Core Insights - Uranium Energy Corp (UEC) is a significant player in the uranium industry, focusing on exploration, development, and production, with a market capitalization of approximately $6.19 billion [1] Group 1: Market Position and Stock Performance - On September 24, 2025, a price target of $17.50 was set for UEC, indicating a potential upside of about 23.28% from its stock price of $14.20 at that time [2] - Currently, UEC's stock is trading at $13.93, reflecting a slight increase of 0.54% or $0.075, with a trading range between $13.12 and $15.05 today [2] Group 2: Operational Developments - UEC's fiscal 2025 annual report indicates a transition into uranium production in Wyoming and the near start-up of operations at Burke Hollow in Texas [3] - The establishment of the U.S. Uranium Refining & Conversion Corp positions UEC as the only vertically integrated uranium company in America, covering the entire process from mining to planned conversion [3] Group 3: Strategic Acquisitions - A significant development for UEC was the acquisition of Rio Tinto's Sweetwater Complex, which established UEC's third U.S. hub-and-spoke production platform and expanded its licensed capacity to 12.1 million pounds of UO annually [4] Group 4: Production and Cost Efficiency - Operational highlights include an initial production ramp-up, with approximately 130,000 pounds of precipitated uranium and dried and drummed UO as of July 31, 2025 [5] - UEC achieved low-cost production with a total cost per pound of $36.41, including a cash cost per pound of $27.63 and a non-cash cost per pound of $8.78 [5] - The successful commissioning of the Irigaray Central Processing Plant processed 26,421 pounds of UO in fiscal 2025 [5]

Core Viewpoint - The long-term outlook for uranium remains strong, driven by increasing global nuclear power capacity and strategic initiatives from countries like the U.S. and India to expand their nuclear energy capabilities [2][28]. Group 1: Cameco Corporation (CCJ) - Cameco is one of the world's largest uranium suppliers, with operations in mining and fuel services, and accounted for 16% of global uranium production in 2024 [4][6]. - In the first half of 2025, Cameco's total revenues increased by 35% year over year to CAD 1,666 million ($1,184 million), with uranium revenues up 27% to CAD 1,324 million ($941 million) [6][9]. - The company expects its share of adjusted EBITDA from Westinghouse to be between $525-$580 million for 2025, reflecting growth from its involvement in nuclear reactor construction projects [11]. - Cameco's share of production expectation from the McArthur River mine has been revised to 9.8-10.5 million pounds due to development delays, while the expected share from the Cigar Lake mine remains at 9.8 million pounds [8][12]. - The company has signed a long-term agreement to supply natural uranium hexafluoride (UF6) to Slovakia's largest electricity producer, marking its entry into the Slovak market [13]. - Cameco's stock has appreciated by 69% in 2025, reflecting the sharp price rebound in uranium [23]. Group 2: Ur-Energy (URG) - Ur-Energy operates the Lost Creek project in Wyoming, which has produced 3 million pounds of uranium since 2013, and is advancing construction at the Shirley Basin [14][16]. - In the first half of 2025, Ur-Energy's revenues jumped 124% to $10.4 million, but the company reported a net loss of seven cents per share [16][20]. - The company has eight multi-year sales agreements with major nuclear and utility companies, with annual delivery amounts ranging from 440,000 to 1,300,000 pounds of uranium from 2025 through 2033 [18]. - Ur-Energy's total sales in 2025 are projected at 440,000 pounds of uranium, leading to revenues of $27.1 million [17]. - Ur-Energy's stock has risen by 46% in 2025, but its revenues are expected to decline by 7.5% year over year in fiscal 2025 [20][23]. Group 3: Comparative Analysis - The Zacks Consensus Estimate for Cameco's 2025 revenues implies year-over-year growth of 11.3%, while Ur-Energy's estimate indicates a decline of 7.5% [19][20]. - Cameco's forward price-to-sales multiple is 15.00X, significantly above its five-year median of 6.74X, while Ur-Energy's is at 5.72X, below its median of 7.70X [26]. - Both companies are positioned to benefit from a bullish long-term uranium outlook, but Cameco offers stronger earnings visibility and stability due to its diversified operations and fixed-price contracts [28][29].

