The Executive Vice President and CFO of Cameco says there has never been such a large requirement gap in the history of uranium production than there is right now. Grant Isaac presented at the BMO Global Metals and Mining Conference in Florida last week. He explained that between now and 2040, utilities have to buy 2.1 billion pounds of uranium in order meet their run-rate requirements. “Here’s the really important part. The requirements curve does not factor in SMRs and ANRs…All of that over stuff is upside to this story.”

He says this provides huge opportunity for companies like Cameco. To meet this need, Isaac adds that the uranium-giant is looking to bring back reactors that have already been shut down, extending the life of operating plants, and renewing licenses on reactors they thought they were going to shut down.