RBC raises Cameco price target to C$175 on strong uranium market outlook

Sceptre Ventures Inc. and 1490660 B.C. Ltd. have entered into a non-binding letter of intent dated October 8, 2026, under which Sceptre will acquire the outstanding securities of 1490660 in a reverse takeover that will constitute Sceptre's Qualifying Transaction as a Capital Pool Company. The LOI contemplates a definitive agreement by November 30, 2026, with Sceptre acquiring all issued and outstanding securities of 1490660 on a 1 for 1 exchange ratio, and the Resulting Issuer continuing 1490660's business under the name Evolution Uranium Corp. and listing as a Tier 2 Mining Issuer on the TSX Venture Exchange. 1490660 is a privately held Canadian mineral exploration company whose principal properties are the Black Birch Lake Property and the Rifle Property, both in Saskatchewan, and its outstanding capital consists of 17,000,100 common shares and 15,000,000 share purchase warrants. In connection with the Proposed Transaction, Sceptre intends a concurrent financing of up to 6,000,000 units at $0.50 per unit for gross proceeds of up to $3,000,000, each unit comprising one Sceptre share and one Sceptre warrant exercisable at $0.75 for two years. Assuming completion of the Concurrent Financing, approximately 26,001,753 Sceptre Shares and up to approximately 21,000,000 Sceptre Warrants will be outstanding, with former 1490660 shareholders holding approximately 65.38%, Concurrent Financing placees approximately 23.08%, and former Sceptre shareholders approximately 11.54% of the Resulting Issuer Shares on an undiluted basis. Trading in Sceptre's common shares has been halted and is expected to remain halted until completion of the Proposed Transaction.

Energy Fuels reported $996 million in working capital as of June 30, 2026, up from $927.4 million as of Dec. 31, 2025, including $58.4 million of cash and cash equivalents and $878.3 million of marketable securities. The company's net cash used in operating activities declined to $17.8 million in the first half of 2026 from $44.8 million a year earlier, while net cash used in investing activities rose to $133.3 million from $75.2 million on higher investments in marketable securities, equipment and mineral properties, plus contributions to the Donald Project joint venture. In June, Energy Fuels received a conditional $725 million financing commitment from the U.S. Office of Strategic Capital, a proposed 20-year loan to support critical minerals processing expansion at the White Mesa Mill and a planned U.S. rare earth metals and alloys facility, subject to customary conditions and approvals. Among peers, MP Materials generated $4.9 million of operating cash flow in the first half of 2026 versus an outflow of $66.9 million a year earlier, and spent $307.7 million on property, plant and equipment, up from $59.5 million, ending with $429.6 million in cash, cash equivalents and restricted cash. Centrus Energy reported $16.7 million of operating cash outflow in the first half of 2026 against $89.3 million of inflow a year earlier, with capital expenditures surging to $94.8 million from $5.7 million and cash and cash equivalents of $1.87 billion as of June 30, 2026.