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The company is included in ASX200, ASX300 and ALL-ORDS
Against a challenging macro backdrop, with US and global bond yields rising over September, U308 prices across both spot and term markets remained unwavering.
- Uranium prices hold firm as utility contracting activity builds
- Deep Yellow advances Tumas as uranium fundamentals strengthen
- Tight uranium supply and rising nuclear demand support the outlook
By Danielle Ecuyer
September, a month of resilience for U308 markets
Against a backdrop of rising global bond yields, the TradeTech U308 exchange value closed unchanged over the month of September at US$89.75/lb.
The industry consultant’s monthly U308 spot price indicator is up 7.8% from a year ago and the exchange value is around 18.7% higher than the 2025 average of US$74.15.
Both the Mid-term U308 and Long-term U308 price indicators remained unchanged over the month at US$91/lb and US$97/lb, respectively.
A total of 17 transactions for 1.3mlbs of U308 were recorded for the month, including around 400klbs of U308 acquired “quietly” in off-market transactions.
Notably, the consultants point out, utilities were less evident in the spot market but more active in the mid-term delivery market.
There remain several utilities requiring U308 for deliveries as soon as early 2027 and others out to the late 2030s. Interestingly, most sellers are offering what TradeTech refers to as “hybrid” pricing mechanisms.
This divides a portion of the price as “base escalated” and the remainder is tied to spot prices at the time of delivery. The trend reaffirms general expectations that demand is going to outpace supply.
For the week ending October 2, the consultants point out the U308 spot market was relatively quiet after September month-end. There was one transaction on October 1 for 100klbs of U308 at US$89.75/lb for delivery in November at ConverDyn’s Metropolis facility in the US.
The spot price indicator stood unchanged at the end of the week at US$89.75/lb.
In macro news, media reports indicated the US Administration would offer a loan package to Vistra Corp of US$4bn to upgrade three of its nuclear power plants.
President Trump also announced plans for South Korea to invest US$200bn in US energy projects under a larger US$350bn strategic investment package, which will include eight large-scale nuclear power plants.
South Korea is looking to take a stake in Westinghouse when it lists.
Constellation and Amazon also announced a 20-year power purchase agreement intended to add 190MW of nuclear capacity at Constellation’s Calvert Cliffs plant in Maryland.
Deep Yellow continues to attract favourable attention
Following on from last week’s update on Deep Yellow ((DYL)), (see https://fnarena.com/2026/09/29/uranium-week-deep-yellows-tumas-moment/,) Canaccord Genuity highlights the Tumas project has moved to a more advanced stage of development.
Bulk earthworks are finished and civil/concrete construction is in train, with around 79% complete, while water and power agreements are also in place.
Canaccord views the December 2026 quarter final investment decision as a bit of a “stretch” to achieve. The market term pricing is nevertheless supporting the development of greenfield projects, with the term price up 13% year-to-date.
Canaccord acknowledges the more challenging macro backdrop globally, with higher bond yields and elevated geopolitical risks, but emphasises the September 2026 World Nuclear Symposium served to reinforce a positive outlook for the uranium sector generally.
The broker suggests the “constructive” set-up is underpinned by improving term-market fundamentals, improved government policy, rising utility procurement and growing momentum in nuclear demand, pointing to a rise in reactors under construction of 14%-plus on a year ago, as well as rising concerns around fuel/energy security.
Canaccord expects a very active contracting season, with three-to-four material Requests for Proposals anticipated post the World Nuclear Symposium, as well as the US National Nuclear Security Administration’s Request for Information relating to possible demand for around 4mlbs of U308 per year.
On the supply side of the ledger, constraints remain from the likes of Kazatomprom’s “value-over-volume” discipline, a lack of new greenfield final investment decisions, long permitting timelines and rising costs.
Regarding costs, TradeTech’s monthly production cost indicator rose 0.2% in September, or US$0.10, to US$63/lb.
Canaccord retains a Speculative Buy rating on Deep Yellow with an unchanged $2.90 target price. The balance sheet has no debt, with cash of $156.9m, sufficient to cover near-term activities.
Management has retained an uncontracted position, which allows for maximum leverage to a rising U308 price.
