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Sprott Insights offers unique analyses and perspectives from the firm’s leading experts on key topics in precious metals and critical materials.

Uranium Markets Shake Off Summer Doldrums

Sprott Uranium Report

Uranium Markets Shake Off Summer Doldrums

The uranium market has faced short-term volatility, including price declines driven by geopolitical tensions and economic concerns. Despite these challenges, the long-term outlook remains strong. Supply uncertainties from key producers like Kazakhstan and Russia are contributing to this volatility, but the fundamental supply-demand imbalance suggests further growth potential.

Uranium Case Strengthens

Sprott Uranium Report

Uranium Case Strengthens

The uranium spot price has remained range-bound between $85 and $95 per pound, and ended the first half at $85.34 (June 30, 2024). Uranium miners fell in June, but bounced back in early July, outperforming the commodity YTD. 

Uranium Miners Lead Market Higher

Sprott Uranium Report

Uranium Miners Lead Market Higher

YTD the uranium spot price has stabilized between $85-$95 per pound after an 88.54% rise in 2023, indicating a healthy correction in a bullish cycle. Uranium miners' performance improved, matching spot price gains.

Miners Ignore Softer Uranium Price

Sprott Uranium Report

Miners Ignore Softer Uranium Price

In March, the uranium market saw mixed results: spot prices fell, but miners' stocks rose due to a positive long-term outlook. We believe the uranium bull market has more room to grow.

Uranium and Copper: The Elements of Energy

Sprott Webcast Replay

Uranium and Copper: The Elements of Energy

Electricity demand is expected to grow 86% by 2050. At the center of this growth are uranium and copper – two critical materials that are in high demand and limited supply.

 Uranium Bull Market Takes a Healthy Pause

Sprott Uranium Report

Uranium Bull Market Takes a Healthy Pause

Uranium markets pulled back in February after a rapid rise—in our view, this is a healthy pause in the ongoing uranium bull market. News from Kazatomprom and Cameco reinforce uranium markets' structural supply deficit.

Global Investment Pours into Renewable Energy

Sprott Critical Materials Monthly

Global Investment Pours into Renewable Energy

February was lackluster for critical materials, but the backdrop remains very positive. The global commitment to clean energy hit a new milestone in 2023 as investment surged to an unprecedented $1.77 trillion.

Uranium Price Returns to Triple Digits

Sprott Uranium Report

Uranium Price Returns to Triple Digits

Uranium price surged 11% in January, fueled in part by Kazatomprom's cut in guidance for 2024 production. Junior uranium miners were top performers , climbing 18.78%. 

Uranium & Nuclear Get Boost from COP28

Sprott Uranium Report

Uranium & Nuclear Get Boost from COP28

The U3O8 uranium spot price broke through $80 per pound, gaining 8.39% in November. COP28 was dubbed the "nuclear COP" in recognition of nuclear power's increasing importance. 

Higher Uranium Prices Allow Miners to Resume Production

Sprott Uranium Report

Higher Uranium Prices Allow Miners to Resume Production

The uranium price increased in October, reaching a 12-year high at $74.48 per pound. A growing supply deficit is helping to support higher price levels as the West focuses on reshoring supply chains. 

Silver Demand Grows as Solar Leads Renewables

Sprott Critical Materials Monthly

Silver Demand Grows as Solar Leads Renewables

Uranium's performance helped the energy transition complex close higher in September. From a macro outlook, solar panels are emerging as a critical player in the global energy transition. 

Uranium Rally Gains Power in September

Sprott Uranium Report

Uranium Rally Gains Power in September

Uranium and uranium mining stocks posted their best month in two years, as the price of U3O8 reached a 12-year high. YTD as of 9/30/23, physical uranium has risen 51.88% and uranium mining equities have gained 23.93%.

Strong Fundamentals Anchor Uranium's Rise

Sprott Uranium Report

Strong Fundamentals Anchor Uranium's Rise

Uranium and uranium mining stocks had a strong month in August. YTD as of 8/31/2023, spot uranium and uranium mining stocks have climbed 25.49% and 21.52%, respectively, outperforming the frothy S&P 500.

U.S. Taking Center Stage in Cleantech Investment

Sprott Critical Materials Monthly

U.S. Taking Center Stage in Cleantech Investment

Uranium had a strong August, contrasting with the decline of most energy transition metals due to China's economic troubles. The investment capital spurred by the U.S. Inflation Reduction Act (IRA) is turning the U.S. into a cleantech powerhouse.

