The decline below US$65 per pound shook market confidence, which was reflected in a decline in investor interest in producers, developers and explorers.
“The uranium spot price and uranium miners have experienced a notable decline following the start of President Trump’s second term,” Jacob White, ETF product manager at Sprott Asset Management, wrote in a March report. “While this performance has been frustrating, it is important to separate the intense market noise from the longer-term fundamental picture, which remains clear.”
The market overview went on to suggest that now may be a good time to invest in the sector ahead of the long term growth that has been projected from increased nuclear energy demand led by the massive amount of power required by AI data centers.
Despite this challenging landscape, several Canadian uranium companies were able to register gains during Q1 2025. Below are the best-performing Canadian uranium stocks by share price performance. All data was obtained on March 31, 2025, using TradingView’s stock screener, companies on the TSX, TSXV and CSE with market caps above C$10 million at the time were considered.
Read on to learn about the top Canadian uranium stocks in 2025, including what factors have been moving their share prices.
Year-to-date gain: 15.71 percent
Market cap: C$148.97 million
Share price: C$0.81
CanAlaska Uranium is a self-described project generator with a portfolio of assets in the Saskatchewan-based Athabasca Basin. The region is well known in the sector for its high-grade deposits.
The company's portfolio includes the West McArthur joint venture, which is situated near sector major Cameco (TSX:CCO,NYSE:CCJ) and Orano Canada’s McArthur River/Key Lake mine joint venture. CanAlaska owns an estimated 85.79 percent of West McArthur, with the remainder owned by Cameco.
2025 started with the company announcing plans for an aggressive exploration program at West McArthur and the first drilling in more than a decade at its Cree East uranium project. The C$12.5 million drill program at West McArthur is aimed at expanding and delineating the high-grade Pike zone uranium discovery.
In a subsequent release on February 5 outlining assays from the first five holes of the program, CanAlaska reported one hole intersected 14.5 meters grading 12.2 percent U3O8 equivalent, including 5 meters at 34.38 percent. CanAlaska CEO Cory Belyk said the initial results "include the best ultra high-grade uranium mineralization encountered to date on the project."
In early February, CanAlaska commenced a drill program at its wholly owned Cree deposit in the south-eastern portion of the Athabasca Basin. The multi-target drill program is funded by Nexus Uranium (CSE:NEXU,OTCQB:GIDMF) as part of an option earn-in agreement.
As the quarter drew to a close, the company provided another update on the Pike zone drill program, which confirmed “additional high-grade unconformity uranium mineralization.”
Shares of CanAlaska reached a Q1 high of C$0.93 on March 30.
Year-to-date gain: 13.64 percent
Market cap: C$16.71 million
Share price: C$0.25
Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects all located in Canada’s Athabasca Basin.
In a January statement, Purepoint announced it had strengthened its relationship with IsoEnergy (TSX:ISO) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares.
The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in Saskatchewan’s Eastern Athabasca Basin.
In February, Purepoint provided an update and future plans for the Groomes Lake Conductor area of the Smart Lake project, a joint venture project with sector major Cameco.
“The new electromagnetic survey has provided high-resolution targets within an area of Smart Lake that remains largely untested by historical drilling,” said Scott Frostad, vice president of exploration at Purepoint. “Given the basement-hosted uranium mineralization we encountered in our initial drill program, we’re excited to return and test these newly identified conductors next month.”
In a March 17 update, the company announced the start of first pass drilling. The exploration program will focus on the recently refined high-priority Groomes Lake Conductive Corridor, where four diamond drill holes totaling 1,400 meters are planned.
Purepoint shares rose to a quarterly high of C$0.29 a day later on March 18.
Year-to-date gain: 12.26 percent
Market cap: C$70.67 million
Share price: C$1.19
Diversified miner Western Uranium and Vanadium has a portfolio of six uranium projects all located in the neighboring US states of Utah and Colorado. Western’s flagship asset is the past-producing Sunday Mine complex (SMC), comprising the Sunday mine, the Carnation mine, the Saint Jude mine, the West Sunday mine and the Topaz mine.
