Spurred by global dual-carbon objectives, energy security concerns, and advancements in AI technology, nuclear power is undergoing a revival. Nations like China, the United States, France, and Japan are accelerating the deployment of nuclear power projects, propelling a steady increase in uranium demand. Nevertheless, the prolonged slump in uranium prices has curtailed investments in mines, constraining new supply. The concentration of active mines further exacerbates supply vulnerability. This supply-demand imbalance, which has persisted for a decade, is characterized by dwindling inventories and a decrease in secondary supply flexibility, thereby fueling the third long-term bull market for natural uranium prices, with expectations of continued upward trajectory.