Uranium (SPUT proxy)

Constellation Energy raised its 2026 adjusted EPS guidance to a range of $11.50 to $12.50, up from $11.00 to $12.00, while Talen Energy cleared more than 10 GW in the 2028/2029 PJM Base Residual Auction worth $2.025 billion to $2.225 billion. Uranium Energy carries zero debt and $794 million in liquid assets while operating the largest new greenfield ISR uranium project in over a decade. Constellation's Q2 adjusted EPS of $2.55 beat estimates by 9.52% on revenue of $7.504 billion, up 23% year over year, and management reiterated base EPS growth of 20% or more through 2029. Talen reported a GAAP loss of $2.00 per share due to $211 million in unrealized commodity derivative losses, but adjusted EBITDA rose to $374 million from $90 million a year ago. Uranium Energy produced 200,000 pounds at a total cost of $54.61 per pound in fiscal Q3 with no revenue recognized as management held inventory.

Centrus Energy CEO Amir Vexler said he sees a new market for the company's enriched uranium coming from the U.S. military through a potential supply deal to meet domestic security needs. Vexler told Bloomberg in an interview that he anticipates a U.S. government contract to supply nuclear fuel for defense will be finalized this year, after the Department of Energy issued a notice of intent last year to award the sole-source contract to Centrus, the only U.S.-owned company that produces enriched uranium for reactors. An agreement could include supplying fuel for U.S. Navy vessels or small reactors the military plans to deploy at bases, and could also support production of tritium used to make nuclear weapons, though end uses would be determined by the DoE's National Nuclear Security Administration. Centrus, which is building out a multibillion-dollar enrichment facility in Ohio, has a competitive edge in the national security market because of restrictions on using uranium sourced abroad for U.S. military applications.

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.

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.

Cameco maintained its 2026 production outlook of 19.5 million to 21.5 million pounds of U3O8 despite weather-related disruptions at Key Lake and McArthur River and a temporary suspension at Cigar Lake. CEO Tim Gitzel said the company is on track with its expectations, citing growing support for nuclear energy, while long-term uranium prices reached decade highs and contracting activity increased. Cameco has contracts for average annual deliveries of more than 28 million pounds over the next five years and remains selective on additional commitments. Westinghouse reported a pipeline of 91 AP1000 reactor opportunities, supported by a potential $17.5 billion U.S. Department of Energy financing commitment. Management said standardized reactor designs and new construction could create recurring demand across its uranium, conversion, enrichment and nuclear-services businesses.

Centrus Energy, the only US company licensed to produce high-assay low-enriched uranium, reported a record $3.9 billion backlog extending through 2040 at the end of the first quarter of 2026. Roughly $3.1 billion of that backlog comes from its low-enriched uranium business. The company ended the quarter with approximately $1.8 billion in cash, cash equivalents, and restricted cash, while generating $76.7 million in revenue and $10 million in GAAP net income. Earlier this year, the US Department of Energy awarded Centrus a contract worth up to $900 million to help establish a domestic HALEU supply chain, reinforcing its position as a key player in America's nuclear fuel independence.

Noble Plains Uranium CEO Drew Zimmerman said in a fireside chat that the next AI trade may be power, highlighting uranium as a strategic national asset. He discussed how Wyoming in-situ recovery offers the fastest path to domestic uranium growth and outlined Noble's model of converting historic uranium into compliant pounds. Zimmerman pointed to the Duck Creek project as proof the strategy works and noted that the Shirley Central project benefits from AI-driven acceleration and infrastructure alignment. He also emphasized that junior uranium offers torque but requires selectivity.

President Donald Trump signed an executive order in May 2025 aiming to expand U.S. nuclear power capacity from 100 gigawatts to 400 gigawatts by 2050. The order seeks to accelerate regulatory and financing support for both established nuclear operators and emerging technologies like small modular reactors. Constellation Energy has already received a $1 billion government loan tied to its nuclear ambitions, while NuScale Power recently won approval for a higher-capacity reactor design and is working with a Romanian utility and the Tennessee Valley Authority on potential first deployments. Cameco and Brookfield Renewable offer indirect exposure through uranium supply and shared ownership of Westinghouse, respectively. Power demand is projected to grow 60% over the next 20 years, up from 10% in the prior two decades, intensifying the push for reliable, carbon-free baseload generation.