A 2024 operational review of 2024 released in February, Western reported boosting mining capabilities in 2024 by expanding its workforce, upgrading underground infrastructure and improving equipment efficiency with tools like a jumbo drill and enhanced water trucks.
Western also bolstered its property portfolio with two permitted mines via the Rimrock JV and a previously permitted processing site near the Sunday Mine Complex, positioning it for streamlined future production.
Inside the SMC the company also identified five high-value zones within the Leonard and Clark and GMG deposits for inclusion in future mine planning.
On the business side, a previously announced ore purchase agreement with Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) is nearing completion. The deal will see stockpiled material from the SMC transported to Energy Fuels’ White Mesa mill for processing.
A late February announcement noted the company is developing its Mustang mineral processing site in Colorado, which it acquired in October 2024 and was formerly known as the Pinon Ridge mill. Located 25 miles from SMC, the fully licensed site includes critical infrastructure such as production wells, power access, paved roads and ample tailings capacity to support four decades of operation. Western is also advancing its Maverick processing site.
Company shares reached a Q1 high of C$1.44 on March 20.
Year-to-date gain: 5.30 percent
Market cap: C$162.11 million
Share price: C$0.70
International uranium explorer Laramide Resources has an extensive portfolio of uranium assets, located in Australia, the United States, Mexico and Kazakhstan.
Laramide shares started the quarter strong, reaching a Q1 high of C$0.72 on January 2, and spent the rest of the three month session between C$0.52 and C$0.70.
In mid-January, Laramide released additional assay results from the 2024 drilling campaign at the Westmoreland uranium project in Queensland, Australia.
The release included data from seven holes at the project's Huarabagoo deposit and four holes drilled in the zone between the Huarabagoo and Junnagunna deposits. According to the company “all of the holes returned significant uranium mineralization with further gold mineralization evident at the Huarabagoo deposit.”
A February 21 statement further updated the drill campaign findings and noted that the company was working towards an updated mineral resource estimate (MRE) for the project.
“The 2024 Drill Campaign represents Laramide’s most ambitious effort to date, with 106 holes for over 11,000 metres drilled across the Westmoreland project,” Rhys Davies, vice president of exploration, said. “This aggressive approach was designed to demonstrate the scalability and quality of the Westmoreland asset, reinforcing our commitment to advancing to its full potential.”
As noted in its previous report, Laramide completed the MRE update for Westmoreland in Q1. The revised MRE included a 34 percent increase in indicated resources and an 11 percent increase in inferred resources compared to the 2009 estimate. The total indicated resource now stands at 48.1 million pounds of U3O8 and the total inferred resource at 17.7 million pounds.
Year-to-date gain: 3.08 percent
Market cap: C$139.05 million
Share price: C$0.67
Forsys Metals is a uranium developer advancing its wholly owned Norasa uranium project in Namibia. The project comprises two uranium deposits, Valencia and Namibplaas.
Early in the quarter Forsys finalised the purchase of a key land parcel at its Norasa uranium project through its wholly owned subsidiary Valencia Uranium. The deal, reached with Namibplaas Guestfarm and Tours, secures Portion-1 of Farm Namibplaas No 93, which hosts the Namibplaas uranium deposit.
"The purchase of this Property is the final outcome of lengthy negotiations for the economic terms for access rights with the previous farm owner," the statement reads.
In mid-February, Forsys closed a previously announced C$5 million private placement, with funds earmarked for Norasa development.
The company's share price started the year at C$0.70 before pulling back to C$0.43 in mid-February. However, it spiked in mid-March and reached a Q1 high of C$0.75 on March 30.
On April 8, Forsys reported results from ore sorting trials on samples from Valencia that indicate ore sorting is possible to increase uranium grade and reduce acid consumption.
FAQs for investing in uranium
What is uranium used for?
