Nuclear Power Stocks

GE Vernova

GE Vernova is a global power equipment and services company spun off from General Electric in April 2024, with its installed base generating approximately 25% of the world’s electricity. Its nuclear business — operated through GE Vernova Hitachi Nuclear Energy (GVH), a joint venture with Hitachi — is anchored today by servicing a large global fleet of boiling water reactors (BWRs) and supplying BWR fuel through Global Nuclear Fuel (GNF), a GEV-led JV with Hitachi operating in North Carolina and Japan. The growth layer is the BWRX-300, a 300 MW small modular reactor currently under construction at Ontario Power Generation’s Darlington site in Canada — the only commercial SMR being built in the Western world, with first power targeted for 2029. In the U.S., TVA is pursuing an NRC construction permit for a BWRX-300 at its Clinch River site in Tennessee, backed by a $400 million DOE grant, while the design has also completed Step 2 of the UK’s regulatory assessment process. Nuclear currently weighs on GE Vernova’s Power segment margins, with management expecting that drag to persist near-term as first-of-a-kind construction costs work through the books.

NextEra Energy

NextEra Energy (NYSE: NEE) is primarily known as the world’s largest generator of wind and solar power, but the company also operates a meaningful nuclear portfolio across both its regulated and competitive businesses. On the regulated side, Florida Power & Light runs four nuclear units at the St. Lucie and Turkey Point facilities in Florida, totalling around 3.5 GW of capacity, with Turkey Point’s licences recently extended to 2052–2053 by the NRC. The competitive arm, NEER, operates a further ~2.3 GW of merchant and contracted nuclear capacity through Seabrook in New Hampshire and the Point Beach plant in Wisconsin. Perhaps most notable for investors is NEER’s January 2025 NRC filing to explore recommissioning the mothballed Duane Arnold nuclear plant in Iowa — a signal that NEE is positioning to capitalise on surging power demand from AI data centres. Nuclear output across the portfolio benefits from Inflation Reduction Act production tax credits of $15/MWh, supporting margins at existing sites. While nuclear remains secondary to NEE’s dominant renewables franchise, the company’s operating track record, licence extensions, and recommissioning optionality make it a credible participant in the nuclear renaissance thesis.

Rolls-Royce Holdings

Rolls-Royce Holdings (LSE: RR.) is a British engineering group best known for large commercial aircraft engines, but its nuclear ambitions have emerged as a central pillar of its long-term growth strategy. Through its separately incorporated subsidiary Rolls-Royce SMR Limited, the company is developing a 470 MWe pressurised water reactor designed for modular, factory-built construction — which it markets as the largest SMR available. In June 2025, Rolls-Royce SMR was selected as the sole provider in the UK government’s Great British Energy – Nuclear competition, securing a contract for three units at the Wylfa site in Anglesey, with the site capable of hosting up to eight reactors. Czech utility ČEZ has committed to up to six units at Temelín, while Rolls-Royce SMR has advanced to the final stage of Sweden’s technology partner selection. The SMR business is currently pre-profit at a business level, but management has guided for project-level cash generation to support a group-level profitability target by 2030, scaling to as many as eight reactor commissionings per year by approximately 2040.

Southern Company

Southern Company operates one of the largest nuclear fleets among U.S. investor-owned utilities, with approximately 4.8 GW of capacity across three plants: Plant Farley in Alabama (1,720 MW), Plant Hatch in Georgia (50.1% share, ~900 MW), and Plant Vogtle in Georgia (45.7% share, ~2,167 MW across four units). Vogtle Units 3 and 4 — the first new commercial reactors built in the United States in over three decades — reached commercial operation in early 2024 after years of delays and cost overruns that ultimately cost Georgia Power around $10.7 billion, more than double initial estimates. Since coming online, both units have run at over 95% availability, validating the technology and demonstrating the operational capability of Southern’s nuclear subsidiary, Southern Nuclear. The fleet also generates significant federal tax credits under the Inflation Reduction Act’s §45U nuclear production tax credit provision, though regulators in Alabama have ordered those credits deferred as a customer benefit rather than passed to shareholders. No new nuclear construction appears in Southern’s current five-year capital plan, though the company’s experience completing the only new-build nuclear project in the U.S. in a generation positions it as a potential candidate for future advanced reactor development.

Constellation Energy

Constellation Energy (Nasdaq: CEG) is the largest nuclear power operator in the United States, running 14 generating stations with 25 reactor units and approximately 22 GW of capacity — a fleet that produced 183 TWh of zero-carbon electricity in 2025. Spun out of Exelon in February 2022, the company has since expanded significantly, completing a $22 billion acquisition of natural gas generator Calpine in January 2026 to become the largest private-sector power producer in the world. Nuclear remains the core of the investment case, with the fleet operating at a 94.7% capacity factor — roughly four percentage points above the U.S. industry average — and benefiting from the federal nuclear Production Tax Credit under the Inflation Reduction Act. Constellation is also pursuing the restart of the Crane Clean Energy Center (formerly Three Mile Island Unit 1) and a series of capacity uprates across its fleet, adding a potential ~2 GW of incremental output. The company’s uncontracted nuclear capacity — estimated at ~147 TWh of annual output available for long-term contracting by 2030 — is central to its pitch to hyperscale data centre operators seeking 24/7 carbon-free power, though no major deals have been announced as of early 2026.

Mitsubishi Heavy Industries

Mitsubishi Heavy Industries (TSE: 7011) is Japan’s primary nuclear power original equipment manufacturer, with capabilities spanning light-water reactor design and construction, nuclear fuel cycle systems, dry cask storage, and advanced reactor development. The company is a key supplier for Japan’s domestic nuclear fleet, which has been restarting under the country’s revised energy policy, and is developing next-generation reactor concepts alongside a contribution to the ITER international fusion project. Nuclear sits within MHI’s Energy Systems segment — the group’s largest, generating ¥1.35 trillion in revenue in the nine months to December 2025 — alongside gas turbines and wind, making direct nuclear revenue difficult to isolate. The group’s order backlog has surpassed ¥10 trillion, with nuclear among the core businesses targeted for significant capacity and R&D investment through its 2024 Medium-Term Business Plan. At a group level, MHI is a highly diversified industrial conglomerate with major defence, aerospace, and infrastructure businesses, meaning nuclear exposure is partial rather than pure-play. Investors seeking focused nuclear leverage should note that MHI’s scale and diversification make it a lower-beta proxy on Japan’s nuclear revival than dedicated reactor developers.

Duke Energy

Duke Energy Corporation (NYSE: DUK) is one of the largest regulated electric utilities in the United States, serving approximately 8.7 million electricity customers across the Carolinas, Florida, Indiana, Ohio, and Kentucky. The company operates the largest regulated nuclear fleet in the country, with 9,404 MW of capacity spread across six plants in the Carolinas — Oconee, McGuire, Catawba, Brunswick, Shearon Harris, and Robinson — which collectively generate approximately 35% of Duke’s net electricity output despite representing just 17% of its installed capacity. Nuclear production tax credits under the Inflation Reduction Act are expected to save customers more than $600 million annually, meaningfully supporting the fleet’s economics. Duke is actively extending the operational life of its nuclear assets, having secured NRC approval in 2025 for Oconee to operate through 2053–2054 under subsequent licence renewal, with similar applications filed or in preparation for Robinson and Brunswick; the company is also pursuing power uprates of approximately 250 MW across its Carolinas units.

