Uranium Insider’s Justin Huhn on Kazatomprom’s India Deal, Supply Tightness, SMRs & Uranium Stocks

Host Brian Leni interviews Justin Huhn of UraniumInsider.com about uranium market fundamentals and investing. Huhn explains Kazatomprom’s India supply deal as a large long-term contract that signals more Kazakh production being committed to eastern sovereign buyers, tightening availability for Western utilities. He discusses opaque contracting terms, utility inventory practices, producer forward sales, and expected production declines at major mines, plus Kazatomprom’s sulfuric acid constraints and value-over-volume strategy. Huhn outlines how contract structures have shifted from fixed pricing to market-referenced contracts with floors and high ceilings, supporting upside price exposure. He cites key risks such as a major nuclear accident, while arguing supply deficits persist on a 5–7 year view. They cover “Project Vault” uncertainty, geopolitics, China’s role in Namibia, data centers de-risking reactor life extensions, potential tech offtake financing for NexGen’s Arrow, SMR progress in the US and Canada, conversion as a bottleneck, and his view that small-cap uranium explorers/developers offer strong equity upside with a $150–$200/lb price target.

00:00 Uranium Bull Case

00:38 Kazatomprom India Deal

03:45 How Much Supply Is Left

08:41 Sulfuric Acid Constraints

14:00 Contract Terms Shift

20:28 Bear Case Scenarios

26:42 Project Vault Impact

28:52 Deglobalization Strategy

31:26 Uranium Trade Diversification

31:59 Geopolitics In Africa

33:58 Namibia And China Control

35:38 Data Centers Demand Debate

36:38 Life Extensions And Upgrades

40:21 Hyperscalers Fund Uranium

44:39 Small Modular Reactors

50:01 Fuel Cycle Bottlenecks

53:32 Equity Upside And Cycles

57:07 Where To Follow Justin

58:26 Supply Fragility Wrap Up