Nuclear Update Premium June 28, 2025

Author

Fredrik Lundstrom
June 28, 2025

Welcome to Nuclear Update Premium – June 28, 2025

This week’s edition is packed:

  • 📈Market sentiment turns the page

  • ☢️ Uranium’s summer sizzle?

  • 📊Portfolio moves + new watchlist pick

  • 📬 Insider transaction action

  • 🗞️Nuclear newsflow decoded

  • 🎙️Interviews worth your weekend

Lets dive in!

📈 Market Sentiment Check

Markets spent the weekend staring down the barrel of a bigger Middle East blowup… and then collectively exhaled.

The U.S. bombed Iranian enrichment facilities. Iran responded with a choreographed missile volley that damaged nothing. A ceasefire was declared, energy flows resumed, and markets got the green light to move on.

The S&P 500 is now at all-time highs. Gold gave back its fear bid. Oil reversed hard. Even Bitcoin bounced once the “weekend war” fizzled out.

The mood? Cautiously bullish, but with nuance.

The market sees the Iran–Israel conflict as “resolved” for now—but the Fed is a bigger wildcard. Behind the scenes, regulators are prepping to tweak bank capital rules (especially the enhanced supplementary leverage ratio), which could free up balance sheet space and inject new life into the Treasury market.

That’s dovish-ish… but only if Powell survives the political heat. Trump’s rumored plan to replace him early has markets gaming out a future Fed flip.

📉 Odds of a declared war with Iran have dropped to 1.5% (down from 7%).
📈 Odds of Fed drama heating up? Still climbing.

☢️ Uranium Market Mood: Quietly Heating Up

While everyone else has been watching missile maps and oil tickers, the uranium market has been quietly marching higher.

Spot price? Up. U₃O₈ rose from $77 to $79.00/lb, according to Uranium Markets — not a moonshot, but a clean, healthy move in what’s usually a dead-silent season.

SPUT’s stacking again. After a quiet stretch, the Sprott Physical Uranium Trust stepped back into the market with 950,000 lbs purchased over the past ten days.

And here’s the kicker: they still have ~$160 million in dry powder. But don’t expect them to blow through it recklessly. SPUT has made it clear they’re being disciplined — spacing out buys to avoid whipsawing spot and prevent a pump-and-dump dynamic that does more harm than good.

The easy pounds are gone. SPUT is now targeting harder-to-access material, which puts more pressure on the supply stack and signals to the market that they’re in this for the long haul.

The message to utilities? The stackers are back. Supply is thinning. If you’re uncovered, it might be time to get moving.

Meanwhile, M&A activity in the sector is accelerating. June alone saw a string of strategic deals that reflect both consolidation and positioning in response to tight supply and long-term demand:

  • Forum Energy and Baselode Energy form BEEp

  • Uranium Energy Corp increases stake in Anfield Energy

  • Premier American Uranium acquires Nuclear Fuels

  • Nexus Uranium and Basin Uranium announce merger

  • NexGen Energy boosts stake in IsoEnergy by $37.4M (now owns 30.9%)

  • Boss Energy adds another 600,000 shares of Laramide Resources

The volume of deals in 2025—particularly this month—suggests we’re still riding the wave of 2024’s M&A surge, which clocked in at a decade-high US$12.8 billion. With transactions like Paladin Energy’s C$1.14B acquisition of Fission Uranium finalized earlier this year—a sign that dealmaking momentum is holding strong in 2025.

📜 Term Market Is Stirring

While spot gets the headlines, it’s the term market where the long game is played — and right now, utilities are getting antsy again.

Industry contacts are whispering about a fresh wave of RFPs (requests for proposals) circulating quietly. It’s the prelude to the next contracting cycle, likely to gain steam in Q3 and Q4.

Expect the flow to look something like this:

  1. 📝 July–August: RFPs flood the desks of producers and traders.

  2. 🤝 September–October: Term deals start getting signed.

  3. 🚀 Q4: Spot price responds as pounds get locked away and uncovered demand shrinks.

📉 Uranium Equities: Winners and Whiffs

Stocks in the sector remain selective. The overall thesis is intact, but execution is everything.

  • Deliver your milestones? Get rewarded.

  • Miss your deadlines or delay shipments? The market punishes fast (see Global Atomic).

Still, the broader uranium setup remains deeply bullish:

  • Global interest in nuclear energy is rising.

  • Supply remains constrained.

  • Inventories are tightening.

  • And demand is only going in one direction: ⬆️

All of this, while SPUT still has ammo to push prices higher and utilities start jockeying for pounds.