At the exploratory stage, Duke filed an early site permit application for a potential new nuclear facility at Belews Creek, North Carolina in December 2025, and is participating in a DOE cost-share project alongside the Tennessee Valley Authority to advance deployment of GE Vernova Hitachi’s BWRX-300 small modular reactor design. The company has been explicit that it will not commit to new nuclear construction without greater certainty on cost and schedule overrun protections.

Dominion Energy

Dominion Energy (NYSE: D) is a Virginia-headquartered regulated electric utility serving approximately 4.1 million customers across Virginia, North Carolina, and South Carolina, with roughly 30.7 GW of total generating capacity. The company operates seven nuclear reactors across four stations: Surry (Units 1 & 2) and North Anna (Units 1 & 2) in Virginia (3,348 MW combined, both with recently secured 20-year licence extensions through the early 2050s), V.C. Summer in South Carolina (644 MW), and Millstone (Units 2 & 3) in Connecticut (2,013 MW), the latter making Dominion the largest producer of carbon-free electricity in New England. Nuclear accounts for approximately 17% of Virginia Power’s utility generation capacity, with Millstone sitting outside the regulated utility in a contracted segment and earning returns tied to ISO-New England wholesale power and capacity markets. The company intends to seek further 20-year licence extensions for all Millstone units, which would keep the station operational into the 2060s, underpinning long-dated zero-carbon baseload generation as Dominion executes a $64.7 billion five-year capital plan (2026–2030) heavily weighted toward renewables, grid infrastructure, and reliability investment to serve rapidly growing data centre demand in its Virginia service territory.

AMETEK Inc

AMETEK, Inc. (NYSE: AME) is a Pennsylvania-based diversified industrial manufacturer with approximately $7.4 billion in annual revenue, serving a broad range of niche markets through its Electronic Instruments and Electromechanical divisions. Within the nuclear sector, AMETEK supplies instrumentation and measurement systems used across power generation applications, including radiation measurement devices, emissions monitors, process analyzers, and precision sensors deployed in nuclear plant environments. The company also provides power quality monitoring and metering equipment, uninterruptible power systems, and programmable power supplies relevant to grid-scale and distributed generation settings. AMETEK does not derive a disclosed or separately reported revenue stream from nuclear power specifically — its nuclear exposure sits within the wider process and analytical instrumentation sub-segment of EIG, alongside oil and gas, pharmaceutical, and semiconductor customers. For investors, AMETEK is best understood as an enabling technology play: a high-quality compounder whose instruments underpin operational safety and efficiency across the nuclear fleet rather than a direct beneficiary of new plant construction or uranium demand.

Entergy Corporation

Entergy Corporation is a vertically integrated electric utility serving 3.1 million customers across Arkansas, Louisiana, Mississippi, and Texas. Nuclear accounts for 21% of the company’s owned generation capacity and, owing to its high utilisation rates, supplied 28% of all electricity sourced by the utility in 2025 — making it the single largest energy source by volume. The regulated fleet comprises three plants: Grand Gulf Nuclear Station in Mississippi (operated through subsidiary SERI), Waterford Steam Electric Station Unit 3 in Louisiana, and River Bend Station in Louisiana. A Phase I uprate of approximately 40 MW at Waterford 3 is currently in regulatory review at an estimated cost of ~$69M. Management has identified approximately 300 MW of total uprate potential across the fleet and has signalled openness to new nuclear investment with “appropriate financial protections,” positioning nuclear as a long-term growth lever alongside the company’s $43 billion 2026–2029 capital plan. Entergy monetises nuclear production tax credits through tax equity sales, providing an incremental cash flow benefit to its balance sheet.

Vistra Corp

Vistra Corp (NYSE: VST) is one of the largest competitive power generators in the United States, operating approximately 41,000–44,000 MW of generating capacity across natural gas, coal, nuclear, and solar/battery storage. The company owns the second-largest competitive nuclear fleet in the US — six units at four plants totalling 6,448 MW — spanning ERCOT (Comanche Peak, Texas) and PJM (Beaver Valley, Perry, and Davis-Besse).

Vistra has moved aggressively to contract this nuclear capacity with hyperscale data centre operators, signing 20-year PPAs with Amazon for 1,200 MW at Comanche Peak and with Meta for over 2,200 MW across its PJM nuclear plants, the latter including financial support for 433 MW of combined uprates. The company also operates a large integrated retail electricity business serving approximately 5 million customers, which provides a natural hedge against wholesale market volatility.

Vistra is simultaneously retiring its legacy coal fleet while expanding gas-fired generation through recent acquisitions, positioning its zero-carbon nuclear assets as the strategic centrepiece of its long-term earnings growth.

Xcel Energy

Xcel Energy (NASDAQ: XEL) is a major U.S. regulated electric and natural gas utility serving approximately 3.9 million customers across eight states, with a growing profile as a clean energy operator. Its nuclear portfolio — two Minnesota plants totalling roughly 1,700 MW — forms the carbon-free backbone of its upper Midwest grid, supplying baseload power at marginal costs well below natural gas. A landmark decision by the Minnesota Public Utilities Commission in 2025 extended operating lives for both Monticello (to 2053) and Prairie Island Units 1 and 2 (to 2053 and 2054), adding two decades of low-carbon generation capacity and significantly de-risking the company’s 2050 carbon-free electricity target. The extensions come as Xcel executes a $60 billion, five-year infrastructure investment programme — the largest in its history — anchored by transmission, renewables, and grid reliability, with coal fully retired by 2030. Nuclear, alongside approximately 11,000 MW of wind capacity and a rapidly expanding solar fleet, underpins the company’s stated goal of 100% carbon-free electricity by 2050, with carbon emissions already reduced by approximately 58% from 2005 baseline levels through year-end 2025.

Cameco Corp

Cameco Corporation (TSX: CCO / NYSE: CCJ) is one of the world’s largest uranium producers and a vertically integrated participant across the nuclear fuel cycle, headquartered in Saskatoon, Canada. The company operates tier-one mining assets including McArthur River/Key Lake (the world’s largest high-grade uranium mine and mill) and Cigar Lake (the world’s highest-grade uranium mine) in Saskatchewan, alongside a 40% interest in the JV Inkai operation in Kazakhstan. Downstream, Cameco owns the Blind River Refinery (the world’s largest commercial uranium refinery), Canada’s only uranium conversion facility at Port Hope, and a CANDU fuel fabrication business.

The company holds a 49% equity interest in Westinghouse Electric Company (alongside Brookfield Asset Management), the leading global provider of nuclear reactor technology, operating plant services, and fuel fabrication, whose portfolio spans the proven AP1000 gigawatt-scale reactor — currently the only construction-ready large reactor design available to Western markets — and the AP300, a 330 MW small modular reactor in development. Separately, Cameco holds a 49% stake in Global Laser Enrichment (GLE), a next-generation laser enrichment technology venture focused on re-enrichment of depleted uranium tails. This breadth of positioning across mining, refining, conversion, fabrication, enrichment technology, and reactor services makes Cameco one of the few publicly listed companies with material exposure to nearly every stage of the nuclear fuel value chain.

