Uranium Explorers Uncover Massive Growth in Global Demand

1. Laramide Resources Ltd. and Vanguard Mining Corp. are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$3,000 and US$6,000. In addition, Azincourt Energy Corp. and Vanguard Mining Corp. have consulting relationships with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Azincourt Energy Corp. and Vanguard Mining Corp.
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1. Disclosure for the quote from the John Newell article published on February 9, 2026

1. For the quoted article (published on February 9, 2026), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

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2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

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The global uranium market began 2026 with strong momentum, as spot prices surged by about 25% in January, surpassing US$100 per pound for the first time in two years, according to a report on Mining.com on February 10.

This rally towards its 2024 peak indicates a more supportive environment for the uranium sector compared to last year, which was characterized by volatility, Sprott Management said, according to the article. Prices initially fell in the early months but rebounded from the low US$60s to the high US$80s in the latter half of the year.

Jacob White, Sprott’s ETF products director, noted that the gains in January reflect "an important shift in investor attention" from downstream nuclear themes back to the upstream supply chain, largely due to improved policy clarity. Sprott has been a major buyer of uranium, adding 4 million pounds to its uranium fund this year, bringing its total holdings to nearly 79 million pounds.

In a recent note, a Sprott analyst highlighted the Trump administration’s Section 232 framework on critical minerals as a key catalyst, emphasizing uranium's importance to U.S. energy and national security, Mining.com said.

This heightened strategic status could lead to further policy support and actions by the U.S. government, such as the recently announced US$2.7 billion funding to bolster domestic uranium enrichment services over the next decade.

"More broadly, these actions sit within a clear ambition to quadruple U.S. nuclear capacity by 2050, including another target to have 10 new large reactors under construction by 2030," White wrote. "If the US were to quadruple nuclear capacity, it would require an extraordinary amount of incremental uranium supply."

White also speculated that the U.S. government might begin taking equity stakes in uranium miners in exchange for offtake agreements with price floors, similar to transactions seen in other critical materials.

Institutional Investors Redefine Uranium as a Financial Asset Class

Institutional investors are redefining uranium as a financial asset class, according to a report by CarbonCredits.com on February 12. Funds that accumulate physical uranium create additional demand beyond traditional utilities, removing supply from the spot market and increasing price volatility.

Unlike utilities, financial buyers are less sensitive to short-term price fluctuations, the report noted. Their participation reduces downside risk and strengthens the long-term bullish market outlook.

In addition to the shift in government policies, there is also a broader change in perception, CarbonCredits.com noted. Nuclear energy is now seen as essential for meeting rising electricity demand, powering AI infrastructure, ensuring industrial resilience, and achieving long-term climate goals.

"As tech companies increasingly recognize nuclear as a strategic power source, they create a new, enduring layer of uranium demand," the article said. "Analysts project that the uranium market could expand to US$60.5 billion by 2030, with AI-driven demand accelerating this growth.

The 'Critical Minerals Minesterial'

The U.S. recently unveiled new initiatives to establish a preferential trade bloc for critical minerals such as uranium, including coordinated price floors, as part of efforts to counter China's dominance in this vital market for technology and defense. These plans were discussed at a "Critical Minerals Ministerial" in Washington, attended by representatives from 54 countries, the European Union, and senior Trump administration officials.

Following the event, Washington announced bilateral critical minerals agreements with 11 countries, building on 10 similar agreements made over the past five months. Negotiations were also completed with an additional 17 nations.

The objectives of these agreements are to address pricing challenges, encourage development, create fairer markets, and expand access to financing in the critical minerals sector. Secretary of State Marco Rubio, who hosted the Ministerial, also announced the creation of the "Forum on Resource Geostrategic Engagement (FORGE)," a partnership that aims to coordinate critical mineral policy and projects. "We have a number of countries that have signed on to that, and many more that we hope will do so... the purpose of FORGE is to foster collaboration and to build a network of partners across the world," Rubio said.

FORGE will complement an earlier initiative between the U.S. and nine partners, known as "Pax Silica." While Pax Silica focuses on safeguarding AI-related supply chains, FORGE is designed as a broader platform to coordinate critical mineral policy, pricing, and project development. Rubio emphasized the risks associated with the concentration of critical minerals in "one country," implicitly referring to China, including geopolitical leverage and potential disruptions from pandemics or instability.

One of the Most Crucial Critical Minerals

Uranium is emerging as one of the most crucial critical minerals. Predictions about increased electricity consumption from data centers are starting to come true, raising concerns about the impact on the power grid and the environment, according to a report by Benjamin Storrow for E&E News/Politico on December 24, 2025.

