
November 20, 2023
GTI Energy Ltd (ASX: GTR) (GTI or Company) is pleased to advise of positive results from the recently completed airborne radiometric and magnetic survey completed at its 100% owned Green Mountain Project (Project) located in Wyoming’s prolific Crooks Gap/Green Mountain/Great Divide Basin uranium production district.
- Positive results from recent airborne Magnetic & Radiometric Survey
- 12 miles (19km) of anomalous uranium trends interpreted from airborne survey
- 6 prominent uranium anomalies were identified across the Project
- Anomalies correlate with historically identified drill holes, interpreted trends, areas of past mining and/or known mineralisation
- 28 additional claims staked, based on results of the geophysical surveys, bringing the total holdings to 697 mining claims comprising circa 14,000 acres
- Next steps: Planning & permitting for follow up drilling
GTI Executive Director Bruce Lane commented“The aerial geophysical survey has provided us with clear direction as to where to drill at Green Mountain. We have been able to utilise the historical drilling and geological information completed by Kerr McGee Corporation, Wold Nuclear and others during the 1970’s and 1980’s to help interpret and extrapolate significant additional anomalous uranium trends, particularly within the eastern part of the extensive Green Mountain land position. The land package is surrounded by significant uranium deposits and resources owned by Rio Tinto, Energy Fuels, Ur Energy & UEC, so we know we are in an area with real potential. Our next step is to progress work on refining drill targets and permitting”.
GTI’s 100% owned Green Mountain ISR Uranium Project (Green Mountain) is located in Sweetwater County, Great Divide Basin (GDB), Wyoming (WY) within a few miles of GTI’s Great Divide Basin projects and within 60 miles of GTI’s Lo Herma project in Wyoming’s Powder River Basin (Figure 1).
FIGURE 1. GTI WYOMING PROJECT LOCATIONS & URANIUM PROCESSING PLANTS 1
GTI’s Green Mountain Project covers ~14,000 acres (~5,665 hectares) of underexplored mineral lode claims (Claims) and benefits from historical Kerr McGee uranium drilling data and oil-well exploration drill logs which confirm the presence of roll fronts within the Battle Springs formation which hosts neighbouring major uranium deposits.
The Properties are located in the neighbourhood of Energy Fuel’s (EFR) 30Mlb Sheep Mountain deposit, Ur-Energy’s (URE) 14Mlb Lost Soldier ISR deposit, UEC’s (UEC) Antelope deposit & Rio Tinto’s (RIO) Big Eagle (past producing), Jackpot, Desert View, Phase II, & Willow Creek deposits (Figure 2). The Claims lie south of Green Mountain, ~5kms from GTI’s existing Odin claim group & within 15km of GTI’s Thor project where two successful drill programs were completed during 2022.
Click here for the full ASX Release
This article includes content from GTI Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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15 January
GTI Energy
Investor Insight
GTI Energy presents an intriguing opportunity for investors seeking exposure to the uranium sector, given its focus on ISR projects in the US aligning well with macro trends in the nuclear energy industry and geopolitical shifts favouring domestic uranium production.
Overview
GTI Energy (ASX:GTR,OTCQB:GTRIF) is an Australia-based uranium exploration and development company focused on uranium projects in Wyoming, USA, that are amenable for in-situ recovery (ISR). In uranium mining, ISR is the lowest cost and least environmentally damaging form of uranium recovery, especially when an alkaline leach and ion exchange processes are utilised.
The company's flagship Lo Herma project in the Powder River Basin is a sandstone-hosted roll front uranium deposit, which contains a recently updated mineral resource of 8.57 million pounds (Mlbs) of U3O8 at average grade of 630 parts per million (JORC code compliant) with a substantial additional exploration target in the range 6 to 11 Mlbs. GTI also holds projects in the Great Divide Basin (inferred resources of 1.66 Mlbs) and Green Mountain areas of Wyoming, as well as earlier-stage conventional uranium/vanadium assets in Utah. To date, GTI has delineated total combined uranium resources of 10.32 Mlbs (indicated and inferred) and substantial combined exploration targets in the range 12 to 20 Mlbs across its Wyoming projects.
Wyoming’s ISR uranium processing assets and GTI project locations
GTI is positioning itself to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States. The US is currently the world's largest consumer of uranium but currently imports more than 95 percent of its supply. The company's strategy centres on developing low-cost ISR uranium projects in Wyoming, a historically significant uranium producing region with existing infrastructure and a supportive regulatory environment.
The uranium market is experiencing a serious supply deficit and a simultaneous significant demand resurgence driven by several factors:
- Supply constraints due to years of underinvestment in new uranium projects and an overreliance on foreign nuclear fuel supply, particularly from Russia & Kazakhstan.
- Rapidly growing global demand for electricity and clean energy with increasing recognition of nuclear power's role in achieving climate goals.
- Geopolitical tensions leading to an east/west bifurcated uranium market leading to a need for secure domestic uranium supplies, particularly in the US which has banned Russian nuclear fuel imports.
- Technological advancements and significant policy support for nuclear power plant re-starts, gigawatt scale new builds and next-generation nuclear reactors including SMR’s.
In the United States specifically, there is strong bipartisan support for revitalizing the domestic uranium industry. Recent initiatives include the creation of a strategic uranium reserve, US$6 billion in grants for existing nuclear plants, and tax credits for new nuclear facilities under the Inflation Reduction Act. The Department of Energy has also advocated for tripling US nuclear capacity to 300 gigawatts by 2050, which would significantly increase uranium demand. Support for nuclear energy is now underpinned by COP28/29 DOE pledges, demand from data centre companies and 14 of the world’s largest banks.
