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What are the best uranium stocks? Here we list the companies on the TSX and TSXV that have seen the biggest year-to-date share price gains.
The third quarter of the year has seen the uranium sector remain relatively flat, with the U3O8 spot price stuck at US$26 per pound or lower.
Continued uncertainty about the US Section 232 uranium import investigation has weighed on the sector, preventing the spot price from climbing above US$26.
Below we run through the three uranium stocks on the TSX and TSXV with the biggest share price gains year-to-date. All data was obtained on October 7, 2019, using TradingView’s stock screener. All companies listed had market caps above C$10 million at that time.
1. ValOre Metals (TSXV:VO)
Year-to-date gain: 183.33 percent; share price: C$0.34
Diversified explorer ValOre Metals has three uranium projects in various stages of exploration and development. Two of the company’s uranium assets are located in Saskatchewan’s Athabasca Basin, a jurisdiction well known for its high-grade deposits. Uranium major Cameco’s (TSX:CCO,NYSE:CCJ) main project, Wheeler River, is also located in the area.
ValOre has a high-grade uranium asset in Nunavut, the Angilak property. The company has invested more than C$55 million in the exploration of the property and believes it is well positioned to benefit from an upturn in the uranium market.
At the beginning of August, the company closed the first tranche of a C$3 million private placement, issuing 7,087,000 shares at a price of C$0.25 each for gross proceeds of C$1,771,750. ValOre is using the funds to expand the exploration of its current projects, as well as to help cover costs associated with its acquisition of the Pedara Branca project.
On August 14, ValOre closed its acquisition of Pedra Branca from Jangada Mines (LSE:JAN) for C$3 million. This will be a detour from uranium — the newly acquired project is a platinum-group metals asset.
2. IsoEnergy (TSX:ISO)
Year-to-date gain: 11.39 percent; share price: C$0.53
IsoEnergy possesses an array of uranium assets all located in the Athabasca Basin of Saskatchewan. The explorer was busy during Q3 2019, exploring, testing and drafting reports for its various projects ahead of an expected spot price uptick.
Towards the end of July, the miner intersected 5.4 percent U3O8 over 7 meters, including 15.9 percent uranium over 2 meters, at the Hurricane zone at its Larocque East property, located in Orano Canada’s McClean Lake region.
“The system is showing it has high-grade potential and now strike extent and scale. I’m particularly excited to see the results from our eastern most pathfinder hole LE19-19 and we look forward to reporting further results from the program where we have a further eight drill holes planned,” CEO Craig Parry noted in a release at the time.
On August 28, IsoEnergy reported the completion of its summer drill program at the Hurricane zone, with intersections of strong radioactivity in LE19-28 and LE19-29, plus the intersection of mineralization on a 250 meter step out to the east.
“With the zone now extending at least 500m along-strike, Hurricane is the most exciting recent uranium discovery in the Athabasca basin,” said Parry.
3. GoviEx Uranium (TSXV:GXU)
Year-to-date gain: 7.14 percent; share price: C$0.15
Junior uranium miner GoviEx Uranium is focused on the exploration and development of its African uranium properties, with the goal of becoming a significant uranium producer through the continued exploration and development of its mine-permitted Madaouela project in Niger, its mine-permitted Mutanga project in Zambia and its Falea project in Mali.
The company has one of the largest NI 43-101 uranium resource bases in combination amongst its peer group, and boasts a combined measured resource of 36.2 million pounds of U3O8, indicated resources of 107.3 million pounds of U3O8 and inferred resources of 86 million pounds of U3O8.
On July 19, GoviEx and the Republic of Niger signed a definitive agreement in order to jointly develop the company’s Madaouela project.
“The finalization of the agreements represents a key step for GoviEx and Niger as we further develop the mine permitted Madaouela project and it continues to illustrate the constructive environment that GoviEx has experienced operating in Niger since 2007. Our work on the feasibility study continues as we focus on improving the project economics with confirmation test work currently underway targeting the reduction of operating and capital costs,” noted CEO Daniel Major.
On September 23, GoviEx reported that its Madaouela 1 mining permit has been revised to include an additional 23.84 million pounds of measured and indicated mineral resources.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: IsoEnergy is a client of the Investing News Network. This article is not paid-for content.
