Eagle Nuclear Energy is working in a market where demand for uranium is rising faster than supply. Mark Mukhija, the company’s chief executive officer, has predicted a coming turning point in U.S. nuclear policy that could lead to a fresh wave of uranium contracts. The company, now listed on Nasdaq, recently joined the Solactive Global Uranium & Nuclear Components Total Return Index, which makes it eligible for inclusion in the Global X Uranium ETF, a major fund with over $5 billion in assets.
Eagle's Aurora Project
At the center of Eagle’s strategy is the Aurora uranium project, located along the Oregon-Nevada border. The project is said to hold a substantial resource base, with 32.75 million pounds of indicated uranium oxide and an additional 4.98 million pounds of inferred uranium. Aurora is key to meeting the needs of the U.S. nuclear industry, especially as it moves toward a more self-sufficient energy model.
The company made its Nasdaq debut in February after merging with Spring Valley Acquisition Corp. II. As part of the deal, the company secured a $30 million investment that is intended to support engineering work, the permitting process, and baseline environmental studies for the next two years. This funding helps position Eagle to move forward with developing Aurora while meeting regulatory and technical requirements.
The Uranium Deficit
The U.S. faces a significant gap between what it produces and what it needs. In 2024, the country produced just 677,000 pounds of uranium but required 32 million pounds to fuel its nuclear reactors. Only one facility, Energy Fuels’ White Mesa Mill in Utah, is currently active, making it clear that domestic production is far from sufficient. This shortage has created a growing urgency to secure more reliable sources of uranium.
The problem is expected to worsen as more reactor projects move forward and small modular reactor (SMR) programs gain traction. These developments are adding to the demand for uranium, making it even more crucial for the U.S. to develop its own resources.
Competing for Western Uranium
Global demand for uranium is rising, particularly as China and India launch major nuclear expansion projects. India’s efforts to acquire uranium from Canada and Australia are already reducing the amount available for U.S. customers, increasing competition for Western supplies. Mukhija believes this situation will only get more intense as these countries push to build large numbers of new reactors.
The U.S. is especially at risk because its light-water reactors rely on enriched uranium. This contrasts with Canada’s CANDU reactors, which can use natural uranium without the need for enrichment. Washington’s decision to ban imports of Russian enriched uranium has only made the need for domestic production more urgent. In response, the U.S. is now investing in domestic conversion and enrichment capabilities to reduce its reliance on foreign sources.
Mukhija expects this trend to continue and the government’s support to move further upstream into the uranium mining sector. He believes that funding for mining operations or the creation of a strategic uranium reserve are likely steps in the near future. This kind of backing would help close the gap between current supply and the increased demand that is coming.
Eagle is already involved in these national efforts. It is a member of the U.S. Department of Energy’s Defense Production Act Nuclear Fuel Cycle Consortium. This group brings together government and industry to coordinate work across the nuclear supply chain, including mining, milling, conversion, enrichment, and fuel fabrication. Eagle’s participation aligns with the government’s broader push to strengthen the U.S. nuclear industry.
Mukhija sees a clear path to growth. “We’re just about to hit this inflection point of, ‘Oh, shoot, we’ve got to start contracting more uranium as well,’” he said. “You’re going to see a big influx of utilities coming in and contracting for that yellowcake.” The coming years will likely see a rush to secure uranium supplies, especially as reactor projects and SMR developments proceed.
The Aurora project is expected to move toward commercial production in the early 2030s, but will depend on obtaining necessary permits and completing technical studies. “Permitting would be the biggest lead time,” Mukhija said. I would say 2032 could be a baseline estimate for now.”