Sector · 4 names
Fuel cycle
Conversion, enrichment and fuel fabrication, the steps between a mine and a reactor. A separate thesis from the uranium price.
What matters here
Enrichment (SWU) prices and Russia. SWU is about $160 against $40 before 2022, and US waivers for Russian enriched uranium end on 1 Jan 2028. Western enrichers win if they can build capacity in time; anyone still relying on Russian supply carries a binary risk.
Every name in the sector, total return
Total return in USD, on a log scale · grey is physical uranium (U.U)