Video News/PDAC 2026

Scott Melbye, Executive Vice President of Uranium Energy Corp, says the uranium market is entering a structurally tight phase as utilities return to long-term contracting and geopolitical risks reshape supply flows. Speaking with Kitco News at PDAC 2026, Melbye said, “The reality is we have a 50 million pound deficit in the near term, going to 1.7 billion pounds by 2045,” arguing that years of underinvestment have left the market exposed as nuclear demand accelerates. Melbye pointed to the Russia ban that fully kicks in at the end of 2027 and rising US policy support, including potential strategic uranium reserves and faster permitting under federal reforms, as catalysts for domestic production growth. He also highlighted AI-driven data center expansion and a growing global reactor pipeline as long-term demand drivers, adding, “That deficit has to show up and it will eventually,” as supply struggles to keep pace with expanding nuclear capacity.