August 19, 2025: Term market continues to show more consistent activity

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1. Spot rises as term demand builds
2. India opens uranium market to private capital 
3. Europe's next nuclear shift: Switzerland
4. GoviEx restructures on ASX

Sponsored by Purepoint Uranium Group Inc. (TSXV: PTU | OTCQB: PTUUF)
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Transcript

It’s Tuesday, August 19th, 2025, and this week on Uranium Spotlight: Spot prices edge higher on thin summer trading, India opens its uranium sector to private capital, Switzerland moves toward ending its nuclear ban, and GoviEx rebrands as Atomic Eagle with a new ASX listing.

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Spot Rises as Term Demand Builds

The uranium spot price closed last week at $72.80 per pound, edging up from $72.00 the week before.

Trading volumes were thin, which is typical during the summer doldrums. Many participants remain on the sidelines or on vacation, leaving the market more exposed to individual buyers and sellers who can move prices with relatively small transactions.

The week’s most notable activity came on Tuesday with two spot deals: a 100,000-pound delivery at Cameco and another 50,000-pound lot at Orano, both priced at $72.50 per pound. By Friday, bids had firmed again, and another late-day 100,000-pound Orano deal helped lift the spot indicator to $72.80. That capped a modest but steady gain of 80 cents over the past two weeks.

Forward pricing also ticked higher. Three-month delivery quotes now sit at $72.50 at Cameco and $73.00 at both ConverDyn and Orano. These increases reflect a market where, even with limited spot demand, buyers are still willing to pay slightly more for nearby material.

Meanwhile, the term market continues to show more consistent activity. Several U.S. utilities recently made selections on contracts covering deliveries from 2029 into the 2030s, and one non-U.S. utility has an open request for nearly 900,000 pounds per year stretching out to 2036. That’s a strong reminder that while short-term activity is slow, long-term demand remains both steady and sizeable.

For investors, the takeaway is clear: spot market action may be thin and volatile in the summer, but the structural demand story is very much intact.

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India Opens Uranium Market to Private Capital

India is now preparing to open up its uranium sector to private companies—allowing them to mine, import, and process uranium for the first time. The move comes as the government pursues one of the world’s most ambitious nuclear power buildouts.

Until now, India’s state-run nuclear corporation has held a complete monopoly over uranium—everything from importing to mining, milling, and fuel fabrication. But as India looks to multiply its nuclear generating capacity by twelve-fold, the state alone can’t meet the challenge. The country has very little uranium of its own, and projections suggest it will need to import as much as 75% of the fuel required for its new reactors. At the same time, it must dramatically expand its fuel-processing capacity to handle the growing demand.

This change opens the door for major Indian conglomerates like Tata Group—already one of India’s largest corporations—to participate directly in the uranium sector. That could mean developing mines abroad in uranium-rich regions, partnering with established miners, taking stakes in existing operations, or securing supply through long-term contracts and the spot market.

The influx of private capital should, in theory, help fund new mines and drive more exploration globally. But the timeline reality doesn’t change: uranium mines still take an average of 15 years to move from discovery to production. That means any boost to supply will come too late to prevent the supply crunch expected around 2027. India’s demand growth will only add pressure to an already tight market—especially when layered on top of China’s expansion and reactor restarts in the West.

One clear shift, though, is that a sector starved of capital for decades is now attracting serious money. If Indian industrial giants begin competing for uranium assets, it could help rebalance the long-term supply picture. But in the near and medium term, it’s far more likely to intensify competition for scarce supply.

For investors, this is another signal that uranium demand growth is real and accelerating. India’s private sector entry won’t solve the supply deficit—at least not anytime soon. Instead, it points toward stronger demand, more competition for contracts, and ongoing upward pressure on uranium prices.

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Europe’s Next Nuclear Shift: Switzerland

Switzerland now has two competing paths to end its ban on building new nuclear reactors.

The first is a popular petition led by the “Stop the Blackout” movement, which seeks a constitutional amendment guaranteeing utilities the right to build reactors. It already has over 600,000 signatures. The second is a parliamentary initiative that would reverse the ban through legislation—potentially followed by a referendum.

Amending the constitution would be far harder than passing a law, and the government has called the petition inefficient and riskier than its own legislative plan. Still, if neither proposal succeeds before August 2026, the issue will automatically go to a national referendum.

Axpo, the country’s largest utility—which operates about 60% of Switzerland’s nuclear fleet—says it has no immediate plans to build new plants even if the ban is lifted, not without major financial support. But momentum is shifting: capital markets are beginning to re-open to nuclear investment, and governments across Europe are eager to support it.

This is part of a broader nuclear revival. Public opinion has turned more favorable, governments are rewriting energy policy, and financing is becoming available in ways we haven’t seen in decades. The reality is clear: to meet climate goals, nuclear has to be part of the mix.

That raises the bigger question—where will the uranium come from? Switzerland joins India and other nations moving to expand nuclear capacity, but global uranium demand already exceeds supply by an estimated 30%. Western utilities, particularly in Europe, are drawing down stockpiles. No one wants to risk shutting a reactor for lack of fuel. And since uranium is a relatively small portion of operating costs, utilities are prepared to pay higher prices if it guarantees security of supply.

What this means for investors: Momentum toward new nuclear builds in Europe underscores the widening gap between demand and available uranium supply. As policy shifts accelerate, utilities will prioritize securing long-term contracts—even at higher prices. For uranium equities, this translates into stronger fundamentals, more pressure on exploration and development, and rising importance of security of supply.

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GoviEx Restructures on ASX

GoviEx Uranium has announced what it’s calling a transformational deal. The company will complete a reverse takeover of Tombador Iron, giving it a new ASX listing and access to the deep mining capital pools in Australia and the Asia-Pacific region. The combined company will be renamed Atomic Eagle, with GoviEx shareholders retaining about 75% ownership.

This move not only brings a new exchange listing but also significantly tightens the capital structure. The share count will shrink from more than one billion down to roughly 345 million, which should improve trading liquidity and reduce volatility. On top of that, Tombador brings A$10.4 million in cash, and a concurrent financing of up to A$10 million could lift the new company’s treasury to as much as A$24 million.

The board will be chaired by Govind Friedland, with Daniel Major staying on as CEO. Matador Capital, known for its early involvement with Boss Energy and Lotus Resources, is joining as a cornerstone investor, with Grant Davey serving as strategic advisor.

Importantly, the new Atomic Eagle will continue to focus on advancing the Muntanga Project in Zambia, one of the largest underexplored sandstone-hosted uranium systems globally, with strong potential for scale and improved project economics.

For investors, this transaction is significant. It puts GoviEx into the ASX ecosystem, where uranium equities have historically traded at stronger valuations than in Canada. With a healthier balance sheet, a leaner share structure, and experienced backers, Atomic Eagle is positioning itself to be one of the better-capitalized African uranium developers at a time when new projects are critically needed to meet global demand.