Why Uranium Is Suddenly Hot: 5 Companies Riding the Nuclear Wave in 2024

Uranium’s having a moment. Spot prices hit 16-year highs at $106/lb in January (now hovering $79-86), and it’s not just geopolitics or ESG hype anymore—it’s AI.

The Plot Twist: Microsoft just locked down Constellation Energy to restart Three Mile Island for 20 years, while Amazon’s partnering with Dominion Energy and Energy Northwest to power data centers with small modular reactors. Big Tech’s suddenly obsessed with nuclear, and that’s reshaping the entire supply chain.

Why Now? Three catalysts converged: (1) US banned Russian uranium imports in May, forcing domestic buildout; (2) Kazakhstan’s top producer Kazatomprom cut guidance due to sulfuric acid shortage—major supply crunch; (3) Global nuclear capacity projections require uranium mine output to double by 2040, but current ramp-up is lagging expectations.

The 5 Biggest Players (as of Nov 2024):

1. BHP ($135.5B market cap) – Mining giant owns Australia’s Olympic Dam, one of world’s largest uranium deposits. Uranium’s a byproduct alongside copper, but Q1 2024 saw higher realized prices add $100M value. Currently evaluating $2B+ smelter expansion (FID expected 2026-27). Also exploring nuclear propulsion for shipping—decarbonization play within the play.

2. Cameco ($23.66B) – Pure-play uranium. Holds 54.55% of Cigar Lake (world’s most productive mine), 70% of McArthur River, 83% of Key Lake—all in Saskatchewan’s Athabasca Basin. Q3 2024 showed 43% YoY production surge to 4.3M lbs; revenues jumped 75% to $721M. Also acquired Westinghouse Electric in Nov 2023, becoming full nuclear fuel cycle provider. Maintaining 32-34M lbs annual guidance despite Kazakhstan logistics headwinds.

3. NexGen Energy ($4.29B) – Exploration/development play focused on Athabasca Basin’s Rook I project. Spent $250M buying 2.7M lbs U3O8 inventory in May—betting on tight supply. August feasibility update pegged pre-production capex at C$2.2B with “industry-leading” C$13.86/lb operating costs. Latest drill results from Patterson Corridor East included 17m of high-intensity mineralization—largest Athabasca drill program in 2024.

4. Uranium Energy (UEC) ($3.11B) – Two production-ready in-situ recovery projects in Wyoming and South Texas. Restarted Christensen Ranch in August 2024; first yellowcake shipment expected Nov-Dec. Also holds massive US-warehoused inventory and a DOE contract for 300K lbs. Just submitted economic assessment for Roughrider project: $946M post-tax NPV.

5. Denison Mines ($1.91B) – Sits on 95% of Wheeler River project (Phoenix + Gryphon deposits) in Saskatchewan. Phoenix hosts 56.7M lbs proven/probable reserves; targeting 2027-28 first production. Also holds 22.5% in Orano’s McLean Lake mill (resuming 2025). September option deal with Foremost Clean Energy opens 10 exploration properties.

The Real Story: This isn’t just commodity cycle nostalgia. AI data centers need stable baseload power. Governments need energy independence. Mines need 3-5 years to ramp. That equation is explosive for near-term supply premiums. The 2025 question: can production actually catch up to demand, or does uranium stay tight?

Follow for deeper dives on energy transition plays and supply-side opportunities.