1/ It's quite the clusterf$ck Cameco $CCO $CCJ has gotten themselves into. They put McArthur River in Care & Maintainance in Aug 2018 as it was cheaper to buy the #uranium in the spot market instead. In 2019 they couldn't find enough in the spot market and chose to draw down

2/ their remaining operating inventory instead. Now they just lost Cigar Lake and their stake in Inkai in Kazakhstan too. That's a whole lot of pounds to buy. They better pray BHP manages to keep Olympic Dam open, that's the main source of spot liquidity.

3/ Orano is in a tricky spot as well. They lost their 30% stake in McArthur River in 2018 and now their stakes in Cigar Lake, Tortkuduk (Kaz) and Southern Moinkum (Kaz) too. Their 100% owned Cominak (Niger) is done/depleted in 1 yr and probably winding down prod volumes already.

4/ Not sure about Oranos inventory levels, but since they took up a Uranium loan from Cameco in 2018 (up to 5M lbs), it's probably not much. That loan is due end of 2021.

5/ Cameco and Orano could even have to compete for pounds with desperate uranium traders caught with their pants down being short uranium for their carry-trade contracts.

5/ It will probably take some time for long-term contracts to materialize, but this mess has to a mean Rock & Roll for the spot price in 2020. Maybe spot could even overshoot in the short term until everyone has their contracting obligations secured?