Before uranium can become fuel in a reactor, it has to be dug out of the ground first — and this is the story of the people who work at the very top of the chain: uranium mining. The world is rushing back to build nuclear plants to power the AI data centers that crave enormous amounts of energy, but mines worldwide have failed to keep up with demand for years. The result is a "shortage" that pushed uranium from $30 past $100 a pound. This lesson walks through how a lump of ore becomes "yellowcake," who the real market leaders are, and why "prices rising" doesn't mean "the supply comes fast."
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Westinghouse Targets Over $50B Valuation in U.S. IPO, Eyes October Filing
Westinghouse Electric is seeking a valuation of more than $50B in its U.S. initial public offering, with a filing targeted for as soon as October, though details including timing could still change, Bloomberg reported Friday. Citigroup and Goldman Sachs are leading the IPO, with CIBC, J.P. Morgan Chase and Royal Bank of Canada also working on the listing. Westinghouse is jointly owned by Brookfield Renewable Partners and Cameco, which completed a deal in 2023 to buy a 49% stake in the company at a roughly $8B value. The company looks set to benefit from the Trump administration's efforts to boost the U.S. nuclear industry, and the U.S. Army recently selected it as one of five firms to build, own and operate its power plants. Westinghouse's nuclear power technology is used by 57% of the world's nuclear reactors, and it has a pipeline of as many as 91 opportunities for its latest generation reactor.
Eagle Plains Reports Anomalous Radioactivity at Don Lake Uranium Project
Eagle Plains Resources Ltd. and partner Xcite Uranium Inc. reported additional drilling results from the Don Lake uranium project near Uranium City, Saskatchewan, where the B Zone and C Zone targets intersected multiple zones of anomalous radioactivity. The 1106m, 10-hole program, contracted to Apex Drilling, tested for structurally-controlled uranium mineralization defined by historical work and the 2025-2026 field programs. Highlights included DN26005 with 1.3m averaging 2898 cps, DN26006 with 5.5m averaging 2656 cps, DN26008 with 0.7m averaging 10403 cps, and DN26009 with 0.6m averaging 12473 cps. The first three holes at Don Lake in 2026, completed in the A Zone area, also intersected anomalous radioactivity, including DN26001 with 1.9m averaging 11571 cps, DN26002 with 1.1m averaging 11753 cps, and DN26003 with 1.2m averaging 2700 cps. Geochemical assays of drill core samples are pending, and the approved 2026 budget for Don Lake is approximately $1.1 million, consisting of $200,000 in completed fieldwork and $900,000 allocated for drilling, with all work managed by TerraLogic Exploration Inc. Under a December 2023 agreement, Xcite holds the exclusive right to earn up to an 80% interest in the Don Lake, Gulch, Lorado, Beaver River, Black Bay, and Smitty projects, which cover 54 Saskatchewan Mineral Deposit Index occurrences and five past-producing uranium mines and are 100% owned by Eagle Plains.
American Battery Technology Posts First Adjusted Gross Profit as Federal Black Mass Export Ban Looms
American Battery Technology Company reported its first-ever adjusted gross profit on its fiscal year 2026 earnings call on September 14, even as CEO Ryan Melsert disclosed a federal directive that effectively bans exports of black mass unless the company obtains a specific exception. Revenue at its flagship recycling facility jumped more than 400% year over year to $21.7 million, while cost of goods sold rose only 67% and operating cash spend fell 16%, pushing adjusted gross profit to $1.7 million from a $6.2 million loss a year earlier. Cash climbed to $49.5 million as of June 30, 2026, total assets reached $133 million, and the company erased all long-term debt. A second recycling facility planned for the Southeast U.S., designed to process 100,000 tons of batteries a year, is backed by a $150 million Department of Energy grant, and a separate $10 million DOE grant funds three next-generation recycling technologies; the Bureau of Land Management also certified the plan of operations for the Tonopah lithium project in Nevada, which holds 21.3 million tons of lithium hydroxide including 2.7 million tons of proven and probable reserves. American Battery Technology has submitted a request for the black mass export exception but had received no formal response from the Department of Commerce as of the call, and short interest sits at 16.38% of the float against a forward P/E of 37.74 as of September 16.
