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This story features PALADIN ENERGY LIMITED, and other companies.
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The company is included in ASX100, ASX200, ASX300 and ALL-ORDS
A new era of tokenised investment in physical uranium emerges. Spot U3O8 activity and prices ease on post midterm volatility.
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Tokenised uranium offers investors a new way to invest in physical U3O8
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Uranium spot price retreats as trading activity slows with mid-terms
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Paladin Energy eyes stronger production in 2H27
By Danielle Ecuyer
Tokenisation opens a new liquidity offering
Swiss asset manager Zuri-Invest AG announced the launch of a Physical Uranium Tracker using tokenised physical uranium holdings through xU3O8, a uranium-backed digital token issued on the Tezos blockchain, replacing its previous Actively Managed Certificate (AMC) offering.
The new structure allows investors to access physical U3O8 in smaller investment amounts, improving liquidity and enabling more efficient portfolio rebalancing.
Tokenisation also reduces the complexities and costs associated with holding and trading physical uranium.
Notably, the launch comes at a time of growing investor interest in nuclear energy, underpinned by rising electricity demand from AI and data centres, reactor life extensions and the development of small modular reactors (SMRs).
Says Ben Elvidge, Trilitech, provider of the blockchain technolog:
“By tokenising its physical inventory on Tezos and enabling its clients to access uranium via xU3O8, Zuri-Invest is pioneering technology that turns a historically illiquid commodity into an asset that moves with the speed and efficiency of modern markets.
“Now, investors can get exposure to physical uranium at a fraction of the traditional price of entry, with the benefit of near-instant settlement and without all the costs associated with managing physical inventory.”
Zuri-Invest highlights forecasts for uranium demand to double by 2040, while identified mines and projects are expected to meet only 46% of projected requirements, pointing to a potentially significant supply shortfall.
The product offers investors an alternative means of gaining direct exposure to physical uranium prices, rather than investing in uranium mining equities.
Spot market took a back seat over mid-terms
Industry consultants TradeTech confirmed activity in the U3O8 spot market pulled back last week, as industry participants assessed the US midterm elections, as well as the ensuing volatile trading across US equity markets.
Activity retraced from the high levels of the prior week, as outlined in last week’s update https://fnarena.com/2026/11/03/uranium-week-u308-momentum-up-sharply/.
Five transactions were conducted, including 50klbs of U3O8 for delivery in January at Cameco’s Port Hope facility in Canada last Monday; one transaction on Tuesday for 200klbs for delivery in December at Orano’s Comurhex facility in France, and another for delivery at ConverDyn’s Metropolis Works facility in the US.
On Wednesday, a transaction for 100klbs for delivery at Cameco was conducted, and on Friday, the fifth transaction was for 50klbs for delivery at Comurhex.
TradeTech’s U3O8 spot price fell to US$92/lb, down -US$1.25/lb, with the Mid-Term Price Indicator at US$95/lb and the Long-Term Price Indicator at US$99/lb.
No new demand was noted in the term market.
Kazatomprom’s September quarter result showed attributable U3O8 production of 18.8mlbs, up 12% y/y. For the nine months to September 30, the company produced 53.3mlbs of U3O8, up 10% on the same period in 2025.
Group sales rose 25% y/y and sales volumes were 36.5mlbs compared to 33.2mlbs from the previous year for the nine months to the end of the September quarter.
Average realised prices rose 17% to US$73.51/lb with the company pointing out its existing sales portfolio includes long-term contracts tied to spot U3O8 prices.
Notably, some contracts include fixed pricing components which were negotiated when the U3O8 spot price was lower.
Management has reconfirmed 2026 production and sales guidance.
Paladin 1Q27 results, an uneventful affair
Paladin Energy ((PDN)) had pre-reported sales, pricing, costs and cash in its September activities report in October, which left little on the table when the quarterly update was announced.
As indicated by Barrenjoey, the result was largely as expected, albeit EBITDA missed expectations due to a non-cash movement, and selling, general & administrative (SG&A) expenses were higher than anticipated.
Paladin is expected to produce a “tale of two halves” in FY27, with recoveries moving back to the upper range of guidance of 85%–90% and grade targeted at around 550ppm as mining moves further south and deeper into the orebody.
There are no planned shutdowns in 2H27, compared with one-week maintenance shutdowns in July and November.
Barrenjoey forecasts 2H27 production at an annualised rate of 5.2mlbs, towards the bottom end of guidance of 5.1–5.6mlbs, in line with consensus.
Forecast FY27 costs are above guidance at US$48.70/lb but below consensus at US$49.60/lb.
With estimated all-in cash spending of -US$386m for FY27 and forecast production, this implies to the broker an all-in cash break-even price of US$74/lb, or a spot price of around US$75/lb after allowing for contractual discounts.
Patterson Lake South remains on track, with management continuing to aim for completion of the FEED study by the end of 2026. An update to final capital metrics is flagged around March. Construction licence hearings are expected by the end of 2027 and a final investment decision is targeted for late 2027.
Barrenjoey prefers Paladin in its U3O8 coverage, followed by NexGen Energy ((NXG)), Bannerman Energy ((BMN)), Lotus Resources ((LOT)), which is Neutral-rated with a 50c target price, then Deep Yellow ((DYL)) and, lastly, Boss Energy ((BOE)).
Paladin’s target price is trimmed to $13 from $13.10, with an Overweight rating.
Morgans explained Paladin’s 1Q27 result reflected weaker production at Langer Heinrich. Output of 1.0mlbs of uranium missed consensus estimates amid a planned shutdown and lower recoveries.
This broker points to cash outflows of -US$44m, although realised uranium prices reached a record US$79.40/lb. Cash generation is expected to improve through FY27 as production, recoveries and pricing strengthen.
