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What relevance does the spot price of U actually have. The volumes over the summer have been very low. There have been few RFPs or contracts, and little sport buying

Utilities are apparently holding off any spot purchases. That is different from no shortage or adequate supply.

Long term contract prices are the real cost of uranium.

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You make a really good point.

Contracts are like hedges and a further complication is that there is no visible market for those.

KAP say on Page 18 of their 2023 annual report "The Company’s current overall contract portfolio pricing correlates to the uranium spot prices, however deliveries under some long-term contracts in 2024 incorporated a proportion of fixed pricing components, including price ceilings that were negotiated during a comparatively lower price environment."

So long term contract prices lag the spot price but do follow it.

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