Canada was the world's top uranium producer for years until Kazakhstan dethroned it in 2009. Fast forward to 2022, and Canada held the second spot, pumping out 15% of the global supply. By 2023, Canada became the top uranium supplier to the US, delivering 27% of total deliveries. With uranium prices soaring in the last several years, primarily because of the 'Next AI Trade' theme laid out for pro subs, Canada's uranium mining boom could lead it to reclaim the top spot.
Source NERC - 2022 Long-Term Reliability Assessment as of December-2022. Grid Strategies - The Era of Flat Power Demand is Over as of December-2023. Wall Street finally jumped on the nuclear power bandwagon earlier this year. From Goldman to BlackRock, everyone is piling into the powering-up America theme with nuclear energy. Given this hot trend, projections from the World Nuclear Association show that global uranium supply deficits will explode in the 2030s as new plants come online.
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