EagleOne Appoints Shane Lowry Interim CEO in Uranium Pivot
EagleOne Metals Corporation announced executive management and Board changes as the company advances a renewed strategic focus on the uranium sector. Effective September 14, 2026, Shane Lowry has been appointed Interim Chief Executive Officer and a Director, while founder Matthew Markin, who had served as CEO since inception, transitions to Chief Financial Officer while remaining a Director. Barry Wattenberg has stepped down as Chief Financial Officer but continues as a Director, and Robert Reukl has resigned as a Director. The company reconstituted its Audit Committee to consist of Howard Blank, Robert Hall and Shane Lowry, with Blank continuing as Chair. EagleOne said it intends to evaluate opportunities involving uranium assets and companies while continuing to assess opportunities across its existing portfolio, citing growing global interest in uranium and nuclear energy, including increasing attention to the sector in the United States.
Carney Pitches 160-Plus Projects to Global Investors at Toronto Summit
Canadian Prime Minister Mark Carney is hosting a two-day investment summit in Toronto starting Monday, aiming to attract global capital for more than 160 projects as Canada navigates a trade war with the United States. Confirmed attendees include BlackRock CEO Larry Fink, Blackstone President Jon Gray, Temasek CEO Dilhan Pillay and APG Groep CEO Annette Mosman, with the summit matching roughly 100 global investors with Canadian CEOs, companies and local officials. Carney has pledged to attract C$1 trillion, or $721 billion, in investment over the next five years by cutting red tape and developing mining, energy, technology and infrastructure projects, though a government source said major deals could take 12 to 18 months to materialize. The prospectus includes 96 data centers in development, an equity investment in Xanadu's photonic quantum computer targeted for commercialization by 2029-2030, the Crawford Nickel Project, and C$900 million in financing sought for a proposed high-speed transportation pod between Calgary and Edmonton. Canada's foreign direct investment flows have averaged around C$23 billion per quarter in 2024 and 2025, up from C$16.3 billion in 2023 and C$15 billion in 2022, though BMO Capital Markets chief economist Doug Porter cautioned it is difficult to lure greenfield investment in a mature economy like Canada's.
Oil Stocks Jump as Saudi Strikes Disrupt Energy Facilities
Shares of several energy companies rose in afternoon trading after crude oil prices climbed sharply following strikes on Saudi Arabian energy facilities and mounting supply disruption fears in the Middle East. The Saudi energy ministry reported that operations at several facilities in the country's south were halted after missile and drone strikes from Yemen's Houthis ignited fires, wounding more than 70 people. Saudi Aramco's oil facilities in Jizan, home to a major 400,000-barrel-per-day refinery, were targeted, causing local authorities to suspend operations. Brent crude futures rose $1.00 to settle over $98.00 a barrel, while U.S. West Texas Intermediate crude futures rose over $2.00 to reach $93.65 a barrel. Among the stocks impacted, Centrus Energy jumped 8.3%, SM Energy rose 3.1%, BKV gained 3.2%, Select Water Solutions advanced 3.1%, and ProFrac climbed 4.5%.
Albemarle Names BHP Executive Ragnar Udd as Next CEO
Albemarle Corp. has named BHP Group Limited's Chief Commercial Officer Ragnar "Rag" Udd as its next CEO, effective Feb. 1, 2027, succeeding Kent Masters, who will become executive chairman at the 2027 annual meeting. The transition comes as the lithium producer faces a market shaped by Chinese oversupply and shifting demand toward grid-scale storage. JPMorgan analyst Jeffrey Zekauskas cut Albemarle's 2026 adjusted EBITDA estimate by 14.4% to $2.88 billion, noting that each $1-per-kilogram move in lithium prices shifts annual EBITDA by roughly $250 million. Meanwhile, China's revocation of environmental approval for CATL's Jianxiawo mine has led Benchmark Mineral Intelligence to halve its 2026 output forecast for that site to 32,000 tons of lithium carbonate equivalent. Udd brings over 25 years of experience in resource businesses across Australia, Asia, and the Americas, and will oversee Albemarle's Energy Storage and Specialties businesses as the company positions for a market recovery.
