What the market doesn't realize is that GLE (and more so the...

What the market doesn't realize is that GLE (and more so the rest of SLX) is NOT a U₃O₈ supplier. If you look at the "triple opportunities" only the fist one (5mlbs/yr NUF₆) is a uranium "producer" (i.e NOT a miner) and that this product is "protected" since it carries a "conversion" premium (not a Kazatomprom product) and is genuine "stars and stripes" since it's feedstock lies in casks as depleted UF₆ in a yard in Paducah, KY/ The production of LEU (opportunity 2) and opportunity 3 (HALEU) have nothing to do with Kazatomprom supplies and are likely to get DoE support from the RfP to be submitted by 26/8. If you look at the Cameco charts (at their recent MD&A presentation): we have:



Unlike the U₃O₈ spot price which has fallen back to around the term price. The enrichment and conversion prices (both on term type contracts) have remained buoyant - the underlying fundamentals for SLX have remained consistent where the Kazatomprom increased production of U₃O₈ has little impact on their underlying fundamentals. IMHO the market just acts like a "herd of sheep" but this is also presents a buying opportunity