Eagle Nuclear Energy CEO Forecasts Surge In US Uranium Contracting

Mark Mukhija, chief executive officer of Eagle Nuclear Energy, has warned that a significant wave of uranium contracting is imminent within the United States market. The company recently secured inclusion in the Solactive Global Uranium and Nuclear Components Total Return Index, which qualifies it for investment via the Global X Uranium ETF managing over $5 billion in assets.

Mukhija explains that years of underinvestment have resulted in domestic uranium production falling significantly behind current reactor requirements. While US nuclear utilities require an estimated 32 million pounds of uranium annually to operate existing reactors, recent data indicates a substantial deficit between supply and demand. In 2024 alone, the nation purchased 50 million pounds but produced only 677,000 pounds domestically.

The CEO attributes this shortfall partly to intense international competition for Western supplies. China and India are pursuing massive reactor build-outs that place additional pressure on available uranium stocks. Mukhija notes that India’s efforts to secure resources from Canada and Australia may reduce the volume of yellowcake accessible to American buyers. Furthermore, Washington’s ban on Russian enriched uranium imports has heightened the focus on rebuilding domestic conversion and enrichment capacity.

Looking ahead, Mukhija anticipates government support will increasingly move upstream toward mining operations themselves. He suggests this could take the form of funding or the introduction of a strategic uranium reserve. Eagle Nuclear Energy is already part of the US Department of Energy’s Defense Production Act Nuclear Fuel Cycle Consortium, an initiative involving over 90 companies designed to coordinate efforts across the entire nuclear fuel cycle.

The company is advancing its Aurora uranium project located on land spanning the Oregon-Nevada border. This site hosts an indicated resource of 32.75 million pounds of uranium oxide and an inferred resource of 4.98 million pounds. Eagle has engaged external partners including BBA USA, SLR International and Yukuskokon Professional Services to support a prefeasibility study targeted for the second half of 2027.

Mukhija estimates that Aurora could enter commercial production in the early 2030s if permitting proceeds without major delays. He identifies permitting as the most significant lead time, with an estimated baseline target year of 2032. This timeline aims to position domestic supply before existing Canadian operations approach depletion and new reactors increase global demand.

Beyond mining, Eagle is developing small modular reactor designs for industrial and grid applications. The company intends to create an integrated nuclear business spanning uranium production and power generation. Mukhija believes that once commercially available SMRs are deployed and tested, particularly in remote areas lacking infrastructure or water access, many mining companies will adopt the technology.

The outlook is supported by recent milestones under the DOE’s Reactor Pilot Program, where four advanced reactor designs achieved zero-power criticality. These achievements demonstrate how government-set timelines can accelerate nuclear innovation. Meanwhile, broader supply chain concerns persist as war-driven bottlenecks affect aluminium production and US efforts to secure domestic lithium sources intensify against reliance on Chinese imports.