October 28, 2025: Physical tightness is still very real even when the spot tape wobbles

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This week on Uranium Spotlight Podcast: 

1. Spot market finds a floor
2. Conference season highlights a changing nuclear narrative
3. Machine learning boosts production at Cigar Lake 

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Transcript

It’s Tuesday, October 28th, and this week on Uranium Spotlight: spot prices ease after a volatile month, conference speakers call for a nuclear decade, and new technology brings machine learning underground at Cigar Lake.

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Spot Market Finds Its Floor

The uranium spot price opened last week at $80.01 per pound U₃O₈ and closed at $77.35, down roughly three percent as trading turned choppy. Prices drifted lower through Tuesday on thin activity before firming mid-week when utilities stepped in to restock at lower levels. By Friday, bids were climbing again, lifting the daily average to $77.35.

In total, 11 spot transactions were completed, representing about 750,000 pounds U₃O₈, nearly all for prompt delivery. Traders described a tug-of-war between buyers seeking bargains and sellers holding firm around the mid-$70s. By Monday, bids had stabilized near $77.50, suggesting that the recent correction may have run its course.

The long-term price rose to $84 per pound, up two dollars for the month, confirming that utility contracting remains the stronger driver of fundamentals. Conversion and enrichment prices were unchanged but continue to reflect tight capacity.

For investors, the key takeaway is that physical tightness is still very real even when the spot tape wobbles. The contracting pipeline continues to expand, underlining that the market’s next leg up will be built on term demand rather than day-to-day volatility.

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Conference Season Highlights a Changing Nuclear Narrative

Two major events dominated the industry calendar last week: the TD Cowen Nuclear Fuel Conference in the United States and the Canadian Nuclear Association West Conference in Saskatoon. Together they painted a clear picture of an industry entering a new growth phase.

At the TD Cowen gathering, Cameco’s Grant Isaac observed that uranium demand continues to be understated while supply is routinely overstated. Delays, restarts, and ramp-ups rarely meet their targets, meaning the real availability of material is far below headline guidance. Michael Alkin of Sachem Cove agreed, suggesting that prices may need to reach $125 to $150 per pound before new production is properly incentivized.

Speakers such as Arthur Hyde and John Ciampaglia from Segra Capital and the Sprott Physical Uranium Trust emphasized how the investor base itself is changing. Generalist and technology-sector funds—once indifferent to uranium—are now entering the space seeking both value and growth exposure. According to Ciampaglia, nuclear and uranium ETFs are now attracting more inflows than renewable-energy ETFs, a reversal few would have predicted just two years ago.

The discussion repeatedly circled back to a single theme: the market is broadening. Nuclear energy is no longer viewed solely through a mining-sector lens but as a central pillar of the energy transition and, increasingly, of industrial policy. Speakers noted that inventories are at historic lows and that a wave of utility contracting could emerge as uncovered demand collides with limited available supply.

Meanwhile, in Saskatoon, the Canadian Nuclear Association West Conference sold out within days of opening—its first time ever in Saskatchewan. Cameco CEO Tim Gitzel told delegates that uranium had “fallen out of favour for a decade but is roaring back into the public consciousness.” Saskatchewan Premier Scott Moe unveiled a new provincial energy roadmap that positions the province’s uranium production at the centre of Canada’s nuclear renaissance, calling Saskatchewan “an energy supplier to the world.”

Other panels examined workforce training, supply-chain opportunities, and regulatory coordination for emerging jurisdictions in western Canada. SaskPower announced a $10 million investment in nuclear workforce development at universities to build the talent base required for SMR deployment.

For investors, this matters because it confirms that momentum is now institutional. Utilities, governments, and investors are aligned in viewing uranium not as a speculative metal but as a strategic fuel. The message from both conferences was unambiguous: the decade ahead will be nuclear-driven, and those positioned early will stand to benefit.

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Machine Learning Boosts Production at Cigar Lake

While policy momentum dominated the stage, a quieter revolution is unfolding underground. Cameco has begun applying machine-learning models to optimize production at its high-grade Cigar Lake mine in northern Saskatchewan. In partnership with Saskatchewan Polytechnic’s Digital Integration Centre of Excellence, the company used artificial-intelligence algorithms to refine the jet-boring system that carves cavities in uranium ore bodies with high-pressure water.

By training models on real-time data, the system can automatically adjust water pressure, nozzle rotation, and timing to maximize ore recovery and reduce waste. The result: what once took half a day can now be done in fifteen minutes.

Lead researcher Nathan Kozicki, now an engineer at the mine, said the system “doesn’t eliminate skilled workers—it replaces the tedious parts of the job and helps Cameco make better decisions, faster.” Director Dr. Terry Peckham added that the project is as much about knowledge transfer as technology, positioning Saskatchewan as a global hub for mining innovation.

Cigar Lake currently produces around 18 million pounds of U₃O₈ per year, making it one of the world’s largest uranium mines. Enhancements like this could meaningfully expand output without additional infrastructure, further improving Cameco’s cost base and environmental performance.

For investors, this development highlights how innovation is quietly reshaping the production landscape. Efficiency gains achieved through automation and AI reduce costs, extend mine life, and reinforce Canada’s reputation for technological leadership in uranium extraction. In an industry where new greenfield projects take years to permit, smarter mining is becoming the fastest route to incremental supply.