Per Jander
Director, Nuclear Fuel and Investor Services | WMC Energy | Technical Advisor to the Sprott Physical Uranium Trust
"Sourcing physical uranium for the Sprott Physical Uranium Trust and advising institutional clients on the nuclear fuel cycle"
Biography
Per Jander is the person a uranium equity investor has to know, because he is the one actually buying the underlying commodity. As Director of Nuclear Fuel and Investor Services at WMC Energy, he sources and purchases physical uranium on behalf of institutional clients, and serves as Technical Advisor to the Sprott Physical Uranium Trust — a closed-end vehicle that, ounce for ounce, is one of the largest accumulators of physical U3O8 (uranium concentrate, the yellowcake form traded and stored by utilities) in the public markets. When investors ask "who is on the other side of this trade," Jander's name is increasingly the answer.
Jander built his read on the nuclear fuel cycle at Cameco Corporation, one of the world's largest uranium producers, where he spent more than a decade in uranium sales and trading inside Cameco's marketing organization. That seat gave him direct exposure to long-term utility contracting, the spot market (the market for near-term, one-off uranium deliveries rather than multi-year utility contracts), and the producer–utility negotiation table — the three levers that actually move uranium prices. He joined WMC Energy in 2019, bringing that producer-side perspective into an independent advisory and trading role.
Jander's working method is to focus on primary signals rather than headlines. He tracks utility uncovered requirements (the share of a utility's future nuclear fuel demand that has not yet been locked in under long-term contracts), term contracting volumes, conversion and enrichment bottlenecks (uranium must be chemically converted and isotope-enriched before it can fuel a reactor), and producer inventory behaviour. He has spoken regularly on the Sprott Radio podcast, on The Assay, with Bloor Street Capital, and at the Prospectors & Developers Association of Canada (PDAC) 2025 convention, and was a presenter at the World Nuclear Fuel Market conference — the industry's main contracting venue.
For a resource investor, Jander's value is access to early, niche signals in a market that is structurally opaque: most uranium never trades on an exchange, and most price discovery happens in private utility–producer negotiations. He has argued, across multiple interviews, that the physical market remains tight and that demand from utilities and from financial vehicles like the Sprott trust continues to outpace willing supply — a view that has framed how many small-cap uranium developers have been valued since 2023.
Videos (2)
Per Jander: Insights on the Uranium Market
- Top takeaway Per Jander argues spot uranium has a hard floor at $85 backed by an all-time-high term price of $96-$97, with utilities, traders and large producers stepping in below that — he sees 'very little downside' at $90
- He says the 37M lbs year-to-date term-market figure is misleading because it omits two large Indian contracts, one with Kazatomprom and one with Cameco estimated at around 20M lbs and close to $2 billion each
- He highlights the just-announced NNSA tender — 4M lbs/year for 10 years from as early as 2030, U.S.-origin only — as 'a very significant utility just entering the market' against current U.S. production of about 2M lbs YTD
- He flags enrichment spot at an all-time high of $215/SWU and conversion around $60/kg, both far above pre-Ukraine war levels
- He is seeing a small rotation from copper into uranium in recent weeks, but argues uranium still feels 'underinvested' relative to the setup heading into fall
Spot uranium is held near a hard $85/lb floor because record term prices of $96-$97 let utilities, traders, and producers step in as a carry trade — Pierre sees very little downside at $90. Term contracting year-to-date looks low at ~37M lbs, but huge unreported Indian deals with Cameco and Kazatomprom (~$2B each, ~18-20M lbs) hide a genuinely active fall market. The U.S. NNSA just committed to 4M lbs/year of U.S.-origin uranium for 10 years starting 2030, against current U.S. mine output of only ~2M lbs/year — a clear domestic supply gap. Conversion sits near $60/kg and enrichment spot around $215/SWU, both at all-time highs; the bulk of post-Ukraine rush-buyer demand has rolled back to a steady U3O8 run rate. Pierre says he is talking to SMR developers who have not yet secured fuel, expecting new demand from that segment as units advance.
Virtual Nuclear Energy & Uranium Conference | Learn the Benefits of Nuclear Energy
- Top takeaway Jander says January-February was his busiest stretch, executing over 5 million pounds of buying tied to SPUT's raise, with most pounds sourced from carry-trade unwinds rather than producers.
- He treats the $90 term price — the highest since the 2007-08 peak and holding on light volumes — as the market's most important indicator and expects prices to be higher by the end of 2026.
- He sees buyers stepping in around $80-85 in spot, with carry-trade economics limiting further downside; buying a million pounds now would cost high-$80s at least.
- He suspects the November-December 2025 contracting surge partly front-ran Kazakhstan's January 1 extraction-tax rise (unconfirmed), and notes 2026 contracting is off to a slow start at about 10 million pounds reported.
- He sees no direct uranium impact from the Iran war — unlike Russia-Ukraine, which hit conversion and enrichment — and notes contract ceilings near $150 with floors creeping toward $80, praising India for contracting while the market is quiet.
Uranium's term price (the long-term reference price) holds near $90 per pound, its highest level since 2008, anchoring a firm spot market. Producers are holding output flat while utilities and state buyers like India return, signaling intensifying competition for future pounds. Denison Mines has started construction at Phoenix, the first new Canadian uranium mine approved in over 20 years, targeting production by mid-2028. NexGen says fully permitted Arrow will produce up to 30 million pounds annually — about 20% of world mine supply — with construction underway. Contract terms are shifting toward sellers: ceilings near $150 per pound, some deals with no cap at all, ending the $30 fixed-price era.
Key Works
Long-form interview with The Assay on the nuclear fuel cycle, utility demand, and the outlook for physical uranium.
Sprott Radio podcast episode with Per Jander updating listeners on the uranium market following the World Nuclear Fuel Market annual meeting.
Specializations
Disclaimer: Per Jander has NOT endorsed this platform and is not affiliated with Pixys in any way.