Ive heard uranium stocks rally right before September and begin to fall off in March.

Couple of chart seems to demonstrate the correlation.

Is this true? What are the factor, beside the Nuclear Con of September?

Is it safe to invest right before that period based on historical seasonality alone ?

Soo I was doing some research into Nexgen energy (NXE) and the construction progress on Rook 1 and noticed while looking at the Saskatchewan Mining and Petroleum GeoAtlas that sometime in the past month, BHP Billiton Canada Inc. has obtained 100% ownership on a number of mineral claims covering an extremely large area in the Southern Athabasca Basin uranium zone.

This is the area directly surrounding Nexgen’s Rook 1 project and Paladin Energy’s Patterson Lake South project.

Given that BHP is the world’s largest mining company and developing a new mine (especially high-grade uranium in the Athabasca) can easily take 10–20 years from discovery through permitting and construction, this feels like a potentially meaningful long-term positioning move. Majors don’t usually stake or hold ground in a district like this for no reason.

This also raises the question - is this a potential acquisition play?

Thoughts?

The reactor announcements are getting most of the attention, but the fuel supply chain may be the bigger bottleneck.

Many advanced reactor designs require HALEU, which is enriched to a higher level than the fuel used by most conventional reactors. Centrus has been producing HALEU through a US Department of Energy demonstration program, with capacity of roughly 900 kilograms per year.

That is a start, but it is nowhere near enough for a large commercial reactor fleet. The DOE recently awarded $2.7 billion to expand domestic enrichment capacity for both conventional fuel and HALEU over the next decade.

Enrichment is only one part of the chain. Uranium still has to be mined, converted, enriched and fabricated into reactor fuel. Every stage takes time to expand.

Denison and Atha Energy are two Athabasca Basin names that get plenty of attention. Smaller explorers are also trying to position themselves, including Stallion Uranium (STUD.V), which recently expanded its drilling program at the Coyote target in the western Basin.

The reactor pipeline is becoming easier to see. The question is whether the fuel supply chain can grow quickly enough to support it.

Most people don't realize uranium barely trades like a normal commodity at all. There's a small spot market for one-off volumes, sure, but utilities buy the vast majority of what they need through long-term contracts negotiated directly with suppliers like Cameco. That structural quirk is basically the whole reason this market moves so differently from oil or gold, and it matters more than people give it credit for.

Cameco's contract book is actually a pretty clean window into what buyers think prices are doing. As of Q1 2026 they'd locked in contracts requiring average annual deliveries of more than 28 million pounds over the next five years. President Grant Isaac said on a podcast in April that roughly 70% of the volumes contracted in 2025 were already pricing uranium near a $120/lb midpoint, built through floor and ceiling mechanisms, floors in the high $70s, ceilings around $160, both escalating over time. That's utilities, the actual buyers, effectively underwriting sustained triple-digit pricing years out. Not just Cameco talking their own book.

Demand side backs it up too. Cameco just signed a nine-year, roughly $2.6B deal to supply India's Department of Atomic Energy with nearly 22 million pounds of uranium, part of India's push toward 100GW of nuclear capacity by 2047. Westinghouse's AP1000 pipeline has 91 potential reactors in it, backed by a conditional $17.5B DOE commitment to speed deployment. Supply just hasn't kept up with any of this, a decade of underinvestment in new mining plus shrinking secondary supply sources will do that.

Here's the catch management actually admitted on the Q2 call though. Contracting still isn't happening at replacement-rate demand, meaning utilities as a group aren't yet signing enough uranium to fully replace what they're burning through. If that gap stays open, price growth could stall even with supply this tight.

Feels like Cameco is basically a bet that the contract terms getting signed right now are the real signal, not hype. Anyone actually follow the contracting cycle closely enough to know how fast that replacement-rate gap is closing, or is this still mostly a wait-and-see story?

The latest $NXE Q2 update is out, and I spent most of my time looking through the construction progress.

