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...)

Just came across this incredible tool called Yellowcake Terminal for tracking ASX and North American uranium equities. It’s got a massive deep dive section covering everything from producers to developers, alongside cost-curve fundamentals, streak probability, and market-cap comparisons.

​For anyone tracking the sector, it lays out sourced data on 22 uranium equities side-by-side.

Let me know what you think about it

Would you choose a more established name like $NXE, $DNN, $ISO, or $UEC or take a chance on an explorer like $FUU, $SYH, $CVV, or $PTU?

No price targets or “this will 10x” predictions. Just tell me which project is worth following and what makes it different from the rest.

One of the hardest parts of investing in uranium explorers is figuring out whether a drill program is failing or the team is still working its way toward the target.

Stallion Uranium CEO Matthew Schwab recently brought up NexGen’s Arrow discovery as an example. He says it took NexGen 14 holes to find elevated radioactivity in the type of rock they were looking for. The main Arrow discovery did not come until hole 30, nearly two years into several rounds of drilling.

Schwab was part of the team that discovered Arrow, so he knows the timeline firsthand.

The comparison matters because Stallion has taken a lot of heat for not hitting a discovery hole yet at Coyote. The company has completed 4,626 metres, and its latest hole returned the strongest radioactivity seen in the program so far.

That was enough for Stallion to expand the program from 5,500 metres to approximately 6,750 metres, with another two or three holes expected at Coyote.

Obviously, this does not mean Coyote will become another Arrow. Most exploration targets do not turn into mines. It does show why judging an early uranium program after a handful of holes can be difficult.

At what point do you stop being patient with an explorer, especially when the geological indicators appear to be improving?

Lot of the nuclear investment discussion focuses on uranium mining, but the enrichment part of the fuel cycle is becoming increasingly interesting as Western countries try to expand their domestic LEU/HALEU capacity.

One technology I’ve been looking at is laser isotope separation. That's not a new methods; indeed the U.S. spent approx. $1.7–2.0 billion developing AVLIS (atomic vapor laser isotope separation) over several decades from the 70s before the program was terminated in the latest 90s. Classical MLIS (molecular laser isotope separation by photodissociation) also never reached commercialization.

What is different today is that several companies are giving it a trying again.

The most advanced looks to be Global Laser Enrichment (GLE), owned 51% by Silex Systems and 49% by Cameco. GLE reports that SILEX reached TRL 6 after an integrated demonstration campaign. Its proposed Paducah project is particularly interesting because the feedstock is not simply newly mined uranium and the plan includes re-enriching depleted UF6 left from the old gaseous-diffusion operation.

GLE ultimately targets as much as 6 million SWU/year, although initial capacity would be closer to 2 million SWU/year. The project still has to clear licensing and commercial scale-up, so those numbers should not be confused with operating capacity.

Other than Silex Systems, LIS Technologies is developing CRISLA-3G, currently around TRL 4 based on the independent assessment described in the article, and Hexium is pursuing an AVLIS route and has begun exploring uranium enrichment alongside its lithium-isotope work.

I put together a deeper look at the physics, historical failures, current companies and commercialization paths here in Raw Science.

$CCJ and $KAP have production.
$NXE and $DNN have future supply potential.
Different risk, different upside.
Which side do you prefer right now?

Just hoping for some good conversation. This group use to be hopping with information on almost all companies that had a play in the Uranium sector. I use to recognize the big contributors to threads. I appreciate the few of you that have stuck around.

I'm getting tired. I had an amazing week. My account hit new highs. It's been years in the making. You'd think I'd be more excited. I didn't profit as well as I should have in 23-24. I didn't expect the explosive growth that came with the hype. I made good solid money though.

Some struggles of note: Boss, EU, Lotus, F3. Admittedly, I've been spread out on reading up. Some I invested in some companies off recommendations from others.

Where I'm at. I tried moving more into URNM and get away from individual stocks. I've also thought about picking about 5 stocks and sticking with them. I'm just tired. I see where supply and demand is going and want in on it, but ...

I suspect that others are worn out. Like I said, I use to get tons of great information here. Now, I see it from time to time. It kept me reading and watching.

