Mr. Jin
Technology & Space Investor
Cameco is the most interesting pure-play uranium producer thanks to good cost-curve positioning and a history of surviving pricing downturns. It also has exposure to conversion and to enrichment through Global Laser Enrichment, plus the optionality of a Westinghouse IPO. A post the author replies to calls Cameco the best company in the space on assets and management, while noting that Global Laser Enrichment is unproven and valuation is the only knock. x.com x.comÂ
Cameco's CEO said in a recent fireside chat that the nuclear renaissance is still very early and that uranium prices do not reflect actual supply and demand. Cameco covers everything except enrichment, which it is watching closely. The stock has not closed a week below its 30-week moving average since last year, a strong trend that points to more upside, and indicators have reset near a breakout; a weekly close above resistance is the next step. x.comÂ
Energy Fuels is the critical-minerals play as the US needs domestic uranium and rare-earth supply while nuclear demand accelerates globally. It runs the only licensed and operating uranium mill in the US and the only facility able to produce separated rare earths domestically. It mined 1.72 million pounds of uranium in 2025 and just produced the first US terbium oxide in decades. Consensus sees 2026 revenue of $147 million, up 123%. x.comÂ
Energy Fuels is expensive against its earnings, trading about 30% above fair value. It sits at about 20x forward earnings while uranium miners usually get 14x; 14x next year's $0.48 a share, give or take 12%, implies $5.98-7.60. The valuation also leans on the forecast, with forward earnings 117% above trailing. This is a valuation read only, based on reported earnings and revenue estimates. x.comÂ
Nuclear power is the long-term answer to AI's energy needs, best owned in tiers by risk. Constellation, with 20-year Microsoft and Google contracts, and BWX Technologies, a 2.6 book-to-bill reactor servicer, offer steady 15-30% a year. Cameco, Centrus, Oklo and X-Energy target 2-5x; Oklo and X-Energy are pre-revenue bets on 14GW and 5GW pipelines. Uranium Energy, US uranium independence, ASP Isotopes, HALEU enrichment for SMRs, and Ur-Energy, pure uranium leverage, are 10x-or-zero bets. x.comÂ
Energy Fuels is valued as a cyclical uranium play while it builds the West's only integrated non-Chinese ore-to-magnet platform, setting up a re-rating. Its White Mesa Mill holds the only active conventional uranium mill license in the US, a moat that would take 15+ years to replicate. That lets it process radioactive monazite sand, rich in heavy rare earths like dysprosium and terbium, that standard refiners cannot touch. Projects in Brazil, Australia and Madagascar secure cheap feed. x.comÂ
The uranium bull market is continuing, as Energy Fuels draws sudden aggressive buyers on top of its breakout. x.com x.comÂ
Nuclear stocks could create generational wealth for early investors, with six names covering different parts of the build-out. Vistra sells existing nuclear power, including 1,200 MW to AWS from Comanche Peak for 20 years. Oklo's small reactors run on spent fuel. Cameco sells uranium and owns 49% of Westinghouse. BWX Technologies is among the few firms cleared to build nuclear parts. NuScale holds the first US SMR design approval yet trades under $9. Centrus has a $3 billion enrichment backlog. … Show more
Energy Fuels is still underestimated by Wall Street because it has onshored in the US the two most critical inputs for nuclear power and EV motors. x.comÂ
Cameco's chart supports a bullish bias as long as it holds above the $110 pivot, where a gap remains unfilled. It is not the most exciting name right now, and existing uranium names are already doing well, so it suits scaling in from a starter size. x.comÂ