Source: World Nuclear Association, World Nuclear Fuel Report at https://world-nuclear.org/images/articles/nuclear-fuel-report-2021-expanded-summary.pdf

The WNA forecasts:

• A significant uranium supply deficit commencing in 2030.
• The actual supply gap will be much larger as their scenario includes significant production from moderate to low probability sources such as
  • Planned Mines
  • Mines Under Development
  • Prospective Mines
• Several restarted idle mines were swing producers, unable to operate in a <US $60 / lb U3O8 price environment during the last cycle
• Chronic underfunding of the uranium exploration, development & mining sectors since 2008 has slowed the necessary pace of new supply from being discovered and developed