.
Latest
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Nuclear demand forecasts and Westinghouse IPO lift uranium developers
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Jefferies launches nuclear coverage with $55tn capex forecast Jefferies started covering nuclear companies with buy ratings on Cameco, Kazatomprom, NexGen and Denison, forecasting about $55 trillion of nuclear spending through 2100 as data centers and AI need cheap, reliable power. It also flags a near-term uranium supply shortfall, reinforcing the long-term demand case for miners and developers.
A major brokerage's bullish demand forecast and buy ratings directly shape investor expectations for the whole uranium group.
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Westinghouse targets over $50B valuation in US IPO Westinghouse, partly owned by Cameco, is seeking a valuation above $50 billion in a US IPO that could file as soon as October. A successful listing would give Cameco a valuable stake and signal that investors will fund nuclear expansion, supporting uranium demand and the wider theme.
The IPO is a concrete capital-markets test of nuclear growth and directly affects Cameco, a core uranium producer.
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Oil price spike on Saudi strikes lifts energy security bid Missile and drone strikes on Saudi energy facilities pushed Brent crude above $98, and Centrus Energy jumped 8.3% as investors sought energy-security plays. Higher oil prices strengthen the case for nuclear power as a stable domestic energy source, a supportive backdrop for uranium miners.
Geopolitical supply disruption is a fresh force pushing energy-security demand toward nuclear and uranium.
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Canada pitches 160-plus mining projects to global investors Prime Minister Carney is hosting a Toronto summit to attract global capital for over 160 projects, including mining and energy, aiming for C$1 trillion in investment over five years. Easier financing and less red tape could help uranium developers advance projects, though major deals may take 12-18 months.
A government-led push to unlock mining capital improves funding access for uranium developers, a key constraint for the theme.
Q3 2026
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Uranium's long-term boom meets spot-price pain
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Long-term contract prices hit decade highs Utilities signing long-term contracts pushed prices to decade highs, boosting earnings for producers like Cameco and Centrus. This shows demand is real and durable, not just speculative.
It explains the core positive force driving uranium miners' long-term outlook.
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AI data centers and $3B US funding boost sentiment AI data centers need reliable power, and the US government put $3B into critical minerals. Together they lifted hopes for uranium demand, drawing investor attention to nuclear energy.
It highlights a major new demand catalyst and government support.
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Miners sold off 18% despite ~$85/lb spot uranium Even with spot uranium around $85 per pound, miners fell 18% and Uranium Energy dropped 50% as weak spot prices hurt revenues. Long-term contracts, not spot, drive earnings.
It captures the key counterweight: market volatility and spot-price weakness.
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Developers pre-revenue; BHP doubts scale; proliferation concerns Developers have no revenue yet, so Cameco and Centrus are safer bets. BHP questions uranium's scale, and US-Saudi proliferation worries may slow enrichment demand, adding uncertainty.
It shows the trade-offs and risks that temper the bullish case.
News & notes movingUranium Mining & Development
China
Uranium Mining & Development
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.
Purecore Metals Announces Up to C$2.5 Million Non-Brokered Private Placement
Purecore Metals Inc. intends to complete a non-brokered private placement for aggregate gross proceeds of up to C$2,500,000, the company announced on October 2, 2026. The offering will combine hard dollar units priced at C$1.35 each and flow-through units priced at C$1.50 each, with each unit consisting of one common share and one warrant. Each warrant entitles the holder to acquire one warrant share at C$2.00 for 36 months from the applicable closing date, subject to acceleration if the closing price on the Canadian Securities Exchange equals or exceeds C$2.50 for ten consecutive trading days. Net proceeds from the hard dollar units are expected to fund mineral exploration, property expenditures and acquisitions, and general corporate and working capital purposes, while gross proceeds allocated to the flow-through shares will be used to incur eligible Canadian exploration expenses that the company intends to renounce to subscribers with an effective date no later than December 31, 2026. Completion remains subject to customary closing conditions and regulatory approvals, and all securities issued will be subject to a four-month hold period.
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.
Apex Resources Grants ReOsiris Option to Acquire Wau Mineral Claim
Apex Resources Inc. has entered into an option agreement granting ReOsiris Inc. the exclusive right to acquire Apex's 100% interest in the Wau mineral claim in British Columbia. The option agreement took effect October 1, 2026, with ReOsiris, an arm's-length party, paying a non-refundable upfront cash payment of $20,000 for the grant of the option. ReOsiris must pay an additional $250,000 in cash upon exercising the option, and the upfront payment will not be credited against that exercise price. ReOsiris has 12 months to decide whether to exercise the option. The property consists of mineral tenure No. 1136563 and includes all minerals on the claim in whatever form, including tailings and waste rock, with all amounts stated in Canadian dollars.
