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Eagle Nuclear Energy (NASDAQ: NUCL) has been added to the Solactive Global Uranium & Nuclear Components Total Return Index, qualifying the company for inclusion in the Global X Uranium ETF (NYSE Arca: URA)— which manages over $5 billion in assets.
The company is advancing the Aurora uranium project, which it says is the largest mineable uranium deposit in the US. The company’s land package spans the Oregon-Nevada border.
Eagle began trading on Nasdaq in February after completing its merger with Spring Valley Acquisition Corp. II. The transaction included a $30 million investment that Mukhija said would give the company roughly two years of funding for engineering, permitting and baseline environmental work.
Uranium is a crucial source of reliable baseload power as nuclear energy, and the US requires an estimated 32 million pounds of uranium annually for its current nuclear reactors. Energy Fuels’ White Mesa Mill in Utah is the only producing mill in the US. In 2024, the US purchased 50 million pounds of uranium, but only produced 677,000 pounds.
US nuclear utilities are approaching an “inflection point” that could trigger a new wave of uranium contracting as reactor demand rises and competition for Western supply intensifies, Eagle Nuclear Energy CEO Mark Mukhija told MINING.COM in an interview.
Years of underinvestment have left uranium production trailing reactor requirements, while utilities have not contracted enough replacement supply at the front end of the nuclear fuel cycle, Mukhija said.
“We’re just about to hit this inflection point of, ‘Oh, shoot, we’ve got to start contracting more uranium as well,’ because that front end of the fuel cycle hasn’t been contracting at replacement levels,” he said.
“You’re going to see a big influx, I believe, of the utilities coming in and contracting for that yellowcake.”
The expected arrival of small modular reactors (SMRs), alongside conventional reactor construction, restarts and life extensions, will add another layer of demand to an already constrained uranium market, Mukhija said.
“There’s already such a large cumulative deficit when it comes to uranium because not enough is being produced for all these ambitious goals that every country is signing up for — tripling or quadrupling their nuclear capacity,” he said.
China and India are pursuing some of the world’s largest reactor build-outs, putting additional pressure on supplies from Western producers. India’s efforts to secure uranium from Canada and Australia could leave fewer pounds available to US buyers, Mukhija said.
“The market has become very competitive,” he said. “The way that China and India are doing their reactor build-outs, there’s got to be more uranium coming online to address that — and especially Western uranium.”
The US is particularly exposed because its light-water reactor fleet requires converted and enriched uranium. Canada’s CANDU reactors, by comparison, can operate on natural uranium.
Washington’s ban on Russian enriched uranium imports has sharpened the focus on rebuilding domestic conversion and enrichment capacity. Mukhija expects government support to increasingly move further upstream to uranium mining.
“I think it’s only a matter of time before they get upstream into the uranium mines themselves,” he said. “That could be funding, it could be the introduction of a strategic uranium reserve, things of that nature.”
Eagle is a member of the US Department of Energy’s Defense Production Act Nuclear Fuel Cycle Consortium, an initiative intended to coordinate government and industry efforts across mining, milling, conversion, enrichment, fuel fabrication, recycling and reprocessing. The consortium includes representatives from more than 90 companies, according to the DOE.
“There is a coordinated effort from the DOE that’s happening right now in the background,” Mukhija said. “The focus has been on enrichment and conversion initially, but we think it’s a matter of time before it gets upstream into the actual uranium mining itself.”
Aurora targets early 2030s
Eagle is advancing the Aurora uranium project as part of its strategy to combine domestic uranium supply with advanced reactor technology.
Aurora hosts an indicated resource of 32.75 million lb. uranium oxide and an inferred resource of 4.98 million lb., according to the company.
Eagle Nuclear Energy is awaiting state-level approvals for a drill program supporting a prefeasibility study targeted for the second half of 2027. Eagle has engaged BBA USA, SLR International and Yukuskokon Professional Services to support the work, the company said in July.
Mukhija said Eagle could bring Aurora into commercial production in the early 2030s, subject to permitting, technical studies and project development.
“If everything goes to plan, you’re looking at the early 2030s,” he said. “I would say 2032 could be a baseline estimate for now.”
“Permitting would be the biggest lead time,” he added. “We want to make sure we do all of the requisite studies, make sure we have all of the permits that are required and just do things the right way.”
The timeline would position Aurora to enter production as some existing Canadian operations approach depletion and new reactors increase demand for uranium.
SMR demand
Eagle is also developing small, long-life and very small, long-life modular reactor designs for industrial and grid applications. The company’s aim is to create an integrated nuclear business spanning uranium production and power generation.
Mukhija expects SMRs to eventually find a market among mining companies, particularly at remote operations that lack grid connections and other infrastructure. However, he said miners’ reluctance to adopt the technology reflects its early commercial stage rather than a lack of interest.
“There’s not really a proven SMR out there that’s commercialized and available,” he said. “Once we get to that point where there are commercially available SMRs and they’ve been deployed and tested and are ready to provide power, I think [miners] will jump on that.”
“Mines are usually in remote areas. There’s a lack of access, there’s a lack of water and there’s not really much infrastructure nearby,” he added. “Once these power sources are readily available, I believe you will see a lot of mining companies jump on board.”
Mukhija pointed to four advanced reactor designs that achieved zero-power criticality under the DOE’s Reactor Pilot Program as evidence that firm government deadlines can accelerate nuclear development. The department announced the fourth milestone in July.
“It shows that when the government sets timelines and it sets goals, it does accelerate innovation,” he said.
