Weekly Reports | Jul 01 2025
This story features BOSS ENERGY LIMITED, and other companies. For more info SHARE ANALYSIS: BOE
The company is included in ASX200, ASX300 and ALL-ORDS
Positive news continued to flow for both the spot U308 price and support for the US and global nuclear power industry as big tech continues to flex its muscles.
-Tech winner Palantir enters the nuclear energy sector
-Hyperscalers interest in nuclear energy re-visited
-World agencies pledge support for the advancement of nuclear power generation
-Latest updates on short interests and broker thoughts
By Danielle Ecuyer
The emerging co-dependent relationship between AI and nuclear energy
The fusion (excuse the pun) between nuclear energy and technology is not only growing, it is likely to become more inter-related and intra-dependent.
Last week’s announcement from Palantir for a strategic product partnership with The Nuclear Company to design the first AI-powered real-time software system to “modernise and streamline” the development and construction of gigawatt-scale nuclear reactors in the US, and address industry problems of delays and budget overruns, is the latest example.
Embedding the software is laying the foundations of a “new era of resilient, intelligent and secure energy systems”. “The fact of the matter is we cannot win this strategic competition with China unless we revitalise our ability to build nuclear technology in general and reactors in particular”, Palantir’s Head of Defense stated.
Amid surging electricity demands from artificial intelligence and cloud computing, hyperscalers are turning to nuclear energy. Microsoft, Amazon, Google, and Meta have all signed significant nuclear power agreements in the past 18 months, underscoring a dramatic shift in Silicon Valley’s approach to energy sourcing. These deals reflect a growing urgency to decarbonise large-scale data operations while ensuring long-term energy reliability.
Microsoft has partnered with Constellation Energy to restart the decommissioned Three Mile Island Unit 1 reactor in Pennsylvania. Under a 20-year power purchase agreement, the company will draw an estimated 835 megawatts (MW) of clean energy to support its growing AI infrastructure, with operations expected to begin by 2027.
Amazon has taken a two-pronged approach purchasing a nuclear-powered data center in Pennsylvania for US$650m and teaming up with Energy Northwest and X-energy to develop four Small Modular Reactors (SMRs) in Washington State, targeting 5 gigawatts (GW) of capacity by 2039.
Google has aligned with Kairos Power to tap next-generation small modular reactors (SMRs), with the first reactor expected online by 2030. Google is also working with Elementl Power to develop three 600-MW nuclear sites.
Meta has inked a 20-year deal with Constellation Energy to buy approximately 1.1 GW of nuclear power from an Illinois facility, beginning in 2027, to support its AI-focused data center expansion.
Sam Altman’s backed Oklo recently raised US$460m for the development of small modular reactors. TerraPower, backed by Bill Gates, has raised more than US$2bn and won a US$2bn grant from the US government to co-fund the design and construction of an SMR nuclear reactor in Kemmerer, Wyoming, applying liquid sodium as an alternative to water.
TerraPower is aiming to develop its Natrium-branded reactors which are built at around -50% less cost than traditional water-cooled reactors.
UBS raises U308 spot price for FY26
The latest nuclear sector update from UBS reaffirmed the broker’s positive stance with a near-term upgrade in U308 price forecast by around 10% due to a better US policy environment to US$72/lb on average for 2025 from US$65/lb.
There are no changes to the U308 price forecasts of US$85 for 2029 and US$76/lb for 2026, dipping to US$73/lb for 2027 and 2028.
The analyst recently hosted a call with The Atlantic Council, a non-partisan US think tank which drew out a slightly more upbeat view, noting bi-partisan support for the expansion of nuclear energy capacity to 400GW by 2050 from around 100GW currently, including 100GW-plus on the Biden Administration’s targets.
Increased US government policy support for the development of more advanced nuclear technologies is noted, although UBS wants to see more tangible evidence of SMR progress.
While New York government’s support for the development of a 1GW plant is indicative of support for large-scale reactors, the broker believes this gives utilities greater confidence to go back to tender.
For more details, see https://fnarena.com/index.php/2025/06/24/uranium-week-up-by-12-looking-for-more/
Overlay with supply challenges and risks and the US$200m equity raising and U308 buying in the spot market is improving general sentiment in the sector.
