Uranium Contract Prices Hit a Record as Two Explorers Ramp Up Drilling

Important Disclosures:

1. Azincourt Energy Corp. and Skyharbour Resources Ltd. are billboards sponsor of Streetwise Reports and pay a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Azincourt Energy Corp.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1. Disclosure for the quote from the Stewart Thomson article published on October 22, 2026

1. Azincourt Energy has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$3,500 for the preparation of an independent technical research report, published on October 22, 2026.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. Mr. Thomson is not an investment advisor. He does not know the financial situation or risk tolerance of any reader. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts. The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed. Mr. Thomson owns no securities in Azincourt  and he has no direct financial relationship with the company.

2. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Azincourt Energy were compiled from the company's public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-03 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from 2026-05-04 through 2026-11-03 and excludes option exercises. These are public-source estimates and can differ from a later official register.

3. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Skyharbour were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-02 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-02 and excludes option exercises. These are public-source estimates and can differ from a later official register.

• The long-term uranium contract price hit a record US$96 a pound in August, Sprott Asset Management said, while uranium mining stocks fell in the first half of the year.
• Data centers' electricity use is on track to more than double by 2030, the International Energy Agency said. New uranium mines take 15 to 20 years to develop, and the U.S. prohibition on Russian uranium imports is already in effect, with waivers for certain imports set to expire by January 1, 2028.
• At the end of 2025, 413 reactors were operating, and 72 were under construction. In its high case, the International Atomic Energy Agency projects global capacity could nearly triple by 2050.
• Azincourt Energy drilled to check historical results at the Snegamook deposit in Labrador. On October 22, Azincourt reported that hole SN0048 returned 0.03% eU₃O₈ over 19 meters in preliminary probe readings, and the company expects lab assays in early 2027.
• Skyharbour Resources started its first drill program at the Getty East joint venture, funded by partner Denison Mines, as part of a 2026 Russell Lake campaign of more than 15,000 meters.
• Technical analyst Stewart Thomson rates Azincourt a Speculative Buy.¹
• Ventum Capital Markets rates Skyharbour a Buy with a CA$0.75 target.

Uranium stocks have lagged, but the price utilities pay to lock in uranium for years ahead has never been higher. The long-term contract price hit a record US$96 a pound in August, passing the previous cycle high set nearly two decades ago, Sprott Asset Management said in its September uranium report. "Record term prices are reshaping uranium miners' economics as utilities compete to secure future supply," the report said.

The spot price has been steadier. It briefly spiked to US$101 a pound in late January and has mostly traded between US$83 and US$90 since, ending the third quarter at US$89.50, Investing News Network reported.

Mining stocks haven't kept pace. Uranium mining equities fell 3.9% in the first half of 2026, and junior miners lost 7.4%, even as the long-term price reached an 18-year high, Mining.com reported. "A rising long-term price shows that the market remains tight, even if equity markets don't reflect it," said Jacob White, ETF product manager at Sprott.

The world's largest publicly traded uranium producer agrees on the fundamentals. "In our view, the fundamentals supporting nuclear energy remain stronger than ever," Cameco Corp. (CCO:TSX; CCJ:NYSE) Chief Executive Officer Tim Gitzel said in the company's October 30 third-quarter results.

Electricity demand is climbing, and artificial intelligence (AI) is a big reason. Data centers are on track to use about 945 terawatt-hours of electricity by 2030, more than double today's level and "slightly more than Japan's total electricity consumption today," the International Energy Agency (IEA) said in its Energy and AI report. Nuclear plants can run around the clock without carbon emissions, which has made them a target for tech companies looking for steady power.

Supply is slow to respond. New uranium mines typically take 15 to 20 years to go from discovery to production, Sprott said, and most of the output added since 2020 has come from restarting idle mines. Producers have also run into problems this year. Cameco's output was hit by flooding in Saskatchewan in May, and acid supply delays at Kazatomprom (NATKY:OTCMKTS; KAP:LSE), the world's top producer, have limited its leaching capacity, according to Investing News Network.

Utilities still have plenty of buying to do. U.S. reactors need about 49 million pounds of uranium a year, and U.S. utilities' contracted coverage drops from about 60% in 2030 to 9% by 2033, Sprott said. In Europe, coverage falls from 100% in 2030 to 36% by 2034. Energy security adds pressure: the U.S. prohibition on Russian uranium imports is already in effect, with waivers for certain imports set to expire by January 1, 2028.

Cameco says demand is coming from more than one direction. Its investment thesis "does not depend on any single demand driver," Gitzel said.

