Uranium: Equities Valuations After the Sell-Off

Jul 20, 2026

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In this note we look at the valuation of uranium equities following the sell-off. URNM, the uranium equities index, has derated by more than 40% since its January peak, correcting even harder than gold equities over the same timeframe. This despite term prices rising 7% to c$95/lb, though spot has admittedly weakened by some 10% over the period. Over the past month alone, URNM is down 15%.

What the Equities Are Discounting

The sector is currently implicitly discounting a uranium price of

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