I recently spent some time looking at the projected demand and supply of uranium. As with any subject the devil is in the detail!
For many years there has not been a big focus on discovering new sources. This is changing and is expected to have a very significant impact on supply. What I also discovered is that sea water is a potential source of uranium, albeit expensive to extract given the concentrations in water. Another factor effecting the price of uranium is obviously demand. Two issues are of particular interest her, firstly new reactors can use reconditioned uranium which means that uranium can be used 3 times in a reactor and secondly, new reators are much more efficient in converting fission to electricity.
Don’t bet too heavily on the price of uranium and remember that real prices of commodities have not historically increased over long periods.