2024 Uranium Outlook Report

Table of Contents

Uranium Price Update: Q1 2024 in Review

Uranium Price Update: Q2 2024 in Review

Rick Rule: Gold, Silver, Uranium — Key Price Drivers and What to Watch Now

Ben Finegold: Uranium's New Paradigm — Market Dynamics and How to Invest

Top 5 Canadian Uranium Stocks of 2024

Uranium Price Update: Q1 2024 in Review

The uranium spot price displayed volatility in Q1, rising to a high unseen since 2007 before ending the quarter below US$90 per pound. U3O8 values shed 3.96 percent over the three month period, but experts believe fundamentals remain strong and expect the sector to benefit from various tailwinds in the months ahead.

Supply remains a key factor in the uranium landscape, with a deficit projected to grow amid production challenges. With annual output well below the current demand levels, the supply crunch is expected to be a long-term price driver.

“Supply-side fragility continued to be one of the key themes in Q1, especially the news out of Kazakhstan that production would be significantly lower than expected in 2024 than previously thought,” Ben Finegold, associate at London-based investment firm Ocean Wall, told the Investing News Network in an interview.

These favorable fundamentals are expected to support uranium prices for the remainder of the year.

Finegold also noted that spot market activity highlights how sensitive the sector is to supply challenges.

“Spot market prices have also been a key talking point as volatility in pricing has increased dramatically in Q1 to both the upside and downside,” he explained. “It has brought to light just how thinly traded the spot market is, but interestingly term prices have only continued to rise, which is indicative that the long-term fundamentals remain intact.”

Sulfuric acid shortage impeding supply growth

The U3O8 spot price opened the year at US$91.71 and edged higher through January 22, when values hit a 17 year high of US$106.87. However, the near two decade record was short lived, and by month’s end uranium was around US$100.

Uranium price, Q1 2024.

Chart via Cameco.

Some of the price positivity early in the quarter came as Kazatomprom (LSE:KAP,OTC Pink:NATKY) warned that it was expecting to adjust its 2024 production guidance due to “challenges related to the availability of sulfuric acid.”

The state producer and major uranium player confirmed the reduction on February 1, underscoring the importance of sulfuric acid in its in-situ recovery method and describing its efforts to secure supply.

“Presently, the company is actively pursuing alternative sources for sulfuric acid procurement,” a press release states.

“Looking ahead in the medium term, the deficit is expected to alleviate as a result of the potential increase in sulphuric acid supply from local non-ferrous metals mining and smelting operations. The company also intends to enhance its in-house sulfuric acid production capacity by constructing a new plant.”

In 2023, Kazatomprom initiated the establishment of Taiqonyr Qyshqyl Zauyty to oversee the construction of a new sulfuric acid plant capable of producing 800,000 metric tons annually.

In the years ahead, the company is aiming to bolster its sulfuric acid production capacities through existing partnerships to achieve a consolidated production volume of approximately 1.5 million metric tons.

In the meantime, disruptions to Kazakh output will only grow the market deficit.

According to the World Nuclear Association, total global uranium production in 2022 only satiated 74 percent of global demand, a number that is likely to shrink as nuclear reactors in Asian countries begin coming online.

“Kazakhstan is the largest producer of uranium in the world — 44 percent. We like to think of Kazakhstan as the OPEC of uranium,” John Ciampaglia, CEO of Sprott Asset Management, said during a recent webinar.

Kazatomprom forecasts its adjusted uranium production for 2024 will range between 21,000 and 22,500 metric tons on a 100 percent basis, and 10,900 to 11,900 metric tons on an attributable basis. While in line with the company’s 2023 output, the major had to forgo a production ramp up due to the sulfuric acid shortage and development issues.

Analysts and market watchers foresee the sulfuric acid shortage being a long-term price driver.

“The sulfuric acid issue in Kazakhstan is a systemic problem that we do not believe will go away any time soon,” said Finegold. “While the company is doing what they can to alleviate pressures on sulfuric acid supplies, we believe their ability to ramp up production will be hindered for several years before their third domestic plant comes online. As such, we do not see Kazakh uranium production increasing significantly over the next three to four years.”

