Alligator Energy (AGE) JMM & Tribeca Nuclear Energy Forum 2026 summary

Market and industry overview

• Energy security is now a top global priority, driving renewed focus on nuclear power and significant planned growth in nuclear capacity worldwide.

• Uranium supply is lagging behind surging demand, with prices at decade highs but insufficient to incentivize new production.

• Major technology companies are securing nuclear power for AI and data center needs, further boosting demand.

• Governments and corporates are investing in new builds, life extensions, and reactivating idled reactors, with 38 countries pledging to triple nuclear capacity.

• Financing is improving as major banks and the World Bank now support nuclear projects, ending a long-standing funding ban.

Investment and fund performance

• The Tribeca Nuclear Energy Opportunities Strategy has delivered an 8-year return of 675%, or 31% per annum, with 45% in the last calendar year.

• The fund actively manages exposure across the nuclear fuel cycle, including uranium mining, electricity generation, and advanced reactor technologies.

• About 36% of the fund is allocated to nuclear innovation, up from 5% two years ago, reflecting the rise of tech-driven demand.

• Active management allows for shorting, hedging, and leveraging, differentiating it from passive ETFs.

Supply chain and uranium market dynamics

• Conversion and enrichment bottlenecks are being addressed, but uranium supply remains the critical constraint.

• China and India are securing long-term uranium contracts ahead of the West, locking in supply for future reactors.

• Bringing new uranium supply online requires 2–5 years, and current prices are not yet incentivizing new projects.

• Cost inflation in mining and supply chain disruptions, especially from geopolitical tensions, are expected to persist.