Founder & publisher of Uranium Insider (Uranium Insider Pro newsletter & bulletins; host of the free Uranium Market Minute podcast) — running synthesis of his premium issues and public episodes, with per-item breakdowns and a stock index.
Cameco — 6.25% Dynamic Model position and the sector's turnkey supplier (uranium, conversion, fuel, likely enrichment via GLE); the DOE's conditional $17.5bn for ten AP1000s flows to its 49% Westinghouse stake, and the Q2 miss is timing/comparison, not operations — “an attractive entry point in view of the 2H 2026 sector strength we anticipate.”
Denison Mines — core Focus List holding (10%) plus 12.5% of the Dynamic Model; Wheeler River in construction with an excellent balance sheet, plus a disciplined strategy of funding small-explorer JVs around the project that Denison can ultimately absorb.
IsoEnergy — 10% Focus List weighting; the ultra-high-grade Hurricane deposit plus Coles Hill and the newly-acquired Toro/Wiluna assets build a diversified, development-ready platform, well financed and “a very accretive rollup candidate” in a consolidating sector.
Kazatomprom — the swing supplier for both blocs, now “being spoken for by the East” (India >$4bn, Uranium One's first term purchase, China >50% of 2025 sales) and selling “to the highest bidder”; pricing power is real, but Kazakh output peaks in 3–4 years and the acid-gated ramps just slipped 6–12 months.
Silex Systems — 5% Focus List; laser enrichment (75%-owned GLE) de-risked at TRL-6 with TRL-7 due mid-2027, Cameco's 25%→51% option expected to be exercised before April 2028, and the Paducah PLEF tails project effectively a 5M lb/yr “mine” under $30/lb.
Sprott Physical Uranium Trust — the foundational holding (20% Focus List, 25% Dynamic Model) and “the best risk/reward profile in the space”: physical uranium with limited downside, bought at a double-digit discount to NAV (implied $76.51/lb vs $85.12 spot).
Uranium Energy Corp — held at a 6.25% target weighting in the Dynamic Model portfolio as US-listed production exposure; no standalone commentary this issue, and separately URA's fourth-largest constituent at 5.29%.
Uranium (U3O8) — the East buys pounds while the West buys time: US utilities 60% covered for 2030 and 9% for 2033, 2026 contracting ~85–90M lb vs ~200M lb burn, ceilings of 140–160 already signed and greenfield needing $120–150 term for FID; the early-2030s deficit “is affecting today's pricing” — “extremely bullish.”
X-Energy — new half-sized 5% Focus List position bought 11 June at $18.62; a capital-light licensing/fuel/services model around the Xe-100 HTGR and proprietary TRISO-X fuel, anchored by Dow, a 5GW Amazon commitment and Centrica — explicitly a core multi-year holding, not a trade.
Bannerman Energy — cited as evidence China buys mines, not just pounds: a newly approved Chinese equity stake in the Etango project in Namibia plus offtake of up to ~60% of production at market prices.
Cosa Resources — Denison's 70/30 JV partner and operator at Murphy Lake North, running its largest-ever drill program (~6,000m) on the Cyclone zone 3km from IsoEnergy's Hurricane; contextual, not a Focus List position.
F3 Uranium — the 2.5% speculative sleeve and “our only pure exploration holding”; the JR Zone's 11.8M lbs at 4.41% is exceptional grade, but the Tetra Zone must add pounds to prove Patterson Lake North is a multi-deposit system.
Global Atomic — held at 3.5% but openly flagged: a robust greenfield Dasa deposit in Niger against a two-year-plus failure to close DFC funding, with another dilutive raise needed near-term; Huhn still rates the mine more likely than not to be built.
Korea Hydro & Nuclear Power (KEPCO subsidiary — unlisted)
Korea Hydro & Nuclear Power — KEPCO's unlisted operator; its open tender for 1.2M SWU (2028–39, ~25M lb U3O8-equivalent at 0.25% tails) excludes Russia and leaves only capacity-limited Orano and Urenco to bid — “a big pull on actual uranium.”