In the longer term, GTI recognizes the potential benefits of consolidation within the fragmented US uranium sector. The company remains open to strategic partnerships, joint ventures, or even merger and acquisition opportunities that could create a more substantial production base. Such moves could potentially accelerate GTI's path to production, create operational synergies, or provide access to additional high-quality assets, enhancing the company's overall value proposition to investors.
Company Highlights
- GTI Energy is focused on ISR-amenable uranium projects in Wyoming, USA.
- The flagship Lo Herma project in the Powder River Basin contains a recently updated mineral resource of 8.57 Mlbs of U3O8 at average grade of 630 ppm.
- GTI also holds projects in the Great Divide Basin and Green Mountain areas in Wyoming, and earlier-stage uranium-vanadium assets in Utah.
- To date, GTI has delineated total combined uranium resources of 10.32 Mlbs (indicated and inferred) and substantial combined exploration targets in the range 12 to 20 Mlbs across its Wyoming projects.
- Wyoming is a historically significant uranium producing region with existing infrastructure and a supportive regulatory environment.
- GTI is well-placed to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States, the world’s largest consumer of uranium.
Key Projects
Wyoming Uranium Projects
GTI's focus on Wyoming ISR projects positions it well to capitalize on trends in the uranium sector. ISR mining is generally faster to build, lower cost and more environmentally friendly than conventional mining methods. Wyoming has a long history of uranium production and hosts current producers and several more additional permitted processing facilities, potentially allowing for rapid development of new projects.
The potential quantity and grade of Exploration Targets is conceptual in nature and there has been insufficient exploration to estimate a JORC-compliant MRE. It is uncertain if further exploration will result in the estimation of a MRE in the defined exploration target areas. In addition to drilling conducted in 2024, Exploration Targets have been estimated based on historical drill maps, drill hole data, aerial geophysics (as reported during 2023) and drilling by GTI conducted during 2023 to verify the historical drilling information. There are now 954 drill holes in the Lo Herma project area with the drill programs conducted by GTI during 2023 and 2024 designed, in part, to test the Lo Herma Exploration Target.
The Wyoming projects – comprising the Lo Herma, Great Divide Basin and Green Mountain projects – are located in the Powder River and Great Divide Basins.
Lo Herma
The company’s exploration work is currently prioritizing resource development at Lo Herma, where recent drilling has successfully verified the historical Lo Herma drill hole database.
The Lo Herma project, located just 10 miles from Cameco's Smith Ranch-Highland facility (the largest ISR uranium plant in the US), appears particularly promising. Recent drilling results have confirmed and expanded known mineralization, with the potential to significantly increase the resource base.
The company is undertaking an accelerated program at Lo Herma with the primary objective of expanding its resource base. This ongoing initiative aims to grow the known mineralization both along trend and at depth. GTI is exploring in both the Wasatch formation and the deeper Fort Union formation, which both hold the potential to add significant additional mineralization to the project's resource inventory.
Concurrent with resource expansion, GTI is taking crucial steps to de-risk the Lo Herma project. The company is in the process of completing hydrogeologic and water monitoring wells, which are essential for understanding the project's hydrogeology and planning future production scenarios. Furthermore, GTI has collected core samples for metallurgical testing, a critical step in optimizing the ISR process and demonstrating the project's economic viability.
Looking ahead, GTI has set ambitious targets for advancing Lo Herma through key development milestones, including a potential scoping study in 2025. Positive results from these studies could serve as significant catalysts for the company, potentially leading to a material re-rating of the stock as the project's economic potential becomes clearer.
Great Divide Basin and Green Mountain
The company continues to advance its other Wyoming projects, including those in the Great Divide Basin and Green Mountain areas. Exploration at Green Mountain can commence in 2025 now that the necessary permits are in place, providing potential for additional resource growth and diversification of the company's asset base. Permits are also in place for future drilling at the company’s Great Divide Basin and Utah projects.
The Great Divide Basin project consists of the Thor, Logray, Loki, Odin, Teebo, Wicket and Green Mountain claims. The approximately 13,000-hectare group of projects is prospective for ISR-amenable sandstone-hosted roll-front uranium. The Wyoming projects are situated 5 to 30 kilometers from Ur-Energy’s Lost Creek ISR plant. The projects are also located near Rio Tinto’s Sweetwater/Kennecott Mill.
GTI Energy’s landholding in the Great Divide Basin was bolstered by the acquisition of the Green Mountain project comprising 5,585 hectares of contiguous ISR uranium exploration claims which abuts the Rio Tinto claims at Green Mountain. Historical drill data and geophysics confirm the presence of major uranium mineralisation at the projects.
Green Mountain lies immediately adjacent to the Great Divide Basin project and adjacent to Energy Fuel’s 30 Mlb Sheep Mountain, Ur-Energy’s Lost Soldier, Rio Tinto’s Jackpot & UEC’s Antelope deposits. Green Mountain contains a number of uranium mineralised roll fronts hosted in the fertile Battle Springs formation.
Utah
Henry Mountains Uranium Project
Exploration at Henry Mountains has focused on approximately 5 kms of mineralised trend that extends between the Rat Nest & Jeffrey claim groups and includes the Section 36 state lease block. Uranium and vanadium mineralisation in this location is generally shallow at 20 to 30 meters average depth. The region forms part of the prolific Colorado Plateau uranium province which historically provided the most important uranium resources in the USA. Sandstone-hosted ores have been mined in the region since 1904 and the mining region has historically produced in excess of 17.5 Mt @ 2,400 ppm U3O8 (92 Mlbs U3O8) and 12,500 ppm V2O5 (482 Mlbs V2O5).
Management Team
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 20 years, most notably with ASX listed companies Atom Energy, Stonehenge Metals and Fenix Resources (FEX).
Matt Hartmann - Director
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Simon Williamson - Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia.
