Uranium & Enrichment

Western enrichment capacity is thin and Russian supply is being phased out. Conversion and enrichment, not mined uranium, are the tightest steps.

Mine→Conversion→Enrichment→Fuel fabrication

Tightness score ⓘ

#15 of 56

▲ Tightening

Supply concentration5

Lead time5

Capex intensity4

Geopolitical exposure5

Pricing power4

Lead time

24–48 mo

Theme 1M

−8.6%

% in uptrend

Metric to watch

Term uranium price, SWU pricing, and Centrus/Urenco expansion milestones.

What would prove us wrong

Weakens if enrichment expansions arrive early and SWU prices fall.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
CCJ Cameco	Uranium, conversion and Westinghouse stake	NYSE Canada	$71.78	−3.42%	−11.9%	−26.6%	−21.5%	−46.5%	2026-10-30
LEU Centrus Energy	US enrichment incl. HALEU	NYSE US	$103.9	−7.35%	−13.4%	−45.4%	−57.2%	−69.2%	2026-11-04
NXE NexGen Energy	Large development-stage uranium mine	NYSE Canada	$7.87	−5.41%	−2.6%	−24.2%	−14.5%	−43.5%	2026-11-09
UEC Uranium Energy	US uranium production and conversion plans	NYSE US	$6.80	−5.95%	−11.7%	−39.3%	−41.8%	−66.2%	2026-12-08
DNN Denison Mines	Athabasca uranium development	NYSE Canada	$2.09	−4.57%	−3.2%	−35.3%	−21.4%	−52.2%	2026-11-05

Auto-updated