Top Uranium Stocks of 2020 on the TSX and TSXV

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The uranium price lost some of its steam during the last month of Q2, slipping below US$33 per pound.

Before the minor price fall, the U3O8 spot price had been on a steady uptrend, adding 33 percent to its value since January.

Price growth was a welcome sign to producers and explorers in the sector, many of which have contended with a low spot price for the last nine years.

Uranium’s current price level — US$32.80 — has not been seen since early 2016, prompting analysts to forecast a uranium bull market.

Quoting investment veteran Rick Rule at a Metals Investor Forum webinar, Gwen Preston of Resource Maven said, “The worst performers in the uranium space in the last bull market gained 800 percent.” She then explained that this bull run “has been setting up for a long time.”

Top uranium stocks to consider

Below the Investing News Network has listed the top uranium stocks on the TSX and TSXV by best share price performance so far this year.

All year-to-date and share price information was obtained using TradingView‘s stock screener at close of day on July 9, 2020. All companies listed had market caps above C$10 million at that time.

1. IsoEnergy (TSXV:ISO)

Year-to-date gain: 89.3 percent; current share price: C$0.75

Focused on uranium in Canada’s Athabasca Basin, IsoEnergy possess 21 exploration properties.

In late May, the junior reported the acquisition of six new properties, which upped the company’s land holdings in the Eastern Athabasca Basin from 15 to 21.

“These properties have been on our radar for some time, and with the uranium price gaining momentum we elected to secure the tenure now,” said Steve Blower, vice president of exploration.

“Every one of these properties has good uranium exploration potential given the presence of drill-ready targets on conductive features and/or proximity to known deposits.”

A few days later, IsoEnergy’s share price hit its quarterly high of C$0.76.

2. Blue Sky Uranium (TSXV:BSK)

Year-to-date gain: 39 percent; current share price: C$0.14. 

Blue Sky Uranium is focused on developing uranium projects in Argentina. Currently the explorer owns several uranium-vanadium projects in the country’s Rio Negro province.

The company’s share price climbed 105 percent on April 21, and subsequently trended lower.

In late June, the energy explorer announced it was relying on temporary blanket relief offered by the Canadian Securities Administrators (CSA).  The measure was offered by the CSA to give companies an extension on certain filing requirements in the wake of COVID-19.

Blue Sky has postponed its annual general meeting until September.

3. Laramide Resources (TSX:LAM)

Year-to-date gain: 31.5 percent; current share price: C$0.25 

Uranium company Laramide Resources owns several projects in the US and Australia, including the Churchrock and Crowpoint in situ recovery projects.

The miner is also advancing its Utah-based La Sal project and La Jara Messa in New Mexico.

On April 6, Laramide reported it would delay the release of its 2019 financials under the  CSA’s blanket relief program.

A subsequent press release from the firm applauded US President Donald Trump and the Nuclear Fuel Working Group (NFWG) for “restoring and revitalizing American nuclear energy.”

Both the president and the NFWG have determined that a national uranium stockpile filled with domestically produced uranium would be advantageous to the US.

“The Uranium Producers of America (UPA) thank President Trump for his leadership in forming the US NFWG and recognizing that the challenges facing the domestic uranium industry are an issue of national security,” reads the company’s statement.

“We applaud the NFWG for recommending both immediate and longer-term measures necessary to reinvigorate the domestic uranium mining and conversion industries.”

 4. Cameco (TSX:CCO)

Year-to-date gain: 20.6; current share price: C$14.35 

Leading publicly traded uranium producer Cameco operates some the largest uranium projects in the world. The miner’s primary assets are the Cigar Lake property and the McArthur River mine (on care and maintenance), both located in the Athabasca Basin of Saskatchewan.

In April, Cameco extended a Q1 production suspension at Cigar Lake.

“The global challenges posed by this pandemic are not abating — in fact, they are deepening,” Tim Gitzel, president and CEO, said at the time.

He added, “We therefore need to stay vigilant and do everything we can to keep people and families safe. We are especially sensitive to the situation in the remote, isolated communities of northern Saskatchewan that are home to a sizeable portion of the workforce at Cigar Lake.”

Although the company’s share price is up just 20 percent year-to-date, it has rocketed up an impressive 84 percent since falling to a seven year low of US$7.94 in March.

Shares of Cameco hit a quarterly high of US$15.40 on May 5.

5. NexGen Energy (TSX:NXE)

Year-to-date gain: 18.9 percent; current share price: C$1.93 

Another uranium developer focused on the prolific Athabasca Basin is NexGen Energy. The company holds a portfolio of projects and discoveries including the Arrow deposit, the Bow discovery, the Harpoon discovery and Arrow South.

On May 30, NexGen closed a US$30 million financing with Queen’s Road Capital.

“Proceeds from the financing will be used to the fund the permitting and development of the company’s Rook I project, which hosts the 100 percent-owned Arrow deposit, and for general corporate purposes,” reads the announcement.

NexGen’s share price marked a Q2 high of C$2.06 on June 5.

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Securities Disclosure: I, Georgia Williams, 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.