Centrus Energy: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Centrus Energy: J.P. Morgan Natural Resources Conference Takeaways

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

24 June 2026

Centrus Energy Neutral

LEU, LEU US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$177.50

Metals & Mining

We hosted Centrus Energy’s Head of Investor Relations, Neal Nagarajan, at Bill Peterson AC

our 2026 Natural Resources Conference. Discussions primarily focused on: 1) (1-415) 315-6766

impact of HALEU commercialization, 2) supply response/scalability, and 3) bill.peterson@jpmchase.com

policy backdrop. While the overarching narrative was largely consistent with Bennett Moore

recent company messaging, we highlight several incremental data points and (1-212) 622-0188

framing items below. bennett.moore@jpmchase.com

Rock Hoffman

• HALEU can tighten LEU availability: Nagarajan emphasized that HALEU (1-212) 259-5055

production uses LEU as feedstock and quoted a ~6:1 relationship (i.e., rock.hoffman@jpmchase.com

J.P. Morgan Securities LLC

materially more LEU enrichment capability is required upstream to enable a

given HALEU cascade/ramp). The practical implication is that if HALEU

demand accelerates (advanced reactors / SMRs), it may not only add

incremental “new” demand, but could also pull LEU supply out of the system,

exacerbating LEU tightness and supporting a higher-for-longer SWU pricing

construct (notably in a market where enrichment remains the key bottleneck).

• Scaling enrichment remains difficult: We heard the view that Urenco has

supposedly never reached nameplate at certain facilities, directionally

underscoring that operational ramp/availability can be a real constraint in

enrichment and that capacity additions may not show up cleanly in the market.