Uranium — Release Valve Running Dry?

We do not own Cameco, but the Q1 results carry read-through for the broader uranium sector. Beyond the reiteration of production guidance, two datapoints stand out: inventory coverage is at a record low, and the terms on new product loan borrowing may be tighter than before. Together they raise a question that matters for the whole sector: is Cameco’s product loan facility — previously a release valve against spot market pressure — beginning to show limits?