In this episode of Going Nuclear, hosts Trevor Hall and Justin Huhn of Uranium Insider examine the growing disconnect between uranium equities and the underlying nuclear fuel market.
The conversation begins with the recent weakness in uranium stocks before turning to major developments reshaping the global nuclear industry, including the proposed U.S.–South Korea nuclear construction partnership, Uranium Energy Corp.'s expansion into uranium conversion, and Urenco's efforts to expand enrichment capacity in the United States.
But the biggest story may be unfolding in Kazakhstan.
Justin breaks down Russia's attempt to secure a major long-term uranium supply agreement with Kazatomprom—and why the rejection of that proposed contract could reveal important pressures within Russia's nuclear fuel supply chain. Could Russia's enormous enrichment and reactor export business be creating additional uranium demand that investors are overlooking?
Trevor and Justin also examine whether an AI investment bubble could threaten nuclear energy stocks, why hyperscaler demand is not essential to the uranium investment thesis, and what could eventually push uranium prices back above $100 per pound.
Episode Sponsor: U92 Energy Corp. (TSXV: UTWO)
U92 Energy is an emerging uranium exploration company advancing the Kurupung Uranium Project in Guyana, which hosts a historical uranium resource estimate of approximately 20.5 million pounds.