Daily Nuclear & Uranium Market Recap
2/10/26
Daily Nuclear & Uranium Market Recap
Tuesday, February 10, 2026
Market Overview
The nuclear and uranium complex gave back a portion of Monday’s sharp gains today, with profit-taking evident across the board after yesterday’s +6% surge in the uranium miner ETFs. Uranium spot remained firm at $86.25/lb as of yesterday’s close, up 1.17% day-over-day, +4.10% on the month, and +26.10% year-over-year. The January contract spike to ~$101.55/lb continues to act as a psychological resistance level after Kazatomprom’s 9% output increase forecast triggered a pullback to the low-$90s in late January.
Key Equity Movers
Cameco (CCJ) - Pulled back to $118.49 from yesterday’s $120.68 close, a -1.82% session, trading in a $117.57–$120.98 intraday range. Still up +71.46% YTD as the sector’s bellwether maintains strong momentum above $115 support.
Centrus Energy (LEU) - Down -2.98% to $268.00 after opening at $275.61 and fading into the close on a $263.00 low. Shares remain well-bid after a +4.85% surge yesterday; the DOE HALEU contract extension through June 2026 continues to anchor the investment case.
Oklo (OKLO) - Closed yesterday at $75.05 (+5.56%) and was indicated slightly higher at $75.50 in pre-market this morning. Remains volatile within its wide 52-week range ($17.42–$193.84) following BofA’s recent upgrade tied to the Meta nuclear power agreement.
Uranium Energy Corp (UEC) - Trading at $17.30 as of mid-morning, up +1.17% intraday, extending gains after Goldman Sachs’ $18 price target reiteration.
Sprott Uranium Miners ETF (URNM) - NAV surged +6.26% yesterday to $71.51 (market price $72.54), pushing total net assets to $2.43 billion. Today’s session is pulling back with shares near $70.06, reflecting a healthy consolidation after the sharp Monday rally.
Catalysts & Headlines
Solstice Advanced Materials (SOLS) - UF6 Conversion Expansion - The headline catalyst today: Solstice announced its Metropolis Works facility (the only U.S. UF6 conversion plant) will produce over 10 kilotonnes of uranium hexafluoride in 2026, a ~20% increase from 2024 capacity. The expansion is backed by a $2B+ order backlog from domestic utility customers and aligns with the U.S. policy goal of quadrupling nuclear capacity by 2050. This is bullish for the domestic fuel cycle, conversion has long been an underappreciated bottleneck.
Denison Mines (DNN) - Phoenix ISR Watch - The Final Investment Decision and construction commencement for the Phoenix ISR project is expected in early 2026, with McClean Lake North already generating an estimated ~$10M annual gross profit from small-scale uranium mining since mid-2025. Phoenix’s projected annual gross profit of $200–500M makes this a major inflection catalyst.
Kazatomprom Supply Overhang Moderating - While KAP’s higher-than-expected 2025 output of ~7,000 tonnes triggered the late-January spot pullback from $101 to ~$91, the market has since stabilized in the $85–$90/lb range, suggesting the supply shock has been absorbed.
SEQH Desk View
Today’s session is a textbook consolidation day after yesterday’s powerful rally. The URNM giving back ~2% following a +6.26% NAV move is healthy and expected. The Solstice UF6 expansion headline is the most structurally significant news of the day, it underscores that the domestic nuclear fuel supply chain is actively scaling, but even a 20% increase from the sole U.S. converter highlights how tight the conversion bottleneck remains. The uranium supply deficit thesis is intact: spot holding above $85/lb even after the Kazatomprom supply bump, and the 400M+ lb demand overhang continues to build. Near-term, watch LEU and CCJ into Q4 earnings prints, and DNN for the Phoenix FID announcement which could be the next major sector catalyst