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ASX Uranium Stocks: 5 Biggest Companies
What are the largest ASX uranium stocks? Here's a brief look at the biggest uranium companies by market cap in 2023.
Uranium has thrived in recent years, gaining traction in 2020 and 2021 while most of the world was at a standstill due to COVID-19. Prices for the energy fuel have continued to climb since then, sparking optimism for the future.
In 2022, the uranium price began spiking early in the year, reaching US$64.50 per pound in mid-April. This year, after settling at around US$50 through March, uranium began rising again. As of November 22, it had climbed to US$80.
Looking at tight supply and strong demand, experts say the future of uranium is bright. With hopes high for the commodity, those looking to capitalise on uranium stocks have a lot of upside to bolster their investment case.
To help interested investors, the Investing News Network has compiled a list of the top ASX uranium stocks by market cap. Data was gathered on November 22, 2023, using TradingView's stock screener. All data was current at that time.
1. Paladin Energy (ASX:PDN)
Market cap: AU$3.1 billion; current share price: AU$1.015
Based out of Western Australia, Paladin Energy's goal is to be a reliable supplier of clean energy for the future. Its main focus is uranium mining, and it currently has one active mine: Langer Heinrich in Namibia, of which it owns 75 percent. The company also has an exploration portfolio that spans both Canada and Australia.
Paladin's operations were paused in 2018 due to continued low uranium prices. However, in 2022, the company began the process of restarting operations at Langer Heinrich and saw a more-than-successful share purchase plan completed in May of that year. Chairman Cliff Lawrenson said in the company's activities report for the quarter ended on September 30, 2023, that Paladin is looking to resume production by Q1 of the 2024 calendar year.
2. Boss Energy (ASX:BOE)
Market cap: AU$1.53 billion; current share price: AU$4.24
Boss Energy's Honeymoon uranium mine is about to enter the market. The mine, located in South Australia, is licenced and permitted for the production, storage and export of uranium. With a strategically designed processing plant, the asset has a small footprint and upholds the Heritage and Native Title mining agreements on the land. Since it acquired Honeymoon in December 2015, Boss Energy has developed the project's JORC resource from 16.6 million pounds to 71.6 million pounds.
In October of this year, Boss Energy achieved a significant milestone with the commencement of mining operations at Honeymoon; another key moment came on November 30, when pre-flushing of the startup wells produced production-grade uranium. First production is expected in the first quarter of 2024.
3. Deep Yellow (ASX:DYL)
Market cap: AU$925.27 million; current share price: AU$1.16
Deep Yellow is committed to developing a high-output, cost-effective, tier-one uranium company. Its portfolio consists of six assets over two countries, Namibia and Australia. Its Namibian projects include the Tumas and Omahola projects, as well as the Nova and Yellow Dune joint ventures. In Australia, the company has its Alligator River and Mulga Rock projects.
In addition to uranium at Mulga Rock, the company has identified critical metals such as copper, nickel, cobalt, zinc and the rare earth elements neodymium and praseodymium. Looking forward, the company plans to release a new mineral resource estimate by the end of 2023 and will commence an update to the project's definitive feasibility study in Q2 2024.
4. Lotus Resources (ASX:LOT)
Market cap: AU$525.98 million; current share price: AU$0.29
Lotus Resources' flagship asset is the Kayelekera uranium mine in Malawi, which it acquired from Paladin Energy in 2020. Lotus currently has 85 percent ownership of the project, and the remaining 15 percent is owned by the Malawi government. The mine has been on care and maintenance since 2014 due to a prolonged lull in uranium prices.
Now that prices have recovered, the company is interested in restarting production at Kayelekera. In August 2022, the company completed a restart definitive feasibility study to test the mine's potential — encouragingly, the the study showed Kayelekera is low-cost operation with the potential to begin production in 2024 or 2025. It is estimated to have a 10 year mine life, with 19.3 million pounds of uranium mined over that period.
In July, the company announced a merger plan with A-Cap Energy, an Australian resource company focused on the development of its Letlhakane uranium project in Botswana. The deal closed at the end of November.
"Lotus can leverage its proven uranium expertise in developing Letlhakane, one of the world’s largest undeveloped uranium resources in one of the world’s top mining jurisdictions, Botswana," said the company in its activities report for the quarter ended September 30, 2023.
5. Bannerman Energy (ASX:BMN)
Market cap: AU$422.94 million; current share price: AU$2.66
Bannerman Energy is an Australian uranium development company headquartered in Perth. The company’s primary focus is its Etango uranium project in Namibia, for which it has developed a scoping study based on an 8 million tonne per year throughput rate. The company has dubbed this Etango-8. The project is located on one of the world’s largest untapped uranium resources within Namibia’s established uranium-mining district, and it has a predicted mine life of over 15 years.
Bannerman submitted its mining licence application in August 2022 and is currently working on front-end engineering and design and long-lead items. The company anticipates a positive final investment decision in the first half of 2024, after which construction will take just under three years.
FAQs for ASX uranium stocks
Is there a uranium ETF in Australia?
There are currently two uranium-focused exchange-traded funds (ETFs) listed on the ASX.
The Global X Uranium ETF (ASX:ATOM) offers investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those involved in the extraction, refining, exploration and manufacturing of equipment for the uranium and nuclear industries.
Meanwhile, the Betashares Global Uranium ETF (ASX:URNM) aims to track the performance of an index (before fees and expenses) that provides exposure to a portfolio of leading companies in the global uranium industry.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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