Centrus Energy (LEU) shares skyrocketed 12.46% in the after-hours session on Thursday, following news that the U.S.-based company had signed a 10-year enriched uranium supply agreement with Korea Hydro & Nuclear Power (KHNP), a subsidiary of Korea Electric Power.

The deal aims to diversify KHNP's nuclear fuel sources, as the Korean operator has been importing uranium from countries like France, Russia, Britain, and China over the past few years. With this agreement, KHNP will now have access to enriched uranium from the United States as well.

Investors reacted positively to the news, driving up Centrus' stock price in extended trading on Thursday. The long-term supply contract with a major nuclear power operator is expected to provide a stable revenue stream for Centrus and bolster its position in the global nuclear fuel market.