Uranium mining equities fell sharply in September, with the VettaFi Global Uranium Mining Index down 16% and the Nasdaq Sprott Junior Uranium Miners Index off 22%, even as TradeTech’s long-term price indicator held near an 18‑year high at US$97/lb and BMI forecasts an average US$95/lb spot price in 2027. Supply risks centre on Kazakhstan’s in‑situ leach operations, where Kazatomprom’s sulphuric acid plant commissioning has slipped to 3Q 2027–1Q 2028, and on Western project execution, including NexGen’s Rook I (first ore targeted 3Q 2030) and Anfield’s Shootaring Canyon mill restart (mid‑2028). Cameco’s 3Q EBITDA of C$267 million came in 44% below BMO’s forecast, with attributable production 19% under expectations and cost-of-sales guidance raised to C$67–70/lb, reinforcing investor focus on cost inflation and operational reliability.

Lynas Rare Earths has secured minimum-price contracts covering over half its output, pushing average realised prices up 88% to a record A$102.1/kg and quarterly revenue up 55% to A$310.1 million, despite an 18% drop in sales volumes to 3,039 tonnes of rare earth oxides. Production reached 4,254 tonnes, including a record 2,082 tonnes of neodymium-praseodymium oxide, with planned shutdowns at the Malaysian separation plant (about one month) and Kalgoorlie (about two weeks) expected to be covered by inventories. The A$12.2 billion company is also advancing a A$968 million all-share acquisition of Meteoric Resources’ Caldeira project in Brazil to supply mixed rare earth carbonate into its Malaysia-based separation circuit.

Gold slumped 3.2% intraday to $3,891.67/oz, its lowest in a year and about 28% below January’s $5,419.83 record close, while silver dropped 5.8% to $49.34/oz, erasing gains from its run above $120 and pushing the gold-silver ratio to its highest since December. Heavy Comex volumes saw futures covering 18 million oz of gold and 236 million oz of silver trade by midday as higher oil, renewed Fed hike bets and tech-led equity losses forced liquidation. Equity damage is severe: Newmont, Agnico, Barrick, Wheaton and Franco-Nevada have collectively shed nearly $140 billion from 52-week highs, with Kinross and major silver names such as Hecla and Coeur now more than 50% off their peaks.