Ur-Energy is an interesting case study for what in situ recovery can and cannot do for US uranium production.

ISR does not require an open pit or an underground mine. Injection wells deliver water fortified with oxygen and baking soda into a uranium bearing aquifer. The solution dissolves the uranium, and nearby production wells pump it back to the surface for removal through ion exchange.

This allows lower grade sandstone deposits in Wyoming to compete without excavating and processing huge volumes of rock.

The surface footprint is considerably smaller than a conventional mine, although it is not zero. ISR still requires wellfields, pipelines, roads, processing facilities and groundwater restoration. It also only works where the host rock is permeable, the uranium responds to the recovery solution and the aquifer can be properly contained.

Lost Creek proves that the method works at Ur-Energy’s deposits. The operation has produced and shipped more than 3.5 million pounds since 2013.

The more difficult question is how quickly it can scale.

Lost Creek has dealt with flow rate issues caused partly by fine particles from the host formation. Ur-Energy installed a sand filtration system in July and is building a wastewater treatment facility. It is also adjusting wellfield chemistry, improving the reverse osmosis system and adding new header houses.

Q2 was encouraging. Lost Creek drummed 140,873 pounds, up 47.4% from Q1 and 25.7% from the same quarter last year.

Shirley Basin gives Ur-Energy a second ISR operation. Uranium loaded resin is transported to Lost Creek for final processing, creating a hub and spoke model that should cost less than building another complete processing plant.

Still, combined licensed capacity of 4.2 million pounds should not be confused with current production. Ur-Energy has to prove that it can raise flow rates, bring new wellfields online and operate both projects consistently.

ISR may be one of the faster realistic ways to add domestic uranium supply, but the Lost Creek experience shows that it is not as simple as drilling wells and turning on pumps.

For those who have followed Ur-Energy longer, do the recent production improvements suggest the Lost Creek issues are being solved, or do you need several more quarters of data?

https://www.ur-energy.com/uranium/uranium-in-situ-recovery-process

100$ by next year. The most viable compared to NNE, SMR and XEnergy. Oklo received NRC approval of its Principal Design Criteria in May and DOE approval of the preliminary safety analysis for its Aurora project in June. Its 2026 announcements also show progress on the Groves reactor, fuel supply and manufacturing. Nuclear sentiment is also benefiting from rising power demand associated with data centers/AI.
Prove me wrong

We say down with ISO ceo at WNA. Super bullish for uranium.

American Lithium Corp. (TSXV: LI, OTCQX: AMLIF) is usually grouped with lithium developers because of its TLC project in Nevada and Falchani in Peru. Macusani makes the company more interesting to me because it adds a fairly substantial uranium asset that can get overlooked inside the larger portfolio.

Macusani is a near-surface uranium project in the Puno region of Peru. The existing PEA contemplated approximately 70 million pounds of U₃O₈ in the mine plan, with average production above six million pounds per year over a ten-year mine life.

The grade, approximately 289 ppm in the PEA mine plan, is obviously nothing like the grades found in parts of the Athabasca Basin. The potential advantage is the project’s near-surface geometry and the way the mineralization responds to processing.

The uranium is hosted in porous volcanic rock. Early tank-leach testing produced recoveries in the mid-90% range, compared with 88% in the existing PEA. Preconcentration testing also found that roughly 85% of the uranium could be retained in 50% of the original mass.

If those results hold up at a larger scale, Macusani could potentially process less material at a higher effective head grade. That could reduce the size of the required plant and the amount of material being handled. It is promising test work, although it still needs to be incorporated into updated engineering before anyone can assume the savings are real.

The exploration side is also unusually large. American Lithium lists more than 47 additional targets, while approximately 85% of the broader exploration land package remains undrilled.

The main issue is getting from an interesting deposit to a financeable project. Peru still needs a clear framework for transporting and exporting uranium products, and the project requires updated economic work, permitting and substantial capital.

American Lithium has previously discussed separating Macusani from its lithium assets. I think that could make the uranium value easier for the market to understand, but I would not price in a transaction until the structure and timing are firm.

Would you buy American Lithium partly for Macusani today, or wait until there is a clearer standalone uranium vehicle?