COP28 nuclear commitment supporting demand

The U3O8 spot price spiked again in early February, reaching US$105 before another correction set in.

As Finegold explained, some of the retraction was the result of profit taking from short-term holders.

“Financial speculators looking to lock in profits towards March year ends played a role, but as we know these moves are achieved on very little volume, so the point remains that the long-term thesis remains unchanged,” he said.

Finegold went on to highlight the different investment perspectives within the market.

“Spot market participants trade on very different parameters and time horizons to one another,” he said. “A trader and a hedge fund, for example, act in a totally different manner to a utility who are long-term thinkers.”

Despite February's slight contraction, uranium prices have remained elevated above US$80.

Some of this long-term support is the result of a COP28 nuclear capacity declaration. At the organization's December meeting in Dubai, more than 20 countries signed a proclamation to triple nuclear capacity by 2050.

There are currently 440 operational nuclear reactors with an additional 13 slated to come online this year and another 47 expected to start electricity generation by 2030. For Finegold, this commitment to building and fortifying nuclear capacity has been uranium's most prevalent demand trend. “The demand side of the equation remains robust and growing at a time when the supply side has never been more fragile,” he commented.

Others also believe the COP28 commitment was a tipping point for the uranium market that spawned several announcements about mine restarts and project extensions.

“Governments around the world have acknowledged that they need to be more supportive, not just financially, but in terms of expediting new projects, expediting the environmental permitting processes for new uranium mines,” said Sprott’s Ciampaglia during the webinar. “And it's not just happening in one country — with the exception of one or two outliers in Europe, this is happening around the globe.”

Geopolitical risk and resource nationalism are price catalysts

Uranium prices continued to consolidate from mid-February through mid-March, but remained above US$84.

This positivity saw several uranium companies in the US, Canada and Australia announce plans to bring existing mines out of care and maintenance. In late November, uranium major Cameco( TSX:CCO,NYSE:CCJ) announced it was restarting operations at its McArthur River/Key Lake project in Saskatchewan after four years.

In January, the McClean Lake joint venture which is co-owned by Denison Mines (TSX:DML,NYSEAMERICAN:DNN) and Orano Canada, reported plans to restart its McClean Lake project, also located in the Athabasca Basin of Saskatchewan.

South of the border, exploration company IsoEnergy (TSXV:ISO,OTCQX:ISENF) is gearing up to restart mining at its Tony M underground mine in Utah. “With the uranium spot price now trading around US$100 per pound, we are in the very fortunate position of owning multiple, past-producing, fully permitted uranium mines in the U.S. that we believe can be restarted quickly with relatively low capital costs," IsoEnergy CEO and Director Phil Williams said in a February release.

Building North American capacity is especially important ahead of the global nuclear energy ramp up and the ongoing geopolitical tensions between Russia and the west. While nuclear power is used to provide nearly 20 percent of America's electricity, the nation produces a very small amount of the uranium it needs.

Instead, the country imports as much as 40.5 million pounds annually.

According to the US Energy Information Administration, 27 percent of imports come from ally nation Canada, while 25 percent of imports come from Kazakhstan and 11 percent originate in Uzbekistan — both considered allies of Russia.

Commenting on that topic, Finegold noted, “The ongoing talk around US sanctions remains the most significant geopolitical catalyst for the sector." He added, "While we do not believe sanctions could be enforced immediately, it will send a signal to the market that Russia will no longer be involved in the largest uranium market in the world and would inevitably have an impact on fuel cycle component prices.”

If sanctions do limit imports from Russian allies, Finegold expects these countries to form stronger ties to China.

“Outside of this, the relationship between Kazakhstan and China remains one to watch as the Chinese continue their nuclear rollout strategy and look to procure millions of Kazakh-produced pounds,” he added.

Uranium price outlook remains positive

After hitting a Q1 low of US$84.84 on March 18, uranium began to move positively, ending the three month session in the US$88 range. Commitments to nuclear capacity, the energy transition and stifled supply will continue to be the most prevalent market drivers heading into the second quarter and the rest of the year.

“We believe uranium prices will significantly outrun the recent US$107 highs from February in 2024, driven by a fundamental supply/demand imbalance,” said Finegold. “Producers will continue to cover production shortfalls, while utilities struggle to replenish inventory shortages.”

