Daily Nuclear & Uranium Market Recap
3/10/26
Daily Nuclear & Uranium Market Recap: March 10, 2026
Published by SEQH Capital Research | For Informational Purposes Only
The Macro Backdrop: Geopolitical Fire Meets the AI Power Supercycle
Today’s session was highly consequential for the nuclear sector. The ongoing conflict with Iran sent crude oil prices surging past $100 per barrel, reinforcing the vulnerability of fossil fuel supply chains . EU Commission President Ursula von der Leyen highlighted this by calling the bloc’s retreat from nuclear power a “strategic mistake” as gas prices soared .
Domestically, the U.S. Energy Information Administration projected today that power consumption will beat record highs in 2026 and 2027, driven by AI data center growth . Nuclear power’s share of U.S. generation is expected to rise to meet this demand. Layered on top is the ongoing Section 232 process addressing national security risks from uranium imports, providing a structural tailwind for domestic producers .
Uranium Spot Market: Spot prices are sitting strong at $85.90 per pound today, up from the Q2 average of $80.76/lb .
Today’s Key Movers & Deep Dives
Uranium Energy Corp (UEC) up 7.01%: UEC reported its fiscal Q2 2026 results today. The standout metric was the sale of 200,000 pounds of U3O8 at an average price of $101 per pound, generating $20.2 million in revenue . This perfectly illustrates the value of their 100% unhedged strategy. UEC ended the quarter with $818 million in liquid assets and zero debt, while completing construction at the Burke Hollow ISR project in Texas .
Denison Mines (DNN) up 6.56%: Denison made its Final Investment Decision (FID) for the Phoenix In-Situ Recovery uranium mine at the Wheeler River project in Saskatchewan . Construction is commencing this month. Desjardins analyst Bryce Adams raised his price target on DNN to C$7, maintaining a Buy rating .
Ur-Energy (URG) up 6.25%: URG filed an updated Technical Report for its Lost Creek Property that materially improved the asset’s economics. The estimated mine life was extended by nearly three years to Q2 2039, and life-of-mine net cash flow increased by 45.7% to $442.2 million .
ASP Isotopes (ASPI) up 5.68%: Canaccord Genuity reiterated a Buy rating and an $11 price target on ASPI, citing “material progress toward commercial uranium enrichment on two continents” . This follows a recent MOU with a major U.S. nuclear utility to help stand up domestic HALEU enrichment capacity.
Cameco (CCJ) up 3.54%: The Canadian Imperial Bank of Commerce raised its price target on CCJ to $202.00 per share . Cameco also recently secured a nine-year uranium supply agreement with India worth approximately US$2.6 billion .
Centrus Energy (LEU) up 2.63% & Oklo (OKLO) down 0.21%: Centrus was awarded $900 million by the DOE to expand its Ohio enrichment facility . Simultaneously, Oklo and Centrus announced plans for a joint venture focused on HALEU deconversion services, aiming to close a critical gap in the advanced reactor fuel cycle .
Constellation Energy (CEG) down 1.55%: Constellation officially completed its $16.4 billion acquisition of Calpine Corporation . This creates a 60-gigawatt clean energy platform and is expected to boost 2026 EPS by 20%. Constellation is aggressively pursuing “co-location” agreements to build AI data centers directly adjacent to its power plants.
SEQH Capital Research Analyst Note
The nuclear sector delivered broad outperformance today against a volatile macro backdrop. This rotation into nuclear, driven by energy security concerns, AI power demand, and domestic policy support, is exactly what we have been anticipating. Our conviction remains at its highest level. We continue to favor unhedged producers with strong balance sheets (UEC, URG), tier-one developers at inflection points (DNN), and strategic fuel cycle plays (LEU, ASPI).