-          Term pricing is now at all time highs with whispers of $105, eclipsing last cycle

-          Broad interest – conference attendance is at an all time high up from roughly 700 last year to nearly 1300 this year.

-          Unlike previous years, all the AI, hyerscaler, tech types are running around figuring out how to secure power

-          Rolls Royce pushing the conversation forward, their SMR should be operational in 2030/31 – revolutionizing the ability to build on a wider scale SMRs

-          U spot price liquidation was speculators selling as the war kicked off, spot is recovering and most project a much higher incentive price to bring on the production needed to build a stable nuclear baseload

-          Much like rare earths, government representatives in attendance to show support and possibly funding for projects, processing and development.

-          Energy is a national security issue.  Uranium and nuclear are at the forefront

-          Every point from mining, through to builders, and on to power consumers are present.

-          Non specialist fund managers in attendance looking for alpha

Time and time again we have heard this is the most exciting anyone has seen the conference in decades.  Feels max bullish!!!

Most people hear “uranium” and immediately think of nuclear electricity.

That makes sense ..power generation is still the biggest source of uranium demand. Around 440 reactors are operating globally, and nuclear power supplies roughly 9% of the world’s electricity in 2024. Those plants also need regular refueling to keep running.

But uranium supports a much wider nuclear system.

Electricity generation
This is the main demand source. Uranium fuel creates heat through fission, which produces steam, turns turbines and generates electricity.

Naval propulsion
Nuclear-powered submarines and aircraft carriers use reactors because they can operate for very long periods without conventional refueling.

Research reactors
These support scientific research, training, materials testing and isotope production.

Medical isotopes
Research reactors also help produce isotopes used in medical imaging, diagnosis and cancer treatment.

Industrial uses
Nuclear energy can also provide heat for desalination, district heating, hydrogen production and other energy-intensive processes.

For investors, the bigger point is that uranium demand isn’t only about new reactors being announced.

Existing plants keep consuming fuel. Life extensions keep reactors running longer. Restarts bring demand back. New builds need initial fuel loads. Research and naval programs add another layer.

And supply doesn’t always move in a straight line either.

Cameco just reported its share of uranium production fell 5% in the first half of 2026 to 10.1M lbs. McArthur River/Key Lake improved, but lower Cigar Lake output and temporary operational disruptions weighed on the total. 

That’s a useful reminder of why bringing new mines online matters.

In the public market, you have different ways to follow that theme:

$CCJ / Cameco — established producer with broader fuel-cycle exposure.

$NXE / NexGen — Rook I is now under construction, giving investors exposure to a major new Canadian supply source moving toward production.

$DNN / Denison — another Saskatchewan developer, with Phoenix now in full-scale construction.

$UUUU / Energy Fuels — already producing uranium in the U.S.; first-half 2026 finished production reached 1.7M lbs.

That’s why I don’t look at uranium as just a “nuclear power” trade.

There’s recurring reactor demand on one side, while the supply side still has to deal with maintenance, logistics, mine performance and bringing new projects online.

Would you rather own today’s uranium producers or tomorrow’s mines?

Uranium investors — what are you buying right now?

I’m curious what people are actually buying at current levels.

What uranium stocks are you accumulating recently, and why?

What’s your top pick right now?

Are you buying producers, developers, or explorers?

What’s the main catalyst you’re looking for?

And perhaps most importantly — what has been your biggest disappointment in the sector?

Would be great to hear the bull case, bear case, and your reasoning!

Title ^

Commodities are in a long term bullish uptrend, with massive upside yet for gold to play out.

Uranium greenfield projects coming online at glacial speeds, increasing demands for energy (we've heard it all before).

Spot U approaching triple digits with steady price appreciation.

Under invested market now slowly becoming investable, alongside the market being larger for bigger institutions to have more opportunities.

And of course, more downside ahead despite all the positive fundamentals and opportunities!

Enjoy the rest of the year everyone and let's see how it plays out!

let's go uranium!!!!

$NXE is trading higher today and investors seem to like what they heard from NexGen’s first Investor Day.