The Ocean Wall associate went on to note, “The inherent appetite of traders and financial speculators will continue to drive prices higher. These demand drivers are converging at a time when supply has never looked more fragile.”

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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Uranium Price Update: Q2 2024 in Review

After reaching a 17 year high in January, uranium prices consolidated in Q2, holding above US$82 per pound.

Despite the cooldown, geopolitical tensions, supply concerns and resource nationalism added support to the uranium sector over the 90 day period, preventing the energy fuel from dipping below the US$80 level.

Some analysts believe the correction is part of the uranium market's ongoing bull run.

“Although the price of uranium has appreciated significantly, we’re still well shy of the record US$135 per pound realized in 2007, or US$200 per pound when adjusted for inflation," Steven Schoffstall, director of ETF product management at Sprott, wrote in an April 25 note on uranium's resurgence. "Rising global commitments to nuclear energy and other supporting factors are helping to make uranium a more compelling investment than ever."

Starting the quarter at US$87.26, uranium values had contracted slightly by the end of June to hit US$85.76. While prices moved slightly lower, market fundamentals still favor a higher uranium price in the months and years to come.

Uranium price, Q2 2024.

Chart via Trading Economics.

Schoffstall states that a positive trend working in uranium’s favor is the COP28 commitment to triple nuclear capacity by 2050. Globally, 152 nuclear reactors are currently either under construction or planned.

Additionally, in early January, the UK government announced plans to expedite investment decisions for new nuclear projects, aiming to quadruple its nuclear capacity by 2050. Schoffstall notes that with this expansion, nuclear energy would account for 25 percent of Britain's electricity demand, up from 15 percent previously.

US ban on Russian uranium boosts prices

After holding in the US$86 to US$89 range through April, uranium prices were pushed higher in May by the news that the Biden administration will be banning Russian uranium imports.

“This new law reestablishes America’s leadership in the nuclear sector. It will help secure our energy sector for generations to come," said National Security Advisor Jake Sullivan on May 13.

"And — building off the unprecedented US$2.72 billion in federal funding that Congress recently appropriated at the President’s request — it will jumpstart new enrichment capacity in the United States and send a clear message to industry that we are committed to long-term growth in our nuclear sector."

The decision aligns with goals set last December by the US and its allies, including Canada, France, Japan and the UK, which collectively pledged US$4.2 billion to expand uranium enrichment and conversion capacity.

The US has relied on Russian uranium since the 1993 Megatons to Megawatts program, which involved converting 500 metric tons (MT) of uranium from dismantled Russian nuclear warheads into reactor fuel.

According to the US Energy Information Agency, Russian imports accounted for 12 percent of the nation’s uranium supply in 2022. The new legislation aims to shift this dependenct toward local uranium sourcing.

The announcement raised questions about the US’ ability to source uranium domestically and through allies, which proved beneficial for US-focused producers like Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU).

Uranium miners bringing supply back online

As countries look to bolster their nuclear energy capacity, issues around future supply are intensifying. In 2022, total global production satiated just 74 percent of global demand, pointing to a sizable shortfall.

If the world intends to meet the COP28 obligation of tripling nuclear capacity, increased uranium production is needed. Some of that supply will come from projects that were curtailed due to weak prices in the 2010s.

Restarting uranium production at these projects will likely prove easier than bringing new projects online due to the decades-long process of getting mines approved. Indeed, several uranium companies in the US, Canada and Australia have already announced plans to restart existing mines due to recent market optimism.

In late November, Cameco (TSX:CCO,NYSE:CCJ) announced it would resume operations at its McArthur River/Key Lake project in Saskatchewan. In January of this year, Denison Mines (TSX:DML,NYSEAMERICAN:DNN) and Orano Canada revealed plans to restart the McClean Lake project, also in Saskatchewan's Athabasca Basin.

On the other side of the border, IsoEnergy (TSXV:ISO,OTCQX:ISENF) is preparing to restart its Tony M underground uranium mine in Utah, with first production slated for 2025.

