Uranium Market Structural Deficit

Long-term contract premiums at $94/lb (14-year high), spot at $87. Goldman Sachs projects 2.3B lb deficit to 2045. Bank of America raises forecast to $130/lb by 2027. Cameco Q2 net earnings $25M. Denison Mines FID for Phoenix ISR (mid-2028). Kazatomprom production flat. Structural tightness across fuel cycle. Navajo community rejects uranium ISR project in Churchrock, NM, highlighting social license risks for domestic supply.