President Donald Trump has announced support for a peaceful nuclear programme in Saudi Arabia, on the condition that Saudi Arabia joins the Abraham Accords to establish diplomatic relations with Israel. Trump stated that the peaceful nuclear cooperation agreement being drafted between the US Department of Energy and Saudi Arabia will strictly prohibit uranium enrichment and will cover only non-military uses. The United States does not object to civilian nuclear plants as long as there is no enrichment of nuclear fuel. Countries that have already joined the Abraham Accords include the United Arab Emirates, Bahrain, Morocco, Sudan, and Kazakhstan.

President Donald Trump has announced preparations for a heavy strike on Pikaxe Mountain, Iran's underground nuclear site located near the Natanz uranium enrichment facility, in the near future. This follows an Israeli intelligence assessment that Iran may be moving advanced uranium enrichment centrifuges to the site. Iran denies it is a secret nuclear facility, stating it had informed the IAEA in 2020 that it was a future construction site for an advanced centrifuge assembly plant. Iran's Khatam al-Anbiya Central Headquarters warned that a US attack would be considered an expansion of the conflict and would lead to strikes on US and allied targets across the Middle East, and could disrupt all oil exports from West Asia. Experts note that the underground base is built deep beneath rock layers with multiple reinforced structures, making it one of the deepest and most heavily defended nuclear structures ever disclosed, and it may challenge the effectiveness of conventional US bunker-buster weapons.

The United States and Saudi Arabia have signed a nuclear technology cooperation agreement, paving the way for American companies to build nuclear reactors in Saudi Arabia and potentially allowing the kingdom to enrich uranium itself. US Energy Secretary Chris Wright and Saudi Energy Minister Prince Abdulaziz bin Salman signed the peaceful nuclear cooperation agreement and a bilateral safeguards agreement. The deal is expected to create business opportunities for US firms such as Westinghouse Electric, but it has raised concerns among some experts and members of Congress who fear it could enable Saudi Arabia to process uranium into weapons-grade material. The Wall Street Journal reports that under the agreement, US companies could build uranium enrichment plants in Saudi Arabia if a joint study deems it necessary, with the project valued at tens of billions of dollars. The signing comes amid heightened tensions in the Middle East, with the US arguing it aims to curb Iran's nuclear program and prevent nuclear proliferation.

Shares of Oklo surged as much as 7.7% today following two separate developments that could expand its nuclear reactor business. The U.S. Department of Energy launched an initiative to speed reactor development for AI data centers, with Oklo reportedly joining a $200 million plan alongside major technology firms. Separately, President Trump approved a landmark 30-year agreement with Saudi Arabia that could be valued at tens of billions of dollars, allowing American companies to build a civilian nuclear program and potentially enabling uranium enrichment within the kingdom. Oklo and other U.S. nuclear firms stand to benefit, though no concrete orders have been announced and the stock remains speculative.

Paladin Energy has successfully completed the ramp-up of its Langer Heinrich Mine in Namibia, achieving or exceeding all key FY2026 guidance metrics. The mine produced 1.23 million pounds of U3O8 in the June quarter, bringing full-year production to 4.82 million pounds, at the upper end of the 4.5 to 4.8 million pound guidance range. Sales for the quarter reached 1.35 million pounds at an average realised price of 70.6 US dollars per pound, with full-year sales of 4.35 million pounds exceeding the upper end of the 3.8 to 4.2 million pound guidance. The cost of production for the financial year was 43.3 US dollars per pound, at the lower end of the 44 to 48 dollar guidance range. At the Patterson Lake South project in Canada, the Canadian Nuclear Safety Commission determined the construction licence application was sufficient to proceed, and a subsequent administrative protocol targets completion of hearings by the end of 2027. The company also reported a new high-grade uranium discovery, Atlas, 3.5 kilometres south of the Triple R deposit, and held 265 million US dollars in cash and investments with an undrawn 70 million dollar revolving credit facility at quarter end.

