A periodic newsletter to keep our clients up-to-date on developments within our company
UxC has been actively engaged on multiple fronts since our last update. As we wrap up another amazing year, we want to share our team's accomplishments during 2025 and also present some of our plans for the year ahead.
President's Message
It's hard to believe that 2025 is nearly over, but I look back on this year as a clear turning point for the nuclear markets. Every one of this year's industry events felt more optimistic than the last, and there is also a rising youthful energy permeating our sector that is unmistakable. At UxC, we have been riding this wave of enthusiasm, and we want to acknowledge the tremendous ongoing support of our clients and industry partners. UxC's primary aim is to ensure that the nuclear markets remain strong and efficient, supported by reliable data, insightful analysis, and thoughtful forecasts. As the Thanksgiving holiday is soon upon us here in the U.S., I want to personally express my gratitude both to the team here at UxC for their tremendous efforts and to our amazing customers and friends across the globe who keep us motivated and full of purpose.
- Jonathan Hinze
Nuclear Fuel Training Seminar
In late June, UxC held its latest Nuclear Fuel Training Seminar in Vienna, Austria. With over 60 participants, this year's Vienna seminar was the biggest UxC seminar yet in Europe. We welcomed participants from 22 countries and 38 companies spanning the globe and representing nearly every sector of the nuclear markets.
Save the Date!
We are also excited to announce that the dates and location are confirmed for our next Training Seminar. The 2026 Seminar will be held in Atlanta, Georgia, USA on May 4-7, 2026. Please note that we are holding the seminar in early May 2026 due to the World Cup scheduled to take place in North America next year during our usual time in late June. We look forward to welcoming participants from across the globe to this premier event in the nuclear industry.
Registration will open for the 2026 Atlanta Seminar in early January, so be on the lookout for future emails. In the meantime click here for more information on the next seminar. Also, for those wanting to be added to a pre-registration list, please contact .
Speeches, Articles, and Achievements by UxC Personnel
UxC experts have been quite busy over the past year contributing to various industry publications, events, and media interviews.
Jonathan Hinze, President, participated in several speaking and other engagements over the year. In April, Jonathan gave a presentation at the World Nuclear Fuel Cycle event in Montreal on the topic of "Surging Demand, Tight Supply - Is the Fuel Cycle Ready?" examining potential bottlenecks across the nuclear fuel supply chain.
In June, Jonathan also gave a lecture on the nuclear fuel markets to the Reactor Technology Course for Utility Executives held at the Massachusetts Institute of Technology (MIT).
Later in October, Jonathan gave a speech entitled "What Might We Be Missing?" to NEI's International Uranium Fuel Seminar in Charleston, SC, which highlighted the ways that numerous unpredictable events have impacted the nuclear markets and how these events have often created new and unanticipated price and supply pressures.
Over the course of the year, Jonathan also participated in several investor-focused virtual events hosted by Bank of America, JP Morgan, Citigroup, and Jefferies.
Given fast-moving developments in the nuclear power and fuel markets, Jonathan was also interviewed throughout 2025 by various major global media outlets, including The Wall Street Journal, Financial Times, MarketWatch, Bloomberg, The Economist, Reuters, CNBC, Politico, Nikkei, Chosun Daily, and S&P Global Intelligence.
Nick Carter, Executive Vice President, Uranium, gave a Uranium Market Overview presentation at the 59th Meeting of the Joint NEA-IAEA Uranium Group in February. He also provided several presentations to investor groups, including those organized by JP Morgan and Scotiabank. Looking forward, Nick will be presenting during the next PDAC event in Toronto in early March 2026 at the Uranium Session.
Anna Bryndza, Executive Vice President, International, was a featured panelist during the World Nuclear Fuel Cycle's panel on conversion in Montreal this April. Anna also gave an in-depth interview on the uranium markets to Bloor Street Capital during the World Nuclear Symposium in London in September.
Philip Johnson, Senior Vice President, Fuel Cycle, participated in numerous events this year, including a Bank of America investor virtual event on uranium and Citigroup's investor conference on SAMRs, both in April.