James (Jim) Baughman - Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
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Disrupting the uranium supply chain through highly prospective ISR projects in Wyoming
30 April
Quarterly Activities/Appendix 5B Cash Flow Report
08 April
Scoping Study Progressing Well - Key Input Studies Completed
10 February
Positive Uranium Leach Test Results at Lo Herma
30 January
Quarterly Activities/Appendix 5B Cash Flow Report
4h
Uranium Investors Bullish as Trump Signs Executive Orders to Boost Nuclear Industry
Nuclear energy and uranium stocks surged after US President Donald Trump signed a sweeping set of executive orders aimed at overhauling nuclear policy and accelerating the deployment of next-generation reactors.
The orders, which were signed on May 23 with industry leaders present, mark the Trump administration’s most aggressive push yet to redefine nuclear power as central to America’s energy, technological and defense future.
“We’re also talking about the big plants — the very, very big, the biggest,” Trump said during the signing ceremony at the Oval Office. “We’re going to be doing them also, but I think our focus today is the smaller module.”
Oklo (NYSE:OKLO) and NuScale (NYSE:SMR), both of which are small modular reactor (SMR) developers, soared by 23 and 19 percent, respectively. Constellation Energy (NASDAQ:CEG), the nation’s largest nuclear operator, gained 2 percent, while Canada-based uranium producer Cameco (TSX:CCO,NYSE:CCJ)rose by nearly 11 percent.
US uranium-focused firms Uranium Energy (NYSEAMERICAN:UEC), Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) and Centrus Energy (NYSEAMERICAN:LEU) saw gains ranging from 19.6 to 24.2 percent.
The Global X Uranium ETF (ARCA:URA), which tracks uranium-related equities, jumped more than 11.6 percent.
Fast-tracking nuclear reactor licenses
One of Trump's orders instructs the Nuclear Regulatory Commission (NRC) to finalize decisions on reactor license applications within 18 months and overhaul its current regulatory framework.
The directive calls for internal reorganization, overseen in part by the Office of Management and Budget and the Department of Government Efficiency, better known as DOGE.
Analysts warn this could weaken the NRC’s operational independence.
Though the order does not formally place the NRC under White House supervision, critics point to a prior executive order in February as evidence of a broader strategy to curtail regulatory autonomy.
Despite potential concerns over staffing and capacity, the Trump administration is clear in its expectations — it wants to see a rapid licensing process to facilitate commercial and defense-related nuclear buildouts.
AI and national security integration
Titled "Deploying Nuclear Reactor Technologies for National Security,” another of Trump's orders calls for a nuclear reactor to be operational at a domestic military base by September 30, 2028.
Through this directive, the president has tasked the Department of Energy (DOE) with designating artificial intelligence (AI) data centers co-located at DOE sites as “critical defense facilities,” with their nuclear power sources categorized as “defense critical electric infrastructure.” The goal is to ensure stable, high-density, dispatchable power for both military readiness and the growing energy needs of AI computing infrastructure.
This order also instructs the Department of Defense and the DOE to explore categorical exclusions under the National Environmental Policy Act for reactor construction on federal sites, an attempt to further expedite deployment.
Reviving fuel supply chains and recycling
The administration is also attempting to reboot the US nuclear fuel cycle.
The DOE has been directed to release 20 metric tons of high-assay low-enriched uranium (HALEU) into a commercial fuel bank for private sector use. This move marks a significant policy shift in that it directs the DOE to identify usable plutonium and uranium in its inventory for potential recycling into nuclear fuel — a move that bucks decades of US reluctance toward commercial reprocessing due to proliferation risks.
There are currently no commercial nuclear fuel recycling facilities in the US, and the order’s provisions could encourage the creation of a domestic market for recycled fuel. This work could become especially important as international competitors like China and Russia continue to develop similar capabilities.
International push and export diplomacy
Secretary of State Marco Rubio has been directed to lead negotiations under Section 123 of the Atomic Energy Act to facilitate nuclear technology exports. Within 90 days, the administration has been told to develop strategies to increase financing and technical assistance for civil nuclear projects in partner countries.
The goal is to disrupt what the administration sees as growing foreign control over the nuclear industry — 87 percent of new reactor builds globally rely on non-US designs, and most of the world's nuclear fuel supply originates abroad.
“By instructing the Department of State and other agencies to aggressively pursue export opportunities, this Order will strengthen our relationships with our allies and disrupt potential industry control by adversaries,” the White House said in a fact sheet released alongside last week's executive orders.
Domestic workforce and reactor testing
Another order, “Reinvigorating the Nuclear Industrial Base,” calls for measures to support workforce development, modernize waste management strategies and complete or restart dormant nuclear construction projects.
It also mandates an updated report on the fuel cycle and related infrastructure — effectively a follow up to the 2020 “Strategy to Restore American Nuclear Energy Leadership” published under Trump’s first term.
While the order “Reforming Nuclear Reactor Testing at the DOE” stops short of demanding new test facilities, it instructs the national laboratory system to expand capacity for testing new reactors, potentially reviving interest in the Versatile Test Reactor project, which was canceled due to congressional defunding during the Biden administration.
Observers note that much of the Trump administration’s current nuclear policy builds upon previous initiatives — such as the 2017 Nuclear Energy Innovation and Capabilities Act, and Biden-era investments in HALEU and SMRs.
However, the new executive orders notably reflect a deliberate departure from longstanding caution around regulatory independence and nuclear fuel recycling.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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6h
Blue Sky Uranium
Investor Insight
Blue Sky Uranium offers investors an entry into the uranium market via its strategic position in Argentina's uranium sector, significant resource base, favorable project economics, and strong joint venture partnership providing a clear path to potential production without dilutive financing requirements.
