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Cameco’s 20% jump may have grabbed headlines, but it’s three lesser-known companies that are actually gearing up to supply the uranium America will need for its nuclear expansion, at prices that suggest Wall Street hasn’t noticed they exist. When the U.S. government announced an $80 billion commitment to build new nuclear reactors, Cameco Corp (NYSE: ) became the talk of Wall Street. The stock skyrocketed 20% in a single day, adding $9 billion to its value and reaching an all-time high of $106.91. Analysts gushed. Investors piled in. It was the obvious winner. But here’s what almost nobody noticed: America is about to need far more than it can get, and the companies actually building the mines to supply it are trading like the party hasn’t even started. Cameco soared 20% today, hitting an all-time high after the US announced its $80 billion nuclear pact. The Coming Uranium Shortage Nobody Wants to Talk About Think of uranium as oil for nuclear power plants. Right now, the world uses about 180 million pounds of uranium every year. But mines only produce 130 million pounds. That’s a 50 million pound shortage (28% of what we need) that we’re covering by burning through old stockpiles left over from decades ago. Those stockpiles are running out. And demand? It’s about to explode. The World Nuclear Association projects uranium demand will jump 28% by 2030. The $80 billion U.S. nuclear deal could add another 15-20 million pounds of annual demand once those reactors are built in the 2030s. Add in 31 countries pledging to triple their nuclear capacity by 2050, plus tech companies like Microsoft and Amazon racing to secure nuclear power for their AI data centers, and you have a supply crisis in slow motion. Uranium prices are already reflecting this reality. After bottoming at $64 per pound in March, prices jumped 29% to reach $82 by September. Some recent contracts are locking in prices of $125-130 per pound with $70-75 floor guarantees. Banks like Citi are projecting uranium will hit $110 per pound by 2026. When everyone needs something and there’s not enough to go around, the companies that can supply it become valuable. That’s where this story gets interesting. The Three Companies Actually Digging the Uranium While Cameco took all headlines, three smaller companies are slowly advancing projects that will supply America’s nuclear renaissance, and their stock prices suggest investors haven’t connected the dots yet. Wall Street will pay $1,416 for a pound of Cameco’s future uranium capacity, but only $100-$179 for the same pound from NexGen or Denison, mining the same rocks, in the same region, often at lower costs. NexGen Energy: Building the World’s Next Mega-Mine NexGen (NYSE: ) is developing the Rook I project in Canada’s Saskatchewan region, the same area where Cameco operates, known for having the world’s richest uranium deposits. When completed around 2030, Rook I will produce 29 million pounds of uranium annually. Here’s the kicker: NexGen’s entire company is valued at $5.2 billion. Cameco is valued at $45.3 billion. But NexGen is about to produce nearly as much uranium as Cameco currently does. The math is wild. For every pound of future uranium production, investors are paying $1,416 to own Cameco. For NexGen? Just $179 per pound. That’s nearly 8 times cheaper for the same product from the same region. Rook I’s economics are strong. The company estimates it can pull uranium out of the ground for just $9.98 per pound. With uranium prices around $78-80 today, that’s roughly $70 in profit per pound, some of the fattest margins in the industry. The company recently raised C$800 million to fund construction, provincial approvals are done, and federal approval is expected after hearings in early 2026. Conservative projections value NexGen at $20-21 per share within 5-10 years, roughly three times current prices around $7. If uranium hits $100+ per pound, some analysts see $30-40. Denison Mines: The Faster, Cheaper Dark Horse If NexGen is the mega-project, Denison Mines (NYSE: ) is the scrappy underdog using new technology to get there faster and cheaper. Denison’s Wheeler River project received provincial approval in August 2025 and expects federal approval by year-end. Construction could start in early 2026, with uranium flowing by early 2028, two years before NexGen. The secret weapon? In-situ recovery (ISR) mining. Instead of digging massive pits, ISR dissolves uranium underground and pumps it to the surface. It costs 15-70% less to build, produces no toxic waste rock piles, and operates with much less environmental impact. Wheeler River will be Canada’s first ISR uranium operation. The project targets 11.9 million pounds annually with an internal rate of return exceeding 80%. Denison owns 95% of it, eliminating