Uranium Week: Price Momentum, Results & BHP

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This story features PALADIN ENERGY LIMITED, and other companies.
For more info SHARE ANALYSIS: PDN
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

As indicated by TradeTech a couple of weeks back, the U308 spot price was showing signs of breaking out, a move confirmed this week as Kazatomprom announced further delays to its sulphuric acid plant.

• Uranium shorts diverge ahead of Paladin and Boss results
• U308 spot price breaks higher as Kazatomprom hits trouble
• Utilities step up uranium buying as supply risks mount
• BHP content being major by-product producer

By Danielle Ecuyer

Awaiting FY26 earnings from Paladin and Boss Energy

August earnings season is in full swing Downunder, with Paladin Energy ((PDN)) and Boss Energy ((BOE)) due to report FY26 results on August 26 and August 27, respectively.

For those interested in the latest updates on U308-related results, see the FNArena Corporate Results Monitor:
https://fnarena.com/index.php/reporting_season/

The latest ASIC short data show short positions in Boss have retreated by -1.46% to 10.57% over the week to August 17, with the stock now the twelfth most shorted on the ASX.

Alligator Energy ((AGE)) and Bannerman Energy ((BMN)) also recorded declines in short positions of -0.86% to 3.09% and -0.57% to 6.65%, respectively.

Short interest in Paladin remained largely unchanged over the week to August 17 at 11.32%, placing the stock as the eighth most shorted.

In contrast, short interest in Lotus Resources ((LOT)) rose 5.91% to 17.19%, placing this stock in second position among the most shorted on the ASX.

NexGen and BHP? Not so fast!

Speculation around BHP Group’s ((BHP)) possible talks with NexGen Energy ((NXG)) has calmed down following the Big Australian’s results last week.

FNArena editor Rudi Filapek-Vandyck had an opportunity to ask BHP Chief Financial Officer Vandita Pant about The Big Australian’s plans in uranium and the CFO’s response left no room for second guessing.

BHP’s Olympic Dam supplies around 5% of global uranium, as a by-product to the strategically critical copper production, and BHP is content with that position.

One key factor remains the relatively small size of the uranium market. A second factor is, as copper production increases at Olympic Dam, this also implies more uranium.

BHP’s key priorities are probably best summarised as copper, iron ore, and potash, in that order.

Kazatomprom’s sulphuric acid delay

As indicated a couple of weeks back, “Industry consultants TradeTech suggest the market is signalling the U308 spot market might be moving out of the narrow price band it has traded in over the last few months.”

See: https://fnarena.com/index.php/2026/08/11/uranium-week-a-suitor-for-nexgen-energy/

In its latest weekly update, TradeTech highlights a rise in the U308 spot price indicator of US$1.75/lb to US$89.50/lb, up 4.7% since mid-July.

This is the highest level the U308 spot price has reached in the past six months, as news emerged that Kazatomprom’s sulphuric acid plant will be delayed due to the discovery of palaeontological specimens at the site.

On August 21, the company stated: “In accordance with the law on national historical and cultural heritage, construction works in the affected area have been suspended pending official permit from relevant state authorities to resume work,”

and,

“Should further samples be discovered or the excavation zone be expanded, a revision of the plant’s project design documentation may become necessary to relocate infrastructure facilities outside the affected area.”

The scheduled commissioning date for the facility is now projected between 3Q27 and 1Q28, from 1Q27 previously.

U308 spot market volumes and price tick up

Last week, a total of 450klbs of U308 was traded across five transactions.

One transaction for delivery of 100klbs was concluded at US$88.15/lb for delivery to Orano’s facility in France. This was followed by a second transaction last Tuesday for 100klbs at US$88.87/lb, also for delivery to Orano.

Three transactions were conducted last Friday, the consultants indicated, with the last in the afternoon for 100klbs for delivery to ConverDyn’s Metropolis facility in the US at US$89.50/lb.