In Australia, Paladin Energy (ASX:PDN,OTCQX:PALAF) resumed commercial production at its Langer Henrich mine in late March, with the first customer shipment expected in July. The company subsequently released guidance for its 2025 fiscal year, outlining 4 million to 4.5 million pounds of production. Paladin's goal is for Langer Heinrich to reach nameplate production of 6 million pounds annually by the end of the 2026 calendar year.

“Now that uranium prices have returned to more profitable levels, many previously closed mines are taking steps to start producing again,” said Schoffstall in his note. “However, adding to the supply of uranium isn’t as simple as flipping a switch, and increasing uranium production is proving difficult.”

Case in point — the sector’s largest producers have had to reduce their 2024 production guidance.

In 2023, Cameco, the largest pure-play uranium miner by market cap, had to lower the production forecast for its Cigar Lake mine and its McArthur River/Key Lake operations, expecting a nearly 3 million pound shortfall.

Similarly, Kazatomprom, which produces about 44 percent of the world’s uranium, announced in February that it will fall short of its production targets in 2024, and likely in 2025 as well.

These positive long-term fundamentals pushed uranium to a Q2 high of US$93.72 on May 8.

Paladin's Fission offer hints at more M&A

Amid that environment, some producers started looking for uranium deals in June.

Most notable was Paladin's C$1.4 billion offer for Saskatchewan-focused Fission Uranium (TSX:FCU,OTCQX:FCUUF).

“The acquisition of Fission, along with the successful restart of our Langer Heinrich Mine, is another step in our strategy to diversify and grow into a global uranium leader across the top uranium mining jurisdictions of Canada, Namibia and Australia,” said Paladin CEO Ian Purdy in a June 24 press release.

“Fission is a natural fit for our portfolio with the shallow high-grade PLS project located in Canada’s Athabasca Basin. The addition of PLS creates a leading Canadian development hub alongside Paladin’s Michelin project, with exploration upside across all Canadian properties," he continued.

While some market watchers think the deal could open the floodgates for more M&A activity in the sector, others have warned of potential pitfalls like those witnessed during uranium’s last bull market.

During that period, only one major acquisition led to the development of a new uranium mine: China General Nuclear's 2012 purchase of Extract Resources, which resulted in Namibia's Husab mine. Other deals failed to produce viable assets as they were often based on promising geological surveys rather than proven reserves.

This time, industry players are expected to focus on acquiring high-quality, low-cost assets that can withstand market downturns. The Fission deal emphasizes the importance of prioritizing "large single asset scale" properties, Arthur Hyde, partner and portfolio manager at Segra Capital, told Energy Intelligence.

“This is perfectly predictable and probably exactly what the market should be seeing,” he continued during the interview. “I would say that we're kind of in a unique commodity cycle here, where I don't think smaller bolt-on acquisitions will be enough to satiate the supply-demand gap. What I think we're seeing in the Fission deal is a premium for scale and I think that's something that you'll continue to see through the cycle."

Tailwinds seen pushing prices higher

Uranium's May rally was short-lived, with prices returning to rangebound status through June. Values registered a Q2 low of US$82.07 on June 11, but remained in multi-decade high territory.

“Besides being a pause in a longer-term bull market, the uranium spot market has been susceptible to broader factors like broader commodities weakness, seasonal softness and a lack of expected buying activity with the passage of the Prohibiting Russian Uranium Imports Act,” wrote Jacob White, ETF product manager at Sprott Asset Management.

“On the other hand, fundamentals continue to strengthen with nuclear power plant restarts, new builds and a deepening supply deficit. Notably, the spot market may have paused, but the increasingly positive fundamental picture has played out differently for both the term market and uranium miners,” he further explained.

This sentiment was shared by panelists polled by FocusEconomics. They noted that June saw prices fall for the third time in four months, although they remain near the highest levels since the pre-financial crisis bubble in 2007.

This decline likely indicates a market correction, as the spot price has eased this year, while the long-term contract price, which better reflects market fundamentals, has increased.

Against that backdrop, the panelists expect to see prices remain around their highest level in more than a decade for the rest of the year, with a Q4 price forecast of US$91.72. “Over 2024 as a whole, they see prices averaging the highest level since 2007, with the pledge at the December UN COP 28 summit to triple nuclear energy output driving a worldwide push for uranium supply — which is relatively inelastic,” the firm's report reads.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.

