For the week ending December 16, 2022 A TradeTech publication

Nuclear Market
Review
The source for uranium prices & analysis since 1968

The Market
MarketWatch Uranium Weekly U3O8 Spot Price Indicator is up
4 percent in 2022. The average Weekly
Weekly U3O8 Spot Price Indicator * TradeTech's Weekly U3O8 Spot Price U3O8 Spot Price in 2022 is $49.74 per
$47.60 (i Dwn $0.40) Indicator is $47.60 per pound U3O8, pound U3O8, 41 percent above the 2021
— down $0.40 from last week's value and average.
Daily U3O8 Spot Price Indicator * down $0.15 from the December Daily
$47.60 (i Dwn $0.15) U3O8 Spot Price Indicator. The US Federal Reserve raised its
— benchmark lending rate 0.5 percent
Mid-Term U3O8 Price Indicator * TradeTech's Weekly Spot Price Indicator this week, the seventh such move in
$51.00 (11/30/22) is up 10 percent over the last year. While the monetary authority's fight against
— the Indicator exhibited remarkable inflation. The rate increase was in
Long-Term U3O8 Price Indicator * volatility in the second quarter of this line with expectations on news that
$53.00 (11/30/22) year, the amplitude of the weekly spot inflation had slowed in November, the
— price has so far remained relatively fifth straight month of decline, to a year-
Production Cost Indicator * subdued in the second half of the year. on-year increase of 7.1 percent.
$56.20 (11/30/22) Inflation in the USA peaked at
* US$ per pound U3O8 equivalent Notable fluctuations in the Indicator
have appeared less frequently in recent 9.1 percent in June; the most recent rate
The Market This Week… hike brings the Fed's benchmark lending
months, primarily due to reduced
• Two transactions and new activity in the market. TradeTech's rate to a range of 4.25-4.5 percent.
demand in the spot
uranium market this week. Uranium Market Activity
million pounds U3O8
Spot/Near-Term
• No transactions and no new 4
Active Supply Active Demand Transacted
demand in the term uranium
market.
3
• No transactions and new demand
© 2022 TradeTech
in the conversion market.
• No transactions and no new 2
demand in the enrichment market.

0
Supply Demand

1 Nuclear Market Review December 16, 2022

The Market
$80
US$/lb U3O8 transactions are reported for the
TradeTech Daily Spot Price TradeTech Weekly Spot Price
$70
$47.60
week. One transaction was concluded
$60
$50
yesterday between intermediaries
$40 and involved 100,000 pounds U3O8 for
$43.25
$30
©2022 TradeTech delivery at ConverDyn in February 2023,
$20
Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 at a price of $47.75 per pound U3O8.
Today the market opened lower, with
Percent Return
30% sellers extending firm offers to buyers at
Daily Spot Price Percent Return Weekly Spot Price Percent Return
20% $47.60 per pound U3O8. One buyer was
10%
contemplating accepting the offer but
0%
was unable to conclude the transaction
-10%
©2022 TradeTech before the close of business today.
-20%
Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

