Market

Canada Becoming a nuclear superpower

  • High-Grade Resources: Athabasca Basin's uranium is among the world's highest quality, making extraction more efficient and economically viable. Refined Energy has three active projects in this region.
  • Global Demand Surge: Rising nuclear energy investments, driven by climate goals and geopolitical shifts, increase the need for Canadian uranium.
  • Integrated Capability: Canada offers a “one-stop shop” for uranium, from mining to processing, ensuring streamlined nuclear fuel production.
  • Boost to Nuclear Energy: Refined Energy's projects could support global efforts to triple nuclear energy output by 2050, mitigating climate change.
  • Stabilizing Global Supply: Refined Energy's three projects in the Athabasca Basin can help offset disruptions caused by Russia's export restrictions, ensuring a stable uranium supply for the U.S. and other nations.

Source: 

  • BBC: Why Canada could become the next nuclear energy ‘superpower

  • Bloomberg: US Unveils Plan to Triple Nuclear Power by 2050 as Demand Soars

SMRs and Artificial Intelligence (AI)

Reliable and Consistent Energy Supply

The AI revolution is driving a massive increase in energy consumption, particularly for data centers powering AI algorithms. Major companies, such as Google, have recognized the need for clean, reliable energy sources. SMRs, with their ability to provide stable power, are positioned to support the energy-intensive needs of AI-driven operations while reducing carbon footprints​

Scalable Power for Growing AI Demands

Companies like Google and Microsoft are leading the way by entering into agreements to purchase nuclear energy from SMRs. These deals underscore the critical role SMRs will play in meeting the high and growing energy requirements of AI. Google, for instance, plans to power its data centers using energy from SMRs starting by 2030.

Reduced Carbon Footprint

SMRs are particularly attractive due to their modular design, which allows for quicker deployment compared to traditional reactors. This modularity makes them an ideal solution for providing decentralized, on-demand power to facilities, such as those running AI workloads in remote or underserved regions.

 

Energy Independence for Remote AI Applications

As SMR technology matures, it’s expected to see significant growth, with projections suggesting that SMRs could constitute up to 5-9% of global nuclear capacity by 2040. This growth is critical for sustaining the energy needs of industries like AI, which is expected to account for a significant portion of global electricity consumption in the near future.

Global Uranium Market

  • Canada, through its Saskatchewan-based Athabasca Basin, is poised to strengthen its position as a leading uranium producer.
  • The Asia-Pacific region, led by China and India, is expanding its nuclear power capabilities at a rapid pace. This growth is expected to drive substantial increases in uranium demand, positioning the region as the fastest-growing market for uranium
  • The global price of uranium spiking by more than 200%, becoming one of this year's top-performing commodities
  • The expansion of energy-intensive sectors like data centers and cryptocurrency mining has heightened electricity demand, prompting a shift towards nuclear power and, consequently, increased uranium demand.
  • Nuclear energy provides about 10% of the world's electricity from about 440 power reactors​
  • Nuclear provides an estimated one-quarter of the world’s low-carbon electricity.
  • Nuclear is the world's second largest source of low-carbon power (26% of the total in 2020)
  • Over 50 countries use nuclear energy in ~220 research reactors
  • As of 2025, there are 440 operable nuclear reactors worldwide, according to the World Nuclear Association

Source: Statista: World Uranium Supply and Demand Forecast

Uranium is The Key to Reaching Net Zero

Uranium plays a pivotal role in the pursuit of achieving net-zero emissions, offering a distinct advantage absent in certain renewable energy sources: the ability to provide consistent and reliable baseload energy production.

 

At COP28, over 20 countries launched a declaration to triple nuclear energy capacity by 2050, aiming to achieve net-zero emissions and limit global warming to below 1.5°C.

One uranium pellet yields energy equivalent to 120 gallons of oil, 1 ton of coal, or 17,000 cubic feet of natural gas. Nuclear power stands out as one of the most dependable and safest sources of energy.

  • Nuclear energy boasts the smallest carbon footprint among all power generation sources.
  • Canada's political stability, strong bilateral relations with other countries, and geographic proximity to major markets contribute to a dependable and uninterrupted supply of uranium.
  • Chinese uranium is also considered less reliable due to ongoing geopolitical competition and China's prioritization of its own nuclear energy needs
  • Projected Imbalance: Uranium faces a significant supply-demand gap, with an expected cumulative deficit of around 680k metric tons by 2040.
  • Production Concentration: In 2022, Kazakhstan, Canada, Namibia, and Australia collectively controlled over 70% of global uranium production.
  • Rising Demand: Demand for uranium in nuclear reactors is projected to surge, with estimates indicating a 28% increase by 2030 and nearly doubling by 2040, primarily driven by government initiatives to scale up nuclear power capacity.
  • Supply Challenges: Reactivating mines is crucial for short-term supply augmentation, recognizing the lengthy 10-15 year timeline for operational readiness.
  • LG Chem has plans to spin off its battery business into a separate enterprise as the growth of the EV market continues. (The Guardian)
  • BMI’s Simon Moores remarks that they now have 167 “Megafactories” in the pipeline to 2028 that will yield a cumulative capacity of 2,697 GWh.

“There is no doubt that regardless of how well Tesla’s vehicles continue to sell, raw material availability will be the primary slowing factor on the company scaling”. – BMI, Moores

  • Global Battery Metals Market to hit sales of $25.66 billion by 2028, Lithium generates over 30% revenue of the market (Sky Quest).