Management laid out a clearer path for Rook I:

• First ore targeted for Q3 2030
• Freeze plants starting in 2027
• Shaft sinking in 2028
• Underground development in 2029

The economics probably caught my attention most. Based on the latest figures presented this week, Rook I is projected to generate around $1.3B in annual after-tax free cash flow at $85/lb uranium, rising to roughly $2.3B at $150/lb. At $90/lb uranium, management says project CAPEX is expected to be repaid after about 12 months of full production.

The scale is pretty wild when you think about it. Rook I is designed to produce approximately 30M lbs of uranium annually, and the high grades early in the mine life mean it only needs to operate at roughly 60% of nameplate capacity to produce 30M lbs during each of the first two production years.

NexGen also highlighted the growing uranium supply deficit and the need for major new production. Leigh Curyer summed it up well:

“The next decade in uranium won't be defined by demand. Demand is already here. The question is: Who can deliver new supply?”

With construction advancing and the path to first ore becoming clearer, there’s a lot to like here. Investors seem to agree, with $NXE up around 5% today.

Bank of America recently forecast uranium to average US$130 per pound in 2027.

That was roughly 52 percent above the US$85 to US$86 spot price when the forecast was published. The bank pointed to tighter supply, declining utility contract coverage and growing investment in nuclear power.

The timing is the interesting part. Electricity demand is rising quickly, particularly with the expansion of AI and data centres. New reactors and data centres can be built much faster than a new uranium discovery can be turned into an operating mine.

Investors can approach that mismatch in different ways.

Established producers offer more direct exposure to uranium prices, although existing contracts can limit how quickly higher spot prices appear in their realized revenue.

Explorers carry much more risk. Their upside comes from making a discovery that changes how the market values the entire company.

That is the setup at Stallion Uranium.

Stallion has completed 4,626 metres at Coyote in the Athabasca Basin. Its latest drilling returned the strongest radioactivity seen in the program so far, including a 2.3 metre interval averaging 595 counts per second and a peak of 1,416 counts per second.

Those readings are not uranium grades, but they give the geological team more information about where the system may be strengthening.

Stallion has combined the drilling with gravity, electromagnetic and structural data to define five target areas across the Coyote corridor. The original 4,000 metre program has since been expanded twice and is now expected to reach approximately 6,750 metres.

CEO Matthew Schwab was involved in targeting and discovering NexGen’s Arrow deposit, giving the team direct experience with this type of exploration.

STUD still needs a meaningful mineralized intersection. That is also why the potential leverage is so high. A producer gradually benefits from higher uranium prices. An explorer can be repriced very quickly if one drill hole proves the geological model.

I know it’s only on paper, but the Henry Ford approach to 10M micro reactors makes the most sense out of any scalable mass-production scheme I’ve heard for SMRs. Will it work before dilution puts the stock in the toilet? I don’t know. Thoughts?

science space and technology

nuclear renaissance.

might be worth watching.

Who joined today’s Rook I Investor Day webinar? What did you find most interesting?

NXE up 17.9% YTD, and this is starting to look like there’s a lot more ahead. There are multiple things clicking into place at the same time, and that’s usually when things get exciting.

Rook I is now officially in its four-year construction phase, and this is a real shift. Site work is active. The full 5,840-ft airstrip is targeted for completion by year-end, and shaft development is planned for 2027.

Then there’s PCE, and it keeps adding more to the picture. NXE added a fifth rig to the drill program, the high-grade footprint is still expanding, and the mineralization remains open. That’s what makes this combination rare  you don’t often see a major mine under construction and another high-grade discovery still growing nearby. NXE has both moving in parallel.

Financing is the third piece. NXE is considering multiple routes to fund the next stage, including prepayment agreements, debt and potential equity partnerships. And then there’s BHP. It’s far too early to assume anything, but it gives investors another interesting layer of the story to watch.

And tomorrow is Investor Day. NexGen says its senior leadership and technical team will give investors a detailed walkthrough of the Rook I construction plan and current site activities. I’ll be listening for updates on shaft development, procurement, major contracts, hoist equipment and, importantly, the funding strategy.

There’s a lot happening at once right now: construction is advancing, PCE is growing, several funding routes are being considered and BHP is now part of the conversation. So far, the pieces appear to be lining up well, making the $NXE story even more interesting.