Doosan Enerbility

Doosan Enerbility is a South Korean heavy industrial group and one of the world’s few vertically integrated suppliers of large nuclear reactor components, including reactor vessels, steam generators, and pressurizers. The company supplied equipment for South Korea’s APR1400 programme — including all four units at the UAE’s Barakah plant — and holds a supply agreement to provide approximately half of Westinghouse Electric’s planned AP1000 component volumes across North America and Europe. It is also engaged as a component supplier across multiple first-of-a-kind small modular reactor (SMR) programmes, including NuScale, X-energy, and TerraPower. Domestically, the Korean government has confirmed construction of two new large-scale nuclear units with site selection targeted for 2026, representing a near-term order catalyst. Nuclear and gas turbines collectively accounted for 75% of the company’s KRW 23 trillion order backlog at end-2025, with management targeting nuclear average annual orders of approximately KRW 4.9 trillion through 2030 — revised upward from prior guidance on the back of the Czech Dukovany APR1000 contract win and accelerating SMR momentum.

PG&E Corporation

PG&E Corporation (NYSE: PCG) is the holding company for Pacific Gas and Electric Company, a regulated utility serving approximately 16 million people across a 70,000-square-mile service area in Northern and Central California. The company operates Diablo Canyon Power Plant (DCPP), California’s last active nuclear facility, comprising two pressurized water reactor units with a combined capacity of roughly 2.2 GW. In 2022, California passed SB 846 authorizing extended operations at DCPP beyond its original retirement dates, with the NRC license renewal application now under review. The extension is backed by up to $1.1 billion in federal support through the DOE’s Civil Nuclear Credit Program. PG&E has outlined a $73 billion capital investment plan for 2026–2030, with Diablo Canyon’s continued operation positioned as a baseload complement to the state’s growing renewable and storage fleet. The company emerged from bankruptcy in 2020 following wildfire liabilities and continues to navigate California’s inverse condemnation framework, though recent legislation — including SB 254 in 2025 — has strengthened financial protections for shareholders.

Public Service Enterprise Group (PSEG)

Public Service Enterprise Group (NYSE: PEG) is a Newark, New Jersey-based regulated utility holding company that operates New Jersey’s largest electricity and gas distribution network alongside an independent fleet of 3,758 MW of carbon-free nuclear generation. The nuclear business, operated through subsidiary PSEG Power, includes sole-operated plants at Salem (Units 1 & 2) and Hope Creek in New Jersey, and a 50% co-ownership interest in the Constellation-operated Peach Bottom plant in Pennsylvania. PSEG Power sells output into PJM wholesale markets and benefits from the federal Nuclear Production Tax Credit introduced under the Inflation Reduction Act, which provides a price floor when wholesale power prices fall below the threshold. In 2025, the fleet produced 30.9 terawatt hours of electricity at a 91.2% capacity factor, with Hope Creek completing a fuel cycle extension from 18 to 24 months during the year — a move that positions the plant to generate more output between refuelling outages going forward. PSEG is actively pursuing long-term power purchase agreements for its nuclear output with large commercial and industrial loads, a potential catalyst not currently embedded in the company’s 6–8% annual earnings growth target through 2030. Unlike peers with mixed generation portfolios, PSEG Power holds no fossil fuel generation assets, making its power business a pure-play on carbon-free baseload electricity.

CGN Power

The Hong Kong-listed nuclear subsidiary of China General Nuclear Power Corporation (CGN), CGN Power is the world’s largest nuclear power fleet operator by number of units under construction, with 28 operating units (31.8 GW installed capacity) and 22 units simultaneously under construction as of end-2025. The company deploys the HPR1000 (Hualong One equivalent) reactor and has secured approvals for 16 new units during the 14th Five-Year Plan, bringing total operating and under-construction capacity to over 56 GW. CGN Power holds a non-competition agreement with its parent giving it preferential rights to acquire new nuclear assets as they reach operational maturity, providing a structured growth pipeline that few nuclear companies globally can match.

Curtiss-Wright Corporation

Curtiss-Wright is a U.S. industrial and defense technology company with a substantial and growing presence in commercial nuclear power, accounting for roughly 19% of group revenues. The company supplies reactor coolant pumps, valves, instrumentation and control systems, and spent fuel management equipment to operating reactors across North America, the U.K., and South Korea — giving it content on effectively every reactor in those markets. Its most significant nuclear growth lever is the Westinghouse AP1000, for which Curtiss-Wright holds a sole-source position as the supplier of reactor coolant pumps; the company is targeting a potential $1.5 billion-plus revenue opportunity from new AP1000 builds in Central and Eastern Europe, with an order from Poland or Bulgaria expected as early as 2026. Beyond the large reactor market, the company is engaged across all major small modular reactor designers and is positioning for a shift from development-phase revenues to initial production contracts before the end of the decade. Management targets commercial nuclear revenues of more than $575 million by 2028 — more than double the 2023 base — rising to $1.5 billion annually by the mid-2030s, though both figures are contingent on order timing that has historically been difficult to predict.

China National Nuclear Power (CNNP)

The listed nuclear power arm of state-owned China National Nuclear Corporation (CNNC), China National Nuclear Power operates 25 nuclear units with approximately 23.75 GW of installed nuclear capacity, concentrated at major bases including Qinshan, Fuqing, and Jiangsu. The company is deploying China’s third-generation Hualong One (HPR1000) reactor domestically and has a growing renewables portfolio — wind and solar — of nearly 30 GW alongside its nuclear fleet. Listed on the Shanghai Stock Exchange, it is one of two dominant pure-play nuclear operators in China, which is targeting 110 GW of national nuclear capacity by 2030 under its draft 15th Five-Year Plan.

Fortum Oyj

Fortum Oyj is a Finnish state-majority-owned utility and one of Europe’s most nuclear-intensive power generators, deriving roughly 53% of its Nordic electricity output from nuclear in 2025 — equivalent to 22.1 TWh. The company wholly owns the Loviisa nuclear plant in Finland (1,892 MW, two VVER-440 units), which received a new government operating licence through 2050 in 2023, with approximately EUR 1 billion committed for lifetime extension and upgrades over that period. Fortum also holds stakes in the Swedish plants Oskarshamn (42.5%, via OKG AB) and Forsmark, giving it exposure to around 3,255 MW of total nuclear capacity across two countries. Nuclear’s baseload profile and near-zero marginal emissions underpin an electricity carbon intensity of just 8 gCO₂/kWh from power generation — among the lowest of any large European utility. The company has concluded that new-build nuclear is not commercially viable on a merchant basis under current market conditions, placing any potential new capacity no earlier than the second half of the 2030s.

BWX Technologies

BWX Technologies (NYSE: BWXT) is the dominant U.S. manufacturer of nuclear reactor components and fuel, holding a largely sole-source position supplying the U.S. Navy’s nuclear propulsion programme under long-term Department of Energy contracts. The company is also the only commercial heavy nuclear component manufacturer in North America, serving Canadian utilities with steam generators, pressure vessels, and reactor services for CANDU life-extension and new-build programmes. As nuclear buildout accelerates, BWXT is positioning itself as a technology-agnostic merchant supplier to the SMR industry — it has already secured the reactor pressure vessel contract for the first BWRX-300 unit at Darlington — while also advancing TRISO fuel and microreactor development for both defence and commercial applications. A 2025 acquisition of Kinectrics added lifecycle management services for nuclear power plants and expanded the company’s medical radioisotope business. Revenue is split roughly 73% Government Operations and 27% Commercial Operations, with FY2025 group revenue of approximately $3.2 billion.

