Metals & Mining Uranium and Nuclear Fuel Cycle Expert Call Takeaways

Research evidence excerpt

Metals & Mining Uranium and Nuclear Fuel Cycle Expert Call Takeaways

J P M O R G A N North America Equity Research

22 May 2026

Metals & Mining

Uranium and Nuclear Fuel Cycle Expert Call

Takeaways

Bill Peterson AC

(1-415) 315-6766

bill.peterson@jpmchase.com

Bennett Moore

Earlier this week, we hosted a nuclear fuel procurement veteran with (1-212) 622-0188

bennett.moore@jpmchase.com

experience across utility procurement, inventory/financing programs, J.P. Morgan Securities LLC

uranium trading and enrichment as part of our Expert Call Series

(replay). Nuclear fuel markets remain increasingly services and deliverability-

driven: while U₃O₈ availability matters, the binding constraint for utilities is often

securing the full chain – conversion (UF₆), enrichment (SWU), and qualified

fabrication slots – on an executable schedule. Our fireside chat reinforced that the

procurement process and outcomes are shaped less by headline spot pricing and

more by utility re-contracting cadence (notably for 2027–2032 needs), midstream

capacity/lead times, and policy-linked supply chain access. Longer term, pro-

nuclear policy support and the prospect of restarts/plant life extensions/new builds

are constructive for demand across the nuclear fuel cycle, though not without some

challenges to overcome, including underappreciated execution constraints

including inputs (raw materials) and workforce readiness. Specific to enrichment,

the market’s through-cycle value capture will likely be determined in part by

Russia’s future role and the pace of new technology commercialization. Within our

coverage universe, we are N-rated on LEU, which is aiming to reshore domestic

enrichment.

• Supply / demand fundamentals (U₃O₈ + enrichment/SWU): Incremental