Uranium spot prices have climbed back above $100 per pound in 2026, repricing mining equities and drawing fresh capital into the sector. The move reflects growing support for nuclear power and tightening expectations for fuel supply, with the price level marking a significant recovery from the depressed values of recent years.

US production figures show both momentum and a wide shortfall. Domestic uranium concentrate output reached 1.04 million pounds in the fourth quarter of 2025, a 217% increase from the prior quarter. Against that, the United States consumes more than 50 million pounds of uranium annually, a gap that leaves utilities reliant on imports and stored inventory.

Company guidance points to rising output. Cameco forecasts 2026 production of 19.5 million to 21.5 million pounds across its assets, while Energy Fuels expects to lift production to between 1.5 million and 2.5 million pounds, up from 1 million pounds in 2025. The numbers illustrate how far domestic mining must scale to narrow the supply gap.

Demand drivers are intensifying. Electricity needs tied to AI data centers are accelerating the buildout of the US nuclear supply chain, and federal efforts launched in April aim to strengthen domestic fuel production and advanced reactor deployment. The data shows a market where high prices and policy support are pulling US uranium output higher from a low base.

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