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Highlights

  • Boss Energy, Deep Yellow, and Paladin Energy shares jump 9–11% on ASX200.

  • Trump’s executive orders seen as the most significant U.S. nuclear policy shift in decades.

  • Analysts forecast major increase in uranium demand, with U.S. consumption potentially hitting 60M pounds per year by 2035.

Shares of leading uranium miners Boss Energy (ASX:BOE), Deep Yellow (ASX:DYL), and Paladin Energy (ASX:PDN) surged between 9% and 11% today, emerging among the top gainers on the ASX200 index, after former U.S. President Donald Trump signed executive orders aimed at reinvigorating the American nuclear energy sector.

The sharp rally came as global investors digested what brokerage Jefferies described as the most aggressive U.S. policy intervention in the nuclear energy industry in decades. The executive orders, signed late Friday U.S. time, include sweeping measures to fast-track licensing, boost uranium reserves, and incentivise private investment into new and existing nuclear infrastructure.

Jefferies highlighted that the policy could significantly expand U.S. nuclear capacity, driving uranium (U₃O₈) demand up to 55–60 million pounds annually by 2035, compared to current levels of around 40 million pounds. The brokerage promptly upgraded its price targets for Boss Energy, Deep Yellow, and Paladin Energy, citing their substantial resource bases and leverage to rising spot uranium prices.

Investment bank Citi echoed the bullish sentiment, suggesting the U.S. orders may nearly double U.S.-driven global uranium demand, with positive flow-on effects for producers with near-term development or existing production capacity.

The market reaction was immediate and pronounced:

  • Boss Energy (BOE) closed up ~11%, now boasting a year-to-date (YTD) gain of 78.6%.

  • Deep Yellow (DYL) rose ~10%, extending its YTD gain to 22.7%.

  • Paladin Energy (PDN), which had been under pressure earlier this year, bounced ~9%, though it remains down 16.7% YTD.

Uranium spot prices have been on an upward trajectory in 2025, supported by a global push for low-emission baseload power and heightened geopolitical concerns around energy security. The latest U.S. actions could accelerate a nuclear revival in other Western nations, according to analysts, potentially leading to a multi-year structural bull market for uranium.

Despite the political nature of the move, Jefferies noted that bipartisan support for nuclear energy has been growing in the U.S. due to its importance in reducing carbon emissions while maintaining grid reliability.