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Utilities Are Short Billions of Pounds of Uranium They Haven't Bought Yet, and the Math Is Getting Harder Every Year

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  • The global nuclear fuel market faces a widening structural gap where demand surges from reactor life extensions, new builds, small modular reactors, and AI data centers outpace supply constrained by a decade of underinvestment.
  • Uranium spot prices consolidated in the mid-US$90s after hitting US$101 in January 2026, while long-term contract prices reached an all-time high of approximately US$97 per pound.
  • Utilities contracted roughly 116 million pounds of uranium in 2025, remaining below their consumption rate and increasing the volume of uncovered requirements.
  • US policy supports domestic supply through import restrictions on Russian uranium, Section 232 reviews, and a US$2.7 billion Department of Energy award in January 2026 to expand enrichment capacity.
  • Eagle Nuclear Energy Corp. (Nasdaq: NUCL) operates the Aurora Uranium Project in Oregon, the largest conventional measured-and-indicated deposit in the US, and pursues a dual strategy of conventional uranium supply and small modular reactor access.
  • Cameco Corporation (NYSE: CCJ) remains the largest Western uranium company with operations spanning mining, fuel services, and a stake in Westinghouse reactor technology.
  • Uranium Energy Corp. (NYSE American: UEC) commenced production at its Burke Hollow in-situ recovery project in Texas in 2026, marking one of the first new US uranium starts in over a decade.
  • Energy Fuels Inc. (NYSE American: UUUU) operates the only conventional uranium mill in the US in Utah while diversifying into rare earth elements.
  • NexGen Energy Ltd. (NYSE: NXE) is advancing the Rook I project in Canada's Athabasca Basin, featuring one of the world's largest high-grade undeveloped uranium deposits.
  • The sector is characterized by high risks for development-stage companies due to permitting, financing, and reliance on future small modular reactor deployment timelines.
  • The article functions as a paid advertisement for Eagle Nuclear Energy Corp. distributed by USA News Group, which discloses a conflict of interest regarding compensation from Creative Direct Marketing Group.