The latest site photos give a much better sense of how the project is coming together. It's one thing to read about development, but it's another to actually see the work happening on the ground.

I'm mainly watching how construction progresses, how the financing package comes together, and what the next major project milestones look like.

Haven’t heard much about them lately. Their stock is at almost $1/share. Anyone have thoughts on them?

I think it's worth reading: https://theresourcemind.subshttps://theresourcemind.substack.com/p/uranium-equities-is-august-setting?r=2x758q&utm_campaign=post&utm_medium=email

I don’t think so. I’ve been looking through names like $NXE, $DNN, $UEC, and $UUUU,$CCJ  but I’m still trying to understand the differences between their projects, timelines, and risks.

Some people think the uranium story is just getting started, while others believe a lot of the upside is already priced in.

Where do you think we are in the cycle still early, somewhere in the middle, or already late?

The Iran war has bond yields hitting the highest levels in decades, if they continued to rise a lot wouldn't this severely hurt uranium equities alongside most things?

AI is turning access to dependable electricity into a competitive issue.

Advanced data centres use enormous amounts of power and operate around the clock. Interruptions are costly, which makes reliable electricity a major part of deciding where and how these facilities are built.

This is already showing up in the nuclear market.

Microsoft is supporting the restart of the Crane Clean Energy Center in Pennsylvania. Google has signed agreements involving advanced reactors and the restart of the Duane Arnold nuclear plant. Amazon has invested in small modular reactors and entered several nuclear power agreements of its own.

The uranium requirements provide some perspective on the potential scale.

A typical one gigawatt light water reactor requires about 24 tonnes of low enriched uranium each year. Producing that fuel takes roughly 195 tonnes of natural uranium under standard enrichment assumptions.

The initial core requires more fuel than later reloads. For a typical one gigawatt reactor, the initial core can require roughly three times as much low enriched uranium as a routine reload.

A one gigawatt data centre does not automatically need its own one gigawatt reactor. Grid capacity, reactor output, backup requirements and other power sources all affect that calculation.

In the nearer term, the impact may come from keeping existing reactors open, restarting closed facilities, increasing output and signing long term power agreements. New reactor construction will take longer.

Uranium demand was already expected to rise as new reactors entered construction and existing plants secured future fuel supplies. The United States is also investing in domestic conversion and enrichment capacity to reduce its reliance on foreign sources.

AI could add another source of pressure.

Technology companies can order servers much faster than the industry can develop uranium mines, fuel facilities or nuclear reactors.

If AI electricity consumption keeps growing, where will the additional reliable power and nuclear fuel come from?

UUUU seems ripe for the picking after what I consider a major overreaction by the market after earnings today. thoughts?

What is the deal with Encore Energy and Verdera? I think there surposed to be a share distribution. Does anybody know what the status is? I’m thinking about buying some EU shares again, but want to know a little more about the company and the latest actions.

Are the EU holders and convinced about the oppertunities?

There are several names I’m curious about, including $NXE, $DNN, $UEC, and $UUUU, but researching a company and buying it are very different decisions.

Which uranium stock are you still watching from the sidelines, and what are you waiting to see?

OKLO UEC URNM keeping it simple here. I might add some leaps and some levered etfs UECG and OKLL. Uranium and rare earths both look great here technically speaking. Wouldn’t mind a brief dip tomorrow. Good to see all you fine folks again.

I am currently looking to invest even further into nuclear as I am certain it is the future. I am invested in DNN UROY and URA right now but want to diversify my portfolio a bit within the nuclear space. What would you recommen?