Energy Transition & Power Demand › Uranium Mining & Development Capital
Apex Resources Inc. · Capital · Positive Apex grants ReOsiris an option to acquire its Wau mineral claim for $20,000 upfront plus $250,000 on exercise
ReOsiris Inc. · Capital · Neutral ReOsiris obtains an option to acquire the Wau claim, paying $20,000 now and $250,000 if it exercises within 12 months
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.
Uranium Energy Posts Wider Fiscal 2026 Loss Despite Q4 Output Surge
Uranium Energy Corp. reported a wider net loss of US$137.31 million for fiscal 2026, with full-year sales falling to US$37.25 million from US$66.84 million a year earlier and a basic loss per share from continuing operations of US$0.28. The company pointed to strong operational progress, including becoming a multi-mine producer, a 157% increase in fourth-quarter uranium output, and a 33% drop in total cost per pound. Uranium Energy remains unhedged and holds US$753 million in liquid assets with no debt. The results also update investors on the planned Uranium Refining and Conversion Corp venture, part of the company's vertical integration effort. Uranium Energy's narrative projects $352.2 million in revenue and $120.8 million in earnings by 2028, requiring 92.0% yearly revenue growth and a $198.6 million earnings increase from $-77.8 million today.
Emerita Resources Delays Iberian Belt West PFS Release for Expanded Review
Emerita Resources Corp. says its Preliminary Feasibility Study for the Iberian Belt West Project is well advanced and currently in final review, but the release will come later than previously indicated. Following a review by the company's recently updated Board of Directors, which also established a Technical Committee of independent Directors, Emerita has expanded the final review process to include additional technical and quality assurance oversight. The company said this expanded review is more comprehensive than previously planned and is the primary reason for the change from its previously indicated timing for release of the PFS. The objective is to provide an additional level of technical scrutiny and confidence in the results ultimately published for shareholders and other stakeholders. Based on the current work plan, Emerita expects to complete the review and release the PFS in the coming weeks.
Etruscus Insiders Buy $48,000 in First Tranche of Private Placement
Etruscus Resources Corp. disclosed that certain insiders participated in Tranche 1 of its non-brokered private placement for an aggregate of $48,000. That insider participation constitutes a related party transaction under Multilateral Instrument 61-101, but is exempt from formal valuation and minority shareholder approval requirements because neither the fair market value of the securities acquired nor the consideration paid exceeds 25% of the Company's market capitalization. Tranche 1 of the financing totalled 8,065,400 shares for total proceeds of $500,267, with the insider portion representing a sub-component of that tranche. The Company did not file a material change report at least 21 days before closing Tranche 1, which it deems reasonable to complete the tranche expeditiously and which was unanimously approved by its Board of Directors. The financing remains subject to final acceptance of the CSE, and all securities issued are subject to a hold period of four months and one day from the date of issuance.
Namib Minerals unit secures $6.5M BancABC term loan for Redwing Mine
Namib Minerals announced that its wholly owned subsidiary, Bulawayo Mining Company (Private) Limited, has secured a non-dilutive $6.5M new term loan facility from African Banking Corporation of Zimbabwe Limited, or BancABC. The new debt facility is in addition to the company's existing term loan and overdraft lines with BancABC, with all credit facilities now consolidated into a single unified structure to optimize working capital and liquidity. Net proceeds from the $6.5M facility will fund Step 3 of the Redwing Mine development, following the early completion of Step 1 dewatering and the fully funded Step 2 Definitive Feasibility Study, which aims to upgrade and extend the asset's resource base. The remaining balance for Step 3 is expected to be funded through the company's broader sequenced financing strategy, with further market updates anticipated in due course.
NAMM · Capital · Positive Namib Minerals' subsidiary secured a $6.5M non-dilutive term loan from BancABC to fund Step 3 of the Redwing Mine development.
Bulawayo Mining Company Limited · Capital · Positive Bulawayo Mining Company, the wholly owned subsidiary, obtained the $6.5M term loan facility to fund Redwing Mine Step 3 development.