TradeTech Weekly and Daily U3O8 Spot Price and Percent Return, New demand also emerged today
One-Year History with a non-US utility issuing an RFP
Chairman Jerome Powell indicated the seeking over 150,000 pounds U3O8
TradeTech's StockWatch were down an
Fed would continue to raise rates in equivalent contained in UF6 for delivery
average of 1.9 percent from last week
2023, though perhaps at a slower pace. (Financial News, p. 6). All but one of the between February and August 2023;
While undecided on what the next rate S&P 500 sectors declined this week offers are due by February 7, 2023.
hike would be, Powell stated, "We think with the energy sector posting the sole Simultaneously, another transaction
the appropriate thing to do now is to increase at 1.7 percent. was recorded today involving the sale
move at a slower pace." The Fed aims to of US-origin U3O8 to a US producer
bring interest rates to a target range of Although the market is dealing with at a price of $48.25 per pound U3O8.
5.0-5.25 percent in 2023. mixed economic signals and the Given the unique circumstances
holiday slowdown, the end of the surrounding the awards made by
Inflation has also shown signs of week was notable due to the award by DOE today to secure material for the
slowing in Europe, where the European the US Department of Energy (DOE) US Uranium Reserve, and the limited
Central Bank raised its key rate from to US producers for the purchase of amount of US-origin material available
1.5 to 2.0 percent, its fourth increase in US-origin uranium (News, p. 5). The in the marketplace, this transaction
2022. Inflation in the European Union awards were made in response to a sits outside of the mainstream of the
(EU) dipped from 10.6 to 10.1 percent Request for Proposals (RFP) issued market and reflects a premium due to
in November; the EU's Central Bank by the US National Nuclear Security being US-origin material.
this week noted it expects inflation Administration (NNSA), the DOE
to remain above its 2.0 percent target agency responsible for safeguarding In the term uranium market, a number
through 2025. national security through the military of utilities continue to evaluate
application of nuclear science. The potential purchases. A non-US utility
In the UK, the Bank of England raised NNSA is seeking up to 1 million pounds is seeking 200 tU of uranium per year
interest rates a half point to 3.5 percent, U3O8 as part of the Department's for the period from 2025 through 2030;
the highest level in 14 years; inflation in offers are due no later than January 16,
strategic Uranium Reserve Program.
the UK currently sits at 10.7 percent. 2023. One non-US utility issued an RFP
The RFP stipulates that individual
on November 24, seeking over 5 million
awards will range from 100,000 to
US equity markets declined as investors pounds U3O8 equivalent contained
500,000 pounds U3O8.
weighed the impact of the Fed's latest in enriched uranium product (EUP) or
rate hike and its projections for 2023. components. The utility is requesting
In addition to the awards made by DOE
The S&P 500 fell 2.1 percent for the material be delivered between 2023
for the purchase of US-origin material
week while uranium equities listed in and 2027, with optional quantities in
for the US Uranium Reserve, two other
2 Nuclear Market Review December 16, 2022
The Market
2028 through 2030, and has specified
that the material be non-Russian in
origin; offers are due on December 19.
Another non-US utility is in the process
of completing its evaluation for
approximately 1 million pounds U3O8
contained in UF6 for delivery in the
2022-2025 period. One US utility
completed its evaluation of offers for
1.2 million pounds U3O8 to be delivered
over the 2024-2027 time frame.
As formal demand continues to emerge
in the term uranium market, a number
of utilities in the USA and Europe are in
off-market discussions with potential
suppliers for significant volumes in the
mid- and longer-term delivery periods.
In many cases, buyers have passed the
discussion phase and are now in formal
negotiation with suppliers for material,
in some cases for deliveries extending
as far out as 2035.
The increase in tensions between Russia
and Ukraine with new attacks launched
against cities in Ukraine in recent days
have kept the issue of supply security
in the forefront of utilities' minds. Many
have already taken steps to ensure they
have adequate supply throughout the
nuclear fuel supply chain to mitigate
against any disruption in the delivery of
Russian nuclear fuel supply.
Further clouding the outlook for the
market is the impact of logistical issues
surrounding shipping, indemnification,
and government policy, which is
encouraging some utilities to seek
non-Russian fuel supplies. Meanwhile,
policy makers remain committed to
their emphasis on energy security
and desires to meet net-zero carbon
goals.
3 Nuclear Market Review December 16, 2022
This is evident as numerous countries
enact policies supporting the move
toward secure and independent
energy supplies, many of which include
nuclear power as an important element
in achieving these goals.
This includes continuing support for
