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August 18, 2023 – Unmasking Market Dynamics: Uranium’s Rollercoaster Ride

June 6, 2023 – TradeTech President Treva Klingbiel Addresses WNFM International Conference

May 17, 2023 – TradeTech President Treva Klingbiel Joins PI Financial Uranium Webinar to Present Uranium Market Update

May 12, 2023 – TradeTech’s Luminita Grancea Joins IAEA Panel to Discuss “Uranium for a Sustainable Future”

April 20, 2023 – WNFC 2023 Panel Moderated by TradeTech President Treva Klingbiel

Oct 27, 2022 – PI Financial Hosts Uranium Fireside Chat with Uranium and Nuclear Industry Expert TradeTech

Oct 17, 2022 – TradeTech President Treva Klingbiel Serves as Moderator for NEI Panel

Jun 7, 2022 – TradeTech President Treva Klingbiel Joins WNFM Panel Discussion

Apr 27, 2022 – TradeTech President Treva Klingbiel Moderates WNFC Session: Uranium Mining – Today & Tomorrow

Nov 3, 2021 – TradeTech President Treva Klingbiel Presents "Global Uranium Market & Fundamentals" for the 57th Meeting of the Joint OECD/NEA-IAEA Uranium Group Meeting

Feb 4, 2021 – TradeTech President Treva Klingbiel Presents “Investing Beyond Today’s Impasse” for Shaw and Partners Uranium Conference

Jul 13, 2019 – White House: Memorandum on the Effect of Uranium Imports on the National Security and Establishment of the United States Nuclear Fuel Working Group

Jun 8, 2018 – TradeTech Geologist Patrick Plummer Presents at 13th AusIMM International Uranium Conference

August 18, 2023 - Unmasking Market Dynamics: Uranium’s Rollercoaster Ride
The uranium market, known for its twists and turns, has been on a rollercoaster ride in recent times. Fluctuations in uranium prices have caught the attention of investors, energy enthusiasts, and analysts alike. This article takes a deep dive into the complex interplay of factors that have driven these price shifts. From supply-demand dynamics to geopolitical tensions and market evolution, we unravel the forces that shape the uranium market, impacting the decisions of various stakeholders.

The heart of uranium’s volatility lies in the delicate equilibrium between supply and demand. As global efforts to transition towards cleaner energy intensify, nuclear power emerges as a viable option. This resurgence in interest has triggered a demand surge, yet supply struggles to keep pace. Geopolitical tensions in key uranium-producing regions have led to disruptions, contributing to supply uncertainties. Moreover, the lengthy process of ramping up production further compounds the challenge, creating a precarious balance between what’s needed and what’s available.

As seen in a recent press release, the uranium market has surged, with TradeTech’s Long-Term Uranium Price Indicator reaching a ten-year high of $57.75 per pound U3O8 in July. This rise aligns with the nuclear power sector’s global efforts to enhance energy security and meet climate goals. Alongside this, there are concerns about potential supply issues due to production delays and rising costs. TradeTech’s monthly uranium Production Cost Indicator also rose by 0.2 percent to $55.30 per pound U3O8 on July 31, marking a 5 percent increase compared to the previous year. This increase hints at the likelihood of upcoming market volatility.

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June 6, 2023 - TradeTech President Treva Klingbiel Addresses WNFM International Conference
TradeTech President Treva Klingbiel was invited to speak at the World Nuclear Fuel Market international conference held in Ljubljana, Slovenia on June 4-6, 2023, where her presentation focused on uranium supply. Her presentation—entitled “Future Uranium Supply – How Secure Is It?”—reviewed the uranium market over the past year and where the uranium industry is today, while asking if it is ready for increased future demand as the world looks to nuclear power for sustainable, low-carbon power.

Klingbiel noted that leading into 2022, the uranium market had already identified a structural supply deficit, which was the result of several years of underinvestment in uranium project development. “That existing supply deficit widened in the wake of increased buying by producers themselves, uncertainty around the timing of much needed emerging production, and increased buying among physical funds,” she said.

However, Russia’s invasion of Ukraine amplified an existing situation where the supply/demand balance in each stage of the nuclear fuel cycle was tipping precariously toward, or as in the case of uranium, was already in, deficit. Since then, what the market has seen is a notable decline in interest among utilities to take on any added exposure to Russian nuclear fuel exports. And this shift has occurred as the prospect of formal sanctions looms over the market in several jurisdictions, Klingbiel explained. “While the world is witnessing an historic level of policy support for nuclear power that has emerged in several countries over the past couple of years, the established uranium supply base is shrinking. Therefore, we need to see emerging projects move from development into production,” Klingbiel said. [top]

May 17, 2023 - Treva Klingbiel Joins PI Financial Uranium Webinar to Present Uranium Market Update
TradeTech President Treva Klingbiel provided a presentation covering recent developments in the uranium market during a webinar hosted by PI Financial on May 17, 2023 ( Klingbiel set the stage for the discussion with an overview of TradeTech’s uranium spot price, which recorded historical levels of volatility in 2022, reaching a peak of 47 percent last year and since leveling off at around 29 percent. There has been an even more notable long-term upward trend in the spot price, which has nearly doubled in the last two years.

