Uranium production is set to expand sharply over the next decade as reactor demand climbs and long deferred projects come online, according to a 2026 outlook from Sprott. Total output across the tracked group of producers is projected to grow from 58.5 million pounds in 2025 to 141.2 million pounds by 2033, an increase of nearly 2.5 times in less than a decade.

Prices are forecast to follow. Average realized uranium prices across the group are expected to rise from 59.6 dollars per pound in 2023 to 98.7 dollars by 2033. The spot price passed 101 dollars per pound in January 2026 before settling into a range of roughly 84 to 87 dollars through the second quarter.

Individual producers are scaling up to meet the demand. Cameco has guided to 2026 output of 19.5 million to 21.5 million pounds across its assets, while Energy Fuels expects to lift production from 1 million pounds in 2025 to as much as 2.5 million pounds in 2026.

The demand side is broadening. Tightening supply, rising reactor requirements, and growing institutional participation are supporting bullish expectations for uranium and related equities. A newer driver has come from artificial intelligence, as hyperscale data center operators sign long term power purchase agreements favoring reliable nuclear generation. The resulting supply deficit is expected to persist and potentially widen into the late 2020s, providing a supportive backdrop for prices.

Source: Sprott - https://sprott.com/insights/uranium-outlook-2026/