Commercial electricity demand, which serves as an indicator of data center power usage, rose by 2% in the first nine months of 2025 compared to the same period last year, following a 3% increase in 2024. This marks a significant change for the U.S. power sector, which had seen stagnant electricity demand for much of the past two decades. Demand is expected to rise even further as the Trump administration and tech companies aim to surpass China in artificial intelligence development.

The consulting firm Grid Strategies forecasts that peak electricity demand nationwide could increase by 166 gigawatts by 2030, equivalent to adding 15 New York Cities over the next five years. "We’re now seeing in the data what we've all been talking about the last couple years," said Rob Gramlich, CEO of Grid Strategies. He estimated that data centers would account for 55% of the growth in U.S. electricity demand over the next five years. The growing power needs of data centers have become a political issue as electricity costs rise for consumers.

AI data centers and the electrification of various industries are driving a surge in power demand that exceeds global supply, prompting companies, policymakers, and investors to reconsider nuclear power, according to a research report by Morgan Stanley on August 28, 2025. Morgan Stanley Research projects 586 gigawatts (GW) of new global nuclear capacity by 2050, which is 53% higher than their previous forecast last year when analysts noted a "renaissance" in the industry. They now estimate that potential investments in the nuclear value chain could reach US$2.2 trillion by 2050, up from the initial US$1.5 trillion forecast.

This increased momentum is expected to benefit several sectors, including uranium mining, nuclear power generation, and the construction of equipment and plants.

"The nuclear renaissance has been building for some time already — with 22 nations pledging to triple nuclear capacity by 2050 at the COP28 summit in December 2023, plant life extensions in Europe, a strong pipeline in China, and Japan continuing to restart capacity," says Tim Chan, Morgan Stanley’s Head of Asia Sustainability Research. "The dual imperatives of decarbonization and energy security are making the nuclear renaissance a truly global investment theme."

While natural gas is currently the primary alternative to meet AI’s energy needs, technology companies are willing to pay a premium to transition to nuclear energy. "We believe natural gas will be the primary near-term solution for powering AI data centers due to its speed to market, reliability, and flexibility, while nuclear power represents a longer-term clean energy alternative that is likely to gradually increase in importance," said Stephen Byrd, Morgan Stanley's Global Head of Sustainability Research. "Gas and nuclear are likely to play complementary roles."

Overall, uranium enters 2026 with an increasingly favorable setup, White wrote for Sprott, adding that "January delivered an early reminder of uranium’s non-linear behavior when fundamentals tighten and sentiment turns."

Uranium explorers and miners are set to benefit from the changes, including the following companies.

Azincourt Energy Corp.

The pressure is not just coming from China, according to Alex Klenman, the president, chief executive officer, and director of Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC)

Canada and India are on the brink of finalizing a multibillion-dollar uranium supply agreement set to span 10 years, expected to be signed during a meeting of heads of state in March, according to sources from both countries at the recently concluded India Energy Week in Goa, India, as reported by Gaurav Sharma for Forbes on February 1.

Canada, the world's second-largest uranium producer, contributes 13% to 15% of global output, according to the International Energy Agency. Meanwhile, India, the third-largest energy consumer globally, is seeking secure uranium supplies to expand its nuclear power capacity tenfold to 100 gigawatts by 2047. Both nations are eager to collaborate on this initiative, Sharma reported.

According to Klenman, deals like the potential agreement between Canada and India "tighten already inadequate supply chains."

"That's several billion dollars' worth of uranium removed from an already challenged market," Klenman told Streetwise Reports. "India is rapidly becoming one of the largest consumers with ambitious plans to significantly increase their fleet of reactors. In the next few years, China will surpass the USA as the world's largest consumer of uranium."

Globally, there has never been this many reactors online and in the build and planning stages, Klenman said. "The world is most definitely going nuclear, and supply is nowhere near the level needed to meet growing demand," Klenman noted. "The scenario needed to push the spot (price) to an all-time high appears to be staring us in the face. It's pretty obvious the world needs more discoveries and more production."

He continued, "For Azincourt, the timing to develop and bring a uranium deposit to market is extremely favorable. I'm not sure there's been a better time for explorers to confirm 'pounds in the ground.'"

Azincourt recently announced assay results from its summer 2025 prospecting program at the Harrier Uranium Project in Newfoundland and Labrador. The program involved sampling across various areas of the property, including the Snegamook Uranium Deposit, Moran Heights, Brook, and several newly identified showings. The company reported that multiple surface samples yielded high-grade uranium values, with the Brook showing returning 6.28% U3O8 and up to 2.27% U3O8 along the Moran Heights trend.

