A top-down uranium/enrichment supply-chain piece; the names are cited as evidence — producers, developers, the enrichment chokepoint, and the policy framework — not as individual buy/sell ratings (her March pick is paywalled). "View" reflects how each was framed. The "At" link opens the article. Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis.
| Ticker | Name | Research | View | What she said | At |
|---|---|---|---|---|---|
| CCJ | Cameco | QT · SA · STK · FA | Positive | On March 2 signed a 9-year deal with India for 22M lbs (deliveries 2027-2035, ~$1.9B at current prices) — proof utilities are racing to lock long-term supply; also a co-owner (with Brookfield) of Westinghouse behind the $80B US reactor partnership. | read |
| DNN | Denison Mines | QT · SA · STK · FA | Neutral | One of the two largest new projects in the pipeline — its Phoenix ISR mine in Saskatchewan targets first production mid-2028 pending final approval; cited as evidence new supply can't close the gap soon. | read |
| NXE | NexGen Energy | QT · SA · STK · FA | Neutral | The other major pipeline project — its Rook I just received a construction licence, expected online ~2030; neither it nor Phoenix would come near to closing the US/global supply-demand gap. | read |
| KAP | Kazatomprom | SA | Neutral | The world's largest uranium producer (Kazakhstan, closely aligned with Moscow); announced a large supply agreement with India (pending April shareholder approval) — part of the global rush to lock long-term supply. | read |
| BAM | Brookfield Asset Management | QT · SA · STK · FA | Neutral | Co-owner (with Cameco) of Westinghouse — the White House's Oct-2025 $80B strategic partnership to finance and permit a fleet of AP1000 reactors; named to show the scale of the US nuclear recommitment. | read |
| Westinghouse | Westinghouse Electric (private) | — | Neutral | Subject of the Oct-2025 $80B US partnership to build a fleet of AP1000 reactors — owned by Cameco & Brookfield; the policy anchor of the domestic nuclear build-out. | read |
| Urenco USA | Urenco USA (private; European-owned) | — | Neutral | The only commercial-scale enrichment plant operating in the US (New Mexico), supplying ~⅓ of domestic needs — illustrating how thin US enrichment capacity is. | read |
| Rosatom | Rosatom / Tenex (Russian state nuclear corp) | — | Negative | The enrichment chokepoint — controls 40-45% of global enrichment; US utilities still pay its trading arm Tenex >$1B/yr. The only exit is building domestic capacity that makes Russian supply unnecessary. | read |
| Uranium | Uranium / enrichment (commodity) | — | Positive | 2025 reactor demand outpaced mine supply (68.9 kt vs 62.2 kt); spot hit $94 in Jan, briefly $101 in futures, ~$87 end-Feb. With India locking up long-term supply and the Jan-2028 Russian-import deadline looming, Prins expects spot and forward prices to rise. | read |
"View" reflects how each name was framed in this article (Positive = supply-deficit beneficiary; Neutral = pipeline/policy data point; Negative = the Russian enrichment dependency). Built from the article's free/public portion; her March Founders+ uranium pick is paywalled. Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis.
A jargon-free summary of why each name is in the piece. (Plain-language companion to the table above; renders on each ticker's consolidated page.)
Cameco is one of the West's biggest uranium miners (Canada). Prins highlights two things: it just signed a nine-year, $1.9 billion deal to sell India 22 million pounds of uranium — a sign that buyers are scrambling to lock in supply years ahead — and it co-owns Westinghouse, the reactor builder at the heart of an $80 billion U.S. government nuclear push. So Cameco sits on both the fuel side and the reactor side of the build-out.
Denison is developing the Phoenix mine in Canada, one of the only two big new uranium projects coming. Prins isn't rating the stock — she uses it to make a point: even the best new mines won't start producing until around 2028, so the supply shortage can't be fixed quickly no matter what.
NexGen is building Rook I, the other major new uranium project, which just got its construction license but won't be running until roughly 2030. Like Denison, it's cited as evidence of how long new supply takes — neither project gets close to filling the gap between how much uranium reactors need and how much is being mined.
Kazatomprom is the world's biggest uranium producer, based in Kazakhstan, which is closely tied to Russia. Prins notes it just lined up its own big supply deal with India — more proof that countries are racing to lock down long-term uranium — while also flagging the geopolitical catch: a huge share of the world's supply sits in Moscow's orbit.
Brookfield is a giant asset manager that co-owns Westinghouse alongside Cameco. Prins names it to show the scale of the U.S. nuclear recommitment — the Washington-backed $80 billion deal to build a fleet of new reactors runs through a company Brookfield part-owns. It's context for how serious and well-funded the policy push is.
Rosatom is Russia's state nuclear company, and it's the real bottleneck: it controls 40-45% of the world's uranium enrichment — the step that turns mined uranium into reactor fuel. Western utilities have kept paying its trading arm over $1 billion a year even through sanctions, because there's almost nowhere else to go. Prins frames this dependency as the problem the whole West now has to engineer its way out of by building its own enrichment.
The core thesis: the world's reactors are now burning more uranium than mines produce, and the U.S. imports nearly all of it while depending on Russia for enrichment. New mines are years away, big buyers like India are locking up supply for the next decade, and a 2028 deadline to stop Russian imports is bearing down. Prins expects uranium prices — both today's spot price and the long-term contract prices utilities pay — to climb as this squeeze plays out.
Summary derived from the public (free) portion of the Prinsights Substack article for personal study. Not investment advice; the author's specific recommendation is paywalled. © Nomi Prins / Prinsights for source material.