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Nuclear demand is on the rise in India, prompting the country to explore and develop uranium deposits within its borders.
Recently it has been discussed that India should be exploring for uranium—in the south-central region specifically—because it’s estimated to have approximately 20,000 tonnes of uranium deposits in a handful of areas within the sector.
India received its first shipment of uranium from Canadian company, Cameco (TSX:CCO), last December. However, exploration and research of uranium deposits within the country launched as early as January of this year.
The purpose of the exploration was to identify and evaluate uranium resources required for the implementation of atomic energy programme for India.
Abhinav Kumar, head survey of the team, said, “The Aravali-Delhi fold belt constitutes the Proterozoic basins such as Cuddapah basin in Andhra Pradesh, Gwalior Vindhya Basin in Madhya Pradesh, etc., where multi-disciplinary investigations have been taken up in search of unconformity related uranium deposits.”
How do uranium deposits in India stack up?
High nuclear demand from India, as well as China and the United Arab Emirates (UAE), has also boosted uranium demand. Thus, India must either import uranium or explore for potential uranium deposits within the country in order to secure the resources needed for additional nuclear reactors, according to Atomic Energy Commission (AEC) Chairman and Security, Sekhar Basu.
The proposition that India should advance exploration of uranium deposits is huge. According to the World Nuclear Association (WNA), due to earlier trade bans and lack of indigenous uranium, the country has been developing a nuclear fuel cycle to exploit its reserves of thorium.
The WNA also noted that the Uranium Corporation of India plans to use uranium deposits in the Bhima belt from Sedam in Gulbarga to Muddebihal in Bijapur, but didn’t specify when.
What uranium and thorium means for India’s nuclear energy
Placing India on the map as a power house in nuclear energy is on the rise, thanks to uranium and thorium. India has one of the largest reserves of thorium in the world, according to Dr. R. Chidambram, scientific advisor to the prime minister of India.
Former AEC chairman and ex-secrsatary Department of Atomic Energy (DAE) M.R. Srinivasan said that no one is ahead of India in the direction of the development of next generation nuclear reactors that use thorium as a fuel.
By itself, thorium is not a fuel: it is a potential fuel placed in a reactor and other fissile material is required to convert it into Uranium 233.
The Advanced Heavy Water Reactor (AHWR) will be fueled by a combination of uranium 233, converted from thorium, and plutonium. Uranium 233 is the reactor fuel that’s used for the third stage of the Indian nuclear power programme.
It is expect that the AHWR design will start working next year, according to Srinivasan. He also said it will have a thorium blanket around the reactor core, which will generate more uranium 233 as the reactor goes operational. This will result in the production of more uranium fuel that could potentially help sustain long term fuel requirements for the power generation.
By 2050, India is aiming to supply 25 percent of its electricity from nuclear power, as noted by the WNA.
Uranium companies to look at
While India is looking to develop its uranium resources in order to fuel growing nuclear demand, it’s worth remembering that bringing a mine from discovery to production takes many years. In the meantime, the country must get its uranium from other sources.
Uranium prices are struggling right now, but as FocusEconomics notes, the construction of new reactors in China, India and Russia is expected to relieve pressure on oversupply and boost prices moving forward.
With that promise for uranium in India in mind, here’s a sample of a few mining stocks at various stages of advancement within the uranium space.
Cameco
One of the largest uranium producers in the world, Cameco is an obvious choice because it is directly involved in the shipment of uranium to India. The shipment, which was the company’s first to India, is under a uranium supply contract after the nuclear cooperation agreement between Canada and India came into effect in September 2013. The contract is to supply 7.1 million pounds of uranium concrete to India’s Department of Atomic Energy for a period to 2020.
More recently, Cameco signed an agreement with joint stock company national atomic company Kazatomprom and joint venture Inkai LLP to restrict and enhance JV Inkai.
Tim Gitzel, president and CEO of Cameco said, “This agreement strengthens our partnership with another global leader in uranium mining and moves both Cameco and Kazatomprom closer to realizing the full potential of their investment in JV Inkai.”
Uranium One (TSX:UUU)
Uranium One is another one of the world’s largest uranium producers, with assets in Kazaksthan, US, Australia and Tanzania. Earlier in May, the company released its production for the first quarter of 2016.
Uranium One’s total attributable production for the first quarter was 3 million pounds, with average total cash cost per pound sold of material at $11 per pound during the first quarter compared to $14 per pound during the same time frame in 2015.
Forum Uranium (TSXV:FDC)
Finally, an earlier stage play, Forum Uranium is a Canadian-based company currently focused on the acquisition, exploration and development of uranium projects in the Athabasca Basin in Saskatchewan and the Thelon Basin in Nunavut.
