Part 2: The Uranium Supply/Demand Model

Goldman.

Goldman Sachs: Nuclear Fuel – Supply-Demand Model Outlook (2025–2045)

Introduction of Proprietary Model

Goldman Sachs has introduced a proprietary global uranium supply-demand model extending through 2045. The demand forecast incorporates the current global base of ~418 operating nuclear reactors, with an anticipated net expansion of ~258 units, including ~19 reactor restarts over the next two decades. This supports a projected compound annual growth rate (CAGR) of approximately 3% in uranium demand.