At the Snegamook Uranium Deposit, re-sampling of historical drill core confirmed uranium mineralization. A 10-centimeter check sample from drill hole SN-08-06 showed 2.71% U3O8, compared to a previously reported historical interval of 0.97% U3O8 over 0.5 meters. Another check sample from drill hole SN-08-18 returned 0.35% U3O8. These results confirm the quality of mineralization near the Snegamook deposit and suggest the potential for higher-grade lenses within the deposit.

Sampling along the Moran Heights trend returned values up to 2.27% U3O8, while a sample from the Brook showing returned 6.28% U3O8, compared to a previously reported result of 4.86% U3O8. Azincourt also identified two new uranium showings, Boiteau Lake North Extension and Anomaly 7 East. In total, 43 hand samples were collected during the program and analyzed at ACT Labs in Ancaster, Ontario.

According to Azincourt's corporate materials, the company has outlined a series of exploration and technical activities planned for the Harrier Uranium Project. These activities include diamond drilling at the Snegamook Uranium Deposit, identified as a key focus area, along with efforts to support the preparation of an NI 43-101 compliant resource estimate. The company indicated that drilling at Snegamook is part of its exploration strategy and aims to advance the understanding of uranium mineralization at the deposit.

The corporate materials also detail plans for comprehensive geological and structural mapping of the mineralized system at Boiteau Lake. This work is intended to prepare for a diamond drilling program at that location. In addition to Boiteau Lake, the company stated that diamond drilling is planned at Moran Heights, where uranium mineralization has been identified through surface sampling and site investigations.

¹Uranium is no longer seen as a speculative niche within the energy market; it is increasingly regarded as a strategic fuel, John Newell of John Newell & Associates noted in a review of Azincourt on February 9.

The challenge lies in supply, he said. Years of underinvestment have left global uranium production unable to meet reactor demand, pushing utilities back into the long-term contracting market. These contracts are being signed at higher prices and for extended durations, further tightening the available supply. In this context, new discoveries and advanced exploration projects in stable regions are not optional — they are necessary. This shift brings overlooked junior uranium explorers back into the spotlight.

Azincourt "represents a high-risk, high-reward uranium opportunity offering genuine optionality at a point in the cycle where fundamentals are improving faster than market valuations," Newell noted. "For investors comfortable with exploration risk and seeking leveraged exposure to a sustained uranium bull market, Azincourt Energy is a speculative buy at current levels around CA$0.07, with the understanding that value creation will ultimately depend on execution, drilling results, and broader market conditions."

²Institutions hold less than 0.06% of Azincourt Energy. Institutional investors include Arrow Capital Management LLC with 0.06%. Management and insiders own 1.26%. President, CEO, and Director Alex Klenman is a major shareholder, with 0.24%. Other insider shareholders are Director Paul Reynolds and Vice President of Exploration Trevor Perkins.

The rest is held by retail investors. Azincourt has 106.68 million shares outstanding, and its market cap is CA$7.47 million. Its 52-week range is CA$0.03–CA$0.27 per share.

Laramide Resources Ltd.

The uranium sector is entering 2026 at a critical juncture where effective operational execution is increasingly separating credible investment opportunities from speculative ventures, according to Henry Mann writing for Crux Investor on January 27.

However, equity valuations across the sector indicate ongoing institutional caution due to timing mismatches between nuclear buildouts and the upstream uranium supply response. In this environment of structural demand growth and supply fragility, companies showing tangible operational progress — such as permitting momentum — are positioning themselves to attract capital as the gap between operational reality and equity pricing narrows, Mann noted.

Enter Laramide Resources Ltd. (LAM:TSX; LMRXF:OTCQX: LAM:ASX), a uranium developer with both in-situ and hard-rock deposits in the southwestern United States and Australia. In June 2025, Laramide announced that its advanced-stage uranium projects, Crownpoint-Churchrock and La Jara Mesa in New Mexico, were designated as FAST-41 covered projects by the Federal Permitting Improvement Steering Council.

This designation, part of the federal infrastructure permitting program established under Title 41 of the Fixing America's Surface Transportation Act, highlights the strategic importance of Laramide's projects and streamlines the evaluation process.

The FAST-41 designation places these uranium projects among a select group of federally prioritized energy initiatives, receiving enhanced permitting coordination and transparency to support the Department of Energy’s domestic uranium reserve and the U.S. government’s broader energy-security goals.