📊 Portfolio Moves

The Nuclear Update Premium Portfolio has been updated with the latest price action.
📎View the full portfolio here

We’ve refreshed the technical setups across the board—and while most verdicts stay the same, two key changes stand out:

🟢 Uranium Royalty Corp (UROY) — Upgraded to Buy/Add
Technical Setup: RSI is trending higher (~50–60), MACD is firmly positive, and the stock has bounced off the 50-day MA with improving structure. Momentum is building, signaling a potential breakout from recent consolidation.

Status: Buy/Add

We’ve also added Silex Systems (SLX) to the watchlist:

⚪ Silex Systems (SLX) — New Watchlist Entry
Company Overview: Silex Systems is an Australian nuclear tech firm developing the SILEX laser enrichment process—an advanced, third-generation uranium enrichment technology. It co-owns (51%) Global Laser Enrichment (GLE) with Cameco (49%), targeting commercial deployment in the U.S.

Strategic Role: SLX offers high-leverage exposure to a future chokepoint in the nuclear fuel cycle: enriched uranium for SMRs and HALEU demand. It’s a pure-play on enrichment innovation rather than mining or reactor operations.

Fundamentals: Silex remains pre-profit with ~A$15.2M in trailing revenue and negative earnings. The valuation is growth-focused, reflecting its disruptive potential. It has low debt and capital runway supported by equity. Commercial upside depends on successful GLE scale-up and licensing.

Technical Setup: RSI is elevated (~68), MACD modestly positive (~0.07), and price is testing the 200-day MA while hugging the upper Bollinger Band. Volume has weakened, and stochastic signals are overbought.

Status: Watch — Trend is strong, but entry risk is high. Wait for breakout or pullback before initiating.

📬 Insider Transaction Action

Insiders might sell their shares for any number of reasons (divorce, buying property, diversification after a big run), but they buy them for only one: They think the price will rise. Here’s this week’s action:

🗞️ This Week in Nuclear News

🔋 Fuel Moves

📈 Equity Ratings & Price Targets

💰 Financing & M&A

🛠️ Ops & Strategy

📊 Macro & Market Vibes

🎙️ Interviews & Market Talk

Start with these two 🔥 interviews hosted by Lucijan — a must-watch if you're serious about tracking smart uranium money:

📍 Myriad Uranium – CEO Thomas Lamb and geologist George Van Der Walt break down new assay results from Copper Mountain, Wyoming.👇 Watch the interview👇

📍 Cosa Resources – CEO Keith Bodnarchuk talks Murphy Lake drilling, Denison JV, and what’s ahead for 2025.👇Watch the interview👇

📍 Uranium Virtual Conference Recap
If you missed this one live, carve out some time. Hosted by Jimmy Connor, this virtual uranium conference pulls together a sharp group of investors and analysts breaking down what’s next for the sector
👉 Watch the full discussion here

📍 Sprott’s John Ciampaglia – Fresh off a $200M raise, John weighs in on uranium sentiment, SPUT’s role, and why the market’s heating up.
👉 Watch the interview

📍 Geiger Energy Merger – CEOs from Forum and Baselode outline their uranium JV, drilling plans, and big ambitions for Canada.
👉 Watch the webinar

📍 Roger Lemaitre – The uranium spring is loaded, and Roger says the breakout will blindside the unprepared.
👉 Watch the interview

📍 Money of Mine – SPUT’s raise, a uranium squeeze, and a gold hoarder’s bold bet — it’s a market mood swing you don’t want to miss.
👉 Watch the episode

📍 Steve Barton’s Market Moves – SPUT’s $200M uranium play, S&P technical signals, and where the cracks may be forming.
👉 Watch the episode

🔍 Starting next week…

Lucijan will be diving deep into a new uranium name each week—breaking down the fundamentals, highlighting key strengths and weaknesses, and sharing what’s worth keeping an eye on.

Just solid analysis to help you get to know the sector—one name at a time.

⚛️ That’s it for this week.

Are you excited about spot price? Did you enjoy our analysis?

We’d love to hear your thoughts. Drop your feedback in below. We always appreciate it, and who knows, it might lead to some great conversations.

Thanks for reading, and see you next time!

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DISCLAIMER: We're not your financial advisor. This is for informational and educational purposes only. Always do your own research, and don’t make decisions based on internet strangers (even nuclear-obsessed ones like us). Nothing contained in this report should be construed as a recommendation to buy, sell, or hold any securities.

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