Per Jander, Director of Nuclear Fuel and Investor Services at WMC and Technical Advisor to the Sprott Physical Uranium Trust, discusses current uranium market conditions in the context of the ongoing Iran conflict and recent institutional buying activity. He explains the early 2026 spot price spike driven by heavy January/February purchasing from vehicles such as the Sprott Physical Uranium Trust (SPUT), the subsequent pullback amid broader risk-off sentiment, and the relative resilience of the uranium market compared to other metals. The conversation focuses on the strength of long-term contract prices, the mechanics linking spot and term markets, trader-dominated spot activity, and the positive longer-term outlook for nuclear energy.

• Uranium spot prices have moderated to around $85/lb following an early 2026 rally (peaking in January), while long-term (term) contract prices have climbed to near 15-year highs around $93/lb and remain firm, supported by steady demand.
• Significant early 2026 deployment by Sprott Physical Uranium Trust (over half its 2026 allocation in the first couple of months) contributed to the initial spot-price rally; future inflows remain unpredictable, but the market has absorbed the buying well.
• Roughly 80–85% of spot-market activity consists of trader churn rather than direct primary supply or utility purchases, making the market relatively liquid.
• The Iran conflict has created short-term headwinds through risk-off sentiment and potential higher interest rates/inflation, which could pressure spot prices lower in the near term via a reduced carry-trade floor.
• Medium- to long-term fundamentals remain strongly constructive due to rising nuclear demand from China, India, AI data centres, and energy-security concerns, with future bottlenecks more likely in conversion and enrichment than in raw U₃O₈ supply.