Bank of America forecasts uranium price averaging $135 per pound in H2 2026‑2027, a 56% rise over current spot levels.
Utilities are reversing inventory drawdowns, willing to contract near $100/lb, while supply remains constrained by aging mines and costly ISR projects.
Around $9 billion of uranium is locked in closed‑ended funds, tightening physical supply and supporting a “sticky” nuclear demand outlook.
Geopolitical tensions and a global sulfur shortage heighten supply risks, pushing incentive prices for new production higher.