Tribeca Global Natural Resources Limited

Tribeca Global Natural Resources Limited (ASX:TGF) Insights – Uranium: Structural Deficits with an AI and SMR Kicker


Uranium remains one of Tribeca Global Natural Resource Ltd’s largest exposures with >25% net long positions to various global producers, developers and commodity linked equities. The commodity deficit for this decade (and the 2030s) looks extreme with plans to build new nuclear capacity across the majority of the G20 driving demand and a shortage of large-scale mines limiting supply. Incremental demand from artificial intelligence (AI) data centres and innovation in small modular reactors (SMRs) are set to exacerbate this position.


The price of uranium has surged in recent years, consolidating in the US$90-100 per pound range after having spent much time following the Fukushima incident in 2011 under US$30 per pound. Our analysis suggests that uranium prices will move materially higher as we progress through the early stages of a multi-year bull market being driven by the energy security and decarbonisation supercycle.


Portfolio Manager, Ben Cleary, discusses below the existing uranium market fundamentals, why they will be further tightened by the AI revolution and the impact of growing orders for SMRs in the United States (US) and beyond. The Company is exposed to global leaders such as Cameco, Boss Energy, Energy Fuels and Sprott Uranium Trust that will provide diversified torque to rising uranium prices.


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The Company has been awarded a Recommended rating by IIR