Energy Fuels offers a stronger investment opportunity than Cameco, according to a Zacks Investment Research analysis, driven by accelerating uranium production and an expanding rare earth business. Energy Fuels' first-quarter 2026 revenues surged 112% year over year to $35.8 million, and the company expects to mine 2 to 2.5 million pounds of uranium in 2026 while processing between 1.5 million and 2.5 million pounds of finished uranium. Cameco's first-quarter 2026 total revenues rose 7% to CAD 845 million, but its full-year 2026 revenue guidance implies a 7% year-over-year decline at the midpoint, and the company recently faced temporary operational disruptions at Cigar Lake and Key Lake. Energy Fuels also benefits from rare earth progress, including a conditional commitment for up to $725 million in U.S. government financing and the planned acquisition of Australian Strategic Materials, while Cameco holds a 49% stake in Westinghouse and could benefit from up to $17.5 billion in U.S. Department of Energy support for nuclear reactors. Energy Fuels carries a Zacks Rank number 2, or Buy, and Cameco holds a Zacks Rank number 3, or Hold.

Frontier Nuclear and Minerals has commenced its 2026 drill program at the wholly owned Pine Ridge uranium project in Wyoming’s Powder River Basin. The program will consist of approximately 120 holes totaling about 36,000 meters, with drilling running from July through December 2026 and potentially into January 2027. The objective is to define roll front deposits and support preparation of a maiden mineral resource estimate by early 2027. The program builds on the 2025 campaign that confirmed widespread uranium mineralization, demonstrated continuity across multiple areas, and identified at least 25 mineralized roll fronts within multiple major sandstone packages. Pine Ridge covers roughly 39,390 acres and is surrounded by existing uranium projects, located about 15 kilometers from Cameco’s Smith Ranch processing facility.

Ur-Energy has received regulatory approval from the Wyoming Department of Environmental Quality for its Shirley Basin Project, allowing the company to scale up to full-scale uranium in situ recovery operations. The approval follows a detailed preoperational assessment that verified safety systems, procedures, staffing, radiation safety, and environmental monitoring. Since uranium recovery began at Shirley Basin in April 2020, the company has loaded over 10,500 pounds of uranium onto resin, and shipments to the Lost Creek processing plant will commence shortly. This milestone comes after Ur-Energy recently completed its 100th consignment of uranium concentrate from the Lost Creek site, bringing cumulative shipped capacity to over 3.5 million pounds since 2013.

Uranium Energy Corp. is positioning itself as a key player in the U.S. nuclear fuel supply chain by pairing its domestic in-situ recovery production with a proposed uranium conversion facility. The company holds what it describes as the largest uranium resource base and most licensed production capacity in the United States, with hub-and-spoke operations in Wyoming and South Texas totaling about 12 million pounds of licensed annual capacity. Its subsidiary United States Uranium Refining & Conversion Corp. has received a U.S. Nuclear Regulatory Commission docket number for a planned conversion facility, with engineering and design work by Fluor ongoing and a formal license application expected after site selection. UEC also adds critical-mineral exposure through its Alto Paraná project in Paraguay, where a preliminary economic assessment showed a net present value of up to $1.55 billion and a 25% post-tax internal rate of return for the larger-scale development case. Despite the strategic narrative, near-term execution remains a concern, with the Zacks Consensus Estimate projecting a loss of 19 cents per share for fiscal 2026 and a loss of 11 cents for fiscal 2027, and the stock currently carrying a Zacks Rank #4 (Sell).

Nuclear energy stocks have slumped in the first half of 2026 after a strong 2025, with advanced reactor start-ups Oklo and NuScale Power down 27% and 30% year to date, respectively, while uranium miner Cameco is up 7% year to date but down 27% from its February peak. Oklo and NuScale have experienced larger price swings due to long implementation timelines for their technologies, with Oklo down 73% from its 52-week high and NuScale down 83%. Cameco, a mature company with high-grade mines in Canada and a 49% stake in Westinghouse, is positioned to benefit more immediately from growing uranium demand and the nuclear build-out. The long-term industry tailwinds remain in place, but advanced reactor technologies are not expected to operate at commercial scale until the 2030s.

