证券研究报告 海外 行业定期报告 请务必仔细阅读正文之后的评级说明和重要声明 海外 AI：本周 KAP 公布 2026 年生产战略，将主动减产。公司计划 2026 年在名义产量 32777 吨 U3O8（约 8500 万磅 U3O8）的基础上削减约 10%，产量将降至 29697 吨（约 7700 万磅）U3O8。这一调整主要来自 JV Budenovskoye 项目的产能下调。管理层明确表示，当前市场供需尚未充分匹配，公司选择通过减产来维持价格 稳定和市场平衡，同时确保履行长期合同下的交付义务。公司保持稳健的库存状况和严谨的销售策略，确保所有 交付义务均能全额履行，同时保持灵活性，以快速响应市场发展。我们认为铀板块在近期因美俄关系变化带来短 期回调，但中长期逻辑依旧坚实：全球核能扩张趋势明确，Kazatomprom 等龙头的减产举措有助于巩固供需格 局并托底铀价。值得关注的是，即将召开的世界核能大会或将成为行业重要催化剂，市场可能借此契机重新聚焦 于核能在能源转型中的战略地位，以及铀资源在未来十年供给缺口中的稀缺价值。 板块行情回顾：本周（2025/8/18 至 2025/8/22）港美科技股先跌后涨。本周 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [6]. Core Insights - The company produced 180,000 pounds of U3O8 in Q2 2025 and expects a total production of approximately 1 million pounds of finished U3O8 for the year [1][9]. - The average uranium grade at the Pinyon Plain mine is reported to be 2.23%, making it one of the highest-grade uranium mines in U.S. history [1]. - The company anticipates a decrease in production costs starting from Q4 2025, with expected sales costs dropping to between $30 and $40 per pound by Q1 2026 [7][8]. Production and Sales - In Q2 2025, the company sold 50,000 pounds of U3O8 at an average price of $77.00 per pound, generating total revenue of $3.85 million with a gross margin of 31% [2]. - The company holds a total inventory of 1.875 million pounds of U3O8 as of June 30, 2025, which includes 725,000 pounds of finished U3O8 [4][10]. - The company has adjusted its sales guidance for 2025 from 220,000 pounds to 350,000 pounds of U3O8, reflecting increased demand from utility customers [12]. Cost Structure - The weighted average cost of finished U3O8 inventory as of June 30, 2025, is approximately $53.00 per pound [8]. - The company expects to achieve a total weighted average sales cost of $23 to $30 per pound of U3O8, positioning it among the lowest production costs globally [7]. Project Development - The company is actively developing its Pinyon Plain mine and has reported excellent drilling results, indicating the potential for increased uranium resources [13]. - The Donald rare earth project in Australia has received final regulatory approval, with a final investment decision expected by Q4 2025 [16]. Financial Performance - In Q2 2025, the company reported total revenues of $4.212 million, a decrease of 52% year-over-year and a 75% decrease quarter-over-quarter [23]. - The net loss for Q2 2025 was $21.812 million, with total operating funds of $253.23 million, including $71.49 million in cash and cash equivalents [24].

