Group 1 - Jim Cramer recommended buying Uranium Energy Corp (UEC), expressing a positive outlook on nuclear energy [1] - HC Wainwright & Co. analyst Heiko F. Ihle maintained a Buy rating for Uranium Energy and raised the price target from $12.25 to $12.75 [1] - Arcus Biosciences, Inc. (RCUS) was described as a speculative investment by Cramer, advising caution and diversification in investment strategy [2] - Wells Fargo analyst Eva Fortea Verdejo maintained an Overweight rating for Arcus Biosciences but lowered the price target from $26 to $25 [2] Group 2 - Arcus Biosciences shares increased by 4% to close at $10.06 [4] - Uranium Energy shares decreased by 1.1% to close at $10.22 [4]

Core Insights - Energy Fuels (UUUU) reported disappointing second-quarter 2025 results, with a loss of 10 cents per share and a 52% decline in revenues compared to the previous year [1][10]. Financial Performance - Total revenues for the quarter were approximately $4.2 million, a 52% year-over-year decrease, primarily due to lower uranium sales [2]. - The company sold 50,000 pounds of uranium at $77 per pound, generating $3.85 million in uranium revenues, which is 55% lower than the same quarter last year [2]. - Heavy mineral sands revenues amounted to $0.28 million from the sale of 202 tons of rutile [3]. - Costs applicable to revenues decreased by 0.7%, but exploration, development, and processing costs surged by 265% year-over-year to $9 million due to higher indirect processing costs and increased exploration activities [4]. - Selling, general, and administrative expenses rose by 118% year-over-year to $25 million, reflecting higher salaries and benefits due to an increased headcount [5]. Operational Highlights - During the quarter, the company mined approximately 665,000 pounds of uranium from various mines, with the Pinyon Plain mine producing 635,000 pounds [6]. - UUUU received regulatory approval for the Donald Rare Earth and Mineral Sand Project, which is expected to enhance its domestic operations [7]. Market Comparison - Cameco Corporation (CCJ) reported a 47% increase in revenues to $634 million, with adjusted earnings surging 410% year-over-year [8]. - Ur Energy (URG) reported a loss of four cents per share, wider than previous estimates [9]. Future Outlook - UUUU expects to mine between 875,000 and 1,435,000 pounds of uranium in 2025 and aims to process up to 1 million pounds this year [12]. - The company plans to sell 350,000 pounds of uranium this year, with projections for 2026 indicating sales between 620,000 and 880,000 pounds [13]. - UUUU anticipates lower uranium costs starting in Q4 2025, with total weighted average costs projected to decrease to $23–$30 per pound [14]. Stock Performance - UUUU shares have increased by 89.7% year-to-date, outperforming the industry and broader market indices [22][24]. - The stock is currently trading at a forward price-to-sales multiple of 22.95, significantly above the industry average of 2.63, indicating a stretched valuation [25]. Industry Context - Uranium prices have recently declined to $71.50 per pound, down 11.3% year-over-year, affecting revenue stability for UUUU [27][30]. - Despite current price pressures, the long-term outlook for uranium remains strong due to the push for clean energy and supply chain independence from China [31].

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Core Viewpoint - Energy Fuels Inc. (UUUU) is expected to report a loss for Q2 2025, with revenues projected at $9.40 million, reflecting a 7.8% increase year-over-year from $8.72 million in Q2 2024 [1][5]. Financial Performance - The Zacks Consensus Estimate for UUUU's earnings remains unchanged at a loss of four cents per share, indicating in-line results with Q2 2024 [1][5]. - UUUU's earnings surprise history shows a negative average surprise of 55.56% over the trailing four quarters, with one earnings beat and three misses [2][3]. Production and Sales - Uranium sales resumed in Q2 2025, with 50,000 pounds sold at an average price of $77 per pound, following no sales in Q1 due to weak prices [5][9]. - The Pinyon Plain mine produced 638,700 pounds of uranium in Q2, with record monthly output of 260,000 pounds in May [5][8]. Revenue Breakdown - Q1 2025 revenues were driven entirely by Heavy Mineral Sands, totaling $16.9 billion, but were down 33.5% year-over-year due to the lack of uranium sales [10][11]. - The expected Q2 2025 revenues will reflect both uranium and Heavy Mineral Sand sales, although operating expenses are anticipated to weigh on earnings [11]. Peer Comparison - Ur Energy (URG) sold 165,000 pounds of uranium in Q2 2025 at an average price of $63.20 per pound, resulting in revenues of $10.4 million, a 123.7% year-over-year increase [12]. - Cameco Corporation (CCJ) reported a 47% year-over-year revenue increase to $634 million (CAD 877 million) for Q2 2025, with uranium revenues also rising significantly [13]. Market Position and Valuation - UUUU's stock has gained 89.7% year-to-date, outperforming the industry and broader market indices [15][16]. - The company trades at a forward sales multiple of 23.39, significantly higher than the industry average of 2.56, indicating a premium valuation [19][21]. Strategic Outlook - Energy Fuels is ramping up uranium production and advancing rare earth element (REE) capabilities, positioning itself as a pioneer in domestic HREE production [24][26]. - The company remains committed to strategic investments to expand production capacity in response to growing demand for uranium and REEs, suggesting a solid long-term holding opportunity [25][26].

