Top Uranium Stocks on the TSX and TSXV - Jul. 28, 2021

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After a strong performance in 2020, the U3O8 spot price has traded above US$30 per pound since mid-May.

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.

After a dip below US$28 this past March, prices have been able to pass the US$32 level in 2021, and market participants remain optimistic that the commodity has a bright future.

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 July 28, 2021, from TradingView. All companies listed had market caps above C$10 million at that time.

1. Trench Metals (TSXV:TMC)

Year-to-date gain: 233.33 percent; current share price: C$0.50

Exploration and development company Trench Metals has the right to acquire a 100 percent stake in the Gorilla Lake uranium project, located in the Cluff Lake area of Saskatchewan’s Athabasca Basin.

Work at Gorilla Lake has progressed throug 2021. The company began a review of technical data for the asset in January, and in May said it was working on defining and prioritizing exploration targets for a summer field program; the program began in mid-July and will involve geological mapping, surface sampling and short-hole drilling. Trench shares were at their highest so far this year on June 7 at C$0.68.

2. Forsys Metals (TSX:FSY)

Year-to-date gain: 200 percent; current share price: C$0.90

Emerging uranium producer 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.

The year started off fairly slowly for Forsys, which did not have any news until mid-March, when it announced and then upsized a bought-deal private placement; it closed for aggregate proceeds of C$13 million on April 21. Most recently, the company shared its annual meeting voting results in mid-May.

3. Uranium Royalty (TSXV:URC)

Year-to-date gain: 152.05 percent; current share price: C$3.68

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

It’s been a busy year for Uranium Royalty, with highlights including its February deal to acquire royalties on Saskatchewan’s McArthur River and Cigar Lake mines, both operated by sector major Cameco (TSX:CCO,NYSE:CCJ); the transaction closed in May. The company began trading on the NASDAQ in late April, and hit its highest point in 2021 so far on May 3, reaching C$4.57. The day after, Uranium Royalty announced a C$37 million financing package that went through in May.

4. Global Atomic (TSX:GLO)

Year-to-date gain: 74.21 percent; current share price: C$2.77

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

The company has been steadily moving forward at its Dasa project in 2021. It received an environmental compliance certificate for the asset in January, and in March completed a pilot plant program; the program demonstrated the viability of the uranium recovery process laid out in the preliminary economic assessment for Dasa. More recently, in June Global Atomic added four new members to its operations and corporate teams in preparation for mine construction.

5. Denison Mines (TSX:DML)

Year-to-date gain: 67.86 percent; current share price: C$1.41

Denison Mines describes itself as a uranium exploration and development company focused on the Athabasca Basin. Its flagship asset is its 90 percent owned Wheeler River uranium project, and its other interests in the province include a 22.5 percent ownership stake in the McClean Lake joint venture.

The first half of the year has been busy for Denison. Among other activities, in March the company announced funding for a project finance initiative involving the acquisition of physical uranium; it closed shortly afterwards, and Denison procured 2.5 million pounds of U3O8 in early April.

Most recently, in mid-June, the firm revealed plans to acquire 50 percent ownership of JCU (Canada) Exploration Company from UEX (TSX:UEX,OTCQB:UEXCF).

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