Weekly Reports | 10:00 AM
This story features LOTUS RESOURCES LIMITED, and other companies.
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The company is included in ASX300 and ALL-ORDS
The U308 spot price managed a slight rise over last week, with buyers and sellers selectively trading small, discrete material volumes on Middle East concerns.
- Buyers continue to pay a higher U308 spot price for delivery in USA
- Lotus Resources in the eye of the storm for diesel supply chain risks
- Silex Systems back in focus
- Paladin Energy slips out of the top twenty most shorted stocks on the ASX
By Danielle Ecuyer
Spot market participants eye Middle East developments
The fog of war has continued to cast a shroud of uncertainty over most asset classes.
As articulated again this week by industry consultants TradeTech, the closure of the Strait of Hormuz has spilled into every aspect of the world economy, and the spot uranium market has not been immune.
The TradeTech weekly spot indicator managed to trade US$0.55/lb higher last week to US$83.25/lb; up 1.5% since the start of 2026 and up 30.1% from the same time last year.
Six transactions were confirmed as buyers and sellers sought to match firm bids and offers on what the consultants describe as “small, discrete quantities”.
Monday saw 50klbs purchased for delivery in April at Orano’s facility in France, followed by a second transaction on Tuesday for delivery of 50klbs U308 in April at ConverDyn’s facility in the US at US$84.25/lb.
TradeTech notes the trend for buyers to pay a higher price to secure material in the USA has continued.
On Wednesday, a buyer acquired an odd-sized lot of just over 80klbs at US$84.25/lb for delivery at ConverDyn in April. While Friday morning saw sellers emerge, offering U308 at US$83.25/lb, which attracted buyers. Two transactions at this price level were conducted involving delivery of 50klbs of U308 in April.
Post the two Friday trades, market participants retreated, awaiting further news on the Middle East conflict over the weekend.
TradeTech’s mid-term price indicator stands at US$88/lb and the long-term price indicator at US$90/lb.
The risk of rising fuel prices remains a concern and a potential earnings threat, increasing input prices for uranium mining.
Latest broker updates on U308 companies
On top of Middle East impacts, Ord Minnett shone a light on the sector being under pressure, as both fuel and acid are key production inputs.
Notably, the analyst highlights Lotus Resources ((LOT)) has been the most impacted, which is attributed to its diesel supply being very exposed to the possibility of a drawn-out conflict.
The Lotus share price has almost been cut by -50% since the start of March. The broker points to diesel supply as the most vulnerable, while acid and sulphur appear “secure” for now.
At this stage, Lotus is not acting on July orders, pending what transpires with the disruption and volatility in energy markets.
Boss Energy’s ((BOE)) share price has declined by around -22% since the beginning of March, with the market turning a blind eye to the March 23 hydro modeling presentation, which indicated support for management’s new strategic plan.
Ord Minnett explains acid supplies are secure from the Port Pirie smelter (SA) and diesel remains available, but rising prices will impact input costs.
The producer is also exposed to the rising cost of poly pipes, which are linked to the spot oil price, as confirmed by media reports that a supplier, Reece ((REH)), is intending to lift pipe costs by 36% in April to pass on higher input cost.
Notably, Boss’s Honeymoon ISR mine site is described by the analyst as a “spiderweb” of poly pipe. The producer does not hold large inventories, as poly pipe deteriorates.
At this stage, it is too early to assess how uranium miners will be impacted, with Lotus singled out as the most exposed to more challenging diesel supply.
The stock is rated a Speculative Buy with a $3.90 target price. Boss Energy is retained as a Sell rating with a $1.50 target price.
In other corporate updates, Canaccord Genuity points to the circa -50% decline in the Silex Systems ((SLX)) share price from its November 2025 high.
Last week, joint venture Global Laser Enrichment (GLE), of which Silex has a 51% stake (Cameco 49%), announced it had received preliminary approval for a US$98.9m incentive package from Kentucky state and local authorities.
The funds are conditional upon meeting investment and job creation targets and add to the previous funding from the US Department of Energy of US$28.5m.
While the analyst expresses disappointment that GLE did not achieve a Task Order 2 award, which is a second-stage government funding approval for scaling and commercialisation, the technology is nevertheless considered to be the most advanced third generation enrichment story and has achieved TRL-6 (Technology Readiness Level 6), part of a standard scale (TRL 1 to TRL 9) used to assess how mature a technology is.
Canaccord highlights the Silex share price has moved contrary to global enrichment prices remaining at all-time highs, with Russia supplying around 40% of global capacity, and an import cap starting in 2028.
Demand for enrichment capacity over the near term is described as “urgent”, with Silex/GLE viewed as one of the top candidates to meet supply needs.
