Uranium market activity continues to generate an influx of interest and is projected for significant growth in the coming years.
According to Business Research Insights, it is estimated that the uranium market will reach US$3.9 billion by 2032, growing at a compound annual growth rate of 3.6 per between now and then.
In this feature, The Market Online dives into trends in the uranium space – including spot price updates, industry news and companies that have generated intrigue over a weekly period.
Highlights from the week include:
- a further decrease in uranium spot prices
- Bill Gates moving ahead with a nuclear project
- companies reporting drilling results and initiating drilling programs
Uranium spot price update
As of the time of this writing on Thursday, the uranium spot price sits at an even US$86 according to data from Business Insider, and is down 7.2 per cent per cent from last week’s market update. Year-to-date, spot uranium prices are now down 7.9 per cent.
Industry news
Microsoft (NDAQ:MSFT) founder Bill Gates is getting in on nuclear power.
It has been indicated the tech billionaire’s energy company, TerraPower, has begun construction at its Wyoming site for a next-generation nuclear power plant that he believes will change how power is generated.
This marks the first advanced reactor project to move from design into construction.
“This groundbreaking represents the beginning of the next era of nuclear energy. The Natrium reactor is more than a design, it’s a plant coming to life that will support both the clean energy transition and our historic energy communities,” Chris Levesque, CEO of TerraPower, said in a statement. “Our innovative Natrium technology will provide dispatchable carbon-free energy, gigawatt-scale energy storage, and long-term jobs to the Lincoln County community.”
Uranium companies in the spotlight
EnCore Energy (NASDAQ:EU) announced Thursday that it had begun production at the Alta Mesa Uranium Central Processing Plan and Wellfield in Texas.
With the restart of the Alta Mesa Project, EnCore Energy is now the only uranium producer in the United States with multiple production facilities in operation.
Shares of EnCore Energy are down 2.04 per cent over a five-day trading period to close at US$4.13 on Thursday.
In the Athabasca Basin in Saskatchewan, F3 Uranium (TSXV:FUU) revealed assay results for 15 drill holes from its winter 2024 drill program at the Patterson Lake North project.
Highlights included PLN24-116 which was cored in the JR Zone that returned 12 metres of 7.6 per cent triuranium oxide, including a high-grade 8 metres interval averaging 11.2 per cent triuranium oxide, further including an ultra-high-grade core of 2 metres of 31.34 per cent triuranium oxide.
Shares of F3 Uranium are down 2.7 per cent over a five-day trading period to close at C$0.36 on Thursday.
Finally, Strathmore Plus Uranium (TSXV:SUU) announced Monday that it had begun drilling at its 100-per-cent-owned Agate Project in Wyoming.
The company plans to conduct development work that will also include the installation of several monitor wells to support future groundwater characterization tests.
Shares of Strathmore Plus Uranium are up 20 per cent over a five-day trading period to close at $0.033 on Thursday.
What will be the top uranium headlines next week? Stay tuned!
Check out Stockhouse’s latest Thematic Insights report, “The Future of Energy.”
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