Uranium Stocks Slide Despite U.S. Output Tripling

U.S. uranium production tripled to 2.1 million pounds in 2025, yet domestic output remains a fraction of the 46.9 million pounds purchased by U.S. nuclear operators, leaving America heavily reliant on imports. Domestic uranium supplied only 7% of deliveries, with Canada, Kazakhstan, and Australia providing 75%. Exploration drilling rose two-thirds to 1.02 million feet, and spending hit $234.7 million, the highest since 2014. Six facilities produced uranium in the second quarter of 2026. Uranium stocks fell 20% to 45% from 2026 peaks despite an August rebound, as long-term contracts at $55.91 per pound delayed earnings benefits from higher spot prices. U.S. utilities face 186 million pounds of uncovered requirements through 2035, though inventories cover three years of reactor loading.