Uranium fundamentals

Demand is locked in. Supply is not.

Researched 25 Oct 2026

Long-term price$98.00as of 31 Oct 2026

Spot$92.01as of 3 Nov 2026

U.U vs NAV−13%as of 3 Nov 2026

Mines cover~90%

Under-contracted13 yrs

SWU vs 20214×

The same pound, priced five ways

Utilities sign new long-term contracts near $98.00. The physical funds let you buy the same pound for $67–81.

Uranium price, US$/lb
Implied by physical fund share prices

Source: Cameco, EIA, ESA, Sprott, Yellow Cake✦ sovereignoptimist.com

The WNA reference case more than doubles reactor needs by 2040. Mine output covers about 90% of today's.

Reactor uranium needs, thousand tU
Mine output, held at 2024 level

Source: WNA Nuclear Fuel Report 2025. Straight lines join published data points.✦ sovereignoptimist.com