Uranium Conversion Capacity Emerges as Critical Supply Chain Bottleneck

A detailed analysis reveals that uranium conversion capacity is a five-year bottleneck: Port Hope at 93% capacity, Metropolis as the sole US conversion point, and Russian supply still accounting for 24% of EU conversion despite sanctions. There is a 61% probability of sustained tightness through 2030, which could constrain reactor restarts and new builds, reinforcing the bull thesis for uranium prices. A related article on nuclear fuels deals highlights the chicken/egg problem for HALEU and the variety of fuel requirements across advanced reactor designs, further emphasizing the structural supply constraints.