Update Nuclear Watchlist
30 September 2025 – 11:15 a.m. EDT
fundamental & catalyst snapshot only
I. NUCLEAR INDUSTRIALS
CCJ – Cameco
Largest Western uranium producer; 2025 sales 31 M lbs contracted @ fixed premium to spot.
Kazakh supply beta 1.19 – instant sentiment gauge for global shortages.
NEXGEN toll-milling agreement provides North American processing optionality.
CW – Curtiss-Wright
Columbia-class submarine reactor backlog 1.25 B through 2030; 11 % annual price escalator in place.
0.73 correlation to SMR basket – liquid large-cap proxy for small-reactor theme.
BWXT – BWX Technologies
Only US facility licensed to produce HALEU TRISO fuel; Piketon demo line 90 % complete.
Q3 release 28 Oct – guidance raised Aug but margin trajectory key (HALEU start-up costs).
MIR – Mirion Technologies
Radiation monitoring & dosimetry; 1.1 B order book, 85 % pass-through clause protects margins > 4 % inflation.
0.82 beta to US nuclear outage count – play on fleet utilization, not commodity.
II. SMR / MICRO-REACTOR DEVELOPERS
SMR – NuScale Power
