Uranium Pulse #1: WNA fuel report signals long-term supply gap, Laser enrichment in focus

Welcome to the first edition of Uranium Pulse.

Thank you for subscribing - I look forward to sharing insights on the forces shaping the world’s most strategic energy commodity.

This week, much of the industry’s focus turned to the World Nuclear Symposium in London, where the World Nuclear Association (WNA) released its latest fuel report. It’s a reminder that the world’s demand for uranium is set on a growth trajectory - and meeting that demand will not be simple.

1. Market overview

The uranium market rarely moves overnight. It is a slow, steady sector - shaped by long project timelines, geopolitical undercurrents, and the relentless demand for secure, carbon-free energy. Yet within that steadiness, change is underway: prices are firming, policies are reshaping supply chains, and new technologies are increasingly part of the conversation.

Spot Price Rebound: Uranium spot prices have staged a robust comeback - from March lows near $63/lb to around $78/lb by mid-2025, signalling renewed strength and sentiment in the markets.

Contract Stability: Long-term contract pricing remains firm at approximately $80–89/lb, offering producers visibility and reflecting utilities’ intent to secure supply under tightening conditions.

2. In-depth look: Uranium demand outlook

On Friday, the World Nuclear Association released its flagship fuel report - the 22nd edition of its biennial outlook on nuclear power and the global fuel cycle. The message is clear: with gaps opening up between supply and demand in the coming years, critical investment decisions need to be made now.

Scaling Demand: In 2025, global reactor requirements are estimated at nearly 68,920 tU, with projections showing a potential increase to over 150,000 tU by 2040 under a conservative scenario - and up to 204,000 tU in a higher-demand outlook.

Malcolm Critchley, co-chair of the report’s working group, underlined two key challenges:

“Bringing new uranium mines online is taking longer - timelines have stretched from 8-15 years to 10-20 years.”

“We need new supply just to pretty much stay where we are, let alone to meet the growth in demand.”

3. Tech spotlight: Laser enrichment

Laser enrichment processes have been the focus of interest for decades. They are considered a enrichment technology that promising lower energy inputs, lower capital costs, and lower tails assays - advantages that could translate into significant economic benefits over centrifuge technology.

Laser processes fall into two categories:

• Atomic Vapor Laser Isotope Separation (AVLIS): uranium metal is vaporized, and carefully tuned lasers ionize only U-235 atoms. These ions are then deflected in an electric field and collected separately.
• Molecular Laser Isotope Separation (MLIS): uranium hexafluoride (UF₆) gas is exposed to pulsed infrared lasers that selectively excite U-235-bearing molecules, allowing them to be chemically separated from U-238.

At present, laser enrichment have not yet operating commercially. However if commercialised, laser enrichment could redefine supply chain security: less dependence on mines, lower reliance on Russian enrichment capacity, and a domestic pathway for HALEU fuel production to support advanced reactors.

But for now, it should be seen as a technology for the future - one with disruptive potential, but not yet a replacement for centrifuge enrichment.

Closing Note

The uranium sector moves on long cycles. Mines take decades to develop, enrichment technology requires patience, and contracting happens in waves. But the message this week is steady and clear: demand is set to grow, supply will need to respond, and innovation may yet change the rules of the game.

Thank you for joining me on the launch of Uranium Pulse.

Stay curious, stay informed, stay ahead!

Ruan Steyn