Centrus Energy — named as a winner of one of three US$900M DOE Low Enriched Uranium awards (with General Matter), the awards Silex's GLE was passed over for; cited as context, not as a pick.
NTPC Ltd — India's state power major moving “from buyer to owner”: consultants hired to build a global RFP for uranium mine stakes (Australia, Canada, Kazakhstan, South Africa; any stage), which Huhn expects to be a sector catalyst when issued.
NexGen Energy — 10% Focus List and 12.5% Dynamic Model, “the most strategic asset in the space…a must own”; Arrow is the best undeveloped uranium project globally, now a construction story whose first 12–18 months through 150m of overburden set the 48-month timeline.
Orano — French state-owned and unlisted; a system dependency in both directions, its McClean Lake acid-plant failure halting Cigar Lake mining while it also took the sole LEU award under the DOE's enrichment RFP.
Paladin Energy — context for China's mine-equity strategy: the Chinese stake in Fission carried into what is now Paladin's PLS project in Saskatchewan.
Rosatom — the build-own-operate export engine (~21–23 reactors abroad, $206bn order book, fuel for life) and the world's largest enricher, now a net buyer of uranium and UF6 with Mine No. 6 and Elkon too slow to close the gap — a sign it can no longer underfeed at low tails.
Global X Uranium ETF — tracked as the large-cap sector gauge (not a recommendation): −29.8% from the 29 January 2026 high, below its 50- and 200-DMA, with a top-five concentration of 47.4% that makes redemptions land unevenly.
Uranium One — Rosatom's mining arm and Kazatomprom's biggest JV partner (Budenovskoye 6 & 7, ~15M lb/yr ultimately) signed its first-ever long-term purchase from Kazatomprom — Russia buying feed, not just equity pounds.
Urenco — with Russia's Tenex excluded, one of only two enrichers able to answer KHNP's 1.2M SWU tender, and capacity-limited into the late 2020s, so buyers pay up for SWU at all-time-high prices.
Sprott Junior Uranium Miners ETF — the small-cap gauge, −43.2% from the January high; its persistent AUM underperformance versus URA is Huhn's evidence that the speculative late phase of the bull market has not begun.
Sprott Uranium Miners ETF — Huhn's proxy for uranium equities in his two monthly ratio charts; the URNM/spot and URNM/SPX ratios both broke down in June to levels not seen since August, with washed-out RSI flagged as a potential entry zone.
Westinghouse Electric (private — Cameco 49% / Brookfield 51%)
Westinghouse Electric — Cameco's 49%-owned reactor arm, now with a confidential Form S-1 on file: 91 identified AP1000 opportunities, a conditional $17.5bn DOE commitment and AP300/eVinci in parallel, all of it optionality that produces no 2026 cash flow.
Yellow Cake plc — tracked (not held) as the second physical vehicle: 24.4M lbs of U3O8 at a −14.9% discount to NAV, an implied $70.29/lb, with the US$10M buyback endorsed as the cheapest way for it to add pounds per share.
Lotus Resources — “Lotus is a blow-up”: Kayelekera production paused on delayed acid supply and a damaged acid plant, shares halted since 18 June, treasury down to US$26M and 2026 offtake at risk; marked no-new-money and decayed to 1.24% of the Focus List.
In one line: A 2–4+ year uranium bull market underwritten by a structural supply deficit — 82GW of reactors under construction, US life extensions, state buyers in Russia, China and India locking up pounds while Western utilities sit on uncovered 2030s requirements, and an AI buildout whose bottleneck "is not CAPEX — it's megawatts" — traded through a concentrated Focus List whose exposure, not conviction, is dialled up and down on an explicit overbought/oversold read.
