Triton Uranium is considering listing in the United States through a merger with a special purpose acquisition company in 2026, its president Scott Evans told Reuters, as the company seeks to capitalize on the growing demand for nuclear fuel and strengthen national supply.
The Canadian company has begun development work as part of its Atlas project in Uranium City, Saskatchewan, where it holds around 46,742 acres of mining concessions.
Triton has raised nearly $16 million in private funds, which it plans to use to advance exploration for a potential stock market listing.
The company is considering a future stake sale to the American or Canadian government, reflecting increasing political efforts to secure critical mineral supply chains, Evans said.
Interest in nuclear energy has increased as demand for electricity rises, partly driven by data centers supporting artificial intelligence and cloud infrastructure.
X-Energy developer-backed by Amazon- recently raised about $1.02 billion in a U.S. stock market listing, highlighting investors’ renewed interest in the nuclear sector.
At the same time, uranium supply remains limited after years of underinvestment.
Reuters reported in January that U.S. mining production was increasing again, but it is expected to reach only about 1 million pounds this year, well below the annual consumption in the United States, which exceeds 50 million pounds.
Triton is gearing up to launch a 10,000-meter drilling program on four priority targets, including the Dubyna mine area, with drilling set to begin in June.
Earlier this year, Denison Mines Corp and NexGen Energy received approval from the Canadian Nuclear Safety Commission to start construction on their Wheeler River and Rook I projects, respectively, in northern Saskatchewan- the first authorizations granted for new uranium mines in Canada since 2004.
