A global nuclear revival is reshaping the energy market as governments and major technology companies seek reliable, low-carbon electricity to meet rising demand from industry, electrification, and data centres.

Canada added fresh momentum to the nuclear buildout this week unveiling plans to enable up to 10 new large-scale reactors over the next 15 years, part of what Ottawa calls a “new civilian nuclear renaissance.”

That expansion will add to a global fleet of about 440 operating reactors and roughly 65 more under construction, with China and India accounting for much of the planned new capacity.

It will also intensify pressure on a uranium market where mine production already falls short of annual reactor demand, deepening a structural supply gap that will take years to close.

According to the World Nuclear Association, global reactor demand reached an estimated 179 million pounds of U₃O₈ in 2025, while primary mine production remained well below that level, forcing utilities to rely on inventories, government stockpiles, recycled material and other secondary supplies to make up the difference.

U92 Energy Corp. (TSX-V: UTWO) is moving to capture that opportunity through its Kurupung Uranium Project in Guyana, an advanced asset backed by substantial historical exploration and several near-term opportunities to add uranium pounds.

The project consists of two prospecting licences covering 92.2 square kilometres in Guyana. It contains four deposits with historical resource estimates and another eight drilled uranium targets outside the historical resource.

At a cut-off grade of 0.03% U₃O₈, the historical resource estimate contains 20.6-million-pounds of U₃O₈ grading an average between 0.067% and 0.072%. 

This extensive work already completed gives U92 a more advanced starting point than many junior explorers.

“Kurupung has a strong foundation, with more than a decade of historical exploration and a geological model that is well understood. I see a clear path to advancing the project through the next stages of development and toward a feasibility study,” said Clode, whose 25-year mining career has focused on moving projects from exploration through development and into operations. The company plans to verify and upgrade the deposits in the historical estimate, test extensions to known mineralization, and assess whether additional drilled targets can be incorporated into a larger resource model, said Clode.

The first step is a planned 5,000-metre diamond drill program, which is expected to test mineralization along strike, at depth and to the west at Aricheng South target, which Clode described as the most prospective current target in terms of grade, width, and depth. Drilling is also planned at Accori North C target, where more than 4,500 metres of historical work has been completed.

“The first major catalyst will be Phase One drilling, which is intended to add pounds to the historical resource,” Clode said. “Some of the first holes at Aricheng South could be significant because the mineralized zone may widen and improve in grade.”

The broader opportunity is to show that the known deposits and drilled targets form part of a larger mineralized system extending across the 92-square-kilometre property. 

Clode said management is targeting a pathway toward a uranium inventory exceeding 50 million pounds through the first two planned phases of drilling, with a longer-term objective of evaluating the potential to build toward 100 million pounds, subject to confirmation through future exploration drilling. Kurupung is in Guyana’s interior; it’s about seven kilometres from the Olive Creek commercial airport and also has an airstrip on site. The Mazaruni River provides an established route for fuel, food, equipment, and personnel, while an interior road network offers additional access. 

“We’re still an unknown story,” Clode said. “Since listing in February, our focus has been on execution in Guyana rather than marketing. In a matter of months, we mobilized a field team, constructed a camp, established fuel-storage infrastructure, and laid the groundwork for an aggressive exploration program.” U92 plans to move Kurupung from a project defined largely by historical exploration to one supported by new drilling, modern geological interpretation, and an updated pit-constrained mineral resource estimate.

The company expects first assay results about eight weeks after drilling begins later his year. The resource update would then give investors a modern basis for assessing the number of pounds that can be brought into a current estimate, the potential for further expansion and Kurupung’s standing among advanced uranium projects.

U92 also points to capital efficiency as a potential advantage. Clode said all-in drilling costs in Guyana are about $130 per metre, compared with three or four times that amount in some remote jurisdictions.

Those results will be central to whether the valuation gap U92 identifies between itself and more established uranium peers begins to narrow.

“By the end of 2027, our objective is to have completed sufficient drilling to support an initial resource target of more than 50 million pounds, advanced the environmental baseline study and established a clear roadmap toward a feasibility study,” Clode said. “Those objectives remain subject to exploration success and the results of ongoing technical work.”

Following U92’s Top Pick selection at the CEM Bermuda Capital Event, CEO and Executive Chairman Adam Clode discussed the forces driving uranium demand, Kurupung’s growth strategy, and the milestones that could shape the company over the next 18 months.

“Energy demand is rising from AI data centres, continued urbanization, and greater industrial consumption, while aging infrastructure needs to be upgraded. Global conflict is also disrupting supply chains and forcing countries to reconsider who controls their power supply.

That is strengthening the case for nuclear power as a source of safe, clean, and reliable baseload electricity. The industry also went through a 15- to 20-year investment hiatus, so supply has fallen behind just as demand is accelerating.

Power will be the bottleneck for the digital economy. Data centres and chips have little value if the electricity isn’t available to run them.”

“Kurupung has a historical resource of 20.6 million pounds, more than 129,000 metres of drilling, and about 88,000 metres of core stored on site. Approximately 50,000 metres of that core supported the historical estimate, while another 14,000 metres encountered significant mineralization elsewhere on the property.

“That technical foundation gives us the ability to reassay core, refine the geological model, and direct new drilling to areas where it can add the most value.

A starting point of more than 20 million pounds is an excellent springboard. Our objective is to move through the first drilling phases toward more than 50 million pounds and then continue building scale, subject to the results.”

“Aricheng South is currently the most prospective target in terms of grade, width, and depth. We plan to test it at depth and to the west, where the mineralized zone may widen and improve in grade.

At Accori North C, we believe about eight additional holes could provide the drill density needed to bring that area into a future resource estimate. Our internal estimates suggest it could contribute approximately four million pounds.

Investors should watch the start of drilling, the first assays, the updated pit-constrained resource, and the environmental baseline study. Those are the milestones that will show whether we are delivering on the plan.”

The 7th Annual TSX Venture Growth Capital Event will take place July 17–19, 2026, at the Delta Grand Okanagan Resort in Kelowna, British Columbia. This gathering will mark another milestone for CEM as it stages its 100th Capital Event. Built around curated one-on-one meetings, high-value networking, and relaxed relationship-building through golf and wine tours, the event creates a focused setting for companies to tell their story, build investor interest, and open new conversations.

Warm Regards and Happy Investing,

Fabian Dawson

Each week, CEM Partner and Portfolio Manager, Ryan Iverson, spotlights the ideas and companies sparking investor interest form emerging growth stories to the Top Pick featured across CEM’s Capital Events. This series brings real insights from the annotators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.