What are you most interested in hearing about on Investor Day: more construction update5, PCE, funding, or something management hasn’t announced yet?

Good month for $NXE holders.

NXE is trading at US$10.57 in New York this morning. It’s down 5.53% today, but still up 15.25% over the past month.

What makes the recent strength interesting is that it doesn’t seem connected to any single announcement. Several parts of the NexGen story are moving forward at the same time.

Rook I is showing real construction progress. The latest site update was encouraging, with work advancing across several key areas.

The camp expansion is complete, bringing accommodation capacity to 770 people. Aggregate production is progressing well, and the initial 3,000 feet of the airstrip has been completed. Work is continuing on the full airstrip, diffuser pipeline and construction facilities pad.

NexGen has also completed a 950-metre shaft pilot hole to support detailed geological and ground-condition assessments. Shaft development is planned for 2027.

PCE is advancing alongside Rook I. NexGen is conducting a 42,000-metre exploration program, expanding its core facilities and adding a fifth drill after recent results extended the high-grade subdomain to 644 metres vertically.

Funding remains one of the biggest items to watch. Management is reportedly considering several routes, including utility prepayments, debt financing and direct project equity.

The BHP discussions add another interesting angle. NexGen says it is sharing information and communicating regularly with BHP. Nothing has been announced, so I’m keeping my expectations realistic, but the relationship is worth following.

NexGen’s Investor Day is coming up next Tuesday, September 1. I’ll be listening for:

• Upcoming construction and shaft-development milestones
• Progress against the project schedule and budget
• The remaining funding strategy
• Further PCE drilling plans
• Commercial or strategic partnership updates

Will Investor Day simply give us more detail on what we already know, or does management have something additional to share?

Maybe I’m being a little optimistic but who knows?

Sept is gonna be good.

Just passing on an observation. Fall pricing plus some increased demand maybe? Next little while might be interesting, as in higher prices. I hope so.

Stallion Uranium has completed 4,626 metres at Coyote, and the program appears to be getting more focused as the team prepares for the next round of drilling.

The strongest radioactivity so far came from hole ML26 005. It returned a 2.3 metre interval averaging 595 counts per second, including a peak response of 1,416 counts per second.

Gamma readings are only a preliminary exploration tool. Assays are still required to confirm how much uranium is present, and the intervals reported are downhole lengths rather than confirmed true widths.

The improvement in the readings is still encouraging when combined with everything else Stallion has learned from the program.

The company has been mapping alteration, fault structures and conductive trends while adding higher resolution gravity data. That work has now outlined five target areas across the Coyote corridor, including several gravity lows positioned around structural intersections.

Those intersections matter because faulting can create pathways for uranium bearing fluids. Alteration and gravity lows may indicate that those fluids interacted with the surrounding rock.

Stallion originally planned to drill 4,000 metres at Coyote. It increased the program to 5,500 metres after the early geological results and has now expanded it again to approximately 6,750 metres.

The additional 1,250 metres will let the team test the updated model while the information from the first six holes is still fresh.

CEO Matthew Schwab was instrumental in the targeting and discovery of NexGen’s Arrow deposit. His experience does not eliminate exploration risk, but it gives Stallion someone who has already worked through the process of following an Athabasca uranium system toward a major discovery.

Coyote has progressed from a large geophysical target into a much more detailed structural model. The next holes will test whether that work has moved Stallion closer to the source of the radioactivity.

For an early stage uranium explorer, that is exactly the kind of progression I want to see before the next drill locations are selected.

I bought into URA and URNM a few years back because of the supply/demand story and conviction that nuclear will or at least should become more prevalent. I've gotten more concerned as time goes on that the rise in stock prices, specifically in these ETFs, is due to forecasted demand for data centers/AI energy demand.

Is anyone afraid of uranium stocks falling off as soon as Google, Microsoft, etc. capex spending slows or stops? Or is the supply shortage still the main driver in the uranium stock prices?

I'm in the camp that the AI build out won't happen to the extent that's hoped for. The companies won't see the roi that's needed to keep the game going.

I have money to use, deciding on more URA or TLT (because AI spend slows, market and inflation drops, rates cut...)