It's worth pointing out that during the last uranium bull run back in 2005-2007 ERA had a huge run even though they had contracts well below spot.
From ERA's 2006 Annual Report
ERA's contractual sales price is only partially influenced by the spot market because of its diversified sales contract portfolio. The average realised sale price of uranium oxide was US$18.36/lb (2005: US$16.00/lb). On 31 December 2006 the spot market price was US$72.00/lb (2005: US$36.13/lb)
Ann: Quarterly Activities Report, page-16
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