nuclear power in Asia, where India has
announced plans to add nearly
15,000 MWe of new nuclear power
capacity over the next 10 years. In
addition, the South Korean government
said this week it will invest 400 billion
won (US$308 million) annually to
develop small modular reactors as part
of a plan to double the overall annual
spending on nuclear energy to
2 trillion won (US$1.5 billion)
(News, p. 7).
Strong term demand from utilities,
combined with expectations by sellers
that prices will rise in the future, has
caused sellers to gradually increase
their offer prices and utilities are seeing
a narrower range of pricing than what
has been offered in recent months.
Sellers are not only seeking higher
prices but are seeking longer-term
commitments that extend beyond five
years and preferably 10 years. Utilities
have thus far been willing to meet
sellers at the current price level.
However, prices for those buyers willing
to commit to higher volumes over an
extended period are considerably
more attractive than offers to utilities
seeking mid-term delivery only. In
addition, utilities looking for shorter
term commitments in the near term are
also seeing less attractive terms around
quantity flexibility, escalation, when
escalation begins, and delivery and
transportation fees.
Conversion
Conversion demand remains strong
with several utilities making moves to
enter the market both formally and off
market.
New demand emerged this week with
one non-US utility entering the market
today requesting offers for 60 tU of UF6
to be delivered between February and
August 2023; the utility has requested
that offers be submitted no later than
February 7, 2023.
One non-US utility entered the market
on November 25, seeking conversion
or conversion contained in UF6 or EUP
for delivery over the 2023-2030 period;
offers are due on December 19. Offers
were due December 5, to another
non-US utility seeking conversion
for delivery over a six-year period
beginning in 2026.
In addition to the formal RFPs that are
outstanding in the conversion market,
a number of utilities are also engaged
in off-market inquiries for significant
quantities. This activity is expected to
increase in December and through the
beginning of 2023.
Conversion supply is extremely tight
and remains vulnerable to supply
disruption should deliveries of
Russian EUP be interrupted abruptly.
The limited number of vessels and
logistical difficulties with shipments
and insurance have created a backlog
in some deliveries. As a result, utilities
are accelerating their conversion
procurement activity, along with
uranium and enrichment purchases,
due to increasing concerns around the
timing of deliveries from Russia.
The Market
Enrichment
In the enrichment market, no new
activity is reported this week, although
off-market and formal demand is robust
with a number of utilities engaging sellers
informally and through official RFPs.
One non-US utility is seeking up to
300,000 SWU per year in the 2023-2027
period; offers were due December 14.
Another non-US utility issued an RFP for
3.6 million SWU to be delivered over
a six-year period beginning in 2026;
offers are due on January 10. A third
non-US utility has requested offers
for delivery of SWU contained in EUP
to be delivered in 2023, with optional
quantities for another three years; offers
are due no later than December 19.
Another four utilities are engaged in
off-market discussions with potential
suppliers for delivery of significant
quantities of SWU or SWU contained in
EUP. These off-market inquiries represent
not only significant volumebut also call for
delivery terms extending beyond 2035.
Utilities have shown a willingness to
pledge to longer-term commitments
in order to ensure near-term security
of supply and to encourage expansion
of new Western enrichment capacity.
Utilities have demonstrated that they
are willing to support Western enrichers
not only on price, but on the volume and
duration of commitment as well. While
price remains a determining factor when
evaluating potential commitments,
buyers also continue to evaluate
potential sellers on other considerations
that may include less quantifiable
issues, such as jurisdictional risk and the
likelihood that the seller will be able to
deliver in the future.
4 Nuclear Market Review December 16, 2022
However, adding to the difficulty in
reaching final agreement are increasing
costs due to inflation that both sellers
and buyers are currently experiencing.
Events
Jan 10-11
Despite higher prices, several utilities
WNA Working Groups
are accepting higher prices and turning
London, UK
to Western supply strictly to distance
world-nuclear.org/events/working-
themselves from Russia. Conversely,
group-meetings.aspx
other utilities continue to select the
lower-priced option and are buying
Jan 24
from Russia in spite of the risks and
Nuclear Fuel Supply Forum
mounting political pressure that Russia
Washington, DC, USA
is receiving due to its actions in Ukraine.
www.nei.org/conferences
As a result, a gap in pricing has emerged
between Western and Russian supplies.
Feb 26-Mar 2
Waste Management Symposia
One area that is receiving increased
