Uranium market remains structurally supportive, though operational/project uncertainties remain for Australian sector; PDN to Sell/BOE to Neutral on valuations; Preview June Q/FY27

Research evidence excerpt

Uranium market remains structurally supportive, though operational/project uncertainties remain for Australian sector; PDN to Sell/BOE to Neutral on valuations; Preview June Q/FY27

Equity Research

18 June 2026 | 8:34PM AEST

AUSTRALIA URANIUM

Uranium market remains structurally supportive, though

operational/project uncertainties remain for Australian sector; PDN to

Sell/BOE to Neutral on valuations; Preview June Q/FY27

We continue to see the global uranium market facing structural tailwinds with a Hugo Nicolaci

+61(2)9321-8323 |

near-term deficit of ~10mn lbs (further impacted by ongoing operational disruptions hugo.nicolaci@gs.com

Goldman Sachs Australia Pty Ltd

at major assets; see our team’s latest Global reactor tracker) set to expand further as

Paul Youngnuclear power generation capacity is forecast to grow ~5% p.a. to 2050 against +61(2)9321-8302 |

declining existing mine supply and challenges to new resource developments. We paul.young1@gs.comGoldman Sachs Australia Pty Ltd

expect this dynamic will require uranium prices to continue rising over the medium Marcus Dosanjh

term as utilities look to contract volumes further out, which should benefit the +61(2)9321-8780marcus.dosanjh@gs.com|

Australian uranium sector over the medium to longer term. Goldman Sachs Australia Pty Ltd

However, with the Australian stocks going through a combination of operational

changes and revised project studies, with associated cost/capex/funding/

timing/execution risks, we see the sector more fairly valued and trading broadly

in-line with our US$105/lb (real $ 2026) LT uranium pricing. We refresh the outlook

for our Australian uranium coverage reflecting revised operational estimates

(operational updates, project capex/timing) and macro assumptions (uranium