The upcoming Patterson Lake South engineering study is seen as a key catalyst, offering greater clarity on development costs and project economics.
Morgans retains its Buy rating and $13.10 target.
Boss Energy ((BOE)) was upgraded by Morgans to Trim from Sell, with a higher target of $1.35 from $1.30, the broker noting Honeymoon beat expectations despite weather disruptions over 1Q27.
Drummed production beat forecasts by 8% and consensus by 17%, despite -19 days of production lost due to wet weather in August.
The broker also pointed out Alta Mesa production has fallen -95% y/y, with permit delays subsequently forcing a halt to production and further reducing confidence in future growth.
Honeymoon must successfully implement the revised wide-spaced wellfield design, the key value driver, the broker declared.
Deep Yellow was highlighted for deferring its final investment decision on Tumas beyond the prior 1Q27 target, with U3O8 prices remaining disconnected from strengthening uranium fundamentals.
Cash of $144.7m at the end of 1Q27 provides some flexibility for management as work continues to be optimised and construction activities continue.
Morgans retains a Speculative Buy rating and $1.50 target price.
Ord Minnett also highlighted Deep Yellow’s deferral decision and now assumes it will occur in mid-2027. This broker has deferred first production and capex by a year to 2H29.
First production at Mulga Rock has also been pushed back by 12 months.
The rating on the stock moves to Speculative Buy from Buy, with a lower target price of $1.95 from $2.10.
Ord Minnett doesn’t envisage Deep Yellow becoming profitable until after FY29.
Short interests
According to the latest ASIC data as of November 3, Lotus is the third most shorted stock on the Australian market, up 0.93 percentage points to 16.67%, followed by Paladin in sixth position at 14.64%.
Boss Energy is in seventh position at 14.22%, down -0.78 percentage points on the prior week.
Deep Yellow has short interest of 11.92%.
Uranium companies listed on the ASX:
| ASX CODE | DATE | LAST PRICE | WEEKLY % MOVE | 52WK HIGH | 52WK LOW | P/E | CONSENSUS TARGET | UPSIDE/DOWNSIDE |
|---|---|---|---|---|---|---|---|---|
| 1AE | 06/11/2026 | 0.0400 |  – 7.50% | $0.16 | $0.04 | |||
| AEE | 06/11/2026 | 0.0800 |  4.29% | $0.25 | $0.07 | |||
| AEU | 06/11/2026 | 0.4100 | 11.76% | $0.75 | $0.22 | $0.800 | 95.1% | |
| AGE | 06/11/2026 | 0.0400 | 3.03% | $0.06 | $0.02 | $0.080 | 100.0% | |
| AKN | 06/11/2026 | 0.0100 | -10.00% | $0.03 | $0.01 | |||
| ASN | 06/11/2026 | 0.0400 | 2.94% | $0.12 | $0.03 | |||
| BKY | 06/11/2026 | 0.8100 | 1.89% | $0.99 | $0.37 | |||
| BMN | 06/11/2026 | 3.7600 | – 1.69% | $5.25 | $2.77 | $4.433 | 17.9% | |
| BOE | 06/11/2026 | 1.5400 | – 3.45% | $2.15 | $1.00 | 18.0 | $1.529 | – 0.7% |
| BSN | 06/11/2026 | 0.0200 | 0.00% | $0.07 | $0.02 | |||
| C29 | 06/11/2026 | 0.0200 | 0.00% | $0.04 | $0.01 | |||
| CXO | 06/11/2026 | 0.2500 | 15.00% | $0.43 | $0.15 | 5.0 | $0.340 | 36.0% |
| CXU | 06/11/2026 | 0.0600 | – 1.75% | $0.17 | $0.02 | |||
| DEV | 06/11/2026 | 0.1800 | 26.67% | $0.33 | $0.12 | $0.400 | 122.2% | |
| DYL | 06/11/2026 | 0.8400 | 2.72% | $2.97 | $0.66 | -49.2 | $1.888 | 124.7% |
| EF2 | 06/11/2026 | 9.7300 | -11.63% | $22.50 | $9.50 | |||
| EL8 | 06/11/2026 | 0.2300 | 7.32% | $0.49 | $0.19 | |||
| HAR | 06/11/2026 | 0.0600 | 20.83% | $0.23 | $0.05 | |||
| I88 | 06/11/2026 | 0.1200 | 0.00% | $0.34 | $0.10 | |||
| KOB | 06/11/2026 | 0.0200 | – 9.09% | $0.07 | $0.02 | |||
| LAM | 06/11/2026 | 0.4400 | – 4.35% | $0.93 | $0.42 | |||
| LOT | 06/11/2026 | 0.2000 | – 2.70% | $3.20 | $0.16 | $0.250 | 25.0% | |
| MEU | 06/11/2026 | 0.0800 | – 2.67% | $0.19 | $0.05 | |||
| NHU | 06/11/2026 | 0.0600 | – 1.54% | $0.20 | $0.06 | |||
| NXG | 06/11/2026 | 12.2200 | – 3.80% | $20.47 | $10.85 | -86.4 | $16.300 | 33.4% |
| ORP | 06/11/2026 | 0.0800 | -14.29% | $0.16 | $0.04 | |||
| PDN | 06/11/2026 | 8.2600 | – 1.58% | $15.10 | $6.82 | 51.5 | $11.807 | 42.9% |
| PEN | 06/11/2026 | 0.2000 | 11.11% | $1.08 | $0.16 | |||
| POW | 06/11/2026 | 0.1700 | 3.03% | $0.27 | $0.16 | |||
| SLX | 06/11/2026 | 3.3400 | -14.90% | $10.09 | $2.86 | |||
| WCN | 06/11/2026 | 0.4600 | – 2.13% | $0.50 | $0.01 |
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