@hlyons_bd

Head of Research @getbdiscovery contact: [email protected]

 London
boundlessdiscovery.com/
Joined November 2024
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17Media
Kazakh / $KAP uranium train has all but left the station for US utilities but one of the three trading houses selected for Project Vault is doing the work to secure large portions of Uzbekistan's uranium expansion 👇
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Traxys have already announced offtake agreements with Uzbek SOE, TMK, including up to $150m in pre-payments for rhenium and molybdenum traxys.com/detailnew/214/tra…
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I bet Traxys' purchases will rise in the coming years as Uzbek production expands. As China hoover up @KAP supply, Navoiyuran are going to become the biggest competitor to Western producers.
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Harry Lyons retweeted
Will
@wstone_bdOct 22
New research from @hlyons_bd The model that underlies this report is incredible. We can discover and understand things about the nuclear fuel industry that nobody else can.
Boundless Discovery
@getbdiscoveryOct 22
1/ Uzbekistan’s 15,000 tU uranium target for 2030 depends on five things it doesn’t control: a sanctioned Russian oil company, a copper smelter, the country’s fertilizer makers, falling gas output, and its biggest competitor. 🧵👇
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Anyone invested in uranium should be aware of Uzbekistan's potential to run the $KAP playbook from the 2010s. Only thing is they need twice the acid.
Boundless Discovery
@getbdiscoveryOct 22
1/ Uzbekistan’s 15,000 tU uranium target for 2030 depends on five things it doesn’t control: a sanctioned Russian oil company, a copper smelter, the country’s fertilizer makers, falling gas output, and its biggest competitor. 🧵👇
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An update on Tiris 🇲🇷 Our 22 September report highlighted local reporting of Chinese operators preparing a pilot plant in Bir Moghreïn - 400km away from the prospective mine. Aura has now confirmed construction in the town. The counterparty of their MoU remains unnamed 👇
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This is very true. Also, AWS were hiring for a "Principal Nuclear Product Mgr" 6+ months ago. Key responsibilities: "Build internal and external nuclear product and fuel strategy roadmaps, influencing clean energy strategy for AWS data centers" jobs.anitab.org/companies/am…
Erik Townsend 🛢️
@ErikSTownsendSep 27
The hyperscalers have bet big on reactors. Next they'll have to lock up the fuel, and the first one to move gets the last good price.

The Uranium Deal Nobody Sees Coming

Article · @ErikSTownsend
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A state-owned Chinese nuclear company looks set to beat America's critical-minerals fund to Aura Energy's ($AEE.ASX) Tiris project, Mauritania's first uranium mine. Boundless Discovery traced a year of Chinese tenders, customs records and company filings. What we found 👇
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Between January to July this year, China has imported less uranium than it did in 2025. But there's more to the story 👇
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Price. Kazakhstan: the same money, USD 1.1bn, for 9% less uranium — $68 to $74 a pound. Uzbekistan came in at $77, the dearest of the three and where China's commercial relationships are least mature. Again, all look cheap relative to term contract prices today.
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China knows it will need well over 60 Mlb next decade and they're buying accordingly. China's SNURDC and CNUC now both hold long-term supply agreements with Kazatomprom. Neither are done securing more pounds... more to come on that soon.
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“It’s my honor to announce that the true pope is working with us from Avignon”
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