Jefferies launches nuclear coverage with $55tn capex forecast
Jefferies has initiated coverage on nuclear companies, forecasting roughly $55 trillion in nuclear-related capital spending through 2100, driven by data center power demand, electrification, and aging plants. The brokerage calls the figure conservative, citing energy needs from physical AI. Analyst Laurence Alexander says governments competing in AI will prioritize cheap electricity, lowering return hurdles. Jefferies placed buy ratings on Cameco, Kazatomprom, NexGen, Denison Mines, BWX Technologies, and Mirion, with holds on others. The note highlights a near-term supply shortfall and projects $9 trillion investment by 2050 and $46 trillion by 2100, with an aging reactor fleet averaging 33 years.
Americas Uranium to Acquire Treeline Uranium Project in New Mexico
Americas Uranium Corp. has entered into a Mineral Property Purchase Agreement to acquire a 100% interest in the Treeline uranium property in New Mexico from Verdera Energy Corp. and its subsidiary NM Energy Holding Corp. The deal includes a US$100,000 cash payment and C$2,000,000 in common shares, with 90% of the share consideration paid in staged issuances over 36 months. The property hosts a historical estimate of approximately 1.02 million pounds of U3O8, though this estimate predates current NI 43-101 standards and requires further work to verify. The acquisition aligns with the company's strategy to build a North American uranium portfolio amid rising U.S. nuclear energy ambitions, including a policy goal to expand nuclear capacity to 400 gigawatts by 2050. Closing is subject to regulatory approvals, including from the Canadian Securities Exchange.
Lithium Miners Profit as Battery Storage Demand Surges
Lithium miners are reporting strong first-half profits driven by surging battery storage demand, with major producers planning output increases. Tianqi Lithium and Ganfeng Lithium posted their biggest profits in three years, while Albemarle noted global lithium demand rose 45% year-over-year through May. Supply growth has lagged, creating a gap that benefits miners, and Tianqi warned that overseas supply may face policy and logistics hurdles, suggesting further price upside. CATL expects energy storage to account for half of its sales by 2030, and Middle East tensions are boosting demand as countries seek energy independence.
Daqo Cuts Losses While Betting on AI Power Infrastructure
Daqo New Energy reported second-quarter earnings on August 20, showing narrowed losses but continued sales below production cost, while management highlighted a new pivot toward AI power infrastructure and semiconductor-grade polysilicon. Revenue rose to $62.7 million from $26.7 million in the first quarter, gross loss narrowed to $82.7 million from $139.4 million, and net loss improved to $81.2 million from $88.4 million. The company holds zero debt and $1.92 billion in liquidity, which supports its patience through the downturn. Daqo joined seven other polysilicon manufacturers on August 6 in an initiative to stop below-cost sales, and a new national energy standard effective January 1, 2027, is expected to force noncompliant plants to shut down. On June 3, Daqo announced an investment agreement to build a manufacturing base for AIDC power infrastructure, including energy storage systems and solid-state transformers, and it is targeting a semiconductor-grade polysilicon market where it sees global demand of 75,000 tons against supply of 57,000 tons. However, the average selling price fell to $4.04 per kilogram from $5.96, while production cost stayed at $5.95 per kilogram, resulting in a negative 132% gross margin. Cash used in operating activities for the first half of 2026 reached $276.2 million, more than double the $105.4 million a year earlier. Management acknowledged that the qualification cycle for semiconductor-grade polysilicon is taking longer than expected, and the AIDC effort is still small, with only $30 million to $40 million earmarked for 2026.
