Uranium Week: DevEx, Silex & Westinghouse IPO

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This story features DEVEX RESOURCES LIMITED, and other companies.
For more info SHARE ANALYSIS: DEV

A becalmed spot market failed to capture the robust news flow across the U308 sector, including media reports on the upcoming Westinghouse IPO in October.

By Danielle Ecuyer

A lull in spot market activity 

The spot U308 market was relatively quiet last week, with industry consultants TradeTech registering only two concluded transactions. The spot price slipped by -US$0.25/lb to US$89.75/lb.

Monday saw one transaction for 50klbs of U308 at US$90/lb for delivery at Cameco’s Port Hope facility in Canada, followed by another on Wednesday for the purchase of 100klbs for delivery at Cameco at US$89.75/lb, for delivery in November.

As observed by the consultants, both buyers and sellers were happy to take a more wait-and-see approach, with neither inclined to move off their bid or offer prices.

Going into October, TradeTech sees market participants as moving toward fourth-quarter planning, including expectations for an increase in mid- and long-term requests.

As if on cue, TradeTech’s observation that demand for U308 will rise in the coming years above what is already required was reinforced by RBC Capital’s latest update on the outlook for uranium.

RBC Capital upbeat

RBC Capital flags a pick-up in contracting over the next 6-12 months, pointing out year-to-date contracting activity has remained “subdued”, with U308 spot prices consolidating around the mid-US$80s/lb.

The RBC report highlights TradeTech’s long-term price indicator of US$97/lb, the highest since 2008.

With sovereign buyers including India, China and South Korea, as well as major tech companies, engaging in the market, the outlook remains for ongoing U308 price upside over the next 6-12 months as contracting activity picks up.

Uranium demand is flagged to advance as new nuclear capacity grows, with a recommitment to nuclear energy as part of the energy transition to net zero. Capacity is anticipated to grow through to 2040, with potential for more upside.

Higher U308 prices are supporting new supply, but RBC still sees it as insufficient. Supply is expected to just meet demand into the early 2030s, albeit with considerable execution risks.

Supply deficits are flagged to evolve in the mid-2030s, which will require higher incentive prices.

Post-2035, RBC believes U308 prices will need to increase to at least US$110/lb to incentivise new supply.

The TradeTech Mid-Term U308 price indicator stands at US$91 and the Long-Term price indicator at US$97.

Corporate news, including a major IPO

In corporate news, Westinghouse, which is jointly owned by Brookfield Renewable Partners (51%) and Cameco (49%), is targeting a valuation of more than US$50bn in an IPO, with a public filing possible as soon as October, according to media reports last week.

Westinghouse technology serves 57% of the world’s 417 operating nuclear reactors, with a pipeline of up to 91 opportunities for its latest-generation AP1000 reactor, as noted in Cameco’s earnings report.

Cameco acquired its 49% stake in 2023 in a transaction that valued Westinghouse at around US$8bn.

Analysts at Canaccord Genuity recently visited DevEx Resources’ ((DEV)) Nabarlek Uranium Project in the Northern Territory’s Alligator Rivers Uranium Province.

They observe that, post the Alligator Land acquisition, DevEx holds a contiguous circa 9,200km2 package around the historic Nabarlek mine, which produced 24mlbs at 1.84% U308.

The site visit occurred just over a month into the first phase of a sequenced, multi-year exploration pipeline, one-third through a circa 15km campaign targeting geological settings similar to the basin’s largest ore deposits, including Jabiluka, Ranger, Nabarlek and Angularli.

Having spent time with the site geologists, Canaccord believes DevEx will “land a material discovery” before the end of 2026, supported by a highly experienced team, led by Tim Goyder as Chairman and Marnie Finlayson as MD.

Interestingly, the report cites management’s observations that since 2000, the Northern Territory, across all commodities, has only had around $750m spent on exploration, compared to around $5bn in Canada’s Athabasca Basin.

The difference is viewed as the gap in public sentiment rather than the geology. There has only been one ‘blind’ (concealed) discovery by Cameco at Angularli of 32.9mlbs at 1.09% U308.

Bell Potter has a Speculative Buy rating and 41c target on the stock.

Macquarie points out Boss Energy ((BOE)) has signalled its aim to reach 2.5mlbs/yr production in the early 2030s from Honeymoon, once Jason’s Deposit and Gould’s Dam are on stream.

Management is aiming for early 2030 production for Jason’s Deposit, with Gould’s Dam targeting early 2031. Using existing infrastructure, this is expected to reduce AISC by -$12/lb into the early 2030s.

