Canada’s Triton Uranium eyes 2026 U.S. listing as nuclear fuel demand rises

A uranium ore rock pile is the first to be mined. (AP Photo/Ross D. Franklin)

Triton Uranium is considering a U.S. listing through a merger with a special purpose acquisition company in 2026, its president Scott Evans told Reuters, as the company seeks to tap rising demand for nuclear fuel and bolster domestic supply.

The Canada-based company has begun development work at its Atlas Project in Uranium City, Sask., where it controls about 46,742 acres of mineral claims.

Triton has raised nearly $16 million in private funding, which it plans to use to advance exploration ahead of a potential public listing.

The company would consider a future stake sale to either the U.S. or Canadian government, reflecting growing policy efforts to secure supply chains for critical minerals, Evans said.

Interest in nuclear power has picked up as electricity demand rises, driven in part by data centers supporting artificial intelligence and cloud infrastructure.

Reactor developer X-Energy, backed by Amazon, recently raised about $1.02 billion in a U.S. initial public offering, underscoring renewed investor interest in the nuclear sector.

At the same time, uranium supply remains constrained after years of underinvestment.

Reuters reported in January U.S. mine production is expanding again but is expected to reach only about 1 million pounds this year, far short of annual U.S. annual consumption of over 50 million pounds.

Triton is preparing to launch a 10,000-meter drill program across four priority targets, including the Dubyna Mine area, with drilling scheduled to commence in June.

Earlier this year, Denison Mines Corp DML.TO and NexGen Energy NXE.TO received approval from the Canadian Nuclear Safety Commission to begin construction of their Wheeler River and Rook I projects, respectively, in northern Saskatchewan - the first approvals for new Canadian uranium mines since 2004.

(Reporting by Pooja Menon in Bengaluru; Editing by Sumana Nandy)