Uranium Update – The Squeeze is Coming; Expecting Higher Prices in 2020

We continue to be bullish regarding our outlook for the uranium price over the medium to long-term. Following the UxC’s Q4 2019 report, which incorporates a significant long-term demand increase (~7%) without a material supply increase, we have updated our supply-demand model. Consequently, this data reinforces our bullish outlook for higher uranium prices, especially since the UxC’s price forecast was increased, bringing it towards our estimates. We are maintaining our bullish outlook on the uranium sector. We expect multiple catalysts converging that should bring utilities back to the term market to secure long term supply, which has the potential to double the uranium price from current levels.