Uranium—Deposits, production and resources, market dynamics, and supply chain risks

Introduction

Interest in nuclear power for the generation of electricity has risen with the increase in the need for more diverse baseload power, enhanced energy security, and the development of new technologies, such as small modular reactors (SMRs), which could provide power for remote areas, industrial applications, and artificial intelligence (AI) data centers. In 2024, the U.S. Department of Energy received \$2.7 billion in congressional funding to bolster the domestic uranium production and nuclear fuel supply chain and address reliance on imports from foreign suppliers. In 2025, the U.S. Government issued several Executive and Secretary’s orders aimed at revitalizing the U.S. nuclear sector. If SMRs are to be as widely deployed in the United States and worldwide as envisioned, demand for uranium (nuclear reactor fuel) will likely increase.

After the Fukushima nuclear accident in 2011, the market spot price of uranium began a decline, followed by a decrease in U.S. and global uranium exploration and mine development expenditures that led to a uranium supply deficit until 2020, when prices started to recover, prompting a resurgence in uranium exploration and development. In January of 2024, the uranium spot price rose to a 17-year high \$106 (U.S. dollars) per pound of U3O8 (triuranium oxide, commonly known as “yellowcake”), which is expected to increase uranium exploration, mine development, and uranium production domestically and worldwide.