Nuclear power is growing again worldwide. At the end of 2025, 413 reactors were operating with 377.1 gigawatts of capacity, and 72 more were under construction, according to the International Atomic Energy Agency's (IAEA) September 17 outlook. In its high case, the IAEA projects capacity reaching 1,045 gigawatts by 2050 and 1,284 gigawatts by 2060, more than three times today's level. Even its low case sees capacity rising to 641 gigawatts by 2050.

Governments are setting bigger goals. Thirty-nine countries back a pledge to triple global nuclear capacity by 2050, a buildout the World Nuclear Association estimates would take about US$6 trillion in investment, according to Sprott.

Old plants are getting new life, too. In 2024, Microsoft Corp. (MSFT:NASDAQ) signed a 20-year power deal with Constellation Energy Corp. (CEG:NASDAQ) to restart Unit 1 of the Three Mile Island plant in Pennsylvania, which was shut down in 2019. Now called the Crane Clean Energy Center, the 835-megawatt plant cleared a federal environmental review in September and remains on track to return to the grid in 2027, ahead of schedule, World Nuclear News reported.

With new mines taking 15 to 20 years to develop, some explorers are going back to deposits that earlier companies found but never finished. Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTCQB; A0U0:FSE) reported drilling at the Snegamook uranium deposit on its Harrier Project in Labrador's Central Mineral Belt. Snegamook sits about 1.3 kilometers southeast of the Two Time deposit, which has an estimated 6.1 million pounds of uranium. Earlier drilling outlined Snegamook, but a 2008 resource estimate was never finished, and no current resource exists.

Azincourt began drilling in late September from its Florence Lake camp, about 170 kilometers north of Goose Bay. The October 22 plan called for about 1,800 meters in six to seven holes. The goal is to check historical results, including by twinning old holes, and to test how far the mineralization extends, gathering data that could support a future resource estimate, the company said on October 22.

As of October 22, the first four holes, totaling 1,069 meters, all hit elevated radioactivity. In its first results on October 14, hole SN0045 returned 0.07% equivalent uranium oxide (eU₃O₈) over 0.6 meters from 100.25 meters, including 0.14% over 0.2 meters. That hole twinned a 2008 hole that had returned 0.97% U₃O₈ over 0.5 meters. In the October 22 update, hole SN0048 returned 0.03% eU₃O₈ over 19 meters from 78.85 meters, including two short intervals at 0.05%.

"These holes continue to confirm the extent of the mineralizing system and setting of the Snegamook uranium deposit," said Vice President of Exploration Trevor Perkins.

Chief Executive Officer Mark Tommasi said, "Each additional hole advances our understanding of Snegamook and helps us sharpen our exploration plans."

The 2026 results are preliminary downhole probe readings. The historical assay and the new probe reading are not directly comparable. Samples were collected for laboratory analysis in Ontario, and the company expected assays in early 2027.

Azincourt is also building its position in the region. In September, it said the TSX Venture Exchange had approved its option to acquire 100% of the Sylvia Lake Uranium Project, about 100 kilometers northwest of Happy Valley-Goose Bay, according to a release. Azincourt paid CA$174,000 and issued 1.76 million shares when the option was granted. To earn 100%, it must pay a further CA$500,000 and spend CA$250,000 on exploration over two years.

¹In an October 22 review, technical analyst Stewart Thomson said: "uranium and uranium stocks are both in technical Buy zones." He pointed to a strong monthly uptrend and a major stochastics buy signal on the Sprott Physical Uranium Trust. He added that a uranium miners ETF had dipped into "a major value buy zone" of US$12 to US$18, with its MACD indicator the most oversold in the chart's history.

On Azincourt, Thomson saw a long-term double-bottom pattern and a bullish stochastics divergence with price. He noted the stock "tripled the last time it was at this price area with similar volume." He also said on-balance volume, which tracks the flow of money into the stock, had reached life-of-chart highs, a sign he said suggests the price will follow.

Thomson rated Azincourt a Speculative Buy. He set short-, medium-, and long-term resistance levels at CA$0.09, CA$0.12, and CA$0.15. He listed dilution as a key risk, since any new financing at a market cap of about CA$5 million could mean significant share issuance. He also noted that the early Snegamook results are preliminary probe readings at modest grades.

Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) is taking a different route to the new supply the market needs, bringing in partners to fund much of its exploration in Saskatchewan's Athabasca Basin. On October 7, the company said it had started the first drill program at its Getty East joint venture in the Russell Lake project area with partner Denison Mines Corp. (DML:TSX; DNN:NYSEAMERICAN).