African Banking Corporation of Zimbabwe Limited · Capital · Positive BancABC extended a new $6.5M term loan facility and consolidated all credit facilities into a unified structure for the borrower.
Cosa Resources Begins Partner-Funded Diamond Drilling at Aurora Uranium Project
Cosa Resources Corp. has commenced diamond drilling at its Aurora uranium project in the southeastern Athabasca Basin of Saskatchewan, roughly 16 kilometres east of Cameco's Key Lake mill and historical mine. The program is fully funded by Traction Uranium Corp. under an option agreement dated 10 February 2026, through which Traction can earn up to an 80% interest in Aurora by sole-funding $9.15 million in exploration expenditures plus cash and share payments; Cosa serves as operator. The drill program is planned to comprise approximately 800 metres in four to six holes, testing conductive anomalies identified by Cosa's 2024 Versatile Time-Domain Electromagnetic survey, with three of four target areas having associated uranium-source radiometric anomalies located down-ice. It marks the first drilling at Aurora since the 1980s, and Cosa VP Exploration Andy Carmichael noted the program began within just 8 months of the Traction agreement. Aurora covers a 17-kilometre section of the basin's southeastern rim, and sandstone cover is expected to be less than 100 metres thick in the northern third of the project and absent in the remainder.
Cosa Resources Corp. · Demand · Positive Cosa commenced partner-funded drilling at Aurora, with Traction sole-funding $9.15M to earn up to 80% interest, advancing its uranium project.
Traction Uranium Corp. · Capital · Positive Traction is sole-funding $9.15M in exploration plus cash and share payments to earn up to 80% of Aurora under the option agreement.
F3 Uranium Appoints Ross McElroy as CEO, Plans 10-for-1 Share Consolidation
F3 Uranium Corp. has appointed Ross McElroy as CEO and Director effective immediately, with Dev Randhawa stepping down as CEO and Chairman to become Executive Chairman. McElroy, a registered professional geologist with decades of uranium industry experience, co-founded both F3 and Fission Uranium with Randhawa and served as CEO of Fission Uranium through its $1.14 billion acquisition by Paladin Energy in December 2024. He most recently was appointed President and CEO of Shine Minerals, and previously joined Apollo Silver as President and CEO during its ramp-up phase to active explorer and developer. Separately, F3 announced it intends to proceed with a consolidation of its common shares on a one post-consolidation share for every ten pre-consolidation shares basis, pursuant to shareholder approval obtained at the company's May 14, 2026 annual and special meeting. The consolidation remains subject to final acceptance of the TSX Venture Exchange, with the effective date to be announced once determined.
Myriad Uranium Reports Encouraging HPSA Test Results at Copper Mountain
Myriad Uranium Corp. announced that an initial 2026 testing campaign by DISA Uranium Corporation on samples from its Copper Mountain Uranium Project in Wyoming showed that high-pressure slurry ablation technology can reduce rock mass by about 70% while producing a three-fold increase in uranium grade. Myriad provided approximately 50 kg of sample material from its 2024 drilling campaign at Canning for the HPSA testing, which collides two slurry streams at high pressures to liberate minerals from gangue material. ICP-MS results showed the total percent reduction of uranium concentration in the clean coarse material ranged from 74.5% to 87.9%, while total percent recovery to the fines concentrate ranged from 83.9% to 90.6%. At the first time interval, 83.9% of the uranium was recovered in 29.3% of the mass, and at the second time interval recovery rose to 90.6% of the uranium in 37.5% of the mass. Radionuclide analysis showed a 78.8% reduction in Ra-226 activity and an 83.5% reduction in Th-230 activity in the clean coarse material. CEO Thomas Lamb called the results highly encouraging but said more testing will be required at scale, and the company noted that early leach testing by Hazen Research in 1976 for Union Pacific found greater than 92% uranium recovery using a dilute sulphuric acid leach, which combined with a preconcentration method such as HPSA could significantly reduce overall beneficiation costs.
Myriad Uranium Corp · Technology · Positive HPSA test results showed ~70% rock mass reduction and three-fold uranium grade increase, an encouraging R&D/processing breakthrough for Myriad's Copper Mountain project.
Google Secures 22-Year Nuclear Deal for Finland Data Centers as Fuel Supply Gap Looms
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.
GOOG · Supply · Positive Google signed a 22-year deal for up to 50% of Finland's Loviisa nuclear plant capacity to power its data centers.