The floor is the long-term price, not spot. Spot has been stuck in the mid-$80s since the late-January 2026 spike above $100, but the term price keeps grinding to records — UxC $94.00 and TradeTech $97.00 at June month-end, a blended all-time high of $95.50, with 3- and 5-year forwards at $101 and $108. Because almost all uranium moves under multi-year contracts, "long-term contracting demand and a continually rising LT U3O8 price are providing a floor for spot prices here." TradeTech leads UxC by 30–60 days, so it is the series to read first.
"The East is buying supply and the West is buying time." State-owned buyers treat fuel as national security: India locked up ~45–50M lb from Kazatomprom and Cameco in Q1 2026, Rosatom's Uranium One made its first term purchase from Kazatomprom, China took more than half of Kazatomprom's 2025 sales and is buying mine stakes (Etango), and India's NTPC is building an RFP to buy mines — all on market-referenced terms with ceilings of 140–160. Western utilities have deferred with quantity flex and carry trades, leaving the US 60% covered for 2030 and 9% for 2033 and 2026 contracting (~85–90M lb) far below ~200M lb of burn. Because the deficit years are the ones being contracted now, "the supply deficit in the early and mid 2030s is affecting today's pricing" (2026-SEP-12).
"Price becomes narrative." The sector's 30–43% drawdown from the 29 January highs has no fundamental cause on Huhn's diagnosis — a stalled spot price, a hawkish Warsh FOMC debut deferring cuts, high-beta exposure to a possibly-correcting broad market, and a seasonality pattern whose calendar low is typically mid-August. Sentiment follows the tape, and "these types of quiet periods accompanied by depressed/subdued sentiment provide fertile setups for positioning before the resumption of share price rebounds."
Cash is the risk dial. Eighteen months of actively adjusting exposure to overbought/oversold conditions left the Focus List 32.3% cash (only 48.0% invested in miners once SPUT is excluded) and the Dynamic Model 43.4% cash (31.6% in miners) — which is why the Focus List fell 7.6% in June against URA/URNM/URNJ at −13.9/−14.2/−17.8%. As of the July letter that stance has reversed: he expects "to deploy a significant part of our cash position over the next 30–60 days," and believes equities make new highs once spot clears $100/lb again.
Physical first, then the developers. SPUT is the single largest position (20% Focus / 25% Dynamic) as the defensive, spot-tracking core — bought at a double-digit discount to NAV, i.e. an implied $76.51/lb against $85.12 spot. The conviction equity holdings are Tier-1 Athabasca development stories (NexGen "a must own", Denison a core holding), a diversified development platform (IsoEnergy), fuel-cycle technology (Silex/GLE, X-Energy) and a speculative sleeve sized to be survivable (F3 2.5%, Global Atomic 3.5%).
Supply discipline is now structural, not cyclical. Kazatomprom's costs have roughly doubled and its tiered Mineral Extraction Tax makes volume restraint more valuable the higher prices go — the world's swing producer is now fiscally aligned with a tight market, and its CEO says every pound will go "to the highest bidder" even as Kazakh output nears a peak within 3–4 years. Greenfield needs sustained term prices of $120–150 to reach FID, and neither Cameco nor NexGen will dump pounds into spot. Cameco's Grant Isaac has said for two years there are "no more cheap pounds," and at Q2 added that the market has only ever reached these prices at the back end of a contracting cycle, never the front.
The AI link is plumbing, not thesis. Uranium equities sit inside Wall Street's AI factor baskets, so an "AI scare" transmits mechanically — but the January 2025 DeepSeek day (−10% in a session) proved a false flag, slipped gigawatts make remaining capacity more valuable, and Jevons Paradox applies to compute. "The uranium supply/demand story is not reliant on AI growth."
Position sizing is the risk control, and he shows the failures. Lotus Resources is named a "blow-up" — halted, production paused, treasury down to US$26M — and the lesson is drawn explicitly: sized at 5% and decayed to 1.24%, a further halving costs the portfolio about half a point. The standing Playbook is unchanged each month: deploy in tranches, no leverage, no short-dated calls, no single-name over-concentration.