SQM Beats Expectations and Raises Lithium Demand Outlook
Sociedad Química y Minera de Chile reported second-quarter revenue of $2.47 billion, up 136.7% year over year, with net income of $660 million, or $2.31 per share, and adjusted EBITDA of $1.32 billion that beat consensus. Lithium and derivatives revenue rose nearly 300% to $1.78 billion on record sales volume of 84,100 metric tons of lithium carbonate equivalent, up 59%, while the realized price in the Novandino business was about $21.80 per kilogram, up 23% sequentially. Management raised its 2026 global lithium-demand forecast to more than 2.1 million metric tons from roughly 1.9 million, citing battery-energy-storage demand that offset slower-than-expected growth in the battery-electric-vehicle market. The company expects third-quarter lithium prices to remain broadly in line with the first-half average and sales volumes to stay near second-quarter levels, with production costs below 2025 levels. SQM plans approximately $3 billion of capital spending from 2026 through 2028, and Salar Futuro could require about $3 billion over seven years after approvals, while the company accrued more than $1.6 billion in payments to the Chilean state during the first half.
BHP in Talks With NexGen Over Rook I Uranium Project
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.
Youngy Co. First-Half Net Profit Soars More Than Tenfold
Youngy Co. released its 2026 interim report, with first-half net profit attributable to the parent company of 1.002 billion yuan, up 1,076.14 percent year on year. The company achieved operating revenue of 1.524 billion yuan, up 402.35 percent year on year, and non-GAAP net profit of 1.004 billion yuan, up 1,269.63 percent. Second-quarter non-GAAP net profit surged about 149 percent from the first quarter, mainly benefiting from a rebound in lithium salt prices. The company's total output of lithium concentrate reached 146,100 tonnes, up 108.80 percent year on year, of which second-quarter output was 86,700 tonnes, up 45.99 percent quarter on quarter. Its lithium mining and processing subsidiary Rongda Lithium achieved net profit of 1.031 billion yuan, up 1,103.78 percent year on year.
Eagle Nuclear Energy CEO Sees US Uranium Contracting Wave Ahead
Eagle Nuclear Energy Corp. CEO Mark Mukhija said in an interview that US nuclear utilities are approaching an inflection point that could trigger a new wave of uranium contracting. The United States consumed 50 million pounds of uranium in 2024 while producing only 677,000 pounds, a structural deficit that Eagle aims to address with its Aurora project in Oregon, which hosts an indicated resource of 32.75 million pounds. The company is awaiting state approvals for a drill program to support a pre-feasibility study targeted for the second half of 2027, with a baseline production estimate of 2032. Eagle, which began trading on Nasdaq in February 2026 after a business combination, was added to the Solactive Global Uranium and Nuclear Components Total Return Index in early August, qualifying it for the Global X Uranium ETF. The company is also developing small modular reactor designs as part of an integrated nuclear energy platform.
US unveils over $2 billion in new domestic mining projects
The US government has announced more than $2 billion in new projects to support the domestic mining industry, alongside over $180 million for mining workforce development. The Department of War confirmed investments including over $85 million for Standard Bauxite to supply refractory-grade bauxite, $150 million for Minnesota-based Niron Magnetics to develop rare earth-free permanent magnets for defense, $1.4 billion for California's Sila Nanotechnologies to expand silicon-carbon battery anode and lithium-ion cell manufacturing, and $400 million for Sunrise Energy Metals to establish a scandium value chain. The Export-Import Bank allocated $8 million to 5E Advanced Materials for boron production, $25 million to Westwater Resources for graphite extraction, and $25 million to Global Advanced Materials for tantalum and niobium development. The Department of Energy is providing $100 million to 14 mining schools to double capacity for mining-related qualifications, while the Department of War will give over $80 million to three schools for workforce and innovation initiatives.
Iran War Inflation Spills Beyond Energy as Core PCE Hits 3.4%
The inflationary effects of President Donald Trump's Iran war are spreading well beyond the energy sector, with Core Personal Consumption Expenditures reaching 3.4% in May, its highest since October 2023. While headline inflation eased to 3.5% in June from a three-year high of 4.2% in May, the Federal Reserve's preferred Core PCE measure remains sticky, with the Cleveland Fed forecasting 3.36% for August. The conflict, which began on February 28, shut down the Strait of Hormuz and removed about 20 million barrels of daily petroleum liquids, but now businesses are altering shipping routes, fertilizer shortages are raising food costs, and petroleum-based products and helium disruptions are adding to price pressures. This broadening inflation could force the Federal Open Market Committee to raise interest rates, potentially ending the historic rallies in the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite.
