Uranium resources have increased and can meet sustained growth in nuclear demand until 2050, but the industry will need significantly more investment to mine and produce and risks will likely increase, according to a Nuclear Energy Agency (NEA) report.

The report, Uranium 2026: Resources, Production and Demand (commonly known as the "Red Book"), published jointly by the NEA and the International Atomic Energy Agency (IAEA), finds that expenditures in uranium exploration and mine development have increased significantly in recent years and these investments are essential to sustain future demand.

The Red Book concludes that the currently identified uranium resources recoverable at costs below $260/kgU ($100/lb U3O8) exceed 8.1 million tonnes uranium (tU) globally, an increase of 2.1% compared to the previous edition published in 2025. This level of identified uranium resources is sufficient to meet even the highest projected uranium demand through 2050.

However, resource availability alone does not guarantee supply security. Converting these resources into production will require “timely, substantial and sustained investment”, the Red Book says.