Core Insights - Energy Fuels Inc. reported record-breaking performance at its Pinyon Plain uranium mine, which is expected to drive lower-cost U3O8 production and improve financial results compared to Q1 2025 [1][2][3] - The company is advancing its rare earth element (REE) projects, including receiving final regulatory approval for the Donald Project, and is benefiting from a significantly improved pricing environment for REEs [1][4][5] Financial Highlights - The company had a working capital of $253.23 million as of June 30, 2025, with no debt, positioning it strongly for project advancements [10][27] - A net loss of $21.81 million was reported for Q2 2025, an improvement from a net loss of $26.32 million in Q1 2025 [10][25] - Total revenues for Q2 2025 were $4.21 million, down from $8.72 million in Q2 2024, primarily due to lower uranium sales [25] Uranium Production and Sales - The company produced 180,000 pounds of finished U3O8 during Q2 2025 and sold 50,000 pounds on the spot market for $77.00 per pound [10][25] - Expected uranium mine production for 2025 is projected to be between 875,000 to 1,435,000 pounds of U3O8, with additional contributions from third-party ore purchases [10][11] - The average cost of goods sold for U3O8 is expected to decline to approximately $23 to $30 per pound by Q4 2025, enhancing profit margins [14] Rare Earth Elements (REE) Developments - The company has made significant progress in its REE projects, with Chinese neodymium-praseodymium prices increasing by approximately 19.5% recently [4][16] - The Donald Project has received final regulatory approval, allowing for the finalization of financing arrangements and a potential final investment decision by the end of 2025 [5][17] - Pilot-scale production of heavy REEs, including dysprosium and terbium, is underway, with commercial-scale production expected as early as Q4 2026 [6][17] Market Context - The spot price of U3O8 was reported at $71.50 per pound as of August 1, 2025, with long-term prices at $82.00 per pound [16] - The REE market is experiencing significant price increases, with European dysprosium and terbium prices exceeding Chinese prices by substantial margins [4][16] Strategic Initiatives - The company is enhancing its technical capabilities to produce heavy REEs at scale and is exploring various feedstocks for its production processes [21][29] - Energy Fuels is also advancing its Toliara Project in Madagascar, aiming for a final investment decision as early as 2026, contingent on negotiations with the government [21][29]

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 ~ ...

Investment Rating - The industry is rated as "Recommended" [6] Core Insights - In Q2 2025, the production of packaged U3O8 reached 349,188 pounds, representing an 18% increase quarter-on-quarter. The increase in production was attributed to the commissioning of the third NIMCIX tower and the operation of three wellfields during the quarter [1][3] - The sales volume of packaged U3O8 was 100,000 pounds, a decrease of 33% compared to the previous quarter, as the company decided to retain inventory based on the belief that market prices do not reflect the long-term fundamental value of uranium [1][8] - The average realized price for U3O8 was $71.15 per pound, down 15% from the previous quarter [1] Production and Cost Analysis - C1 costs for Q2 2025 were A$36 per pound (approximately $23 per pound), an increase of A$3 per pound (9%) due to rising reagent costs and a decrease in the expected tenor from PLS to IX [2] - Capital expenditures for Wellfields and Projects were both A$7 million, lower than expected, leading to a carryover of approximately A$15 million into FY26 [2] Construction and Exploration Activities - Construction activities continued with the assembly of NIMCIX columns 4-6 nearly completed, and related steel structures being installed. Commissioning is expected to begin in the next quarter [3] - Exploration efforts focused on the Lake Constance target area, located 40 kilometers southwest of the Gould Dam resource, where several radioactive intersections were recorded in the 1970s [4][5] Financial Position - As of June 30, 2025, the company had no debt and A$224 million in current assets, including cash and liquid investments, a decrease of A$5.2 million from the previous quarter [8] - The company maintained a strong balance sheet, allowing it to strategically exit the market when uranium prices do not reflect long-term value [8] - Inventory and investments increased by A$22 million during the quarter, primarily due to the rise in the value of investments in enCore Energy Corp and Laramide Resources Ltd [8][9] Cash Flow and Revenue - The company received A$10.9 million (approximately $7.1 million) in cash during the quarter from the sale of 100,000 pounds of U3O8 [10] - The Alta Mesa project produced 203,798 pounds of U3O8 in the quarter, significantly up from 98,000 pounds in the previous quarter, reflecting the company's 30% ownership stake [11][12] Strategic Developments - The company announced a modification to an existing uranium loan agreement, extending the repayment date and providing an additional cash facility [13] - The exit of First Quantum from the exploration joint venture has resulted in Boss owning 100% of the rights to the basic and precious metals on the leases [15]

