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NordX Metals ($NRDX): Drilling for Uranium in Scandinavia Amid Rising Nuclear Demand

Nordic Funds Sep 22, 2026 34:11

Summary

Nuclear demand is being reshaped by AI data centers and small modular reactors (SMRs), widening the uranium supply gap and reviving exploration in Scandinavia.

Sweden ended a seven-year uranium exploration ban in January 2026, letting NordX secure high-grade projects cheaply while peer miners were locked out.

Drilling is now active at Riutta in Finland, with the first assays from a 1,000 to 1,500m program already en route to the lab.

A shallow 11.3m intercept grading 0.68% U3O8 starting at 21m depth contrasts with deeper Athabasca-style deposits, lowering potential development complexity.

Management is idling the lithium portfolio to focus capital on uranium and rare earths, timing the commodity cycle instead of diluting shareholders.

Andrew B. Bowering's takeaways

  • Top takeaway Bowering argues the uranium opportunity in Scandinavia is being mispriced by the market and that investor acceptance — currently in a slow 'wait and see' phase — will end abruptly as the nuclear renaissance unfolds, calling the timing 'now'.
  • He frames NordX's edge as its people and track record, citing co-founding Millennial Lithium (acquired by Lithium Americas for $491M in '22), founding Prime Mining (acquired by Torrex for $449M in 2025), and leading other successful exits, saying the playbook can be run again.
  • He says the team plans to 'get noisy' in the market this fall after raising more exploration dollars, noting he has 'close to five million bucks' personally invested and that shareholders are also deep.
  • He dismisses 'not in my backyard' opposition to uranium exploration in Scandinavia, arguing that 'every country… has their own responsibilities to deliver natural resources'.
  • He tells viewers that investors 'buy stock at some price and sell it at a higher price' and argues the current valuation of NordX, given its owners and position, has 'big opportunity' — positioning it as a potential takeout candidate.

Jon Franklin's takeaways

  • Top takeaway Franklin lists the key 6–12 month catalysts as: first drill results from Ryutta (samples already at the lab), drill core re-logging at Dublon, drill targets at Norrødttan planned for Q1 next year, and a bottom-of-till program at Ascento — the first drill holes ever on that target.
  • He says NordX secured its Swedish uranium portfolio while it was illegal to explore — a 7-year moratorium ended in January 2026 — letting the team 'cherry pick' assets others are now scrambling to outbid for.
  • He highlights Ryutta's intercept of 11.3m at 0.68% U3O8 starting at 21.2m down hole as one of the highest in Finland and notes the project sits in a real uranium district about 12km from a past-producing mine.
  • He says the company's lithium focus — particularly the Barribi project, with a 47.75m at 1.34% Li intercept from 2.25m down hole — is being deprioritized to preserve capital while the lithium cycle is quiet, with most spending going to uranium and rare earths.
  • He notes Sweden's Badibi project was recently designated a national interest project by the Swedish Geological Society and Dublon a project of interest — both framed as validation.