Company Overview
Blue Sky Uranium (TSV:BSK,OTC:BKUCF) is emerging as a frontrunner in uranium exploration and development in Argentina. As a member of the Grosso Group, which has pioneered resource exploration in Argentina since 1993 and been involved in four major mineral discoveries, Blue Sky benefits from deep regional expertise and established relationships.
The company's flagship Amarillo Grande Project represents an in-house discovery of Argentina's newest uranium-vanadium district. This district-scale project spans 145 kilometers and encompasses more than 300,000 hectares of mineral rights in Rio Negro Province. With the largest NI 43-101 compliant uranium resource in Argentina at its Ivana deposit, Blue Sky is strategically positioned to potentially become the first domestic supplier to Argentina's growing nuclear industry, which currently imports all its uranium fuel.
As global uranium markets experience their strongest fundamentals in over a decade, Blue Sky is positioned to leverage this growing trend. Global demand for uranium is projected to outpace supply, with a significant supply deficit forecast in the coming years. This supply-demand imbalance is being driven by the re-emergence of nuclear energy as a critical component in the global transition to cleaner energy sources. Concerns about energy security, particularly in Europe, combined with nuclear energy's ability to provide reliable baseload power with zero carbon emissions, have led to policy shifts favoring nuclear energy expansion in many countries. This renaissance is reflected in uranium prices, which have surged from lows of around $20/lb in recent years to more than $80/lb in 2024, with contracts and spot prices showing sustained strength.
Beyond Amarillo Grande, Blue Sky is expanding its portfolio with projects in the Neuquen Basin targeting uranium deposits amenable to in-situ recovery (ISR) methods, further diversifying its growth potential in line with these positive market trends.
Company Highlights
- Significant Uranium Resource: Controls the largest NI 43-101 compliant uranium resource in Argentina with 17 Mlbs U3O8 in indicated resources and 3.8 Mlbs in inferred resources, plus valuable vanadium credits.
- Positive Economics: 2024 PEA shows robust economics with after-tax NPV8 percent of US$227.7 million and 38.9 percent IRR at base case uranium price of US$75/lb.
- Low-cost Production Potential: Near-surface mineralization with no blasting required, hosted in loosely consolidated sediments, making for potentially low mining costs.
- Strategic JV Partnership: Secured an earn-in agreement with COAM to advance the Ivana deposit with no funding required by Blue Sky through development. COAM will spend up to US$35 million to earn up to a 49.9 percent interest, and can further earn up to 80 percent by funding development costs to production (up to US$160 million).
- Strong Uranium Market Fundamentals: Global uranium market faces supply deficits with increasing demand from nuclear power generation, with prices strengthening significantly since 2023.
- Domestic Market Opportunity: Argentina has three operational nuclear plants with others under construction or planned, yet imports all uranium for fuel. National legislation guarantees purchase of domestically produced uranium.
- ISR Project Pipeline: New projects in the Neuquen Basin provide future growth through potential in-situ recovery operations, a method that produces 57 percent of the world's uranium with minimal environmental impact.
Key Projects
Amarillo Grande Project (Flagship)
The Amarillo Grande project, located in Rio Negro Province, represents Blue Sky's cornerstone asset and a district-scale opportunity in Argentina's uranium sector. Spanning 145 kilometers and covering approximately 300,000 hectares, this project encompasses three main property areas: Ivana, Anit and Santa Barbara. Each area contributes to the project's significant potential as an emerging uranium-vanadium district.
Ivana
The Ivana property hosts the project's flagship Ivana deposit, the crown jewel of Blue Sky's portfolio and the largest NI 43-101-compliant uranium resource in Argentina. Located in the southern portion of the Amarillo Grande project, the deposit features a 5-kilometer-long arcuate mineralized corridor with a high-grade core that ranges from 200 to over 500 meters in width and reaches up to 23 meters in thickness.
The deposit's resource estimate, updated in February 2024, includes 19.7 million tons (Mt) of indicated resources grading 333 parts per million (ppm) uranium and 105 ppm vanadium, containing approximately 17 million pounds (Mlbs) of U3O8 and 8.1 Mlbs of V2O5. Additionally, the deposit hosts 5.6 Mt of inferred resources grading 262 ppm uranium and 109 ppm vanadium, containing approximately 3.8 Mlbs of U3O8 and 2.4 Mlbs of V2O5. Importantly, about 80 percent of the current resource is classified in the higher-confidence indicated category, providing a solid foundation for economic studies and development planning.
The Ivana deposit’s near-surface mineralization makes it ideal for low-cost mining, as no drilling, blasting or crushing would be required for resource extraction. The deposit's location in a semi-desert region with low population density, minimal environmental risks, and good accessibility further enhances its development potential.
The 2024 preliminary economic assessment (PEA) for the Ivana deposit demonstrates compelling returns, with an after-tax NPV (8 percent discount) of US$227.7 million and an IRR of 38.9 percent at a base case uranium price of US$75/lb. At a spot case price of US$105/lb, these figures improve dramatically to an NPV of US$418.3 million and an IRR of 57 percent. The initial capital cost of US$159.7 million (including contingency) is modest relative to the project's scale, with a payback period of just 1.9 years at the base case price. Operating costs are also favorable, with average life-of-mine all-in sustaining costs of US$24.95/lb U3O8 (net of vanadium credits), positioning Ivana in the lower half of the global cost curve.
Advancement of the Ivana deposit has accelerated through a strategic joint venture. Strategic partner Abatare Spain SLU (COAM) is part of the Corporación América Group which has major stakes in the energy, airport, agribusiness, services, infrastructure, transportation, and technology sectors, with assets and operations in Argentina and 10 other countries. The partners have established a new operating company, Ivana Minerales S.A. (JVCO). Under the agreement COAM will spend up to US$35 million within 36 months to earn up to 49.9 percent indirect interest in Ivana. Furthermore, following the completion of a feasibility study, COAM can earn up to 80 percent by funding the costs and expenditures to develop and construct the project to commercial production. In addition, JVCO has the option to explore and acquire several exploration targets neighbouring Ivana.
