Uranium: Bank Makes Massive Bull Case

“The market has changed overnight, and it is hard to go unnoticed”

Housekeeping: We have a lot of content today on various topics: Gold, Uranium, Oil, Bonds, and Fed commentary, and have to get it to you all.

We are presenting each post independently. So we will be hitting your mail in-box multiple times throughout the day. Cheers

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“A comparable historical period that we can think about is 2004-2007 when U3O8 prices hit $148/lb. An average of $75/lb U3O8 should be observed in 2024.”

Contents:

1. Summary of CITI Uranium Report¹

   1. Surging Uranium Prices

   2. Record Highs and Supply Constraints

   3. Revised Price Forecast

   4. Six Months of Price Rally

   5. Overcoming Challenges in Nuclear Energy

   6. Future Growth in Nuclear Energy

   7. Supply Risks Loom

   8. Geopolitical Risks and Speculative Activity

2. Key Quotes and Bank Rationale

   1. “This year’s climbing prices could be just a beginning for longer and higher”

   2. “The market has changed overnight, and it is hard to go unnoticed”

   3. “Nuclear energy continues to grow globally, with accommodative policies/financing, leading to strong uranium demand over the next few decades”

   4. “Stabilizing role of inventories in the market could vanish”

3. Slide Deck

1- Summary:

Surging Uranium Prices

Uranium prices (U3O8) have witnessed an exceptional surge, skyrocketing by more than 50% year-to-date. This impressive performance places uranium among the top-performing commodities this year.