Scotiabank sees uranium market in deficit till 2030 as new supply delayed

Denison Mines

25/03/2025 10:27

** Scotiabank forecasts uranium market to remain in a large structural deficit equal to 4.9% of annual demand until 2030

** Brokerage says that although planned supply growth has potential to push market into modest oversupply starting in 2031, execution risks remain elevated

** Adds that growing agendas of decarbonization, energy independence, and power security are expected to drive long-term growth in nuclear despite the uncertain build pace of new energy-intensive AI/data centers

** "After reviewing our supply-demand outlook, we conclude that uranium market fundamentals remain positive despite weakness in spot prices" - Scotiabank

Brokerage cuts PT on the following firms:

Company
New PT
Old PT
Upside to stock's last close
Cameco Corp CCO.TO
C$81
C$85
23.6%
Denison Mines Corp DML.TO
C$3.75
C$4.75
72.8%
Nexgen Energy NXE.TO
C$11.5
C$12
55.6%

 (Reporting by Pooja Menon in Bengaluru)

 ((Pooja.Menon@thomsonreuters.com;))