The uranium market has faced some short-term pressure, with spot prices dropping below $80 per lb. after hitting a peak of $107 in February. Despite this drop, prices are still 30% higher than last year, providing good returns for producers, new analysis by BMO Capital Markets showed Tuesday.
“Despite the recent price drop, we see the potential for increased demand over the medium to long term,” Pearce said. On the supply side, BMO notes that 2024 could see the first significant growth in uranium supply in years as older projects catch up with demand. However, Pearce warns that “permitting delays, logistical issues, and political interference” could make it hard to achieve that growth.
Brian Gitt, who leads business development at California-based Oklo, a small modular reactor specialist, emphasized the role of advanced nuclear technologies in meeting growing energy needs. Speaking on an Aug. 20 Sprott Radio Podcast, Gitt highlighted the urgent need for reliable, clean energy in the United States, especially for data centres and manufacturing.
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