In other news, the World Bank Group and the International Atomic Energy Agency (IAEA) also formalised a new partnership to support the deployment of nuclear power in developing nations.
Announced on June 26, 2025, the agreement signals the World Bank’s first direct re-engagement with nuclear energy in decades, marking a major shift in the institution’s clean energy strategy.
The partnership is designed to help countries extend the life of existing reactors, adopt emerging technologies like Small Modular Reactors (SMRs), and enhance nuclear safety and planning frameworks through knowledge sharing.
IAEA Director General Rafael Mariano Grossi described the agreement as a “landmark partnership”, adding: “It reflects a return to realism about the critical role nuclear energy can play in sustainable development”. He also underscored that the collaboration could help catalyse support from other global financial institutions and private investors for nuclear deployment.
No specific dollar value has been assigned yet, the World Bank confirmed the agreement includes technical cooperation, planning assistance, and integration into energy development programs. It lays the groundwork for potential future financing of nuclear projects through World Bank mechanisms.
The partnership aims to address power shortfalls in regions where electricity demand is projected to more than double by 2035, particularly across parts of Africa, South Asia, and Southeast Asia.
A core focus will be assisting countries with feasibility studies and deployment frameworks for SMRs; seen as more scalable and affordable for smaller economies.
Support will also target reactor life extension projects, which are significantly cheaper than building new fossil fuel plants and could offer low-carbon electricity for an additional 2030 years per unit.
Spot price continues to tick higher
Industry consultants TradeTech reported the weekly U308 spot price rose another US$1.15/lb to US$78.65/lb with the TradeTech Mid-Term price indicator unchanged at US$75/lb and the Long-Term price indicator at US$80/lb.
The consultant’s spot price indicator has risen 14% in the last two weeks or US$9.65 since mid-June and US$15.65 since reaching the low of US$63/lb in 2025 in mid-March.
Although the price still remains below a year ago by -7.5%, the spot price indicator is up 3.5% thus far in 2025.
Two transactions totaling 300klbs were conducted last Tuesday at US$78/lb; one for delivery at Cameco’s Canadian facility and one for delivery at Orano’s Comurhex facility in France.
Another 100klbs for delivery at Orano at US$78.50 was transacted at the close of business on the Thursday; with a further two transactions on Friday.
TradeTech highlights of the five transactions reported, Sprott Physical Uranium Trust was a buyer in four of the deals.
Short interest subside but not evenly across ASX stocks
Checking in with the most recent ASIC data from June 24 (Financial participants report their short positions on voluntary basis), Boss Energy ((BOE)) is still the number one shorted stock on the ASX at 16.33% shorted, although this is down from 21.56% a month ago.
Paladin Energy ((PDN)) is the second most shorted at 15.79% compared to 15.57% a month earlier.
Deep Yellow ((DYL)) is in eleventh position and down to 9.28% from 11.46%; Lotus Resources ((LOT)) in thirteenth place at 8.44% versus 8.43% a month earlier and Bannerman Energy ((BMN)) at 7.64% against 8.1%.
Latest views on stocks
UBS raised its target price for Paladin by 3% to $9.40 and maintained a Buy rating. The company is due to provide a June quarter update on July 23 and the major focus will be on the restart of Langer Heinrich which commenced operating in the previous quarter.
The analyst is looking for production of around 870klbs against consensus estimate at 760klbs, a rise of 17% on the March quarter. The previous water issues are anticipated to be fixed. For FY26, the production forecast is lowered by -4% to 4.5mlbs with consensus at 4.7mlbs which is expected to be offset by a higher U308 price and cost improvements.
Regarding Boss Energy, the 80% share price rally this year has prompted UBS to downgrade this stock to Sell from Buy. Target price is lifted by 6% to $3.50 due to the miner’s leverage to a higher forecast U308 spot price.
Boss is due to report its June quarter update on July 28 which should offer FY26 production guidance as the company pre-announced FY25 production target of 850klbs as of June 17. The analyst is forecasting FY26 production of 1.7mlbs at $37/kg due to ramp-up of Honeymoon progressing well.