Core Viewpoint - Energy Fuels Inc. has reported significant production results from its Pinyon Plain uranium mine, establishing it as a leading new uranium mine globally, with expectations for continued growth in uranium sales and production efficiency [1][2]. Production and Sales - In Q2 2025, the company mined a total of 638,700 pounds of U3O8, with June alone contributing 230,661 pounds [1]. - The average uranium grade at the Pinyon Plain mine was 3.51% U3O8 in June 2025 and 2.23% U3O8 for the entire second quarter [1]. - Energy Fuels sold 50,000 pounds of U3O8 on the spot market at an average price of $77.00 per pound during Q2-2025 [2]. - The company anticipates selling 140,000 pounds of U3O8 in Q3 and 160,000 pounds in Q4 under existing long-term utility contracts [2]. Future Expectations - Energy Fuels expects to sell between 620,000 and 880,000 pounds of U3O8 under long-term contracts in 2026 [2]. - The company plans to continue opportunistic sales of U3O8 in 2025 and 2026 and may enter new long-term sales contracts due to increased production [3]. Exploration Potential - The company has only mined approximately 25% of the vertical extent of the prospective ore zone at Pinyon Plain, indicating significant exploration potential [2]. - Recent drill results in the Juniper zone suggest further discovery opportunities [2]. Company Overview - Energy Fuels is a leading U.S. producer of uranium and critical minerals, operating several uranium projects and the only conventional uranium processing facility in the U.S. [5]. - The company is also involved in the production of rare earth elements, vanadium, and medical isotopes, with ongoing projects in various countries [5].

Investment Rating - Investment rating: None [5] Core Insights - The nuclear power industry is experiencing a surge in demand expectations, driven by recent announcements such as New York's plan to build its first commercial nuclear power plant in 15 years, which is expected to increase long-term demand for nuclear fuel [19][18] - SPUT has been actively purchasing physical uranium, acquiring a total of 115 million pounds of U3O8 since its self-financing of $200 million, contributing to a rise in spot uranium prices from $69.75 per pound on June 13 to $79.05 per pound on June 27 [19][18] - The report suggests that the combination of policy drivers and financial forces may lead to a continued strong performance in uranium prices and a potential recovery in industry valuations [19] Market Performance Review - The Hong Kong and US tech stocks saw an increase during the week of June 23 to June 27, 2025, with the Hang Seng Tech Index rising by 4.1% and the Philadelphia Semiconductor Index increasing by 6.4% [9][10] - Notable stock performances included Nvidia reaching a historical high, while the top five gainers were Arista Networks (+18%), AMD (+12%), Kingdee International (+12%), Kuaishou-W (+11%), and Integra (+11%) [11][10] - Conversely, the top five decliners included Wolfspeed (-46%), Duolingo (-15%), Centrus Energy (-8%), Nano Nuclear Energy (-4%), and Oklo (-4%) [11] Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies rose to $3.26 trillion as of June 27, 2025, up from $3.23 trillion the previous week [21] - The total trading volume for cryptocurrencies was $96.9 billion, accounting for 2.97% of the total market capitalization [21] - The sentiment in the cryptocurrency market is currently neutral, with the Fear and Greed Index at 49 [25] Recent Events - The report highlights significant geopolitical events affecting the market, including US airstrikes in Iran, which initially caused a drop in cryptocurrency prices but later led to a rebound following a ceasefire announcement [33] - In the cryptocurrency sector, there was a net inflow of $2.215 billion into core asset spot ETFs during the week, indicating a positive trend in investor sentiment [30]

Core Insights - Uranium Energy Corp (UEC) is strategically positioned to meet the anticipated increase in uranium demand due to the U.S. government's initiative to quadruple nuclear capacity and rebuild its nuclear industrial base [3][5] - The company has achieved significant operational milestones, including the commissioning of new In-Situ Recovery (ISR) production in Wyoming and advancing construction in South Texas [4][10] - UEC's financial position is strong, with $271 million in cash, inventory, and equities, and no debt as of May 30, 2025 [6] Financial Highlights - UEC filed its quarterly report on Form 10-Q for the quarter ended April 30, 2025, with the SEC, which includes interim condensed consolidated financial statements [2] - The company reported an inventory of 1,356,000 pounds of U3O8 valued at $96.6 million at market prices [6] - UEC plans to expand its U.S. warehoused physical uranium program by 300,000 pounds through purchase contracts in December 2025 at $37.05 per pound [6] Operational Developments - The first new mine unit at Christensen Ranch ISR Mine has been commissioned, marking a significant operational milestone [7] - Construction at the Burke Hollow ISR Project in South Texas is progressing on schedule, with key advances in wellfield development and processing infrastructure [10][12] - UEC's workforce has expanded to over 100 employees in Wyoming and 40 in South Texas, supporting the company's growing operations [6][13] Project Updates - The Roughrider project in Canada is being prepared for pre-feasibility, with metallurgical test work significantly advanced [5][17] - UEC is advancing its hub-and-spoke ISR production platform in Wyoming's Great Divide Basin, with a Technical Report Summary expected by the end of fiscal 2025 [14][16] - The company has initiated efforts to amend conventional mining permits at the Sweetwater Uranium Project to incorporate ISR mining methods [15]