Anit
The Anit property located north of Ivana, features a remarkable 15-kilometer airborne radiometric anomaly with extensive surface uranium and vanadium mineralization. Historical drilling along a 5.5-kilometer stretch averaged 2.6 meters at 0.03 percent U3O8 and 0.075 percent V2O5, indicating significant mineralization potential throughout the property. Blue Sky retains 100 percent control of this area, providing substantial upside beyond the Ivana deposit that is currently the focus of the COAM joint venture.
Santa Barbara
The Santa Barbara property represents the company's initial uranium discovery in the Rio Negro basin, made in 2006. This property exhibits widespread uranium and vanadium mineralization along an 11-kilometer surface trend. While exploration here is less advanced than at Ivana, the geological similarities and surface indicators suggest potential for both near-surface mineralization and deeper blind deposits that could be identified through future exploration campaigns.
ISR Projects
Blue Sky has strategically expanded its uranium project portfolio beyond Amarillo Grande with two new projects in the Neuquen Basin that target uranium deposits potentially amenable to in-situ recovery (ISR) methods. This approach to uranium extraction involves dissolving minerals in place using fluids that are then pumped to surface for processing, resulting in minimal surface disturbance and no tailings or waste rock generation. Globally, ISR methods account for approximately 57 percent of world uranium production.
Chihuidos Project
The 100 percent-controlled Chihuidos project encompasses 60,000 hectares with geological characteristics similar to productive ISR uranium operations elsewhere in the world. Blue Sky benefits from access to historical borehole and seismic data collected during previous oil and gas exploration in the region, allowing for more efficient target identification.
Corcovo Project
The Corcovo project adds another 20,000 hectares of prospective ground under option to Blue Sky. Like Chihuidos, the company is leveraging existing geological data to identify high-priority targets while advancing the permitting process for field exploration. These ISR projects represent significant growth opportunities for Blue Sky beyond its flagship Amarillo Grande Project.
San Jorge Basin Projects
Blue Sky has also secured strategic positions in the San Jorge Basin: the Sierra Colonia and Tierras Coloradas projects. While less advanced than the Amarillo Grande project, these properties have been selected based on favorable geological characteristics and historical indicators of uranium mineralization. The company is applying the exploration model and expertise developed at Amarillo Grande to efficiently evaluate and advance these new prospects. These projects represent Blue Sky's commitment to building a diverse portfolio of uranium assets across Argentina while maintaining focus on near-term development priorities at Ivana.
Management Team
Joseph Grosso – Chairman & Director
Founder of Grosso Group Management, Joseph Grosso has been a pioneer in Argentina's exploration and mining sector since 1993. He was involved in multiple major discoveries in Argentina, including the Gualcamayo gold mine, Navidad silver project, and Chinchillas silver-lead-zinc mine.
Nikolaos Cacos – President & CEO, Director
Nikolaos Cacos is one of the company's founders with over 30 years of management experience in mineral exploration. He has extensive expertise in strategic planning and administration of public resource companies.
David Terry – Technical Advisor & Director
David Terry is a professional economic geologist with over 30 years in the resource sector. He has extensive experience in exploration, development and project management in the mining industry.
Pompeyo Gallardo – VP Corporate Development
Pompeyo Gallardo brings 29 years of experience in corporate finance, with strengths in budgeting and control, project structuring, project financing, and financial modeling and analysis.
Martin Burian – Director
With over 30 years in investment banking to the mining sector, Martin Burian currently serves as managing director at RCI Capital Group.
Darren Urquhart – CFO
A chartered professional accountant, Darren Urquhart has 20 years of experience in public practice and industry.
Connie Norman – Corporate Secretary
Connie Norman has extensive experience in corporate secretarial and regulatory compliance services for public companies.
Guillermo Pensado – Technical Consultant
Guillermo Pensado is a geologist with extensive experience in the mining sector. He is now focused on the Ivana JV operations.
Luis Leandro Rivera – General Manager (JVCO)
Recently appointed to lead the Ivana joint venture company, Luis Leandro Rivera brings 30 years of experience in all facets of mining from exploration to operations, including most recently serving as senior vice-president of the Latin American region for AngloGold Ashanti, where he oversaw management of four mines in two countries.
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22 May
ASX Uranium Stocks: 5 Biggest Companies in 2025
Uranium prices have surged since 2020, fueled by growing demand and optimism for the future. In February 2024, uranium reached its highest level in nearly two decades when values surpassed the US$100 level.
Since then, prices have contracted, but remain historically high. Geopolitical tensions and trade concerns weighed on uranium prices in early 2025, pushing values below US$65 per pound for the first time since 2023.
Now on the rebound spot U3O8 prices are holding at the US$70 level.
Looking at tight supply and strong demand, experts say the future of uranium is bright. With hopes high for the commodity, those looking to capitalise on uranium stocks have a lot of upside to bolster their investment case.
Australia's uranium mines have made the country a significant global producer, and ASX-listed uranium stocks are big players in other countries as well.
To help interested investors, the Investing News Network has compiled a list of the biggest ASX uranium stocks by market cap. Data was gathered on May 22, 2025, using TradingView's stock screener. All data was current at that time.
1. Paladin Energy (ASX:PDN)
Market cap: AU$2.27 billion
Share price: AU$5.41
Based out of Western Australia, Paladin Energy's goal is to be a reliable supplier of clean energy for the future. Its main focus is uranium mining, and it currently has one active mine: the Langer Heinrich uranium mine in Namibia, of which it owns 75 percent. The company acquired Fission Uranium in 2024, adding Fission's Patterson Lake South (PLS) uranium project in the Athabasca Basin of Saskatchewan, Canada, to Paladin's portfolio of exploration projects that spans Canada and Australia.
