Uranium Price Sensitivity

The following table is not a forecast of prices we expect to receive. The prices we actually realize will be different from the prices shown in the table.

It is designed to indicate how the portfolio of fully-executed, long-term contracts we had in place on June 30, 2022 would respond to various spot prices at June 30, 2022. In other words, we would realize these prices only if the contract portfolio remained the same as it was on June 30, 2022 and none of the assumptions we list below change.

We intend to update this table each quarter in our MD&A to reflect deliveries made and changes to our contract portfolio. As a result, we expect the table to change from quarter to quarter.

Expected realized uranium price sensitivity under various spot price assumptions at June 30, 2022

(rounded to the nearest $1.00)

Spot prices ($US/lb U3O8) $20 $40 $60 $80 $100 $120 $140
2022 40 43 46 48 49 51 52
2023 30 39 50 56 59 62 64
2024 32 40 49 53 56 57 58
2025 34 42 51 57 61 62 64
2026 36 42 54 60 64 68 72

Our portfolio includes a mix of fixed-price and market-related contracts, which we target at a 40:60 ratio. Those that are fixed at higher prices or have high floor prices will yield prices that are higher than current market prices.


Our portfolio is affected by more than just the spot price. We made the following assumptions (which are not forecasts) to create the table:

  • sales volumes on average of 22 million pounds per year, with commitment levels in 2022 through 2025 higher than the average and in 2026 lower than the average.
  • excludes sales between our segments
  • deliveries based on commitments under contracts include best estimates of the expected deliveries under contract terms
Annual inflation
  • is 2% in the US
  • the uranium price remains fixed at a given spot level for each annual period shown

Caution about Forward-Looking Information

Please click here for additional information about the assumptions applied in making the forward-looking statements on this page and the factors that could cause results to differ materially.