| Developer | Deposit | Capacity | Status | Coverage | Known Buyers |
|---|---|---|---|---|---|
Ur-Energy URG | ISR | 1.2 Mlbs/yr | ✓✓ Fully | 100% | EDF, US utility consortium |
enCore Energy EU | ISR | 4.0 Mlbs/yr | ~ Partial | 38% | undisclosed US utilities (2 named) |
Peninsula Energy PEN.ASX | ISR | 2.0 Mlbs/yr | ~ Partial | 25% | undisclosed US utility |
Lotus Resources LOT.ASX | sandstone | 2.5 Mlbs/yr | ~ MOU/LOI | 24% | Yellow Cake plc (YCA) |
GoviEx Uranium GXU.V | sandstone | 5.2 Mlbs/yr | — None | 0% | — |
Deep Yellow DEI.ASX | calcrete | 3.3 Mlbs/yr | — None | 0% | — |
IsoEnergy ISO.V | unconformity | 3.0 Mlbs/yr | — None | 0% | — |
F3 Uranium FUU.V | unconformity | — | — Pre-resource | — | — |
| Developer | Deposit | Jurisdiction | Resource | Annual Capacity | Status | Coverage | Contracted Vol | Known Buyers | Mill / Process Note |
|---|---|---|---|---|---|---|---|---|---|
Ur-Energy URG producer | ISR | Wyoming, USA (Lost Creek ISR) | 29 Mlbs | 1.2 Mlbs/yr | ✓✓ Fully | 100% | 1.2 Mlbs/yr | EDF, US utility consortium | Lost Creek ISR in production; Shirley Basin expansion next |
enCore Energy EU producer | ISR | Texas / Wyoming, USA (ISR) | 209 Mlbs | 4.0 Mlbs/yr | ~ Partial | 38% | 1.5 Mlbs/yr | undisclosed US utilities (2 named) | Alta Mesa (TX) + Dewey Burdock (WY); ~38% capacity contracted |
Peninsula Energy PEN.ASX developer | ISR | Wyoming, USA (Lance ISR) | 59 Mlbs | 2.0 Mlbs/yr | ~ Partial | 25% | 0.5 Mlbs/yr | undisclosed US utility | Lance ISR; low-pH ISR restart; ~25% of capacity under term |
Lotus Resources LOT.ASX developer | sandstone | Malawi (Kayelekera) | 58 Mlbs | 2.5 Mlbs/yr | ~ MOU/LOI | 24% | 0.6 Mlbs/yr | Yellow Cake plc (YCA) | Kayelekera restart; acid-leach mill in-situ; YCA MOU ~0.6 Mlbs/yr |
GoviEx Uranium GXU.V developer | sandstone | Niger / Mali / Zambia | 143 Mlbs | 5.2 Mlbs/yr | — None | 0% | — | — | Madaouela (Niger) fully permitted; KEPCO potential buyer |
Deep Yellow DEI.ASX developer | calcrete | Namibia (Tumas) / Australia (Mulga Rock) | 332 Mlbs | 3.3 Mlbs/yr | — None | 0% | — | — | Tumas calcrete; DFS complete 2024; no contracts announced |
IsoEnergy ISO.V developer | unconformity | Athabasca Basin, SK | 109 Mlbs | 3.0 Mlbs/yr | — None | 0% | — | — | Toll-milling with Orano (McClean Lake); OPG natural candidate |
F3 Uranium FUU.V explorer | unconformity | Athabasca Basin, SK | — | — | — Pre-resource | — | — | — | JR Zone on PLN property; pre-resource |
| Utility | Developer | Type | Volume | Expiry | Confidence | Notes |
|---|---|---|---|---|---|---|
Constellation Energy CONST · USA · 21 reactors PRIVATE | Ur-Energy URG | ✓ Term contract | 0.4 Mlbs/yr | 2027 | ? Inferred | Reported term contract with Constellation or affiliated US utility. URG confirms 'US utility consortium' but does not name counterparties. Volume estimated from total 1.2 Mlbs/yr contracted. |
Constellation Energy CONST · USA · 21 reactors PRIVATE | enCore Energy EU | ✓ Term contract | 0.5 Mlbs/yr | 2028 | ? Inferred | enCore has 2 named utility off-take agreements (unnamed). Constellation consistent with ISR Texas/Wyoming footprint and contracting posture. Volume estimated from total 1.5 Mlbs/yr contracted. |
Duke Energy DUKE · USA · 11 reactors PRIVATE | enCore Energy EU | ✓ Term contract | 0.5 Mlbs/yr | 2027 | ? Inferred | enCore's second utility contract; southeast US utility footprint. Duke Carolina reactors historically source US-origin uranium. |
Électricité de France EDF · France · 56 reactors STATE | Ur-Energy URG | ✓ Term contract | 0.3 Mlbs/yr | 2028 | ✓ Named | Multi-year term contract; EDF is URG's anchor utility buyer. Delivery from Lost Creek, Wyoming ISR. |
Tennessee Valley Authority TVA · USA · 6 reactors STATE | Peninsula Energy PEN.ASX | ✓ Term contract | 0.5 Mlbs/yr | 2028 | ? Inferred | Peninsula Energy's undisclosed US utility partner consistent with TVA — federal buyer, ISR preference, Wyoming proximity. Not confirmed in filing. |
Yellow Cake plc YCA · UK · 0 reactors PHYSICAL | Lotus Resources LOT.ASX | ~ MOU/LOI | 0.6 Mlbs/yr | n/d | ✓ Named | Yellow Cake plc signed offtake MOU with Lotus Resources for Kayelekera restart production. Non-binding MOU; converts to firm contract on FID. ~0.6 Mlbs/yr is ~24% of nameplate capacity. |
Korea Electric Power KEPCO · S. Korea · 24 reactors STATE | GoviEx Uranium GXU.V | ? Discussions | monitoring | n/d | ? Inferred | Korea historically sources from Niger/Africa. GoviEx's Madaouela (Niger) is permitted and in KEPCO's procurement geography. K-SURE financing could catalyze formal contracting — watch K-SURE project approval announcements. |
