Key components of a novel methodology and implementation of an agent-based, dynamic nuclear fuel cycle simulator, Cyclus , are presented. The nuclear fuel cycle is a complex, physics-dependent supply chain. To date, existing dynamic simulators have not treated constrained fuel supply, time-dependent, isotopic-quality based demand, or fuel fungibility particularly well. Utilizing an agent-based methodology that incorporates sophisticated graph theory and operations research techniques can overcome these deficiencies. This work describes a simulation kernel and agents that interact with it, highlighting the Dynamic Resource Exchange (DRE), the supply-demand framework at the heart of the kernel. The key agent-DRE interaction mechanisms are described, which enable complex entity interaction through the use of physics and socio-economic models. The translation of an exchange instance to a variant of the Multicommodity Transportation Problem, which can be solved feasibly or optimally, follows. An extensive investigation of solution performance and fidelity is then presented. Finally, recommendations for future users of Cyclus and the DRE are provided.