We had 10Mlbs. of secondary demand for 2025 as a "plug" in our S/D model – financial demand, inventory restocking, sovereign buying. We just had to double it. And that's probably being conservative.
The long-term uranium price is now at $84/lb. and $86/lb. as per UxC and TradeTech, respectively. This marks a seventeen year high for this indicator. This is month two of what will likely be another 10+ month move higher for LT following a year and a half of stagnation. LFG