Centrus Energy is set to join the S&P SmallCap 600 Index effective prior to the opening of trading on July 14, 2026. The inclusion reflects the company's growing role in strengthening America's nuclear fuel supply chain and restoring domestic uranium enrichment capabilities. Centrus recently launched centrifuge manufacturing to support a major expansion of its Piketon, Ohio enrichment plant, a multi-billion-dollar project expected to create thousands of jobs. The company also signed a contract to finalize terms of a $900 million task order from the U.S. Department of Energy. Centrus will replace Whitestone REIT in the index.

RBC Capital raised its price target on Cameco Corporation to C$175 from C$160 while maintaining an Outperform rating, citing strengthening uranium market fundamentals and growing global nuclear energy demand. The firm highlighted robust purchasing by sovereign entities and utilities, contract pricing above public reports, and supportive U.S. and Canadian policies for reactor deployment. Separately, Cameco and Orano Canada agreed to acquire Tepco Resources' 5% stake in the Cigar Lake Joint Venture, which will increase Cameco's ownership in the high-grade Saskatchewan uranium mine to approximately 57.4%. Cameco's portion of the acquisition is valued at about $115.75 million and is expected to close in the third quarter of 2026 pending regulatory approvals.

Cameco has closed the acquisition of TEPCO Resources Inc.'s 5% participating interest in the Cigar Lake Joint Venture, increasing its ownership stake in the Cigar Lake uranium mine in northern Saskatchewan by 2.871 percentage points to 57.418%. Orano Canada Inc. also participated in the acquisition, raising its share by 2.129 percentage points to 42.582%. The transaction was previously announced on June 1, 2026.

Myriad Uranium has commenced Phase II drilling at its Copper Mountain Uranium Project in Wyoming. The initial four holes will test mineralization at Lucky Cliff, a high-priority target drilled by Union Pacific in the late 1970s but never followed up with modern techniques. Once Lucky Cliff drilling is complete, the program will move to areas associated with historical resource estimates totalling 26.63 million pounds eU3O8, excluding the Canning deposit which was the focus of the Phase I program. Phase II will also test new targets identified by recent geophysics and conclude with infill drilling to support a current mineral resource estimate under NI 43-101. CEO Thomas Lamb stated that the company aims to confirm mineralization at both historically estimated areas and entirely new targets, and that the upcoming merger with Rush Rare Metals will consolidate 100% ownership of Copper Mountain.

Centrus Energy shares have fallen about 63% from their all-time high of $464.25 in October 2025, creating a potential buying opportunity for long-term investors. The company is the only U.S.-licensed producer of high-assay, low-enriched uranium, or HALEU, which is essential for next-generation nuclear reactors and has a market opportunity that could reach $8 billion annually by 2035. Centrus reported mixed first-quarter results with GAAP earnings per share of $0.45 missing estimates, but non-GAAP adjusted earnings per share of $1.05 beat consensus, and management raised full-year revenue guidance to between $450 million and $500 million. The company holds a $3.9 billion order backlog extending through 2040 and operates under a Department of Energy HALEU contract worth up to $900 million, de-risking its expansion. On June 19, Centrus signed an agreement to supply HALEU to Oklo for up to five Aurora powerhouses in Southern Ohio, with deliveries starting in 2029.

Nuclear power is the only zero-carbon source that can meet the 24/7 power demands of AI data centers, and three exchange-traded funds offer exposure at different risk levels. Data centers could consume up to 12% of US electricity by 2028, and hyperscalers have already signed 20-year power purchase agreements with Constellation, Talen, and Vistra. The VanEck Uranium and Nuclear ETF, ticker NLR, holds utilities and miners with a 2.7% yield and lower volatility. The Global X Uranium ETF, ticker URA, is the largest and most liquid uranium-themed ETF with $6.3 billion in assets and a 4.7% yield. The Sprott Uranium Miners ETF, ticker URNM, concentrates in miners and physical uranium for maximum spot price leverage.

Cameco Corporation's adjusted EBITDA rose 44% year over year to CAD 509 million in the first quarter of 2026, driven by uranium price strength and contributions from Westinghouse. The uranium segment saw adjusted EBITDA surge 48% to CAD 423 million on a 15% revenue increase, while fuel services adjusted EBITDA declined 28% to CAD 54 million due to lower realized prices and higher costs. Westinghouse contributed adjusted EBITDA of CAD 122 million, up 33%, and management expects its full-year 2026 share of Westinghouse adjusted EBITDA to be between $370 million and $430 million. The company's 2025 full-year adjusted EBITDA had risen 26% to CAD 1.93 billion, with Westinghouse up 61% to CAD 780 million.

