Grant Isaac

The speaker explicitly states he expects uranium prices to hit the highs from two years ago, noting the current $90/lb price is constructive and typical of a cycle's end, not its beginning. Utilities have not contracted at replacement rates since 2012, meaning they are depleting existing contracted inventory. A higher price is required to incentivize the new production needed to meet rising demand driven by energy security and nuclear's revaluation. The structural under-contracting, combined with rising demand and the need for incentive pricing for new supply, supports a bullish long-term price outlook. A sharp, uncoordinated increase in new supply hitting the spot market instead of being pre-contracted could disrupt the price discovery mechanism.