Fuel

Melbye

During an interview for Kitco News at the 2025 Prospectors & Developers Association of Canada (PDAC) Convention, held in Toronto in early March, the chief executive of British Columbia–based Uranium Royalty Corp. noted, “I’ve never seen a better narrative around nuclear power [and] uranium.”

CEO Scott Melbye, who is also executive vice president of Texas-based Uranium Energy Corp. and has 41 years of experience in the uranium sector, added that nuclear energy has gone from stagnation or decline to a point where it may double by 2040.

U.S. uranium production increased throughout 2024, with more growth planned in 2025. The producers who can make that happen, however, were burned before by a “renaissance” that didn’t take off. Now they are watching and waiting for signals from Washington, D.C., including the impacts of tariffs, shifting relationships with global uranium producers, and funding for the enrichment task orders designed to boost demand for U.S. uranium.

Idaho National Laboratory recently conducted a safety test on high-burnup fast reactor fuel from historic irradiation testing at the lab’s Experimental Breeder Reactor-II (EBR-II). According to the Department of Energy, which announced the work March 12, it’s the first such safety test to be performed in over 20 years.

Uranium futures closed out February at about $65.55 per pound, according to online analysist firm Trading Economics. Futures prices have been below $66 per pound since mid-February.

Uranium futures took a sharp plunge below $69 per pound in late January, to a low of about $67 on January 27, before climbing back to $71.35 on January 31, according to Trading Economics. The New York City–based analyst firm noted that this was the market’s first drop below $69 in 16 months and that the price fluctuation happened as “markets recalibrated demand expectations against a backdrop of ample supply.”

Denver-based Energy Fuels Inc., one of the largest uranium producers in the United States, has signed a landmark agreement with the Navajo Nation on the transport of uranium ore along federal and state highways that cross through Navajo land. The agreement allows the resumption of uranium ore transport from Energy Fuels’ Pinyon Plain Mine in northern Arizona to the company’s White Mesa Mill in southern Utah, where the ore is processed into natural uranium concentrates (U₃O₈).

The uranium market closed out 2024 with a spot price of $72.63 per pound and a long-term price of $80.50 per pound, according to global uranium provider Cameco.

The Department of Energy has offered up to $80 million of Inflation Reduction Act funding to back potential advancements in high-assay low-enriched uranium production. The new funding opportunity, announced in December, will prioritize technological advancement developing innovative technologies and approaches to strengthen the front-end of the HALEU supply chain. Applications are due by 5:00 p.m. (EST) on February 26, 2025.

Just one day after Urenco USA (UUSA) was picked by the Department of Energy as one of six contractors eligible to compete for future low-enriched uranium task orders, the Nuclear Regulatory Commission on December 11 formally approved the company’s license amendment request to boost uranium enrichment levels at its Eunice, N.M., enrichment facility to 10 percent fissile uranium-235—up from its current limit of 5.5 percent.

The Department of Energy announced yesterday the six companies that it has selected to supply low-enriched uranium (LEU) from new domestic enrichment sources under future contracts for up to 10 years. The contract recipients are: Centrus Energy’s American Centrifuge Operating, General Matter, Global Laser Enrichment (GLE), Laser Isotope Separation Technologies (LIS Technologies), Orano Federal Services, and Urenco USA’s Louisiana Energy Services.

General Atomics Electromagnetic Systems (GA-EMS) announced last week that unfueled test rods featuring the company’s SiGA fuel cladding—made of a silicon carbide composite material—successfully survived 120 days of irradiation in the Advanced Test Reactor (ATR) at Idaho National Laboratory.

New York City–based analyst firm Trading Economics has reported that uranium prices have fallen $13.20 per pound, or 14.51 percent, since the beginning of 2024, with the price on December 3 down to $77.80 per pound. A graph of prices for the year shows a jagged downward slide since a peak of about $107 per pound in early February. The all-time high for uranium prices was $148 per pound in May 2007, according to the firm.

The Department of Energy announced November 19 that up to $16 million is available through a new High-Assay Low-Enrichment Transportation Package funding opportunity to research, develop, and acquire Nuclear Regulatory Commission licensing for transportation of HALEU—using new or modified packages.

Clean Core Thorium Energy (Clean Core) announced November 12 that test rodlets of its patented thorium-uranium fuel design known as ANEEL (advanced nuclear energy for enriched life) have reached a burnup milestone in the Advanced Test Reactor (ATR) at Idaho National Laboratory.

Uranium prices have fallen to their lowest level in more than a month, to just under $79 per pound, on Friday, November 1, according to analyst website Trading Economics. The lower prices, according to the site, are related to recent evidence of increased supply. This contrasts with the longer-term expectations of bullish demand and higher prices.

TerraPower announced today that it has signed a term sheet with ASP Isotopes Inc. as the first step of a planned investment in the construction of a high-assay low-enriched uranium (HALEU) enrichment facility and the eventual purchase of HALEU produced at the facility to fuel its Natrium fast reactors.

If we needed more proof that this is a “nuclear week”—in the words of Energy Secretary Jennifer Granholm on Wednesday, as she announced small modular reactor funding while celebrating tech company investments in advanced reactors—the Department of Energy came through late yesterday when, just nine days after announcing six contracts for high-assay low-enriched uranium (HALEU) deconversion, it announced four contracts for HALEU enrichment services worth up to $2.7 billion. Those contracts are going to Centrus Energy’s American Centrifuge Operating subsidiary, General Matter, Orano Federal Services, and Urenco USA’s Louisiana Energy Services.

Oklo Inc. announced yesterday that a safety design report for the Aurora fuel fabrication facility the company plans to build at Idaho National Laboratory has the approval of the Department of Energy. At the facility, Oklo plans to use high-assay low-enriched uranium (HALEU) that has been recovered from used Experimental Breeder Reactor-II fuel to produce fuel for its first planned microreactor—dubbed Aurora—which is also set for deployment at INL.

The Department of Energy announced contracts yesterday for six companies to perform high-assay low-enriched uranium (HALEU) deconversion and to transform enriched uranium hexafluoride (UF₆) to other chemical forms, including metal or oxide, for storage before it is fabricated into fuel for advanced reactors. It amounts to a first round of contracting. “These contracts will allow selected companies to bid on work for deconversion services,” according to the DOE’s announcement, “creating strong competition and allowing DOE to select the best fit for future work.”