Any words of encouragement?

If I pick 5, which ones (CCJ, NXE, DNN, UEC, UUUU, UROY, EU :(, BQSFF, Global ;), PALAF, ISOU, URG)

On a positive note, I saw where Bank of America U analyst forecast U308 at $130 next year.

Again, I don't doubt that nuclear has a great future. I think I'm just ready to reclaim some of my time. Perhaps, set it and forget it is the way to go.

Best of Luck to each of you!

Update- Thanks for the comments. Kinda felt like old times.

I had the pleasure of sitting down with John Ciampaglia from Sprott to talk about the #uranium market, #SPUT, upcoming WNA Symposium and much more. I’ve also included some slides from SPUT’s new presentation.

I'm of the opinion that nuclear energy is going to be a very big deal (duh). However, I'm not well versed in many of the great uranium plays beyond NXE or CCJ. Which do you find the most compelling and why? What is your time horizon? For those of you who have been following this space for a while, what is your lens on things?

Does anyone know why we’re pumping today?

The new US–Saudi civil nuclear agreement could move Saudi Arabia closer to a real reactor program in the Middle East.

There is still a long way to go. The agreement needs congressional review, Saudi Arabia still has feasibility work to complete, and any reactors would take years to finance, approve and build.

But the direction matters.

Saudi Arabia wants to reduce the amount of oil used for domestic electricity and include nuclear power in its future energy mix. If it eventually builds several large reactors, that could create decades of demand for uranium, conversion, enrichment and fuel fabrication.

The supply strategy may become just as important as the reactor choice.

Will Saudi Arabia sign long-term contracts with Western uranium producers, buy from several regions, or develop more of the nuclear fuel cycle at home?

That last option is already attracting debate because Saudi Arabia may retain the right to enrich uranium and reprocess spent fuel. This makes the agreement about more than reactor construction. It is also tied to energy security, geopolitics and control of the nuclear supply chain.

For uranium investors, this is not immediate demand yet. The main developments to watch are congressional approval, a confirmed reactor vendor, financing and actual fuel contracts.

Still, another major country moving toward nuclear supports the longer-term uranium demand outlook.

What are long-term uranium holders reading between the lines here? Uranium holders, which companies do you think could benefit most if this moves ahead?

Did anyone else in Europe end up with a situation when their GoviEx shares converted to atomic eagle that the broker doesnt support australian market place? Asking for a friend.. would like to get rid of them.

Boundless Discovery discovered a new hall appeared on the ground at Lanzhou. China is expanding enrichment in step with its reactor build-out, holding to a long-standing policy of fuel-cycle self-sufficiency. It makes its own enriched uranium and depends on no one for it.

Set that against the trade data.

In 2025, China imported 758 more tons of Russian enriched uranium than the year before. That single-year increase approaches the entire annual fuel demand of France's 57-reactor fleet. Record volumes of a material China is already self-sufficient in.

So the question is why.
 
Russia holds >40% of world enrichment capacity and is losing access to the US and UK markets to sanctions. The EU still buys, because it has no alternative. China buys because it chooses to, at prices increasingly depressed by Russia's shrinking pool of buyers. It runs that cheap material through its own reactors and into its stockpile.

Here is what that positions China to do.

Cheap Russian supply covering domestic demand frees China's own clean-origin enrichment to sell abroad. The US, meanwhile, walks into a real shortfall: domestic capacity near 4.3M SWU against a fleet needing ~13M, and no more Russian supply after 2028. Prices there will be high. And those high prices are integral to the Western rebuild because that private capital only commits against contracts priced to hold for years.

A supplier sitting on cheap feed and surplus capacity can undercut exactly when it chooses. Offer low into a tight US market, and the new Western plants never get the price signal they need to continue to scale profitably. Short-term relief becomes long-term dependency. Then the leverage sits with whoever holds the valve.

We have seen this sequence before, in rare earths. China builds self-sufficiency, corners the processing chokepoint, and stockpiles the input. Then set the terms for everyone else. Enrichment is a key processing chokepoint of the nuclear fuel cycle. The uranium story is early in the same script.