Ontario Power Generation OPG · Canada · 4 reactors STATE | IsoEnergy ISO.V | ? Discussions | monitoring | n/d | ? Inferred | IsoEnergy (Athabasca Basin, Canadian-origin) is a natural OPG supply candidate under Canada's domestic uranium preference policy. No contract announced. First contract would be a major re-rating catalyst — watch for press releases. |
| Utility | Country | Reactors | Type | Annual Demand | Tracked Contracted Vol | Active Developers | Notes |
|---|---|---|---|---|---|---|---|
Électricité de France EDF | France | 56 | STATE | 10.0 Mlbs/yr | 0.3 Mlbs/yr (3% of demand tracked) | Ur-Energy | World's largest nuclear fleet operator. ~10 Mlbs/yr demand. Long-term contracts with Cameco, Orano, Kazatomprom. Top buyer of Canadian and African ura... |
Ontario Power Generation OPG | Canada | 4 | STATE | 1.5 Mlbs/yr | 0.0 Mlbs/yr | — | Canada's largest clean power generator. Primary buyer of Canadian-origin uranium under domestic preference policy. Darlington Refurbishment extends re... |
Constellation Energy CONST | USA | 21 | PRIVATE | 9.0 Mlbs/yr | 0.9 Mlbs/yr (10% of demand tracked) | Ur-Energy, enCore Energy | Largest US nuclear fleet operator (post-Exelon spinoff). ~21 reactors needing ~8–10 Mlbs/yr. Aggressively contracting in the 2024–2026 window. Has con... |
Duke Energy DUKE | USA | 11 | PRIVATE | 4.5 Mlbs/yr | 0.5 Mlbs/yr (11% of demand tracked) | enCore Energy | ~11 reactors; major long-term buyer. Concentrated in the Carolinas and Midwest. Typical contract horizon 3–7 years forward. Active in 2024–2025 contra... |
Tennessee Valley Authority TVA | USA | 6 | STATE | 2.5 Mlbs/yr | 0.5 Mlbs/yr (20% of demand tracked) | Peninsula Energy | US federal agency; 6 operating reactors. Buys via competitive tender — transparent procurement process. Historically contracted with US domestic produ... |
Yellow Cake plc YCA | UK | 0 | PHYSICAL | 1.0 Mlbs/yr | 0.0 Mlbs/yr | — | Physical uranium investment vehicle. Holds U3O8 at Cameco's Blind River facility. Annual purchase option from Kazatomprom (~1 Mlbs/yr). Also signed of... |
Korea Electric Power KEPCO | S. Korea | 24 | STATE | 8.0 Mlbs/yr | 0.0 Mlbs/yr | — | 24 operating reactors; ~8 Mlbs/yr demand. Long-term contracts with Cameco, Kazatomprom, Orano. K-SURE (Korean export credit) provides project financin... |
NextEra Energy NEE | USA | 7 | PRIVATE | 3.0 Mlbs/yr | 0.0 Mlbs/yr | — | ~7 reactors via FPL (Florida Power & Light) and Duane Arnold. Historically mixes spot and term procurement. Increasing nuclear weight as renewables gr... |
Southern Company SO | USA | 4 | PRIVATE | 1.8 Mlbs/yr | 0.0 Mlbs/yr | — | Operates Vogtle Units 3 & 4 — the first new US nuclear units in 30 years (2023/2024). Ramp-up adds ~0.5 Mlbs/yr new demand. Historically sources via s... |
| Priority | Catalyst Event | Why It Matters | What to Watch |
|---|---|---|---|
| 🔴 Critical | IsoEnergy (ISO) maiden utility contract | Canadian-origin + Athabasca Basin = natural OPG target. First contract announcement would be the single largest re-rating event for ISO — potentially doubling M&A attractiveness. | OPG press releases; IsoEnergy MD&A commentary on offtake discussions |
| 🟠 High | GoviEx (GXU) KEPCO contract or K-SURE project finance approval | Madaouela is permitted and production-ready. Korean project finance would simultaneously fund construction and lock in offtake. Transformational for GXU. | GoviEx press releases; KEPCO tender announcements; K-SURE project list |
| 🟡 Medium | Constellation Energy new ISR term contract (2025–2026 window) | Constellation is the most active US utility buyer in the current contracting cycle. Any new US ISR deal signals increased competition for domestic production. | Constellation 10-Q/K filings; ISR developer press releases |
| 🟢 Watch | Lotus Resources (LOT) YCA MOU conversion to binding contract | Non-binding MOU converts on FID. FID depends on Kayelekera feasibility update and financing package. Binding contract is a strong valuation anchor. | LOT press releases; YCA annual report uranium procurement section |
| ⚪ Monitor | EDF tender for African/Athabasca Basin supply (post-2027 contracts) | EDF's current CCJ/Orano contracts roll off mid-decade. Next tender round will likely include Athabasca Basin developers and permitted African projects. | EDF annual report; Cameco tender renewal announcements |
| ⚪ Monitor | Deep Yellow (DEI) first utility contract post-DFS | DFS complete 2024; no contracts announced. First term contract on a 332 Mlbs deposit would materially change acquisition economics. | DEI ASX releases; Namibian utility tender announcements |