Bullish analysts have labelled uranium the “new lithium”, betting that demand will surge, after 22 nations pledged at the COP28 summit to triple nuclear capacity while China targets a fresh supply of the heavy metal for its ballooning nuclear ambitions.

Spot uranium prices have soared 56 per cent this year to $US86 a pound this week, and a potential tripling of nuclear capacity could lift annual consumption from about 161 million pounds this year to 500 million pounds in the future, according to broker Bell Potter.