Paladin Energy paused operations at Langer Heinrich in 2018 amid persistently low uranium prices, but began a restart process in 2022, bolstered by a successful share purchase plan. The mine resumed commercial uranium production in March 2024, on schedule and within the projected US$125 million budget. It is currently processing stockpiled ore as it advances towards open-pit mining operations.
Paladin temporarily suspended production at Langer Heinrich in March 2025 after the region experienced a “one-in-fifty-year” weather event that brought unseasonal heavy rain, disrupting site access, ore processing and progress towards open-pit mining. Operations had resumed by the end of the month, but the disruptions led Paladin to withdraw its fiscal year 2025 guidance.
Despite the disruption, in its report for the quarter ended March 31, Paladin reported a 17 percent quarter-over-quarter production increase at Langer Heinrich, delivering 745,484 pounds of U3O8. This marks the highest quarterly output since the mine’s restart. For the nine months ending March 31, 2025, the mine produced 2.02 million pounds.
In Canada, Paladin received a key exemption from the federal Non-Resident Ownership Policy for its PSL project during the quarter, allowing it to advance development. The company also signed Mutual Benefits Agreements with two First Nations near the project.
2. Boss Energy (ASX:BOE)
Market cap: AU$1.51 billion
Share price: AU$3.55
Boss Energy is ramping up production at both its Honeymoon and Alta Mesa uranium assets.
Located in South Australia, the Honeymoon mine extract's uranium through in-situ recovery (ISR) and processes it using ion exchange technology. The property has a small footprint and upholds the Heritage and Native Title mining agreements on the land. Since it acquired Honeymoon in December 2015, Boss Energy has developed the project's JORC resource from 16.6 million pounds to 71.7 million pounds.
In South Texas, US, Boss Energy holds a 30 percent stake in the Alta Mesa ISR operations, with the remaining 70 percent owned by enCore Energy (TSXV:EU,NASDAQ:EU).
For the March 2025 quarter, Boss reported it produced 246,869 pounds of U3O8 from Honeymoon, a 15 percent increase from the December quarter. At Alta Mesa, total production reached 98,000 pounds of U3O8 during the quarter.
In March, Boss secured an option to earn up to a 90 percent interest in the Liverpool uranium project from the Eclipse Group. The deal includes a 12 month option with AU$250,000 in spending, followed by a staged AU$8 million earn-in over seven years. Boss can acquire an additional 10 percent for AU$50 million after completing the earn-in.
Later in the month, Boss acquired 23.5 million shares of Laramide Resources (TSX:LAM,ASX:LAM) for AU$15.5 million in cash and stock. Following further share purchases in April, Boss now has a 19.7 percent interest in Laramide. Laramide’s key uranium assets include Westmoreland in Queensland and Crownpoint-Churchrock in New Mexico.
3. Deep Yellow (ASX:DYL)
Market cap: AU$1.17 billion
Share price: AU$1.15
Deep Yellow is committed to developing a high-output, cost-effective, tier-one uranium company through its uranium portfolio in Namibia and Australia. Its respective flagship assets in those countries are the advanced-stage Tumas and Mulga Rock uranium projects. It also has the the Omahola uranium projects and Nova and Yellow Dune joint ventures in Namibia, as well as the Alligator River uranium project in Australia.
In February 2024, Deep Yellow released an updated resource estimate for Mulga Rock's Ambassador and Princess deposits, together known as the Mulga Rock East deposits. The company increased the total contained uranium by 26 percent, from 56.7 million pounds of U3O8 to 71.2 million. Eighty-six percent of the Mulga Rock East uranium resource is now classified as measured and indicated.
In early 2025, Deep Yellow confirmed that a legal application had been filed in the High Court of Namibia by Tumas Granite and Jurgen Hoffman regarding the Namibian government’s decision to grant Mining Licence ML237 and the related environmental clearance certificate for the Tumas uranium project. The applicants are requesting the court declare both approvals unconstitutional and void.
This marks the fifth legal challenge brought by the same parties since 2011, targeting various rights held by the company over ML237 and its associated exploration licences.
In April, Deep Yellow deferred the final investment decision and construction of the processing plant for its flagship Tumas asset until uranium prices move higher. Until then it will implement a staged development approach.
4. Bannerman Energy (ASX:BMN)
Market cap: AU$454.26 million
Share price: AU$2.53
Bannerman Energy is a uranium development company headquartered in Perth. Its primary focus is its Etango uranium project in Namibia. Bannerman has developed a base-case development plan for Etango using an 8 million tonne per year throughput rate, which it has dubbed Etango-8.
Etango is located on one of the world’s largest untapped uranium resources within Namibia’s established uranium-mining district, and the Etango-8 mine life would be 15 years.
For the most recent quarter ended in March, Bannerman reported steady progress at its Etango uranium project, with early works construction activities remaining on schedule and within budget. The company is targeting a final investment decision in 2025, subject to market conditions.
Key quarterly milestones include the full excavation of the primary crusher site and completion of overhead power infrastructure and transformer installation. Construction water systems are operational, and work on the site’s distribution network is ongoing.
The company is advancing financing and offtake discussions with various strategic and conventional partners and ended the quarter with AU$68.8 million in cash and no debt.
5. Lotus Resources (ASX:LOT)
Market cap: AU$391 million
Share price: AU$0.17
Lotus Resources' flagship asset is the Kayelekera uranium mine in Malawi, which it acquired from Paladin Energy in 2020. Lotus currently has 85 percent ownership of the project, and the remaining 15 percent is owned by the Malawi government. The mine has been on care and maintenance since 2014 due to a prolonged lull in uranium prices.
