Unlike Canada’s existing fleet of CANDU reactors, which operate using natural uranium, the leading SMR designs under development require enriched uranium fuel. Canada is one of the world’s largest uranium producers and possesses domestic mining, refining, and conversion capabilities, but it currently lacks commercial uranium enrichment facilities. Canada could import enriched uranium, most likely from suppliers in the United States, or invest billions of dollars to establish a domestic enrichment industry. Importing fuel could expose Canada’s nuclear sector to geopolitical and commercial risks at a time when governments increasingly emphasize resilient domestic energy systems. Building domestic enrichment capacity would not necessarily resolve those concerns.