Is the uranium market heading toward a much bigger supply crisis than investors realize? Mike Alkin of Sachem Cove Partners joins us to discuss why uranium mining costs are rising, why the industry's cost curve may be fundamentally wrong, and why reported inventories could be misleading investors. We examine Kazatomprom's rising production costs, structural uranium supply deficits, secondary supply, utility contracting, Project UPRISE, and the challenges of bringing new uranium mines into production. Mike also explains the lessons from the 2007 uranium bull market, the disconnect between spot and long-term contract prices, and why uranium stocks have fallen despite strong underlying fundamentals. With nuclear energy demand growing and new supply facing significant challenges, are investors underestimating the potential for a major uranium market squeeze? Watch this in-depth discussion of uranium supply and demand, nuclear fuel security, mining economics, and the long-term outlook for uranium prices and equities.

🗓️ Recording date: October 29, 2026

📖 Chapters
00:00 Intro
00:25 – Why the Uranium Cost Curve Is Wrong
07:44 – Uranium Inventories and the Illusion of Oversupply
12:24 – Lessons from the 2007 Uranium Bull Market
18:04 – Utility Contracting and the Growing Supply Gap
21:00 – Kazatomprom and Rising Uranium Production Costs
26:13 – Can New Uranium Mines Deliver Enough Supply?
33:28 – The Structural Uranium Supply Deficit
40:00 – Could Uranium Prices Exceed Previous Highs?
43:40 – Project UPRISE, Strategic Uranium Reserves and US Procurement
50:54 – What Utilities Are Telling Us About Uranium Demand
53:59 – Uranium Spot Prices vs. Long-Term Contract Prices
59:41 – Why Uranium Stocks Are Falling Despite Strong Fundamentals
1:02:05 – AI, Data Centers and Uranium Market Sentiment
1:08:45 – Has the Uranium Investment Thesis Changed?