Kazatomprom JSC (NATKY) Stock Forecast & Analysis
National Atomic Company Kazatomprom JSC (OTC: NATKY, LSE: KAP) is the world's largest producer of uranium, accounting for approximately 21% of global primary uranium production. Headquartered in Astana, Kazakhstan, Kazatomprom operates through subsidiaries, joint ventures, and associates across 27 deposits grouped into 14 mining assets. All operations use in-situ recovery (ISR) technology, providing a significant cost advantage.
What does Kazatomprom (NATKY) do?
Kazatomprom is the world's largest uranium producer, operating ISR mines across Kazakhstan. It produces approximately 21% of global primary uranium output.
How much uranium resources does Kazatomprom have?
Kazatomprom has approximately 1,233 million pounds (Mlbs) of U₃O₈ — 474,400 tonnes of uranium — in attributable mineral resources, inclusive of ore reserves, per the SRK-audited JORC statements in its 2025 Integrated Annual Report.
Is NATKY a good uranium investment?
Kazatomprom offers exposure to the world's largest and lowest-cost uranium producer with dominant market share, but carries geopolitical risk as all operations are in Kazakhstan.
Margin & leverage
resource source Full screener →Margin vs spot (AISC)
$51/lb
spot $90 − aisc $38 · 57% of spot
In-situ leverage
14.5×
in-situ resource value ÷ market cap
Jurisdiction
Multiple ISR fields
Computed live from the screener's cited resource and cost inputs and the current spot price; margins use AISC where the company disclosed it.
Mine projects
Full project table →| Project | Location | Status | Resource | Grade | AISC | Source |
|---|---|---|---|---|---|---|
| Kazatomprom ISR mines (Tortkuduk, Budenovskoye, etc.) | Multiple ISR fieldsKazakhstan | Operating | 600.0 Mlb | 0.04% U3O8 | $18/lb | source |
Curated mine & project database, updated 2026-07-10. Deposit type and restart status per the linked disclosures.
Production guidance vs delivery
Sector-wide tracker →| Period | Metric | Guidance | Revised | Actual | Delta | Source |
|---|---|---|---|---|---|---|
| CY2024 | U3O8 production, tU (100% basis; attributable also shown) | 21,000–22,500 tU (100% basis); 10,900–11,900 tU attributableas of 2024-02 | 22,500–23,500 tU (100% basis); 11,600–12,600 tU attributable | 23,270 tU (100% basis); 12,286 tU attributable | In range+1.2% vs midpoint | source |
| CY2025 | U3O8 production, tU (100% basis; attributable also shown) | 30,500–31,500 tU (100% basis) initial intention (~100% of Subsoil Use Agreement levels)as of 2023-08 | 25,000–26,500 tU (100% basis); 13,000–14,000 tU attributable | 25,839 tU (100% basis); 13,519 tU attributable | In range+0.3% vs midpoint | source |
| CY2026 | Nominal licensed production level, tU (100% basis) | 32,777 tU (~85 Mlb U3O8) per previous Subsoil Use Agreementsas of 2025-08 | 29,697 tU (~77 Mlb U3O8) — a ~3,000 tU (~8 Mlb), roughly 10% reduction | pending | Guidance cut (−9.4%) | source |
| CY2026 | U3O8 production, tU (100% basis; attributable also shown) | 27,500–29,000 tU (100% basis; 71.49–75.39 Mlb); 14,500–15,500 tU attributableas of 2026-02 | — | pending | — | source |
Guidance and actuals verbatim from company disclosures, revisions append-only. Updated 2026-09-17.
Term contracts announced
Full contract database →| Buyer | Volume | Delivery | Pricing | Announced | Source |
|---|---|---|---|---|---|
| CGN (China)Supply framework with CGN; volumes undisclosed. | undisc. | 2024–2033 | market-related | 2024-06 | source |
| CNNC (China)Long-term natural uranium supply to China; volumes not publicly disclosed. Announcement date corrected to 2023-11 (was 2023-05) against the linked source. | undisc. | 2024–2035 | market-related | 2023-11 | source |
Announced term contracts where this company is a seller, from the curated contract database. The long-term market is reported only in fragments — absence of a row is not absence of a contract.
Catalysts to watch
All sector catalysts →2026-Q1Kazatomprom Production GuidancebullishKazatomprom 2025 Annual Report and Production Results
Kazakhstan's national uranium company to release 2026 production outlook. Kazatomprom has repeatedly missed production targets due to sulfuric acid shortages and wellfield development delays. Any shortfalls from the world's largest producer (43% of global supply) would further tighten the market.
Mines & facilities
Mines map →- BudenovskoyeOperating · Turkestan, Kazakhstan
- TortkudukOperating · Turkestan, Kazakhstan
- Central MynkudukOperating · Turkestan, Kazakhstan
- KaratauOperating · Turkestan, Kazakhstan
Guides on this company
About Kazatomprom JSC (NATKY)
National Atomic Company Kazatomprom JSC (OTC: NATKY, LSE: KAP) is the world's largest producer of uranium, accounting for approximately 21% of global primary uranium production. Headquartered in Astana, Kazakhstan, Kazatomprom operates through subsidiaries, joint ventures, and associates across 27 deposits grouped into 14 mining assets. All operations use in-situ recovery (ISR) technology, providing a significant cost advantage.
Frequently Asked Questions about NATKY
What does Kazatomprom (NATKY) do?
Kazatomprom is the world's largest uranium producer, operating ISR mines across Kazakhstan. It produces approximately 21% of global primary uranium output.
How much uranium resources does Kazatomprom have?
Kazatomprom has approximately 1,233 million pounds (Mlbs) of U₃O₈ — 474,400 tonnes of uranium — in attributable mineral resources, inclusive of ore reserves, per the SRK-audited JORC statements in its 2025 Integrated Annual Report.
Is NATKY a good uranium investment?
Kazatomprom offers exposure to the world's largest and lowest-cost uranium producer with dominant market share, but carries geopolitical risk as all operations are in Kazakhstan.
Dividend & analyst view for NATKY
Dividend
Kazatomprom JSC (NATKY) does not currently pay a dividend — common for uranium developers and explorers that reinvest in their projects.
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Yellowcake Analytics. "Kazatomprom JSC (NATKY) Stock Analysis." Yellowcake Analytics, 2026, https://www.yellowcakeanalytics.com/stocks/NATKY.
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