Vancouver – – October 12, 2026 -- The long-term uranium price closed September at $96.50 per pound, above the $95 peak set in 2007, according to figures published by Cameco. The spot price ended the month at $89.63. Prices utilities agree to pay years in advance now run ahead of spot, which market commentary attributes to buyers planning for tighter supply later in the decade.
Uranium equities fall despite record contract prices
Cameco shares were down 6.9% for the year and 11.6% over the prior month as of early October, according to Yahoo Finance. The VanEck Uranium and Nuclear ETF (NLR) was down 16.4% year to date. Market observers cite utilities' slow pace of new term contracting as one reason the contract price has not yet lifted share prices.
US and Korea outline $120 billion framework for Westinghouse reactors
On September 30, the United States and the Republic of Korea announced a framework anticipating about US$120 billion of Korean investment to deploy Westinghouse reactor technology in the United States. It covers up to six AP1000 units and up to two APR1400 units. The terms are non-binding and depend on final negotiations, definitive agreements, site identification, regulatory approvals and financing.
Cameco, which holds 49% of Westinghouse, acknowledged the framework the same day. Westinghouse is expected to receive about US$2 billion in value per APR1400 unit through IP licensing, engineering and procurement services, subcontracting and long-term fuel fabrication supply. The framework also contemplates a potential Korean equity investment in Westinghouse, which Cameco does not expect to change its ownership interest. CEO Tim Gitzel said Cameco remains focused on the US government's objective of quadrupling US civil nuclear capacity by 2050.
Uranium Energy Corp. reports $37.3 million in sales and $753 million in liquid assets
Uranium Energy Corp. produced 229,294 pounds of uranium in the fiscal year ended July 31. It sold 400,000 pounds from inventory at a weighted average realized price of $93.13 per pound, generating $37.3 million in revenue. The company held $753 million in liquid assets, including $495 million in cash, with no debt. Inventory stood at 1,256,000 pounds of U3O8.
CEO Amir Adnani said the company became a multi-mine uranium producer in fiscal 2026 and enters fiscal 2027 debt-free.
enCore Energy distributes 35 million Verdera shares to shareholders
enCore Energy completed a special dividend of 35,000,000 common shares of Verdera Energy Corp. on September 30. Verdera holds enCore's New Mexico in-situ recovery uranium assets. enCore retains about 15 million Verdera shares and is now focused on its South Texas operations, its South Dakota project and its US project pipeline.
Elevra Lithium locks in LG Energy Solution for 240,000 tonnes of spodumene
Elevra Lithium signed a binding offtake agreement with LG Energy Solution on October 7 for 240,000 dry metric tonnes of spodumene concentrate over four years. Supply comes from the operating North American Lithium project in Quebec and begins later this year. CEO Lucas Dow described LG Energy Solution as a committed customer for a meaningful portion of the project's output.
NESR wins roughly $200 million Aramco lithium extraction contract
National Energy Services Reunited signed an agreement with Saudi Aramco on October 8 to deliver the Aramco 2027 Lithium Demonstration Project, described as the region's first direct lithium extraction project. The project is designed to produce 2,000 tonnes per year of battery-grade lithium carbonate using NESR's LiThara platform. Commissioning is planned for late 2027. The contract runs up to five years and is worth approximately US$200 million.
Chinese lithium carbonate averages 122,350 yuan per tonne
Chinese battery-grade lithium carbonate averaged 122,350 yuan per tonne on October 9, according to Shanghai Metals Market. Buyers returned cautiously after the National Day holiday.