Benjamin's statement is brilliantly insightful, but demands an important follow-on observation: Building a nuclear reactor is about to get a whole LOT easier and faster, thanks to @AaloAtomics and others prioritizing factory mass-production and elimination of bespoke on-site construction. But building a Uranium mine is NOT going to get any easier. That means the rapidly increasing demand from mass-produced reactors will never be satisfied by rapidly increasing supply from factory mass-produced uranium mines. The consequences reach beyond the immediate investment window, but they will be staggering when they ultimately unfold. None of it is unsolvable. Breeder reactors could run for centuries on the LEFT OVER tails from enrichment of fuel for current and past reactors. The best designs don't need ANY enriched uranium after their initial fuel load. Terra Power has a cool design they call TWR that can run for 500 years on the depleted uranium tails that were left over from enriching its FIRST AND LAST enriched fuel load needed to "kick-start" the breeding process that replaces fissile fuels with fertile fuels. The long-standing view of the Nuclear Old Guard that breeders don't need to be commercialized yet because we're decades away from uranium scarcity becoming an issue is horribly flawed. The first company to mass-produce breeders fueled by U-238 or Th-232 will change the course of history. And of all the many stupid beliefs in the Nuclear Old Guard Narrative, by far the most ignorant is the frequently repeated statement that Breeders have proven themselves not be economic for commercial electricity generation. That's just the most intellectually arrogant co-hort on the planet flaunting their own ignorance. The correct conclusion to draw is that the people and companies who pioneered the first breeders thought and acted like NASA. We need something closer to SpaceX to make breeders economic, and the fact that relying on cost-plus government contractors to do all the heavy lifting led to a commercially uneconomic outcome should surprise nobody. Breeders will change the course of history. The Nuclear Old Guard won't be the ones to commercialize them. But I digress. The point of this post was supposed to be, mining is hard, and won't get easier. Mass-producing reactors will solve a bunch of problems, but only mass-produced breeders can solve the coming uranium supply crisis of the mid-late 2030s. Until then, we don't have enough uranium mines, and we can't make more of them as easily as we can increase the pace of reactor production.