New uranium mine projects will need to be developed and brought online as global demand increases, but the sector faces more immediate “downstream” constraints, particularly in uranium conversion, where global capacity is already tight and additional investment will be needed to avoid bottlenecks.

According to the International Energy Agency (IEA), enrichment capacity will also need to expand over the medium term, driven by both nuclear capacity growth and rising demand for higher-assay fuels, such as the LEU+ and high-assay low-enriched uranium (Haleu) needed for some next-generation reactors.

In its Global Critical Minerals Outlook 2026 report, the IEA said fuel fabrication capacity is generally adequate for conventional fuels, although reactor-specific requirements could create challenges for some technologies.