US uranium producers are bringing new supply online for the first time in more than a decade as prices hold at elevated levels. In April 2026, Uranium Energy Corporation began production at its Burke Hollow in-situ recovery mine in Texas, one of the first new domestic uranium production starts in years, while Ur-Energy began mining operations at its Shirley Basin project in Wyoming. Both use in-situ recovery, a method that extracts uranium through wells rather than conventional mining.
Prices have supported the restarts. Uranium traded near 85.55 dollars per pound on July 8, up about 16.7 percent from a year earlier, after spot prices climbed as high as 101 dollars per pound in January, the highest since early 2024. Cameco, the second largest producer globally, was up about 70 percent on the year, and a junior uranium fund outperformed the broader sector as investors moved toward smaller producers.
Domestic supply remains far short of demand. The United States depends heavily on imports, and the gap between annual reactor requirements and domestic production sits near 46 to 47 million pounds per year. The sector is recovering after being nearly dormant, but closing that shortfall will take sustained investment and time.
Policy has added momentum. Uranium was added to the 2025 List of Critical Minerals, a designation that reflects federal concern over supply chain security for materials essential to energy and defense. Rising reactor demand, tight supply, and growing institutional interest have combined to keep expectations firm for uranium and related mining equities through 2026.
Source: American Nuclear Society - https://www.ans.org/news/article-8000/uranium-prices-reflect-strong-outlook-raise-supply-questions/