Market cap: AU$3.51 billion
Share price: AU$13.03

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.

Langer Heinrich ultimately restarted commercial uranium production on March 30, 2024, 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 Canadian uranium company Fission Uranium (TSX:FCU,OTCQX:FCUUF) and it received approval from the Supreme Court of British Columbia on October 9 to finalize the deal.

The C$1.4 billion deal will expand Paladin’s portfolio with Fission's advanced stage PLS uranium project, which hosts the Triple R deposit, in the prolific Athabasca Basin of Saskatchewan, Canada.

Market cap: AU$1.4 billion
Share price: AU$3.65

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. The operations are using Boss' lixiviant chemistry and ion exchange technology.

In the June quarter, Boss achieved production of 28,844 pounds of uranium, followed by 89,516 pounds in the September quarter. The company says it is on track to meet production goals of 850,000 pounds of U3O8 in its fiscal year 2025.

In late July Boss released drill results from work at Gould’s Dam, which is a satellite deposit located 80 kilometers from the Honeymoon mine. The strong drilling results support its plan to use the deposit to boost Honeymoon’s production from 2.45 million to 3.3 million pounds annually and/or extend the mine’s life, according to the company.

In South Texas, US, 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).

Alta Mesa holds a total operating capacity of 1.5 million pounds of uranium per year plus an additional drying capacity of 0.5 million pounds. It previously produced nearly 5 million pounds of uranium between 2005 and 2013, before production was curtailed due to the low uranium price environment.

In June, Boss and enCorestarted production at the Alta Mesa central processing uranium plant and wellfields in South Texas, and the partners announced the opening of the Alta Mesa in-situ recovery uranium central processing plant (CPP) at the site in early October.

Market cap: AU$1.39 billion
Share price: AU$1.54

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.

In its recently released 2024 annual report, Deep Yellow discussed highlights of its activities during the period. The company secured a mining license for the Tumas project and made progress on engineering and financing, with a final investment decision expected by year-end.

Additionally, the company raised AU$250M in equity, gained entry to the ASX 200 index and progressed work on other projects, including Mulga Rock and Alligator River.

Market cap: AU$576.9 million
Share price: AU$3.53

Bannerman Energy is a uranium development company headquartered in Perth. Its primary focus is its Etango uranium project in Namibia. Bannerman fhas developed a base-case development plan for Etango using an 8 million tonne per year throughput rate, which it has dubbed 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. 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.

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.

The company also raised AU$85 million in new equity to fund early works and long-lead items. Bannerman expects to make a final investment decision for the project during the second half of 2024.

In the most recent quarterly results released on October 15, Bannerman reported significant progress on its Etango uranium project, with continued advancement towards a final investment decision.

Some of the key quarterly milestones noted in the report include the completion of early works, such as the access road and water supply, which was achieved on time and within budget.

Market cap: AU$495.06 million
Share price: AU$0.30

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.

In late July, Lotus signed a mine development agreement with the Government of Malawi for its Kayelekera uranium mine that guarantees a 10 year stability period. According to the company, the agreement ensures the mine will operate under a stable fiscal regime.

In early October Lotus completed a comprehensive front-end engineering and design program for Kayelekera, which has enabled the company to accelerate its restart plan, with production slated for Q3 2025.