Investment in uranium exploration and mine development has risen sharply in recent years, according to a new report tracking the state of the global nuclear fuel supply chain.
The findings come as interest in new nuclear energy capacity continues to grow worldwide, prompting closer scrutiny of whether uranium supply can keep pace with future demand.
The report, titled Uranium 2026: Resources, Production and Demand and widely known within the industry as the Red Book, was published jointly by the OECD Nuclear Energy Agency and the International Atomic Energy Agency.
It covers developments in 2023 and 2024 while incorporating select data from 2025 and 2026 where available.
As of January 1, 2025, the report found that 418 commercial nuclear reactors were operating around the world.
Together, these reactors represent a net generating capacity of 378 gigawatts electric and require roughly 64,500 tonnes of uranium annually to operate.
An additional 23 reactors, with a combined capacity of 19.7 gigawatts electric, remained in suspended operation.
Looking ahead, the report projects that global nuclear generating capacity will expand substantially by 2050, driven by rising electricity demand, energy security concerns and environmental commitments among countries pursuing cleaner power sources.
Under low and high growth scenarios, annual uranium requirements are expected to climb to between approximately 84,800 and 143,900 tonnes by mid-century.
The 2026 edition draws on 46 country reports, the majority based on officially reported government data, to assess uranium exploration, resources, production and reactor-related requirements. It also offers long-term projections of supply and demand trends through 2050.
According to the report, currently identified uranium resources that can be recovered at costs below US$260 per kilogram of uranium exceed 8.1 million tonnes globally.
That figure marks a 2.1 per cent increase compared with the previous edition released in 2025, and it is enough to meet even the most demanding projected uranium requirements through 2050.
Still, the report cautions that having sufficient resources on paper does not guarantee a secure supply.
Turning those resources into usable production will require timely, substantial and sustained investment.
Due to uranium mining projects typically take 15 to 20 years to move from identification to production, the report stresses that advancing new projects now is essential to avoid future supply shortfalls.
It also points to stable, adequately priced uranium markets, supported by long-term contracts, as critical to sustaining exploration activity, enabling investment decisions on new mines and driving innovation in extraction and processing methods.
The report highlights a notable rebound in global uranium production, which rose by approximately 20 per cent in 2023 and 2024 compared with the two years prior, surpassing a combined total of 116,000 tonnes.
Production in 2024 alone reached 61,924 tonnes, the highest annual output since 2016.
That growth has largely come from the restart of previously idled mining capacity and expanded output at existing operations, particularly in Canada, rather than from newly developed mines.
While several uranium projects secured regulatory approvals and moved further along in development, none reached the production stage during the period covered.
Exploration spending also climbed significantly, with global exploration and development expenditures topping US$1.78 billion during 2023 and 2024, an increase of about 46 per cent compared with the previous two-year period.
However, the report notes that while general exploration drilling increased substantially, drilling focused specifically on advancing projects toward development has remained largely flat, a signal that strengthening the project pipeline will be essential to meeting long-term demand.