"We’ve seen support for nuclear power re-emerge in some of the world’s largest markets, which has manifested in two categories: first, policy frameworks that allow for secured capital to flow to new and existing nuclear power programs, and subsidies that include nuclear power as part of initiatives that aim to create carbon-free economies and energy independent programs," Klingbiel said. Notably, policy developments in support of nuclear power come at a time when the nuclear fuel market is faced with a structural supply deficit.

"Russia’s invasion of Ukraine has fundamentally altered the uranium market and it has amplified an existing situation where the supply/demand balance in each stage of the fuel cycle was tipping toward, or was already in, deficit. These developments underscore what we’ve been forecasting since the invasion--that there will be a redrawing of alliances, commitments, and the supply chains, especially surrounding those that impact nuclear fuel. While sanctions against nuclear fuel imports have yet to emerge, there has been a shift in priorities among many buyers from “price first” and more toward “security of supply,” and in some cases even reaches to the level of national security factors," Klingbiel explained.  [top]

May 12, 2023 - TradeTech’s Luminita Grancea Joins IAEA Panel to Discuss “Uranium for a Sustainable Future”

Luminita Grancea, Director, Policy & Strategy for TradeTech, joined a panel for the International Symposium on Uranium Raw Material for the Nuclear Fuel Cycle, hosted by the International Atomic Energy Agency in Vienna, Austria on May 8-12, 2023. Grancea’s presentation, “Uranium for a Sustainable Future,” focused on global prospects for nuclear power and the associated uranium requirements.

Grancea noted that capital investments in nuclear technology grew more than 9,000 percent between 2015 and 2022, as interest in large reactors, as well as small modular reactors and advanced reactor designs, continued to gain momentum amid security of energy supply and national and regional commitments to climate goals. She added that all available low-carbon technologies need to be deployed to reach climate targets and nuclear has a role to play. Demand for uranium is projected to be high as it contributes to achieving the “energy transition.”  [top]

April 20, 2023 - WNFC 2023 Panel Moderated by TradeTech President Treva Klingbiel
TradeTech President Treva Klingbiel introduced a panel of nuclear fuel industry executives who shared their thoughts on uranium market dynamics during the World Nuclear Fuel Cycle 2023 conference in The Hague, the Netherlands on April 20. Klingbiel noted that as the uranium market enters 2023, it is beset by paradoxes. Uranium sales in the term market last year reached record highs, yet the term price remains steadily below the expected cost of new production in the Prime Contracting Period; the fundamentals in the uranium market indicate a deepening supply deficit, yet uranium equity prices are often under downward pressure, subject to inflation and rising interest rates; and both private and public capital is flowing to nuclear power, yet with a few bright exceptions there are few new reactor projects underway in the world’s largest nuclear fuel markets.

What this amounts to in financial terms is a sector with a great deal of promise. And while returns on investment over the last year or so have been unremarkable, returns over the last three to five years have been significant. And this is where the underlying truth of the nuclear fuel markets emerges: nuclear is a long game, it takes years to build reactors and uranium mines, returns on investments are rarely immediate, and the market tends to react to developments over years, not months or quarters. [top]

Oct 27, 2022 - PI Financial Hosts Uranium Fireside Chat with Uranium and Nuclear Industry Expert TradeTech
Vancouver-based investment dealer PI Financial Corp. hosted a “Uranium Fireside Chat” in an online forum on October 27, which featured TradeTech President Treva Klingbiel as the keynote speaker.

The conversation between PI Financial’s Chris Thompson and Ms. Klingbiel covered a range of relevant topics related to the nuclear fuel cycle, including a review of the looming uranium supply deficit and regional nuclear power policies and growth, as well as views on today’s uranium conversion, enrichment, and fabrication sectors.

Klingbiel noted while discussing the current geopolitical impacts on the uranium market that the uranium market is bifurcating. “By law or by choice, commercial entities are distancing themselves from Russian exports and, as a result, this could lead to both the supply and demand sectors transitioning into separate markets defined by national interests,” she stated.

