Top Uranium Stocks on the TSX and TSXV

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The uranium spot price rallied 60 percent in the first four weeks of Q3 to push past the US$50 per pound level for the first time since 2012.

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.

This year the launch of the Sprott Physical Uranium Trust (TSX:U.UN) has created significant movement, 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 data was obtained on September 28, 2021, from TradingView. The top uranium stocks listed had market caps above C$10 million at that time.

1. Trench Metals (TSXV:TMC)

Year-to-date gain: 526.67 percent; current share price: C$0.94

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 through 2021. The company began a review of technical data for the asset in January, and in May 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 September 27 at C$0.95.

2. Virginia Energy Resources (TSXV:VUI)

Year-to-date gain: 318.18 percent; current share price: C$0.46

Virginia Energy Resources is a uranium development and exploration company. It holds a 100 percent controlling interest in the advanced-stage Coles Hill uranium project in South-Central Virginia, US.

Virginia Energy hasn’t had much news flow for 2021, but in early September the company completed a C$1.3 million financing. Shares of Virginia Energy hit a high of C$0.80 on September 16.

3. Uranium Royalty (TSXV:URC)

Year-to-date gain: 271.92 percent; current share price: C$5.43

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, and the company began trading on the NASDAQ in late April. Soon after, it announced a C$37 million financing package that went through in May.

The uranium stock’s performance earned it a spot in the Global X Uranium ETF (ARCA:URA) in August. The following month, the company announced it had increased its physical inventory to 648,068 pounds of U3O8 at a weighted average cost of US$33.10 per pound.

Uranium Royalty shares were at their highest so far this year on September 16 at C$7.11.

4. Forsys Metals (TSX:FSY)

Year-to-date gain: 210 percent; current share price: C$0.93

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. Forsys shares were at their highest so far this year on September 16 at C$1.30.

5. Skyharbour Resources (TSXV:SYH)

Year-to-date gain: 174.51 percent; current share price: C$0.70

Skyharbour Resources has a portfolio of uranium and thorium projects in Canada’s Athabasca Basin, including six drill-ready projects covering over 240,000 hectares. The company acquired a 100 percent interest in the Moore uranium project from Denison Mines (TSX:DML,NYSEAMERICAN:DNN), a large strategic shareholder of the company. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization; it is located 15 kilometers east of Denison’s Wheeler River project and 39 kilometers south of Cameco’s McArthur River uranium mine.

On September 14, the uranium explorer shared highlights from ongoing drilling at the Moore project, highlighting intersects of 2.54 percent U3O8 over 6 meters, including 6.8 percent U3O8 over 2 meters at the Maverick East zone. Skyharbour saw its stock value hit a high of C$0.87 on September 16.

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

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