Uranium equities spent much of 2026 getting sold as though the underlying commodity had entered a bear market. It had not.
By late October, uranium mining shares had surrendered a substantial portion of their earlier gains. The Global X Uranium ETF, URA, had fallen more than 40% from its January peak. Individual names suffered considerably worse drawdowns. The market was treating uranium producers, developers and nuclear-adjacent companies as one crowded trade to unwind.
But the physical market was telling an entirely different story.