The broker highlights Deep Yellow trades at an enterprise value of US$1.90 per pound of uranium resources, less than half the peer average of around US$4.10/lb and towards the lower end of its own historical US$1.50–US$4.00/lb valuation range.
Latest short position updates
Lotus Resources ((LOT)) has been pushed into second place among the most shorted stocks on the ASX, according to ASIC data from September 29, at 13.21%, down -0.87% on the prior week.
Boss Energy ((BOE)) is the third most shorted at 12.94%, up by 0.7% over the week, with Paladin Energy ((PDN)) at 11.07% in ninth position, up 0.92%.
Deep Yellow is in twentieth position at 8.9% shorted.
Uranium companies listed on the ASX:
| ASX CODE | DATE | LAST PRICE | WEEKLY % MOVE | 52WK HIGH | 52WK LOW | P/E | CONSENSUS TARGET | UPSIDE/DOWNSIDE |
|---|---|---|---|---|---|---|---|---|
| 1AE | 02/10/2026 | 0.0600 | 0.00% | $0.16 | $0.05 | |||
| AEE | 02/10/2026 | 0.1000 |  – 3.00% | $0.27 | $0.09 | |||
| AEU | 02/10/2026 | 0.3700 | -11.90% | $0.75 | $0.22 | |||
| AGE | 02/10/2026 | 0.0400 | – 9.76% | $0.06 | $0.02 | $0.080 |  100.0% | |
| AKN | 02/10/2026 | 0.0200 | 6.25% | $0.03 | $0.01 | |||
| ASN | 02/10/2026 | 0.0400 | – 4.65% | $0.12 | $0.04 | |||
| BKY | 02/10/2026 | 0.4700 | -10.00% | $0.70 | $0.37 | |||
| BMN | 02/10/2026 | 3.3900 | – 5.65% | $5.25 | $2.77 | $4.717 | 39.1% | |
| BOE | 02/10/2026 | 1.5300 | – 1.60% | $2.15 | $1.00 | 16.5 | $1.514 | – 1.0% |
| BSN | 02/10/2026 | 0.0250 | -16.67% | $0.07 | $0.02 | |||
| C29 | 02/10/2026 | 0.0270 | 8.00% | $0.04 | $0.01 | |||
| CXO | 02/10/2026 | 0.3000 | – 6.35% | $0.43 | $0.11 | $0.300 | ||
| CXU | 02/10/2026 | 0.0700 | -15.38% | $0.17 | $0.02 | |||
| DEV | 02/10/2026 | 0.1700 | – 5.56% | $0.33 | $0.11 | $0.410 | 141.2% | |
| DYL | 02/10/2026 | 1.1200 | – 6.67% | $2.97 | $1.08 | -88.4 | $2.050 | 83.0% |
| EL8 | 02/10/2026 | 0.2200 | – 6.67% | $0.50 | $0.20 | |||
| HAR | 02/10/2026 | 0.0600 | – 3.45% | $0.25 | $0.05 | |||
| I88 | 02/10/2026 | 0.1100 | 0.00% | $0.76 | $0.10 | |||
| KOB | 02/10/2026 | 0.0300 | 0.00% | $0.09 | $0.03 | |||
| LAM | 02/10/2026 | 0.5100 | -12.28% | $0.93 | $0.49 | |||
| LOT | 02/10/2026 | 0.2100 | – 8.51% | $3.20 | $0.21 | $0.240 | 14.3% | |
| MEU | 02/10/2026 | 0.0800 | 14.49% | $0.19 | $0.05 | |||
| NXG | 02/10/2026 | 13.0000 | – 0.31% | $20.47 | $11.72 | -118.1 | $17.050 | 31.2% |
| ORP | 02/10/2026 | 0.1000 | 0.00% | $0.16 | $0.04 | |||
| PDN | 02/10/2026 | 9.1800 | – 3.10% | $15.10 | $7.45 | 39.2 | $12.686 | 38.2% |
| PEN | 02/10/2026 | 0.2400 | – 5.77% | $1.08 | $0.23 | |||
| SLX | 02/10/2026 | 4.4900 | – 2.34% | $10.85 | $4.07 | |||
| WCN | 02/10/2026 | 0.0300 | 8.33% | $0.03 | $0.01 |
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