Only Two of Five Hyped Nuclear Stocks Actually Sell Fuel Today
Among five nuclear stocks driving market enthusiasm, only Cameco and Centrus Energy sell nuclear fuel today, while Oklo, NuScale Power, and Nano Nuclear Energy remain pre-commercial developers with a combined market value of about $12 billion against roughly $12 million in trailing revenue. Cameco, with a market value of about $41 billion, booked about $2.5 billion in trailing-12-month revenue and raised its full-year outlook for realized uranium prices and revenue despite second-quarter production disruptions. Centrus Energy, valued at about $3.6 billion, generated about $474 million in trailing revenue and operates America's first facility licensed to produce high-assay low-enriched uranium, the fuel most advanced reactor designs require. The three developers hold billions in cash and are pursuing regulatory milestones and first commercial deployments, with Oklo reporting a first-half net loss of $81.6 million on $1.2 million in second-quarter revenue, NuScale holding the first NRC-certified small modular reactor design but only $10.7 million in trailing sales, and Nano Nuclear yet to record any revenue. The sell-off has pushed NuScale about 83% below its 52-week high, Oklo about 77% below, and Nano Nuclear about 70% below, while Cameco sits about 29% below its peak.
Cameco Maintains 2026 Production Outlook Despite Operational Disruptions
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.
Trump pitches $3 billion investment in critical minerals to break China dependence
President Trump has announced a $3 billion investment plan in the critical minerals sector, underscoring his aim to reduce dependence on China. The Department of Defense's Office of Strategic Capital has signed a $1.4 billion loan agreement with Sila Nanotechnologies to expand production of silicon-based anodes and lithium-ion battery cells. It will also invest $400 million in Sunrise Energy Metals to scale up scandium production in Australia, and $150 million in Niron Magnetics. The Export-Import Bank of the United States is preparing over $1 billion in financing for Ivanhoe Electric's copper project in Arizona, and will put $25 million into a graphite mine in Alabama. Additionally, more than $180 million will be allocated to industry education programs to train the next generation of miners.
DRC Bans Cobalt Concentrate Exports; Huayou Cobalt Says It Does Not Export Concentrates
The Democratic Republic of the Congo has issued an administrative order banning the export of copper and cobalt concentrates, triggering a sharp rally in cobalt mining stocks. Huayou Cobalt responded that its products in the DRC are crude cobalt hydroxide and electrowon copper, and it does not export concentrates, adding that the situation is similar for other Chinese companies. Tianfeng Securities noted that in the short term, cobalt raw material supply is tight but not scarce, and cobalt prices are fluctuating with a weak bias. CITIC Securities believes the ban has limited impact on Chinese copper companies, but could intensify concerns over copper supply tightness and push LME copper prices to accelerate toward fifteen thousand dollars per tonne and above.
Albemarle Q2 2026 EBITDA more than doubles to $858 million
Albemarle Corp reported second-quarter 2026 net sales up 31% year-over-year and adjusted EBITDA more than doubling to $858 million, with enterprise EBITDA margin expanding to 49%. The company generated $710 million in cash from operations and $638 million in free cash flow, achieving over 80% operating cash conversion. Global lithium demand grew 45% year-over-year through May, driven by strong stationary storage and improving EV growth, with inventories at near-record lows. Albemarle raised its full-year outlook for specialties and is on track to hit the high end of its cost productivity target of $100-150 million. However, a June 9 fire at the Greenbushes CGP3 plant delayed the ramp-up to full production until Q1 2027, leading the company to expect energy storage sales volumes for 2026 to be flat to down 4% year-over-year.
Eagle Nuclear Energy Engages CBIZ CPAs as Independent Auditor
Eagle Nuclear Energy Corp. has engaged CBIZ CPAs P.C. as its independent registered public accounting firm following a thorough evaluation by its Audit Committee and approval from the Board of Directors. The company, which owns one of the largest conventional, measured and indicated uranium deposits in the United States, is advancing its flagship Aurora Uranium Project toward a Pre-Feasibility Study scheduled for completion in late 2027. CEO Mark Mukhija stated that CBIZ CPAs brings specialized expertise across the energy and mining sectors. Eagle Nuclear Energy went public in February 2026 and is building an integrated nuclear energy platform that combines domestic uranium resources with advanced small modular reactor technology.
