Going Nuclear with Justin Huhn and Trevor Hall

On this episode of Going Nuclear, hosts Trevor Hall of the Clear Commodity Network and Justin Huhn of Uranium Insider examine the sharp correction in uranium mining stocks, the forces driving indiscriminate selling across the nuclear energy sector, and why the underlying fundamentals of the uranium market may be stronger than equity prices suggest.Justin explains how hedge fund positioning, AI-related investment baskets, institutional tax-loss selling, and uncertainty surrounding the U.S. midterm elections may be contributing to the selloff. With spot uranium prices up more than 10% this year while the URA uranium ETF has fallen approximately 20%, the divergence between the commodity and uranium equities is becoming increasingly difficult to ignore.The conversation also explores the geopolitical implications of Kazatomprom shareholders rejecting a proposed uranium supply agreement with Russia while approving a Chinese contract. What does this reveal about Kazakhstan's relationships with Russia and China, and what could it mean for future uranium availability?Trevor and Justin examine Deep Yellow's decision to delay a final investment decision on its Tumas uranium project, the growing divide between Eastern and Western uranium supply development, and why higher uranium prices have still failed to incentivize sufficient new production.Finally, the discussion turns to nuclear reactor development in the United Kingdom and United States, including regulatory reform, hyperscaler power purchase agreements, government financing mechanisms, and the potential for new reactor construction announcements in 2027.

In this episode of Going Nuclear, hosts Trevor Hall and Justin Huhn of Uranium Insider examine the growing disconnect between uranium equities and the underlying nuclear fuel market.The conversation begins with the recent weakness in uranium stocks before turning to major developments reshaping the global nuclear industry, including the proposed U.S.–South Korea nuclear construction partnership, Uranium Energy Corp.'s expansion into uranium conversion, and Urenco's efforts to expand enrichment capacity in the United States.But the biggest story may be unfolding in Kazakhstan.Justin breaks down Russia's attempt to secure a major long-term uranium supply agreement with Kazatomprom—and why the rejection of that proposed contract could reveal important pressures within Russia's nuclear fuel supply chain. Could Russia's enormous enrichment and reactor export business be creating additional uranium demand that investors are overlooking?Trevor and Justin also examine whether an AI investment bubble could threaten nuclear energy stocks, why hyperscaler demand is not essential to the uranium investment thesis, and what could eventually push uranium prices back above $100 per pound.Episode Sponsor: U92 Energy Corp. (TSXV: UTWO)U92 Energy is an emerging uranium exploration company advancing the Kurupung Uranium Project in Guyana, which hosts a historical uranium resource estimate of approximately 20.5 million pounds.

The uranium spot price is back above $90 per pound, the long-term contract price has reached record nominal levels, and some of the world's largest nuclear fuel buyers are becoming increasingly aggressive. So why are uranium equities struggling to respond?On this episode of Going Nuclear, Trevor Hall and Uranium Insider’s Justin Huhn break down the latest developments across the uranium and nuclear fuel markets. Justin explains what's driving the recent strength in spot uranium, why traders are increasingly reluctant to sell physical material, and why utilities and producers continue to step in on even modest price weakness.Trevor and Justin also examine the increasingly complicated relationship between AI, data centers and nuclear energy. While hyperscaler investment has helped fuel enthusiasm for nuclear equities, Justin argues the uranium bull thesis doesn't require an AI boom. Extending the operating lives of the existing reactor fleet alone provides significant long-term uranium demand, regardless of how quickly new data centers or SMRs are ultimately built.The conversation then turns to what may be the most important development in the uranium market: Russia is buying uranium. Kazatomprom has disclosed major contracts involving both China and Russia, with Justin explaining why Rosatom entering the market as a uranium buyer is particularly significant given Russia's enormous position across enrichment, conversion and uranium production. Meanwhile, China continues accumulating material, Japan has returned to the market, and Kazatomprom is warning Western utilities that future supply won't simply be waiting for them.Finally, Trevor and Justin discuss expectations for $130–$150 uranium, record pricing across much of the nuclear fuel cycle, and Saudi Arabia's headline-grabbing announcement of a massive uranium-bearing resource—and why Justin thinks that particular story matters far less to near-term uranium supply than the headlines suggest.

In this episode of Going Nuclear, Trevor Hall and Justin Huhn sit down with Colin Healey, CEO of Premier American Uranium, for a wide-ranging discussion on the future of uranium exploration and production in the United States. Colin shares his perspective after more than 16 years as a leading uranium equity analyst, explaining why today's supply-demand fundamentals, government policy, and growing nuclear demand create one of the strongest setups the sector has seen in decades. The conversation also explores Premier American Uranium's portfolio in Wyoming and New Mexico, the challenges and opportunities of permitting new uranium projects, and why domestic production has become a strategic priority for the United States. Trevor, Justin, and Colin also discuss the role of utilities, evolving contracting dynamics, and why the uranium market may be entering a period where producers have greater influence over pricing than ever before.

