Uranium's April breakthrough
Sources: Bloomberg and Sprott Asset Management LP. Data as of April 30, 2023.The U3O8 uranium spot price gained 6.01% in April, increasing from US$50.70 to $53.74 per pound as of April 30, 2023. Uranium has posted a healthy 11.24% year-to-date return as of April 30, 2023, and continued to show strength and diversification relative to other commodities, which declined 7.53% YTD . Over the longer term, uranium has demonstrated even greater resilience within the commodity space.
Figure 1. Physical Uranium & Uranium Stocks Have Outperformed Other Asset Classes Over the Past Five Years In April, Cameco announced it had extended its long-term exclusive nuclear fuel supply arrangement with Bruce Power for an additional 10 years to 2040.9 The agreement is estimated to represent an additional $2.8 billion in business. Cameco also finalized its agreement with Energoatam, Ukraine's state-owned nuclear energy utility,10 to provide all of Ukraine's nuclear fuel needs from 2024 to 2036, estimated at 40-67 million pounds of U3O8 equivalent.
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