The Motley Fool highlights three nuclear energy stocks poised to benefit from surging power demand driven by artificial intelligence. Cameco captures the entire nuclear fuel chain, from mining high-grade uranium in Saskatchewan to fuel fabrication, and holds a 49% stake in reactor builder Westinghouse Electric, which recently secured an $80 billion partnership with the U.S. government. BWX Technologies holds a virtual monopoly as the exclusive manufacturer of nuclear reactors for the U.S. Navy's submarines and aircraft carriers, exiting the first quarter of fiscal 2026 with a backlog of $8.6 billion, up 75% year over year, and is expanding into commercial small modular reactor components. Vistra owns the second-largest nuclear fleet in the U.S. and has contracted nearly 3.8 gigawatts of nuclear capacity in 20-year deals with Meta and Amazon Web Services, while acquiring Cogentrix for $4 billion to expand its natural gas fleet to 26 gigawatts.

Solstice Advanced Materials is establishing a standalone investment case following its recent spin-off from a larger industrial conglomerate, according to Carillon Eagle Small Cap Growth Fund's first-quarter 2026 investor letter. Management has highlighted underappreciated secular growth drivers, including accelerating momentum in uranium conversion services where it is the sole US provider at utility scale. Strengthening demand visibility has prompted the company to announce capacity expansion initiatives. The stock closed at $86.66 per share on June 24, 2026, with a year-to-date gain of 78.39% and a market capitalization of $13.76 billion.

Cosa Resources has commenced a property-wide airborne radiometric survey at its Aurora uranium project in Saskatchewan’s Athabasca Basin, fully funded by Traction Uranium under an option agreement. The survey, flown at 50-metre line spacing, aims to identify radiometric anomalies that could indicate near-surface uranium mineralization and will guide a proposed partner-funded fall drilling program. Traction can earn up to an 80% interest in Aurora by sole-funding 9.15 million dollars in exploration expenditures and completing cash and share payments. The survey is being conducted by Calgary-based Special Projects Inc. using a custom 16-detector gamma-ray spectrometer and is expected to take two weeks. Aurora is located about 16 kilometres east of Cameco’s Key Lake Mill and historical mine, with thin to absent sandstone cover that enhances the survey’s potential to generate compelling drill targets.

Paladin Energy has announced the discovery of a new high-grade uranium mineralisation body, named Atlas, at its Patterson Lake South project in Saskatchewan, Canada. The discovery was made 3.5 kilometres south of the Triple R deposit and 4.5 kilometres southwest of Saloon East, with seven of eight exploration drillholes intersecting significant uranium mineralisation. Key intercepts include 8.0 metres averaging 1.75% U3O8 in hole PLS26-708B, 14.5 metres averaging 1.70% U3O8 in hole PLS26-718, and 11.0 metres averaging 1.79% U3O8 in hole PLS26-722. The Atlas discovery remains open along strike and at depth, and drilling is continuing as part of the summer program. The company also completed resource conversion and extension drilling at the Triple R deposit and further drilling on the Saloon Trend.

Centrus Energy's order backlog has swelled to $3.9 billion as of May 2026, including contingent sales, with contracts extending through 2040, providing long-term cash flow visibility. The company, the only publicly traded, deployment-ready enricher and the sole HALEU enricher in the Western world, recently signed a letter of intent with Oklo to supply high-assay low-enriched uranium for five Aurora powerhouses beginning in 2029. Centrus reported fiscal 2025 revenue of $448.7 million and gross profit of $117.5 million, with its LEU segment contributing 77% of revenue, and ended the year with a $2 billion cash buffer. Analysts have a consensus Moderate Buy rating on the stock with a mean price target of $275.08, implying 47% upside, while the most bullish target of $390 suggests a potential gain of 103.8%. The company guided for fiscal 2026 revenue of $475 million at the midpoint, representing 5.9% year-over-year growth, and sees a total addressable market for LEU in U.S. reactors of $3 billion annually, with the HALEU market projected to reach $2.8 billion per year by 2030 and $8 billion by 2035.