George Glasier, CEO of Western Uranium & Vanadium Corp., has a message for investors: uranium prices are poised for a sharp move higher, driven by a widening global supply deficit and a brewing shift in U.S. energy policy. “The world is consuming far more uranium than it’s producing,” Glasier said in a recent interview, warning that utilities, long complacent about supply, are now facing an inflection point.
His view reflects growing sentiment in the nuclear sector: that the underinvestment of the past decade, combined with renewed policy interest in carbon-free baseload power, has set the stage for a significant uranium bull market.
Uranium Prices Have Doubled—But Producers Say It’s Just the Beginning
Uranium spot prices have surged over the past 18 months, rising from under $50 per pound in early 2023 to around $100 per pound today, according to UxC data. Yet producers like Glasier argue the market remains far from balanced.
Global uranium consumption outpaces production by roughly 20%, with 2024 mine supply projected at 130 million pounds versus demand exceeding 170 million pounds, according to the World Nuclear Association. Stockpiles, once abundant, are now being drawn down rapidly.
“The utilities are going to finally realize that the world is not producing enough uranium,” Glasier said. “That’ll benefit all the uranium producers in the world.”
A Strategic Advantage for American Miners
Western Uranium & Vanadium, a junior miner with four permitted operations in Colorado and Utah, is among a handful of U.S. companies well-positioned to capitalize on supply concerns. Its flagship Sunday Mine Complex has been stockpiling ore for processing at Energy Fuels’ White Mesa Mill, the only operating conventional uranium mill in the U.S.
Glasier believes Western could achieve positive cash flow in 2025—a rare feat among junior miners. “We’re one of the few junior mining companies in the sector that will be producing positive cash flows, we believe, this year,” he noted.
For utilities, U.S.-sourced uranium offers insulation from geopolitical risk and tariff exposure. Russia currently supplies about 20% of U.S. enriched uranium, but legislation in Congress seeks to phase that out by 2028. The House passed a bill in December 2023 to ban imports of Russian nuclear fuel, and while the Senate has yet to approve the measure, bipartisan support is strong.
Policy Tailwinds and Political Calculations
U.S. policy has turned sharply toward domestic nuclear support. The Biden administration allocated over $6 billion for nuclear plant subsidies and uranium reserve purchases. But Glasier believes a second Trump administration would be even more supportive. “Trump will be a positive for the nuclear industry and the uranium industry in the U.S.,” he said.
Former President Donald Trump has called for greater energy independence, including an expansion of nuclear energy. His prior term saw the establishment of a national uranium reserve, signaling policy recognition of strategic vulnerabilities in the fuel supply chain.
Are Uranium Stocks Still Undervalued?
Despite a doubling of uranium prices since 2021, many uranium equities remain well below prior cycle highs. Western Uranium & Vanadium trades near $1.50 per share, down from highs above $3 in 2022. Other juniors like Uranium Energy Corp. and enCore Energy have also lagged behind the spot price.
“This is the time to invest, not just in Western, but in any of these uranium companies,” Glasier argued. “Probably undervalued based on market conditions today.”
Analysts are starting to agree. Canaccord Genuity in a recent note projected uranium prices could exceed $130 per pound by 2026 as long-term contracting accelerates. “The market is entering a structural deficit,” the note said, pointing to constrained production from major miners like Cameco and Kazatomprom, both of which have flagged output shortfalls this year.
The Bottom Line: A Market on the Cusp
The uranium market, long defined by oversupply and investor skepticism, is shifting. Supply constraints, geopolitical realignment, and a growing consensus around nuclear’s role in clean energy are converging. Western Uranium & Vanadium, with permitted assets and near-term production potential, sits at the intersection of those trends.
For now, uranium remains a speculative bet. But if Glasier is right, the payoff may soon justify the risk.
