Analysis: Uranium Miners Trade Near Historic Lows Versus Uranium Price Amid Looming Supply Deficit

Uranium miners are trading near historic lows relative to the price of uranium, with the source estimating miners would need to outperform uranium roughly 5:1 to reach previous cycle highs.
By 2035, uranium supply is projected to fall about 20% while demand rises roughly 20% over the same period, implying an annual deficit of around 50 million pounds. The source frames this as needing the equivalent of about three of the world's largest uranium mines to come online within the next decade.
The source notes it takes roughly 20 years from exploration to first production, and that the mines needed don't currently exist, meaning even a new discovery today wouldn't arrive in time to close the gap.