Phoenix, AZ, USA
scrutiny, especially as policy makers
www.wmsym.org/wm2023-conference
look to establish a more secure energy
supply chain, is a potential seller's
Apr 17-18
ESG (environmental, social, and
WNA Working Groups
corporate governance) credentials
The Hague, the Netherlands
and compliance. Utilities in Europe and
world-nuclear.org/events/working-
the USA anticipate that lawmakers will
group-meetings.aspx
continue to introduce infrastructure
and policy support to bring forth the
Apr 18-20
growth in nuclear power generation
World Nuclear Fuel Cycle
that is required to meet environmental
The Hague, the Netherlands
and energy security needs (News, p. 5). In
www.wnfc-event.com
the past, price and delivery record were
the primary factors influencing utilities'
Apr 23-27
buying decisions. Today, however, ESG
Int'l Congress on Advances in
elements also factor into an individual
Nuclear Power Plants (ICAPP)
fuel buyer's procurement decisions,
Gyeongju, South Korea
especially depending upon the policy of
www.ans.org/meetings/view-icapp2023
the buyer's home government and/or
corporate management.
May 15-17
Nuclear Energy Assembly
Term enrichment prices in the
Washington, DC, USA
2025-2028 period remain near the
www.nei.org/conferences
$150 per-SWU level. Prices for SWU to be
delivered in the latter part of the
Jun 4-6
long-term period are closer to the
WNFM Annual Meeting
$130 per-SWU range.
Ljubljana, Slovenia
www.wnfm.com/annualmeeting
News
Energy Fuels & Peninsula Energy Awarded Westinghouse Receives
First Contracts for US Strategic Uranium Reserve UK Government Grant to Explore
Uranium Conversion Services
US uranium producers Energy Fuels and Peninsula Energy's US subsidiary
Strata Energy have been awarded the first contracts to supply natural uranium Westinghouse confirmed this week that
concentrates to establish a US strategic Uranium Reserve of domestically it received a Direct Award Grant from the
produced material. UK Department of Business, Energy, and
Industrial Strategy (BEIS) to explore the
Energy Fuels expects to complete the sale of uranium for the Uranium Reserve development of Uranium Conversion
to National Nuclear Security Administration (NNSA) during Q1 2023, and realize Services at the company’s Springfields
total gross proceeds of US$18.5 million. Strata Energy will supply 300,000 facility in Lancashire, England.
pounds of US-origin U3O8 for the Uranium Reserve and noted in a December 15
statement that the agreed pricing is above current reported spot and term pricing The £13 million (US$15.9 million)
benchmarks. award from BEIS, along with ongoing
Westinghouse investment, will be used
The NNSA, an office within the US Department of Energy (DOE), began the to prepare the necessary design and
process to initiate the Uranium Reserve in July, with the issue of a solicitation enabling work to begin new conversion
to purchase up to an estimated one million pounds of domestically produced capability for the world’s utilities from
U3O8 (Nuclear Market Review, July 8, 2022). The agency anticipates making up 2028, a December 13 company statement
to four individual awards of 100,000 to 500,000 pounds U3O8, which will serve explained. The proposed facility would
as a backup supply source for domestic nuclear power plants in the event of a provide both reprocessed and naturally
significant market disruption. The purchases are outlined under the $75 million occurring uranium conversion services
Uranium Reserve established by Congress in 2020. to utilities around the world as they seek
to diversify supplies and transition from
Peninsula Managing Director and CEO Wayne Heili said, “The company Russian-provided services.
produced uranium at its Lance Projects in Wyoming from 2015 through 2019,
and is now in the process of completing the final preparations to resume "The facility will leverage the UK’s
production activities at Lance in 1Q CY2023. This transaction with the DOE is domestic uranium enrichment capability,
highly supportive of our objective to become a long-term reliable uranium nuclear research and development
producer. We are also pleased to support the DOE’s efforts aimed at revitalizing strength, and Springfields’ world-class
the US nuclear fuel cycle.” fuel manufacturing expertise to offer
utilities a high-quality Western fuel
Energy Fuels President and CEO Mark S. Chalmers said, "For the past several years, alternative," Westinghouse stated.
US uranium production has been near zero and our only uranium conversion
facility has been shut down. The Uranium Reserve is a small, but important, UAE's Barakah Unit 3 Reaches Full
step toward resolving this untenable situation." In addition, Energy Fuels has Power, Commercial Operation
applied for membership in DOE's newly created HALEU Consortium, which will Slated for Early 2023
help inform the Department's activities to secure a domestic supply of high-
Unit 3 at the UAE's Barakah Nuclear
assay low-enriched uranium—a crucial material needed to develop and deploy
Energy Plant has been brought to full
advanced reactors in the USA (Nuclear Market Review, December 9, 2022).
power capacity for (continued on p. 7)

