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ASX Uranium Stocks: 5 Biggest Companies in 2024
What are the largest ASX uranium stocks? Here's a brief look at the biggest uranium companies by market cap in 2024.
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 positive trend continued through 2023, when prices rose 87 percent to reach US$90.27 by the end of the year.
Uranium reached its highest level in nearly two decades when values surpassed the US$100 level in February. Since then, prices have contracted, but remain historically high. As of mid-June, values were holding in the US$85.50 range.
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 June 19, 2024, using TradingView's stock screener. All data was current at that time.
1. Paladin Energy (ASX:PDN)
Market cap: AU$4.04 billion; share price: AU$13.70
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 was looking to resume production by Q1 of the 2024 calendar year.
Langer Heinrich ultimately restarted commercial uranium production on March 30 of this year, meeting both the company's scheduled timeline and its capital cost estimate of US$125 million. With production now underway, Paladin is working to ramp up output and build inventory for upcoming customer shipments.
On June 24, Paladin announced plans to acquire Fission Uranium (TSX:FCU,OTCQX:FCUUF).
2. Boss Energy (ASX:BOE)
Market cap: AU$1.68 billion; share price: AU$4.19
Boss Energy is ramping up production at both its Honeymoon and Alta Mesa uranium assets.
Located in South Australia, the Honeymoon mine is licenced and permitted for the production, storage and export of uranium. With a strategically designed processing plant, the property 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 April of this year, Boss Energy achieved a significant milestone at Honeymoon, announcing production of the mine's first drum of uranium as part of the commissioning process. Then, in early June, the companystarted production at the Alta Mesa central processing uranium plant and wellfields in South Texas. Boss Energy holds a 30 percent stake in the Alta Mesa project, with the remaining 70 percent owned by enCore Energy (TSXV:EU,NASDAQ:EU).
With both Honeymoon and Alta Mesa ramping up, the company aims to produce 3 million pounds of uranium annually.
3. Deep Yellow (ASX:DYL)
Market cap: AU$1.38 billion; share price: AU$1.48
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 are the Tumas and Omahola projects, as well as the Nova and Yellow Dune joint ventures. In Australia, the company has its Mulga Rock and Alligator River projects.
Tumas and Mulga Rock are Deep Yellow's most advanced assets, and it plans to make a final investment decision for Tumas late in Q3 of this year. A February placement of AU$220 million is helping to progress this work.
Also in February, Deep Yellow released an updated resource estimate for Mulga Rock's Ambassador and Princess deposits, together known as the Mulga Rock East deposits. The company reported a 26 percent increase in total contained uranium, raising the amount from 56.7 million pounds of U3O8 to 71.2 million pounds of U3O8 at a cut-off grade of 100 parts per million. Eighty-six percent of the Mulga Rock East uranium resource is now classified as measured and indicated using the same cut-off grade. Deep Yellow will start a more expansive revised definitive feasibility study in Q2.
4. Lotus Resources (ASX:LOT)
Market cap: AU$668.39 million; share price: AU$0.36
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 for uranium have recovered, the company is interested in restarting production at Kayelekera. In August 2022, Lotus completed a restart definitive feasibility study to test the mine's potential — encouragingly, the study showed Kayelekera is a 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 expected to be mined over that period.
Last 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.
This past May, Lotus Resources released a revised resource estimate for its Letlhakane uranium project in Botswana. It identifies indicated and inferred resources of 155.3 million tonnes at 345 parts per million U3O8 for 118.2 million pounds of U3O8 at a cut-off grade of 200 parts per million; that includes 34.4 million pounds in the indicated category. The estimate will be used to support upcoming mining studies, with a scoping study expected in Q4.
5. Bannerman Energy (ASX:BMN)
Market cap: AU$577.73 million; share price: AU$3.86
Bannerman Energy is a uranium development company headquartered in Perth. Its primary focus is its Etango uranium project in Namibia, for which it has developed a base-case development plan using an 8 million tonne per year throughput rate; the company has dubbed this Etango-8. Etango is located on one of the world’s largest untapped uranium resources within Namibia’s established uranium-mining district, and the Etango-8 mine life would be 15 years.
In mid-June, Bannerman announced the completion of front-end engineering design and control budget estimate processes for Etango-8. It is now undertaking early works construction activities for the asset, as well as working on offtake marketing and strategic financing workstreams. Detailed design works are also taking place.
Earlier in the year, in mid-March, the company released a scoping study that looks at higher throughput and operating life options for Etango. However, it currently remains committed to the Etango-8 scenario.
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: Melissa Pistilli and Georgia Williams hold no direct investment interest in any company mentioned in this article.
- Top 5 ASX Uranium Stocks of 2024 ›
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- Uranium ETFs: An Emerging Market Opportunity ›
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.
Originally from Calgary, Georgia has been right at home in Toronto for more than two decades. Graduating from the University of Toronto with an honors BA in journalism, she is passionate about writing on diverse topics, including resources, arts, politics and social issues.
At INN Georgia covers a wide range of topics, including energy, battery and critical metals and diamonds. In her spare time, Georgia enjoys watching documentaries and experiencing Toronto's vibrant food, arts and cultural scene.
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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.
Learn about our editorial policies.
Originally from Calgary, Georgia has been right at home in Toronto for more than two decades. Graduating from the University of Toronto with an honors BA in journalism, she is passionate about writing on diverse topics, including resources, arts, politics and social issues.
At INN Georgia covers a wide range of topics, including energy, battery and critical metals and diamonds. In her spare time, Georgia enjoys watching documentaries and experiencing Toronto's vibrant food, arts and cultural scene.
Learn about our editorial policies.