LEU · Supply · Positive Cited as a company developing additional uranium enrichment production to help close the U.S. nuclear fuel supply gap.
LIS Technologies · · Neutral LIS Technologies' president is quoted on the nuclear fuel supply gap, but the article reports no company-specific development for LIS.
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.
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) ▲Capital
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Capital
Energy Transition & Power Demand › Uranium Mining & Development ▲Capital
Energy Transition & Power Demand › Advanced Nuclear — SMR & Microreactor Capital
Westinghouse Electric Company · Capital · Neutral Westinghouse is reportedly seeking a $50B+ IPO valuation, but the target may be hard to achieve given weak nuclear IPO performance and the US government's 20% participation interest.
CCJ · Capital · Positive Cameco's 49% Westinghouse stake would be worth over $24.5B at the reported $50B IPO valuation, far above its $2.1B purchase cost.
Fluxnium Raises $7 Million Seed Round for Seawater Uranium Supply
Fluxnium, Inc. announced a $7 million seed round led by Congruent Ventures to commercialize uranium adsorbed from seawater rather than mined from rock. Constellation Technology Ventures, the venture investing organization within Constellation, and Active Impact Investments, Canada's largest climate technology seed fund, also participated in the round. Proceeds will fund further development, pilot testing and scale-up of Fluxnium's proprietary high-surface-area fiber, developed with a leading U.S. national laboratory, which passively adsorbs uranium as seawater moves past it. CEO and Founder Jeff Green said the United States imports more than 90% of its uranium supply, and that Fluxnium's approach is projected to compete on cost with conventional mining with no tailings or ground water concerns. The company said seawater holds roughly a thousand times more uranium than all currently identified terrestrial deposits combined, and that capacity grows by deploying additional fiber on proven offshore longline infrastructure rather than developing a new mine.
Westinghouse Targets Over $50B Valuation in U.S. IPO, Eyes October Filing
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.
Eagle Plains Reports Anomalous Radioactivity at Don Lake Uranium Project
Eagle Plains Resources Ltd. and partner Xcite Uranium Inc. reported additional drilling results from the Don Lake uranium project near Uranium City, Saskatchewan, where the B Zone and C Zone targets intersected multiple zones of anomalous radioactivity. The 1106m, 10-hole program, contracted to Apex Drilling, tested for structurally-controlled uranium mineralization defined by historical work and the 2025-2026 field programs. Highlights included DN26005 with 1.3m averaging 2898 cps, DN26006 with 5.5m averaging 2656 cps, DN26008 with 0.7m averaging 10403 cps, and DN26009 with 0.6m averaging 12473 cps. The first three holes at Don Lake in 2026, completed in the A Zone area, also intersected anomalous radioactivity, including DN26001 with 1.9m averaging 11571 cps, DN26002 with 1.1m averaging 11753 cps, and DN26003 with 1.2m averaging 2700 cps. Geochemical assays of drill core samples are pending, and the approved 2026 budget for Don Lake is approximately $1.1 million, consisting of $200,000 in completed fieldwork and $900,000 allocated for drilling, with all work managed by TerraLogic Exploration Inc. Under a December 2023 agreement, Xcite holds the exclusive right to earn up to an 80% interest in the Don Lake, Gulch, Lorado, Beaver River, Black Bay, and Smitty projects, which cover 54 Saskatchewan Mineral Deposit Index occurrences and five past-producing uranium mines and are 100% owned by Eagle Plains.
Eagle Plains Resources Ltd. · Technology · Positive Eagle Plains reported anomalous radioactivity intersections at its Don Lake uranium project, advancing the exploration target
Xcite Uranium Inc. · Technology · Positive Xcite Uranium's earn-in partner reported anomalous radioactivity at Don Lake, supporting the project's exploration potential
American Battery Technology Posts First Adjusted Gross Profit as Federal Black Mass Export Ban Looms
American Battery Technology Company reported its first-ever adjusted gross profit on its fiscal year 2026 earnings call on September 14, even as CEO Ryan Melsert disclosed a federal directive that effectively bans exports of black mass unless the company obtains a specific exception. Revenue at its flagship recycling facility jumped more than 400% year over year to $21.7 million, while cost of goods sold rose only 67% and operating cash spend fell 16%, pushing adjusted gross profit to $1.7 million from a $6.2 million loss a year earlier. Cash climbed to $49.5 million as of June 30, 2026, total assets reached $133 million, and the company erased all long-term debt. A second recycling facility planned for the Southeast U.S., designed to process 100,000 tons of batteries a year, is backed by a $150 million Department of Energy grant, and a separate $10 million DOE grant funds three next-generation recycling technologies; the Bureau of Land Management also certified the plan of operations for the Tonopah lithium project in Nevada, which holds 21.3 million tons of lithium hydroxide including 2.7 million tons of proven and probable reserves. American Battery Technology has submitted a request for the black mass export exception but had received no formal response from the Department of Commerce as of the call, and short interest sits at 16.38% of the float against a forward P/E of 37.74 as of September 16.
