Halvren Cost Curves
Where each operator sits on its curve.
All-in sustaining cost (AISC) by cumulative production, per commodity. Each bar is one disclosed operator on the Halvren coverage list. The dashed gold line is the current spot price; operators below it earn at the current tape. Three commodities ship today (uranium, WCS heavy oil, silver) because three is what we have confident public FY 2025 AISC for.
What's on these charts. Halvren coverage operators only — the curve is partial by design. The complete global cost curve for any of these commodities is wider, and the operators we do not cover are not included here. The point of the chart is to show the coverage cohort on the right commodity surface; for the wider curve, see each operator's writeup.
How AISC is computed. Where the operator discloses AISC directly in FY 2025 (uranium, silver), we use the disclosed number. For Canadian heavy oil, AISC is approximated as the corporate netback at trough WTI plus sustaining capex per barrel; this is the principal's reconstruction, not a disclosed number. Marked as such in the underlying data file.
Spot prices. Current as of May 2026. Uranium U₃O₈ term-equivalent, WCS at Hardisty, silver spot. Refreshed on each desk review.