A quick run-through of my favorite uranium charts and reasoning.

Big picture.

The #uranium market structure lends itself to boom and bust.

History will repeat itself again.

Following on from the above chart: "what if it takes another decade?"

It can't happen with utility contract coverage rolling off at a rapid rate.

Also need to add time for utilities to get yellow cake through the fuel cycle (18-24mths)

49% of US reactors are uncovered by 2022

Actual U308 purchasing only represents 15% of operations and maintenance of a nuclear reactor.

This makes for price-insensitive buyers as fuel buyers are far more worried about the security of supply.

Natural gas is the opposite in that its all variable cost

That all supply-demand scenarios run by the world nuclear association arrive at a deficit.

History shows utilities do the majority of their long term contracting at the top.

More contracting high.

Long-term contracting as a percentage of demand

Under contracting to seriously over contracting.

This time around will be no different

Even with Kazakhs at full production, Mcarthur restarted and Olympic Dam expansion there is a massive deficit.

We of course know now that none of the above has occurred.

If anything they have all disappointed to the downside (Kazakhs)

Source: @FootnotesFirst @timothychilleri

Annual demand = ~200mlbs
Operating mines with AISC <$50lb = 140mlbs(23mlbs not operating)
Secondary supply = 25mlbs
Minimum shortfalll = 35mlbs

~40% of average annual demand 2020-2030 from production with an AISC < today's spot price.

Source: @FootnotesFirst @timothychilleri

Feel free to add any uranium charts you think others may benefit from below.