Daily Nuclear & Uranium Market Recap
2/2/26
SEQH Capital Research
Daily Nuclear & Uranium Market Recap
January 30, 2026
Executive Summary
Uranium spot fell to $99.25/Lbs (-2.26% DoD) but up 21.56% 1M / 39.10% YoY, 2Y high, amid DOE fuel initiatives and Kazatomprom output guidance. New Earth applauded DOE Nuclear Lifecycle Innovation Campuses. ETFs like URA (+99.5% 1Y) and URNM primed for $2.7B DOE enrichment push.
Uranium Pricing
Spot: $99.25/Lbs (-2.26%).
1M: +21.56%; YoY: +39.10%; 2Y high.
Kazatomprom: +9% output rise 2026 to capitalize on prices (2025 close $63.50/Lbs, now $99.25).
DOE & Policy
New Earth Applauds Nuclear Lifecycle Campuses
New Earth Resources praised DOE Nuclear Lifecycle Innovation Campuses RFI, inviting states to host full fuel cycle facilities (mining–waste).
Initiative supports advanced reactors/SMRs, addressing supply chain gaps.
Enrichment Push
DOE $2.7B to Rebuild Enrichment
DOE awarded $2.7B for domestic enrichment:
Centrus $900M task order (Piketon, OH).
General Matter, Orano Federal Services.
ASME: Reduces Russian reliance (40% global supply).
ETFs & Strategic Plays
ETFs for DOE $2.7B Push
URA: +99.5% 1Y; top CCJ (23.36%), OKLO (10.32%), UEC (6.94%), LEU #6. Fees 69bps.
URNM: AUM $2.15B; CCJ 20.38%, UEC 14.10%, UUUU 5.27%.
Zacks/Nasdaq: ETFs capture enrichment/mining upside.
Strategic View
Uranium $99.25/Lbs (+39% YoY, 2Y high) amid Kazatomprom +9% output but DOE campuses/enrichment rebuild de‑risk supply. URA/URNM best vehicles for theme.
SEQH Reco: Buy URA (broad uranium), LEU (HALEU), CCJ (miner). Target $130/Lbs 2026.