THE BOARD POSITION

Weekly Strategic Uranium Intelligence Briefing Issue #4 | May 28, 2026 A publication of Uranium Unleashed

---

This report is produced for informational and educational purposes only. It does not constitute financial, investment, or legal advice. Nothing in this report should be construed as a recommendation to buy or sell any security or commodity. All information is sourced from publicly available materials and is believed to be accurate at the time of publication. Uranium Unleashed accepts no liability for decisions made on the basis of this report. Past performance of any asset or market is not indicative of future results. Forward-looking statements are probabilistic in nature and not guarantees of outcomes.

---

SECTION 1 — EXECUTIVE SUMMARY

Uranium spot prices held in the $84.50–$85.00 per pound range during the week of May 21–28, 2026, approximately 18% above year-prior levels, while TradeTech’s long-term price indicator stands at $93 per pound, reflecting a structurally firm term market even as near-term spot activity remains subdued.

The NRC formally accepted Orano’s Project IKE license application for accelerated 12-month review on May 21, 2026, marking the most significant new Western enrichment infrastructure development of the year and a direct response to U.S. dependence on foreign enrichment services.

The European Union confirmed it is drafting a 21st sanctions package against Russia, announced May 26, 2026, with Rosatom, Lukoil, and Gazprom under active consideration for inclusion. If enacted, this would materially reshape European nuclear fuel supply chains.

Kazatomprom’s 2026 nominal production allocation was revised approximately 10% below its original ceiling (from 32,777 tU to 29,697 tU on a 100% basis), with actual production guided at 27,500–29,000 tU. Kazakhstan’s new tiered mineral extraction tax creates a structural cost floor that raises the incentive price required for full production ramp-up, together constraining the ceiling on available global supply.

NexGen Energy’s Rook I uranium project formally moves into construction phase this summer following its March 2026 CNSC approval and Final Investment Decision, with approximately CAD $953 million in equity secured and USD $1.6 billion in project financing expressions of interest. This is the largest Western primary supply addition in a generation.

China’s 15th Five-Year Plan (2026–2030) targets 110 GWe of installed nuclear capacity by 2030, with 33 reactors currently under construction. China simultaneously accelerates purchases of Russian enriched uranium at record volumes, deepening a strategic bifurcation in the global nuclear fuel cycle.

Western utilities remain structurally undercontracted for the 13th consecutive year, with new supply from projects like Rook I unable to reach market before the early 2030s, creating a widening gap between replacement-rate procurement requirements and secured long-term supply.