The stock continues to be rated as a Speculative Buy with an unchanged $10.48 target price.
The Short Report
FNArena’s Short Report is based on data collected by ASIC as at March 24, 2026.
Having moved to seventh in the most shorted list last week, Boss shorts moved up 1.28% in the last update, placing the stock in fifth position at 12.32%.
Lotus Resources moved to tenth position with a rise of 2.41% to 10.91%, and Paladin Energy ((PDN)) slipped out of the top twenty, falling by -1.34% to 8.34%.
Deep Yellow ((DYL)) shorts fell -1.95% to 5.62% and Silex’s are down -1.34% to 7%.
For more reading on U308 weekly updates from FNArena, see:
https://fnarena.com/index.php/2026/03/24/uranium-week-risk-off-frustrates/
https://fnarena.com/index.php/2026/03/17/uranium-week-paladin-upgraded/
https://fnarena.com/index.php/2026/03/10/uranium-week-nexgen-energy-a-key-pick/
https://fnarena.com/index.php/2026/02/24/uranium-week-burgeoning-supercycle/
Uranium companies listed on the ASX:
| ASX CODE | DATE | LAST PRICE | WEEKLY % MOVE | 52WK HIGH | 52WK LOW | P/E | CONSENSUS TARGET | UPSIDE/DOWNSIDE |
|---|---|---|---|---|---|---|---|---|
| 1AE | 27/03/2026 | 0.0500 |  3.85% | $0.16 | $0.03 | |||
| AEE | 27/03/2026 | 0.1200 | 4.55% | $0.28 | $0.10 | |||
| AGE | 27/03/2026 | 0.0400 | 12.12% | $0.06 | $0.02 | $0.070 | 75.0% | |
| AKN | 27/03/2026 | 0.0200 | 15.38% | $0.02 | $0.01 | |||
| ASN | 27/03/2026 | 0.0500 | 4.26% | $0.13 | $0.04 | |||
| BKY | 27/03/2026 | 0.4300 | 16.67% | $0.70 | $0.39 | |||
| BMN | 27/03/2026 | 3.5500 | 4.48% | $5.25 | $1.76 | $5.550 | 56.3% | |
| BOE | 27/03/2026 | 1.4900 | 2.05% | $4.75 | $1.07 | 14.0 | $1.600 | 7.4% |
| BSN | 27/03/2026 | 0.0300 |  -12.50% | $0.08 | $0.01 | |||
| C29 | 27/03/2026 | 0.0300 | – 4.00% | $0.05 | $0.01 | |||
| CXO | 27/03/2026 | 0.2500 | 20.51% | $0.36 | $0.06 | $0.350 | 40.0% | |
| CXU | 27/03/2026 | 0.0200 | 20.00% | $0.04 | $0.01 | |||
| DEV | 27/03/2026 | 0.1500 | – 6.25% | $0.28 | $0.07 | |||
| DYL | 27/03/2026 | 1.7000 | 4.33% | $2.97 | $0.75 | -61.4 | $2.290 | 34.7% |
| EL8 | 27/03/2026 | 0.2600 | 6.00% | $0.50 | $0.20 | |||
| HAR | 27/03/2026 | 0.1200 | – 8.00% | $0.25 | $0.05 | |||
| I88 | 27/03/2026 | 0.1300 | 8.00% | $0.76 | $0.08 | |||
| KOB | 27/03/2026 | 0.0400 | 0.00% | $0.09 | $0.03 | |||
| LAM | 27/03/2026 | 0.7600 | – 1.30% | $0.93 | $0.56 | |||
| LOT | 27/03/2026 | 1.2000 | – 3.16% | $3.20 | $1.19 | $3.450 | 187.5% | |
| MEU | 27/03/2026 | 0.1000 | 9.89% | $0.19 | $0.03 | |||
| NXG | 27/03/2026 | 16.0400 | 4.50% | $20.47 | $6.44 | -13375.0 | $20.150 | 25.6% |
| ORP | 27/03/2026 | 0.0600 | 0.00% | $0.07 | $0.02 | |||
| PDN | 27/03/2026 | 11.1200 | 8.70% | $14.44 | $3.93 | 123.3 | $13.067 | 17.5% |
| PEN | 27/03/2026 | 0.5300 | 0.00% | $1.08 | $0.28 | |||
| SLX | 27/03/2026 | 5.1400 | 4.74% | $10.85 | $2.28 | |||
| TOE | 27/03/2026 | 0.5100 | 9.47% | $0.63 | $0.15 | |||
| WCN | 27/03/2026 | 0.0100 | -13.33% | $0.04 | $0.01 |
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