The product
What it is:Uranium Insider Pro (UIP, LLC) is a paid, uranium-only research subscription written by founder and publisher Justin Huhn. It ships a long-form monthly newsletter — sector review, physical funds, ETF flows, a full fuel-cycle price deck, per-position commentary and the model portfolios — plus email bulletins fired on events (earnings calls, buy/sell-trim alerts, operational news). Clients are self-directed retail investors in a single, notoriously volatile sector; the material is subscriber-confidential and carries an explicit no-reproduction notice. The free funnel sits in front of it: the Uranium Market Minute YouTube podcast (episode 216 by September 2026), a free white paper, The Case for Uranium, that puts readers on a free email list for market updates "every week or two," and long-form threads on X/Twitter under the Uranium Insider name. Grounded in the three items archived here: the July 2026 monthly, the Cameco Q2 bulletin and Market Minute Ep. 216.
Offering
What it is
How he runs it
Seen in the index
Monthly newsletter
~40 pages: sector action, the physical trusts, ETF flows and "mandated selling", a June/July fuel-cycle price deck, the majors, and per-position commentary.
Fixed section order every month, with the same two ratio charts (URNM vs spot uranium; URNM vs SPX) so the series is comparable over years.
A more actively traded $100k hypothetical portfolio (inception February 2025, +82.0% to June 2026) that trims and adds around the Focus List names.
Trims and adds are published with date and price ("sold 6.25% at $3.59/sh."), and the book is rebalanced to target weights at each alert.
SRUUF · DNN · NXE · CCJ · UEC
Email bulletins
Event-driven notes between monthlies — earnings and conference-call reads, buy/sell-trim alerts, and operational news (e.g. the Cigar Lake suspension).
Same-day, with the entry/exit call stated explicitly rather than implied.
A public YouTube podcast — solo slide-deck episodes on one market theme, plus free sign-up for The Case for Uranium white paper and the email list.
Built from the same internal supply-demand model the newsletter uses ("something we update on a weekly basis"), compared openly against broker models (Stifel); deal-level detail such as NTPC's mine RFP terms is promised to paying members first.
A standing volatility-survival checklist republished in every monthly letter.
Rational allocation, deploy in tranches (new members ~a third at a time), no short-dated calls, no margin, respect the published weightings.
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How it serves retail investors
It sizes the risk before it picks the stock. Published weightings, a stated cash percentage and a "true miner exposure" calculation (stripping out both cash and SPUT) tell a subscriber what they are actually exposed to — the number that drives the drawdown.
It makes stance changes auditable. Each letter quotes the previous month's stance verbatim before revising it, and converts the new stance into a dated deployment window rather than a single call.
It teaches the market's plumbing, not just the picks. Discount-to-NAV arithmetic on the physical trusts, ETF redemptions translated into a dollar figure of forced selling, the TradeTech-leads-UxC reporting lag, and the small-cap-vs-large-cap AUM chart as a cycle-maturity gauge are all methods a subscriber can re-run themselves.
It shows the working in public. The free episodes walk through the buyer-side arithmetic — quantity-flex blends, coverage percentages turned into uncovered pounds, SWU tenders converted to pounds of uranium — so a non-subscriber can check the thesis against the next EIA or company release rather than take the price call on trust.
It states the failures plainly. Lotus is called "a blow-up" in the same issue that defends a contested Global Atomic allocation — and Huhn defends why the position is even held ("some would debate our wisdom").
It is explicit about horizon. "We have never suggested that we are headed into a 20-year bull market for uranium equities, but…we continue to be quite confident that we have entered into a 2–4+ year bull market from here" — with the macro sections defended as the thing that keeps a subscriber from being shaken out in a drawdown.
Issues
One dated page per issue, bulletin or episode — each has its full stock table, talking points and "In plain English" section. Newest first. (For the premium subscriber PDFs the archived PDF is the transcript and the analysis pages are editorial summaries, not reproductions; the free Uranium Market Minute podcast episodes carry a clickable timestamped transcript.)