Core Viewpoint - Energy Fuels Inc. (UUUU) and NexGen Energy (NXE) are positioned to benefit from the global shift towards nuclear energy as a clean power source, with UUUU being a leading U.S. producer of natural uranium and an emerging producer of rare earth elements, while NXE focuses on uranium exploration and development in Canada [1][25]. Uranium Market Dynamics - Uranium prices have rebounded to $76.5 per pound, nearing a two-month high, driven by expectations of expanding nuclear power capacity and tightening supply [2]. - India plans to increase its nuclear capacity to at least 100 GW by 2047, and the U.S. aims to quadruple its capacity to 400 GW by 2050 [2]. - The U.S. and U.K. governments signed the Technology Prosperity Deal to accelerate reactor approvals and reduce dependence on Russian nuclear fuel by 2028 [2]. Energy Fuels Overview - Energy Fuels has produced two-thirds of all uranium in the U.S. since 2017 and has the potential to produce 4-6 million pounds of uranium annually [4]. - The company operates the White Mesa Mill, the only licensed conventional uranium mill in the U.S., which also processes rare earth elements and evaluates medical isotopes recovery [5]. - In Q2 2025, Energy Fuels produced approximately 665,000 pounds of uranium, generating $3.85 million in revenues, a 55% decline year-over-year [6][7]. - The company expects to produce between 875,000 and 1,435,000 pounds of uranium in 2025, with processing activity ramping up in Q4 [7]. - Energy Fuels plans to sell 350,000 pounds of uranium in 2025, with projections for lower costs of goods sold due to processing low-cost ores [8][9]. Rare Earth Elements Production - Energy Fuels has produced high-purity neodymium-praseodymium oxide for commercial-scale rare-earth permanent magnets, establishing a "mine-to-magnet" supply chain independent of China [10][11]. - The company is also producing pilot quantities of dysprosium oxide and plans to expand heavy rare earth oxide capacity [12]. NexGen Energy Overview - NexGen Energy's flagship Rook I project is the largest development-stage uranium project in Canada, expected to deliver up to 30 million pounds of high-grade uranium annually [13][14]. - The Arrow Deposit within the Rook I project contains 257 million pounds of uranium, with further exploration ongoing [15]. - NexGen has secured uranium sales contracts with U.S. utilities for 1 million pounds annually from 2029 to 2033, providing financial stability [16]. - As an exploration and development stage company, NexGen does not generate revenues and reported an adjusted loss of 10 cents per share in Q2 2025 [17][20]. Financial Performance and Valuation - Energy Fuels' 2025 earnings estimate is a loss of 33 cents per share, with a potential return to profitability in 2026 [19][26]. - NexGen's 2025 earnings estimate is a loss of 20 cents per share, with continued losses projected for 2026 [20]. - Year-to-date, UUUU shares have surged 203.5%, while NXE shares have gained 35.3% [22]. - Energy Fuels trades at a price-to-book multiple of 4.80X, while NXE's forward price-to-book multiple is 6.88X [23]. Conclusion - Both companies are well-positioned to benefit from rising global uranium demand, with Energy Fuels having a more favorable near-term outlook due to active production and a debt-free balance sheet, while NexGen offers significant long-term potential through its Rook I project [25][26].

Core Insights - Centrus Energy (LEU) reported a significant 27% year-over-year reduction in the cost of sales for the first half of 2025, leading to a 113% increase in gross profit to $86.8 million despite a 2% decline in revenues [1][5][12] Cost of Sales Analysis - In 2024, the LEU segment experienced a 56% increase in the cost of sales, primarily due to a 67% rise in the average unit cost of Separative Work Units (SWU) sold, partially offset by a 4% decrease in SWU volumes [2] - The Technical Solutions segment saw a 69% increase in the cost of sales, attributed to costs related to the HALEU Operation Contract during its transition from Phase 1 to Phase 2 [3] - For the first half of 2025, the LEU segment's cost of sales was $95.1 million, down 40% year over year, driven by a 22% decline in the average unit cost of SWU sold and a 12% decrease in SWU volumes [4] - The Technical Solutions segment's cost of sales was $45.7 million, a 42% increase year over year, mainly due to a $13.8 million rise in costs under the HALEU Operation Contract [4] Gross Profit Performance - The LEU segment generated $81.9 million in gross profit for the first half of 2025, reflecting a 144% year-over-year increase, influenced by the timing and composition of multi-year contracts [6] - The Technical Solutions segment reported a gross profit of $4.9 million, down 33% from the previous year, due to increased costs under the HALEU Operation Contract [7] Industry Comparison - Energy Fuels reported a 48% increase in its cost of sales to $21.8 million in the first half of 2025, resulting in a gross loss of $0.7 million, attributed to lower revenues and higher costs [8][9] - Cameco experienced a 31% year-over-year increase in costs in the first half of 2025, but still achieved a 46% increase in gross profit to CAD 527 million ($381 million) due to higher revenues and sales volumes [10][11] Stock Performance and Valuation - Centrus Energy shares have increased by 337.5% year-to-date, outperforming the industry growth of 16.6% and the Basic Materials sector's rise of 22% [13] - The company is trading at a forward 12-month price/sales multiple of 8.30X, significantly higher than the industry's 3.06X [14] Earnings Estimates - The Zacks Consensus Estimate for Centrus Energy's 2025 earnings is $4.34 per share, indicating a 2.91% year-over-year decline, with a further decline of 20.6% expected for 2026 [15]

