Uranium Production Trends – 1Q26

Research evidence excerpt

Uranium Production Trends – 1Q26

Australia | Metals & Mining EquityMayResearch11, 2026

Figure 1 - Reported Uranium Production fromUranium Production Trends – 1Q26

Select Companies (Mlb)

45We track quarterly primary uranium production that collectively accounts 40

30for >90% global supply. Based on reported 1Q26 volumes, production 25

15seasonally fell 7% to ~42.0Mlbs, +15% YoY. Production continues to trend 10

-higher at ~10% 5-yr CAGR. We see ongoing primary supply growth from

Kazatomprom ex-JVs Cigar Lake McArthur River Inkai Semizbay

Irkol Central Mynkuduk Zhalpak Husab & Rössing Olympic Damorganic expansion and greenfield projects, incentivised by strong uranium Navoiyuran Russia Four Mile Niger / SOMAÏR Langer Heinrich

fundamentals. McArthur River disruptions tighten the near-term market, .Source:HoneymoonCompanyU.S. DomesticReports, Jefferies

and highlights supply chain fragility.

Figure 2 - Uranium Production Growth

40%

McArthur River / Key Lake disruption temporary, but keeps the market tight. Cameco 30%

confirmed flooding has resulted in the collapse of the Smoothstone River Bridge, a primary 20%10%

supply route to McArthur River/Key Lake, forcing a temporary halt to Key Lake milling and -

reduced activity at McArthur River. McArthur ore is trucked ~80km as slurry to the Key Lake -10%

mill, with 1-2-weeks of slurry/container storage. While bridge repairs are unlikely until flooding -20%-30%

recedes, currently restricted alternative road access will likely provide reprieve. Based on QoQ Chg YoY Chg

recent quarterly performance (Figure 4), a one-month disruption could plausibly equate to .Source: Company Reports, Jefferies

~1.3-1.7Mlb U3O8 of lost production (~9.3% Global supply). Near-term utility delivery risk looks

Figure 3 - Quarterly Reported Uranium