Now that prices for uranium have recovered, the company is restarting production at Kayelekera. In August 2022, Lotus completed a restart definitive feasibility study to test the mine's potential, which showed Kayelekera is a low-cost operation with an estimated 10 year mine life, with 19.3 million pounds of uranium expected to be mined over that period.
In early May 2025, Lotus Resources secured approval from Malawi’s Atomic Energy Regulatory Authority to resume mining and processing at Kayelekera. The operation remains on track for a Q3 2025 restart, with a final site inspection expected once production begins.
FAQs for ASX uranium stocks
Uranium ETFs on the ASX
There are currently two uranium-focused exchange-traded funds (ETFs) listed on the ASX.
The Global X Uranium ETF (ASX:ATOM) offers investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those involved in the extraction, refining, exploration and manufacturing of equipment for the uranium and nuclear industries.
Meanwhile, the Betashares Global Uranium ETF (ASX:URNM) aims to track the performance of an index (before fees and expenses) that provides exposure to a portfolio of leading companies in the global uranium industry.
Article by Georgia Williams; FAQs by Melissa Pistilli.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: Georgia Williams and Melissa Pistilli hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Boss Energy is a client of the Investing News Network. This article is not paid-for content.
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19 May
Uranium Stocks: 5 Biggest Companies in 2025
After spending most of 2025's first quarter consolidating at the US$63 per pound level, spot U3O8 prices have been on an upswing, adding 13.62 percent between March 30 and May 14.
The uptick has been supported by improving utility demand, tariff clarity and resilient supply-demand fundamentals.
While broad market uncertainty added pressure for other commodities, uranium’s long term outlook prevented the energy fuel from suffering more declines at the start of the year's second quarter.
“As other asset classes faltered, uranium held its ground, supported by its structural supply-demand story, inelastic demand and insulation from tariff-related disruptions,” Jacob White of Sprott (TSX:SII,NYSE:SII) wrote in a recent uranium report.
As tailwinds propelled the spot price higher uranium, uranium equities also caught an updraft.
“Physical uranium and uranium equities continue to outperform over longer periods,” said White, who is the firm's exchange-traded fund product manager. “The strong five-year returns of physical uranium and uranium equities relative to broader commodity and equity benchmarks reinforce the metal’s role as a differentiated and strategic asset class.”
The list below provides an overview of the five largest uranium companies by market cap. All data was current as of May 15, 2025. Read on to learn about these top uranium stocks and their operations.
1. BHP (NYSE:BHP,ASX:BHP,LSE:BHP)
Market cap: US$128.63 billion
Mining major BHP owns and operates Australia’s Olympic Dam mine, considered one of the world's largest uranium deposits. While the site is included in the company’s Copper South Australia operations portfolio and copper is the primary resource extracted, the mine also produces significant quantities of uranium, gold and silver.
In the operational review for its third fiscal quarter of 2025, released in mid-April, BHP reported a decrease in uranium production year-over-year. The company's fiscal year-to-date uranium production totaled 2,180 metric tons, an 18 percent contraction from 2,674 metric tons in the first three quarters of fiscal 2024.
BHP is advancing its Olympic Dam expansion plan, which includes building a two-stage smelter, with a final decision due in 2026, and the US$5 billion Northern Water project, featuring a desalination plant and 600 kilometer pipeline.
The expansion targets a copper output of 650,000 metric tons annually by the mid-2030s, doubling its current production. While it was previously expected that BHP's uranium output would expand at a similar rate, causing fear of oversupply and low prices, BHP announced in February that this would not be the case.
Uranium production is expected to rise marginally, by roughly 1 percent.
Additionally, if the company decides to expand the hydrometallurgical plant to process uranium in the future, growth will still be smaller than expected due to lower uranium concentrations in feedstock ore from newly integrated assets Carrapateena and Prominent Hill.
2. Cameco (NYSE:CCJ,TSX:CCO)
Market cap: US$23.2 billion
Uranium major Cameco holds significant stakes in key uranium operations within the Athabasca Basin of Saskatchewan, Canada, including a 54.55 percent interest in Cigar Lake, the world's most productive uranium mine.
The company also owns 70 percent of the McArthur River mine and 83 percent of the Key Lake mill. Orano Canada is Cameco's primary joint venture partner across these operations.
Cameco also holds a 40 percent interest in the Inkai joint venture in Kazakhstan, with the rest held by the state company Kazatomprom. The mine produces uranium using in-situ recovery.
Weak spot uranium prices between 2012 and 2020 weighed heavily on pure-play uranium producers. In 2018, Cameco placed the McArthur River and Key Lake operations on care and maintenance, reducing the company's total annual uranium output from 23.8 million pounds in 2017 to 9.2 million pounds in 2018.
Improving market dynamics prompted the company to restart MacArthur Lake in 2022.
As a full nuclear fuel cycle provider, Cameco, in partnership with Brookfield Renewable Partners and Brookfield Asset Management, completed the purchase of Westinghouse Electric Company — a leading provider of nuclear power plant services and technologies — in November 2023.
In its Q1 update, Cameco reported steady operational and financial performance, with consolidated adjusted EBITDA of C$353 million and adjusted net earnings of C$70 million.
While uranium segment earnings declined due to timing of sales at its Inkai joint venture, average realized prices improved, supported by stronger fixed-price contracts and a favorable US dollar. For 2025, Cameco expects uranium production of 18 million pounds on a 100 percent basis at each of Cigar Lake and McArthur River/Key Lake.
After logistical issues at its Inkai joint venture in Kazakhstan weighed on production growth in 2024, Inkai suspended operations for about three weeks in January due to a directive from partner Kazatomprom. The revised 2025 production target is 8.3 million pounds on a 100 percent basis, with Cameco’s allocation at 3.7 million pounds. No deliveries from Inkai are expected until the second half of the year.
