With the global desire to step away from oil, coal, and other carbon-based fuels for power, interest has been rising in uranium.
Uranium is the primary fuel for nuclear power plants, providing clean energy at a far more efficient rate than fossil fuels. As such, the cost of uranium has skyrocketed along with the stock price for uranium-based companies. Thanks to this shift in the public interest, many companies have reported double-digit growth in recent years.
There are a couple of options to choose from regarding uranium-based stocks. The majority of uranium-based companies will be those that operate mining projects.
Following those will be companies that produce uranium-based fuels and those that store them. Slightly adjacent to these are companies that focus on investing in uranium-based companies rather than having a direct hand themselves.
If you are interested in uranium-based stocks to add to your portfolio, we have curated a list of the top 12 that we believe hold the greatest potential in the coming months and years.
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Best Uranium Mining Stocks to Invest in Today
1. Trench Metals
What makes Trench Metals a stock to watch is its connection to the Gorilla Lake Uranium Project. This project is located in Cluff Lake, outside the Athabasca Uranium district in Saskatchewan.
This district produces some of the highest-grade uranium in the world and accounts for 18% of all uranium mined globally. Trench Metals currently holds the right to acquire 100% of the Gorilla Lake Uranium Project.
Trench Metals acquired another mining project called Higginson Lake. Immediately after acquiring it, they started a hydrogen energy division.
This move has steadily increased their shares since the acquisition, and experts believe that the same thing will happen once Gorilla Lake has also been acquired.
2. Virginia Energy Resources
Virginia Energy owns and controls one uranium mine, the Coles Hill uranium deposit. This mine is not only the largest undeveloped uranium mine in the US, but it is also one of the largest uranium deposits in the world. In this case, sticking to a single mine may not be a bad thing.
This single resource is what makes Virginia Energy Resources a stock to watch out for. Much of their deposit is currently untapped. There is no telling how much this company may grow once they truly dig its resources.
3. Uranium Royalty
Taking a step back from the direct ownership of mines, Uranium Royalty is a royalty and streaming company that works with uranium-centered companies.
They are purely focused on creating a portfolio of royalties, streams, equity, and debt in Uranium products. They also hold an inventory of physical uranium.
What sets Uranium Royalty apart is its current designation of being the only royalty and streaming company that only deals in uranium currently in business.
They have a diversified portfolio within the uranium sector and recently acquired royalty deals with two new mines in Saskatchewan. They also announced in December 2021 that their physical inventory surpassed 1.3 million pounds.
4. Global Atomic
Global Atomic is a Canadian company with a global pool of resources. They are slightly more diversified from the other mining companies we have seen so far, as they work with uranium and zinc.
Their uranium deposit is part of the Dasa project found in the Republic of Niger. The zinc side of their operations is found in Turkey, where Global Atomic owns shares in a zinc production company called Befesa Silvermet.
In 2021, Global Atomic announced that they were making good progress in the Dasa uranium project. They will be breaking ground two months ahead of schedule and are expected to start producing Yellowcake by 2025.
With its newly opened mine and a promise of increased production in the coming years, Global Atomic is a stock to invest in now.
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5. Forsys Metals
Forsys Metals currently has one major uranium project, known as the Norasa Uranium Project. This project is the combination of two other smaller projects, the Valencia and Namibplaas. Forsys operates in Namibia, Africa, as the area is politically stable and mining-friendly.
While Forsys has seen some slower gains than other companies on this list, what makes them worth looking out for is the further development in their Norasa Project.
In 2021, Forsys announced new plans to maximize value for shareholders. This was thanks to a strategic review of Norasa and how they can improve operations in the coming years.
While uranium is considered the flagship resource of Forsys Metals, they also have a gold mine in Namibia titled the Ondundu Gold Project.
6. Energy Fuels
Energy Fuels is a US-based company that is the leading uranium producer in the US. Aside from simple uranium production, they are also involved in recycling uranium, vanadium production, and rare earth processing.
Energy Fuels was founded in 2006. They started off with a bang by merging with Magnum Uranium. Just a few years later, they also acquired White Mesa Mill and Titan Uranium.
In the years following, Energy Fuels has continued to expand its operations with the mission of creating clean and emission-free fuel for nuclear power projects.
This is such a good stock to watch out for because of its diversification in production lines. It’s a rare thing for uranium companies to have several different means of generating cash.
They also have a great track record of continuous expansion. In November 2021 alone, after announcing the results of a very successful Q3, Energy Fuels saw a 27.46% increase in their stock price.