Kazatomprom

Kazatomprom is the world’s largest uranium producer, accounting for approximately 21% of global primary supply, and is the national uranium company of Kazakhstan, the country holding the world’s second-largest uranium reserves. All production uses in-situ recovery (ISR), structurally lower cost than conventional mining and well suited to the sandstone-hosted deposits of the Kazakh steppe. The company operates across a large portfolio of joint ventures with international partners including Cameco (Inkai JV), CGN, Uranium One, and others.

A key structural consideration for Western investors is that production from the Budenovskoye deposit has been committed through 2026 to Russia’s civil nuclear sector, making those volumes functionally unavailable to Western utilities in the near term. Consistent with its value-over-volume strategy, Kazatomprom reduced its SUA-permitted production ceiling for 2026 by approximately 3 ktU (~8 million pounds), equivalent to roughly 5% of global annual primary supply. Actual 2026 production guidance of 27,500–29,000 tU reflects improved operational performance. Common shares trade on the Astana International Exchange, with GDRs accessible to Western investors on both the AIX and the London Stock Exchange.

Korea Electric Power (KEPCO)

Korea Electric Power Corporation (KEPCO) is South Korea’s state-owned integrated utility and the operator of one of the world’s largest nuclear fleets by installed capacity, with approximately 25GW across 26 domestic reactors. Nuclear power accounts for roughly 49% of the company’s total electricity generation, a share the government is targeting to push toward 54% by 2027 through higher plant utilisation and the commissioning of two new 1,400MW units (Saeul #3 and #4, combined 2.8GW) expected in late 2026. Korea’s 11th Basic Plan for Electricity Supply and Demand enshrines nuclear as the cornerstone of the country’s decarbonisation strategy, with five additional plants under construction or planned through the early 2030s. Because nuclear is KEPCO’s lowest-cost generation source by a wide margin, rising nuclear output structurally reduces the company’s fuel cost per kilowatt-hour, directly expanding operating margins. Beyond domestic operations, KEPCO is pursuing international nuclear contracts through its Advanced Power Reactor (APR-1400) technology, with the UAE’s Barakah plant serving as the primary export reference, and a developing US-Korea nuclear partnership attracting growing investor attention.

Through its subsidiary KEPCO Engineering & Construction, the company is developing the BANDI-60, a 60MWe small modular reactor designed for marine and remote applications, with standard design licensing targeted for completion in 2027–2030. More broadly, Korea’s KHNP, KEPCO’s nuclear generation arm, is a key partner in the government-backed i-SMR programme, a 170MWe integrated pressurised water reactor that submitted its standard design approval application in February 2026 and is targeting commercialisation by 2035.

Kansai Electric Power

Kansai Electric Power (TSE: 9503) is Japan’s dominant nuclear utility, operating seven pressurised water reactors across three sites — Mihama, Takahama, and Ohi — with a combined installed capacity of 6,578 MW. That fleet accounts for roughly half of all nuclear capacity currently operating in Japan, making KEPCO’s earnings more sensitive to nuclear performance than any other listed utility in the country: each percentage-point change in capacity factor moves annual ordinary profit by approximately ¥4.3 billion. Nuclear supplied 50% of the company’s own generation in the nine months to December 2025, underpinning an ordinary profit of ¥462.9 billion on net sales of ¥2.95 trillion. The company is also conducting geological surveys at the Mihama site for a potential successor reactor, a step that — if it leads to a construction decision — would rank among the first post-Fukushima new-build commitments by a Japanese utility. Beyond the domestic fleet, KEPCO holds stakes in offshore wind projects across the UK, Germany, and Norway, and has set a target of ¥1 trillion in domestic renewable investment by 2040.

Jacobs Solutions

Jacobs Solutions (NYSE: J) is a global professional services and engineering firm providing technical consulting, program management, and design services across infrastructure, life sciences, and energy markets. In nuclear power, Jacobs holds a long-established position as a key services provider across the full plant lifecycle — from feasibility and licensing support through to decommissioning and environmental remediation. The company works with utilities, government agencies, and defence clients on both operating fleet maintenance and new-build programs, with particular depth in the UK nuclear sector through its critical infrastructure segment. Jacobs also brings nuclear-adjacent capabilities in environmental remediation and waste management, areas that are growing in relevance as aging Western fleets approach end-of-life. While nuclear is one component of a diversified services portfolio rather than a standalone focus, the company’s technical depth and existing client relationships position it to benefit from the broader revival of civil nuclear investment in the US and UK. Jacobs trades at approximately 14–16x forward EBITDA, in line with high-quality engineering consultancies, and carries an investment-grade balance sheet with net debt of under 1x EBITDA.

AECOM

AECOM (NYSE: ACM) is a global infrastructure consulting and engineering firm that provides design, program management, and advisory services across the energy, water, transportation, and environment sectors. The company has a long-standing presence in the nuclear industry, delivering engineering and program management services at nuclear facilities for agencies including the U.S. Department of Energy and Department of Defense, with certain activities covered by federal indemnification under Public Law 85-804. More recently, AECOM has moved into advanced nuclear concepts, winning a contract to conduct preliminary design engineering for Type One Energy’s 350 MWe Infinity Two stellarator fusion power plant — a project intended to supply clean energy to the Tennessee Valley Authority. With a $26 billion design backlog and the #1 ENR ranking across its core end markets, AECOM is pursuing nuclear and energy transition work as part of a broader professional services platform rather than as a pure-play operator. Investors should note the company does not break out nuclear-specific revenue, and its energy transition exposure is one component of a diversified business generating $7.6 billion in net service revenue annually.

AtkinsRealis Group

AtkinsRéalis (TSX: ATRL) is a Canadian engineering and nuclear services company that holds exclusive stewardship of the CANDU® reactor technology, giving it a unique position in the global nuclear services market. Its Nuclear segment — which generated C$2.3 billion in revenue in 2025, up 55% year-on-year — is anchored by a multi-decade CANDU life extension program spanning Ontario Power Generation’s Darlington and Pickering fleets and Bruce Power’s reactors, with Darlington’s 4-unit refurbishment completed ahead of schedule and under budget in 2025. The company is also active in nuclear decommissioning and waste management through contracts with Sellafield in the UK, new-build support at Hinkley Point C and Sizewell C, and nuclear propulsion work for Rolls-Royce Submarines. Beyond the existing fleet, AtkinsRéalis is developing MONARK™, its proprietary advanced CANDU small modular reactor, and has commenced CANDU licensing proceedings in the United States. Nuclear backlog stood at C$5.0 billion at end-2025 — up 56% in a single year — providing multi-year revenue visibility as governments in Canada, the UK, Romania, South Korea, and China expand or extend their nuclear capacity.

Oklo Inc.

Oklo is developing a vertically integrated advanced nuclear platform built around the Aurora powerhouse — a metal-fueled sodium fast reactor producing 15 to 75 MWe on fresh, recycled, or down-blended fuel — with roots in the U.S. government’s Experimental Breeder Reactor-II programme. The company operates a build-own-operate model, selling power directly to customers via long-term power purchase agreements rather than licensing reactor designs to utilities. Oklo broke ground on its first Aurora unit at Idaho National Laboratory under a DOE Reactor Pilot Program authorisation pathway, which governs its initial INL-sited deployment and allows construction to proceed ahead of a separate NRC combined licence application for its commercial Ohio campus. A prepayment agreement with Meta Platforms for a 150 MWe Phase 1 campus in Ohio was a key commercial milestone that led BofA Securities to upgrade the stock to Buy in January 2026 with a price objective of $127. The company also holds a non-binding master power agreement with Switch for up to 12 GW and a pre-agreement with Equinix for up to 500 MW. No Aurora powerhouse has yet entered commercial operation.

