Timothy Cilleri, a renowned uranium market expert and founder of Golden Rock Research, shares his insights on the current state of the uranium market, the challenges facing new projects, and the implications of China's uranium shortfall. He discusses the importance of utility contracting strategies, the dynamics of market-related contracts, and the leverage that producers have in negotiations and Q&A.
GRR Substack https://goldenrockresearch.substack.com/

🗓️ Recording date: October 6, 2025

📖 Chapters
0:00 - Intro
1:30 - Timothy Chilleri’s Background and Origin Story
4:16 - Discussion on Structural Uranium Supply Deficit and Project Delays
7:00 - Focus on NextGen’s Rook 1 and Denison’s Wheeler River Projects
11:40 - Paladin’s Triple R Project Timeline and Synergies
13:47 - Speculation on NextGen’s Potential Acquisition
15:51 - China’s 70-Million-Pound Uranium Shortfall and Global Impact
19:27 - Global Atomic’s Financing Challenges in Niger
22:08 - Utility Contracting Strategies and Market Dynamics
28:51 - Impact of Market-Related Contracts on Spot Price Volatility
32:38 - Leverage of Major Producers like Cameco in Negotiations
34:38 - Viewer Question: Namibian 51% Stake Policy and Its Impact
35:50 - Viewer Question: Spot Market Depth and Inventory Dynamics
40:29 - Viewer Question: Conversion Capacity vs. Enrichment Expansion
44:12 - Viewer Question: AI-Driven Nuclear Demand and Hyperscalers
45:14 - Viewer Question: New Trading Firms like Mercuria
46:19 - Viewer Question: Future Exit Signals for Uranium Investments
47:42 - Viewer Question: CGN Mining and Chinese Advantages
48:47 - Viewer Question: Scenarios for Lower Uranium Prices in Five Years
49:55 - Viewer Question: Favorite Uranium Explorer, Producer, Developer
51:39 - Viewer Question: Favorite Uranium Jurisdiction
53:00 - Viewer Question: Australian Law Changes and Oversupply Narrative
54:53 - How to Connect with Timothy Chilleri (Golden Rock Research)