The world is quietly entering a new nuclear age. As electricity demand spikes from AI, EVs, and global manufacturing, countries are rediscovering nuclear energy as one of the only clean, reliable power sources that can scale.
The challenge: the nuclear fuel chain is tight — uranium mines, enrichment capacity, and advanced fuel are all in short supply. This environment is creating a rare opportunity for companies positioned across the supply chain.
Why Nuclear Now?
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The U.S. banned Russian uranium imports in 2024 (with limited waivers), forcing utilities to secure supply elsewhere.
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Governments are investing billions into HALEU (advanced nuclear fuel) programs to ensure next-generation reactors are not dependent on Russia.
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The International Energy Agency projects nuclear capacity must nearly double by 2050 to meet climate and energy security goals.
In short: demand is climbing, supply is constrained, and prices are strengthening.
1. Cameco (NYSE: CCJ)
A global uranium supplier.
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One of the world’s leading uranium producers.
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A 2025 update flagged delays at the McArthur River mine, showing how fragile supply can be. Production at Cigar Lake is expected to help offset this.
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Long-term contracts with utilities provide more stable realized prices compared to spot markets.
Research notes:
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Watch quarterly production/contract updates.
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Monitor realized contract pricing vs. spot market movements.
2. Centrus Energy (NYSE American: LEU)
Advanced nuclear fuel enrichment.
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Currently the only U.S. company producing HALEU (high-assay, low-enriched uranium).
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The U.S. Department of Energy extended Centrus’s contract through June 30, 2026, valued at roughly $110 million.
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HALEU is critical for small modular reactors (SMRs) and advanced nuclear designs.
Research notes:
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Track additional DOE contract options and potential utility offtake agreements.
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Follow enrichment capacity progress at Piketon, Ohio.
3. BWX Technologies (NYSE: BWXT)
Components and advanced fuels.
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Builds nuclear components, manufactures TRISO fuel, and is leading the Pentagon’s Project PELE microreactor.
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In 2025, BWXT began fabricating the first transportable microreactor core for the Department of Defense.
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Continued milestones in advanced fuels provide long-term growth visibility.
Research notes:
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Follow backlog growth in fuels, isotopes, and microreactors.
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Monitor milestones for Project PELE and potential civilian microreactor programs.
Bonus Spotlight: Uranium Energy Corp (NYSE American: UEC)
Emerging uranium developer under $20.
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UEC is a U.S.-focused uranium company developing projects in Texas and Wyoming using in-situ recovery (ISR) methods, a lower-cost and more environmentally friendly mining approach.
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The company has built a significant U.S. uranium inventory, positioning itself as a potential domestic supplier in light of the Russian import ban.
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UEC’s valuation is closely tied to uranium spot prices, making it a higher-volatility, speculative research candidate compared to established producers.
Research notes:
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Track progress on ISR projects and any U.S. government contracting opportunities.
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Follow uranium spot price trends, which directly affect UEC’s valuation.
Summary
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Cameco (CCJ): Global uranium producer with leverage to supply and pricing.
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Centrus Energy (LEU): U.S. enrichment company producing HALEU fuel.
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BWX Technologies (BWXT): Diversified manufacturer of nuclear components and fuels.
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Bonus – Uranium Energy Corp (UEC): U.S.-focused uranium developer trading under $20, positioned for policy-driven upside.
Disclaimer
This report is for informational and educational purposes only and does not constitute financial, investment, or trading advice. All investing involves risk, and past performance is not indicative of future results. Always perform due diligence and consult with a licensed financial advisor before making any investment decisions.
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