Stars are Aligning for Uranium and Nuclear Energy

Sprott Uranium Report

Stars are Aligning for Uranium and Nuclear Energy

Uranium continued to outshine other commodities, with U3O8 surging 16.35% and uranium mining stocks up 9.11% YTD as of July 31, 2023. The growing embrace of nuclear energy is driving demand and sparking a resurgence in uranium mine operations. 

Supply-Demand Gap Ignites Uranium Rally

Sprott Uranium Report

Supply-Demand Gap Ignites Uranium Rally

U3O8 has climbed a healthy 15.95% YTD, while most other commodities have lost ground. Greater focus on the uranium supply-demand gap helped boost uranium mining stocks as well.

Uranium Remains Resilient, While Threats of Nationalism Rattle Equities

Sprott Uranium Report

Uranium Remains Resilient, While Threats of Nationalism Rattle Equities

The U3O8 uranium spot price has posted a healthy 12.99% year-to-date return as of May 31, and continued to show strength and diversification relative to other commodities.

Uranium’s April Breakthrough

Sprott Uranium Report

Uranium’s April Breakthrough

The U3O8 uranium spot price climbed 6.01% in April, reacting positively to China's ambitious plans to expand its nuclear energy capacity. Global acceptance of nuclear energy has increased and positive momentum is building within the uranium industry.

Uranium Proves Resilient in March

Sprott Uranium Report

Uranium Proves Resilient in March

The U3O8 uranium spot price fell slightly in March. YTD through 3/31/2023, uranium has gained 4.93%, demonstrating resilience relative to other commodities.

Uranium‘s Mixed February

Sprott Uranium Report

Uranium‘s Mixed February

Uranium miners made headlines with significantly sized uranium contracts that reflect higher demand for long-term supply commitments. Uranium market fundamentals are the most positive in over a decade and are likely to continue to be the primary performance driver.

Uranium‘s January Jump

Sprott Uranium Report

Uranium‘s January Jump

Looking ahead, we believe the uranium bull market still has a long way to run. Over the long term, increased demand in the face of an uncertain uranium supply is likely to support a sustained bull market.

Key Trends for 2023 and December Recap

Sprott Uranium Report

Key Trends for 2023 and December Recap

Three key themes for uranium markets in 2023: 1) increased emphasis on energy security worldwide; 2) higher conversion/enrichment prices may boost spot uranium prices; and 3) the global energy transition supports the case for nuclear power.

The Optimistic News Continues

Sprott Uranium Report

The Optimistic News Continues

While the price of U3O8 uranium has lagged since May 2022, conversion and enriched uranium prices have significantly appreciated. We believe that current demand, coupled with a shift away from Russian suppliers, is likely to support a higher U3O8 uranium spot price.

Uranium's October Optimism

Sprott Uranium Report

Uranium's October Optimism

The U3O8 uranium spot price climbed 8.32% in October. Our positive outlook is supported by the unprecedented number of announcements for nuclear power plant restarts, life extensions and new builds that are all creating demand for uranium.

Uranium's September Setback

Sprott Uranium Report

Uranium's September Setback

September was tough on uranium, which was negatively impacted by the month's drawdowns. We believe the uranium bull market remains intact, especially given that many countries are facing energy shortages and rocketing costs.

Uranium’s August Glow

Sprott Uranium Report

Uranium’s August Glow

Uranium, both physical uranium and mining equities, had standout performance in August, in contrast to the weak results posted by the broader markets. We believe uranium's gains reflect the growing acceptance of nuclear power among global governments as they seek alternatives to meet ambitious energy transition and security goals.  

Investment Risks and Important Disclosure

Relative to other sectors, precious metals and natural resources investments have higher headline risk and are more sensitive to changes in economic data, political or regulatory events, and underlying commodity price fluctuations.  Risks related to extraction, storage and liquidity should also be considered.

Gold and precious metals are referred to with terms of art like store of value, safe haven and safe asset. These terms should not be construed to guarantee any form of investment safety. While “safe” assets like gold, Treasuries, money market funds and cash generally do not carry a high risk of loss relative to other asset classes, any asset may lose value, which may involve the complete loss of invested principal.

Past performance is no guarantee of future results. You cannot invest directly in an index. Investments, commentary, and opinions are unique and may not be reflective of any other Sprott entity or affiliate. Forward-looking language should not be construed as predictive.  While third-party sources are believed to be reliable, Sprott makes no guarantee as to their accuracy or timeliness. This information does not constitute an offer or solicitation and may not be relied upon or considered to be the rendering of tax, legal, accounting or professional advice. 

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