Macquarie applauds the new mindset and modelling “rigour” brought forth by Oliver Regnault’s experience, indicating solid wellfield designs at Honeymoon. Modelling now infers -46% fewer wells and 28% higher concentrations of ore.

EPS forecasts are raised by 5% for FY27 and 4% for FY28. Honeymoon is only 16% contracted and has high leverage to rising U308 prices, the broker points out.

Outperform retained with a higher target of $2 from $1.80 on the inclusion of Jason’s and Gould’s Dam developments.

Macquarie has reinstated its coverage of Bannerman Energy ((BMN)) with an Outperform rating and a $5.00 target following the company’s $124m equity raising.

The US$468m Etango uranium project is now fully funded through construction and ramp-up. China National Nuclear Corporation’s (CNNC’s) US$294.5m upfront investment and Bannerman’s -US$70m pre-production spending are noted.

Funding had represented the key project overhang, with focus now shifting to execution ahead of a fourth-quarter 2026 final investment decision (FID). First sales are assumed in early 2029.

Early works are 92% complete, with Macquarie expecting the CNNC partnership to reduce execution and cost risks.

Silex Systems ((SLX)) also garnered attention from Canaccord Genuity, with Global Laser Enrichment, 51% owned by Silex (Cameco 49% stake), striking an exclusive offtake agreement with Cameco.

Cameco will purchase all future production from the planned Paducah Laser Enrichment Facility in Kentucky. Canaccord retains a Speculative Buy rating and $10.48 target.

For more detailed coverage, see last week’s In Brief, including Silex.

https://fnarena.com/2026/09/18/in-brief-scx-ai-rocketdna-silex-systems/

ASX short positions

Lotus Resources ((LOT)) remains the second most shorted stock on the Australian market, according to ASIC data as of 14 September, at 16.96%.

Paladin Energy ((PDN)) is in eleventh position at 10.92%, followed by Deep Yellow ((DYL)) in sixteenth position at 9.67% and Boss Energy in seventeenth position at 9.64%.

Uranium companies listed on the ASX:

ASX CODE	DATE	LAST PRICE	WEEKLY % MOVE	52WK HIGH	52WK LOW	P/E	CONSENSUS TARGET	UPSIDE/DOWNSIDE
1AE	18/09/2026	0.0570	1.79%	$0.16	$0.05
AEE	18/09/2026	0.1000	– 4.55%	$0.28	$0.10
AEU	18/09/2026	0.4500	– 6.45%	$0.75	$0.22
AGE	18/09/2026	0.0400	0.00%	$0.06	$0.02		$0.080	100.0%
AKN	18/09/2026	0.0200	– 5.00%	$0.03	$0.01
ASN	18/09/2026	0.0500	– 2.22%	$0.12	$0.04
BKY	18/09/2026	0.4500	– 9.09%	$0.70	$0.37
BMN	18/09/2026	3.9400	1.85%	$5.25	$2.77		$4.750	20.6%
BOE	18/09/2026	1.6100	6.27%	$2.20	$1.00	17.3	$1.486	– 7.7%
BSN	18/09/2026	0.0300	-14.71%	$0.07	$0.02
C29	18/09/2026	0.0300	4.00%	$0.04	$0.01
CXO	18/09/2026	0.3700	– 5.13%	$0.41	$0.10		$0.300	-18.9%
CXU	18/09/2026	0.1000	– 4.76%	$0.17	$0.02
DEV	18/09/2026	0.2100	– 4.88%	$0.33	$0.11		$0.410	95.2%
DYL	18/09/2026	1.3300	3.10%	$2.97	$1.22	-152.3	$2.050	54.1%
EL8	18/09/2026	0.2400	0.00%	$0.50	$0.21
HAR	18/09/2026	0.0600	– 7.35%	$0.25	$0.06
I88	18/09/2026	0.1100	10.00%	$0.76	$0.10
KOB	18/09/2026	0.0400	6.06%	$0.09	$0.03
LAM	18/09/2026	0.6200	– 3.88%	$0.93	$0.50
LOT	18/09/2026	0.2600	0.00%	$3.20	$0.21		$0.380	46.2%
MEU	18/09/2026	0.0700	– 9.88%	$0.19	$0.05
NXG	18/09/2026	13.3200	– 0.81%	$20.47	$11.72	-120.2	$17.050	28.0%
ORP	18/09/2026	0.1200	-14.81%	$0.16	$0.03
PDN	18/09/2026	9.9800	2.72%	$15.10	$7.45	42.4	$12.686	27.1%
PEN	18/09/2026	0.2700	9.80%	$1.08	$0.23
SLX	18/09/2026	4.4200	– 1.54%	$10.85	$4.07
WCN	18/09/2026	0.0300	35.29%	$0.03	$0.01

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