bossenergy.com positive catalysts. For personal use only Boss Energy well positioned to benefit from rising Long-Term price A global multi-mine Uranium producer For personal use only First mover advantage in a rising Uranium market Diggers and Dealers 4 August 2025 ASX: BOE | OTCQX: BQSSF Uranium Industry Update 0 20 40 60 80 100 120 140 160 180 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 AU$ U3O8 Spot Price U3O8 Long-Term Price Source: UxC, LLC https://www.uxc.com/ Term price (which represents ~ ...

Core Insights - Cameco Corporation's second-quarter revenues increased by 47% year over year to CAD 705 million ($509 million), driven by higher sales volumes and an increase in the Canadian dollar average realized price [1][8]. Revenue and Sales Performance - Cameco sold 8.7 million pounds of uranium in Q2 2025, a 40% increase from 6.2 million pounds in Q2 2024. The average realized price in Canadian dollars rose by 5% to CAD 81.03 per pound, despite a 17% decline in the average U.S. dollar spot price for uranium [2][8]. - For the first half of 2025, Cameco's uranium revenues reached CAD 1.324 billion, marking a 27% year-over-year increase, driven by a 16% rise in sales volumes and a 10% increase in the average realized Canadian dollar price [3]. - Cameco has delivered 15.6 million pounds of uranium so far in 2025, reaching nearly half of its full-year target of 31–34 million pounds [3]. Future Projections - For 2025, uranium revenues are forecasted to be between CAD 2.8 billion and CAD 3.0 billion, with the average realized price expected to rise to approximately $87.00 per pound [4]. - The Zacks Consensus Estimate for Cameco's earnings for fiscal 2025 indicates a year-over-year growth of 120.4%, while the estimate for 2026 implies growth of 49.6% [10]. Market Comparison - So far this year, Cameco shares have gained 52.7%, outperforming the industry's growth of 12.4% and the broader Zacks Basic Materials sector's increase of 9.7% [7]. - Cameco's stock is trading at a forward price-to-sales ratio of 12.99, significantly higher than the industry's 1.24 and above its five-year median of 6.60 [9].

The forward-looking information and statements included in this presentation represent our views as of the date of this presentation and should not be relied upon as representling our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we spectically disclaim any intention or obliqation to update forward-looking information, whether as a result of new information, future events or otherwise, except to the extent required by applicable s ...

Core Insights - Centrus Energy (LEU) and NexGen Energy (NXE) are positioned to benefit from the global transition towards nuclear energy as a clean power source [1] - Uranium prices have recently declined, impacting the market, but the long-term outlook remains positive due to increasing demand for clean energy [3][4] Company Overview - Centrus Energy has a market capitalization of $4.1 billion and supplies nuclear fuel components internationally, while NexGen Energy, valued at $4.2 billion, is focused on developing the Rook I Project, which aims to be the largest low-cost uranium mine globally [2] - Centrus Energy's existing process buildings can host 3.5 million Separative Work Units (SWU) per year, with potential expansion to 7 million SWU per year [6] Financial Performance - Centrus Energy reported total revenues of $73.1 million in Q1 2025, a 67% year-over-year increase, with the LEU segment revenues surging 117% to $51.3 million [8] - NexGen Energy, still in the exploration stage, reported an adjusted loss of six cents per share in Q1 2025, compared to a loss of four cents in the previous year [16] Project Developments - NexGen's Rook I project is expected to produce up to 30 million pounds of uranium annually at a low cost of C$13.86, potentially tripling Canada's uranium output [13] - Centrus Energy has a $3.8 billion revenue backlog, including long-term contracts with major utilities through 2040 [11] Market Outlook - The U.S. government aims to quadruple domestic nuclear energy capacity by 2050, which is expected to drive long-term demand for uranium [4] - Centrus Energy's earnings growth has not kept pace with revenue growth, raising concerns about margin pressure [11][26] Valuation and Investment Considerations - Centrus Energy's shares have surged 261.8% year-to-date, while NexGen Energy's shares have gained 10.6% [22] - Centrus Energy is trading at a forward price-to-book multiple of 19.20X, while NexGen Energy's multiple is 5.43X, indicating better value for NexGen [23] - Centrus Energy is the only company licensed to produce High-Assay Low-Enriched Uranium (HALEU), providing a strategic advantage [26]

