EPISODE 22: Anthony Milewski and Christian Purefoy chat to special guest investor Mike Beck about the price of uranium and the supply-demand dynamic that may push the price significantly higher to $200.
Uranium prices are holding near multi‑year highs as the market wrestles with a structural supply deficit, underinvestment in new mines, and growing nuclear demand from life‑extensions, new builds and future SMRs. Utilities are rushing to secure long‑term uranium supply amid geopolitics, sanctions on Russian nuclear fuel, and the push for energy security in the US, Europe and Asia.
That combination is tightening the global uranium market, pushing more capital toward advanced exploration and brownfield restart projects rather than unproven greenfield ideas.
“In the next six months you’ll be seeing long-term contracts being signed at $150, $180, and probably in excess of $200 — because, if you look at the fundamentals, fuel represents such a small fraction of the operating costs compared to the capital costs that’s gone into building the nuclear reactors — the price elasticity is off the charts, you will pay whatever yo uhave to pay” — Mike Beck, investor







