Uranium Supply Gap Deepens as Nuclear Demand Rises | Scott Melbye

A 50 million pound uranium deficit exists today, and Scott Melbye says it could expand dramatically in the years ahead as supply tightens and nuclear demand accelerates.

Speaking with Kitco News at PDAC 2026, the Uranium Energy Corp Executive Vice President said, “The reality is we have a 50 million pound deficit in the near term, going to 1.7 billion pounds by 2045.” He argued that Western utilities are returning to long-term contracting after years of below-replacement buying, just as available supply narrows and new production remains years away. With uranium trading off its January 2026 high above $101 and the Russia ban fully kicking in at the end of 2027, market conditions are shifting. “That deficit has to show up, and it will eventually,” Melbye added.

He also discussed US efforts to rebuild domestic uranium production through strategic reserves and faster permitting, as well as rising electricity demand from data centers and AI infrastructure that could accelerate nuclear expansion.

Recorded March 01, 2026.

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00:35 - Uranium Price Pullback
00:59 - Supply Deficit Reality
02:20 - Geopolitics and East-West Split
04:02 - US Policy and Federal Support
07:12 - Strategic Uranium Reserve
08:55 - AI Data Centers and Nuclear Demand
11:24 - SMRs and Faster Permitting
14:29 - UEC Ramp-Up and Sweetwater
16:29 - M&A and Industry Execution
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.