The biggest uranium producer won’t flood the market - Kazatomprom accounts for 40% of global uranium production - Its production growth suppressed global uranium prices - The company is now facing depletion problems and acid shortages This has forced a shift from volume to value. In line with that new focus, Kazatomprom reduced its 2026 guidance by 8 mlbs. That reduction alone equals roughly 40% of Cameco’s annual production, the world’s 2nd biggest uranium producer. We are in a unique situation. The largest uranium producer is set to decline in the coming years, while demand by 2040 is expected to double as major countries increase consumption. Uranium prices could go crazy.