Commodity Culture Uranium Set to Soar as Supply Deficit Grows and Global Power Demand 'Surging': Sam Hartmann
Feb 2, 2026
Sam Hartmann, VP of Exploration at F3 Uranium and veteran geologist with multiple Athabasca discoveries, discusses a growing uranium supply deficit poised to lift prices. He covers how production setbacks and tech‑driven power demand are reshaping the market. He also outlines F3’s JR and Tetra zone work, district potential, and plans to advance discoveries.
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Supply Deficit Is The Core Bull Case
- Sam Hartmann says the uranium bull cycle rests on a structural supply deficit rather than AI or SMR hype.
- He calls AI/SMR a short-term tailwind but not required for the baseline bullish case.
Production Surprises Tend Downward
- Sam warns production setbacks at major miners make the supply picture fragile and likely tighter than optimistic forecasts.
- He expects future production surprises to be downside biased, widening the deficit.
AI/SMRs Validate Nuclear, But Later
- Sam views AI/data-center and SMR commitments as validating nuclear's role but likely materializing later.
- He expects most SMRs and related demand to arrive in the 2030s, not this cycle.