Additional information on uranium stock investing — FREE

Rick Rule: Gold, Silver, Uranium — Key Price Drivers and What to Watch Now

Rick Rule, proprietor at Rule Investment Media, shared his latest thoughts on gold, silver and uranium dynamics, as well as the opportunity he sees in the "hated" platinum and palladium sectors.

Speaking first about gold, he said so far foreign central banks have been its main buyers. In his experience, retail investors only become interested in the metal when they get concerned about maintaining their purchasing power.

At this point, that hasn't happened yet, and it may not happen for some time.

"I will note that it took five years for this to happen in the 1967, 1972 timeframe. In other words, while people understood that inflation was taking place, the perniciousness of it, the impact on their own personal lifestyle, wasn't apparent for five years. And my suspicion is that we're facing a delayed punch with regard to taxpayers and savers understanding the impact of inflation on their own purse," Rule explained during the conversation.

"As they come to understand that, I think that you will get a layer of retail buying, the traditional retail buyer, on top of the central bank buyer. And if I'm right with regards to that, then you could see some real fireworks in the gold price."

When asked what's moving the silver price right now, Rule said he doesn't know. Typically the white metal follows gold and then outperforms, but he would have expected silver to need a bigger move in gold to take off.

An anomaly was 2021's silver squeeze, which was driven by the Reddit (NYSE:RDDT) community. At that time, the normal sequence — where the metal moves and then is followed by miners, developers and juniors — was turned on its head.

"It might be that your generation doesn't do things the way my generation does. I'll need to observe that," he said.

Looking briefly at uranium, Rule said the price is taking an important breather. In his view, a key trend to watch right now is the rising prominence of the term market, which will help lower the cost of capital in the sector.

"The real pricing structure is being determined in the term market, and increasingly it's going to be reflected in the term market in the five year product, the 10 year product, the 15 year product and the 20 year product. This is going to have really profound and positive implications for those few uranium juniors that have developable projects," he said.

Watch the interview for more from Rule on the topics mentioned above.

You can also click here for information about the upcoming Rule Symposium, which runs from July 7 to 11 in Boca Raton, Florida. A livestream will also be available, with content available until December 31 of this year.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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Ben Finegold: Uranium's New Paradigm — Market Dynamics and How to Invest

Speaking to the Investing News Network, Ben Finegold, director at Ocean Wall, shared his latest thoughts on uranium, covering supply and demand dynamics and his outlook for prices in 2024 and beyond.

In his view, the market has only reached its third inning, meaning the story is nowhere near over. While investors will need to be more selective, Finegold remains bullish on the uranium spot price and sees uranium stock opportunities too.

"You've got the supply side as fragile as it is, and you've got demand really starting to kick into gear over the next decade. And then you can throw (small modular reactors) into that story, you can throw ... all these bells and whistles on top. And you start to realize that it is a unique, quality story versus anything else," Finegold said during the interview.

Honing in on the US ban on Russian uranium imports, which was signed into law in mid-May, Finegold said it's probably one of the most significant events for the uranium market since Russia's invasion of Ukraine.

However, while it's a powerful mechanism for incentivizing US uranium mining and fuel cycle investment, he said the market is still waiting to see exactly how the ban will impact the fuel cycle. Finegold also said he believes there's a fairly strong possibility of a counter-ban from Russia, noting that Russia has little reason to keep supplying the US.

Leading up to the ban, US utilities were hesitant to sign contracts due to the uncertainty with Russia. With that now largely out of the way, Finegold expects these entities to step up to the plate. "I think that we're going to start to see a move much higher both in terms of term volume and in terms of term prices," he said. "Fuel buyers have got the clarity that they need, particularly in the west now, on the US' stance on the future procurement of Russian uranium."

He doesn't believe investors have missed the boat on uranium, but he encouraged caution in today's market.

"I think we're entering a new paradigm for the market, certainly in terms of geopolitics, in that the market is bifurcating — it feels like more and more every day," Finegold said as the interview wrapped up. "It was a bifurcated market five years ago, and it's being exacerbated week on week. We're starting to see this real divide between the east and the west in terms of production, who's selling to who, (and) in terms of power plant construction, who's willing to work where."

