A 50 million pound uranium deficit exists today, and Scott Melbye says it could expand dramatically in the years ahead as supply tightens and nuclear demand accelerates.
Speaking with Kitco News at PDAC 2026, the Uranium Energy Corp Executive Vice President said, “The reality is we have a 50 million pound deficit in the near term, going to 1.7 billion pounds by 2045.” He argued that Western utilities are returning to long-term contracting after years of below-replacement buying, just as available supply narrows and new production remains years away. With uranium trading off its January 2026 high above $101 and the Russia ban fully kicking in at the end of 2027, market conditions are shifting. “That deficit has to show up, and it will eventually,” Melbye added.
He also discussed US efforts to rebuild domestic uranium production through strategic reserves and faster permitting, as well as rising electricity demand from data centers and AI infrastructure that could accelerate nuclear expansion.
Recorded March 01, 2026.
Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
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#Uranium #NuclearEnergy #EnergySecurity #CriticalMinerals #pdac2026
00:35 – Uranium Price Pullback
00:59 – Supply Deficit Reality
02:20 – Geopolitics and East-West Split
04:02 – US Policy and Federal Support
07:12 – Strategic Uranium Reserve
08:55 – AI Data Centers and Nuclear Demand
11:24 – SMRs and Faster Permitting
14:29 – UEC Ramp-Up and Sweetwater
16:29 – M&A and Industry Execution
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28 Comments
Why did Scott's company Uranium Royalty Coporation disclose sales of 1,750,000 lbs. of uranium last week? Actions don't match the narrative.
Uranium to $150–$200/lb isn’t crazy—there’s already a structural supply deficit (~180Mlb demand vs ~140–150Mlb mine supply), a decade of underinvestment since Fukushima, and rising demand from SMRs, AI/data centers and nuclear restarts. New mines take 10–15 years so supply can’t respond fast. Also worth a look: Alligator Energy (ASX: AGE) on the Australian Stock Exchange—one of the few juniors moving toward production, resource upgrade coming, takeover potential, and in-ground value vs market cap looks seriously disconnected. DYOR.
Awesome interview, Jeremy. So glad to be heavy and long URA. Looking forward to benefitting from the gains which guys like Scott so rightly deserve.
UEC is my favourite Uranium miner of 30 plus I have owned over the past 9 years and 19 I currently hold. Paid $1.35 and can see $100 in the future.
This company is a power house with great resources ,top people and importantly in the best jurisdiction.
Use Thorium
How does he predict 2045 deficit?
Most companies get 3 year call wrong
This is hopium, wishium and delirium less of uranium
The Global South will supply cheap Uranium .. oh damn .. you cuntry has been invading them 🤔🤔
UEC has no revenue. No confirmed reserves, no mines and no production in sight. It's effectively a meme stock
Stories from 2003. It's the same narrative… Supply deficit, constraints, utilities will have no choice… And as always the crowd has been buying into the same BS
Hopium wishium and delirium seller.
Australia is similar to CANADA governments and minority vocal agressive groups very Anti Nuclear….very difficult country to do business.
Owning stock in UEC and NKLR seems to be a good combo 🎉
SRUUF anyone?
Let’s go UEC, need more mainstream PR for this stock. 🎉
Whales are starting to move into QAD token quietly. Don’t sleep on this one!
Are we still pretending nuclear reactors and uranium are a viable option at all? I can make a reactor in something as small as a lunchbox with a laser, some diodes and a battery dump…
DNN STOCK
I have these stocks as we speak. I'm just sitting back riding the wave! #uranium
More like “Uranium needs false narratives”.
Department of Defense!
Uranium ETF?
Grade Levels:
Low-Enriched Uranium (LEU): Contains 3–5% U-235, used for commercial nuclear power plants.
High-Enriched Uranium (HEU): Contains 20% or more U-235 used for nuclear weapons, naval propulsion, and research reactors.
Weapons-Grade: Usually enriched to 90% or higher.
FYI… Touching Uranium-238 (U-238) poses minimal radiation risk because its alpha particles are blocked by skin, but it's dangerous due to its chemical toxicity as a heavy metal, potentially harming your kidneys if absorbed; the main hazards arise from inhaling or ingesting it, leading to internal alpha radiation exposure, causing cell damage and increasing cancer risk, so wash hands immediately after handling and avoid ingestion or inhalation.
Hi there ! Interesting timing. .. spotting some serious capital moving into sectors with real-world backing lately. Scott Melbye's points on the uranium supply gap really show why big players are looking at these long-term plays.
What is U308 uranium?
Uranium concentrate, commonly referred to as U3O8, is the product created when uranium ore has been mined and milled. The fine powder is packaged in steel drums and shipped to refineries for further processing to prepare it for use as fuel in nuclear reactors. The U3O8 concentrate typically contains more than 80% uranium.
How will a market crash/downturn affect Uranium stocks?
What's the difference between plutonium and uranium? Which do they use for nuclear reactors and weapons?
Are we speaking about Uranium 238 or Uranium 235?
Uranium bullions anyone? 😜