Uranium is well-positioned to build on its longer-term bull market in 2026 as tightening fundamentals, improving policy clarity and a re-accelerating contracting cycle begin to align, Sprott said in an outlook for the year ahead.

The Canada-based precious metals asset management company, whose physical uranium fund holds more than 75 million pounds of U3O8, said the spot uranium price gained 11.43% in 2025. It now stands at around $82/lb.

According to Sprott, the term price has risen to $86/lb, which signals utilities are beginning to accept higher long-term prices.