DEMAND
Rise of AI: Data centers could drive significant uranium demand, potentially adding ~100Mlbs to demand by 2040
Growing Reactor Fleet: Asia’s expanding reactor fleet, especially in China and India, is driving long-term uranium demand
2050 Targets: U.S. looking to 4x nuclear power & China aiming for nuclear energy to account for 15%+ of its electricity generation
SUPPLY
Geopolitical Influences: Since Russian ban on exports to the U.S., supply has become an even more acute issue for U.S. utilities
Supply Constraints: Supply has lagged due to prolonged low prices, discouraging new mining and exploration projects
Depletions: Large drawdowns of secondary inventories and mine depletion are further tightening the uranium market
Deficit projected to widen up to 1.7 B lbs. (2026-2045)
Global Uranium Demand / Supply Model
Source: UxC Market Outlook Q4 2025.
Given the deficit between power generation demand and mine supply…we believe uranium prices could move chaotically to the upside
Natural Resource Market Commentary: Q2 2023.
(1) U.S. Energy Information Administration – Uranium Marketing Annual Report – June 6, 2024.
Source: U.S. Energy Information Administration, 2024 20UMAR.pdf
GLOBAL URANIUM PRODUCTION
HISTORICAL CONTEXT
U.S. power demand has remained mostly flat since the mid-2000s, reflecting years of modest growth, until now
SURGING FORECASTS
Utilities have nearly doubled power demand projections by 2028 due to a sharp rise in AI, quantum computing, industrial electrification and cryptocurrency
GLOBAL DEMAND OUTLOOK
Electricity’s share of total energy consumption is projected to increase from 20% today to approximately 50% by 2050
INDUSTRIAL-SCALE CONSUMPTION
Data centers could soon consume power on par with major industrialized nations, reshaping global electricity demand profiles
NATIONAL IMPERATIVE
AI’s energy demands are being likened to the Manhattan Project, with the U.S. expected to lead in both AI development and energy generation
Source: The New York Times and IEA World Energy Outlook 2023 Net Zero Emissions Scenario.
Source: IEA World Energy Outlook 2023
THE RIGHT FOUNDATION
BACKED BY FEDERAL SUPPORT
U.S. is the world's largest nuclear power producer, operating 94 reactors across 54 plants in 28 states and supplying nearly 30% of global nuclear energy
U.S. Energy Secretary Chris Wright unveiled the "Golden Era of American Energy Dominance“ highlighting America's leadership
Reliable capacity & baseload supply, operating at high uptime, unlike intermittent renewables
President Trump declared a national energy emergency to boost domestic production and strengthen U.S. energy independence
Established fuel supply infrastructure and manufacturing ecosystem
Strengthens energy security & diversification, reducing reliance on imports while ensuring stable supply amid geopolitical uncertainty
Next-generation nuclear reactors, such as SMRs offer improved flexibility, safety, scalability, and cost
Key to meeting net-zero goals, with 30+ nations pledging to triple capacity by 2050
THE RIGHT FOUNDATION
U.S. is the world's largest nuclear power producer, operating 94 reactors across 54 plants in 28 states and supplying nearly 30% of global nuclear energy
Reliable capacity & baseload supply, operating at high uptime, unlike intermittent renewables
Established fuel supply infrastructure and manufacturing ecosystem
Next-generation nuclear reactors, such as SMRs offer improved flexibility, safety, scalability, and cost
BACKED BY FEDERAL SUPPORT
U.S. Energy Secretary Chris Wright unveiled the "Golden Era of American Energy Dominance“ highlighting America's leadership
President Trump declared a national energy emergency to boost domestic production and strengthen U.S. energy independence
Strengthens energy security & diversification, reducing reliance on imports while ensuring stable supply amid geopolitical uncertainty
Key to meeting net-zero goals, with 30+ nations pledging to triple capacity by 2050
President Trump announces a $500 billion AI infrastructure investment in the U.S.
Constellation Energy to restart Three Mile Island nuclear plant, sell the power to Microsoft for AI
Amazon buys nuclear-powered data centre from Talen
Nvidia strikes major AI deal at California’s last nuclear power plant
Oracle is designing a data center that would be powered by three small nuclear reactors
Meta will build a $10 billion AI data center in Louisiana and buy power from an Illinois nuclear plant from Constellation Energy
Source: Boston Consulting Group, the Impact of Electricity.
We estimate that one query to ChatGPT could use as much electricity as one lightbulb for about 20 minutes.
– Allen Institute for AI
THE WHITE HOUSE EXECUTIVE ORDERS
WASHINGTON | MAY 23, 2025
President Trump delivers 4 executive orders to remove regulatory barriers & unleash American nuclear energy
Streamline nuclear reactor approvals by restructuring the Nuclear Regulatory Commission (NRC)
Quadruple U.S. nuclear power over the next 25 years
Invokes the Defense Production Act to secure uranium & reactor fuel supply in the U.S.
Regain U.S. dominant position in nuclear energy
Boosts U.S. Uranium Production by expanding domestic capacity & reducing reliance on foreign sources
Uranium Market Recovery
Analysts expect the orders to revive the uranium market and attract investment by ensuring long-term supply stability
Strengthens the Nuclear Supply
Promotes policy aimed at maximizing the value of nuclear fuel and expands domestic conversion & enrichment services
