⚡️Cantor Fitzgerald have issued a new #Uranium Macro Update📗⚛️⛏️ as "Kazatomprom Reduces 2025 Production Guidance by 17%, Flags Further Cuts"🇰🇿⬇️ "Key Takeaways – KAP’s warning on 2026+ production is fundamentally bullish for uranium prices with the 2025 guidance revision serving as a “market clearing event” for industry players, now likely to drive renewed activity in the spot and term markets. We note that spot uranium prices have corrected from ~$107/lb U3O8 (02/02) to ~$80/lb U3O8, directly in-line with the base escalated floor price levels on new long-term contracts (4-5+ years out). In our view, this is a clear indication that fundamentally, spot uranium prices have likely bottomed. With the KAP 2025 guidance reduction now having “cleared the market” we expect the next sustained directional move for the uranium equities will be higher."💲⬆️ Preferred Uranium Equities – Denison Mines (DNN-NYSE/DML-TSX, Buy - $6.00/C$8.00 target), the Sprott Physical Uranium Trust (U.U/U.UN-TSX, Buy - $31.00/C$41.50 target), Ur-Energy (URG-NYSE/URE-TSX, Buy - $3.75/C$5.00 target) and enCore Energy (EU-NASDAQ/TSX, Buy - $8.00/C$10.00 target). KAP reported exit Q2/24 inventory (net to its JV-interests) of 4.1 KtU (10.8 MMlb U3O8), indicating a 32% drawdown over the last six-months. KAP also noted that its Chief Financial Officer, Mr. Sultan Temirbayev, resigned effective 08/19 after less than one year in the role. We are incorporating KAP’s revised 2025 production outlook and tempered expectations for 2026 and 2027 in our updated supply-demand model (summarized in Exhibit 1 below). We now forecast a cumulative primary supply deficit of 1.29BB lbs U3O8 (vs. 1.27 BB lbs U3O8, previously) over the 2024-2040 period. The uranium market remains in a state of structural primary undersupply against increasing and broad-based growing demand. 🔀🗜️ GREAT ENTRY POINT, NEXT MOVE LIKELY HIGHER This is the fifth consecutive year in which KAP has meaningfully reduced forward guidance, and in our view, raises serious questions/concerns about the operational status of the world’s largest uranium miner, particularly given the magnitude of guidance reductions at Budenovskoye (-80% in 2024, -68% in 2025 and -38% in 2026), the company’s largest new ISR operation. We expect this KAP news will act as a "clearing event" and mark the beginning of the next phase of the uranium bull market. We expect transaction volumes in the physical spot and term markets to increase materially going forward. Over the last several months, spot uranium prices have corrected from ~$107/lb U3O8 (02/02) to ~$80/lb U3O8, directly in-line with the base escalated floor price levels on new long-term contracts (4-5+ years out). In our view, this is a clear indication that fundamentally, spot uranium prices have likely bottomed, setting-up a great entry point for new investors in the sector. With KAP’s 2025 guidance reduction now having “cleared the market” we expect the next sustained directional move for the uranium equities will be higher. 📈 Cantor now forecasts Spot/Term prices of: $120/$110 for 2024 $130/$120 for 2025 If you download the full report there are write-ups for each of the stocks they cover. Cheers and good luck!☘️🤠🐂 cantorcanadaresearch.com/wp-…