7. Mega Uranium
This Uranium company has its headquarters in Toronto, Canada, but holds mining projects in Australia and other parts of Canada.
To help diversify their operations, they also hold equity and four other uranium-based companies, including Toro Energy Limited, NexGen Energy Ltd., Uranium Royalty Corp, and Consolidated Uranium Inc.
Their Australia-based projects are the Ben Lomond Uranium-Molybdenum Project, located outside of Townsville, Australia, and the Maureen Uranium-Molybdenum Project located in Georgetown, in Northern Queensland, Australia.
At one point, they had a controlling interest in the Mustang Lake Uranium Project, located in Labrador, Canada. They announced their agreement to sell their shares in Mustang Lake to the local Labrador Uranium. In selling the controlling interest of Mustang Lake, Mega Uranium saw an 18.75% increase in their shares in that same week.
See Related: Best Nuclear Stocks to Invest in Today
8. Laramide Resources
For another Canadian-based company, we have Laramide. Despite being Canada-based, the majority of their uranium projects are in the United States and Australia.
United States projects include the Churchrock and ISR Division in New Mexico, the La Sal project in Utah, and the La Jara Mesa in New Mexico. Australian projects include the Westmoreland project and the Murphy Project, both in the Northern Territory.
The strength in Laramide stock mostly comes from their wide range of projects spanning two countries and several states or territories. During the Q3 review in 2021, Laramide Resources had a 15.91% increase in shares in just one week.
9. Paladin Energy Limited
Paladin is a global company that both develops uranium mines and operates them. They have mines in Canada, Australia, and Africa.
As part of their mine development, they have three main areas of exploration currently in progress. This includes Michelin in Canada and Manyingee and Mount Isa in Australia. Their premier mine is the Langer Heinrich Mine, located in the Namib Desert in Africa.
Being founded in 1993, Paladin has proven its ability to remain relevant on the global uranium stage. One of the reasons you should keep an eye out for Paladin Energy is because of a deal they made in June 2021. The deal included selling 65% of their interest in another Australian mine, Kayelekera. This sale will make the company about $5 million.
With a diverse range of projects and plenty of liquid assets at their disposal to further expand, Paladin Energy will be a uranium stock worth investing in.
10. Lightbridge Corporation
Stepping away from the mines for a moment, Lightbridge is a company that produces fuel for nuclear power from raw uranium.
They develop next-generation fuel that’s safer, burning at 1000C cooler than other nuclear fuels. They stand by their technology and have thoroughly tested it to ensure that it upholds efficiency.
Aside from producing fuel, Lightbridge also has a partnership with four of the largest nuclear power plants in the United States. These four plants supply power to roughly half of the United States.
What makes Lightbridge such a good investment is its proprietary fuel technology. The ability to function at a lower temperature while still being a viable option for commercial power plants makes it a titan in the nuclear fuel industry. In the previous year, the stock price climbed to some of the highest numbers they had seen in all of 2021.
11. Yellow Cake plc
Yellow Cake plc is a company that focuses purely on purchasing and holding uranium oxide. They do not hold any interest in the mining, development, or processing of mines.
They are only interested in uranium holding, which can include transporting uranium. Their uranium holding facility is in Ontario, Canada, with another facility in France.
Yellow Cake plc is an interesting investment choice because it grants investors exposure to the raw uranium price without the risk that can be associated with mines and development facilities. In the last year alone, the share price of Yellow Cake plc rose by 41%.
12. Ur-Energy Inc.
For the last entry on our list, we have Ur-Energy Inc. It is a mining company that holds two primary mines – the Lost Creek Property and the Shirley Basin Project (which is currently under construction). Ur-Energy has a total mine capacity of around 2.2 million pounds of uranium oxide per year (1.2 million pounds at Lost Creek and 1.0 million pounds capacity at Shirley Basin respectively) and their mill capacity is about 4.2 million pounds (2.2 million pounds at Lost Creek and 2.0 million pounds at Shirley Basin respectively).
They have also performed exploratory drilling for the Lost Soldier Project, located in the Great Divide Basin in Wyoming. With new uranium deposits found, they have already applied for mining claims for these new projects.
Due to their steady cash flow from their operating mines and the certain expansion with the Lost Soldier project, experts expect that the value of Ur-Energy stock will only continue to rise. In the last year alone they experienced an increase of 122%.
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Kyle Kroeger, esteemed Purdue University alum and accomplished finance professional, brings a decade of invaluable experience from diverse finance roles in both small and large firms. An astute investor himself, Kyle adeptly navigates the spheres of corporate and client-side finance, always guiding with a principal investor’s sharp acumen.
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