Energy Transition & Power Demand › Uranium Mining & Development Supply
ABAT · Capital · Positive Reported first-ever adjusted gross profit with revenue up over 400% to $21.7M, cash of $49.5M, and all long-term debt erased.
ABAT · Tariff · Negative A federal directive effectively bans black mass exports unless the company obtains a specific exception, and its request had received no formal response.
EagleOne Appoints Shane Lowry Interim CEO in Uranium Pivot
EagleOne Metals Corporation announced executive management and Board changes as the company advances a renewed strategic focus on the uranium sector. Effective September 14, 2026, Shane Lowry has been appointed Interim Chief Executive Officer and a Director, while founder Matthew Markin, who had served as CEO since inception, transitions to Chief Financial Officer while remaining a Director. Barry Wattenberg has stepped down as Chief Financial Officer but continues as a Director, and Robert Reukl has resigned as a Director. The company reconstituted its Audit Committee to consist of Howard Blank, Robert Hall and Shane Lowry, with Blank continuing as Chair. EagleOne said it intends to evaluate opportunities involving uranium assets and companies while continuing to assess opportunities across its existing portfolio, citing growing global interest in uranium and nuclear energy, including increasing attention to the sector in the United States.
Carney Pitches 160-Plus Projects to Global Investors at Toronto Summit
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.
Oil Stocks Jump as Saudi Strikes Disrupt Energy Facilities
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%.
Albemarle Names BHP Executive Ragnar Udd as Next CEO
Albemarle Corp. has named BHP Group Limited's Chief Commercial Officer Ragnar "Rag" Udd as its next CEO, effective Feb. 1, 2027, succeeding Kent Masters, who will become executive chairman at the 2027 annual meeting. The transition comes as the lithium producer faces a market shaped by Chinese oversupply and shifting demand toward grid-scale storage. JPMorgan analyst Jeffrey Zekauskas cut Albemarle's 2026 adjusted EBITDA estimate by 14.4% to $2.88 billion, noting that each $1-per-kilogram move in lithium prices shifts annual EBITDA by roughly $250 million. Meanwhile, China's revocation of environmental approval for CATL's Jianxiawo mine has led Benchmark Mineral Intelligence to halve its 2026 output forecast for that site to 32,000 tons of lithium carbonate equivalent. Udd brings over 25 years of experience in resource businesses across Australia, Asia, and the Americas, and will oversee Albemarle's Energy Storage and Specialties businesses as the company positions for a market recovery.
Jefferies launches nuclear coverage with $55tn capex forecast
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 to Acquire Treeline Uranium Project in New Mexico
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.
Energy Transition & Power Demand › Uranium Mining & Development ▲Supply
Americas Uranium Corp. · Capital · Positive Americas Uranium is acquiring a 100% interest in the Treeline uranium property, expanding its North American uranium portfolio
Verdera Energy Corp. · Capital · Positive Verdera Energy is selling its Treeline uranium property for US$100,000 cash plus C$2,000,000 in Americas Uranium shares
NM Energy Holding Corp. · Capital · Positive NM Energy Holding, Verdera's subsidiary, is a seller in the Treeline property acquisition deal
Lithium Miners Profit as Battery Storage Demand Surges
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.
