Why Uranium Has Outperformed Other Commodities Amidst Tariffs

Yeah, I think it's fair to say that all commodity markets have been impacted in one way or another by shifting geopolitical tensions and trade wars, and obviously tariffs, which have been on and off again. Uranium has actually done quite well relative to other commodities because it is largely exempt from any tariffs.

That's because the US is very dependent on other countries for this critical material. The US is still a very small producer of uranium but still is the largest consumer of uranium in the world.

So this mismatch is not surprising to us why tariffs are not applicable. It is, I think, a very good signal to utilities. They don't have to be concerned about buying fuel and whether it was going to be hit with these tariffs, and that should help utilities come back to market and start buying uranium.