Summary of Uranium Industry Insights Industry Overview - The discussion centers on the uranium industry, particularly the outlook for uranium and key investor debates, featuring insights from John Ciampaglia, CEO of Sprott Asset Management, which holds over 75 million pounds of physical uranium in storage after purchasing 8.7 million pounds last year [1] Key Points and Arguments Market Sentiment and Pricing - 2025 was a favorable year for uranium equities and market sentiment, although prices remained stable due to low contracting volumes. The market was initially hindered by uncertainties related to tariffs and energy policy, but a shift in the policy environment led to increased contracting towards the end of the year, with September to November seeing approximately 40 million pounds contracted, bringing the total for 2025 to around 100 million pounds [2] - The U.S. government committed $80 billion to build reactors, aiming to streamline approval processes and expedite construction of 10 new large reactors by 2030, which is expected to mitigate execution risks [3] Demand Dynamics - Uranium demand is projected to grow over 50% by 2035, with a compound annual growth rate (CAGR) of 4% per year, driven primarily by new nuclear capacity in China and India. The demand growth is expected to be back-end loaded, with significant contributions from reactor extensions and refurbishments [9][18] - The U.S. currently consumes over 40 million pounds of uranium annually, indicating substantial potential for policy support to stimulate domestic production [4] Contracting and Supply Challenges - Utilities are expected to increase contracting as they recognize supply challenges, with 2025 contracting likely around 100 million pounds, still below the theoretical replacement rate of 150 million pounds per year. The next wave of contracting is anticipated to see higher prices due to supply constraints [5] - The supply of uranium is characterized by high geographical concentration, with 75% of global production coming from Kazakhstan, Canada, and Namibia. The industry is facing challenges such as permitting delays and supply chain frictions, which could prolong project lead times [12][56] Strategic Initiatives and Policy Support - The U.S. government is building a strategic uranium reserve, with $75 million allocated for purchasing legacy U.S. production at prices above spot rates. This initiative is part of a broader strategy to secure domestic uranium supply amid geopolitical tensions [4] - The Biden Administration's ongoing Section 232 review could incentivize domestic production and establish price floors for uranium offtake [4] Financial Demand and Trust Buying - Financial demand from physical trusts, such as Sprott Physical Uranium Trust, has significantly influenced uranium prices, with holdings increasing from 35 million pounds in 2020 to 80 million pounds in 2023. However, a collapse in trust buying in 2023/24 has contributed to weaker uranium prices [52][53] - The role of financial demand is crucial as it removes volumes from tradeable inventories, tightening the spot market and potentially altering contracting behavior [54] Future Outlook - The uranium market is expected to face a growing deficit driven by supply discipline from major producers like Cameco and Kazatomprom. Legislative changes in Kazakhstan are tightening access to uranium contracts, which could further impact supply dynamics [11] - The anticipated growth in nuclear power generation is likely to lead operators to add to uranium inventories, with two-thirds of utilities' demand over the next two decades currently uncovered [31] Additional Important Insights - The construction of new nuclear reactors has slowed significantly compared to historical rates, with political will diminishing in the West. However, there is a push for faster and cheaper nuclear rollout through consolidation of reactor models and improved regulatory frameworks [32][35] - Small modular reactors (SMRs) are emerging as a potential solution for reliable electricity, with significant investments from both government and private sectors, although their deployment is not expected until the 2030s [42][43] This comprehensive overview highlights the key dynamics and future outlook of the uranium industry, emphasizing the interplay between demand, supply, policy, and financial factors that will shape the market in the coming years.

