Alligator Energy (AGE) JMM & Tribeca Nuclear Energy Forum 2026 summary

Market and industry overview

• Energy security is now a top global priority, driving renewed focus on nuclear power and significant planned growth in nuclear capacity worldwide.

• Uranium supply is lagging behind rising demand, despite high prices, creating a supply-demand gap that is central to current investment theses.

• Major tech companies are securing nuclear power for AI infrastructure, adding new demand drivers beyond traditional government and utility customers.

• Over 70 reactors are under construction globally, with 38 countries pledging to triple nuclear capacity and major banks, including the World Bank, now supporting nuclear projects.

• The nuclear sector is experiencing increased investment in innovation, including small and advanced modular reactors, with regulatory fast-tracking and commercial deployment expected post-2030.

Investment and fund performance

• The Tribeca Nuclear Energy Opportunities Strategy has delivered approximately 675% return since inception, averaging 31% per annum, with recent years showing strong double-digit gains.

• The fund actively manages exposure across the nuclear value chain, including uranium mining, fuel cycle, electricity generation, and nuclear innovation, with flexibility to hedge and short.

• Recent volatility has been managed through active portfolio adjustments, with a current focus on companies advancing projects and providing solutions to supply constraints.

• The fund is the only Asia-Pacific vehicle dedicated solely to the global uranium and nuclear sector.

Supply chain and market dynamics

• Conversion and enrichment bottlenecks are being addressed through capital investment, but uranium supply remains the critical constraint, with insufficient incentive pricing for new production.

• China and India are securing long-term uranium contracts ahead of reactor completion, while Western utilities risk being caught off guard by slow contracting and supply response.

• Cost inflation in mining, driven by energy and input prices, is expected to persist, further challenging new uranium supply.