Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 35

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 4
Chunk 35
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 published reports that as of 2023 that there were 440 operating nuclear reactors worldwide, with another 60 small modular reactors (“ SMRs”) under construction, highlighting the potential for nuclear energy to address future energy demands.

The Promising Role of Small Modular Reactors (SMRs)

SMRs offer a solution to the challenges faced in the traditional nuclear landscape. These advanced reactors typically have a power capacity of up to 300 MW(e) per unit, one-third of that of conventional reactors. The World Nuclear Association's Nuclear Fuel Report outlines compelling advantages:

  Lower Costs: SMRs require less upfront capital due to their smaller size and modular design, allowing for competitive pricing based on per-unit electricity costs. Economic efficiencies arise fr...  

  Quicker Deployment: Traditional reactors can take up to 12 years to enter service; in contrast, SMRs can be produced in factories and deployed within three years. This expediency is vital for m...  

  Siting Flexibility and Land Efficiency: SMRs can be installed in various locations, including decommissioned coal power plants, maximizing existing infrastructure while requiring less land than...  

  Enhanced Safety: The simplified designs, coupled with passive cooling systems, improve safety features naturally compared to conventional reactors, allowing extended refueling intervals and low...  
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The Supply Landscape

Despite the promising potential of nuclear energy, achieving a sustainable uranium supply is fraught with challenges. The global uranium market has been affected by fluctuating prices, mine closures, and geopolitical dynamics, leading to a structural deficit in uranium supply. This deficit is exacerbated by underinvestment in new exploration projects and operators shifting towards physical uranium purchases as an investment. The World Nuclear Association's Nuclear Fuel Report forecasts that without new uranium entering the market, demand will surpass supply within the next decade due to expanding nuclear programs.

Figure 4. Uranium Supply Outlook Sourced from World Nuclear Association August 2024

Geopolitical Events Affecting the Uranium Market

Geopolitical events have historically shaped the uranium market. Political instability in key sourcing regions can create supply risks that affect global prices. For instance, the Payne Institutes stated “ Niger, a significant uranium producer, experienced political upheaval in 2023, leading to increased uncertainty about uranium supply from the region”. The geopolitical dynamics have prompted countries to focus on energy independence, as seen in the U. S. with the “ Prohibiting Russian Uran