CGN Mining Shares Rally Over 4% as Q3 Natural Uranium Output Reaches 642.4tU, with Allaortak Mine Ramp-Up on Schedule

Stock News10-28

Shares of CGN Mining (01164) rose more than 4%, reaching HK$2.135 as of press time, up 4.15%, with a turnover of HK$30.9644 million.

On the news front, CGN Mining announced that in the third quarter of 2026, the mines invested in by the group produced a total of 642.4tU of natural uranium, achieving 101.8% of the quarterly plan. Among them, the Semizbay-U Limited Liability Partnership (Semizbay), a Kazakhstan joint venture in which the group holds a 49% stake, produced 160.5tU of natural uranium; while Ortalyk LLP (Ortalyk), another Kazakhstan associate company in which the group also holds a 49% stake, produced 481.8tU of natural uranium.

According to a research report by Great Wall Securities, based on the existing production capacity and production plans of the deposits operated by Semizbay and Ortalyk, CGN Mining's contracted sales volume is expected to have room for further growth in the current contract cycle. The on-schedule commissioning of Ortalyk's Zhalpak mine in July 2026 further strengthened the foundation for the company's volume growth.

From an industry perspective, Great Wall Securities believes that the certainty and pace of new project launches, together with the retirement pace of existing mines, will jointly dominate the trend of the uranium price center in the future. The long-term supply pressure brought by the continued decline in existing supply has not yet significantly improved, and the uranium price center is expected to continue shifting upward in this cycle.

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