Uranium has entered 2026 with strong momentum, as spot prices push past $100 per pound for the first time since 2007 and remain firmly above $94 into February.
After years of underinvestment, global uranium production has not kept pace with emerging demand. Major mines previously placed on care and maintenance have been slow to restart, and few new projects are positioned to add meaningful supply in the near term.
Utilities have returned to the market in force, signing long-term contracts at prices well above spot, aiming to lock in reliable supply. This shift reflects a wider trend across the nuclear fuel cycle, with buyers seeking security and predictability in a tightening market. At the same time, financial players and strategic buyers are accumulating physical uranium, reducing available inventory and reinforcing the upward trend.
Governments around the world are backing nuclear energy as part of their long-term energy security and carbon reduction plans. New reactor builds, life extensions for existing plants, and accelerated interest in small modular reactors are all contributing to a more durable demand outlook.
Geiger Counter Limited (LON:GCL) is a Jersey closed-end investment company, which invests in uranium exploration and production stocks.
