Uranium Price

How the uranium price has moved across key timeframes. Change is calculated from the opening price of each period to the current price.

Uranium is a heavy, weakly radioactive metal that serves as the primary fuel for nuclear power generation. It has experienced dramatic price swings driven by nuclear power plant build programmes, reactor shutdowns, supply disruptions, and growing interest in nuclear energy as a low-carbon power source.

Uranium was discovered in 1789 by Martin Klaproth and its radioactivity identified by Henri Becquerel in 1896. Its fissile properties were weaponised in the Manhattan Project and then harnessed for civilian power in the 1950s. The Three Mile Island (1979), Chernobyl (1986), and Fukushima (2011) accidents caused periods of nuclear retreat. The uranium price peaked above $136/lb in 2007 before crashing, and has experienced a strong recovery from 2021 as nuclear's role in the energy transition is reassessed.

Approximately 99% of uranium demand comes from nuclear power plants, where enriched uranium dioxide pellets fuel the fission reaction that generates electricity. The remaining uses include naval propulsion (nuclear submarines and aircraft carriers), medical isotope production, and industrial radiation sources. Uranium is priced in USD per pound of U₃O₈ (triuranium octoxide, or 'yellowcake').

Kazakhstan is the world's dominant uranium producer (~43% of global output), primarily through Kazatomprom, the world's largest uranium mining company. Canada (notably the Athabasca Basin with McArthur River and Cigar Lake mines — the world's highest-grade deposits) and Australia (Olympic Dam, Ranger) are the next largest producers. Namibia, Uzbekistan, Russia, and Niger are also significant. The Sprott Physical Uranium Trust and similar vehicles have been notable buyers in recent years.

Uranium is not traded on a public exchange. Spot prices are assessed by Cameco, UxC, and TradeTech based on transactions between producers, utilities, traders, and financial buyers. Key drivers include long-term utility contracting cycles (utilities buy uranium under 5–10 year contracts), reactor fleet size and capacity factors globally, new reactor construction (especially in China, India, and the Middle East), supply disruptions (Kazakh production, Niger export restrictions), and financial buyers acquiring physical uranium through trusts.

Investors can gain uranium exposure through the Sprott Physical Uranium Trust (SPUT) on the TSX, uranium mining equities (Cameco, Kazatomprom, NexGen Energy, Paladin Energy), uranium-focused ETFs (Global X Uranium ETF, Sprott Uranium Miners ETF), or CME uranium futures. Physical uranium cannot be held by retail investors due to regulatory and safety requirements.