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Drilling Value in the Silver State
Ottawa’s plan to spark a “civilian nuclear renaissance” could draw more than $100 billion in investment. For investors, the question is which uranium and nuclear plays are best positioned to ride the wave.
The Canadian federal government unveiled its new Nuclear Energy Strategy on Monday, laying out a plan to build as many as 10 new large-scale reactors and cement the country’s status as an energy superpower. The announcement thrust uranium and nuclear stocks back into the spotlight, as investors map out the winners from what could be a decade-long buildout.
The 23-page strategy is structured around four pillars: enabling new reactor construction, positioning Canada as a supplier and exporter of choice, expanding uranium production and nuclear fuel opportunities, and developing next-generation nuclear innovations.
Specific targets include a modernized, cost-competitive CANDU (Canada Deuterium Uranium) reactor design by 2030, and up to 10 new large-scale reactors built across the country — with two under construction by 2035 and five more planned or under development by 2040.
Energy and Natural Resources Minister Tim Hodgson, announcing the strategy in Newmarket, Ont., framed it as “a co-ordinated targeted plan for the nuclear sector at home and abroad” that would deliver “a new civilian nuclear renaissance for Canada.”
The Darlington New Nuclear Project, highlighted as a flagship initiative, is expected to power 300,000 homes and sustain 3,700 jobs annually — with 18,000 jobs during construction. Across the industry, Hodgson said the goal is to roughly double employment from about 90,000 direct and indirect jobs today to 180,000-plus over the coming decade.
Notably, the strategy doesn’t earmark specific funding for individual projects. A Natural Resources Canada spokesperson told reporters the total capital investment required could exceed $100 billion, with financing to come through existing vehicles like the Canada Growth Fund and the Canada Infrastructure Bank.
The rollout also comes with an unusual caveat: Prime Minister Mark Carney was not involved in any part of the strategy’s development, due to a conflict-of-interest screen. The prime minister “does not participate in any discussions or decisions that could inappropriately further the interests of a company listed on his ethical screen,” the spokesperson said.
Canada is already the world’s second-largest uranium producer, supplying roughly 15% of global output and operating 19 reactors that generate 15% of the country’s electricity. With AI-driven power demand surging and net-zero targets pushing grids toward clean baseload, the nuclear sector is gaining momentum in 2026. Here are five Canadian-listed names to track:
One of the world’s largest uranium producers, with high-grade mines in Saskatchewan and Kazakhstan, plus nuclear fuel services and a 49% stake in Westinghouse Electric Company. In 2026, Cameco is benefiting from surging uranium demand driven by data center expansion and global reactor builds, with production ramping up at McArthur River and Cigar Lake.
A development-stage uranium company focused on its Rook I project in Saskatchewan’s Athabasca Basin — one of the world’s highest-grade uranium deposits. Environmental approvals are expected in 2026, with construction potentially starting soon after. The low-cost, high-grade asset offers significant upside as uranium prices rise.
A leading U.S.-based uranium and rare earth elements producer with a TSX listing, giving Canadian investors direct exposure. The company benefits from U.S. government support for domestic uranium supply, offering a dual thesis on nuclear fuel and rare earths.
A uranium exploration firm with assets in the Athabasca Basin, including the high-grade Hurricane deposit. Backed by NexGen Energy, the company is positioned for rapid development in 2026 as uranium shortages tighten.
An exploration company focused on its Patterson Lake South (PLS) project in Saskatchewan — one of the highest-grade uranium discoveries globally. With feasibility studies complete and partnerships in place, Fission is advancing toward production. The upside is substantial — but so is the volatility.
Reaction to the strategy has been split. Ontario Energy and Mines Minister Stephen Lecce welcomed the plan, saying the province has “long called for federal investment to build out the next generation of made-in-Canada nuclear energy” and that nuclear will be “a key driver of jobs, growth, and long-term competitiveness.” Conservative Leader Pierre Poilievre was less impressed. “An announcement will not build anything,” he told reporters. “This is the problem we’ve had with the Carney Liberals — their promises are being reported on as results, and so far there have been no results.”
Skepticism aside, the broader trend is clear: nuclear energy is back on the agenda worldwide. From rising uranium prices to reactor construction programs, the investment opportunity across the supply chain is expanding.
For investors, the challenge isn’t whether the nuclear renaissance is real — it’s picking the right stocks at the right time. Cameco offers scale and diversification. NexGen and IsoEnergy offer development upside. Energy Fuels adds U.S. policy exposure. Fission provides the high-risk, high-reward end of the spectrum. Canada’s strategy may not come with a price tag attached, but it sends a signal: nuclear is back, and the companies that mine the fuel, build the reactors and service the fleet are set for a long cycle of growth.
