Uranium prices stayed fairly steady in 2025, but experts agree its long-term outlook is compelling,
Demand picked up from reactor restarts, new nuclear construction projects and growing interest in small modular reactors. Meanwhile, supply constraints continued as miners faced issues ramping up.
1. Trump Admin Pushes for Uranium Stockpile Boost to Secure Nuclear Power Future
Publish date: September 16, 2025
In September, the Trump administration zeroed in on its plan to reduce uranium reliance on Russia.
A report by Bloomberg outlined that Russia still accounts for approximately a quarter of the fuel used in America’s 94 nuclear reactors, which generate roughly 20 percent of the nation’s electricity.
Secretary of Energy Chris Wright said that the Department of Energy was working to reduce that dependence by rebuilding domestic uranium and enrichment supply chains.
The concept of a federal uranium reserve dates back to 2020, when the first Trump administration sought US$150 million to begin direct purchases from US producers, though Congress approved only half the amount.
Supply concerns sharpened after Russia briefly restricted uranium exports to the US in late 2024, underscoring Washington’s exposure to geopolitical risks.
A law signed in May 2024 requires US utilities to phase out Russian uranium by 2028, with future stockpile levels expected to rise in line with new reactor construction, including small modular reactors.
“We’re moving to a place — and we’re not there yet — to no longer use Russian enriched uranium,” Wright said, adding that the US needs significantly more domestic uranium and enrichment capacity.
2. China Achieves World’s First Thorium-to-Uranium Conversion
Publish date: November 6, 2025
China marked a milestone in 2025 by converting thorium into uranium inside a working molten salt reactor.
The experimental thorium molten salt reactor, developed by the Chinese Academy of Sciences’ Shanghai Institute of Applied Physics in the Gobi Desert, is the first in the world to demonstrate stable thorium-based fission.
The reactor has been operating since reaching first criticality in October 2023 and has now produced data confirming the conversion of thorium-232 into uranium-233, a fissile material capable of sustaining a nuclear chain reaction.
Unlike conventional reactors that use solid uranium fuel rods, the system relies on liquid fuel dissolved in molten fluoride salt, allowing continuous refueling and stable heat generation without shutting down operations.
3. Uranium Energy’s Sweetwater Project Fast Tracked Under Trump Initiative
Publish date: August 6, 2025
In August, Uranium Energy’s (NYSEAMERICAN:UEC) Sweetwater uranium complex in Wyoming was designated for expedited permitting under the Trump administration’s FAST-41 initiative. The initiative is part of a broader strategy to revitalize the US nuclear fuel supply chain and reduce reliance on imports from geopolitical rivals.
The Sweetwater complex, located in Wyoming’s Great Divide Basin, is anchored by a fully licensed conventional uranium mill with a capacity of 3,000 metric tons per day and annual output of 4.1 million pounds.
The site previously included several permitted mines — Sweetwater (Red Desert), Big Eagle and Jackpot (Green Mountain) — and will now be evaluated for in-situ recovery mining, a lower-impact extraction technique.
The new permitting push will allow the company to modify existing approvals to incorporate in-situ recovery capabilities both within and beyond the current mine boundary, including on adjacent federal lands.
Sweetwater is the second uranium project to receive fast-track treatment under the policy, following Anfield Energy’s (TSXV:AEC,NASDAQ:AEC) Velvet-Wood project in Utah, which received the status in May.
4. Denison Mines Moves Closer to Federal Approval for Phoenix ISR Uranium Project
Publish date: February 28, 2025
In February, Denison Mines (TSX:DML,NYSEAMERICAN:DNN) announced that the Canadian Nuclear Safety Commission (CNSC) had scheduled public hearings for its Wheeler River uranium project in Saskatchewan.
The hearings were scheduled for October 8 and December 8 to 12, and according to the company would represent the final stage in the federal environmental assessment process. Denison holds an effective 95 percent interest in Wheeler River, the largest undeveloped uranium project in the Eastern Athabasca Basin. If approved, the company expects to begin site preparation and construction for its Phoenix in-situ recovery uranium project in early 2026.
In its Q3 report, released on November 6, Denison said the first part of the hearing was complete, and that it was expecting a decision from the CNSC in early 2026 after part two of the hearing.
5. Western Australia Reviews Uranium Mining Ban as Nuclear Energy Investment Grows
Publish date: October 2, 2025
Possibly the biggest uranium news in Australia in 2025 was Western Australia’s move to consider lifting its ban on new uranium licenses. In October, ahead of an energy-focused trade mission to China and Japan, Premier Roger Cook signaled the policy might be under review as part of broader strategic development considerations.
China, Western Australia’s largest trading partner, accounts for more than half of the state’s exports.
While the state’s three existing uranium mines continue to operate under previously approved permits, no new developments have been allowed since the ban was put in place in 2017. Cook emphasized that Western Australia intends to respect legal mining leases, while exploring future opportunities.
He also stressed that any change to the uranium policy would likely depend on a “significant shift” in global markets, while the state continues to monitor existing permit holders and potential future projects.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