Daqo Cuts Losses While Betting on AI Power Infrastructure
Daqo New Energy reported second-quarter earnings on August 20, showing narrowed losses but continued sales below production cost, while management highlighted a new pivot toward AI power infrastructure and semiconductor-grade polysilicon. Revenue rose to $62.7 million from $26.7 million in the first quarter, gross loss narrowed to $82.7 million from $139.4 million, and net loss improved to $81.2 million from $88.4 million. The company holds zero debt and $1.92 billion in liquidity, which supports its patience through the downturn. Daqo joined seven other polysilicon manufacturers on August 6 in an initiative to stop below-cost sales, and a new national energy standard effective January 1, 2027, is expected to force noncompliant plants to shut down. On June 3, Daqo announced an investment agreement to build a manufacturing base for AIDC power infrastructure, including energy storage systems and solid-state transformers, and it is targeting a semiconductor-grade polysilicon market where it sees global demand of 75,000 tons against supply of 57,000 tons. However, the average selling price fell to $4.04 per kilogram from $5.96, while production cost stayed at $5.95 per kilogram, resulting in a negative 132% gross margin. Cash used in operating activities for the first half of 2026 reached $276.2 million, more than double the $105.4 million a year earlier. Management acknowledged that the qualification cycle for semiconductor-grade polysilicon is taking longer than expected, and the AIDC effort is still small, with only $30 million to $40 million earmarked for 2026.
Energy Transition & Power Demand › Uranium Mining & Development ▼Pricing
688303.CG · Capital · Neutral Narrowed losses and strong liquidity are positive, but continued negative gross margin and cash burn offset.
688303.CG · Demand · Positive Pivot to AI power infrastructure and semiconductor-grade polysilicon targets growing demand.
DQ · Capital · Neutral Q2 losses narrowed and liquidity is strong, but sales remain below cost with negative 132% gross margin and rising cash burn.
DQ · Demand · Neutral New pivot to AIDC power infrastructure and semiconductor-grade polysilicon targets future demand, but qualification is slow and 2026 spend is only $30-40M.
POLYSILICON · Supply · Negative Industry initiative to stop below-cost sales and new standard may reduce supply, but current oversupply persists.
SQM Beats Expectations and Raises Lithium Demand Outlook
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.
SQM · Capital · Positive Q2 revenue, net income and adjusted EBITDA beat consensus, with lithium revenue up nearly 300% on record volumes
SQM · Demand · Positive Management raised its 2026 global lithium-demand forecast to over 2.1 million tonnes, citing battery-energy-storage demand
LITHIUM · Demand · Positive SQM raised 2026 global lithium demand forecast to over 2.1 million metric tons, citing battery-energy-storage demand, which is positive for lithium carbonate futures.
BHP in Talks With NexGen Over Rook I Uranium Project
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. First-Half Net Profit Soars More Than Tenfold
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 CEO Sees US Uranium Contracting Wave Ahead
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.
US unveils over $2 billion in new domestic mining projects
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.
Iran War Inflation Spills Beyond Energy as Core PCE Hits 3.4%
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.
Only Two of Five Hyped Nuclear Stocks Actually Sell Fuel Today
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 Maintains 2026 Production Outlook Despite Operational Disruptions
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.
Trump pitches $3 billion investment in critical minerals to break China dependence
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.
DRC Bans Cobalt Concentrate Exports; Huayou Cobalt Says It Does Not Export Concentrates
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.
Albemarle Q2 2026 EBITDA more than doubles to $858 million
Albemarle Corp reported second-quarter 2026 net sales up 31% year-over-year and adjusted EBITDA more than doubling to $858 million, with enterprise EBITDA margin expanding to 49%. The company generated $710 million in cash from operations and $638 million in free cash flow, achieving over 80% operating cash conversion. Global lithium demand grew 45% year-over-year through May, driven by strong stationary storage and improving EV growth, with inventories at near-record lows. Albemarle raised its full-year outlook for specialties and is on track to hit the high end of its cost productivity target of $100-150 million. However, a June 9 fire at the Greenbushes CGP3 plant delayed the ramp-up to full production until Q1 2027, leading the company to expect energy storage sales volumes for 2026 to be flat to down 4% year-over-year.
Eagle Nuclear Energy Engages CBIZ CPAs as Independent Auditor
Eagle Nuclear Energy Corp. has engaged CBIZ CPAs P.C. as its independent registered public accounting firm following a thorough evaluation by its Audit Committee and approval from the Board of Directors. The company, which owns one of the largest conventional, measured and indicated uranium deposits in the United States, is advancing its flagship Aurora Uranium Project toward a Pre-Feasibility Study scheduled for completion in late 2027. CEO Mark Mukhija stated that CBIZ CPAs brings specialized expertise across the energy and mining sectors. Eagle Nuclear Energy went public in February 2026 and is building an integrated nuclear energy platform that combines domestic uranium resources with advanced small modular reactor technology.