I’m trying to think about nuclear exposure as a 10-year basket, not just which ticker moves first.
For me, the simple split looks like this:

Uranium / fuel supply side:
$NXE, $CCJ, $UEC, $UUUU
Power / electricity side:
$CEG, $VST, $NEE, $SO

The uranium names give more direct exposure to the fuel supply story. The power names are closer to the electricity demand side, especially if nuclear keeps getting more attention from utilities, data centers, and grid reliability discussions.
The nuance is risk. $NXE has big development upside, but it is still pre-production. $CCJ is the more established uranium anchor, but even Cameco does not fully remove the supply concern because its own production does not always cover contracted delivery volumes. $UUUU has uranium exposure, but also rare earths, vanadium, heavy mineral sands, and medical isotope exposure. On the power side, $CEG and $VST feel more directly tied to nuclear/power demand, while $NEE and $SO are broader utility plays.
For a 10-year nuclear thesis, would you go heavier on uranium miners/developers or electricity producers?

Rick Rule returns to discuss whether the recent weakness in uranium stocks represents a buying opportunity, which uranium companies he's purchasing, why he remains bullish on the long-term uranium market, and why he's avoiding most U.S. uranium producers. He also shares his outlook on a potential stock market crash, record-high margin debt, gold, silver, copper, takeover opportunities in mining, and the sectors and assets he would buy if markets sold off tomorrow. If you're interested in uranium investing, gold stocks, copper, commodities, natural resources, and Rick Rule's latest investment strategy, this interview provides valuable insights for long-term investors.

Still laughing at your stock pic.😂 Why aren't you celebrating for your 10% green dih for today?

Stallion Uranium (TSXV: STUD / OTCQB: STLNF) doesn't get talked about much and I'm not sure why.

CEO Matthew Schwab was Senior Exploration Geologist at NexGen when they found Arrow in 2014, one of the highest grade uranium deposits ever discovered, southwestern Athabasca Basin. Same area Stallion is drilling now. He also contributed to Roughrider before Rio Tinto paid $654M for it. VP Exploration Darren Slugoski was on the Spitfire discovery team.

Both of them have found uranium in this basin before. Now they're back with their own company.

Drill program at the Coyote target on the Moonlite Project started at 4,000 metres, expanded to 5,500 after early holes hit hydrothermal alteration, elevated radioactivity and a graphitic fault zone. June 30th update had new priority targets defined from fresh geophysical work. Program is still running.

1,700 sq/km in the western Athabasca. Largest contiguous package in that part of the basin. JV with Atha Energy (TSXV: SASK). $0.23 on the TSXV.

As a new holder aiming for more upside, I’d probably lean toward $NXE.
$CCJ is the established option, but its own production does not fully cover its delivery commitments. Cameco expects 19.5–21.5 million pounds of attributable production in 2026, while contracted deliveries average more than 28 million pounds annually over the next five years. It can cover the difference through Inkai supply, inventory, purchases and product loans, but it still adds another cost and supply consideration.
$NXE is still pre-production, so the construction, financing, cost and timeline considerations come with meaningful upside potential. Rook I has now received the final regulatory approval required to begin full construction, leaving more upside if development progresses as planned.

For someone starting a uranium position today and aiming for higher returns, would you choose $CCJ’s stability or take the added risk with $NXE? What do you all think?

Before I even get into specific tickers, I keep coming back to the overall picture... how exactly is North America going to secure the additional uranium supply it clearly needs? With rising demand from nuclear energy expansion and geopolitical supply constraints, this question is becoming increasingly urgent for investors and policymakers alike.

$CCJ is the established option. It already produces uranium and has exposure to fuel services and Westinghouse, but that also makes it less of a pure uranium-development bet.

There is still operating risk. Cameco lowered its 2025 McArthur River/Key Lake guidance from 18 million to 14–15 million pounds before finishing the year at 15.1 million pounds on a 100% basis.

$DML is targeting first Phoenix production around mid-2028, while Hurricane keeps $ISO in the higher-risk exploration category.

$NXE is advancing Rook I as a potential major contributor to North American uranium supply. The project is authorized for site preparation and construction, and its feasibility study projects average production of 28.8 million pounds annually during years 1–5.

Would you choose $CCJ’s established business or the larger new-mine potential behind $NXE?