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.
Uranium Energy Stock Down 50% in 2026 as Spot Prices Fall, but Long-Term Contract Prices Rise
Uranium Energy shares have fallen 50% from their early 2026 peak, tracking a decline in uranium spot prices. The company held 1.46 million pounds of uranium at the end of its fiscal third quarter of 2026, making its stock a proxy for the commodity. While spot prices have dropped, long-term contracted uranium prices have continued to rise as nuclear power producers lock in fuel supplies. Cameco, one of the world's largest uranium producers, has warned that demand will outstrip supply in the early 2030s, which could boost uranium prices and the value of Uranium Energy's inventory. The stock remains highly volatile and suited only for investors with a strong conviction in a coming uranium supply shortfall.
Noble Plains Uranium CEO Says Next AI Trade May Be Power
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.
Energy metals concept strengthens intraday; institutions say sector may see sustained prosperity and strategic revaluation
The energy metals sector rose 3.03% intraday. Yongshan Lithium gained 5.08%, Tianhua Xinneng rose 4.04%, Tibet Mining added 3.96%, Yongxing Materials climbed 3.88%, and Shengxin Lithium advanced 3.79%. A research note from Changjiang Securities pointed out that the energy metals industry is likely to see sustained prosperity and a strategic revaluation in 2026. For lithium, demand remains buoyant while supply elasticity is limited, so the supply deficit trend may persist and lithium prices could embark on a new upward cycle. The tight supply situation for tungsten is hard to change, and the upgrading of emerging manufacturing is driving both volume and price increases in the deep processing segment. Nickel still has cost support, and the market awaits the implementation of Indonesia's nickel ore quota policy to transform supply and demand from quantitative changes to a qualitative shift. Cobalt is supported by supply policies in the Democratic Republic of the Congo, with a clear price floor, and the market awaits the start of peak-season demand.
Freeport-McMoRan and Digital Realty Earnings Show AI Infrastructure Spending Flowing Beyond Chipmakers
Freeport-McMoRan and Digital Realty Trust reported quarterly results that highlight how AI infrastructure spending is benefiting companies beyond chipmakers. Freeport-McMoRan earned 74 cents a share excluding one-time costs, beating the 59-cent estimate, with net income of $984 million, or 68 cents a share, up from 53 cents a year ago, even though copper production fell 18.2% due to recovery from a deadly mud flow at its Grasberg mine in Indonesia. The beat was driven by a 41.5% rise in average copper prices, and CEO Kathleen Quirk said the mine's recovery is on track for full reopening by year-end. Digital Realty Trust's revenue jumped 29% to $1.92 billion, exceeding the $1.66 billion forecast, and Core FFO reached $2.65 a share versus the $1.86 expected, though that included $188 million in one-time income, with a comparable figure of $2.13 a share, up from $1.87 a year ago. The company raised full-year Core FFO guidance to $8.15 to $8.20 a share and noted new July leases worth $410 million in annual rent at full value, with its own share at $205 million, while also closing a $3.5 billion deal to increase its stake in three Northern Virginia data centers from Blackstone.
SuperCritical Materials Licenses Patented Uranium Extraction Technology from Battelle
SuperCritical Materials Corp. has secured an exclusive license from Battelle Memorial Institute to a patented uranium adsorbent technology for extracting uranium from seawater, originally developed by the Pacific Northwest National Laboratory and research partners. The Austin-based company aims to commercialize the technology at industrial scale in the United States and later expand to allied nations, targeting a resource that holds approximately 4.5 billion metric tons of uranium in the world's oceans. The move comes as U.S. energy policy shifts toward securing private fuel-cycle capacity to support advanced reactor deployments, with SuperCritical positioning itself as a supplier of nuclear fuel and critical materials for the Intelligence Economy. The company's technical team includes Dr. Gary Gill, a former PNNL deputy director and co-founder who is a leading expert in seawater uranium extraction.
