Based on such a rather limited analysis, uranium could see the biggest price rise as its supply is highly concentrated, its role for consumers is critical, the marginal cost of supply is above the current spot price, and it has one of the best demand outlooks. The change in how governments view uranium in the energy transition (from a ‘hazardous’ commodity to one of the critical solutions) and technological breakthroughs that should allow electricity to be produced at compact nuclear power thanks to the development of small modular reactors (SMR).