the joint venture complications that often plague mining projects. Here’s what makes Denison remarkable: the entire company is valued at $1.2 billion, barely 9 times the project’s net present value. For comparison, most mining companies trade at 15-25 times project value. Investors are paying just $100 per pound of Denison’s future production capacity versus $1,416 for Cameco’s. Energy Fuels: The American Producer Already Shipping For investors who want uranium production today, not in 2028 or 2030, Energy Fuels (NYSE: ) offers a different angle. The company is already producing uranium from its Pinyon Plain mine in Arizona. It extracted 665,000 pounds in Q2 2025 alone and expects to produce nearly 1 million pounds this year. By 2026, production could hit 2 million pounds as additional mines restart. Energy Fuels recently acquired Rio Tinto’s Sweetwater mill and Wyoming uranium assets, expanding its licensed capacity to 12.1 million pounds annually, making it the largest U.S. uranium company by potential production. With the Trump administration prioritizing American uranium supply and the $80 billion nuclear commitment creating domestic demand, Energy Fuels is positioned as the homegrown supplier. The company trades at $1.8 billion with over $210 million in cash and zero debt. It’s valued at $360 per pound of future production, higher than NexGen or Denison but still a 75% discount to Cameco, with the advantage of generating cash flow today while peers are still building. Why History Suggests the Little Guys Win Big This isn’t the first uranium rush. During the 2005-2007 uranium boom, junior miners outperformed the majors by 300-500%. Cameco’s size and established position limited how much it could surge, while smaller producers with big projects in development delivered life-changing returns. Today’s setup is even more compelling. The 2000s boom was driven by speculation and Chinese reactor builds. This cycle has structural factors the last one didn’t: a decade of underinvestment after Fukushima, exploding AI electricity demand, geopolitical supply chain fragmentation (Russia controls uranium enrichment), and 31 nations committing to triple nuclear capacity by 2050. Western utilities currently hold less than 18 months of uranium inventory. They’re scrambling to lock in long-term supply. Five countries control 80% of global production, creating supply concentration risk. The deficit is real, growing, and likely to persist through 2030 and beyond. The Catch: Nothing’s Guaranteed These aren’t risk-free investments. Junior miners can face regulatory delays that push timelines back years. Construction costs frequently overrun estimates by 20-50%. If uranium prices drop 20-30% (which they did between June and July 2025), development-stage companies get hammered harder than established producers. NexGen and Denison will likely need to raise more money through stock sales, which dilutes existing shareholders. Projects can hit geological problems or permit roadblocks. Energy Fuels is further along but producing at smaller scale. Cameco has real advantages: diversified operations, established customer contracts, ownership of nuclear fuel processing through Westinghouse, and the financial muscle to weather downturns or acquire competitors. That’s worth something. The Bottom Line for Regular Investors Here’s the simple question: If you believe America’s $80 billion nuclear commitment is real, and that global uranium demand is going to outstrip supply for years, who benefits more? The $45 billion company that’s already producing most of what it will produce, trading at $1,416 per pound of capacity, growing production 60%? Or the companies valued at $100-360 per pound, building world-class projects in the same regions, using comparable or better technology, with production growth of 5-29 times their current levels? Cameco will probably keep going up. It’s the industry leader for good reason. But if uranium hits $100-110 per pound as banks predict, and NexGen, Denison, and Energy Fuels successfully execute their plans, the valuation gaps suggest the smaller players have more room to run. Wall Street tends to pile into the obvious names first. Right now, Cameco is obvious. NexGen trading at $179 per pound versus $1,416, or Denison at $100 per pound, suggests the market is still pricing in massive failure risk, or simply hasn’t noticed these companies exist. For investors willing to do homework and accept higher volatility in exchange for asymmetric upside, the real uranium rush might not be in the stock everyone’s talking about. It might be in the three companies actually building the mines that will supply America’s nuclear future, trading like nobody’s paying attention. Sometimes the best opportunities are hiding in plain sight, one 20% headline surge away from the real story.