5 Nuclear Market Review December 16, 2022

 Financial
StockWatch (12/16/22)
Company Closing Price 1, 2, 3, 4

News
Aura Energy (ASX:AEE) $0.25 i Dwn -9.3% -$0.03
Bannerman Resources Ltd. (ASX:BMN) $1.62 h Up 2.2% $0.04
Baseload Energy Corp. (TSX-V:FIND) $0.42 i Dwn -8.8% -$0.04
Berkeley Energia Ltd. (ASX:BKY) $0.29 i Dwn -3.3% -$0.01
BHP (ASX:BHP) $45.67 i Dwn -3.8% -$1.81 Myriad Metals Becomes
Boss Energy (ASX:BOE) $2.11 i Dwn -4.1% -$0.09 Myriad Uranium Corp.
Cameco Corp. (TSX:CCO) $29.72 h Up 0.6% $0.17 In connection with its recent acquisition
CanAlaska Uranium Ltd. (TSX-V:CVV) $0.40 h Up 3.9% $0.02
of uranium exploration licenses in Niger,
Centrus Energy Inc. (NYSE:LEU) $33.25 i Dwn -0.9% -$0.29
Vancouver-based Myriad Metals
CGN Mining Co. Ltd. (1164.HK) $0.82 i Dwn -3.5% -$0.03
CGN Power Co. Ltd. (1816.HK) $1.83 i Dwn -1.1% -$0.02
Corp. has changed it name to Myriad
Consolidated Uranium Inc. (TSX-V:CUR) $1.47 i Dwn -2.0% -$0.03 Uranium Corp.
Deep Yellow Limited (ASX:DYL) $0.73 h Up 3.6% $0.03
Denison Mines Corp. (TSX:DML) $1.60 h Up 5.3% $0.08 As a result, common shares in the
Elevate Uranium (ASX:EL8) $0.36 i Dwn -4.0% -$0.02 company began trading on the Canadian
enCore Energy Corp. (TSX-V:EU) $3.30 h Up 1.9% $0.06 Securities Exchange under the new
Energy Fuels Inc. (TSX:EFR) $8.16 h Up 1.7% $0.14 name on or about December 14. The new
Fission Uranium Corp. (TSX:FCU) $0.83 i Dwn -3.5% -$0.03 trading symbol on the CSE is "M."
Global Atomic Corp. (TSX:GLO) $3.49 i Dwn -2.2% -$0.08
GoviEx Uranium Inc. (TSX-V:GXU) $0.19 i Dwn -7.3% -$0.02 The company's new CEO, Thomas Lamb,
JSC NAC Kazatomprom (LSX:KAP)5 $28.30 i Dwn -2.7% -$0.80
said, "This name change is the first in
IsoEnergy Ltd. (TSX-V:ISO) $2.81 i Dwn -5.4% -$0.16
i Dwn
what will be a series of near-term steps to
Lotus Resources Ltd. (ASX:LOT) $0.18 -10.0% -$0.02
NexGen Energy Ltd. (TSX:NXE) $5.57 h Up 0.4% $0.02
announce ourselves as a high-potential
Paladin Energy Ltd. (ASX:PDN) $0.71 n No Chg 0.0% $0.00 uranium explorer in [Niger's] Tim Mersoï
Peninsula Energy Ltd. (ASX:PEN) $0.14 h Up 3.8% $0.01 Basin. We have optioned 100% of four
Sprott Physical Uranium Trust (TSX:U.U) $10.54 i Dwn -1.0% -$0.11 large licenses in ideal locations, including
Ur-Energy Inc. (NYSE:URG) $1.15 n No Chg 0.0% $0.00 Agebout, which is on-structure
Uranium Energy Corp. (NYSE:UEC) $3.19 i Dwn -4.9% -$0.17 immediately adjacent to Africa's largest
Uranium Royalty Corp. (NASDAQ:URC) $2.30 i Dwn -3.0% -$0.07 uranium deposit, Orano's 380 million-
Yellow Cake plc (LSE:YCA) GBX359.80 h Up 0.1% -GBX7.40 pound U3O8 Imouraren deposit, and
Afouday, which lies 30 km [18.6 mi] from
1 Prices are gathered from sources believed to be accurate. TradeTech assumes no legal liability or responsibility for
the accuracy of this information. Companies in bold type are featured in this issue. Global Atomic's Dasa deposit."
2 ASX=AUD; HK=HKD; LSE=GBX; NYSE, NASDAQ=USD; TSX=CAD
3 Due to independent rounding, percentage change and price difference may not correspond.
Toro Energy Opens Private Placement
4 Change from previous Friday's closing price.
5 Share price in USD to Raise A$5M for Exploration
ASX-listed uranium developer Toro
TradeTech Volatility Value 5.2% Energy has secured firm commitments
Annualized 37.9% for a A$5 million (US$3.3 million) private
% Return TTVV placement including the issue of
30% 9% approximately 461.5 million new fully
20% 6% paid ordinary shares at $0.011 (US$0.01)
per share.
10% 3%
The placement was well supported
0% 0%
© 2022 TradeTech by new and existing institutional,
-10% -3% sophisticated and professional investors,
and will primarily support further
-20% -6% development of the Lake Maitland,
Dusty, and Yandal One Projects in
-30% -9%
Western Australia and provide working
capital, according to a December 15 Toro
Energy statement.
TradeTech's Volatility Value utilizes variances in week-on-week spot price returns to calculate a current measure of price volatility.

