Uranium enrichment, conversion, mining and advanced-reactor fuel capacity lag demand

Recent coverage puts spot uranium at $89.63/lb and long-term contracting at $96.50/lb, reinforcing the tight-market and domestic fuel-security story; repeated record-price coverage is not a distinct new catalyst. Aurora’s drilling remains early-stage, with permits pending and a study expected in 2027, so it is not evidence of near-term supply. Enrichment expansion is tangible, while conversion, HALEU, manufacturing, qualification and mine execution remain constraints.