Uranium Tariff Threats and Supply Shortfalls Reshape Market Outlook

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3. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Azincourt Energy Corp., Terra Clean Energy Corp, and Cameco Corp.
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The global uranium market has experienced notable fluctuations in recent years, influenced by geopolitical events, policy shifts, and evolving energy demands. As reported by Reuters on January 30, as of January 2025, uranium prices stood at approximately US$71 per pound, a decrease from the previous year's peak of US$106 per pound but still significantly higher than levels seen in the decade following the 2011 Fukushima disaster.

Yahoo! Finance reported on February 25 that while uranium spot prices had pulled back nearly 40% from last year's highs, supply constraints and increasing global commitments to nuclear energy have supported expectations for continued strength in the sector.

The resurgence of interest in nuclear energy has been a key driver of uranium demand. In December 2023, over 20 countries committed to the "Declaration to Triple Nuclear Power," aiming to enhance nuclear energy's role in achieving global net-zero greenhouse gas emissions by 2050, according to the Reuters article. The International Energy Agency projected that global nuclear generation would reach record levels in 2025, with 63 reactors currently under construction — the highest level since 1990. SRC Resources noted that since the Russian invasion of Ukraine, independence from Russian energy sources has become a key focus for many nations, further strengthening uranium's demand profile. The report also highlighted that acceptance of nuclear energy had increased due to its role in climate-friendly energy generation, a notable shift from post-Fukushima skepticism.

Supply-side challenges have also played a role in uranium's market performance. Kazakhstan's Kazatomprom (NATKY:OTCMKTSKAP; LSE), the world's largest uranium producer, recently warned of potential production shortfalls due to a shortage of sulfuric acid, contributing to price volatility, as cited by Reuters. In addition, geopolitical tensions have impacted supply chains. The United States, seeking to reduce its dependence on Russian-enriched uranium, which accounted for 27% of its supply in 2023, implemented import bans with waivers extending through 2027.

Meanwhile, U.S. President Donald Trump has threatened to impose tariffs on uranium imports from Canada, the largest supplier to the U.S. market, as covered by Yahoo! Finance's report. Cameco Corp.'s (CCO:TSX; CCJ:NYSE) Chief Financial Officer, Grant Isaac, stated at a mining conference in February that the 10% tariff would ultimately drive uranium prices higher, as utilities in the U.S. must secure millions of pounds of nuclear fuel in the coming years. He added that the tariff could have the unintended effect of raising prices across the board, as non-tariffed suppliers adjust their prices to just below the tariff threshold.

The uranium market has also been shaped by the financial landscape surrounding the sector. Stockhead reported that uranium equities have experienced volatility in response to price fluctuations, but producers such as Boss Energy have maintained confidence in the long-term outlook. Boss Energy's Managing Director, Duncan Craib, said that despite recent price corrections, term uranium prices remained strong at around US$80 per pound. Stockhead further noted that major producers have been hesitant to commit to new developments due to inflationary pressures, but projects that have already been advanced, such as Boss Energy's Honeymoon project in South Australia, are expected to contribute to supply growth in the coming years.

Technological advancements have further influenced uranium demand. The rise of artificial intelligence and cryptocurrency mining has led to increased energy consumption, prompting major corporations to turn to nuclear power as a low-carbon solution. Microsoft Corp. (MSFT:NASDAQ), for example, has signed an agreement with Microsoft Corp. (MSFT:NASDAQ) to purchase nuclear power for its data centers, reflecting this growing trend, as noted by Reuters.

In the financial markets, uranium-related equities have mirrored these developments. As of February 2025, the Global X Uranium ETF (URA) was trading at US$24.72, reflecting movements in the broader uranium sector. Market analysts continue to assess supply-demand imbalances, with Sprott Asset Management noting in February that the uranium spot price had risen 186% over the past five years despite recent price corrections.

With uranium demand on the rise and supply facing constraints, several companies have positioned themselves to capitalize on the shifting market dynamics. Established producers and emerging developers alike have navigated price volatility, geopolitical challenges, and evolving energy policies to secure their place in the sector. As market conditions continue to evolve, these companies could play a crucial role in meeting the growing need for nuclear fuel while adapting to the challenges and opportunities presented by the global uranium industry.

Skyharbour Resources Ltd.

Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) has established itself as a leading uranium exploration company in Canada's Athabasca Basin, a region known for hosting some of the world's richest uranium deposits.

