A Sprott Uranium Report published September 24, 2026 includes a chart of uranium spot and long-term contract prices from 2004 through 2026. The long-term price reached 96 dollars per pound, surpassing the prior cycle high of about 95 dollars set in 2007. The spot price closed August at 89.54 dollars per pound after a 3.63 percent monthly gain and moved above 90 dollars shortly afterward. The spot peak of 136 dollars per pound in 2007 remains the all-time high, and the most recent cycle peak was 107 dollars.

Performance data through August 31, 2026 shows the U3O8 spot price up 9.81 percent year to date and 17.68 percent over one year. Uranium mining equities gained 17.29 percent in August and 15.35 percent over one year, while junior miners rose 19.20 percent in the month.

A companion chart shows uranium prices tripling while global mine production rose 50 percent between 2020 and 2026, an increase of roughly 60 million pounds. The report states that new mine development takes 15 to 20 years from identification through permitting.

Demand figures accompany the price data. US commercial reactors require about 49 million pounds annually. The National Nuclear Security Administration has a long-term requirement of about 4 million pounds per year over a 10-year period starting around 2030, equal to roughly all current US production. Utility contracting coverage in the United States is near 60 percent for 2030 and falls to 9 percent by 2033. European coverage is 100 percent for 2030 and 36 percent by 2034.

Thirty-nine countries support tripling nuclear capacity by 2050, from about 440 gigawatts to roughly 1,457 gigawatts, requiring approximately 6 trillion dollars of investment.

Source: Sprott - https://sprott.com/insights/record-term-prices-mark-a-new-phase-for-uranium/