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 September 30, 2022 would respond to various spot prices at September, 2022. In other words, we would realize these prices only if the contract portfolio remained the same as it was on September 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 September 30, 2022

(rounded to the nearest $1.00)

Spot prices ($US/lb U3O8) $20 $40 $60 $80 $100 $120 $140
2022 43 44 45 45 45 45 45
2023 31 40 50 55 58 60 61
2024 33 40 49 53 56 57 58
2025 35 42 52 57 61 63 64
2026 36 42 54 61 65 69 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:

  • commitments requiring delivery of an average of 23 million pounds per year from 2022 through 2026, with commitment levels in 2022 through 2025 higher than the average and in 2026 lower than the average.
  • deliveries based on commitments under finalized 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.