Highlights from the 2026 RBCCM Global Mining & Materials Conference

Research evidence excerpt

Highlights from the 2026 RBCCM Global Mining & Materials Conference

Highlights from the 2026 RBCCM Global Mining & Materials

Conference

• Uranium equity takeaways: Uranium markets are seeing significant off-market discussions

between producers and utilities, with some long-term contract volumes transacting at prices

above the levels being reported by uranium price reporters and at favourable market-

related terms. The US government interest in critical minerals, including uranium, was

highlighted during the keynote panel and in investor meetings, with the companies noting

US government engagement to ensure domestic availability. In nuclear, both the US and

global governments continue to be strongly engaged in efforts to build-out new capacity

and the opportunity set for new builds has increased, although finalization of new nuclear

construction will take time given complexity and size of the projects. In Cameco’s meetings,

the company re-iterated 2026 production guidance is unchanged despite the temporary

curtailment due to Northern Saskatchewan spring season flooding. The company also remains

very actively engaged with the US government on deploying $80B for new large reactors while

the global opportunity could be >60 AP1000 projects. In NexGen’s meetings, management

highlighted site preparation works for 2026 ahead of ground freezing in late-2026 and shaft

sinking mid-2027. Regarding financing, the company prefers prepay as this would preserve

shareholder value and participation in long-term upside. In Paladin Energy’s meetings,

management highlighted the company’s current focus on ramping-up Langer Heinrich to full

production, entering more market-related contracts to gain spot/term price exposure, and

targeting production at Patterson Lake South by 2031.