Skyharbour holds 70% of the 3,105-hectare property and operates it. Denison, which holds 30%, is paying for the program and can earn up to 70% by spending CA$15 million on exploration over seven years. Plans call for about 3,600 meters of drilling in 10 to 12 holes. The first four will test the Little Man Zone, last drilled in 1989, where historical results ran from 0.03% to 0.10% U₃O₈ at about 300 meters deep. The rest will test conductors along the Middle Lake trend. The work is part of a 2026 campaign of more than 15,000 meters at Russell Lake.

"There is notable discovery potential across numerous target areas on the Property," said President and Chief Executive Officer Jordan Trimble.

Other partners are also at work. On September 15, Skyharbour said Purecore Metals Inc. (PURE:CSE; PPURF:OTCQB; J8Y:FSE) had started compiling data and generating targets at the Yurchison property it is optioning from Skyharbour. Earlier in September, Skyharbour filed independent technical reports on its two co-flagship projects, Moore Lake and Russell Lake, with the goal of uplisting to the Nasdaq in 2027.

In an October 9 review for The Paydirt Prospector, geologist Sharyn Alexander rated Skyharbour a Buy after it started drilling at Getty East. She called the program modest but liked its structure, with Denison funding the work and Skyharbour acting as operator.

"This is exactly the type of exploration leverage we want to see from Skyharbour," she wrote. "The company retains substantial exposure to a discovery while Denison funds the drilling, limiting dilution to Skyharbour shareholders."

Alexander said the drill start "doesn't change the Skyharbour thesis, but it adds another meaningful shot on goal." She pointed to known mineralization at Getty East and a high-grade trend just along strike. Historical drilling south of the property returned up to 22.1% U₃O₈ over 0.9 meters, though those holes were off the property. She said Moore Lake remains the newsletter's key project, and that the growing amount of partner-funded drilling gives Skyharbour "multiple opportunities to make the kind of discovery that could move the stock." She noted that Jeff Clark, the newsletter's publisher, maintains his overweight position.

Ventum Capital Markets analyst Surya Sankarasubramanian rated Skyharbour a Buy with a CA$0.75 target in a September 8 uranium sector update.

He called the company "the pre-eminent uranium exploration and prospect generator company in the Athabasca Basin." He said its partner model and drilling at Russell Lake and Moore Lake make it "a strong contender for future positive returns."

Why are uranium prices getting attention?

The long-term contract price, which utilities pay to lock in future supply, reached a record US$96 a pound in August, passing a high set nearly two decades ago, Sprott said. The spot price has mostly traded between US$83 and US$90 since a brief spike to US$101 in January. Uranium stocks have lagged the metal.

What is driving demand for uranium?

Electricity demand is rising, partly because of AI data centers, which are on track to use about 945 terawatt-hours by 2030, according to the International Energy Agency. Utilities also need to secure more uranium for the 2030s. 

How fast is nuclear power growing?

At the end of 2025, 413 reactors were operating, and 72 were under construction, the International Atomic Energy Agency said. Thirty-nine countries backed a pledge to triple global nuclear capacity by 2050. Old plants are also coming back. Constellation Energy plans to restart Unit 1 of the Three Mile Island plant in 2027 under a 20-year power deal with Microsoft.

What did Azincourt Energy report at Snegamook?

Azincourt reported drilling at the Snegamook uranium deposit on its Harrier Project in Labrador's Central Mineral Belt. The goal is to check historical results and gather data that could support a future resource estimate. The October 22 plan called for about 1,800 meters in six to seven holes. At the time, laboratory assays were pending and expected in early 2027.

What else is Azincourt working on?

In September, the TSX Venture Exchange approved Azincourt's option to acquire 100% of the Sylvia Lake Uranium Project in Labrador. Azincourt paid CA$174,000 and issued 1.76 million shares when the option was granted. A further CA$500,000 in cash payments and CA$250,000 in exploration expenditures are required over two years to earn 100%.

What is Skyharbour doing at Russell Lake?

On October 7, Skyharbour started about 3,600 meters of drilling at the Getty East joint venture. Partner Denison Mines Corp. is paying for the work and can earn up to 70% of the property by spending CA$15 million over seven years. The program is part of a 2026 Russell Lake campaign of more than 15,000 meters.

What do analysts say about the two companies?

On Azincourt, technical analyst Stewart Thomson rated the stock a Speculative Buy on October 22, citing a long-term double-bottom chart pattern.¹

On Skyharbour, Ventum Capital Markets rates the stock a Buy with a CA$0.75 target.