Uranium’s Bull Market Reawakens

• Uranium markets surged in May, with spot prices up 5.51% and term prices steady at $80/lb, as policy shifts and strong fundamentals signaled potential repricing.
• Uranium miners gained 16.22% in May, turning positive for the year; juniors rose 14.20%.
• Bold U.S. Executive Orders and legislation mark the most comprehensive federal support for nuclear in decades, boosting the uranium outlook.
• AI-driven power demand is driving real investment in nuclear, supporting plant lifespans and new capacity through long-term offtake deals.

Uranium markets roared back to life in May, powered by a decisive acceleration in U.S. nuclear energy policy and renewed confidence in the industry. While year-to-date performance remains muted, the recent rally underscores uranium’s potential to reprice when sentiment aligns with the market’s persistently strong fundamentals.

Spot uranium rose 5.51% in May, its second consecutive month of plus 5% gains. This strong performance reestablished the market’s upward momentum after a frustrating start to the year.¹ Term prices remained firm at $80/lb, underscoring supply discipline, a prioritization of long-term pricing over short-term volume, and the structural supply deficit underpinning the uranium market.

 Uranium miners rebounded, underscoring their catch-up potential as sentiment turns.

A key contributor to the improved price action was the resurgence of the carry trade, which helped provide liquidity and bring spot and term markets into closer alignment. This renewed activity has effectively reestablished an underlying price support for the uranium spot market, supporting stability and confidence. Carry traders serve a vital role in price discovery, helping bridge the gap between current pricing and future expectations, and enhancing transparency and efficiency in the physical market.

Uranium’s price recovery catalyzed a powerful rally among miners, which posted a 16.22% gain, turning slightly positive on a year-to-date basis.² Junior uranium miners also rallied, up 14.20% in May³, but remain underwater year-to-date (YTD). This sharp equity rebound points to the sector’s leverage to increases in the spot price and catch-up potential, especially as investor sentiment begins to recover. For context, uranium equities are up 42% since the YTD low on April 7, 2025.²

Despite the turbulence in 2025, uranium markets have shown resilience, with underlying fundamentals remaining firmly intact. May’s performance highlights how quickly sentiment can improve when prices stabilize and policy tailwinds become more visible.

Looking at longer-term performance, uranium and uranium miners have meaningfully outpaced equities and broader commodity benchmarks over the past five years (Figure 1). The resilience is underpinned by a structural supply deficit, inelastic demand and growing policy tailwinds. With momentum now rebuilding and U.S. energy policy expanding vastly in both scale and scope (throughout the value chain including U.S. Nuclear Regulatory Commission (NRC) reform, expediting permitting, etc.), the next leg of the cycle may be shaped by renewed utility contracting and the accelerated buildout of future demand through life extensions, uprates, restarts and new builds.