6 Nuclear Market Review December 16, 2022

Financial
News
Traction Uranium Closes
First Tranche of Private Placement
CSE-listed Traction Uranium Corp.
has closed the first tranche of a
non-brokered private placement for
total gross proceeds of approximately
C$2.5 million (US$1.8 million).
The company issued approximately
7.18 million Flow-Through (FT) units
at $0.35 (US$0.26) per FT unit. The
company will use proceeds from
the issuance of the FT shares to incur
“Canadian exploration expenses” as
defined by the Income Tax Act (Canada),
according to a December 9 statement.
Traction Uranium holds three flagship
uranium projects in the Athabasca
Region of Saskatchewan, Canada,
including Key Lake South, Hearty Bay,
and Lazy Edward Bay.
Ur-Energy Announces Additional
Multi-Year Uranium Sales Agreement
US uranium producer Ur-Energy has
signed a second multi-year uranium
sales agreement with a "leading
nuclear fuel company," according to
a December 14 company statement.
The new sales agreement calls for the
annual delivery of 300,000 pounds U3O8
over a five-year period beginning in
2024. Sales prices are anticipated to be
profitable on a company-wide, all-in cost
basis, and are escalated annually from
the initial pricing in 2024. The agreement
also provides that a 2029 commitment of
300,000 pounds may be agreed to by the
parties no later than year-end 2026, the
company noted.
Ur-Energy's total sales quantity now
under contract is 500,000 pounds U3O8
per year beginning in 2024, plus or minus
a small flex.
7 Nuclear Market Review December 16, 2022
UAE's Barakah Plant
(continued from p. 5)
the first time as part of its testing
activities, according to the Emirates
Nuclear Energy Corp. (ENEC).
The milestone brings Unit 3 (1,345 MWe
APR) of the four-unit facility, which is the
first commercial nuclear power station
in the Arab World, one step closer to
beginning commercial operation,
which is scheduled for early 2023.
Barakah Units 1 and 2 (1,417 & 1,345
MWe APRs) began commercial
operation in April 2021 and March 2022,
respectively. Unit 4 (1,345 MWe APR)
is in the final stages of construction,
according to ENEC.
IAEA to Maintain Staff at
All Ukrainian Nuclear Power Plants
The International Atomic Energy
Agency (IAEA) said this week it will
establish a permanent presence at
all operating nuclear power plants in
Ukraine, as well as at the Chornobyl
site, "at a time when Ukraine’s energy
infrastructure is facing unprecedented
challenges as a result of the war and in
the middle of winter."
The agency's decision means the
Khmelnitsky, Rivne, and South Ukraine
plants will have permanent IAEA
staffing; IAEA staff is already present at
the Zaporizhzhia plant, which is under
Russian military control.
India to Commission 20 Nuclear
Power Plants Over Next Decade
India plans to commission 20 nuclear
power plants by 2031, which will add
nearly 15,000 MW in power generating
capacity, the government told the
Lok Sabha (lower house of parliament)
on December 14.
The first new plant, a 630 MWe PHWR,
is expected to be commissioned in
2023 at the Kakrapar Nuclear Power
Plant in Gujarat, which has three units
in operation today. This will be followed
by Units 3 and 4 (917 MWe VVERs) at the
Kudankulam Nuclear Power Plant in
the southern state of Tamil Nadu. Other
units will follow over the next decade
to bring India's total installed nuclear
power capacity to nearly 22,000 MWe.
South Korea to Invest in Further
Development of Nuclear Power
The South Korean government will
invest 400 billion won (US$308 million)
annually to develop small modular
reactors as part of a plan to double the
overall annual spending on nuclear
energy to 2 trillion won (US$1.5 billion).
“The government will actively support
the nuclear energy industry so it
can become a major pillar leading
our exports and so that Korea can
once again be recognized globally
as a major nuclear energy power
country,” President Yoon Suk-yeol said
on December 14, according to local
media reports. Yoon's statement was
read by Minister of Trade, Industry and
Energy Lee Chang-yang at a ceremony
celebrating the commercial operation
of Shin-Hanul Unit 1, which began
operating on December 7 (Nuclear
Market Review, December 9, 2022).
Yoon is reversing a plan by former
President Moon Jae-in to gradually
phase out nuclear power in the Asian
nation. Part of the nuclear expansion
plans call for the construction of two
additional nuclear power plants—
Shin-Hanul Units 3 and 4—which will
start in January 2023. "Nuclear energy
will be actively utilized in strengthening
energy security and achieving carbon
neutrality,” Yoon said.
Financial
News
Ur-Energy continued . . .
The company previously announced
its initial multi-year agreement for
sales of 200,000 pounds U3O8 annually
beginning in 2023, which is conditional
on Ur-Energy securing additional
contractual commitments to support
a development decision for its Lost Creek
In-Situ Recovery Project in the US state
of Wyoming (Nuclear Market Review,
August 12, 2022).
KEPCO Discussing Plans
for New Nuclear Plant in Turkey
State-run Korea Electric Power Corp.
(KEPCO) is in discussions with the
Turkish government to develop
four nuclear power plants valued at
approximately 40 trillion won
(US$30.7 billion).
On December 15, a KEPCO
spokesperson said the parties will likely
begin a feasibility study next year, after
which they could sign an agreement to
build four 1,400 MWe Korean-designed
reactors in northern Turkey.
Westinghouse & Polskie
Elektrownie Jądrowe Sign
Agreement for First AP1000®
Reactors in Poland
Westinghouse Electric Company
and Polish utility Polskie Elektrownie
Jądrowe signed an agreement
this week, which defines the main
principles and path forward for the
first Polish nuclear reactors.
The agreement signed on
December 15 follows a decision in
November by the Polish government,
8 Nuclear Market Review December 16, 2022
which selected the Westinghouse
AP1000® reactor for the country's new
nuclear power program (Nuclear Market
Review, November 4, 2022).
The agreement outlines next steps
for the project, including site layout,
licensing and permitting support,
site development services and
procurement, as well as establishing the
framework for future project delivery
contracts. Another agreement is
expected to be signed by mid 2023 for
the design of the nuclear power plant to
be built in Pomerania.
TerraPower Delays Natrium Project
Due to Fuel Supply Concerns
TerraPower, the US nuclear power