A recording of the online event is available at:  [top]

Oct 17, 2022 - TradeTech President Treva Klingbiel Serves as Moderator for NEI Panel
TradeTech President Treva Klingbiel served as the moderator for the opening session of the International Uranium Fuel Seminar, hosted by the Nuclear Energy Institute in Las Vegas, Nevada on October 16-18, 2022.

The session focused on the global growth in nuclear power generation and included presentations on US nuclear power plant uprates and license extensions, as well as a review of South Korea's updated energy policy that will see nuclear power continue to support the nation's energy security and net-zero carbon goals. A presentation by the Nuclear Innovation Alliance looked at the future of small modular and advanced reactors in the future global energy mix.

Another seminar session featured speakers from the North American uranium mining community and provided notable insights into the challenges and opportunities associated with the (re) emerging uranium supply sector today.  [top]

Jun 7, 2022 - TradeTech President Treva Klingbiel Joins WNFM Panel Discussion
TradeTech President Treva Klingbiel joined a high-level panel of nuclear utility and uranium mining executives during the 48th annual World Nuclear Fuel Market conference in Montreal, Canada, on June 7, where the discussion focused on strategies to manage the new paradigm in today's nuclear fuel market.

The landscape of the uranium market continues to evolve and new challenges, including inflation and higher interest rates, as well as the geopolitical uncertainty related to Russia’s ongoing invasion of Ukraine and the associated calls for sanctions, have led to security of supply issues and transportation challenges. This has led many buyers to review their procurement strategies.
Klingbiel noted that inflation will affect everyone in the market and will include not only the cost of production, but the cost of mining materials. When discussing long-term supply, the panel agreed there is little concern about uranium supply in the next five to 10 years; however, beyond this time frame there is a concern. Klingbiel stated that TradeTech's analysis shows a "pinch point" in the 2027-2028 period when a single delay to any of the mining projects planned during that period could be critical to the market.  [top]

Apr 27, 2022 - TradeTech President Treva Klingbiel Moderates WNFC Session: Uranium Mining – Today & Tomorrow
TradeTech President Treva Klingbiel served as the moderator for a session during the World Nuclear Fuel Cycle conference in London on April 27, 2022, which focused on uranium mining in today’s market and the challenges that lie ahead.

While opening the session Klingbiel noted, “We face an unprecedented time ahead of us. We face both incredible challenges and opportunities given where we are in the marketplace, both with the need for new nuclear and the expectations and realization that we need it, and we face a supply deficit. In addition, we have outsized geopolitical events that are really overshadowing and can impact much of the nuclear fuel cycle."
Speakers on the session panel, which included Cameco CEO Tim Gitzel, Orano Mining CEO Nicolas Maes, and Askar Batyrbayev, Chief Commercial Officer of NAC Kazatomprom JSC, noted the global uranium market has not yet been impacted by recent geopolitical events. However, they agreed that the longer-term future is uncertain, but the industry can bring capacity online to avoid any shortages.  [top]

Nov 3, 2021 - TradeTech President Treva Klingbiel Presents "Global Uranium Market & Fundamentals" for the 57th Meeting of the Joint OECD/NEA-IAEA Uranium Group Meeting
As the global energy mix shifts, and nuclear power makes its case as a source of carbon-free baseload power, the international nuclear fuel cycle industry will continue to face its unique challenges, some enduring and some temporary, TradeTech President Treva E. Klingbiel noted during a presentation for the OECD/NEW-IAEA joint virtual meeting today.


Spot uranium prices have reached historical levels of volatility recently, owing largely to buying by producers and funds such as the recently launched Sprott Physical Uranium Trust (SPUT). "One of the reasons for the recent rise in spot prices is a widespread recognition that a fundamental structural supply deficit exists in the uranium market," Klingbiel noted.

Given the current global sentiment and recognition around the need for nuclear to be a part of the energy mix, higher demand for uranium could come into play as early as 2024, reflecting a much more positive outlook concerning Japanese reactor restarts, expansion in France, and in the UK for instance. On the supply side, there is a clear supply gap, which is rooted in the reduced revenues among many suppliers that impacted investment into the development of future supply in the post-Fukushima period. And, new interest from Yellow Cake plc, SPUT, and many other newly minted physical holding companies has compounded the deficit. "This sizable gap between the availability of primary production derived from existing mines, versus the need for new production as defined by both existing and forward-looking requirements, highlights my key message today. We can see that the world needs new uranium mines to be commissioned in the first half of this decade. And our analysis tells us that the evolving deficit between supply and demand requires that new uranium production be under construction in the first half of the decade," Klingbiel stated.

