Methodology & data sources

Uranium spot price (headline)

An independent, published on-chain U₃O₈ spot feed, with a physical-uranium-trust NAV-implied cross-check. The headline is the live value of the Yellowcake Composite below.

Price history: the Yellowcake Composite

The site shows ONE price series. Where a live published spot print exists, the composite is that print (real). From July 2007 until the live-feed era it is our own derived daily estimate: a weighted blend of a specialist daily spot indication and a physical-uranium-trust-implied price, with its trailing 20-day median basis removed and quantized to a $0.05 grid, labeled estimated and validated against the live feed (121-day overlap: mean −$0.01, σ $0.85). Before 2007, long-range charts use an official public monthly reference series. Third-party inputs are used only as model inputs under their terms and are never republished raw.

Long-term (term) price

Publicly reported month-end term price levels, shown as monthly context and attributed where displayed.

Physical uranium trust

A publicly-traded physical uranium trust (holdings, net asset value, and units outstanding as published by the trust) used for the NAV-implied cross-check.

Equity prices & market caps

Multiple third-party market-data providers for quotes; a third-party fundamentals provider for shares outstanding and exchange listings used to compute market capitalization.

Dividends & analyst price targets

Third-party fundamentals data: forward dividend yield and the consensus analyst target price shown on individual stock pages. Analyst targets are aggregated third-party estimates, not forecasts by Yellowcake.

Company uranium resources & AISC

Company disclosures prepared under NI 43-101, JORC, or SEC S-K 1300 (technical reports, annual and quarterly reports). Figures are machine-extracted from the filings with LLM assistance, carry a link to the source document, and are refreshed as new filings appear.

Uranium cost curve

Per-operation unit costs copied from company quarterlies, MD&As, results releases and feasibility studies, each with its basis (AISC, C1 cash cost or study projection), per-unit basis, period, original currency and the issuer's own conversion, and a link plus verbatim quote or table locator. Curve widths are cited nameplate or licensed capacity, or the trailing four contiguous quarters of dried and drummed production from the production tracker; operations without a disclosed cost are listed off the curve, never estimated. The incentive band is a labelled site assumption.

SEC filings

SEC EDGAR full-text and submissions API.

Reactor fleet, supply & demand

World Nuclear Association and IAEA PRIS, supplemented by company production guidance.

Uranium inventories by holder

EIA Uranium Marketing Annual Table 22 (US reactor operators and suppliers, end of year, U3O8 equivalent, latest year preliminary), the Euratom Supply Agency annual report (EU utilities), DOE documents for government material, and the physical holdings hub for financial vehicles and producer strategic inventories. Every row carries its unit as published, the reviewed conversion to Mlb U3O8e, the date it refers to, provenance and a source link; a holder with no public figure is listed with the reason and never estimated or drawn as zero; pools from different surveys are shown side by side and never summed into a world total. Implied secondary supply is WNA requirements minus WNA mine production for actual years (estimated); the EU net stock build is ESA deliveries minus loadings (derived). No UxC, TradeTech or NUEXCO inventory or secondary-supply report is used.

Enrichment and conversion capacity by bloc, HALEU ledger

WNA conversion and enrichment capacity tables and operator or government documents, one row per site with the figure's basis (licensed, nameplate, WNA assessment or demonstrated output), the table year where the source gives one and the date it was read. Bloc totals sum only disclosed sites plus a cited national total where no site split is published (China); undisclosed sites are counted as such, never estimated; planned additions are listed separately and never added to built; totals that include a WNA assessment are labelled estimated. The reactor-requirement markers come from the WNA per-country requirements table (conversion, estimated) and a stated feed and tails mass balance (enrichment, modeled). The HALEU ledger keeps demonstrated kilograms, licensed assay, scheduled government tonnes and planned tonnes per year in separate columns and never sums them. No UxC, TradeTech or NUEXCO figure is used.

SMR fuel demand by design

Modeled. Per reactor design, enriched product per year from thermal power, capacity factor and burnup (the WNA fuel-cycle method), natural uranium through the site's enrichment mass balance at the design's assay and a stated tails assay. Developer-published figures (output, assay, a first core where stated) are cited; burnup, capacity factor and thermal efficiency are per-class defaults printed on the page and marked as assumptions. Pipeline projects are weighted by status in three named scenarios and ramped from their target year; first cores are added once, the year before, and never as a multiple of reloads. Nothing on the page is a forecast of purchases.

Uranium production by company and operation

Company quarterly reports, MD&As, 10-Qs and ASX quarterly activities reports, copied verbatim with the ownership basis, the unit and a link to the document on every figure. Production means dried and drummed U3O8; ore mined, loaded on resin and precipitated are tracked as separate labelled stages and never substituted for it, except where a company publishes only a combined figure spanning both, which is badged combined. Attributable figures derived from a cited ownership share below 100% carry a derived badge (a 100%-owned operation's share is the reported figure itself); rows captured automatically from a new filing and not yet reviewed carry an unverified badge; revisions are new rows that keep the old one.

Nuclear map: reactor sites

Global Energy Monitor, Global Nuclear Power Tracker, September 2025 release, used under CC BY 4.0 (plant locations, unit statuses, capacities, grid-connection and retirement years).

Nuclear map: mine production & country data

World Nuclear Association public tables (World Uranium Mining Production; Uranium Production by Country; World Nuclear Power Reactors & Uranium Requirements; Supply of Uranium per the OECD-NEA/IAEA Red Book), cited per figure.

Nuclear map: fuel-cycle facilities

WNA fuel-cycle pages (conversion, enrichment, fuel fabrication) and operator disclosures; capacities are licensed/nameplate figures as published.

Nuclear map: EU import flows

Eurostat Comext monthly extra-EU trade (HS 2844.10, 2844.20, 2612.10), the same live source as the import monitor.

Nuclear map: US facility statuses

Cross-checked against the EIA Domestic Uranium Production Report (annual) and USGS Fact Sheet 2025–3057 (April 2026, doi.org/10.3133/fs20253057).

Nuclear map: scope reference

EPA Uranium Location Database (EPA 402-R-05-009): ~15,000 legacy US uranium locations documented; the map tracks the modern investor-relevant fleet, not the legacy inventory.

Real

Taken directly from a primary source (a price feed, an exchange quote, or a regulatory filing) with no transformation beyond formatting.

Estimated

Derived from real inputs using a disclosed calculation (for example a NAV-implied spot price), where some assumption is involved.

Modeled

Produced by one of our forward models (for example a demand projection). Clearly the most uncertain category and labeled as such.