NexGen Energy

NexGen Energy is the developer of the Rook I Project in Saskatchewan’s Athabasca Basin, home to the Arrow deposit, the world’s highest-grade, large-scale undeveloped uranium project, with probable reserves of 240 million pounds U₃O₈ grading 2.37%. On March 5, 2026, the CNSC issued a Licence to Prepare Site and Construct — the final federal regulatory approval needed to begin full construction — targeted to commence summer 2026. The 2021 feasibility study outlines peak annual production of up to 30 million pounds, with an updated 2024 Interim Trend Update revising expected pre-production capital to approximately C$2.2 billion.

NexGen also controls the Patterson Corridor East (PCE) discovery 3.5 km from Arrow, where 2025 drilling returned intercepts including 15.0 metres at 15.9% U₃O₈, confirming an extensive high-grade mineralised system. NexGen holds approximately 30% of IsoEnergy and is well-capitalised following a global equity offering in October 2025 that raised AUD$1 billion, leaving the company with approximately C$1.1 billion in cash.

Fluor Corporation

Fluor Corporation (NYSE: FLR) is one of the world’s largest engineering, procurement, and construction firms, with a long-established presence in nuclear power across both new build and the decontamination and decommissioning of legacy government facilities. Through its Mission Solutions segment, the company holds a tier-one position with the U.S. Department of Energy, managing complex nuclear remediation programs including the Portsmouth, Ohio decommissioning site and the Savannah River Plutonium Processing Facility, where engineering is now 90% complete. On the new build side, Fluor is advancing the Cernavoda nuclear expansion in Romania — completing preliminary designs and safety assessments ahead of a client final investment decision — while also completing front-end engineering for the RoPower small modular reactor project using NuScale technology. The company recently monetised nearly $2 billion from its 15-year equity stake in NuScale Power, with the full exit expected by mid-2026, effectively converting a balance-sheet bet on SMR commercialisation into cash. Fluor is also pursuing conventional nuclear opportunities with multiple technology providers in the U.S. and Europe, and has flagged nuclear fuels enrichment — supported by a recent Centrus win — as a growing area within its government services business.

Tokyo Electric Power (TEPCO)

Tokyo Electric Power Company Holdings (TEPCO HD) operates Japan’s largest nuclear fleet by installed capacity — the 7-unit, ~8,200 MW Kashiwazaki-Kariwa Nuclear Power Station in Niigata Prefecture — though all units have been offline since the 2011 Fukushima Daiichi disaster. The company began the restart process for Unit 6 (1,356 MW, ABWR) in January 2026, making it the pivotal near-term catalyst for both earnings recovery and Japan’s broader nuclear revival. Nuclear wholesale income is the primary profit driver for the holding company, and management has explicitly linked a successful restart to its ability to fund the estimated ¥23.4 trillion in total Fukushima liabilities — a financial obligation that continues to generate large extraordinary losses and has weighed heavily on the balance sheet. Unit 7 restart preparations are underway but constrained by a specialised safety facility requirement with a construction completion target of August 2029. TEPCO is a high-risk, high-leverage play on Japan’s nuclear renaissance: the upside from restoring what was once one of the world’s largest nuclear fleets is substantial, but execution risk, regulatory sensitivity, and unresolved decommissioning cost escalations make it among the more complex nuclear investments globally.

Uranium Energy Corp

Uranium Energy Corp is a US-focused uranium producer and the largest licensed uranium producer in the United States by licensed processing capacity, operating a hub-and-spoke ISR model across Texas and Wyoming anchored by three central processing plants: Hobson (Texas), Irigaray (Wyoming), and the recently acquired Sweetwater Plant (Wyoming). Combined licensed capacity totals approximately 12.1 million pounds U₃O₈ per year.

The Christensen Ranch ISR operation in Wyoming recommenced production in August 2024 and continued ramp-up through fiscal year 2025. The Sweetwater conventional mill complex, acquired from Rio Tinto in December 2024 for approximately $175 million, holds a licensed capacity of 4.1 million pounds U₃O₈ per year and is advancing through fast-track federal permitting to add ISR resin processing capability — which would make it the only dual-feed uranium facility in the United States. UEC is positioned as a primary beneficiary of US energy security policy, including bipartisan nuclear legislation and a Commerce Department Section 232 investigation into uranium imports.

Sprott Physical Uranium Trust

Sprott Physical Uranium Trust is a Toronto-listed, closed-end investment vehicle that holds physical uranium in the form of U₃O₈ and uranium hexafluoride, making it the largest and most liquid listed vehicle providing direct exposure to the uranium price. As of early 2026 the Trust holds roughly 74.9 million pounds of uranium. Units trade on the TSX like ordinary equity securities, with new units issued through an at-the-market equity programme whenever the market price trades at a premium to net asset value.

In 2025 the Trust purchased about 8.7 million pounds of uranium, nearly three times its 2024 acquisition volume, reflecting sustained institutional and retail appetite. Unlike operating miners, it offers no project-level or operating leverage; its returns are driven purely by changes in the U₃O₈ spot price, cementing its role as the de-facto reference physical uranium vehicle for global investors.

Mirion Technologies

Mirion Technologies (NYSE: MIR) is a global supplier of radiation detection, measurement, and monitoring systems with installed solutions in more than 98% of nuclear power plants worldwide. The company’s Nuclear & Safety segment — which accounted for roughly two-thirds of FY2025 revenue of $925 million — serves the full NPP lifecycle from construction and operation through to decommissioning, alongside a growing position in small modular reactor development. Nuclear Power end-market organic revenue grew 11% in FY2025, driven by new build contracts and installed base upgrades. In late 2025, Mirion acquired Paragon Energy Solutions for $588 million, deepening its U.S. nuclear engineering capabilities and lifting pro-forma Nuclear Power revenue exposure to approximately 47% of the combined business. The company holds a pipeline of large nuclear power contracts ($10 million-plus individual projects) exceeding $400 million expected to be awarded in 2026, underpinned by an aging global reactor fleet and accelerating demand for new capacity tied to data centre power requirements and energy security policy.

Energy Fuels

Energy Fuels is the largest uranium producer in the United States and the operator of the White Mesa Mill near Blanding, Utah, the only licensed and operating conventional uranium mill in the country. The Mill is the cornerstone of the company’s strategy: a fully permitted, multi-commodity processing facility that can recover uranium, vanadium, and rare earth elements (REEs) from a variety of feed materials.

Beyond uranium, Energy Fuels has reconfigured the Mill into a critical minerals hub. Its Phase 1 REE separation circuit, commissioned in 2024, can process monazite concentrate into separated neodymium-praseodymium (NdPr) oxide, making it the only facility in the U.S. capable of producing separated REE products at a uranium mill. The company is advancing a Phase 2 expansion with a bankable feasibility study completed in January 2026 estimating capital costs of approximately $410 million, targeting total NdPr production capacity of over 6,000 tonnes per year.

Centrus Energy

Centrus Energy (NYSE: LEU) is a U.S. supplier of uranium enrichment services and nuclear fuel components, occupying a structurally distinct position in the nuclear fuel cycle as the only publicly traded enrichment company operating U.S.-origin centrifuge technology. Its core business — the LEU segment — sources low-enriched uranium (LEU) primarily from Russian state-owned TENEX and French group Orano and resells it to utility customers under medium- and long-term contracts extending to 2040, benefiting from a cost base locked in at historically low 2018–2019 SWU prices against a market where spot enrichment prices have since risen sharply.

