<div id="readability-page-1"><div>Goldman's latest edition of &#34;Nuclear Nuggets: Global Reactor Tracker&#34; reinforces that the buildout of the cleanest and most reliable form of so-called &#34;green&#34; energy, nuclear power, continues to gain momentum. The theme we first laid out in December 2020 continues to broaden, with buildouts accelerating across both large-scale and small modular reactors, even as the growing risk of a massive uranium supply deficit emerges.Focusing on the latest North American reactor progress and announcements:<blockquote>4/16/2026 - Canada - Bruce Power has signed an MoU with SaskPower to share its experience in large-scale nuclear reactors, including project development and long-term operations, as Saskatchewan evaluates large reactor technologies alongside its SMR program. The agreement formalizes information-sharing and aligns provincial and federal nuclear strategies.4/24/2026 - United States - Duke Energy’s Robinson nuclear power plant has been cleared for extended operation to 80 years, after the U.S. Nuclear Regulatory Commission completed its fastest-ever subsequent license renewal review. The approval allows the 759 MW Robinson Unit 2 in South Carolina to operate until 2050 under new accelerated federal timelines.4/29/2026 - United States - The U.S. NRC has approved subsequent license renewals for St. Lucie Units 1 and 2, clearing the Florida Power &amp; Light plant to operate for up to 80 years, with Unit 1 licensed to 2056 and Unit 2 to 2063. The decision follows aging-management reviews for the extended operating period and secures the long-term operation of the two pressurized water reactors.5/5/2026 - United States - Brookfield and The Nuclear Company have formed a JV to manage the potential completion of the two VC Summer AP1000 units in South Carolina, supporting due diligence and execution if the project proceeds, subject to approvals and a final investment decision.</blockquote>One of the biggest shifts in the note penned by analyst Brian Lee is the addition of small modular reactors to Goldman's uranium supply-and-demand model, which forecasts cumulative SMR deployments of nearly 46 GW by 2045.<img width="500" height="375" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-58-53.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-58-53.png"/>In turn, this would lift its 2045 nuclear generation forecast by about 6% and create an additional 62 million pounds of uranium demand, or a 17% upside to its prior long-term demand estimate.Global reactor construction tracker, by country:<img width="500" height="439" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-57-06.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-57-06.png"/>Years under construction, by country:<img width="500" height="360" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-57-32.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-57-32.png"/>Chinese reactors, years under construction:<img width="500" height="468" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-57-57.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-57-57.png"/>Lee said uranium spot prices stabilized in the mid-to-high $80s per pound after rebounding in April, supported by buying activity in the Sprott Physical Uranium Trust. Term pricing held near $90 per pound, signaling that utilities continue to accept higher long-term pricing deals.<img width="500" height="216" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-58-21.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-58-21.png"/>As new reactors come online, Lee warns of a cumulative uranium supply deficit of 2.3 billion pounds between 2025 and 2045.<img width="500" height="321" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-59-21.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-59-21.png"/>Uranium prices will be up and to the right for quite some time...<img width="500" height="391" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-59-36.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-14_08-59-36.png"/>Latest uranium coverage:February 2026<ul><li>Big Tech Turns To Uranium As Data Center Power Demand Soars (Feb 18) – Discusses tech companies exploring uranium mining/supply deals for reliable data center power.</li><li>No Substitute: Uranium At The Center Of The AI Power Shock (Feb 19) – Covers uranium's role in AI-driven power demand, supply reliability issues, and reactor buildouts.</li></ul>March 2026<ul><li>Oklo And Centrus Signal Progress On America's Nuclear Fuel-Chain Bottleneck (Mar 9) – Joint venture on HALEU deconversion services and fuel-cycle advancements.</li><li>Nano Nuclear Progresses HALEU Transport Package (Mar 16) – Progress on high-assay low-enriched uranium (HALEU) transportation for advanced reactors.</li><li>How To Transport Next-Gen Nuclear Fuel Safely? NANO Nuclear Hits Key Milestone (Mar 20) – HALEU transport package development for multiple fuel types.</li><li>U.S. Must Boost Domestic Uranium Enrichment To Counter Proliferation Risks (Mar 31) – Need for U.S. enrichment capacity expansion amid import bans and market bottlenecks.</li></ul>April 2026<ul><li>Goldman Highlights Global Nuclear Progress Across SMRs And Fuel Chain (Apr 15) – Updates on uranium spot/term pricing, supply-demand models, and fuel chain developments.</li><li>Nuclear Fuel Consortium To Provide Update On Approved Plans Of Action (Apr 23) – Progress on addressing shortages across the full nuclear fuel supply chain (mining to fabrication).</li><li>Uranium Supply Crunch Worsens Amid Kazakhstan's Plan For Strategic Reserve (Apr 30) – Kazakhstan's strategic reserve plans and ongoing global uranium supply-demand mismatch (~$86/lb spot).</li></ul>May 2026<ul><li>DOE's NNSA Removes Enriched Uranium From Venezuela And Japan (~May 9) – HALEU fuel transfers supporting U.S. domestic nuclear supply chain.</li><li>ASP Isotopes Subsidiary Signs MOU With European Nuclear Technology Company For Fuel Supply (~May 11) – Long-term HALEU supply partnership for advanced reactors.</li><li>Uranium – Cameco Guidance Hanging by a Thread, Implications for Market Purchases (May 11) – Cameco production guidance and direct impacts on uranium market/spot purchases.</li><li>Up To $170 Billion Needed To Secure Full Domestic Nuclear Fuel Supply Chain (~May 13–14) – Massive investment requirements for U.S. uranium mining, milling, conversion, enrichment, etc.</li></ul>Professional subscribers can read the full nuclear note here at our new Marketdesk.ai portal.</div></div>

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URNM

Goldman's latest report highlights the acceleration of nuclear power buildouts, including small modular reactors (SMRs), amid a looming uranium supply deficit. Key developments include agreements in Canada for large reactor technologies and extended operational approvals for U.S. nuclear plants. The addition of SMRs to Goldman's forecasts predicts a 6% increase in nuclear generation by 2045, raising uranium demand significantly. Analysts warn of a cumulative uranium supply deficit of 2.3 billion pounds by 2045, with prices expected to rise.

Nuclear Buildout Accelerates With Goldman Now Including SMRs Into Forecast