developer founded by Bill Gates,
said this week that the operation of
its demonstration advanced power
reactor will be delayed at least two
years because the only source of
high-assay low-enriched uranium
(HALEU) fuel for the reactor is Russia,
and the Ukraine war has suspended
that trade relationship.
The company's advanced NatriumTM
reactor design was slated for operation
at a retired coal-fired power plant in
the state of Wyoming in 2028. Instead,
TerraPower CEO Chris Levesque said,
"Given the lack of fuel availability
now, and that there has been no
construction started on new fuel
enrichment facilities, TerraPower is
anticipating a minimum of a two-year
delay to being able to bring the Natrium
reactor into operation," in a written
statement on December 14.
Senator Barrasso Supports
Development of HALEU
In response the company's decision,
Senator John Barrasso (R-WY) said,
"Instead of relying on our adversaries
like Russia for uranium, the United
States must produce its own supply of
advanced nuclear fuel."
Barrasso sent a letter to Senate Energy
Committee Chairman Joe Manchin
(D-WV) requesting a hearing about the
availability of HALEU. Barrasso also sent
a letter to the Energy Secretary Jennifer
Granholm to urge the USA to move
faster in securing a source of HALEU.
Denison Completes
Neutralization Phase of
Phoenix ISR Feasibility Field Test
TSX-listed Denison Mines Corp.
has completed the neutralization
phase of the Phoenix in-situ recovery
(ISR) Feasibility Field Test (FFT) at its
95%-owned Wheeler River Project in
Saskatchewan, Canada, which marks
the end of the company's evaluation
field activities at the project this year.
Sampling of monitoring wells around
the FFT site has confirmed the
successful restoration of the Leaching
Zone to environmentally acceptable
pH conditions, as outlined in the
applicable regulatory approvals
for the FFT.
In a December 12 statement,
Denison President & CEO David
Cates commented, "During the year
we successfully constructed and
commissioned the FFT facilities, and
carried out both the leaching and
neutralization phases of the FFT.
Our recovery of uranium-bearing
solution with the use of the
ISR mining method is a first in the
history of the Athabasca Basin
region, and now we have achieved
another landmark accomplishment
with the restoration of the test area
to environmentally acceptable pH
conditions."
China's First PBMR Plant
Reaches Full Power
The world's first pebble bed modular
reactor (PBMR) achieved full initial
power on December 9, at the
Shidaowan (or Shidao Bay) Nuclear
Power Plant in China's Shandong
Province.
The plant includes two PBMR units,
each of 250 MWt capacity, together
driving a single 210 MWe steam turbine.
The PBMR, which in China is designated
as the High Temperature Gas-Cooled
Reactor, has been built and is operated
by a consortium, including INET as the
research and development leader,
with a 20 percent stake. The largest
shareholder is state-owned power
generation group China Huaneng
(47.5%) and the remaining shareholder
is China Nuclear Engineering Corp.,
a subsidiary of the state-owned China
National Nuclear Corp. (32.5%).
US Court Upholds NRC's Handling
of enCore Energy’s Dewey Burdock
Project Source Material License
The United States Court of Appeals
for the District of Columbia Circuit
has denied the request of the Oglala
Sioux Tribe and the group "Aligning
for Responsible Mining" for a full panel
review of a prior decision by
a three-judge panel of that court
related to enCore Energy's Dewey
Burdock In-Situ Recovery Uranium
Project in the state of South Dakota.
In the prior decision, the panel
found that the Nuclear Regulatory
Commission had adequately
complied with the relevant statutory
and regulatory requirements in
granting a source materials license to
enCore subsidiary Powertech USA for
extraction of uranium from ore beds at
9 Nuclear Market Review December 16, 2022
the project. The groups may petition
the United States Supreme Court to
review the ruling; they have 90 days in
which to file for review, and possibly
60 additional days if the court grants an
extension.
The Dewey Burdock Project has an
initial capital expenditure estimated
at US$31.7 million and is forecast to
produce 14.3 million pounds U3O8 over
its 16 years of production, according to
enCore Energy.
GAIN Vouchers Awarded to Support
Several Advanced Reactor Designs
The Gateway for Accelerated
Innovation in Nuclear (GAIN)
initiative, which was established
by the US Department of Energy,
today announced vouchers for
four businesses to help support the
development of several US advanced
reactor designs.
The companies, which include Dow,
Flibe Energy, Olko Inc., and Radiant
Industries, will be provided access to
the research capabilities and expertise
at Argonne National Laboratory and
Idaho National Laboratory to help
advance their projects. All awardees are
responsible for a minimum 20 percent
cost-share, which could be an in-kind
contribution.
US Senate Proposes Legislation
to Promote Global Cooperation
in Civil Nuclear Exports
The US Senate Foreign Relations
Committee passed the bipartisan
International Nuclear Energy Act (INEA)
on December 7, which aims to support
the USA's civil nuclear export
strategy and promote international
cooperation in nuclear energy
investment.
The INEA would promote
US engagement with ally and partner
nations to develop a civil nuclear export
strategy, which would help promote
the USA as a competitive alternative
to Russia's and China's nuclear power
export programs and also support lower
global emissions. While the legislation
will not pass in the current Congress,
it may be reintroduced in the next
Congress in 2023.
USNRC Accepts TRISO-X’s
Application for First-of-a-Kind Fuel
Fabrication Facility
The US Nuclear Regulatory Commission
(NRC) has accepted an application
from TRISO-X, a subsidiary of X-Energy
Reactor Co., for the first-ever fuel
fabrication facility focusing on the use
of high-assay low-enriched uranium
(HALEU).
The NRC’s decision to review
TRISO-X’s application is an important
step in bringing North America’s first
commercial-scale advanced nuclear
fuel facility, which will be located in
Oak Ridge, Tennessee. X-energy
announced on December 6 plans to
list on the New York Stock Exchange
through a merger with Ares
Acquisition Corp.
 Uranium Market Data
Monthly Market Values Weekly U3O8 Spot Price Indicator
11/30/22 Units $70.00
per pound U3O8

