Uranium spot prices have moved back above $100 per pound entering 2026, as US and European nuclear utilities return to the contracting market and federal investment in domestic uranium enrichment capacity expands, according to the Sprott ETFs annual uranium outlook.
The Sprott analysis identifies several structural drivers behind the pricing recovery. Prolonged under-contracting by utilities has created pent-up procurement demand now re-entering the market. Policy uncertainty that suppressed long-term uranium supply contracts has eased, and Sprott projects improving contracting volumes will drive pricing through the year.
Domestic uranium production has become a federal policy priority. The Department of Energy awarded $2.7 billion in January 2026 to expand domestic uranium enrichment capacity, distributing task orders to American Centrifuge Operating, General Matter, and Orano Federal Services. The US currently imports approximately two-thirds of the low-enriched uranium needed for its 94 commercial nuclear reactors.
Active US uranium sector developments tracked by Sprott and other analysts include Uranium Energy Corp, Cameco, and Energy Fuels, all of which are expanding or maintaining domestic production. Denison Mines received final regulatory approval for its Wheeler River in-situ recovery project in Saskatchewan, targeting production from 2028.
Sprott notes that uranium's investment case in 2026 is supported by the approaching 2028 deadline for a total US ban on Russian uranium imports, which is driving urgency in domestic supply chain development.
The uranium sector's dual exposure to energy demand and precious metals market sentiment continues to attract interest from commodity-focused investors in 2026.
Source: Sprott ETFs -- https://sprottetfs.com/insights/uranium-outlook-2026/