Since hitting a multi-year high in late January of this year, the spot price of uranium has generally been declining. Late last year, supply chain concerns stemming from Kazakhstan's state-owned uranium company Kazatomprom sparked fears that production would fall short of initial estimates.

Notably, this dynamic catapulted demand for the critical metal from alternative sources, particularly Canada. Surging prices for nuclear fuel prompted the revival of previously abandoned mining projects. However, the market in recent months began correcting downward as the acute narrative of the Kazakhstani shortfall became priced in.

Still, many experts are bullish on uranium...