Summary of the Uranium/Nuclear Outlook Conference Call Industry Overview - The conference focuses on the uranium and nuclear power industry, emphasizing the increasing importance of nuclear energy in the future economy and its role in electrification [1][3][31]. Key Points and Arguments Supply and Demand Dynamics 1. A long-term supply/demand model indicates that known uranium supply will be insufficient to meet the increasing demand for nuclear power, particularly for U3O8 (yellowcake) [1][5]. 2. The expected supply deficit in 2026 is not anticipated to widen significantly, with close monitoring of NexGen's public hearing results and Kazatomprom's production guidance [5][31]. 3. The tightening supply-demand imbalance suggests structurally higher uranium prices, with term prices expected to hold above $85/lb [1][3][58]. Nuclear Power Developments 4. Nuclear power is projected to gain importance in power generation, with potential announcements regarding new reactors expected in 2026 [1][31]. 5. The U.S. government and Westinghouse are expected to make announcements that could drive incremental uranium demand, particularly with the potential for new reactor builds [31][36]. Market Trends and Pricing 6. The uranium price forecast has been revised upwards, with estimates for 2026 increased from $82 to $85 and for 2027 from $84 to $88 [4][58]. 7. The correlation between nuclear energy and AI is expected to strengthen, with uranium trading increasingly in line with AI themes [1][83]. Regional Insights 8. Kazakhstan is expected to maintain supply discipline, avoiding flooding the market, while China will continue to expand its reactor pipeline and increase uranium imports [1][8][31]. 9. U.S. utilities are anticipated to ramp up uranium contracting in 2026, driven by long-term needs and potential new reactor announcements [92][94]. Investment Recommendations 10. Kazatomprom (KAP) and Cameco (CCJ) are highlighted as top picks for 2026, with KAP valued at $71/share and CCJ at $101/share, based on their strong asset bases and expected benefits from higher uranium prices [3][4][66][79]. Additional Important Insights - The potential for U.S. Navy reactors to be repurposed for data center power generation is noted, although it faces regulatory hurdles [89][90]. - The market is characterized by a finite amount of low-cost uranium resources, which could support higher prices in the long term [64][65]. - The sentiment around nuclear energy has shifted positively, with increasing recognition of its role in energy security and grid reliability [36][31]. This summary encapsulates the critical insights and projections regarding the uranium and nuclear power industry as discussed in the conference call, highlighting the expected trends, pricing forecasts, and investment opportunities.

Core Insights - F3 Uranium Corp has announced significant results from its fall 2025 drill program at the Tetra Zone, extending the mineralized plunge length from 60m to 135m, representing a 125% increase [1] - The drilling program included five diamond drill holes totaling 2,628m, with assays currently being processed and expected to be released soon [1][12] Drilling Results - The fall 2025 program aimed to test the continuity of uranium mineralization in the Tetra Zone shear, confirming continuity on the eastern side with hole PLN25-221 stepping out approximately 28m from PLN25-205 [1] - Notable intersections include PLN25-217, which intersected mineralization over 29.5m, with 27.5m continuous and a peak radioactivity of over 10,000 cps [1][3] Spectrometer Highlights - Handheld spectrometer results indicated significant radioactivity, with intervals showing readings above 300 cps, categorized as "anomalous," and readings exceeding 10,000 cps classified as "highly radioactive" [9][11] - Specific intervals of interest include 2.0m of radioactivity between 333.5m and 335.5m, and 8.5m between 338.0m and 346.5m, with a peak of 4,500 cps [3][4] Project Overview - The Patterson Lake North Project, which includes the Tetra Zone, is strategically located near other high-grade uranium deposits in the Athabasca Basin, positioning it as a potential area for future uranium operations [12][15] - The project encompasses multiple properties, including the Broach Property, where the Tetra Zone is located, approximately 13km south of the JR Zone [12][15]

Core Viewpoint - District Metals Corp. is set to advance its exploration and development programs for uranium properties in Sweden, particularly focusing on the Viken Property, following the official permitting of uranium exploration and mining in Sweden as of January 1, 2026 [3][11]. Exploration and Development Plans - The company plans to conduct a Preliminary Economic Assessment (PEA) and an Economic Impact Study (EIS) for the Viken Property, with completion targeted for Q2 or Q3 2026 [5][4]. - Approximately 5,000 to 7,000 meters of drilling is planned at the Viken and Alum Shale Properties to test new conductive targets identified from the 2025 MobileMT survey [5][4]. - The company aims to expand its geophysical coverage across the Alum Shale Properties and conduct follow-up fieldwork at Ardnasvarre, Sågtjärn, and Nianfors to capitalize on anomalies identified in previous surveys [4][5]. Investor Relations - District Metals has engaged Pareto Securities AB for twelve months to enhance research coverage and awareness of the company's activities [5][6]. - Aktiespararnas Serviceaktiebolag has also been engaged for twelve months to develop content describing the company's activities, with a focus on increasing visibility [7][8]. Technical Information - All scientific and technical information has been prepared or approved by Garrett Ainsworth, the company's President and CEO, who is a Qualified Person under National Instrument 43-101 [9].

