Energy Transition and Uranium Market Dynamics
U3O8 spot price is now higher than at the time of
the Fukushima accident (1,2)
80
92
U
YELLOW CAKE PLC
70
60
U308 Spot Price (US$ /lb.)
30
40
50
50
Fukushima accident
11 March 2011
(Spot US$68.08)
20
Driven by
Fukushima, overall
demand falls on
safety concerns
2011-2016
10
10
Yellow Cake IPO
5 July 2018
(Spot US$22.94)
SPUT completes
UPC acquisition
19 July 2021
(Spot US$32.41)
Current spot price
4 December 2023
(Spot US$81.45)
Supply cuts by major
producers stabilise
pricing
2016
Covid driven
curtailments add to
supply pressure
March 2020
(Spot US$24.75)
Russia invades
Ukraine
24 February 2022
(Spot US$45.00)
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
Jan 16
Jan 17
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Uranium Spot Price
Yellow Cake Equity Raises
Source:
1) UXC, LLC, "Historical Daily Broker Average Price", 4 December 2023
2) McKinsey, "Uranium Commodity Perspective", December 2022
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