TORONTO—Two trends are converging to put North American uranium miners in a sweet spot.

The first is the push from United States politicians to loosen America's dependency on uranium from Russia after it invaded Ukraine. The second is the renaissance the nuclear industry is experiencing amid the push to decarbonize electricity generation. That all comes against a backdrop of underinvestment among uranium producers for years, as nuclear power fell out of favor after a power plant disaster in Japan.

Even with a recent pullback from a 16-year high hit earlier this year, uranium prices are still nearly three...