I concluded a December 19, 2025, Barchart article on Uranium and the UFNM ETF with the following:
Geopolitics, climate change initiatives, and rising energy demand from technological advances in AI are driving higher uranium demand. URNM is a diversified, liquid uranium ETF that provides exposure to the primary ingredient in nuclear energy and weaponry.
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Cameco’s spot uranium price was $75.80, with the long-term price at $86 per pound at the end of November 2025. Cameco shares (CCJ) were trading at $90.38 on December 19, while the Sprott Uranium Miners ETF (URNM) was trading at $56.15. Uranium prices were higher in early March 2026, while CCJ and URNM shares have soared.
Uranium prices continue to rally
Uranium’s spot and long-term prices have moved higher since the end of November 2025.
As the chart shows, spot uranium prices rose to $94.28 per pound at the end of January 2026, while the long-term price was higher at $89 per pound. While the spot price corrected to $86.95 at the end of February 2026, the long-term price rose to $90 per pound. The spot price could be on its way to test the 2024 high of $100.25, while the long-term price is at the highest level since 2008.
Cameco’s spot and long-term uranium prices were 24.4% and 3.49% higher, respectively, at the end of January 2026 compared to the November 2025 price, and 14.7% and 4.65% higher based on the end of February prices.
CCJ outperforms uranium
Canadian uranium producer Cameco (CCJ) has the largest market cap among publicly traded uranium producers, at over $50 billion.
The monthly chart highlights the bullish trend in the leading Canadian uranium producers’ shares, which have rallied 25% from $90.38 on December 19 to $112.96 on March 6. CCJ shares have outperformed Cameco’s spot uranium price since December 19.
URNM lags CCJ, the ETF’s top holding
The Sprott Uranium Miners ETF (URNM) has CCJ shares as its top holding, with over 20% of URNM’s $2.251 billion in assets invested in the leading Canadian producer. URNM is a highly liquid ETF with an average daily trading volume of over 878,000 shares. URNM charges a 0.75% management fee.
The monthly chart shows that URNM has risen 17.5% since December 19, from $56.15 to $65.98 per share. URNM has slightly underperformed CCJ shares over the period.
Expect lots of volatility
Uranium is both a metal and a commodity, and, like other metals, its price has been volatile over the past months. While uranium prices, uranium-producer shares, and the URNM ETF are trending higher, even the most aggressive bull markets rarely move in straight lines. Periodic corrections are likely to continue even though the prospects are for continued price rises.
Geopolitics and AI favor rising uranium demand and prices
The factors that favor higher uranium prices include:
- Geopolitical tensions have increased weapon production, driving up uranium demand. Wars in Ukraine and Iran are bullish for the primary ingredient in nuclear weaponry.
- The growth of AI-related energy demand is driving nuclear-powered electricity generation.
- Nuclear energy is an alternative to traditional fossil fuels. As the demand for alternative and renewable energy sources rises, uranium demand increases.
While there are compelling factors supporting higher uranium prices, the optimal approach for investors and traders is purchasing uranium exposure during periodic corrections. Buying URNM on price weakness is likely to be optimal in 2026.
On the date of publication, Andrew Hecht did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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