Watch the interview above for more of his thoughts on uranium, including supply, demand and pricing.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Top 5 Canadian Uranium Stocks of 2024

After reaching a 17 year high of US$106 per pound in early January, the uranium spot price spent most of the second quarter consolidating under US$90, finishing the three month period at the US$85.70 level.

“Thus far in 2024, the uranium spot price has stabilized between US$85 to US$95 per pound after a significant 88.54 percent increase in 2023,” wrote Sprott Asset Management's Jacob White in a June market update.

“This phase indicates a healthy correction within a bullish market cycle," he added.

White, who is the company's exchange-traded fund product manager, went on to note that the recent pause in uranium's run offers a promising entry point to the ongoing bull market. Like many market watchers, he sees market support for the commodity coming from persistent supply uncertainties and renewed nuclear energy interest.

Below are the best-performing uranium stocks on the TSX, TSXV and CSE by share price performance so far this year. All data was obtained on July 8, 2024, using TradingView’s stock screener, and all companies had market caps above C$10 million at the time. Read on to learn what factors have been moving their share prices.

1. Greenridge Exploration (CSE:GXP)

Press Releases

Company Profile

Year-to-date gain: 163.83 percent; market cap: C$20.68 million; share price: C$1.24

Canada-focused Greenridge Exploration is engaged in the exploration of the Nut Lake uranium project in the Thelon Basin in Nunavut, Canada, and has acquired several uranium projects this year. According to the company, Nut Lake is strategically positioned near the Angilak uranium deposit, which was recently acquired by Atha Energy (TSXV:SASK,OTCQB:SASKF) as part of a three way merger with Latitude Uranium and 92 Energy.

Nut Lake is a new property for Greenridge. On January 18, the company entered into an option agreement with three parties to acquire a 100 percent stake in the asset. Historic drilling at the polymetallic deposit has identified “significant” uranium mineralization, with intersections of up to 9 feet containing 0.69 percent of U3O8.

Greenridge released a technical review of the property in April. In the release, Russell Starr, CEO of Greenridge, states, "We continue to uncover promising geological data at the Nut Lake Uranium Project. The Thelon Basin and sub-basins are significantly underexplored compared to the well-known Athabasca Basin to the south.” In late May, the company increased its land position at Nut Lake by more than 40 percent to a total of 5,854 hectares.

Nut Lake isn't Greenridge's only addition this year. In May, the company also acquired the Carpenter Lake uranium project, which covers 13,387 hectares near the Athabasca Basin's southern margin. Greenridge ended the quarter by acquiring the Snook Lake and Ranger Lake uranium projects in Ontario. The Ranger Lake project covers 20,782 hectares in the Elliot Lake region, while the Snook Lake project spans 4,899 hectares in Northwestern Ontario.

Greenridge's share price has climbed throughout the year to reach a year-to-date high of C$1.25 on July 3.

2. District Metals (TSXV:DMX)

Company Profile

Year-to-date gain: 93.75 percent; market cap: C$40.15 million; share price: C$0.31

District Metals is an energy metals and polymetallic explorer and developer with a portfolio of nine assets, including five uranium projects in Sweden. It's currently focused on its Viken property, which hosts a uranium-vanadium deposit.

Historic estimates conducted in 2010 and 2014 peg the indicated resource at 43 million metric tons with an average grade 0.019 percent U3O8, with another 3 billion metric tons with an average grade 0.017 percent U3O8 in the inferred category. According to the company, Viken is one of the “world's largest in terms of uranium and vanadium mineral resources."

Shares of District spiked to a year-to-date high of C$0.49 on May 21. The jump coincided with the company announcing that its subsidiary, Bergslagen Metals, had received final approvals for its mineral license applications in Jämtlands and Västerbottens Counties in Sweden to explore for metals including vanadium, nickel, molybdenum and rare earths.

“We are very pleased with the timely approvals for our eight mineral license applications that cover a total of 91,470 hectares of ground that is highly prospective for Alum Shale deposit targets,” said Garrett Ainsworth, CEO of District. “Alum shales are the host rocks of our Viken Energy Metals Deposit, which represents a potentially significant source of critical and strategic metals and minerals for the green energy transition.”

