Asset manager Sprott Inc. has purchased the most uranium in over two years, acquiring 450,000 pounds of the nuclear fuel last week as global demand for atomic energy surges.
The Canadian firm’s Physical Uranium Trust now holds approximately 70.8 million pounds of uranium worth $5.84 billion, making it the world’s largest physical uranium fund. The recent purchase brought Sprott’s third-quarter acquisitions to 2.3 million pounds, the highest level since early 2023.
The buying spree comes as uranium prices climbed 1.3% to $77.25 per pound of uranium oxide, reaching the highest level since early July. Analysts at BMO Capital Markets noted the purchases coincide with renewed investor interest in nuclear energy.
Earlier this year, Sprott raised $200 million through a public offering that was doubled from the original $100 million target due to strong investor demand. The proceeds are being used to acquire physical uranium as the company bets on what CEO John Ciampaglia calls a “nuclear renaissance.”
The uranium market faces a significant supply shortage, with global demand already outpacing production by 50-60 million pounds annually, according to the World Nuclear Association. Demand is projected to triple by 2040, driven largely by artificial intelligence data centers requiring massive amounts of electricity.
Recent developments supporting nuclear energy include the restart of Michigan’s Palisades nuclear plant, Microsoft’s $80 billion investment in AI data centers, and the US government’s efforts to reduce reliance on Russian uranium imports.
Kazatomprom, the world’s top uranium producer, reported a 13% increase in production in Kazakhstan for the first half of 2025, while Canadian miner Cameco expects to produce 18 million pounds this year despite earlier output declines.
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