Deep Isolation CEO Rod Baltzer joins Going Nuclear to discuss one of the least understood but most important challenges facing the future of nuclear energy: long-term nuclear waste disposal. The conversation explores how Deep Isolation is applying advanced directional drilling technology from the oil and gas sector to create deep borehole disposal systems designed to safely isolate spent nuclear fuel far underground for thousands of years. Rod explains the current bottlenecks surrounding nuclear waste management, the economics of storage and disposal, and why solving the backend of the fuel cycle is becoming increasingly important as small modular reactors and advanced nuclear technologies scale globally. From public market ambitions and international partnerships to the engineering behind disposal canisters and horizontal boreholes, this episode offers a rare deep dive into the future of nuclear waste infrastructure.

In this episode of Going Nuclear, Trevor Hall and Justin Huhn unpack the growing disconnect between quiet uranium markets and increasingly bullish fundamentals building beneath the surface. The conversation dives into a wave of global reactor restarts, shifting energy policy toward sovereignty, and why the nuclear narrative has moved beyond decarbonization toward grid stability and security. Justin also outlines how U.S. regulatory reform and fuel cycle constraints could reshape the long-term uranium market, even as prices remain rangebound today. It’s a timely look at why the “de-risking” of nuclear may not be priced in—yet.

Trevor Hall and Justin Huhn kick off this episode of Going Nuclear by analyzing how the ongoing conflict in the Middle East has accelerated a "snowballing" global theme of sovereign energy security. The hosts discuss the current market conditions and the strategic importance of long-term uranium contracting, specifically highlighting India’s recent massive procurement of nearly 50 million pounds. They also examine Germany’s public expressions of regret regarding its shuttered nuclear fleet while noting positive regulatory momentum for life extensions at California's Diablo Canyon. The conversation then shifts to the frontier of nuclear technology with Sam Gibson, CEO of Hadron Energy, who is developing a 10-megawatt micro-reactor small enough to fit in a shipping container. Gibson details how his company leverages 70 years of light water reactor history to create factory-fabricated units that can be transported by semi-truck and are currently leading the way in NRC licensing. He explains that while remote communities and military bases offer vital use cases, data centers are the fastest-moving early adopters currently driving the company's multiple gigawatts of potential demand. Finally, the episode explores Hadron's transition to the public markets through a strategic merger, positioning the company to own and operate the resilient, carbon-free energy infrastructure of the 2030s.

In this episode of Going Nuclear, Andrew Weekley of Smith Weekly Research joins the program to discuss the necessity of adaptation and capital preservation amidst heightening global volatility and geopolitical friction. Weekley details his current defensive posture of keeping "one foot out" of the market by maintaining high cash reserves, citing concerns over broad market manipulation and the impending risk of a significant correction. The conversation explores the structural challenges facing the uranium industry, specifically the severe lack of technical expertise and the logistical hurdles likely to delay anticipated greenfield production restarts. Finally, the episode highlights the importance of identifying company-specific value creators and explains why the team remains cautiously optimistic about the long-term outcomes for uranium, gold, and silver despite near-term market "chop".

Jake Jurewicz, co-founder and CEO of Blue Energy, discusses the innovative approaches his company is taking to address the challenges of nuclear energy development. He emphasizes the importance of financing, prefabrication, and strategic partnerships in making nuclear power more viable and attractive to investors. The discussion also touches on the transition from gas to nuclear, site selection for small modular reactors (SMRs), and the regulatory environment affecting the industry. Jurewicz expresses optimism about the future of nuclear energy and the potential for a renaissance in the sector as demand for clean energy continues to grow.

Steffan Szumowski, a 16-year US Nuclear Navy veteran and author of "The Nuclear Review," joins the show to discuss the accelerating momentum of the domestic nuclear industry under the current administration. The conversation covers the Department of Energy's ambitious "breakneck" push to have three new reactors attain criticality by July 4, 2026, supported by new pilot programs for both reactors and fuel. Szumowski explains the strategic effort to onshore the supply chain by awarding $900 million contracts to companies like Centris and Orano to build domestic enrichment capacity and eliminate reliance on Russian supply. The guests explore how the massive power needs of AI data centers are driving "hyperscaler" deals with advanced reactor companies like Oklo and TerraPower, even as debate continues over the future of large-scale AP1000 deployments. Szumowski shares insights from his experience operating submarine reactors and highlights why real engineering progress is the only way to win the race among 126 different small modular reactor designs.Support for this podcast and all of Clear Commodity Network comes from TerraHutton.