BofA projects average uranium price $135/lb in H2 2026‑2027, a 56% jump from current spot levels.
Utilities are reversing inventory drawdowns, actively contracting at higher price points, with expectations shifting toward $100/lb.
Structural supply constraints persist as aging mines and delayed new projects limit replacement production, while ISR costs rise.
About $9 billion of uranium is locked in closed‑ended funds, tightening physical supply and reinforcing demand resilience.