Centrus Energy Corp. (LEU.N): Moving from Concept to Contract; Oklo and Centrus Sign LOI for HALEU Supply

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Centrus Energy Corp. (LEU.N): Moving from Concept to Contract; Oklo and Centrus Sign LOI for HALEU Supply

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18 Jun 2026 14:00:53 ET │ 11 pages

Centrus Energy Corp. (LEU.N)

Moving from Concept to Contract; Oklo and Centrus Sign LOI for HALEU

Supply

CITI’S TAKE Neutral / High Risk

This morning, Centrus and Oklo executed an LOI for HALEU supply, Price (17 Jun 26 16:00) US$170.31

representing a positive development for both parties, particularly Centrus. Target price US$218.00

We understand a binding agreement could be finalized later this year.

Expected share price return 28.0% While pricing remains undisclosed, the contract implies ~2.5 million SWU

and should be reflected in Centrus’s backlog upon execution. Potential Expected dividend yield 0.0%

prepayments would support Centrus’s cascade deployment alongside Expected total return 28.0%

DOE funding and other capital sources. For Oklo, the agreement secures Market Cap US$3,350M

fuel for roughly one-third of its planned 1.2 GW Ohio campus and provides

greater visibility into initial core loading costs for its 75 MW reactors,

which should aid PPA discussions. Notably, the LOI covers five reactors

versus two in Phase I of the Meta agreement, suggesting line of sight on Vikram BagriAC

incremental commitments from Meta. +1-212-816-4506

vikram.bagri@citi.com

LOI Announcement – This morning, Centrus and Oklo signed a Letter of Intent to Theodore Giletti, CFA

Purchase Nuclear Fuel for Aurora Powerhouse Deployment in Southern Ohio, +1-212-816-3835

effectively the first large-scale commercial HALEU supply agreement to date. Our theodore.giletti@citi.com

conversations with the companies involved indicate that a final binding agreement

Vignesh Gundamay be signed later this year.

+1-212-816-9667

vignesh.gunda@citi.com