Reuters reported Monday that long-term uranium contract prices touched a 16-year high because of supply uncertainties and demand from utilities attempting to lock down the fuel to expand capacity to power AI data centres.
As it currently stands, term prices are roughly US$79 per pound, which is the highest since 2008 as further price increases are expected.
Uranium spot price update
As of the time of this writing on Wednesday, the uranium spot price sits at US$82.35, according to Business Insider, which is down just slightly from $83.15 from last week.
Uranium companies in the spotlight
Skyharbour Resources (TSXV: SYH) revealed it had entered into an agreement with Cosa Resources (TSXV:COSA) to sell to Cosa two of its mineral claims spanning 6,049 hectares.
In a news release, the company stated the claims represent a portion of its Karin Property in Saskatchewan.
The original Karin Project, including the two claims, consisted of seven claims totalling 25,165 hectares in the Highrock Lake area.
Uranium Royalty (TSX:URC) stated it had entered into a purchase agreement to acquire an additional royalty on a portion of the Churchrock uranium project owned indirectly by Laramide Resources in New Mexico.
According to a release, the Churchrock Project and surrounding properties represent one of the largest and highest-grade undeveloped ISR uranium projects in the United States.
“We’re very pleased to acquire an additional royalty on this asset, as it represents an important future source of U.S. uranium production,” Scott Melybe, CEO of Uranium Royalty, said in a statement.
Lastly,Standard Uranium (TSXV:STND) officially began drilling activities at its Sun Dog Uranium Project near Uranium City in northwestern Saskatchewan. Field crews have arrived at the project and drilling has commenced on schedule.
The company stated in a release that it estimates 1,000-1,200 metres of drilling across five to seven drill holes targeting shallow high-grade basement-hosted uranium mineralization.
What will be the top uranium headlines next week? Stay tuned!
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(Top image of a tailings pond for uranium mines with water treatment: Adobe Stock, generated by AI)