mec-End-Use Applications Rising for Uranium as Market Expected to Reach $1.81 Billion in 2028

Industry Overview - The uranium ore market is projected to grow from $1.11 billion in 2023 to$ 1.21 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.5% [1] - By 2028, the market size is expected to reach $1.81 billion, with a CAGR of 10.5% [1] - Growth drivers include government policies, carbon emission reduction efforts, geopolitical stability, new uranium discoveries, and advancements in nuclear technology [1] Market Trends - Key trends include advancements in nuclear technology, development of in-situ recovery (ISR) technology, and increased scrutiny on environmental impacts [1] - Rising electricity consumption is a significant factor driving the uranium ore market, as uranium is the primary fuel for nuclear power plants [2] Company Developments - Mustang Energy Corp. has entered into an option agreement to acquire a 75% interest in Skyharbour's 914W Uranium Project, enhancing its presence in the Athabasca Basin [2][3] - The 914W Project is strategically located and shows promising geological indicators, with much of the area remaining underexplored [5][6] - Denison Mines Corp. reported progress on its Phoenix In-Situ Recovery uranium mining operation, achieving 45% completion of total engineering by the end of Q3 2024 [6] - Uranium Energy Corp. announced an initial economic assessment for its Roughrider Project, estimating a post-tax net present value of$ 946 million [8] - ATHA Energy Corp. has executed option agreements with Terra Uranium Ltd. for joint ventures on uranium properties, indicating strategic partnerships in the sector [9][10] - Centrus Energy Corp. priced $350 million in convertible senior notes, indicating financial maneuvers to support growth initiatives [11][12]