Uranium mining stocks have averaged gains of roughly 40 percent in 2026 as spot prices moved back above $100 per pound, driven by a combination of tightening supply, surging electricity demand from AI data centers, and renewed political support for nuclear energy in the United States and globally. Analysts at Sprott describe the current environment as a structural repricing of uranium equities following years of underinvestment in new mine development.
Cameco, the world's largest publicly traded uranium producer, is forecasting 2026 output of 19.5 million to 21.5 million pounds across its Canadian operations. The company trades with a strong buy technical signal as of May 2026. Denison Mines announced it is ready to begin construction at its proposed Phoenix in-situ recovery uranium mine in Saskatchewan, with production targeted to begin by mid-2028 pending final regulatory approvals in Q1 2026. Energy Fuels expects to grow its US production from 1 million pounds in 2025 to 1.5 million to 2.5 million pounds in 2026.
Nuclear energy is gaining ground as an energy security solution, with countries across Europe, Asia, and North America announcing new plant approvals and life extensions for existing reactors. AI hyperscalers have signed direct power purchase agreements with nuclear operators as they seek carbon-free baseload electricity for data center expansion. The CNBC energy crisis and nuclear power report from April 2026 highlighted uranium as among the most direct investment plays on AI infrastructure energy demand.
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Source: Sprott ETFs -- https://sprottetfs.com/insights/uranium-outlook-2026/