NUEXCO Exchange Value® $49.75 US$ / lb U3O8 US Dollar ($)

UF6 Value $170.00 US$ / kgU as UF6 Euro (€)
Loan Rate 5.50 Percent / annum $60.00
Conversion Value
– North American $40.00 US$ / kgU as UF6
– European $40.00 US$ / kgU as UF6 $50.00
SWU Value $110.00 US$ / SWU
Transaction Value $51.80 US$ / lb U3O8
$40.00
Mid-Term U3O8 $51.00 US$ / lb U3O8
Long-Term U3O8 $53.00 US$ / lb U3O8
Production Cost $56.20 US$ / lb U3O8 $30.00
Long-Term Conversion
– North American $28.00 US$ / kgU as UF6 © 2022 TradeTech
– European $28.00 US$ / kgU as UF6 $20.00
Mid-Term SWU $110.00 US$ / SWU
Long-Term SWU $137.00 US$ / SWU
DEFINITIONS*
TradeTech's NUEXCO Exchange Value®, UF6 Value, Conversion Values, and SWU Values
reflect the company's judgment of the price at which spot and near-term transactions
for significant quantities of natural uranium concentrates (U3O8), natural uranium
hexafluoride (UF6), or conversion or enrichment services could be concluded as of the U3O8 Prices
US$ per pound U3O8
last day of the month. The Loan Rate is TradeTech's judgment of the annual interest rate at 150
which uranium loans could be concluded as of the last day of the month. The Transaction Exchange Value - Unrestricted (World) Market
Value is a weighted average price of recent natural uranium sales transactions. The Exchange Value - Restricted Market
Mid-Term Price Indicators for U3O8 and SWU are TradeTech's judgment of the base 125 Mid-Term Price Indicator
price at which transactions for mid-term or intermediate delivery of natural uranium Long-Term Base Price Indicator
concentrates or enrichment services could be concluded as of the last day of the month,
100
for transactions in which the price at the time of delivery would be an escalation of
the base price from a previous point in time. The Long-Term Price Indicators for U3O8,
Conversion, or SWU are TradeTech's judgment of the base price at which transactions 75
for long-term delivery of that product or service could be concluded as of the last day
of the month, for transactions in which the price at the time of delivery would be an
escalation of the base price from a previous point in time. The U3O8 Weekly Spot Price 50
Indicator is our judgment of the price at which spot transactions for significant quantities
of natural uranium concentrates could be concluded as of the end of each Friday. The
25
Daily U3O8 Spot Price Indicator is TradeTech's judgment of the price at which spot and
near-term transactions for significant quantities of natural uranium concentrates could
© 2022 TradeTech
be concluded as of the end of Monday, Tuesday, Wednesday, and Thursday (excluding of 0
US Federal government holidays and the last day of each month when TradeTech's
monthly NUEXCO Exchange Value® is published). The Production Cost Indicator (PCI) is a
value reflecting TradeTech's proprietary judgment of the weighted average life-of-mine
cost needed to support additional uranium production required to sustain the global
nuclear fuel industry. The monthly PCI conforms to production that is deliverable into
TradeTech’s Prime Contracting Period.
All Market Values are expressed in US$ and are based on: SWU Value
- Data from recently completed transactions. US$ per SWU
- Data from pending transactions. 175
- Firm bids to buy or borrow, and firm offers to sell or lend.
- Prices purchasers or rates borrowers have expressed a willingness to pay, but for which we 150
are not aware of firm bids to buy or borrow and prices sellers or rates lenders have expressed
a willingness to accept, but for which we are not aware of firm offers to sell or lend.
125
In the determination of all Market Values, we do not consider:
Restricted Market
- Prices associated with deliveries under old or renegotiated contracts, or other than
100
arm’s-length transactions.
- Charges for transportation other than that customarily provided by suppliers.
- Prices of services or materials delivered under long-term contracts with primary suppliers. 75
- The PCI is predicated on TradeTech’s proprietary assessment of a project’s Fully Allocated
Production Cost over the planned Life-of-Mine (i.e. LoM C3™). 50
-The Prime Contracting Period currently begins two years out and covers four years.
All rights to the names NUEXCO Market Values, NUEXCO Exchange Value®, NUEXCO 25
UF6 Value, NUEXCO Conversion Value, NUEXCO SWU Value, and NUEXCO Loan Rate are © 2022 TradeTech

the property of TradeTech, LLC, Englewood, Colorado, USA. 0

* Complete definitions, including derivations and comments, are on our website at:
www.uranium.info/uranium_price_definitions.php.

TradeTech Publications include , without limitation, The Nuclear Review, Nuclear Market Review,
and Uranium Market Study. Publications contain information and data proprietary to TradeTech
and remain the property of TradeTech. Publications are furnished to our customers for their
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TradeTech
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10 Nuclear Market Review December 16, 2022