In 2024, the United States consumed approximately 50 million pounds of uranium across its 94 operating reactors, while domestic production amounted to just 677,000 pounds. That’s a ratio of nearly 74 to 1. The year before, in 2023, domestic output had stalled at 50,000 pounds. The gap is real, documented by the Energy Information Administration, and it widens with every passing year.
Against this backdrop, Eagle Nuclear Energy Corp. (NASDAQ: NUCL) is advancing its Aurora project, which the company classifies as the largest conventional measured-and-indicated uranium deposit in the United States, straddling Malheur County in Oregon and Humboldt County in Nevada. The indicated resource stands at 32.75 million pounds of U₃O₈, with an additional 4.98 million pounds in the inferred category under the S-K 1300 technical standard. The company has already filed preliminary permit applications and is targeting completion of a pre-feasibility study in the second half of 2027. A drilling program is set to begin in the summer of 2026. These are defined timelines, not vague ambitions.
The structural context Eagle operates in is that of a country importing more than 95% of its uranium, with a significant share coming from Russia and Kazakhstan. The energy security pressure is tangible. On the demand side, the emergence of small modular reactors adds yet another layer of need to an already tight market. Spot uranium prices hit $101 per pound in late January 2026 — a level not seen since 2007 — before pulling back to around $80. The long-term price reached $93 per pound, the highest since 2008.
Eagle’s strategy extends well beyond mining. The company also holds exclusive rights to a proprietary SMR technology, with the stated goal of bringing fuel production and the reactor that consumes it under the same roof. SLR Consulting has already been engaged for environmental and permitting work, with a focus on keeping Nuclear Regulatory Commission requirements in view throughout the SMR development pathway. Eagle has also initiated preliminary discussions with the U.S. Department of Energy. The Aurora deposit additionally contains lithium mineralization exceeding 1,200 ppm in surface layers — a secondary variable, but not one to be overlooked.
In 2025, U.S. domestic uranium production climbed to roughly two million pounds — still a fraction of annual demand. GlobalData estimates that by 2030, the American share of global uranium output could reach 7.5%, up from 0.7% in 2024. China and India are pushing ahead with some of the world’s most ambitious reactor construction programs, tightening availability for Western producers. If Aurora reaches production on schedule, it could become a meaningful reference point for U.S. utilities seeking domestic supply in an increasingly competitive market.