Core Insights - enCore Energy Corp. reported its financial and operational results for Q1 2025, highlighting significant activities in uranium extraction and sales [1][8] Financial Performance - Total costs of U3O8 sold in Q1 2025 amounted to $18,262,000 for 290,000 pounds, resulting in a cost per pound of $62.97 [4] - The company extracted and processed 130,015 pounds of U3O8 at a cost of $36.11 per pound [7] - The average price for U3O8 sold was $62.89 per pound, with a total of 290,000 pounds delivered under sales contracts [7] - The company reported a net loss per share of $0.13, an increase from $0.04 per share in Q1 2024, attributed to higher exploration and extraction activities and a mark-to-market loss of over $9 million on marketable securities [7] Inventory and Costs - At the end of Q1 2025, the company had an inventory of 153,058 pounds of U3O8, with a total cost of $6,182,000, resulting in a cost per pound of $40.39 [6] - The cash cost of extracted pounds was $2,304,000, translating to $31.26 per pound, while non-cash costs amounted to $1,058,000, or $14.36 per pound [4] Operational Highlights - The company made a cash repayment of $12.2 million on a uranium loan, leading to a negative operating cash flow of $7.7 million [7] - Cash and equivalents stood at $29.7 million, with working capital of $35.7 million at the end of the quarter [7] Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, utilizing In-Situ Recovery (ISR) for uranium extraction [10][11] - The company operates the Rosita Central Processing Plant in South Texas and has a joint venture with Boss Energy Ltd. for the Alta Mesa Project [11]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The global technology sector experienced a decline during the week of February 24 to February 28, 2025, with the Hang Seng Technology Index falling by 5.0% and the Philadelphia Semiconductor Index dropping by 7.2% [4][7] - The report highlights a significant net outflow from cryptocurrency core asset ETFs, totaling $2.614 billion for the week, influenced by U.S. trade policy announcements [20][25] - The report emphasizes the potential for investment opportunities in gold, cryptocurrency, and natural uranium sectors, despite current market weaknesses [4][20] Summary by Sections Section 1: Market Overview - The global technology sector saw a downturn, with notable declines in major indices, including a 5.0% drop in the Hang Seng Technology Index and a 7.2% drop in the Philadelphia Semiconductor Index [4][7] - Key individual stock performances included significant gains for companies like Xpeng Motors (+16.8%) and declines for companies like Weishi Jiajie (-29%) [9][10] Section 2: Cryptocurrency Market - The total market capitalization of cryptocurrencies decreased significantly, from $3.24 trillion to $2.81 trillion within a week, indicating a bearish market sentiment [20][21] - The cryptocurrency fear and greed index indicated a state of fear, with a score of 21 as of February 28, 2025 [21] - The report notes that the price of core cryptocurrency assets experienced a sharp decline due to trade policy announcements from the U.S. government, which raised concerns about potential trade friction [27] Section 3: Natural Uranium Sector - Company UUUU reported a net loss of $47.84 million for 2024, with revenues of $78.11 million, primarily due to one-time transaction costs and operational expenses [15][16] - For 2025, UUUU expects to sell between 200,000 to 300,000 pounds of uranium, with projected production of 730,000 to 1,170,000 pounds [16] - The company has secured additional long-term contracts for uranium sales, indicating a strategic move to mitigate inflation risks [15][16]