Uranium producers and developers will continue to reduce costs, optimize their production, and innovate in an effort to increase their competitiveness relative to their peers. The demand side will innovate as, well, especially now that supportive policies are emerging in light of carbon-reduction goals. And, the uranium market likely continue to see the investment community take various positions, some short-term and some long-term, some capitalizing on the supply deficit, as with Yellow Cake plc and SPUT, and some on the demand side, with investments in newer generating technologies.  [top]

Feb 4, 2021 - TradeTech President Treva Klingbiel Presents “Investing Beyond Today’s Impasse” for Shaw and Partners Uranium Conference
While prevailing uranium price levels might best be characterized as sentiment-driven, the prevailing sentiment for some time in the market has been uncertainty, TradeTech President Treva Klingbiel said during a presentation for the Shaw and Partners Uranium Conference today.

However, there is reason for optimism. Today, the number of nuclear reactors under construction globally is 52. Combined with existing reactors in operation today, this equates to nearly 19,000 reactor-years of operation. The number of new uranium mines under construction today is zero. Consequently, “the world does need new uranium mines, and the necessity for nuclear utilities to maintain a diverse supply portfolio has rarely been more critical than it is today,” Klingbiel noted.

Disruptive times tend to foster greater technological innovation, which will not only contribute to a realignment of costs and prices, but help secure uranium supply well into the future. “Technology and innovation represent a viable conduit for the uranium production sector to develop and implement new approaches and processes to realize mineral resource opportunities while improving environmental performance and meeting social expectations,” she added.  [top]

Jul 13, 2019 - White House: Memorandum on the Effect of Uranium Imports on the National Security and Establishment of the United States Nuclear Fuel Working Group
Overnight, the White House Office of the Press Secretary released a statement on the Trump administration's next move related to the Section 232 investigation into US uranium imports. In a written memorandum, US President Donald Trump did not concur with a US Department of Commerce (DOC) investigation that found uranium imports threaten to impair US national security. Trump wrote that while the findings "raise significant concerns" he was ordering an in-depth review. "A fuller analysis of national security considerations with respect to the entire nuclear fuel supply chain is necessary at this time," Trump stated in the memorandum published late on July 12. He added that the newly formed working group would make "recommendations to further enable domestic nuclear fuel production if needed."

While Trump declined to issue quotas for domestic uranium production, he has ordered a new 90-day review by a group of federal agencies. The Nuclear Fuel Working Group will be chaired by US National Security Advisor John Bolton and US National Economic Council Director Larry Kudlow to examine the entire nuclear fuel cycle and "develop recommendations for reviving and expanding domestic nuclear fuel production."

President Trump took the full 90 days to formally address the DOC findings related to the Section 232 investigation, which followed a Section 232 Petition filed with the Department in January last year by US uranium producers Energy Fuels and Ur-Energy. Section 232 of the Trade Expansion Act of 1962 authorizes the President of the United States, through tariffs or other means, to adjust the imports of goods or materials from other countries if it deems the quantity or circumstances surrounding those imports to threaten national security. Upon receipt of the final report, the President may take a range of actions, or no action, based on the Secretary of Commerce's recommendations provided in the report.  [top]

Jun 8, 2018 - TradeTech Geologist Patrick Plummer Presents at 13th AusIMM International Uranium Conference
The AUSIMM Uranium Conference, a global event exclusively dedicated to uranium, was held in Adelaide, Australia and attended by both existing and emerging producers, as well as private investors actively looking to capitalize on Australia’s commodities potential.

In a presentation entitled, "A Cointegrated Approach to an Evolving Supply & Demand Dynamic," Plummer explored the sustainability of future uranium supply as today's low market prices present difficult circumstances for producers and developers. He explained that the economics of a mine underpin its competitiveness. As such, costs, in one form or another, are among the most important dimensions that drive the uranium production industry. He noted that despite that fact, mining costs are one of the least understood aspects of the nuclear fuel industry.
Although lower U3O8 prices have forced producers to suppress their cash costs, rising indirect costs and net interest charges are beginning to affect the full-cost of production for some companies. As a result, the growing gap between C1, C2, and C3 costs can erode a miner's revenue stream. Despite the successful lowering of cash mining costs, the ability to reduce indirect and overhead charges is largely beyond the control of the mining companies themselves. Dimensions that were once perceived to be less important than costs are now innately linked to the strength of an operation. Socio-economic, geopolitical, regulatory, environmental, and macro-economic parameters, known as Modifying Factors in TradeTech's model, demand equal attention when evaluating the strength of a uranium project. (TradeTech uses geological constraints and modifying factors in conjunction with its Asset Viability Rating system to quantify how sensitive each pound of uranium is to cost pressures in the future.). [top]