Summary of Uranium Market Insights Industry Overview - The focus is on the uranium market, highlighting a resurgence in utility engagement and robust spot buying activity, with constrained supply expected to drive prices higher. The market is projected to reach $90/lb by Q3 2026 [1][15]. Key Points Utility Engagement - Utilities contracted 44 million lbs of uranium from January to September 2025, followed by an additional 38 million lbs from October to early December, indicating a significant increase in activity [2]. - Despite this uptick, the total contracted amount remains below the replacement rate of 150 million lbs/year and the 106 million lbs contracted in 2024, suggesting further increases in 2026 [2]. - The term price for uranium has risen to $86.50/lb, up from approximately $80/lb, with potential ceilings noted by Cameco at $140-150/lb [2]. Global Developments - Japan's Kansai Electric has signed an agreement with Kazatomprom as it resumes nuclear operations, marking a shift from being a net lender of uranium since 2011 [3]. - Globally, around 70 reactors are under construction, with 116 more planned, indicating a growing demand for uranium [3]. - China has demonstrated efficiency in reactor construction, completing units of the Zhangzhou nuclear power plant in just five years [3]. Spot Market Activity - Sprott purchased 8.6 million lbs of uranium in the spot market in 2025, nearing its annual cap of 9 million lbs, with expectations for further purchases in 2026 [4]. - Yellow Cake raised $175 million to acquire 1.3 million lbs from Kazatomprom, scheduled for delivery in the first half of 2026 [4]. Supply Constraints - Supply issues are exacerbated by Cameco's guidance downgrade and slow ramp-up of US brownfield restarts announced in late 2023/early 2024 [13]. - Kazatomprom has reduced its 2026 production guidance from 32,777 tons to 29,697 tons, with actual figures dependent on ongoing negotiations [13]. Regulatory Environment - The US Section 232 investigation into critical minerals, including uranium, is anticipated to conclude soon, which could influence utility purchasing behavior [14]. - The US is heavily reliant on uranium imports, with 70% of enriched uranium sourced from abroad, making import tariffs unlikely [14]. Market Outlook - The uranium market is expected to see continued price increases driven by rising contracting activity and supply challenges, with a forecast of $87/lb in Q2 2026 and $90/lb for the second half of the year [15]. Additional Insights - The report emphasizes the importance of strategic uranium reserves in the US, with the Department of Energy providing $2.7 billion for uranium enrichment projects, indicating a strong commitment to the sector [14]. - The overall sentiment in the uranium market is bullish, with expectations of increased demand and price support from both utility contracts and strategic government initiatives [36].

Core Insights - Snow Lake Resources Ltd. has announced the completion of its 2025 drill program at the Pine Ridge Uranium Project, confirming widespread uranium mineralization and establishing continuity across multiple areas [1][2][4]. Drill Program Results - The drill program consisted of 114 holes totaling 38,000 meters (125,000 feet), with significant results including multiple zones of mineralization [6]. - Notable assay results include: - 2.6 meters at 0.101% (1,010 ppm) U3O8 from 257.6 meters in hole PR25-093, including 2.0 meters at 0.124% (1,240 ppm) U3O8 [6][8]. - Additional results include 1.2 meters at 0.040% (400 ppm) U3O8 from 173.7 meters in PR25-103 and 1.2 meters at 0.032% (320 ppm) U3O8 from 254.7 meters in PR25-105 [6][9]. Geological Insights - The mineralization is hosted in at least two major sandstone units within the Tertiary Ft. Union Formation, which are geologically and hydrologically isolated, indicating potential for future In-Situ Recovery (ISR) development [5][10]. - The southwest portion of the project shows mineralization in a lower sandstone package compared to the eastern area, suggesting additional exploration opportunities [7]. Project Overview - The Pine Ridge Uranium Project is located in the Powder River Basin of Wyoming, a key area for U.S. uranium production, and is in proximity to Cameco's Smith Ranch Mill, which has a licensed capacity of 5.5 million pounds of U3O8 per annum [10].

