After a decade in the doghouse, uranium is finally having its moment — and 2025 could be the breakout year.

First, let’s talk supply and demand. Global uranium production has lagged badly for years, with mines shuttered during the long bear market and major players like Cameco and Kazatomprom holding back supply. Meanwhile, demand is spiking. Nuclear is back in vogue as countries scramble for reliable, low-carbon baseload power. From China to Europe to the U.S., reactors are being built, restarted, or extended — and they all need one thing: uranium.

Then there’s the geopolitical kicker. Russia has long been a key player in uranium conversion and enrichment. As tensions rise and Western nations move to cut dependency, the West is suddenly scrambling to secure its own supply chains. That’s a big tailwind for North American uranium developers.

Finally, uranium’s price has already broken out — over $100/lb at times in 2024 — but the equities haven’t fully caught up. This sets the stage for a classic lag effect where miners and explorers could see outsized gains if spot prices stay elevated.

Bottom line: with tight supply, rising demand, geopolitical urgency, and a commodity price that’s finally moving, uranium stocks look locked and loaded heading into 2025. Get your Geiger counter ready.