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3 Uranium Stocks to Watch in 2022
Jun. 13, 2022 01:55PM PST
What are the uranium stocks to watch in 2022? Analysts at Haywood Securities recently listed three they have on their radar right now.
Click here to read the previous uranium stocks to watch article.
The uranium industry is receiving a boost from the growing push to decarbonize the global economy, and because of this, investors may be wondering which uranium stocks to watch.
As demand grows and future supply becomes more uncertain, prices are finally rising again. Uranium spiked to a nine year high in late September 2021, briefly crossing the critical US$50 per pound level; in 2022, Russia’s war in Ukraine has further boosted prices as countries look to shore up gaps in their energy supply chains.
“There is no doubt that Russia’s war in Ukraine is reshaping not only the nuclear fuel industry, but the world at large,” Ana Bryndza, executive vice president at UxC, told the Investing News Network in an interview.
She added, “There has been a notable resurgence of interest in nuclear power and there are certainly openings for what could eventually become a nuclear renaissance.”
As of mid-2022, uranium prices were up 20.05 percent since the start of the year, firmly above the US$50 mark, and many experts are calling for an even brighter future.
Against that backdrop, analysts at Haywood Securities recently shared the uranium stocks they are watching. Read on to learn about these companies; all stats were current as of June 13, 2022.
1. Denison Mines (TSX:DML,NYSEAMERICAN:DNN)
Current share price: C$1.40; US$1.09
Denison Mines has a number of interests in Canada's premier uranium-mining jurisdiction, the Athabasca Basin. The company holds a 95 percent interest in the Wheeler River project and a 22.5 percent interest in the McClean Lake uranium mill, which has a toll milling agreement for processing ore from the Cigar Lake mine.
In the first quarter, Denison commenced an in-situ recovery field test program at Wheeler River's high-grade Phoenix deposit. The results will inform a feasibility study for the project slated for completion in Q4 of this year.
2. Uranium Energy (NYSEAMERICAN:UEC)
Current share price: US$3.53
Haywood Securities indicates in its report that is impressed with Uranium Energy's (UEC) production-ready assets in close proximity to its South Texas Hobson central processing plant. According to analysts at the firm, these multiple deposits could be brought into production at a relatively low capital expenditure.
The company's fully permitted Reno Creek project is construction ready with the potential for 4 million pounds of U3O8 output per year once uranium prices increase enough to warrant a production decision.
In June, UEC announced plans to acquire UEX (TSX:UEX,OTCQB:UEXCF) to create the largest diversified North America-focused uranium company. UEX’s portfolio includes 29 uranium projects in the Athabasca Basin.
3. NexGen Energy (TSX:NXE,NYSEAMERICAN:NXE,ASX:NXG)
Current share price: C$5.47; US$4.24; AU$7
Another firm with exposure to the Athabasca Basin is exploration and development company NexGen Energy. Its main property in the uranium hotspot is Rook I, which hosts a number of discoveries, including Arrow and South Arrow. NexGen also holds a 51 percent interest in exploration-stage IsoEnergy (TSXV:ISO,OTCQX:ISENF).
NexGen completed a feasibility study on Rook I in 2021, and the project is currently in development with the advancement of front-end engineering design (FEED). FEED is scheduled to be completed in Q3 2022.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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