Core Insights - Cameco Corporation (CCJ) is set to report its second-quarter 2025 results on July 31, with projected revenues of $630.7 million, reflecting a 44.3% year-over-year growth, and earnings per share (EPS) estimated at 36 cents, indicating a 260% increase from the previous year [1][4]. Financial Performance - The Zacks Consensus Estimate for Cameco's second-quarter revenues is $630.7 million, which is a 44.3% increase from the same quarter last year [1]. - The consensus estimate for earnings per share is 36 cents, showing a significant improvement of 260% from the prior year's figure of 10% [1]. - Over the past 60 days, the earnings estimate has increased by 50% [1]. Earnings Surprise History - In the last four quarters, Cameco's earnings missed the Zacks Consensus Estimate three times and exceeded it once, with an average negative earnings surprise of 48.50% [2][3]. Production and Sales Outlook - Cameco's uranium production is expected to be supported by its stakes in high-grade uranium mines, including a 69.8% stake in the McArthur River mine and an 83% stake in the Key Lake mill [7]. - The company anticipates uranium sales between 31 million and 34 million pounds in 2025, slightly down from 33.6 million pounds sold in the previous year [8]. - During Q1 2025, Cameco's share of uranium production reached 6 million pounds, a 3% year-over-year increase, with Q2 production expected to exceed 6.2 million pounds from the same period last year [9]. Cost and Pricing Factors - Uranium prices have faced pressure this year, averaging $72.59 per pound in Q2, down 17% year-over-year, but Cameco's revenues may benefit from fixed-price contracts [11]. - The average unit cost of production at McArthur River/Key Lake is expected to be higher, while costs at Cigar Lake are projected to decrease due to increased production [12]. Strategic Developments - Cameco's 49% stake in Westinghouse Electric Company is expected to contribute an additional $170 million to Q2 adjusted EBITDA, linked to Westinghouse's nuclear reactor construction projects [14]. - The company is actively working to lower administration, exploration, and operating costs, which may help mitigate the impact of rising costs on earnings [13]. Market Performance - Cameco shares have appreciated 75.3% over the past three months, significantly outperforming the industry average of 5.5% [16]. - The stock is currently trading at a forward price-to-sales ratio of 13.31, higher than the industry average of 1.24 and above its five-year median of 6.60 [18]. Industry Context - Geopolitical events and a global focus on climate change are creating favorable conditions for the nuclear power industry, with Cameco accounting for 16% of global uranium production in 2024 [20]. - Despite a strong balance sheet and investments to boost capacity, the current decline in uranium prices and changes to the Mineral Extraction Tax in Kazakhstan may impact earnings [21][23].

Core Insights - Centrus Energy (LEU) has achieved a compound annual growth rate (CAGR) of 14% in revenues from 2021 to 2024, with a notable 9% increase in 2023 and a significant 38% jump in 2024. The momentum continues into 2025, with a 67% year-over-year surge in total revenues to $73 million in Q1 [1][11]. Revenue Segments - The LEU segment, which includes revenues from sales of Separative Work Units (SWU), natural uranium hexafluoride, and uranium concentrates, remains the primary growth driver. In Q1 2025, LEU segment revenues increased by 117% to $51.3 million, driven by a 46% rise in SWU prices and a 49% increase in volumes [2][3][11]. - The Technical Solutions segment has also shown improvement, with revenues rising 8% year-over-year to $21.8 million in Q1 2025, primarily due to a $2 million increase from the HALEU Operation Contract. In 2024, this segment's revenues surged 80% to $92.1 million [4][5]. Backlog and Market Position - Centrus Energy has a revenue backlog of $3.8 billion, including long-term sales contracts with major utilities through 2040, with the LEU segment accounting for $2.8 billion of this backlog [6]. - The HALEU market is projected to grow from $0.26 billion in 2025 to $6.2 billion by 2035, and Centrus Energy holds a first-mover advantage as the only company licensed for HALEU enrichment [7]. Peer Comparison - In comparison, Cameco Corporation (CCJ) has delivered a CAGR of 24.8% in revenues from 2021 to 2024, with Q1 2025 revenues rising 17% year-over-year to CAD 789 million ($550 million). Cameco's uranium segment revenues grew by 10% [8][9]. - Energy Fuels (UUUU) reported a year-over-year revenue drop of 33.5% in Q1 2025 to $16.9 million, primarily due to the absence of uranium sales, despite a 106% increase in 2024 revenues [10][11]. Stock Performance and Valuation - Centrus Energy shares have increased by 225.1% year-to-date, significantly outperforming the industry average growth of 6.1% [13]. - The company is trading at a forward 12-month price/sales multiple of 8.21X, which is a substantial premium compared to the industry's 2.81X [14].