Uranium's mixed February
Sources: Bloomberg and Sprott Asset Management LP. Data as of January 31, 2023.Spot Uranium's Relative Resilience in February
We believe that uranium market fundamentals, which are the most positive in over a decade, will continue to be the primary performance driver, as shown by February's results. The U3O8 uranium spot price maintained its value in February while other metals and commodity prices fell; this also highlights physical uranium's low historical correlation to other major asset classes and its potential to provide diversification in portfolios .Source: Bloomberg and Sprott Asset Management.
Uranium juniors, including Encore Energy Corp and Paladin Energy Limited, also announced signing uranium purchase contracts with utilities in recent months.Among uranium equities, junior uranium miners were the main detractors in February. The junior miner profile of less liquidity and early stage mine development can increase volatility and lead to larger drawdowns in tough months.
In addition, Energoatam has historically operated the Zaporizhzhya nuclear power plant which is currently under Russian control. Should Energoatam regain control of the Zaporizhzhya plant, the new Cameco-Energoatam agreement includes an option for Cameco to supply the required roughly 10.4 million KgU as UF6 . Putting Cameco's 40-67 million pound Energoatom agreement in context, there were approximately 114 million pounds of total long-term contracts in 2022 per UxC.
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