As of the close of business on Friday, material from sellers was noted as “scarce”, with limited quantities available at US$90/lb or above.

Activity in the term uranium market continued to build over the week, with utilities seeking material across an increasingly broad range of delivery periods.

TradeTech pointed out one buyer sought uranium for delivery in 2027, while a US utility requested offers for 400klbs of U308 annually between 2030 and 2034, with optional delivery years. A non-US utility also issued a formal request for uranium contained in enriched uranium product for October delivery.

Several utilities are also in discussions with suppliers over larger purchases spanning both near and long-term requirements, in some cases extending into the mid-2030s and beyond.

While pricing structures vary across these delivery periods, the range of base prices on offer is tightening, with the lower end edging higher. Sellers continue to favour market-linked pricing, while utilities are seeking greater price certainty and predictability.

Importantly, buyers appear increasingly focused on securing long-term supply and protecting against the risk of production delays and rising costs. Kazatomprom’s latest results highlighted higher production costs, while delays to Kazakhstan’s new sulphuric acid plant further underscored the challenges facing uranium supply.

The TradeTech U308 Mid-Term price indicator stands at US$88/lb and the Long-Term price indicator at US$97/lb.

Uranium companies listed on the ASX:

ASX CODE	DATE	LAST PRICE	WEEKLY % MOVE	52WK HIGH	52WK LOW	P/E	CONSENSUS TARGET	UPSIDE/DOWNSIDE
1AE	21/08/2026	0.0500	2.08%	$0.16	$0.05
AEE	21/08/2026	0.1200	0.00%	$0.28	$0.10
AEU	21/08/2026	0.5600	1.10%	$0.75	$0.22
AGE	21/08/2026	0.0500	– 2.33%	$0.06	$0.02		$0.080	60.0%
AKN	21/08/2026	0.0200	5.56%	$0.03	$0.01
ASN	21/08/2026	0.0500	2.22%	$0.12	$0.04
BKY	21/08/2026	0.4900	– 2.04%	$0.70	$0.37
BMN	21/08/2026	4.2600	6.11%	$5.25	$2.60		$4.733	11.1%
BOE	21/08/2026	1.6900	0.00%	$2.20	$1.00	42.1	$1.557	– 7.9%
BSN	21/08/2026	0.0300	6.67%	$0.08	$0.02
C29	21/08/2026	0.0200	23.08%	$0.04	$0.01
CXO	21/08/2026	0.3900	1.33%	$0.40	$0.10		$0.300	-23.1%
CXU	21/08/2026	0.0900	– 9.57%	$0.17	$0.01
DEV	21/08/2026	0.2300	– 6.67%	$0.33	$0.08		$0.410	78.3%
DYL	21/08/2026	1.7100	2.36%	$2.97	$1.22	-200.8	$2.050	19.9%
EL8	21/08/2026	0.2800	– 3.85%	$0.50	$0.21
HAR	21/08/2026	0.0900	2.38%	$0.25	$0.07
I88	21/08/2026	0.1200	– 8.33%	$0.76	$0.10
KOB	21/08/2026	0.0400	15.79%	$0.09	$0.03
LAM	21/08/2026	0.6500	5.00%	$0.93	$0.50
LOT	21/08/2026	0.2800	– 2.04%	$3.20	$0.22		$1.443	415.5%
MEU	21/08/2026	0.1000	2.08%	$0.19	$0.04
NXG	21/08/2026	15.3800	– 2.10%	$20.47	$10.86	-138.5	$15.600	1.4%
ORP	21/08/2026	0.1300	0.00%	$0.13	$0.03
PDN	21/08/2026	11.7100	0.28%	$15.10	$6.91	-1165.1	$12.179	4.0%
PEN	21/08/2026	0.3100	– 3.45%	$1.08	$0.23
SLX	21/08/2026	5.5400	– 2.29%	$10.85	$3.76
WCN	21/08/2026	0.0200	-11.11%	$0.03	$0.01

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