"The project comprises two geographically distinct deposits: one at Crownpoint and the other at Churchrock," the company stated in a recent update sent to Streetwise Reports. "They are unified under a single U.S. Nuclear Regulatory Commission (NRC) Source Material License. This regulatory status differentiates the project from many U.S. peers that remain at earlier permitting stages."

Churchrock’s current NI 43-101 Inferred Mineral Resource is 50.8 million pounds U₃O₈, based on historic drilling consolidated into a modern database. Crownpoint adds an NI 43-101 Inferred Mineral Resource of 5.1 million pounds U₃O₈, also derived from historic datasets and interpreted for ISR-style mineralization geometry, the company noted.

Laramide’s U.S. portfolio is "increasingly relevant against the backdrop of declining domestic uranium production and growing demand tied to nuclear energy, including life-extensions of existing reactors and new investments linked to data centers and advanced nuclear technologies," Laramide stated in the document. "With the majority of U.S. uranium supply currently imported, projects that are licensed, permitted, or moving visibly through federal processes have taken on heightened strategic importance."

Laramide has projects in the western United States and Australia, according to Beacon Securities Analyst Michael Curran in a research update on November 3, 2025. The Crownpoint-Churchrock project's designation as a FAST-41 project is anticipated to streamline the permitting process as part of the U.S. government's initiative to advance domestic critical mineral and metal projects toward production. This followed a similar designation for Laramide’s La Jara Mesa project in early May, also in New Mexico.

"In mid-July, Laramide’s Westmoreland project in Queensland, Australia, received a Mineral Development License (MDL), which allows Laramide to proceed with studies to advance the project towards a Mining Lease (ML) application," the analyst noted. "This work is likely to include metallurgical testing, environmental, engineering and design studies, as well as feasibility-related work."

In July, Laramide raised gross proceeds of CA$12 million by issuing 20 million common shares at CA$0.60 each. Beacon's 12-month fair value increased from CA$1.45 to CA$1.50 per LAM share. As this still represents significant upside from current price levels, the firm maintained its BUY rating for Laramide Resources.

"In our view, Laramide represents an attractive investment for exposure to uranium developments in the top-tier mining jurisdictions," Curran wrote. "Laramide's assets are in areas of historical uranium mining, thus should have lower barriers to development than other jurisdictions."

Curran explained that the firm's preferred valuation for mining equities uses cash flow-based metrics such as P/CF and P/NAV, utilizing life-of-mine production forecasts and commodity price assumptions. "However, for earlier-staged explorers where it is arguably too early to create a DCF model with much accuracy, we employ a more basic valuation metric of Adjusted Market Capitalization per total resource (AMC/lb) or Enterprise Value per resource pound (EV/lb)," the analyst wrote. For Laramide, he used a hybrid model with DCF-based valuation for Churchrock and EV/lb valuation methods for the company’s other U.S. and Australian assets. Curran noted that Beacon currently did not attribute any value to the Kazakhstan assets.

Churchrock is recognized as a development-ready asset, as noted by SCP Equity Research analysts J. Chan, E. Magdzinski, and K. Kormpis in a June 3 research note. The company's January 2024 PEA forecasts a 31-year operational lifespan, producing 31.2 million pounds at an all-in sustaining cost of US$34.83 per pound using ISR extraction methods. With uranium valued at US$75 per pound, this results in a US$239 million after-tax NPV, strongly supporting Laramide's evaluation. The plan involves accelerating wellfield development to increase output to 2-3 million pounds, thereby shortening the operational timeline while improving financial outcomes.

"We think Laramide scans very well on value, with two projects of reasonable size/scale in the U.S. and Australia (arguably two of the top three jurisdictions in today’s geopolitically bifurcating market)," the analysts remarked, giving the stock a Buy rating with a CA$1.35 per share target price.

²Insiders and management hold about 11% of the company, with strategic corporate entity Boss Energy Ltd. owning 19%. The remainder is held by retail investors. Other major shareholders include Alps Advisors with 9.4%, Henderson with 6.82%, Mirae Asset Global Investments LLC with 4.78%, and Vident Investment Advisory LLC with 1.1%.

As of February 12, its market capitalization is CA$229.73 million, with 283.62 million shares outstanding. It trades within a 52-week range of CA$0.46 to CA$0.91.

Vanguard Mining Corp.