Latest Special Reports
In addition to our numerous standard reports, like our Uranium Market Outlook (UMO) quarterly, UxC also publishes various special reports addressing key issues and major trends across the international nuclear energy and fuel markets. The following highlights some of our latest and upcoming special reports.
2025 Special Reports:
Uranium Production Cost Study (UPCS)—In August, UxC issued the latest biennial edition of its industry-leading report on uranium production costs. The UPCS complements UxC's other reports on uranium supply and markets by providing production cost curves for operational, planned, and potential uranium projects. The report identifies where expanded and new uranium supply will come from across over 100 worldwide projects to meet future nuclear fuel demand. Production cost curves for individual projects are presented by geographic region and mining method. UPCS also provides an extensive review of various factors impacting production costs.
Nuclear Zirconium Alloy Market—In November, UxC issued its latest edition of its special report on the unique market for nuclear-grade zirconium alloys. This report offers UxC's latest research on the many different suppliers that operate in the nuclear-grade zirconium sponge, alloy, materials, and tubing markets. Using proprietary demand modeling, we identify the latest major trends in the nuclear-grade zirconium industry by analyzing the global and regional supply and demand balances for nuclear-grade zirconium alloy and tubing as well as by reactor types. The report also reviews the latest status and trends in the broader zirconium raw materials markets and how these trends are impacting the costs for nuclear zirconium alloy producers.
Conversion & Enrichment Supplier Assessments (CESA)—In mid-December, UxC will be publishing its annual CESA report, which offers profiles of each supplier in the conversion and enrichment markets, as well as unbiased, quantitative evaluations of the major suppliers through a detailed risk matrix approach. CESA allows utilities to compare suppliers and gauge the relevant risks within their current and potential future supply portfolios. For suppliers, investors, and others active or interested in following conversion and/or enrichment supply, CESA provides an independent and unique evaluation methodology to identify how each supplier ranks within the current fuel cycle market. CESA is discounted for subscribers of the Conversion Market Outlook and/or Enrichment Market Outlook.
Uranium Suppliers Annual (USA)—Also in December, UxC will be issuing its latest USA report, which contains comprehensive data and information on all the world's uranium suppliers, including detailed sections on primary, domestic, and planned producers; junior/exploration companies; and intermediaries. Included in the USA are future production forecasts, operational considerations, supplier/project risk analyses, production cost estimates, mill capacities, project reserves, and supplier/facility summaries. The report also examines supplier marketing strategies, allowing buyers to understand the capabilities and motivations of suppliers, as well as the political, social, and economic environments in which they operate.
Upcoming 2026 Special Reports:
Small, Advanced, and Micro Reactor Fuel Markets (SAMFuel)—UxC has done significant work over the past year analyzing all aspects of the fuel market impacts from small, advanced, and micro reactors (SAMRs). While slightly delayed, UxC is now planning to issue a new special report on Small, Advanced, and Micro Reactor Fuel Market Analysis (SAMFuel) in early 2026. UxC's new SAMFuel report builds on our past work in the emerging SAMR market, providing a deeper analysis of the nuclear fuel cycle aspects of SAMRs, including independent projections for SAMR-related fuel demand, fuel supply chain assessments, and the potential market implications for all fuel cycle sectors (e.g., uranium, conversion, enrichment, fabrication, spent fuel management, etc.). SAMFuel will include special analysis of the markets for HALEU, TRISO fuel, and other advanced fuel products and forms.
Global Nuclear Fuel Inventories (GNFI)—In mid-2026, UxC plans to publish an updated edition of its biennial special report on Global Nuclear Fuel Inventories. The upcoming GNFI report will offer further enhancements over previous editions to provide the latest information and insights related to nuclear fuel inventories worldwide. This includes updated data and analysis of all utility, supplier, trader/financial, and government inventory levels, plus new insights into the level of utility forward coverage rates and their evolution in the coming years. The GNFI also contains forecasts for future inventory buying and disposition as well as a look at inventory policy impacts on the uranium, conversion, and enrichment sectors. In addition, GNFI offers analysis of the market impacts of inventories and key considerations for all market entities.
