It's definitely a patience game Heisenberg, from what I hear...

It's definitely a patience game Heisenberg, from what I hear Cameco and KAP will need to start buying on spot soon Feb/Mar, utiliities are contacting both Cameco and KAP for long term supply off market and the CEO of Global Atomic confirmed that they have had inquiries about procurement.Go to 15min 15sec mark here

Boss Energy stated in a recent announcement that they have offtake agreements in place awaiting the securing of financing.

"Boss has already signed confidentiality agreements with several global lenders and formal indicative financing proposals are now being sought with a view to ensuring debt funding is well advanced when the Company seeks to finalise offtake agreements."

Boss takes key step towards securing project finance and becoming Australia’s next uranium producer

So there's a bit happening under the surface, spot price will flip eventually.

The rise of uranium equities in the absence of the spot price increasing has more to do with the forward looking market and uranium's role in the clean energy transition that is going to evolve, already seen a lot of talk about extensions to existing reactors in the US, the EU in the process of mandating nuclear in their carbon neutral future, citing:

"the report says it is practically impossible to generate sufficient energy with wind and solar energy as there is not enough available land to meet electricity demand."

Study calls for European nuclear renaissance

Sentiment for nuclear is definitely changing with the carbon neutral push.

Disclosure: I hold Boss but don't hold Global Atomic