While the spot market is quiet, the LT market is active. If we include the Indian contracts with $KAP and $CCJ, we're close to replacement rates YTD. I have followed this market for a very long time – these quiet periods with ↓ sentiment are where you can make a lot of money.
@KlendathuCap Without knowing the exact terms, this looks like it’s probably 3-4mlbs/yr for ten years. Could be slightly more per year for shorter timeframe or vice versa. $KAP will produce ~35mlbs this year attributable? It’s a large contract, but they apparently still have some capacity to sell
This law comes at the same time $KAP is:
- Signaling production declines post-2030
- Warning of sulfuric-acid constraints
- Facing wellfield depletion at mature ISR operations
- Operating under a government that increasingly views uranium as a strategic asset
$YCA raise upsized to $175M for $KAP $100M option + spot market purchasing.
$KAP maintaining 2025 production guidance, revising DOWN 2026 100% Subsoil Use levels by -10%, and is in process of amending multiple projects' Subsoil Use Agreements.