The company recently announced the 100 percent acquisition of the interest in two claims totaling 6,530 hectares in the Russell Lake area. Forum will pay $7,500 and issue 25,000 shares for the claims, subject to the TSXV Exchange approval.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Forum Uranium is a client of the Investing News Network. This article is not paid-for content.
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Generation Uranium offers investors high-leverage exposure to a potential major discovery in Canada’s underexplored and resource-rich Thelon Basin, led by a management team with a proven track record of securing high-value exits.
Overview
Generation Uranium (CSE:GEN, OTCQB:GENR, FRA:W85) is a Canadian exploration company focused on wealth creation through discovery within the uranium sector. The company’s primary strategy is to build a high-caliber exploration team that can rapidly test and drill high-potential targets, de-risking projects for potential takeover by larger producers. Currently centered in the prolific Thelon and Angikuni Basins of Nunavut, the company is also actively evaluating additional project acquisitions in the Athabasca Basin to expand its portfolio.

The company is led by a veteran management team with nearly 30 years of experience in mineral development. CEO Michael Collins has a significant track record of building and exiting public companies, including the co-founding of Bluerock Resources, a conventional uranium producer during the 2000-2008 cycle. This expertise is paired with a focused business model that leverages modern geophysical targeting to accelerate exploration timelines and reduce costs, ensuring the company can deliver results quickly in a bullish uranium market.
Company Highlights
- Strategic Location in a Premier Uranium District: The flagship Yath Project is located in Nunavut’s Thelon Basin, contiguous to ATHA Energy’s Angilak Project, which hosts the high-grade Lac 50 deposit.
- High-Grade Discovery Potential: Historical surface sampling at the Yath Project has yielded exceptional uranium grades, including boulders testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
- Expert Management with Exit Experience: Led by CEO Michael Collins, the team has decades of experience in mineral exploration and a history of co-founding companies that were later acquired, such as Prime Mining and Nuclear Fuels.
- Low-Cost, Rapid Exploration Strategy: By leveraging modern geophysics and extensive historical data, the company aims for a "short road to discovery," de-risking projects quickly to maximize shareholder value.
- Bullish Market Fundamentals: Generation Uranium is well-positioned to meet the growing global demand for carbon-free nuclear power, supported by a projected supply deficit and increased interest from major tech companies seeking clean energy.
Key Project
Yath Project - Nunavut, Canada
The Yath Project is Generation Uranium’s flagship project. This 100 percent owned property covers about 120 square kilometers within the underexplored Thelon Basin in Nunavut, Canada. The project is located where the Yathkyed and Angikuni sub-basins meet, which is a region known globally for high-grade uranium potential. It sits directly along the same trend as the Angilak Project owned by ATHA Energy (TSXV:SASK, OTCQB:SASFK, FWB:XSU.F), which contains the Lac 50 deposit, one of the highest-grade uranium resources found outside of the Athabasca Basin with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69 percent U3O8.

The Yath Project is contiguous to the Lac 50 trend and is crossed by several regional faults and basin boundaries. Past exploration work has already identified high priority targets, while surface sampling in the area has produced uranium grades from boulders, with some testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
The company has commenced its initial field program at the site, set to define and rank drill targets. Historic showings will be combined with new anomalies from the MMT geophysics survey, preparing the project for an anticipated drill permit.
Management Team
Michael Collins - CEO & Director
Michael Collins is a professional geoscientist with nearly 30 years of experience in mineral exploration. He has co-founded several public companies, including Exploits Discovery, Prime Mining (acquired in 2025), and Nuclear Fuels (merged with Premier American Uranium in 2025). He is also currently a director of First Atlantic Nickel.
Christoph Bruening - Director
Christoph Bruening is the founder and managing partner of Value Relations GmbH, a full-service investor relations and public relations agency in Frankfurt with over 25 years of excellence, focusing on mining, exploration, biotech and health care. In addition, he has listed over 600 companies on the Frankfurt Stock Exchange and is a speaker and author of several publications, including on rare earths and uranium.
Dallas Miller - Director
Dallas Miller has been working within the international mining industry for over 15 years, working with BHP and Santos Ltd. He has experience on the ground from an operational standpoint, as well as being an integral part of raising millions of dollars in capital funding for both private and public companies in recent years.
Roger Leschuk - VP Corporate Development
Roger Leschuk has been in corporate management for over two decades, with the past 15 years dedicated to corporate development and investor relations. He has experience participating in and assisting with mergers and acquisitions, and was an investment advisor for various services such as stocks, mutual funds and tax-sheltered investments. He is a Chartered Investment Manager and a Fellow of the Canadian Securities Institute.
Monty Sutton - CFO
Monty Sutton brings over 35 years of experience in public markets and corporate governance. He previously served as CFO for Nuclear Fuels from its IPO through its acquisition.
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