Through its Technical Solutions segment, Centrus operates the American Centrifuge Plant in Piketon, Ohio — the first new U.S.-owned enrichment facility to enter production in roughly 70 years — where it has been producing High-Assay Low-Enriched Uranium (HALEU) under Department of Energy contracts since 2023. HALEU, enriched to between 5% and 20% U-235, is the fuel specification required by the majority of next-generation advanced reactor designs, and Centrus holds the only NRC licence for HALEU production in the Western world. The company is targeting commercial-scale enrichment by 2029 and secured a $900 million DOE funding award in early 2026 to support that build-out, though full commercialisation of the Piketon facility remains a first-of-a-kind execution challenge requiring substantial additional capital.

CGN Mining

CGN Mining Company Limited (01164.HK) is a Hong Kong-listed uranium company majority-controlled by China General Nuclear Power Corporation (CGNPC), one of China’s largest state-owned nuclear energy groups. The company’s primary earnings engine is its 49% equity stakes in two Kazakhstan uranium mining joint ventures, Semizbay-U and Ortalyk, both operated in partnership with Kazatomprom, which together produced 650 tU of uranium attributable to CGN Mining in the first half of 2025.

Alongside its mining equity interests, CGN Mining operates an international uranium trading business through its UK subsidiary CGN Global Uranium Ltd, which buys uranium under annual off-take arrangements from its Kazakh JVs and sells to utilities across Europe, Asia, and North America. The company also holds a 2.61% stake in Paladin Energy. Together, the business positions CGN Mining as a Chinese state-linked platform spanning uranium mine equity, physical trading, and resource investment across the nuclear fuel supply chain.

Paladin Energy

Paladin Energy is an ASX- and TSX-listed uranium producer that restarted the Langer Heinrich Mine (LHM) in Namibia in March 2024 after approximately six years on care and maintenance. Langer Heinrich is a conventional alkaline leach operation that produced 3.0Mlb U₃O₈ in its first full year of operations (FY2025), with the ramp-up continuing through FY2026. Thirteen offtake agreements with tier-one utilities in the US, Europe, and Asia cover approximately 24.1Mlb through to 2030, providing near-term revenue visibility alongside market-linked upside.

In December 2024, Paladin acquired Fission Uranium Corp., adding the Patterson Lake South (PLS) Project in Saskatchewan’s Athabasca Basin — host to the Triple R deposit, one of the largest high-grade near-surface uranium discoveries in the basin. The combined portfolio of a producing African mine and a tier-one Canadian development project positions Paladin as one of the more complete mid-tier uranium investment vehicles in the sector.

NuScale Power

NuScale Power is the regulatory front-runner in the global small modular reactor race, holding the only NRC Standard Design Approvals for an SMR — for its 50 MWe design (2020) and its uprated 77 MWe NuScale Power Module™ (May 2025). Plants using the light-water NuScale Power Module™ can be configured with up to twelve units for a total output of up to 924 MWe, using conventional low-enriched uranium and an established nuclear supply chain. The company’s sole active customer relationship is with RoPower Nuclear in Romania, where a six-module VOYGR plant at Doicesti is advancing through front-end engineering and design ahead of a targeted final investment decision in late 2026. Commercialisation beyond Romania depends heavily on ENTRA1 Energy LLC, an exclusive commercial partner whose credibility as a channel to U.S. utilities and hyperscalers has attracted scrutiny. BofA Securities rates the stock Neutral, acknowledging NuScale’s regulatory lead while noting it remains behind peers on securing binding commercial agreements.

Tohoku Electric Power

Tohoku Electric Power (TSE: 9506) is a Japanese regional utility serving northeastern Honshu and Niigata Prefecture, with nuclear power at the centre of its financial recovery and carbon neutrality strategy. The company operates two nuclear stations — Onagawa (2,174 MW across three BWR units) in Miyagi Prefecture and Higashidori (600 MW, Unit 1) in Aomori — though most of this capacity has sat idle since the 2011 Fukushima disaster. A turning point came in November 2024, when Onagawa Unit 2 (825 MW) resumed commercial operation as the first boiling-water reactor restart in Japan post-Fukushima, contributing ¥23.6 billion to segment earnings in the year ended March 2025 despite broader revenue headwinds. Two additional units — Onagawa Unit 3 and Higashidori Unit 1 — remain pending regulatory approval from Japan’s Nuclear Regulation Authority; management estimates the Higashidori restart alone would reduce annual fuel costs by approximately ¥40 billion. With a combined nuclear nameplate capacity of 2,750 MW and a balance sheet still recovering from the energy crisis losses of FY2021–22, Tohoku Electric’s investment case is heavily leveraged to the pace and scope of Japan’s broader nuclear restart programme.

Denison Mines

Denison Mines is a Canadian uranium development company focused on the Athabasca Basin region of northern Saskatchewan, best known for its 95% interest in the Wheeler River Uranium Project, the largest undeveloped uranium project in the eastern Athabasca Basin. In February 2026, Denison reached a pivotal inflection point, receiving its federal Construction Licence and approving a Final Investment Decision to build the Phoenix In-Situ Recovery (ISR) uranium mine, the first new uranium mine in Canada to receive federal construction approval in over 20 years.

Phoenix carries a post-FID initial capital cost of C$600 million, with construction expected to take approximately two years and first production targeted for mid-2028. Beyond Phoenix, Denison holds minority interests in the producing McClean Lake mill (22.5%) and approximately 457,000 hectares of exploration ground across the Athabasca Basin. Denison entered 2026 with approximately C$656 million in cash and physical uranium holdings — the latter comprising 1.7 million pounds of U₃O₈ acquired at an average cost of ~US$30/lb.

Aecon Group

Aecon Group (TSX: ARE) is one of Canada’s largest infrastructure contractors, with nuclear now its biggest and fastest-growing revenue segment — accounting for 29% of construction revenue in 2025 and rising C$559 million year-over-year as refurbishment, new-build, and engineering workloads accelerated across Ontario’s reactor fleet. The company holds the construction contract for the Darlington New Nuclear Project, Canada’s first grid-scale small modular reactor and the G7’s first SMR to enter execution, and has been selected to deliver the first four Xe-100 reactors at Energy Northwest’s Cascade Advanced Energy Facility in Washington State — signalling meaningful cross-border expansion. Aecon is also advancing definition-phase work on the refurbishment of four units at the Pickering Nuclear Generating Station, adding to a nuclear pipeline that extends well into the next decade. At its core, Aecon is a construction and project management business rather than a reactor technology developer or utility, so its earnings are tied to project execution and contract mix rather than power prices or technology licensing. Investors should note the company is still working through legacy fixed-price contract losses — C$94 million in 2025 — though these projects are nearing completion and the broader portfolio has shifted substantially toward lower-risk collaborative contract structures.

Yellow Cake

Yellow Cake is a London AIM-listed company whose sole business is the acquisition and holding of physical uranium, making it the most direct and simplest listed exposure to the U3O8 spot price available to London-based investors. The company holds no mines or development projects; it purchases uranium and stores it at licensed Cameco facilities. A binding framework agreement with Kazatomprom provides the right to purchase up to US$100 million of uranium per year at spot, giving Yellow Cake preferential access to a major producer.

