Daily Nuclear & Uranium Market Recap
1/23/26
SEQH Capital Research
Daily Nuclear & Uranium Market Recap
January 23, 2026
Executive Summary
Uranium spot hit $86.20/Lbs (+1.11% DoD), highest since June 2024, up 6.22% 1M / 17.28% YoY on fund buying and DOE fuel deals. Nuclear equities mixed: miners resilient, operators digest BYOG pivot. DOE advanced Terrestrial Energy IMSR fuel pilot and Kairos HALEU delivery. Centrus expanding Oak Ridge centrifuges. LIS $1.38B laser facility confirmed.
Uranium Pricing
Spot: $86.20/Lbs (Jan 22 close, +1.11%).
1M: +6.22%; YoY: 17.28%; ATH $148 (May 2007).
Drivers: Sprott fund buying, data center demand, U.S. converter/enricher deregulation, Cameco/Westinghouse reactor partnerships, DOE $2.7B contracts.
DOE Fuel Advancements
Terrestrial Energy – Project TEFLA Fuel Agreement
Terrestrial Energy executed DOE agreement for Project TEFLA under Fuel Line Pilot Program, accelerating IMSR® molten salt reactor fuel salt production.
Enables low‑enriched uranium fuel for IMSR reactors targeting industrial heat/decarbonization beyond electricity.
CEO Phil Carmichael: “Fast‑tracks IMSR commercialization for U.S. clean energy goals; plants by early 2030s.”
Kairos Power – DOE HALEU for Hermes Reactor
DOE delivered HALEU to Kairos Power for Hermes demonstration reactor at Oak Ridge, first Gen IV reactor with NRC construction permit.
Hermes 1 (heat‑only, summer 2024 start) uses fuel pebbles with Los Alamos collaboration; Hermes 2 adds electricity.
CEO Mike Laufer: “DOE support unlocks advanced nuclear potential.”
Enrichment Expansion
Centrus – Oak Ridge Centrifuge Plant Expansion
Centrus Energy (LEU) to expand Oak Ridge centrifuge manufacturing for large‑scale HALEU deployment, leveraging $900M DOE award.
Ties to DOE fuel line and Oak Ridge hub (IKE, LIS laser, Kairos).
LIS Technologies – $1.38B Laser Enrichment
LIS Technologies confirmed $1.38B Oak Ridge laser facility using SILEX tech for efficient HALEU/LEU, with Gov. Lee backing.Strategic View
DOE fuel deals (TEFLA, Kairos HALEU) de‑risk IMSR/salt reactors; Oak Ridge centrifuge/laser expansions address HALEU bottleneck. Uranium $86.20/Lbs (17.28% YoY) amid supply risks supports miners (UEC/CCJ). ETFs like NLR (+36% 1Y) balance exposure.
SEQH Recommendation: Accumulate LEU (HALEU monopoly), OKLO/SMR (SMR leaders), NLR(diversified). Target uranium $90–100/Lbs 12M on deficit + AI demand.