The uranium ledger

Nuclear baseload is what a datacenter buys when it wants power that does not stop, and every reactor runs on enriched uranium.

uranium

The price

Nothing collected yet. The price source is verified and named on the shelf below (cameco-uranium-spot), and the line appears the first time the collector writes a point. An empty chart is the correct answer until then.

What happened

Events on The uranium ledger
Date	Type	What happened	Source
2026-10-19	contract	8-K: Acquisition of Westerman Holdings LLC for about $116.0mOn 16 Oct 2026 Centrus bought 100% of Westerman Holdings LLC for about $116.0m: $95.0m cash and $21.0m in Class A common stock, subject to working-capital adjustment. Press release dated 19 Oct 2026 furnished as Ex. 99.1.	agent:company-events · SEC EDGAR 8-K
2026-10-05	editorial note	Revenue figure revised: $20.2M → $17.05MRevenue moved from $20.2M (deep-dive-2026-09-25-refresh.md) to $17.05M (deep-dive-2026-10-05.md).	dossier
2026-10-05	editorial note	Verdict changed: A quiet summer that moved the stock more than the business. Uranium rose about 5% to ~$90/lb; UEC fell about 17% to $9.47. Nothing new was filed about operations: no sale, no offerin…Before (deep-dive-2026-09-25-refresh.md): A quiet summer that moved the stock more than the business. Uranium rose about 5% to ~$90/lb; UEC fell about 17% to $9.47. Nothing new was filed about operations: no sale, no offering, no guidance, no open-market insider trade. So the gap is sentiment, and the fiscal-year print on September 29 decides whether it was fair. The June frame stands, but at this price the liquid assets cover about 17% of the market cap, up from about 14% in June. After (deep-dive-2026-10-05.md): The print passed every operating test UEC set itself — production up 157% to 82,744 lbs, Christensen cost down to $35.63/lb, first Burke Hollow pounds — and still missed on earnings, because the business is ~83k lbs a quarter (≈$7M of uranium at spot) carrying ~$46M of quarterly operating cost. FY2026 lost $0.28 a share, worse than the $0.21–0.25 the last dossier expected, and $9.9M of that came from a $40M related-party purchase of Uranium Royalty Corp paper the last dossier missed. The frame is unchanged: a well-funded option on U.S. uranium, with liquid backing of ~16% of the price.	dossier
2026-09-29	filing	10-K: fiscal year ended 31 Jul 2026, uranium production and ISR mine start-upFiscal 2026 produced 229,294 lbs of precipitated uranium and dried and drummed U3O8; Burke Hollow ISR mine commenced production in April 2026; 359,260 lbs produced cumulatively since commissioning.	agent:company-events · SEC EDGAR 10-K
2026-09-29	guidance	8-K Item 2.02: fiscal 2026 results press release issued 29 Sep 2026On 29 Sep 2026 Uranium Energy Corp. issued a press release announcing financial results for the fiscal year ended 31 Jul 2026 (Exhibit 99.1).	agent:company-events · SEC EDGAR 8-K
2026-09-25	editorial note	Verdict changed: A leveraged, no-reserves bet on the U.S. uranium-independence trade dressed as an operating miner — production is real but trivial, the share count is the business model, and at ~300…Before (deep-dive-2026-06-17.md): A leveraged, no-reserves bet on the U.S. uranium-independence trade dressed as an operating miner — production is real but trivial, the share count is the business model, and at ~300x sales you are paying for the spot price and the policy narrative, not the P&L. After (deep-dive-2026-09-25-refresh.md): A quiet summer that moved the stock more than the business. Uranium rose about 5% to ~$90/lb; UEC fell about 17% to $9.47. Nothing new was filed about operations: no sale, no offering, no guidance, no open-market insider trade. So the gap is sentiment, and the fiscal-year print on September 29 decides whether it was fair. The June frame stands, but at this price the liquid assets cover about 17% of the market cap, up from about 14% in June.	dossier
2026-09-17	filing	8-K Item 8.01: Centrus signs HALEU supply contract with Antares NuclearCentrus signed a contract to supply HALEU to Antares Nuclear, with deliveries scheduled to begin before the end of the decade; press release dated 17 Sep 2026; no contract value stated.	agent:company-events · SEC EDGAR 8-K

This week

Up most

Down most

Exposed companies

Constituents and their week
Company	Ticker	Beat	Close	Week
Centrus Energy	LEU	critical-materials	102.45	-10.9%
Uranium Energy	UEC	critical-materials	7.35	-7.1%
Kazatomprom	KAP.L	critical-materials	60.00	-6.8%
Paladin Energy	PDN.AX	critical-materials	6.88 AUD	-6.0%
Denison Mines	DNN	critical-materials	2.17	-4.8%
Cameco	CCJ	critical-materials	78.60	-3.6%
Uranium Royalty	UROY	critical-materials	3.43	-3.1%
NexGen Energy	NXE	critical-materials	8.15	-2.6%
Sprott Physical Uranium Trust	U-U.TO	critical-materials	18.55	-1.4%

9 on the layer · closes to 2026-10-23

A hand list, not a query: a company carries a beat and no material, so which names are actually exposed to uranium is a judgement. Every published miner and refiner is on companies.

What is being collected

series

A dated number. Collected on a cadence; the chart is the record.

series sources on this layer
Source	What it is for	As of	State
cameco-uranium-spot	uranium ledger price line	—	not yet collected
sprott-sput-holdings	uranium ledger — lbs held and NAV, daily	—	not yet collected
usgs-mcs	annual supply context on every material page	—	not yet collected
globalx-ura-holdings	positioning line on the uranium ledger	—	not yet collected
imf-portwatch-chokepoints	chokepoint-stress line (Suez, Panama, Hormuz) behind materials and equipment lead times	—	not yet collected

event-log

Dated decisions where the event itself is the record.

event-log sources on this layer
Source	What it is for	As of	State
asx-announcements	quarterly activity reports and announcements per Australian miner — the announced-vs-producing pipeline one stage deeper	—	not yet collected
blm-nepa-register	mine permitting clock	—	lead

Dated ahead

Dated catalysts ahead
Date	Company	Period	Firmness
2026-11-05	Centrus Energy LEU	2026-Q3	expected