Teck Resources Posts Record Copper-Fueled Q2 Earnings Beat
Teck Resources reported sharply stronger second-quarter 2026 results, with sales rising to C$3,605 million and net income to C$854 million, driven by record copper prices and roughly 25% higher copper production. The company maintained its dividend at C$0.125 per share and continued progressing its planned merger with Anglo American. The quarter featured record adjusted EBITDA margins, reinforcing copper as the key near-term catalyst. Teck also highlighted plans to expand germanium, gallium, and antimony output at its Trail Operations, supporting its critical minerals strategy.
Energy Metals Concept Falls 3.14% Intraday, Institutions Say Sector Boom Trend Continues
On July 24, the energy metals concept fell 3.14% intraday. Among related constituent stocks, Shengxin Lithium Energy dropped 4.64%, Boqian New Materials fell 4.45%, Tianhua New Energy declined 4.39%, Shengtun Mining slid 4.17%, and Tengyuan Cobalt Industry lost 3.98%. According to Cailian Press, around 11 a.m. on July 23, the most-traded lithium carbonate futures contract surged over 4% intraday to 147,140 yuan per tonne. Wind data shows that 66 A-share nonferrous metals listed companies have disclosed their semi-annual earnings forecasts, with a positive rate exceeding 90%. Among them, Zijin Mining expects a first-half net profit attributable to the parent of 39.1 billion yuan. A research report from Changjiang Securities points out that the energy metals sector boom trend will continue in 2026, with a revaluation of strategic value. On the lithium front, demand prosperity persists, supply disruptions are increasing and capital expenditure is limited, so the supply shortage trend is likely to continue, and lithium prices may embark on a new upward cycle.
US and Saudi Arabia Sign Nuclear Deal, Opening Path to Uranium Enrichment
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.
Lithium miners' half-year reports show full recovery: leader's net profit growth tops 49-fold, 13 companies break 1 billion yuan
The A-share lithium mining sector has seen a full recovery in half-year earnings, with leading companies posting significant profit rebounds. As of July 23, 21 of the 24 constituents in the lithium mining index have disclosed their half-year earnings forecasts. Among them, 12 reported expected profit growth, five turned losses into gains, and 13 companies saw net profit attributable to the parent company exceed 1 billion yuan. Qinghai Salt Lake Industry expects first-half net profit attributable to the parent company of 6 billion to 6.3 billion yuan, up 131% to 143% year-on-year, leading the industry in profit scale. Tianqi Lithium posted the highest earnings growth, with expected net profit attributable to the parent company of 2.85 billion to 4.25 billion yuan, a staggering year-on-year surge of 3,276.35% to 4,934.91%. Ganfeng Lithium, Tianhua New Energy, and Shengxin Lithium all turned losses into profits, expecting earnings of 3.65 billion to 4.6 billion yuan, 2.2 billion to 2.4 billion yuan, and 1 billion to 1.2 billion yuan, respectively. The industry's earnings recovery was mainly driven by a significant upward shift in the lithium carbonate price center, surging downstream demand from energy storage and power batteries, and the steady release of production capacity by companies.
Uranium ETF URA Drops 18% While Spot Uranium Holds at $85
The Global X Uranium ETF has fallen 18% over the past month even as spot uranium prices held near $85 per pound, revealing a disconnect between mining equities and the underlying commodity. Cameco, which accounts for roughly a fifth of URA's portfolio, dropped 19% in the same period and is the primary reason the ETF underperforms spot uranium. Long-term utility contracts drive 80% of uranium volume and matter far more than spot prices for miner earnings and URA's recovery path. Analysts say investors should watch the UxC long-term contract price and Cameco's realized price in its next earnings report, as both need to move higher for URA to reclaim recent highs.