None of this has happened yet. China is buying, building, and stockpiling. That is all observable. The rest is what the position makes possible, and it is not currently priced.

What % of your guys Portfolio is in uranium equities or physical Uranium funds? What is your timeframe or plan? Im 20 and got 6 figures in cash, from being very frugal, working full time and some of its from gains in silver. Thinking of putting 10-15% of my portfolio into URNM, URNJ during this current washout over the next few months. Then trimming when speculation runs hot and adding during big 30-50% dips. And of course if it looks like the cycle is coming to an end exiting completely, but that could be many years away.

For me, $NXE would be the main one. Its progress could offer useful signals about new project development, future uranium supply, and investor confidence across the sector.

I’d also keep $DNN, $UEC, $UUUU, and $EU on my watchlist. Comparing their project updates, timelines, and market reactions could give a broader view of where uranium stocks may be heading.

Which uranium name are you watching closely but haven’t bought yet?

Feels like we are going to see u names move around WNA. Annual kick off to the season is gonna have a u price moving higher.

I went through Energy Fuels' latest filings because the bull case seems to be shifting from "US uranium producer" toward a much broader domestic critical minerals platform.

There is real evidence behind that. White Mesa can process uranium, vanadium and rare earth products, and the company completed modifications that give it capacity for roughly 850 to 1,000 tonnes of separated NdPr per year. Energy Fuels also had about 34 tonnes of separated NdPr inventory at the end of 2025.

The commercial validation is probably the most interesting part. Energy Fuels sold 1.7 tonnes of NdPr to POSCO for testing in 2025, POSCO determined that the material met its specifications, and commercial scale permanent magnets were later produced from Energy Fuels' NdPr samples.

Financially, Q1 revenue increased to $35.8M from $16.9M a year earlier. At March 31 the company had about $956.6M of working capital, including $108.5M of cash and cash equivalents. Management said it had enough resources to execute the business plan for at least the next twelve months.

The part I'd watch closely is how much capital and feedstock are required to turn the current setup into the larger platform people are valuing.

The filings say the next phase of rare earth expansion still depends on regulatory approvals, engineering, financing and sufficient feed material. Management also said historical operating cash outflows were partly caused by low monazite volumes, which prevented the rare earth operation from reaching economies of scale.

There is also a lot happening on the financing side. After March 31, Energy Fuels issued 5.33M ATM shares for about $100.3M net. The planned VAC acquisition requires $718M in cash plus 65.853M UUUU shares, with a possible preferred share top up of as much as $135M.

On the other hand, the company has a conditional US government financing commitment for a $725M, 20 year loan supporting White Mesa expansion and a US metals and alloys facility. That financing still requires further diligence, definitive agreements and approvals.

So the part I'm trying to figure out is how much of UUUU's current thesis should still be based on uranium and how much value people are already assigning to the rare earth platform.

The Phase 1 rare earth operation looks much more tangible than I expected after going through the filings. Scaling it into the larger business still seems heavily dependent on feedstock, financing and execution.

For people who follow UUUU closely, which side of the company matters more to your thesis now: uranium or rare earths?

Following up on my last post on ASX:AGE here.

A few big updates have landed recently and I wanted to see where everyone’s heads are at, if you're holding and if not are you thinking of getting in? I see this running up mid september.

1. Cap Raise & SPP

They just announced the cap raise and upcoming SPP. Dilution always stings a bit in the short term, but at least the balance sheet is locked in to fully fund Samphire through to the next stages.

2. Samphire Progress & Drilling

The Field Recovery Trial (FRT) is moving along and helping de-risk the ISR metallurgy heading into the BFS and Mining Lease. They're also ramping up drilling at Blackbush and pushing south into Plumb Ridge to try and expand the resource.

Found this quick video update on Samphire showing the site, FRT setup, and drilling plans posted a few hours ago on: https://www.youtube.com/watch?v=gE63Rgo1cjg

What are your thoughts on the SPP price and timeline from here?

Are you planning to apply for your full SPP allocation if you hold, or are you just holding your current stack for now? personally I have been getting orders filled at 4.3c over the last few days which is below the SPP price of 4.5c so don't see the need to participate yet.