3. CanAlaska Uranium (TSXV:CVV)

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Company Profile

Year-to-date gain: 50.65 percent; market cap: C$90.03 million; share price: C$0.58

CanAlaska Uranium is a self-described project generator with a portfolio of assets in the Saskatchewan-based Athabasca Basin. The region is well known in the sector for its high-grade deposits.

The company's portfolio includes the West McArthur property, which is situated near sector major Cameco (TSX:CCO,NYSE:CCJ) and Orano Canada’s McArthur River/Key Lake mine joint venture. In 2018, Cameco signed on as a joint venture partner for CanAlaska's West McArthur project, and it retains a 16.65 percent stake.

In mid-April, CanAlaska acquired the Intrepid East and Intrepid West projects in the Northeastern Athabasca Basin. The two projects cover a combined 58,747 hectares and are 20 kilometers north of the high-grade Hurricane uranium deposit.

During the second quarter, CanAlaksa also conducted airborne surveys at its projects near Cameco and Orano’s Key Lake mill — the Key Extension, Enterprise, Voyager and Nebula projects — as well as at its Frontier project.

In June, CanAlaska mobilized drill crews for a summer drill program at West McArthur. The C$7.5 million program is focused on expanding the high-grade Pike Zone uranium discovery. High-grade results from the discovery drove CanAlaska's share price to a year-to-date high of C$0.75 in early March.

4. Denison Mines (TSX:DML)

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Company Profile

Year-to-date gain: 21.37 percent; market cap: C$2.53 billion; share price: C$2.84

Denison Mines is focused on uranium mining in Saskatchewan's Athabasca Basin, holding a 95 percent interest in the Wheeler River uranium project. In 2023, the company completed a feasibility study for Wheeler River's Phoenix deposit, at which it plans to use in-situ recovery (ISR), and updated the 2018 prefeasibility study for the Gryphon deposit.

According to the company, both deposits have low-cost production potential.

Denison also owns 22.3 percent of the McClean Lake joint venture with Orano Canada. The companies agreed in January to restart mining operations at the McClean North deposit, with a target of 2025. The two companies also share the nearby Midwest uranium project, with Denison holding a 25.17 percent interest.

On May 8, Denison released its Q1 results in which it discusses its progress throughout the quarter, and notes that it is continuing to work toward a final investment decision for ISR mining at the Phoenix deposit.

In June, Denison announced that it had completed an ISR field test program at the Midwest project's Midwest Main deposit, which it said validates the use of the ISR method based on preliminary results. Moving forward, the company plans to complete a preliminary economic assessment for ISR mining at the deposit.

Denison shares rose to a year-to-date high on May 28 to trade for C$3.31.

5. Cameco (TSX:CCO)

Press Releases

Company Profile

Year-to-date gains: 18.5 percent; market cap: C$29.7 billion; share price: C$68.02

Uranium major Cameco operates across the entire nuclear fuel value chain and holds significant stakes in key uranium operations within the Athabasca Basin. This includes a 54.55 percent interest in the Cigar Lake mine, the world's most productive uranium mine. The company also owns 70 percent of the McArthur River mine and 83 percent of the Key Lake mill. Orano Canada is Cameco's primary joint venture partner across these operations.

On April 30, Cameco released its Q1 results, saying that its uranium production increased to 5.8 million pounds during the period, up from 4.5 million pounds in Q1 2023. The company also reported a 16 percent reduction in unit cash production costs to $19.52 per pound over the same time period. Looking ahead, Cameco said it expects McArthur River/Key Lake and Cigar Lake to produce a total of 18 million pounds each in 2024.

In June, Saskatchewan Power, Westinghouse and Cameco penned a memorandum of understanding to evaluate Westinghouse’s nuclear reactor technology for potential deployment in Saskatchewan. The agreement focuses on assessing AP1000 and AP300 small modular reactors reactors for long-term energy planning.

The trio will also explore ways to create a local nuclear supply chain, including fuel production, collaborating on research and workforce training with Saskatchewan’s institutions. SaskPower aims to make a final investment decision on constructing the province's first small modular reactor facility by 2029.

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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.