Over the past five years, physical uranium and uranium mining equities have significantly outperformed other asset classes, including broader commodities. The U3O8 spot price has risen a cumulative 245.75%, compared to just 22.09% for the broader commodities index (BCOM). 1

Analysts from Bank of America and Berenberg Bank predict that tightness in uranium markets could extend well into 2025, indicating that prices could continue to rise.2

The USA is the largest consumer of uranium with nuclear generating 20% of its electricity through 93 operating reactors. Until recently, Russia, Kazakhstan, Uzbekistan supplied ~40% of US requirements.

Canada, the US’s largest supplier at 27%, is in the ideal situation to ramp up production to meet US domestic demand.3

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**Uranium Miners are measured by the Northshore Global Uranium Mining Index (URNMX index)

Source: Sprott Insights


U.S. Energy Information Administration estimates cumulative supply gap of 402 million lbs through 2033. 1

  • The world’s largest uranium producer, NAC Kazatomprom JSC, recently announced that it would not meet its previously announced production increases for 2024 and 2025. This unexpected reversal signaled to industry participants that the supply response to the fundamental deficit in the uranium market will take longer than anticipated. 2
  • Uncertainty remains on the supply side due to the conflict in Niger and efforts to ban imports from Russia. 3
  • The world switching to electric vehicles and electricity consumption is expected to increase by 50% to 100% by 2050. Zero-emissions nuclear power needs to be a critical component to help meet this massive growing demand.4

1. The Globe and Mail    2. Kitco    3. BNN Bloomberg    4. Reuters

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Source: Sprott Insights


Nuclear is Low-carbon.

Nuclear power plants produce no greenhouse gas emissions during operation, and over the course of its life-cycle, nuclear produces about the same amount of carbon dioxide-equivalent emissions per unit of electricity as wind, and one-third of the emissions per unit of electricity when compared with solar.

“Nuclear is ideal for dealing with climate change, because it is the only carbon-free, scalable energy source that's available 24 hours a day.”

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No energy source comes with zero negative impact, but when compared to the death rates from other sources, it’s one of the safest.

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Nuclear reactors already operational, under construction, and proposed (2024)


The Countries with the most Nuclear Reactors

Number of operational reactor units by country in 2022

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There are 440 operational power reactors operating in 32 countries, with a combined electrical capacity of 390 GWe.

Additionally, there are 61 reactors under construction and 431 reactors planned or proposed.

30 countries are considering, planning or starting nuclear power programs.