For investors new to the sector, here is a simple walkthrough of how uranium becomes electricity.
- Exploration: geologists locate and define uranium deposits.
- Mining & milling: ore is extracted and processed into uranium concentrate, known as yellowcake (U3O8).
- Conversion: yellowcake is converted into uranium hexafluoride (UF6).
- Enrichment: the concentration of the fissile U-235 isotope is increased.
- Fuel fabrication: enriched uranium is formed into pellets and assembled into fuel rods.
- Power generation: reactors use the fuel to produce heat, steam and electricity.
USA Uranium operates at the very start of this chain — exploration — where new domestic supply begins.