Uranium market activity continues to generate an influx of interest and is projected for significant growth in the coming years.
According to Business Research Insights, it is estimated that the uranium market will reach US$3.9 billion by 2032, growing at a compound annual growth rate of 3.6 per cent between now and then.
In this feature, The Market Online dives into trends in the uranium space – including spot price updates, industry news and companies that have generated intrigue over a weekly period.
Highlights from the week include:
- an increase in uranium spot prices
- the International Atomic Energy Agency (IAEA) reviewing Uganda’s ability to develop its own uranium exploration program
- companies reporting drilling results and initiating drilling programs
Uranium spot price update
As of the time of this writing on Wednesday, the uranium spot price sits at US$85.50, according to Business Insider, which is a 2.34 per cent increase over a one-week period.
Year-to-date, the uranium spot price is down 5.2 per cent.
Industry news
According to the IAEA, its international team of experts in Uganda finished its inaugural review of a uranium production cycle.
The mission was done as per the request of the Ugandan government and assessed the country’s abilities to develop its uranium exploration program and mine uranium for a domestic nuclear power program.
The IAEA explained that Uganda aims to use nuclear power as part of its clean energy goals and increase access to electricity for its population of nearly 50 million people.
Uranium companies in the spotlight
Victory Battery Metals (CSE:VR) revealed that it expanded its uranium focus by acquiring a property in Utah and a portfolio of four Saskatchewan properties.
The company added the Yellow Chief uranium property in Juab County in western Utah that comprises 28 claims covering 1.3 square kilometres.
Uranium heavyweight Cameco (TSX:CCO) revealed its sustainability report, which outlines the company’s initiatives and progress to date in its continued advancement towards sustainable reporting.
“Our vision is to energize a clean-air world. As the world seeks to decarbonize, we also want to do our part and be an active partner in the fight against climate change. I am proud of the steps we have taken to reduce our carbon footprint, focus on environmental protection, and make our workplace more supportive and reflective of the communities where we live and work,” Tim Gitzel, CEO of Cameco, said in a statement.
Finally, Baselode Energy (TSXV:FIND)reported radioactivity results from the first three diamond drill holes within the ACKIO uranium prospect at the Hook project in the Athabasca Basin in Saskatchewan.
“We are equally excited to start the regional exploration phase of our drill program across the Hook project. Our technical team has done an incredible job of prioritizing prospective target areas along a 25-km-long uranium-fertile structural corridor that hosts ACKIO and other uranium showings. We eagerly anticipate results from our exploration efforts in hopes of a new uranium discovery,” James Sykes, CEO of Baselode Energy, said in a statement.”
What will be the top uranium headlines next week? Stay tuned!
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