Its NAV tracks the U3O8 spot price directly. Alongside Sprott Physical Uranium Trust, Yellow Cake is the reference vehicle for investors seeking pure commodity price exposure without operational leverage or development risk.

Deep Yellow

Deep Yellow is an ASX-listed uranium developer pursuing a dual-project strategy spanning Namibia and Western Australia. The flagship Tumas Project in Namibia is a calcrete-hosted, open-pit uranium deposit with a completed 2025 Definitive Feasibility Study targeting a nameplate production rate of 3.6 million pounds U₃O₈ per year. The project holds Proved and Probable Ore Reserves of 79.5 million pounds at 298 ppm and a 20-year Mining Licence (ML237).

The Board deferred FID on Tumas in April 2025, having determined that uranium market prices were insufficient to justify greenfield development despite the project meeting the company’s investment criteria at US$82.50/lb. Deep Yellow is advancing detailed engineering, early non-processing infrastructure works, and project debt financing to maximise construction readiness for when market conditions improve. Mulga Rock in Western Australia, acquired through the 2022 merger with Vimy Resources, is a conventional sandstone uranium deposit undergoing a revised DFS due Q3 2026.

Nano Nuclear Energy

NANO Nuclear Energy is a pre-revenue microreactor developer and the first publicly listed company in the U.S. focused exclusively on portable nuclear microreactor technology. Its lead product is the KRONOS MMR™, a 15 MWe high-temperature gas-cooled reactor — technology acquired from Ultra Safe Nuclear Corporation in early 2025 with lineage traceable to established global HTGR programmes. In April 2026, NANO Nuclear became the first commercial microreactor developer to submit a construction permit application to the NRC, filed in partnership with the University of Illinois, with prototype operation targeted around 2030. The company is building a vertically integrated business across reactor design, HALEU fuel fabrication, and fuel transportation, the latter through its Advanced Fuel Transportation subsidiary. All commercial engagements — including a 1 GW feasibility study with AI data centre developer BaRupOn and a manufacturing MOU with South Korea’s DS Dansuk — remain non-binding. The company holds approximately $577 million in cash as of early 2026.

Silex Systems

Silex Systems is an Australian technology company commercialising the SILEX laser enrichment process — a third-generation uranium enrichment technology classified by both the US and Australian governments — through Global Laser Enrichment (GLE), a US joint venture in which Silex holds a 51% interest alongside Cameco. GLE completed a key large-scale technology demonstration (TRL-6) in October 2025, independently validated, and is now advancing toward detailed plant design and manufacturing readiness. The centrepiece of GLE’s commercial strategy is the planned Paducah Laser Enrichment Facility (PLEF) in Kentucky, which would produce natural grade uranium from depleted DOE tails inventories — a resource equivalent to roughly 150 million pounds of contained uranium — alongside enriched uranium (LEU/LEU+) and potentially HALEU for advanced reactors. A US NRC licence application for the PLEF was accepted in August 2025 and is under expedited review, with commercial operations targeted for 2030. Silex’s economics are structured around a perpetual royalty of 7–12% on GLE’s enrichment revenues, plus its 51% equity stake, though the path to commercialisation remains subject to licensing, feasibility, and market conditions.

Ur-Energy

Ur-Energy is a US and Canadian-listed uranium producer operating two ISR facilities in Wyoming. Lost Creek has been in continuous production since 2013 and is currently ramping up, with pounds drummed growing 65% year-on-year in 2025 as the company expands its wellfield and optimises plant throughput. Shirley Basin, its second ISR site, is construction-complete and awaiting a Wyoming state regulatory approval to commence wellfield injection, after which it would roughly double the company’s constructed capacity to approximately 3.2 million pounds per year.

The company holds eight long-term sales agreements covering 5.75 million pounds through 2033, with a mix of fixed-escalated and market-linked pricing. Ur-Energy is an active advocate for US domestic uranium supply policy, citing potential Section 232 action and the DOE Uranium Reserve programme as prospective catalysts.

IsoEnergy

IsoEnergy is a Canadian uranium developer best known for the Hurricane deposit at its Larocque East project in the Athabasca Basin, the world’s highest grade published Indicated uranium resource at 34.5% U₃O₈ across 48.6 million pounds, with drill intercepts routinely exceeding 5–10% U₃O₈ over meaningful widths. NexGen Energy holds approximately 30% of IsoEnergy.

The company has broadened its portfolio beyond Larocque East through a series of acquisitions and joint ventures, including fully permitted, past-producing conventional uranium mines in Utah, a 50% interest in the Purepoint Joint Venture where the high-grade Nova Discovery was made in 2025, and a proposed acquisition of ASX-listed Toro Energy. The company listed on the NYSE American in May 2025 following a 4-for-1 share consolidation. Hurricane’s extraordinary grades position it as a potentially transformative deposit.

Bannerman Energy

Bannerman Energy is an ASX-listed uranium developer advancing the Etango-8 project in Namibia’s Erongo region, a large-scale open-pit calcrete uranium deposit underpinned by a December 2022 definitive feasibility study targeting average production of about 3.5 million pounds of U₃O₈ per year over an initial 15-year mine life. Etango-8 has substantial defined Mineral Resources, placing it among the larger undeveloped uranium projects globally.

In February 2026, Bannerman signed binding joint-venture and financing documentation with CNNC Overseas Limited (CNOL) under which CNOL will invest up to approximately $321.5 million into a new JV company that holds Etango, acquiring a 45% interest while Bannerman retains 55%, and securing entitlement to 60% of life-of-mine production at market-linked pricing. The partnership is structured to fund Etango’s construction on a debt-free basis, with FID expected around mid-2026.

Terrestrial Energy

Terrestrial Energy is a Canadian-founded advanced reactor developer working on the Integral Molten Salt Reactor (IMSR), a Generation IV design producing approximately 190 MWe using circulating fluoride salt as both coolant and fuel, which enables online refuelling and a compact plant footprint. The IMSR was selected in 2019 for the first-ever joint technical review by the U.S. NRC and Canada’s CNSC — a regulatory milestone that demonstrated cross-border licensing coordination for non-light-water reactors. Terrestrial Energy was also part of the inaugural Canadian Nuclear Research Initiative cohort, alongside Kairos Power and Moltex, reflecting its standing among credible Generation IV developers. The company targets industrial process heat and electricity markets, where the IMSR’s high operating temperatures offer potential advantages over conventional nuclear designs. As a private company, it does not provide publicly disclosed financials, and no construction contract or binding customer agreement has been announced.

Uranium Royalty Corp

Uranium Royalty Corp (URC) is the world’s only pure-play uranium-focused royalty and streaming company, providing diversified exposure to uranium production and development without operating or capital-cost risk. Its portfolio includes 17+ royalties and streams across high-quality assets in Canada, the United States, Australia, and Africa, notably a 1% gross-overriding royalty on Cameco’s McArthur River and a 10–20% net-profit-interest royalty on the Cigar Lake/Waterbury complex.

In addition to its royalty base, URC holds a material position in physical uranium, giving it direct exposure to the U₃O₈ spot price while also benefiting from growing royalty cashflows as underlying projects ramp up. Denison Mines holds a sizeable minority stake in the company, providing a strategic anchor investor.

