Why it matters now: The U.S. has selected 11 projects to fast‑track small nuclear test reactors, adding policy momentum to a fuel market already tight on primary supply. Spot has stabilized in the low‑$70s/lb area after a spring pullback, with term pricing firmer.

Kazatomprom (LSE: KAP), the world’s largest producer, reiterated a “value over volume” approach and has moderated production plans over the past year amid acid constraints, keeping the market snug. Cameco (TSX: CCO; NYSE: CCJ) reported strong Q2 results and maintained a robust long‑term contracting strategy that cushions price volatility.

Investor angle: Utilities remain under‑contracted versus fuel needs, suggesting continued support for term prices. The SMR policy push could broaden long‑dated demand optionality. For equity exposure, integrated producers (Cameco), physical funds, and advanced developers with permitted ISR assets screen well.

What to watch: Any fresh production guidance from Kazatomprom, Cameco marketing updates, and U.S. fuel‑cycle policy (conversion/enrichment) that could affect procurement patterns.