benzinga38d ago
Issued on behalf of Eagle Nuclear Energy Corp.VANCOUVER, BC, March 2, 2026 /CNW/ -- Equity-Insider.com News Commentary -- Global nuclear power capacity is projected to triple by 2050, with reactor requirements expected to more than double from roughly 68,900 metric tons of uranium in 2025 to over 150,000 metric tons by 2040[1]. U.S. utilities purchased more than 51 million pounds of uranium in 2023, yet less than 5% came from domestic production, leaving the vast majority sourced from foreign suppliers including Russia and Kazakhstan[2]. These supply dynamics are converging around Eagle Nuclear Energy Corp. (NASDAQ:NUCL), Cameco (NYSE:CCJ), Energy Fuels (NYSE-A: UUUU), Vistra (NYSE:VST), and BWX Technologies (NYSE:BWXT). Forward contract prices for uranium are now signaling ceilings upwards of $140-$150 per pound, reflecting growing urgency among utilities to lock in long-term supply in a market where secondary sources are thinning and new production timelines are being pushed further out[3]. Meanwhile, global data center electricity consumption is projected to reach 620 to 1,050 terawatt hours by 2026, with nuclear maintaining an 18% share of U.S. electricity generation as technology companies seek firm, carbon-free baseload power[4].Eagle Nuclear Energy Corp. (NASDAQ:NUCL), a next-generation nuclear energy company, officially commenced trading on the Nasdaq on February 25 following the closing of its business combination with Spring Valley Acquisition Corp. II. The company's common stock and warrants now trade under the ticker symbols NUCL and NUCLW, respectively. Shareholders overwhelmingly approved the transaction, with approximately 83% of outstanding shares represented and more than 99% of votes cast in favor across all six proposals.The transaction was led by the same SPAC team that brought NuScale Power (NYSE:SMR) public in 2022, backed by Pearl Energy, a $3.0 billion Texas-based firm focused on the North American energy sector. Eagle is the first domestic uranium resource exploration company with exclusive small modular reactor technology to list on a U.S. exchange.Eagle holds rights to what it describes as the largest open pit-constrained, measured and indicated uranium deposit in the United States. The Aurora deposit sits on the Oregon-Nevada border with 32.75 million pounds of indicated uranium and 4.98 million pounds inferred, based on over 500 drill holes.In January, the company engaged BBA USA, a consulting firm with over 45 years of energy sector experience, to design a targeted drilling campaign at Aurora in support of a Pre-Feasibility Study. BBA will design and optimize the number, location, and orientation of drill holes across five key objectives, including advanced metallurgical testing, hydrogeological analysis, and mineral resource expansion."We're seeing sustained demand for nuclear power translate into real demand for uranium, particularly for projects located in the U.S.," said Mark Mukhija, CEO of Eagle Nuclear Energy Corp.. "Advancing Aurora with BBA is about making sure this asset is ready to meet that demand as the market continues to tighten."Adjacent to Aurora is the Cordex deposit, which offers significant potential to expand the project's overall resource inventory as the company digitizes existing drill data. Recent metallurgical optimization results demonstrated uranium recoveries in the high 80% range and significantly reduced acid consumption to approximately 70 to 90 kg/t, enhancing project economics.Beyond uranium, Eagle also holds rights to Small Modular Reactor technology. By integrating advanced SMR technology with ...Full story available on Benzinga.com