Core Viewpoint - Uranium Energy Corp (UEC) is a leading supplier in the uranium industry, crucial for nuclear energy generation, and its market position is becoming increasingly significant as demand for clean energy rises [1] Financial Performance - UEC is expected to report a quarterly earnings per share (EPS) of -$0.03 on September 25, 2025, indicating ongoing financial challenges [2][6] - The company's price-to-earnings (P/E) ratio is approximately -69.61, reflecting negative earnings and raising concerns for investors [2] - Projected revenue for the period is $17 million, but the price-to-sales ratio of about 81.51 suggests that investors are paying a high price for each dollar of sales, indicating high market expectations for future growth despite current struggles [3][6] Valuation Metrics - UEC's enterprise value to sales ratio is around 80.44, indicating that the market value is significantly higher than its sales [4] - The enterprise value to operating cash flow ratio is approximately -100.27, reflecting negative operating cash flow and highlighting financial difficulties [4] Liquidity Position - UEC maintains a strong liquidity position with a current ratio of 10.11, suggesting that the company has sufficient current assets to cover its current liabilities, providing a buffer against short-term financial challenges [5][6]

Core Viewpoint - Anfield Energy has received approval for listing on NASDAQ, with trading commencing on September 18 under the symbol "AEC", while its OTC shares will cease trading [1] Company Overview - Anfield Energy is positioned to attract US investor interest as a near-term uranium producer, given that all its assets are located in the US, which has the largest installed nuclear reactor base but produces less than 1% of the required uranium [2] - The company currently has over 20 uranium assets in its pipeline across the Western US, with the Velvet-Wood project in Utah being the closest to production [4] Project Details - The Velvet-Wood project, located about 200 miles (322 km) south of Salt Lake City, holds 4.6 million lb. of uranium oxide equivalent (eU3O8) in the measured and indicated category, plus 552,000 lb. in the inferred category [5] - The company aims to start mine construction at Velvet-Wood in 2025, having received environmental approval in May under a compressed 14-day review timeline [6] Additional Operations - Anfield intends to reopen the Shootaring Canyon uranium mill, located about 48 miles (77 km) south of Hanksville, which is one of only three licensed and constructed uranium mills in the US [7]

Company Overview - enCore Energy Corp. (NASDAQ:EU) focuses on the acquisition, exploration, and development of uranium resource properties in the United States [2]. Recent Developments - The share price of enCore Energy Corp. decreased by 5.51% from September 5 to September 12, 2025, making it one of the energy stocks that lost the most during that week [1]. - A significant leadership change occurred with the appointment of Kevin Kremke as Chief Financial Officer, effective October 1, 2025. Kremke brings extensive experience in corporate finance, M&A, capital markets, and operational leadership, which is expected to enhance the company's growth strategy and shareholder value [3]. Industry Context - President Trump announced an executive order exempting uranium from country-based tariffs, along with gold and other metals, citing the need to address a national emergency. This development is significant for the American nuclear sector [4].

Group 1 - Cameco Corp. achieved a new 52-week high of $86.37, reflecting a 10.57% increase during trading [1][2] - The surge in Cameco's stock price is attributed to a long-term uranium supply agreement with Slovenské elektrárne, which will support their nuclear facilities from 2028 to 2036 [2] - The agreement is seen as a strategic move for both Cameco and Slovenské elektrárne, enhancing energy security in Slovakia and diversifying supplier sources [2] Group 2 - The US government's support for the expansion of the uranium sector has positively impacted Cameco and its peers in the industry [2] - CEO Tim Gitzel emphasized Cameco's role in meeting Slovakia's nuclear fuel needs and expanding its global commercial portfolio [2] - Slovenské elektrárne's leadership highlighted the importance of the contract for reducing dependence on a single supplier and ensuring smooth operations of their nuclear power plants [2]

We recently published All-Time High Fever: 10 Stocks Soaring and Breaking Records. NexGen Energy Ltd. (NYSE:NXE) is one of the best performers in last week’s trading. NexGen snapped a two-day losing streak on Monday, jumping 10.62 percent to close at $8.44 apiece as investors welcomed the US government’s backing for the expansion of uranium production in the country. NexGen Energy Ltd. (NYSE:NXE) rallied alongside its counterparts after Energy Secretary Chris Wright said that the US should look to boost ...

Group 1 - Cameco's stock surged nearly 11% due to U.S. plans to increase its strategic uranium stockpile and a new supply deal with a European company [1][3] - U.S. Energy Secretary Chris Wright emphasized the goals of boosting confidence in the nuclear industry and reducing dependence on Russian uranium supplies, which account for approximately 25% of U.S. needs [2] - The long-term uranium supply deal with Slovakia's Slovenské elektrárne will last through 2036, although financial details remain confidential [3][4] Group 2 - The U.S. aims for rapid growth in uranium consumption from both large and small modular reactors, indicating a need for increased domestic uranium and enrichment capacity [3] - The stock's rise significantly outperformed the S&P 500 index, which only increased by 0.5% [1]