Ontario's threat to cut uranium exports lifts nuclear stocks

Ontario Premier Doug Ford said on August 24 that Canada should be ready to cut off US access to electricity and critical minerals, naming high-grade nickel and uranium refined at Cameco's Blind River facility, the world's largest commercial uranium refinery, after the US imposed 50% tariffs on about $20 billion of Canadian goods. Canada supplied 32% of the uranium delivered to US reactor operators in 2025, and the threat pushed uranium prices to a seven-month high on August 27, lifting Oklo and NuScale shares along with the broader US nuclear supply chain on bets that supply-chain risk favors domestic small modular reactor developers.