Fuel

ASP Isotopes Inc. announced on May 19 that it now has conditional commitments from TerraPower for a loan that could partially finance a new uranium enrichment facility in South Africa. The companies have also reached a supply agreement for high-assay low-enriched uranium from the proposed facility that, according to ASP, “supports the supply of HALEU for the first fuel core for TerraPower’s Natrium Plant in Wyoming and contemplates the supply of HALEU over a 10-year period.”

Urenco USA has initiated production of enriched uranium in its newest gas centrifuge enrichment cascade—the first in a planned expansion of its Eunice, N.M., facility announced in July 2023. When the expansion is complete, early in 2027, the site will have increased its capacity by about 15 percent, adding about 700,000 separative work units (SWU) per year, the company said May 19.

Ur-Energy Inc. has secured approval from the Wyoming Department of Environmental Quality’s Land Quality Division to construct and operate up to six additional mine units at its Lost Creek in situ uranium mine in south-central Wyoming. With that late April approval in hand, “we await only final concurrence and approval of the related aquifer exemption from the U.S. Environmental Protection Agency,” the company said. That approval was granted just three days later, on May 1, but Ur-Energy doesn’t plan to expand Lost Creek for “several years.”

Global Laser Enrichment has commenced uranium enrichment demonstration testing at its test loop pilot facility at the company’s headquarters in Wilmington, N.C. The technology readiness level-6 testing program is expected to be a pivotal validation of large-scale enrichment performance under operationally relevant conditions, according to the company.

The University of Illinois at Urbana-Champaign Nuclear Plasma and Radiation Engineering (NPRE) Department announced yesterday that the Nuclear Regulatory Commission has approved a fuel qualification methodology topical report for the high-temperature gas-cooled reactor the university wants to construct. The topical report was prepared by Ultra Safe Nuclear and submitted by UIUC to the NRC in March 2024. It describes the fuel that would be used in the microreactor that UIUC plans to host—initially containing uranium enriched to 9.9 percent U-235—and how it would be tested. The NRC issued its approval and a final safety evaluation on April 1.

Los Alamos National Laboratory recently performed a series of customized criticality experiments to obtain data that will support the transportation of HALEU TRISO fuel, the Department of Energy announced April 21.

BWX Technologies Inc. has purchased about 97 acres of land in an Oak Ridge, Tenn., industrial park where the company expects to build a uranium enrichment facility using a technology called DUECE, or, Domestic Uranium Enrichment Centrifuge Experiment. DUECE was developed at Oak Ridge National Laboratory to provide enriched uranium for the Department of Energy’s National Nuclear Security Administration, and BWXT is several months into a yearlong engineering study to evaluate options for deploying a centrifuge pilot plant using DUECE.

Southern Nuclear recently loaded nuclear fuel with uranium-235 enriched up to 6 percent—higher than the usual 3–5 percent enrichment—into Vogtle-2 to test it through irradiation.

The latest edition of Uranium 2024: Resources, Production and Demand, commonly known as the Red Book, reports that current uranium resources are sufficient to meet low- and high-growth nuclear capacity needs through 2050 and beyond, but that further development of resources is still required. Even if nuclear capacity remains stable at 2050 levels through the end of the century, the report noted that cumulative demand “could exceed the current identified uranium resource base of nearly 8 million tonnes by the 2080s under the low-growth demand scenario and by the 2110s under the high-growth demand scenario outlined in this edition.”

The Department of Energy has announced its first round of conditional commitments to provide high-assay low-enriched uranium to five U.S. nuclear developers. According to the DOE, the delivery of HALEU will support the commercialization of advanced nuclear technologies, aiming to deliver secure, affordable, and reliable energy to Americans.

Servis

Scientists at Argonne National Laboratory are investigating a used nuclear fuel recycling technology that could lead to a scaled-down and more efficient approach to metal recovery, according to a recent news article from the lab. The research, led by Argonne radiochemist Anna Servis with funding from the Department of Energy’s Advanced Research Projects Agency–Energy (ARPA-E), could have an impact beyond the nuclear fuel cycle and improve other high-value metal processing, such as rare earth recovery, according to Argonne.

The research: Servis’s work is being carried out under ARPA-E’s CURIE (Converting UNF Radioisotopes Into Energy) program. The specific project—Radioisotope Capture Intensification Using Rotating Packed Bed Contactors—started in 2023 and is scheduled to end in January 2026.

A combination of plentiful supply and uncertain demand resulted in spot pricing for uranium closing out March below $64 per pound, with dips down to about $63.50 during mid-March—the lowest price in 18 months, according to tracking by analysis firm Trading Economics. Spot prices have also fallen steadily since the beginning of 2024. Meanwhile, long-term prices have held steady at about $80 per pound at the end of March, according to Canadian front-end uranium mining, milling, and conversion company Cameco.

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.