On this episode of Going Nuclear, hosts Trevor Hall of the Clear Commodity Network and Justin Huhn of Uranium Insider examine the sharp correction in uranium mining stocks, the forces driving indiscriminate selling across the nuclear energy sector, and why the underlying fundamentals of the uranium market may be stronger than equity prices suggest.
Justin explains how hedge fund positioning, AI-related investment baskets, institutional tax-loss selling, and uncertainty surrounding the U.S. midterm elections may be contributing to the selloff. With spot uranium prices up more than 10% this year while the URA uranium ETF has fallen approximately 20%, the divergence between the commodity and uranium equities is becoming increasingly difficult to ignore.
The conversation also explores the geopolitical implications of Kazatomprom shareholders rejecting a proposed uranium supply agreement with Russia while approving a Chinese contract. What does this reveal about Kazakhstan's relationships with Russia and China, and what could it mean for future uranium availability?
Trevor and Justin examine Deep Yellow's decision to delay a final investment decision on its Tumas uranium project, the growing divide between Eastern and Western uranium supply development, and why higher uranium prices have still failed to incentivize sufficient new production.
Finally, the discussion turns to nuclear reactor development in the United Kingdom and United States, including regulatory reform, hyperscaler power purchase agreements, government financing mechanisms, and the potential for new reactor construction announcements in 2027.