Uranium companies listed on the ASX:
| ASX CODE | DATE | LAST PRICE | WEEKLY % MOVE | 52WK HIGH | 52WK LOW | P/E | CONSENSUS TARGET | UPSIDE/DOWNSIDE |
|---|---|---|---|---|---|---|---|---|
| 1AE | 27/06/2025 | 0.0500 |  -16.67% |
$0.10 | $0.03 | |||
| AEE | 27/06/2025 | 0.1600 |  9.68% |
$0.19 | $0.10 | |||
| AGE | 27/06/2025 | 0.0300 | -12.90% |
$0.05 | $0.02 | $0.100 | 233.3% |
|
| AKN | 27/06/2025 | 0.0100 | 0.00% | $0.02 | $0.01 | |||
| ASN | 27/06/2025 | 0.0500 | 2.22% |
$0.17 | $0.04 | |||
| BKY | 27/06/2025 | 0.6000 | – 6.67% |
$0.67 | $0.30 | |||
| BMN | 27/06/2025 | 3.3000 | – 6.53% |
$3.68 | $1.76 | $4.700 | 42.4% |
|
| BOE | 27/06/2025 | 4.5900 | 6.45% |
$4.75 | $1.99 | 262.9 | $4.187 | – 8.8% |
| BSN | 27/06/2025 | 0.0200 | -28.57% |
$0.07 | $0.01 | |||
| C29 | 27/06/2025 | 0.0200 | 0.00% | $0.13 | $0.02 | |||
| CXO | 27/06/2025 | 0.1000 | 17.86% |
$0.14 | $0.06 | $0.100 | ||
| CXU | 27/06/2025 | 0.0100 | 0.00% | $0.03 | $0.01 | |||
| DEV | 27/06/2025 | 0.0700 | -13.92% |
$0.32 | $0.07 | |||
| DYL | 27/06/2025 | 1.6900 | 5.36% |
$1.79 | $0.75 | -1710.0 | $1.690 | 0.0% |
| EL8 | 27/06/2025 | 0.3100 | 0.00% | $0.42 | $0.19 | |||
| ERA | 27/06/2025 | 0.0020 | -33.33% |
$0.04 | $0.00 | |||
| GLA | 27/06/2025 | 0.0100 | 0.00% | $0.02 | $0.01 | |||
| GTR | 27/06/2025 | 0.0030 | -25.00% |
$0.01 | $0.00 | |||
| GUE | 27/06/2025 | 0.0700 | 0.00% | $0.10 | $0.05 | |||
| HAR | 27/06/2025 | 0.0800 | 25.76% |
$0.09 | $0.03 | |||
| I88 | 27/06/2025 | 0.0900 | -10.00% |
$1.03 | $0.08 | |||
| KOB | 27/06/2025 | 0.0300 | 0.00% | $0.18 | $0.03 | |||
| LAM | 27/06/2025 | 0.7700 | – 3.75% |
$0.90 | $0.48 | |||
| LOT | 27/06/2025 | 0.1900 | 2.56% |
$0.37 | $0.13 | $0.330 | 73.7% |
|
| MEU | 27/06/2025 | 0.0400 | – 2.50% |
$0.06 | $0.03 | |||
| NXG | 27/06/2025 | 10.6800 | 0.95% |
$13.53 | $6.44 | $12.300 | 15.2% |
|
| ORP | 27/06/2025 | 0.0200 | 50.00% |
$0.08 | $0.02 | |||
| PDN | 27/06/2025 | 7.9900 | 7.95% |
$14.28 | $3.93 | -216.1 | $8.536 | 6.8% |
| PEN | 27/06/2025 | 0.6200 | 0.00% | $2.34 | $0.55 | $1.000 | 61.3% |
|
| SLX | 27/06/2025 | 4.2200 | 15.73% |
$6.62 | $2.28 | $6.500 | 54.0% |
|
| TOE | 27/06/2025 | 0.2000 | 2.56% |
$0.38 | $0.15 | |||
| WCN | 27/06/2025 | 0.0200 | 15.00% |
$0.04 | $0.01 |
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