Uranium Market Update – December 2025

Recent Corporate Developments

  • Muntanga Uranium Project (Atomic Eagle Limited) On 3 December, Atomic Eagle Limited (ASX: AEU) announced a new exploration target within its Muntanga Uranium Project. The target represents 82 – 150 Mt of ore at 150 – 350 ppm, potentially adding 40.0 – 100.5 Mlb of U₃O₈. The project already hosts a measured and indicated resource of 50.4 Mt (359 ppm) and an inferred resource of 12.8 Mt (263 ppm). The company is finalising its first drill programs on the Muntanga East and Chisebuka targets, with assay results expected in early 2026.

  • Listing of China Nuclear Energy Co. Mid‑December saw the successful listing of China Nuclear Energy Co., a subsidiary of China Nuclear Energy Group, on the Shenzhen Stock Exchange. The listing enhances the visibility of Chinese uranium producers and may influence supply dynamics for global markets.

Market Pricing and Trend

  • Current Price The front‑month CME contract for uranium closed at US $76.25 per pound on 2 December 2025.

  • Year‑to‑Date Performance The contract reached a 52‑week high of US $83.45 on 24 September 2025 and a low of US $63.55 on 11 March 2025. The latest price sits approximately 8 % below the 52‑week peak, indicating a modest retracement after a rally in the first half of the year.

Analysis of Price Drivers

  1. Supply‑Side Factors The announcement of a new exploration target at Muntanga suggests potential future supply expansion, which could exert downward pressure on prices if development proceeds rapidly. The listing of China Nuclear Energy Co. may signal increased production capacity from China, traditionally the world’s largest uranium producer.

  2. Demand‑Side Factors The global push for nuclear energy as a low‑carbon source is steady, with several utilities renewing long‑term supply contracts. However, the current price environment reflects a balance between ongoing demand and expectations of future supply growth.

  3. Geopolitical and Policy Context Although no direct policy announcements were reported in the provided news, the continued emphasis on nuclear energy in several national energy strategies supports a stable demand backdrop.

Outlook

Given the current price relative to the 52‑week high, the market appears to be in a consolidation phase. The upcoming assay results from Atomic Eagle and the operational progress of China Nuclear Energy Co. will be critical in determining whether the market moves toward a new supply‑driven equilibrium. Traders and investors should monitor:

  • Assay data releases (expected early 2026) for Muntanga targets.
  • Production ramp‑up reports from China Nuclear Energy Co.
  • Global nuclear policy updates, particularly in major utility‑heavy economies.

These factors will help gauge whether uranium prices will resume upward momentum or continue to trade within a narrowed range.