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More US Govt Support Spurs Uranium Higher

From The Maven Letter: 10 January 2024

Yesterday we finally saw uranium stocks lift, after dragging along sideways for weeks even as uranium marched steadily higher.

The first chart below is of URNM, the Sprott ETF of uranium miners; the chart below that is the spot price of uranium. The comparison shows how uranium stocks responded nicely to the rising spot price in September and October but then stalled out, trading sideways for the last two months while uranium moved from $74 per lb. to $92 per lb.

The URNM chart also shows how uranium stocks did seem to move distinctly higher yesterday, snapping back to mirror the spot price (which jumped $1.25 per lb. on the day! And another $1.13 today! Neither of those gains are shown on the chart). It all happened because of this:

The US Department of Energy (DOE) asked uranium enrichment companies to pitch it with proposals to produce High Assay Low Enriched Uranium (HALEU). A less-structured request for HALEU production proposals late last year didn’t garner a lot of response so it seems the DOE stepped up its game here, promising up to $500 million in HALEU contracts and asking for minimum 10-year

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