Motley Fool Projects $5,000 in Constellation Energy Could Grow to $11,500 by 2036
The Motley Fool projects that a $5,000 investment in Constellation Energy could grow to roughly $11,500 by 2036, while the same amount in Cameco could reach about $7,400 under a base-case scenario. Constellation Energy, the largest U.S. nuclear operator, expects base earnings per share to grow at an annualized rate of more than 20% from 2026 through 2029, with growth of more than 10% in each of the three-year periods after 2029. Using the midpoint of its 2026 base earnings guidance of $6.70 per share, those targets would lift base EPS to about $22.56 by 2036, and applying a conservative 18 times earnings multiple yields a share price near $580. Cameco, a major uranium producer with a 49% stake in Westinghouse, is seen growing EPS from an estimated $1.66 in 2026 to about $5.16 by 2036 under a 12% annual growth assumption, and at 25 times earnings the stock could trade near $129. The analysis notes risks including Constellation's integration of Calpine and nuclear restart challenges, as well as Cameco's production disruptions and potential valuation compression.
Eagle Nuclear Energy advances Aurora uranium project toward 2027 pre-feasibility study
Eagle Nuclear Energy provided a second-quarter corporate update highlighting progress on its Aurora Uranium Project and Small Modular Reactor technology. The company completed key environmental and site-readiness initiatives at Aurora, launched an expansive environmental baseline studies campaign, and filed permit applications with the Bureau of Land Management and the Oregon Department of Geology and Mineral Industries. Eagle also engaged Tensor Medium Corporation to bring AI-enabled reactor modeling to its SMR program and announced partnerships with Yukuskon Professional Services, BBA USA and SLR International to support the Aurora drill program. As of May 31, 2026, the company held a cash balance of $28.1 million with no interest-bearing debt. The Aurora deposit contains 32.75 million pounds of indicated and 4.98 million pounds of inferred uranium resources, making it the largest conventional measured and indicated uranium deposit in the United States.
Hudbay Minerals shares rose 15% in the second quarter alongside a 9.7% increase in copper prices, according to L1 Capital's L1 Long Short Fund. The fund highlighted powerful growth drivers from electrification, AI, and defense demand, while noting that copper supply remains constrained by weak Chilean production, mine disruptions in Indonesia and the DRC, and higher sulfuric acid costs tied to the Middle East conflict. During the quarter, Hudbay completed its all-share acquisition of Arizona Sonoran, giving it ownership of one of the largest growing copper districts in North America. L1 Capital expressed a positive medium-term outlook for the copper sector, underpinned by continued global supply tightness.
Oklo Plans to Recycle U.S. Spent Nuclear Fuel with Fast Reactors
Oklo aims to use the nearly 100,000 metric tons of spent nuclear fuel accumulated in the U.S. over six decades as fuel for its Aurora fast reactors. Conventional light-water reactors extract less than 5% of the total energy potential from enriched uranium, leaving substantial energy in used fuel that Oklo's design can utilize. The company is investing nearly $1.7 billion to build a nuclear fuel recycling facility in Tennessee, with construction expected to start in 2027 and recycled fuel production projected for the 2030s. Oklo's initial reactors will use fresh HALEU fuel, but its long-term vision includes recycling spent fuel to expand domestic supplies and reduce high-level waste by 90% compared to conventional reactors. The company's anchor project is a 75-MWe reactor at Idaho National Laboratory targeting 2028 operations, and it has a deal with Meta Platforms for a 1.2-GW clean energy campus in Ohio slated to begin delivering power in 2030.
Energy Fuels Outperforms Cameco as Uranium and Rare Earths Drive Growth
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.
Ganfeng Lithium expects to return to profit in the first half of 2026 with net profit of 3.65 billion to 4.6 billion yuan
Ganfeng Lithium issued an announcement, expecting net profit attributable to shareholders of the listed company for the first half of 2026 to be between 3.65 billion and 4.6 billion yuan, turning from a loss to a profit year-on-year. The company stated that the rapid development of the global new energy industry has driven downstream demand for lithium salts, with sales prices of lithium salt products rising significantly compared to the same period last year. At the same time, production capacity of its lithium resource projects has been gradually released, the cost structure has been effectively optimized, and continued expansion of energy storage market demand has boosted production and sales in the lithium battery segment. Multiple factors have jointly contributed to the performance growth.