October 21, 2025: Current prices are now being treated as the floor, not the ceiling

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This week on Uranium Spotlight:

1. Market steadies near $80.00
2. Global fuel contracts accelerate 
3. Public opinion turns pro-nuclear
4. Leadership transition at Deep Yellow

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Transcript

It’s Tuesday, October 21st, and this week on Uranium Spotlight:
Spot prices steady near eighty dollars, utilities rush to secure new fuel supply, global contracting accelerates, and Deep Yellow enters a new chapter in its leadership story.

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Market Steadies Near Eighty Dollars

After several weeks of volatility, the uranium market found firmer footing last week. The spot price opened at $79.20 per pound U₃O₈ and closed at $80.01, with activity clustered around smaller 50,000-pound lots that have become the new standard for prompt delivery. Roughly 450,000 pounds traded hands across five spot deals, reflecting subdued but orderly demand.

The week began quietly as one U.S. utility tested the market with a short-notice tender for 150,000 pounds. That request temporarily paused other transactions while sellers waited to see how bids would clear. With the tender awarded mid-week, trade resumed but at a slower pace. Financial players, including the major uranium funds, were mostly on the sidelines, adding only modest inflows and reporting no new material purchases.

By Friday, sellers trimmed offers slightly to re-engage buyers, and a handful of deals cleared just under eighty dollars. While that ended the week on a softer tone, bids remained firm, confirming that any pullback continues to attract willing buyers.

In the term market, autumn typically brings a fresh round of activity as utilities work to secure multi-year coverage before the holiday season. Several new requests for proposal—some stretching into the early 2030s—were issued last week, suggesting that fuel buyers remain focused on long-term certainty rather than short-term pricing.

For investors, the key takeaway is that uranium continues to consolidate near its recent highs even as weekly volumes fluctuate. The tone of the market remains tight, not tired—signalling that current prices are now being treated as the floor, not the ceiling.
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Global Fuel Contracts Accelerate

A surge of nuclear fuel cycle contracting across four continents underscored how utilities are moving early to secure supply. Over the past week, at least four public agreements were announced—an unusually visible burst in a business that normally unfolds behind closed doors.

In the United Kingdom, Urenco, Framatome, and EDF finalized a major contract to provide enrichment services and fabricated fuel for EDF’s new Sizewell C reactors. The deal anchors years of planning for Britain’s next generation of nuclear capacity and reinforces Europe’s push to localize fuel supply chains following the disruption of Russian material.

Romania also made headlines as its Feldioara Uranium Concentrate Processing Plant, operated by Nuclearelectrica, began shipping nuclear fuel abroad for the first time in the country’s history. That breakthrough turns Romania from a closed domestic processor into a regional exporter—one more sign that new participants are entering the global fuel trade.

Across the Atlantic, a third shipment of fresh nuclear fuel arrived at Michigan’s Palisades reactor, which is preparing to restart later this year under Holtec ownership. The delivery of sixty-eight fuel assemblies—roughly one-third of the reactor’s core—marks a tangible step toward bringing a previously retired plant back into the grid mix. Each assembly represents about 7,000 pounds of uranium equivalent, translating into nearly half a million pounds of U₃O₈ for this reload alone.

Meanwhile in China, fuel is now being loaded into one of the country’s newest reactors, signaling another increment of demand that will soon shift from construction to consumption.

Taken together, these contracts span the full nuclear fuel cycle—from mined uranium to enrichment and final fuel fabrication. What ties them together is timing: each reflects a conscious decision by utilities to act before availability tightens further. For years, buyers could afford to wait. Now, the race is to lock in supply while they still can.

For investors, this wave of contracting is significant. It shows that the mid-cycle squeeze is moving from theory to action. As utilities commit to long-term deals at higher price levels, they validate the economics required to sustain new mining investment. In effect, the market is beginning to bridge the gap between future need and present supply—a stage that historically precedes broader upward re-pricing of uranium equities.

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Public Opinion Turns Pro-Nuclear

Momentum isn’t limited to utilities. Public perception of nuclear power is shifting rapidly, reshaping the political landscape that underpins reactor development. A new national survey released in the United States last week found that nearly six in ten adults now favour building additional nuclear plants—up sixteen percentage points since 2020.

The shift cuts across party lines. Support among Republicans and Republican-leaning independents has climbed to nearly seventy percent, while a slim majority of Democrats—just over fifty percent—now also back nuclear expansion. That narrowing partisan gap makes nuclear the least divisive major energy source in the U.S., ahead of wind, solar, or fossil fuels.

Equally important, the reasons cited for this support are changing. Forty percent of respondents identified nuclear’s clean, carbon-free generation as the key factor, while one in five pointed to its efficiency and reliability. Only thirteen percent cited safety as their main rationale—evidence that public confidence in modern plant design and regulation has strengthened after decades of apprehension.

A gender divide remains: roughly three-quarters of men favour nuclear energy compared with less than half of women. But the trend line is positive across all demographics, suggesting that nuclear’s environmental credentials and its role in powering data-driven economies are resonating with new audiences.

For investors, the message is clear. Policy follows sentiment, and sentiment is turning decisively in nuclear’s favour. Broader acceptance translates into smoother permitting, easier financing, and a political environment that rewards new build programs rather than restrains them. The so-called nuclear renaissance is no longer theoretical—it’s becoming a mainstream consensus.

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Leadership Transition at Deep Yellow

Veteran uranium executive John Borshoff will step down as Managing Director and CEO of Deep Yellow, marking the close of a career that spans five decades in the global uranium industry. Having guided Deep Yellow since 2016, Borshoff transformed the company from a junior explorer into a developer with assets on the threshold of production across multiple jurisdictions.

During his tenure, Deep Yellow advanced its flagship Tumas project in Namibia toward a final investment decision, progressed feasibility work at the Mulga Rock project in Western Australia, and expanded its exploration footprint at Alligator River in the Northern Territory. He also assembled one of the sector’s most seasoned management teams, many of whom previously helped build Paladin Energy into a mid-tier producer during the last cycle.

Effective October 20, Borshoff moves into an advisory role through November to ensure a smooth hand-off. Chief Financial Officer Craig Barnes will act as interim CEO, supported by Executive Chair Chris Salisbury—a former Rio Tinto executive and past head of Energy Resources of Australia. A global search for a permanent successor is already underway.

The company emphasized that its growth strategy remains unchanged, aiming to become a multi-asset, multi-jurisdiction producer supplying the next phase of global reactor demand.

For investors, the key takeaway is this: leadership transitions at mature developers often coincide with inflection points. Deep Yellow’s move from exploration to construction readiness signals that the company—and the broader sector—is entering a new stage of execution. Borshoff’s legacy of disciplined project building will likely shape that next generation of producers poised to benefit from sustained uranium scarcity.