According to the company, Skyharbour holds interest in more than 1.5 million acres of uranium properties, with a strategic focus on high-grade discoveries and project advancement. The company employs a hybrid model, combining direct exploration with joint ventures and strategic partnerships to fund its activities while minimizing shareholder dilution.

Skyharbour's portfolio includes 36 projects across the Athabasca Basin, with its co-flagship properties, Russell Lake and Moore, serving as its main assets. The company is set to complete its largest annual drill campaign to date at both Russell and Moore Lake in 2025. More recently, Skyharbour has commenced its winter phase of drilling at Russell Lake, with plans for approx. 5,000 meters to follow up on notable recent exploration success.

According to the company, the Russell Lake project, in which Skyharbour holds a 57.7% interest through a joint venture with Rio Tinto, is strategically positioned between Cameco's Key Lake mill and McArthur River mine, two of the most significant uranium operations in the region. Adjacent to Russell Lake is Skyharbour‘s 100% owned Moore Lake Project, which is host to high-grade mineralization, including 21% U3O8 over 1.5m in previous drilling.  

Beyond its core exploration assets, Skyharbour has also built a highly effective prospect generator strategy, leveraging strategic partnerships to unlock value across its broader portfolio. The company now has nine partners advancing 13 additional projects, with combined project considerations potentially exceeding $70 million.  According to the company, these partnerships have contributed millions in exploration expenditures, allowing Skyharbour to maintain exposure to multiple uranium discoveries without taking on excessive financial risk. The company also benefits from a strong shareholder base, including institutional investors and uranium-focused funds. 

Skyharbour has just commenced its most ambitious drilling campaign yet, with fully funded, multiphase programs totaling 16,000-18,000 meters across 35-45 drill holes at its Russell Lake and Moore uranium projects. David Talbot of Red Cloud Securities emphasized the significance of this effort, stating, "Skyharbour Resources Ltd. is gearing up for its largest ever annual drill campaign, with fully funded, multiphase 16,000-18,000m (35-45 holes) drill programs at its co-flagship Russell Lake and Moore uranium projects. Either of these projects could be a flagship for any junior in the Athabasca Basin." 

The company has also expanded its portfolio and secured a substantial equity financing to support these initiatives. Siddharth Rajeev of Fundamental Research Corp. highlighted this progress, remarking, "Skyharbour Resources Ltd. has made significant strides since our last report, including a substantial equity financing and portfolio expansion. The company has announced plans to pursue ambitious drilling programs at its flagship projects." With these developments, Skyharbour is positioning itself as a leading junior in the uranium sector. 

Management, insiders, and close business associates own approximately 5% of Skyharbour, the company said. President and CEO Jordan Trimble owns 1.48%, and Director David Cates owns 0.65%, Reuters said. 

Institutions own about 50% of the company, Skyharbour said. Top shareholders include Extract Advisors LLC, Alps Advisors Inc., Mirae Asset Global Investments, Sprott, and Vident Investment Advisory LLC, Reuters said. 

There are 204.46 million shares outstanding with 199.68 million free float traded shares, while the company has a market cap of CA$69 million and trades in a 52-week range of CA$0.31 and CA$0.56. 

Terra Clean Energy Corp. 

Focused on advancing the South Falcon East uranium project in the Athabasca Basin, Terra Clean Energy Corp. (TCEC:CSE; TCEFF:OTC; T1KC:FSE) is positioning itself as one of the few microcap companies in the region with a near-surface uranium deposit.

According to the company, the Fraser Lakes B uranium deposit at South Falcon East presents a strategic opportunity with significant expansion potential, as past exploration has identified multiple mineralized intervals and strong structural indicators conducive to high-grade uranium mineralization. 

The South Falcon East property spans approximately 12,234 hectares and is located 55 kilometers east of the Key Lake uranium mine. According to the company, historical exploration efforts, including drilling and geophysical surveys, have revealed uranium and thorium mineralization accompanied by key pathfinder elements similar to those found at major Athabasca Basin uranium deposits, such as Eagle Point and Millennium. The Fraser Lakes Zone B deposit currently has an inferred historical resource  of 6.96 million pounds of U₃O₈ at an average grade of 0.03% U₃pounds U308 and 5.3M pounds ThO2 , based on a technical report filed by Skyharbour Resources in 2015. Terra has noted that it is not treating this resource as current but believes the historical data is reliable and informative. 