Uranium is primarily used for the production of nuclear energy, a form of clean energy created in nuclear power plants. In fact, 99 percent of uranium is used for this purpose. As of 2022, there were 439 active nuclear reactors, as per the International Atomic Energy Agency. Last year, 8 percent of US power came from nuclear energy.
The commodity is also used in the defense industry as a component of nuclear weaponry, among other uses. However, there are safeguards in effect to keep this to a minimum. To create weapons-grade uranium, the material has to be enriched significantly — above 90 percent — to the point that to achieve just 5.6 kilograms of weapons-grade uranium, it would require 1 metric ton of uranium pre-enrichment.
Because of this necessity, uranium enrichment facilities are closely monitored under international agreements. Uranium used for nuclear power production only needs to be enriched to 5 percent; nuclear enrichment facilities need special licenses to enrich above that point for uses such as research at 20 percent enrichment.
The metal is also used in the medical field for applications such as transmission electron microscopy. Before uranium was discovered to be radioactive, it was used to impart a yellow color to ceramic glazes and glass.
Where is uranium found?
The country with the greatest uranium reserves by far is Australia — the island nation holds 28 percent of the world’s uranium reserves. Rounding out the top three are Kazakhstan with 15 percent and Canada with 9 percent.
Although Australia has the highest reserves, it holds uranium as a low priority and is only fourth overall for production. All its uranium output is exported, with none used for domestic nuclear energy production.
Kazakhstan is the world’s largest producer of the metal, with production of 21,227 metric tons in 2022. The country’s national uranium company, Kazatomprom, is the world’s largest producer.
Canada’s uranium reserves are found primarily in its Athabasca Basin, and the region is a top producer of the metal as well.
Why should I buy uranium stocks?
Investors should always do their own due diligence when looking at any commodity so that they can decide whether it fits into their investment plans. With that being said, many experts are convinced that uranium has entered into a significant bull market, meaning that uranium stocks could be a good buy.
A slew of factors have led to this bull market. While the uranium industry spent the last decade or so in a downturn following the 2011 Fukushima nuclear disaster, discourse has been building around the metal's use as a source of clean energy, which is important for countries looking to reach climate goals. Nations are now prioritizing a mix of clean energies such as solar and wind energy alongside nuclear. Significantly, in August 2022, Japan announced it is looking into restarting its idled nuclear power plants and commissioning new ones.
Uranium prices are very important to uranium miners, as in recent years levels have not been high enough for production to be economic. However, in 2024, prices spiked from the US$58 in August 2023 to a high of US$106 per pound U3O8 in February 2024. They have since consolidated at around US$85, meaning this could be a buying point for those looking to get into the sector.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Purepoint Uranium and Western Uranium and Vanadium are clients of the Investing News Network. This article is not paid-for content.
FIGURE 1. TERRAQUEST LTD’S AIRCRAFT (PIPER-NAVAJO CGJBG), CASPER AIRPORT, WYOMING
Figure 1: Section A- A’ displaying lithology interpretation, natural gamma responses (cps) and pXRF uranium responses (ppmU). In relation to the disclosure of pXRF results, the Company cautions that estimates of uranium elemental abundance from pXRF results should not be considered a proxy for quantitative analysis of a laboratory assay result. Assay results are required to determine the actual widths and grade of the mineralisation. The company uses an Olympus Vanta M Series portable X-ray Fluorescence (pXRF) analyzer to screen Air Core drilling samples for mineralization prior to submitting samples to a commercial laboratory for assay. This provides an initial understanding of the mineralization distribution before sampling, ensuring submitted samples are representative of the targeted mineralization. While pXRF confirms the presence of mineralization, it does not accurately determine elemental concentrations due to limitations such as a small analysis window, uneven distribution, shallow penetration depth, and irregular surfaces. The pXRF results are indicative and the pXRF readings are subject to confirmation by chemical analysis from an independent laboratory.
Figure 2: Strip log displaying drill hole OV047 lithology, natural gamma responses (cps), pXRF uranium responses (ppm U) and chemical assay results (ppm U3O8)