Boss Energy

Boss Energy is an ASX-listed uranium producer that restarted the Honeymoon ISR mine in South Australia in April 2024. In its first full year of production (FY2025), Honeymoon produced 872,000 lb U₃O₈, slightly ahead of guidance, at a C1 cash cost of A$35/lb (US$23/lb). FY2026 guidance is 1.6 million lb at A$41–45/lb C1. Boss also holds a 30% interest in the Alta Mesa ISR hub in South Texas, operated by enCore Energy Corp, which provides US production diversification and independent marketing flexibility.

A material risk has emerged: after analysing 12 months of actual wellfield data and delineation drilling at the East Kalkaroo domain, Boss disclosed in late July 2025 that there may be less continuity of mineralisation and leachability than assumed in the Enhanced Feasibility Study, creating uncertainty around long-term nameplate capacity. An independent technical review was underway as of the annual report date.

Lightbridge Corporation

Lightbridge Corporation (NASDAQ: LTBR) is a pre-revenue US nuclear fuel technology company developing Lightbridge Fuel™ — a proprietary uranium-zirconium alloy rod fuel designed to run approximately 1,000°C cooler than conventional fuel, improving safety margins, power output efficiency, and proliferation resistance in existing light-water reactors and small modular reactors. The company reached a material milestone in 2025, co-extruding enriched uranium-zirconium fuel samples with Idaho National Laboratory and commencing irradiation testing in the Advanced Test Reactor — the first real-world performance validation of the fuel under reactor conditions. With approximately $201.9 million in cash, zero revenue, and a net loss of $19.6 million in FY2025, Lightbridge is firmly a long-duration development-stage bet on advanced nuclear fuel rather than a conventional utility or reactor play. Commercialisation is contingent on completing irradiation testing, demonstrating the fuel’s performance against conventional uranium dioxide pellets, and securing licensing agreements with reactor operators and fuel fabricators — a process that is likely to span the better part of a decade.

Terra Innovatum

Terra Innovatum is a micro-modular reactor manufacturer developing the SOLO, a 1 MWe reactor designed for deployment at the smallest end of the nuclear power spectrum — targeting remote communities, industrial off-grid applications, and military installations where even microreactor-class output from peers like NANO Nuclear would be oversized. The company participated in BofA’s 2026 Global Nuclear Conference alongside ONE Nuclear (ONEN) and spent nuclear fuel disposal specialist Deep Isolation, where the panel discussion centred on LCOE economics, fuel selection, and licensing sequencing for advanced reactor developers. Panelists at the session pointed to LEU as the commercially pragmatic fuel choice for the near decade, citing supply chain certainty over HALEU-dependent alternatives. Terra Innovatum has topical reports docketed with the NRC but has not yet submitted a construction permit application, placing it at an earlier regulatory stage than NANO Nuclear. The company is not directly listed; exposure for public market investors is indirect, through the associated ONE Nuclear entity (ONEN).

enCore Energy

enCore Energy is a US-focused in-situ recovery (ISR) uranium company developing a hub-and-spoke production platform anchored by its Rosita and Alta Mesa central processing plants in South Texas. The company holds a 70% operating and management interest in the Alta Mesa project alongside Boss Energy’s 30% stake, and is advancing a portfolio of licensed and near-term ISR wellfields intended to feed its existing plant capacity and support staged production growth.

As a domestic ISR uranium producer with permitted infrastructure and demonstrated production, enCore is positioned as a potential supplier to US utilities seeking reliable US-sourced uranium under an increasingly security- and policy-driven fuel procurement framework.

Global Atomic

Global Atomic is a Canadian company focused on developing the Dasa uranium project in Niger, one of Africa’s larger high-grade uranium deposits, alongside a 49% interest in a zinc recycling joint venture in Türkiye that has historically generated cash flow. Dasa is supported by a completed definitive feasibility study but long-term development has been delayed following the July 2023 military coup in Niger, which disrupted the permitting and investment environment for foreign resource companies.

The company has maintained its presence and engagement in country, while final investment decisions and full mine construction remain contingent on greater clarity around the political and regulatory framework. In the meantime, the zinc joint venture provides an additional source of cash flow and asset diversification separate from the Niger uranium development.

Lotus Resources

Lotus Resources is an ASX-listed uranium developer focused on restarting the Kayelekera mine in Malawi, a previously producing open-pit operation that Paladin Energy ran from 2009 until it was placed on care and maintenance in 2014 due to low uranium prices. The project benefits from substantial existing processing and site infrastructure, which materially lowers development risk and capital intensity relative to a greenfield build. A definitive feasibility study and an accelerated restart plan have been completed.

Lotus holds an 85% interest in Kayelekera, with the Government of Malawi retaining the balance, and has secured equity and conditional financing intended to cover the published restart capital requirement. The brownfield status, moderate restart capital, and history as an established producing asset in a known jurisdiction distinguish Kayelekera from many larger, earlier-stage greenfield uranium projects elsewhere in Africa.

Atha Energy Corp

Atha Energy is a Canadian-listed uranium explorer controlling one of the largest uranium-land packages in the country, exceeding 7 million acres across the Athabasca Basin in Saskatchewan, the Thelon and Angikuni basins in Nunavut, and the Central Mineral Belt in Labrador-Newfoundland. Its flagship asset is the 100%-owned Angilak Uranium Project in southern Nunavut, where the 2024–2025 programmes delivered multiple high-grade discoveries over several kilometres of strike.

The company closed a substantial CAD 63 million financing in early 2026 to fund the largest-ever Angilak-focused exploration campaign. Atha also holds 10% carried-interest exposure in select Athabasca-Basin exploration projects operated by NexGen and IsoEnergy, providing non-dilutive, asymmetric upside.

Peninsula Energy

Peninsula Energy is an ASX-listed uranium company restarting production at its wholly owned Lance ISR project in Wyoming’s Powder River Basin, one of the largest independent uranium projects in the United States. After operating historically as an alkaline ISR operation, Lance has been converted to a low-pH ISR process that Peninsula’s test work and feasibility studies indicate is better suited to the Lance orebody. Commercial production of dried yellowcake resumed in late 2024, with output ramping through 2025–26.

As a U.S.-based ISR producer focused on contracting with domestic utilities, Peninsula is positioned to benefit from U.S. energy-security and domestic-sourcing policies, while the low-pH technical approach differentiates Lance from traditional Powder River Basin ISR operations and is central to the project’s cost and recovery improvement thesis.

Mega Uranium

Mega Uranium is a small Canadian diversified uranium mining and investment company that holds minority equity positions in a range of junior and mid-tier uranium exploration and development companies (notably NexGen Energy, Toro Energy and others), alongside early-stage exploration projects of its own in Australia and Canada such as the Maureen uranium-molybdenum project in Queensland.

In practice, its valuation is dominated by the market value of its listed equity holdings rather than by direct development of its legacy projects, so for most investors Mega functions as a leveraged, small-cap proxy on a basket of uranium equities rather than as an operator advancing a flagship project itself.

Laramide Resources

Laramide Resources is a Canadian-listed uranium exploration and development company with projects in Australia and the United States. Its flagship asset is the Westmoreland Uranium Project in Queensland, one of the larger undeveloped uranium deposits in Australia by contained resource, comprising multiple open-cut-style deposits under active permitting. The company’s La Jara Mesa project in New Mexico’s Grants Mineral Belt provides conventional underground-style uranium optionality in a historically prolific uranium province.

Both assets are at early-to-mid development and permitting stages, making Laramide effectively a longer-dated option on a sustained higher uranium price rather than a near-term producer.