Terra Clean Energy is actively working to expand the known deposit through an ongoing 2500 meter drill program that started inlate February. According to the company, initial 2024 drilling confirmed uranium mineralization along the Way Lake conductor, a key geophysical feature that extends over 25 kilometers across the project. The presence of graphitic pelitic paragneiss, a rock type commonly associated with uranium mineralization in the Athabasca Basin, has further reinforced the project's potential. The company's recent drill results include multiple mineralized intervals.  Terra is also targeting the T-Bone Lake area, where past drilling intersected prospective clay alteration and uranium mineralization, suggesting additional exploration potential.  

Looking ahead, Terra Clean Energy plans to complete a winter 2024-25 drill program with approximately 2,500 meters of drilling. According to the company, the results will contribute to an updated National Instrument 43-101-compliant resource estimate, integrating past drill results not included in the historical estimate.

With the uranium sector gaining momentum, Terra Clean Energy’s position in the market has drawn attention. Clive Maund highlighted its potential, stating, Terra  Clean Energy Corp. remains a potent setup that is continuing to gather strength… this is a junior uranium stock with an exceptionally low float and so has great upside potential, especially as the larger uptrend in the uranium sector looks like it will soon reassert itself… the company is still at a very favorable entry price." As exploration progresses, Terra Clean Energy continues to solidify its role in the evolving uranium landscape. 

Management and Insiders own approximately 8.3% of the company and after the December Private Placemen with institutional shareholders participating for over half of the $3.4m raised.  Terra Clean Energy has a market cap of CA$9.56 million with a strong balance sheet and shareholder base  The 52-week trading range is  CA$0.12 to CA$0.68.  

Azincourt Energy Corp. 

Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) is an advanced uranium exploration and development company focused on two key projects in Canada's most prospective uranium-rich regions: the Snegamook Project in Labrador's Central Mineral Belt and the East Preston Project in Saskatchewan's Athabasca Basin.

The company is strategically positioned to capitalize on the growing global demand for uranium, which has intensified due to commitments by 31 countries to triple nuclear energy capacity by 2050. With uranium supply deficits mounting, Azincourt aims to play a role in addressing the shortfall through its exploration efforts in two historically underexplored yet highly prospective jurisdictions.

According to the company, the Snegamook Project, located in Newfoundland and Labrador's Central Mineral Belt, spans 423 hectares and contains several proven lenses of uranium mineralization. Past exploration has identified uranium-bearing formations within the project, including multiple lenses with grades reaching up to 0.11% U₃O₈. Azincourt acquired the project in October 2024 and is now digitizing historical data to design its maiden drill campaign. The company believes Snegamook's proximity to large-scale uranium deposits like Michelin and Moran Lake presents significant upside potential.

In the Athabasca Basin, Azincourt holds an approximately 87% interest in the 20,674-hectare East Preston Project, an emerging uranium exploration asset. Limited historical drilling has identified elevated uranium, graphitic structures, and hydrothermal alteration consistent with significant uranium deposits in the region. Azincourt has undertaken multiple geophysical and drilling campaigns, with recent exploration in 2024 expanding a regional illite clay anomaly to 10 kilometers — a key indicator of uranium mineralization. The company's ongoing drilling aims to refine targets and unlock the potential of East Preston as a high-grade uranium discovery.

Azincourt Energy has been gaining attention as the uranium sector experiences renewed investor interest. Technical analyst Clive Maund highlighted the company's recent trading patterns, noting in a February 6 report that Azincourt had been "under accumulation for about six months with a significant preponderance of upside volume since September," suggesting growing momentum in the stock.

Maund also pointed out that the stock appeared to be "basing above a floor at 1 cent," with downside momentum fading and the 200-day moving average aligning closely with the current price—technical factors that indicate a potential shift. He concluded, "The chances of an upside breakout from the recent range are rapidly improving, and the stock is viewed as a Buy here." With market conditions evolving, Azincourt Energy's positioning within the uranium sector continues to attract investor interest.

According to Refentiv, 0.12% of Azincourt is held by institutions and 0.81% is management and insiders. The rest is retail.

Azincurt Energy has a market cap of CA$3.93 million, 371.29 million free float shares, and a 52-week range of CA$0.0056 - CA$0.03.