Uranium’s Supply Crunch Is Getting Worse — And Prices Could Go Much Higher

Huhn expects uranium to reach $150-$200/lb as mine supply growth (40%+ since 2021) still can't match accelerating global reactor demand.

• Price target: Huhn expects uranium to hit $150–$200/lb minimum this cycle, arguing supply (mine production up 40%+ since 2021, from ~120M to 170M+ lbs) still can't offset demand, since price tripled over that span anyway.
• Google-Constellation deal is narrative, not demand: the $4B, 11-reactor steam/turbine up-rate deal adds ~890MW but doesn't directly boost uranium demand; it mainly de-risks utilities ahead of future fuel contracting.

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