The global uranium market is underestimating the severity of looming supply shortages with optimism about production growth not supported by fundamentals, the president and chief operating officer of Canada-based uranium company Cameco has cautioned.

Speaking at the TD Cowen 10th Annual Nuclear Fuel Cycle and Next Generation Nuclear Roundtable, Grant Isaac said that while uranium prices have strengthened, the market remains dangerously complacent about how limited true supply growth will be over the coming decade.

“We will not front-run demand with supply,” Isaac told the online event. “The long-term structural gap is real – the market just hasn’t caught up yet.”