Vanguard Mining Corp. (UUU:CSE; UUUFF:OTC; SL51:FWB) announced that it has received its final set of Environmental Licenses from Paraguay's Ministerio del Ambiente y Desarrollo Sostenible (MADES), completing the licensing process for its 90,000-hectare Yuty Prometeo–San Jose Uranium Project in southeastern Paraguay. The company reported that these licenses now cover the entire land area of Yuty Prometeo–San Jose, with no further environmental approvals needed. Simultaneously, Vanguard has applied for a Prospection Permit with Paraguay's Vice Ministry of Mining and Energy (VMME), which is a crucial step toward full-scale uranium exploration authorization.

David Greenway, CEO of Vanguard Mining, stated in a company news release, "The receipt of our final MADES Environmental Licenses marks a significant permitting milestone and further advances the Yuty Prometeo–San Jose Uranium Project toward prospection authorization."

The project area spans four concessions — three San Jose and one Prometeo — within the Paraná Basin. The Prometeo Concession covers approximately 27,666 hectares and is adjacent to Uranium Energy Corp.'s (UEC) Yuty Project. Historical data referenced in the news release described uranium-bearing mineralization identified in seven of 27 drill holes completed on the Prometeo property, including one hole reporting values between 0.05% and 0.10% U₃O₈ across 107 meters. The San Jose concessions cover an additional 62,210 hectares. A radiometric car survey conducted over this area identified significant uranium anomalies. Vanguard noted that all drill results are historical and have not been independently verified. The company plans to conduct confirmatory drilling to validate this information in accordance with NI 43-101.

³In a December 23, 2025, technical commentary, John Newell of John Newell & Associates referred to Vanguard Mining Corp. as a situation where "the fundamentals, the asset base, and the technical picture are beginning to align." He noted that the company holds a diversified portfolio of uranium, copper, and gold assets across the Americas, with core uranium concessions in Paraguay's Paraná Basin and base metals projects in British Columbia. He described the Yuty Prometeo Uranium Project as the company's "key property of interest" and stated it had "the greatest potential to move Vanguard's shares." Newell highlighted that the Prometeo Uno concession had returned uranium grades ranging from 0.05% to 0.10% U₃O₈ from 28 historical drill holes. He added that geophysical surveys and sampling suggested the property "aligns with the same regional trend" as known mineralization in the area. He called the setting "compelling" and pointed to upcoming confirmatory drilling as a "clear near-term catalyst that could materially de-risk the project."

Regarding the company's British Columbia assets, Newell stated that the Redonda Copper-Molybdenum Project and Brussels Creek Gold-Copper-Palladium Project were "prospective for porphyry-style systems." He also noted that Vanguard holds "an early-stage lithium brine project in Argentina" for exposure to the battery metals sector. Newell acknowledged the company's oversubscribed August 2025 financing and stated that Vanguard appeared "funded for upcoming exploration programs and reducing near-term financing risk." He described the capital structure as "reasonable for a company at this stage and offers leverage to exploration success."

From a technical perspective, he wrote that the stock's chart showed "a long base forming after the sharp decline seen through late 2023 and early 2024," along with a "progressive series of higher lows, accompanied by improving volume, suggesting accumulation rather than distribution." He identified several upside targets, including CA$0.32 (met), CA$0.50, CA$0.90, and a broader long-term target of CA$1.50. Newell concluded, "With a tight share structure, experienced management, exposure to uranium and copper in proven jurisdictions, and a constructive technical setup, Vanguard Mining checks several boxes for speculative investors." He assigned the company a "Speculative Buy rating."

Vanguard Mining detailed several upcoming programs and policy developments related to its uranium and copper-gold exploration assets in its investor presentation. In Paraguay, the company plans to carry out a confirmatory drilling program. The goal of this initiative is to validate historical results and potentially align the concession with the nearby uranium trend linked to UEC's Yuty project. Vanguard noted that successful assay results could pave the way for a maiden resource estimate.

In British Columbia, the company has scheduled trenching and drilling activities at its Brussels Creek Project. These efforts aim to test priority gold-copper targets identified through past exploration. The company emphasized that the project's proximity to infrastructure such as highways, power, and services could lower exploration and development risks. Additionally, the company's August 2025 financing, which raised CA$2.32 million, was highlighted in the investor presentation as providing funding for uranium exploration in Paraguay and gold-copper work in British Columbia.

²Management and insiders own 2.58% of Vanguard Mining, with the remainder held by retail investors. Vanguard Mining Corp. has 76,306,621 shares outstanding and an estimated market capitalization of approximately US$19.76 million, based on recent trading prices. Shares trade within a 52-week range of US$0.11 to US$0.66.