Core Viewpoint - Stallion Uranium Corp. has successfully completed a ground-based Step-Wise Moving Loop (SWML) Time-Domain Electromagnetic (TDEM) survey at the Coyote Target on its Moonlite Property, enhancing confidence in drill targeting for uranium exploration in the Athabasca Basin [1][2]. Survey Completion - The SWML TDEM survey was conducted by Abitibi Geophysics and has defined multiple high-quality conductors at the Coyote Target, with nine conductors identified, seven of which exhibit strong conductance levels [1][2][3]. - The survey significantly extends the existing electromagnetic grid, improving coverage and resolution across the Coyote Target area [3]. Conductor Identification - Nine discrete electromagnetic conductors were identified, including six strong conductors with conductance values exceeding 10 Siemens, which are significant for basement-hosted uranium exploration [5][6]. - The conductors are interpreted to be structurally controlled, with significant lateral and vertical offsets indicating faulting and structural disruption [3][5]. Structural Insights - The complexity of the conductor network occurs within a broader gravity-low anomaly, suggesting enhanced structural disruption favorable for uranium deposition [3][8]. - Electromagnetic modeling has provided improved constraints on conductor geometry, depth, and orientation, which will aid in precise drill collar placement [3][9]. Future Exploration Plans - Stallion Uranium has mobilized an airborne VTEM survey over its Stone Island Target, marking the first geophysical survey conducted on the Moonlite Project since the claims were staked [16][17]. - The VTEM survey aims to identify electromagnetic conductors and structural features beneath the Athabasca sandstone cover, which may be associated with uranium mineralization [17][18].

Core Viewpoint - Nexus Uranium Corp. has scheduled a public hearing for its Chord uranium exploration permit application, marking a significant milestone in the state permitting process [1][4]. Group 1: Company Progress - The public hearing before the Board of Minerals and Environment is set for March 18-20, 2026, representing the final step in obtaining the exploration drill permit for the Chord project [2]. - The permitting effort began in March 2024 with the submission of the Exploration Notice of Intent to the South Dakota Department of Agriculture & Natural Resources [2]. - The company has collaborated with various inter-governmental agencies, addressing all concerns and completing comprehensive environmental, wildlife, and archaeological studies [3]. Group 2: Company Statements - The CEO of Nexus Uranium expressed pride in the relationships built with state agencies and the high standards maintained throughout the permitting process [4]. - The company looks forward to presenting its application and advancing the Chord project towards a spring/summer drill program [4]. Group 3: Company Overview - Nexus Uranium is a Canadian exploration company focused on uranium projects in North America, holding projects in South Dakota and Wyoming, as well as in Saskatchewan, Canada [6].

Industry Overview - Nuclear energy is experiencing a renaissance, with over 70 gigawatts of new capacity under construction globally, and the U.S. plans to triple its nuclear energy production by mid-century [1] - Energy Fuels Inc. is the largest uranium producer in the U.S., having produced two-thirds of the country's uranium since 2017 [2][3] Company Performance - Energy Fuels' shares increased by 183% last year, but its production was only 158,400 pounds of uranium in 2024, significantly lower than competitors [2][7] - The company reported $38.82 million in revenue for the first nine months of 2025, a 1.6% increase from the same period in 2024 [8] Comparison with Competitors - Cameco, the world's second-largest uranium producer, produced 27 million pounds of uranium in 2024 and reported $2.28 billion in revenue for the first nine months of 2025, a 17% increase year-over-year [4][8] - Over the past five years, Cameco has returned 600%, compared to Energy Fuels' 350%, indicating stronger long-term performance [6][7] Strategic Positioning - Cameco has a stronger balance sheet and is profitable, while Energy Fuels is not [8] - Cameco's side business is more focused, including a 49% stake in Westinghouse, which produces advanced nuclear reactors [8][9]

As filed with the Securities and Exchange Commission on January 9, 2026. Registration No. 333-292006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________________ JAGUAR URANIUM CORP. (Exact name of registrant as specified in its charter) _____________________________________ | British Columbia | 1000 | Not applicable | | --- | --- | --- | | (State or other jurisdiction of | (P ...