Top Uranium Stocks on the TSX and TSXV - Apr. 19, 2021

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Following a strong performance in 2020, the U3O8 spot price continues to hold in the US$29 per pound range. 

Closures stemming from COVID-19 restrictions and logistical challenges supported the energy fuel’s higher threshold last year, and prices held at the US$30 level to end 2020.

Spillover from last year’s production disruptions has helped keep prices elevated into 2021, with the U3O8 spot price sitting at US$29.63 in January.

February saw values dip to US$27.98 for the first time since March 2020, but positive sentiment around the future of nuclear energy in the US and globally pushed prices back to US$30.95 for March.

Shifting attitudes around nuclear energy paired with an estimated 13.1 million pound supply reduction in 2020 may be enough to keep prices at current levels for the remainder of the year. The US$50 mark is often cited as the level required for uranium sector growth.

Below the Investing News Network has listed the top uranium stocks on the TSX and TSXV by share price performance so far this year. All year-to-date and share price information was obtained on April 19, 2021, from TradingView. All companies listed had market caps above C$10 million at that time.

1. Forsys Metals (TSX:FSY)

Year-to-date gain: 156 percent; current share price: C$0.77

Developer Forsys Metals is working to advance its Norasa property in Namibia. The site is comprised of two uranium projects, Valencia and Namibplaas. Both are fully permitted.

In late March, the energy company announced the initiation of a private placement for C$8.5 million. The private placement will be underwritten by Canaccord Genuity and Red Cloud Securities.

Following the news, shares hit a year-to-date high of C$0.99 on April 5.

2. Uranium Royalty (TSXV:URC)

Year-to-date gain: 130.5 percent; current share price: C$3.44

Uranium Royalty gains exposure to the uranium market through a pure-play strategy of investing in royalty streams, equity, debt and physical holdings.

In mid-February, the company acquired royalties related to the Cigar Lake and McArthur River mines in Saskatchewan. Cigar Lake is the world’s premier uranium mine, while McArthur River is also a formidable producing asset. Located in the Athabasca Basin region, well known for its uranium deposits, sector major Cameco (TSX:CCO,NYSE:CCJ) operates both mines, with a partnership with Orano at Cigar Lake.

The last week of March saw the royalty company exercise its option to purchase US$10 million of physical uranium. The initial deal was penned as part of a 2018 foundational investment in the initial public offering of Yellow Cake (LSE:YCA).

The first tranche will include 348,068 pounds of U3O8 priced at US$28.73 per pound, and will be delivered by the end of April.

3. Azincourt Energy (TSXV:AAZ)

Year-to-date gain: 113 percent; current share price: C$0.08

Alternative energy developer Azincourt Energy is presently working on its East Preston uranium project in Saskatchewan, and the Escalera Group uranium and lithium project in Peru.

Company highlights from Q1 include the early conclusion to a winter drill program at East Preston.

The top uranium stock also finalized a private placement for C$4.2 million. Azincourt shares marked a year-to-date high on February 5 to trade for C$1.50.

4. Virginia Energy Resources (TSXV:VUI)

Year-to-date gain: 108.6 percent; current share price: C$0.26

Uranium exploration and development company Virginia Energy Resources owns the Coles Hill uranium project in the American state of Virginia.

Despite not releasing any news since 2020, the firm has performed well in 2021. After dipping to a Q1 low of C$0.01 in late January, the company rebounded to a quarterly high of C$0.36 in mid-March.

5. Global Atomic (TSX:GLO)

Year-to-date gain: 67.8 percent; current share price: C$2.67

Global Atomic specializes in uranium exploration and development in Niger and zinc recycling in Turkey.

The company had a busy Q1, which included receiving environmental compliance certificates for its Dasa uranium property. Updates for the site also include the successful completion of a pilot plant.

In mid-March, Global Atomic closed a C$12.5 million bought deal private placement. Currently the firm is conducting a drill program at Dasa. In late March, shares hit a Q1 peak of C$2.67 and have remained rangebound in the weeks since.

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

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