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 March 31, 2022 would respond to various spot prices at March 31, 2022. In other words, we would realize these prices only if the contract portfolio remained the same as it was on March 31, 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 March 31, 2022

(rounded to the nearest $1.00)

Spot prices ($US/lb U3O8) $20 $40 $60 $80 $100 $120 $140
2022 35 41 47 51 54 56 58
2023 29 39 50 57 60 63 65
2024 31 39 49 54 57 58 58
2025 32 41 52 59 63 64 66
2026 34 41 54 60 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:

  • sales volumes on average of 20 million pounds per year, with commitment levels in 2022, 2023 and 2044 higher than the average and in 2025 and 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.