Cameco President Says Utilities Are Pricing Uranium at $120 Per Pound in Long-Term Deals

Benzinga reported Saturday that nuclear fuel buyers are already embedding uranium prices near $120 per pound into long-term supply agreements, according to a senior executive at one of the world’s largest uranium producers.

Cameco President Grant Isaac said on the “Triangle Investor” podcast that roughly 70% of uranium contract volumes signed during 2025 were structured around triple-digit uranium prices. The midpoint of those deals sits at nearly $120 per pound, he noted.

Utilities Locking in Supply Years Ahead of Delivery

Isaac said approximately 116 million pounds of uranium moved into long-term contracts throughout 2025. Global reactor consumption runs at roughly 190 million pounds per year. Cameco favors contracts tied to future market prices rather than agreements locking in fixed rates well before delivery, Isaac explained.

He argued that utilities face real consequences for waiting. “If you want to claim our future supply, you better be contracting,” he said, according to Benzinga’s account of the podcast.

The push toward long-term deals reflects a broader rise in nuclear power demand. Governments and large technology companies are increasingly seeking reliable, low-carbon electricity for data centers and heavy industrial loads. Several nations have also extended the operational lives of older reactors rather than retiring them, a trend the International Energy Agency highlighted in its 2025 nuclear report.

A Market That Has Been Structurally Undersupplied for Years

Uranium markets have run structurally short of supply for much of this decade, a condition Cameco sees persisting despite some expectations that new mine development could gradually reduce deficits.

Isaac added a geopolitical dimension to the supply picture. Uranium once expected to stay within Western supply chains is increasingly flowing toward China and India through government-backed procurement agreements. That redirection tightens the pool available to Western utilities.

The company has been deliberate about production pacing. Cameco will not accelerate output simply because spot prices move higher. Isaac described the company’s posture plainly — it will hold back supply until buyers demonstrate a genuine commitment to multi-year contracts.

Spot Prices Tell Only Part of the Story

The uranium spot market, which investors often watch as a gauge of sector health, gives a distorted read on actual conditions, Isaac argued. Because most fuel purchases happen through long-term agreements signed years before any delivery, spot volumes are thin and prices can lag reality significantly.

“The posted price is actually yesterday’s price. It’s in the rearview mirror,” Isaac told the podcast, according to Benzinga.

With more utilities modeling $120 uranium and supply discipline holding firm at Cameco, the structural case for higher prices appears increasingly embedded in the market’s own paperwork.

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