Nuclear Fuel Price Reporting Enhancements
As we introduced in the October 20th edition of the Ux Weekly, UxC made several enhancements to its industry-leading nuclear fuel price indicators this year. The focus of these updates was on our spot uranium price definition (i.e., the Ux U3O8 Price®) as well as the introduction of two new price indicators based on our daily spot uranium prices. In addition, UxC has continued over the year to enhance its data collection, market analysis, and price reporting in various ways across the front-end of the nuclear fuel cycle. UxC takes publication of all Ux Price Indicators extremely seriously and understands that these are the most widely used and referenced nuclear fuel prices in the world. As a result, we do our utmost to follow the strictest policies and best practices in price reporting, as we view the responsibility of publishing these price indicators as one of the most important aspects of our business. Finally, we want to remind the industry that Ux Price Indicators are a service provided solely through the publication of our Ux Weekly newsletter subscription service.
Atomic Runners Sponsorship
UxC helped organize and sponsor several Atomic Runners events over the course of the past year. In September, we held an inaugural run in London through Kensington Gardens during the World Nuclear Symposium. In October, we had another great run, this time through the old town streets of Charleston, South Carolina. In addition, UxC once again sponsored a Virtual 5K in June, which raised money for nuclear industry workers and their families in war-torn Ukraine.
For more information on all UxC activities and reports, please visit our website at www.uxc.com.
It's hard to believe that 2025 is nearly over, but I look back on this year as a clear turning point for the nuclear markets. Every one of this year's industry events felt more optimistic than the last, and there is also a rising youthful energy permeating our sector that is unmistakable. At UxC, we have been riding this wave of enthusiasm, and we want to acknowledge the tremendous ongoing support of our clients and industry partners. UxC's primary aim is to ensure that the nuclear markets remain strong and efficient, supported by reliable data, insightful analysis, and thoughtful forecasts. As the Thanksgiving holiday is soon upon us here in the U.S., I want to personally express my gratitude both to the team here at UxC for their tremendous efforts and to our amazing customers and friends across the globe who keep us motivated and full of purpose.
UxC experts have been quite busy over the past year contributing to various industry publications, events, and media interviews.
Jonathan Hinze, President, participated in several speaking and other engagements over the year. In April, Jonathan gave a presentation at the World Nuclear Fuel Cycle event in Montreal on the topic of "Surging Demand, Tight Supply - Is the Fuel Cycle Ready?" examining potential bottlenecks across the nuclear fuel supply chain.
Nick Carter, Executive Vice President, Uranium, gave a Uranium Market Overview presentation at the 59th Meeting of the Joint NEA-IAEA Uranium Group in February. He also provided several presentations to investor groups, including those organized by JP Morgan and Scotiabank. Looking forward, Nick will be presenting during the next PDAC event in Toronto in early March 2026 at the Uranium Session.
Small, Advanced, and Micro Reactor Fuel Markets (SAMFuel)—UxC has done significant work over the past year analyzing all aspects of the fuel market impacts from small, advanced, and micro reactors (SAMRs). While slightly delayed, UxC is now planning to issue a new special report on Small, Advanced, and Micro Reactor Fuel Market Analysis (SAMFuel) in early 2026. UxC's new SAMFuel report builds on our past work in the emerging SAMR market, providing a deeper analysis of the nuclear fuel cycle aspects of SAMRs, including independent projections for SAMR-related fuel demand, fuel supply chain assessments, and the potential market implications for all fuel cycle sectors (e.g., uranium, conversion, enrichment, fabrication, spent fuel management, etc.). SAMFuel will include special analysis of the markets for HALEU, TRISO fuel, and other advanced fuel products and forms.
UxC helped organize and sponsor several Atomic Runners events over the course of the past year. In September, we held an inaugural run in London through Kensington Gardens during the World Nuclear Symposium. In October, we had another great run, this time through the old town streets of Charleston, South Carolina. In addition, UxC once again sponsored a Virtual 5K in June, which raised money for nuclear industry workers and their families in war-torn Ukraine.