3. NexGen Energy (NYSE:NXE,TSX:NXE,ASX:NXG)
Market cap: US$3.18 billion
NexGen Energy, a company specializing in uranium exploration and development, is primarily focused on the Athabasca Basin. Its flagship project is the Rook I project, which includes the Arrow discovery.
The company also owns a 50.1 percent interest in exploration-stage company IsoEnergy (TSXV:ISO,OTCQX:ISENF).
In its Q1 results, NexGen reported a net loss of C$50.9 million, driven primarily by an impairment on its investment in IsoEnergy and ongoing exploration spending at its Rook I uranium project. Despite the loss, NexGen maintained a cash position of C$434.6 million, down from C$476.6 million at the end of 2024.
The largest component of the cash flow change was investing activities at C$34.3 million, mostly tied to C$28.1 million in exploration and evaluation expenses. The majority of this went toward technical work, permitting, and drilling at Rook I. NexGen also made a C$6.3 million follow-on investment in IsoEnergy.
Financing activity was limited, with C$557,000 raised from stock option exercises and C$6.8 million in restricted cash movements, resulting in a total cash outflow of C$41.9 million.
The company continues to hold a strategic uranium inventory of 2.7 million pounds of U3O8, valued at C$341 million. While NexGen does not currently generate production revenue, it remains well-capitalized to fund its development plans as it progresses Rook I toward potential construction and licensing milestones.
In late March NexGen reported its “best ever discovery phase intercept” at Rook I. As noted in a press release, drill hole RK-25-232 at the Patterson Corridor East zone intersected 3.9 meters of exceptionally high uranium readings within a larger 13.8 meter mineralized section starting at 452.2 meters depth.
4. Uranium Energy (NYSEAMERICAN:UEC)
Market cap: US$2.36 billion
Uranium Energy (UEC) has two production-ready in-situ recovery (ISR) uranium projects — its Christensen Ranch uranium operations in Wyoming and its Texas Hub and Spoke operations in South Texas — as well as two operational processing facilities. It plans to restart uranium production in Wyoming in August and resume South Texas operations in 2025.
The firm has built one of the largest US-warehoused uranium inventories, and in 2022 secured a US Department of Energy contract to supply 300,000 pounds of U3O8 as part of the country's move to establish a domestic uranium reserve.
UEC also holds a wide portfolio of uranium projects in the US and Canada, some of which have major permits secured. In August 2022, UEC completed its acquisition of uranium company UEX. That same year, UEC also acquired both a portfolio of uranium exploration projects and the Roughrider uranium project from Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO).
In January, UEC increased its stake in Anfield Energy (TSXV:AEC,OTCQB:ANLDF) by acquiring 107.1 million shares for approximately C$15 million, at C$0.14 per share. The deal boosts UEC’s ownership to about 17.8 percent.
A month later, the company announced that it had achieved a key milestone by successfully processing, drying and drumming uranium at its Irigaray central processing plant in Wyoming.
Uranium concentrate produced from the plant will be shipped to the ConverDyn conversion facility in Illinois.
In March, UEC released results for the quarter ended on January 31, highlighting that additional wellfields at Christensen Ranch were on track to begin production in the coming weeks. It also finalized the acquisition of Rio Tinto’s Sweetwater plant, adding 4.1 million pounds per year of licensed capacity and establishing its third ISR hub-and-spoke platform.
Financially, UEC reported Q2 revenue of US$49.8 million from selling 600,000 pounds of U3O8 at US$82.92 per pound, generating US$18.2 million in gross profit. The company holds 1.36 million pounds in uranium inventory valued at US$97.3 million, with an additional 300,000 pounds to be acquired at US$37.05 per pound this December.
In May, UEC signed a memorandum of understanding with Radiant Industries to collaborate on strengthening the US nuclear energy value chain. As part of the agreement, UEC will supply domestically sourced uranium to Radiant. The partnership supports Radiant’s development of the Kaleidos portable nuclear microreactor, which is planned to be mass produced, aligning with growing national interest in small modular reactors and energy security.
5. Denison Mines (NYSEAMERICAN:DNN,TSX:DML)
Market cap: US$1.33 billion
Denison Mines is focused on uranium mining in Saskatchewan's Athabasca Basin. holding a 95 percent interest in the Wheeler River uranium project, which hosts the Phoenix and Gryphon deposits.
The company has significant landholdings in the basin through both operating and non-operating joint venture interests with uranium majors such as Orano and Cameco. This includes a 22.5 percent interest in Orano's McLean Lake mill and mine, the latter of which is expected to re-enter production in 2025.
In 2023, Denison completed a feasibility study for Phoenix, which hosts proven and probable reserves of 56.7 million pounds of uranium. The company is planning to use ISR for Phoenix and is targeting first production for 2027 or 2028. Denison also updated a 2018 prefeasibility study for the Gryphon deposit as an underground mine.
According to the company, both deposits have low-cost production potential.
In February, Denison announced that the Canadian Nuclear Safety Commission has scheduled public hearings for the Phoenix ISR project, which will take place in two parts, one in October and one in December.
The hearings are the final step in the federal approval process for the project’s environmental assessment and license to construct and prepare a uranium mine and mill.
On May 12, Denison released its results for the first quarter, noting that Phoenix had reached 75 percent completion for total engineering. If it receives approval later this year, Denison expects to begin construction for the Phoenix ISR operation in early 2026 and achieve production in 2028.
Meanwhile, site prep resumed at the McClean North deposit, which will be mined using the joint venture's proprietary SABRE mining method. Operations are on track to begin mid-year.
FAQs for uranium investing
What is uranium?
First discovered in 1789 by German chemist Martin Klaproth, uranium is a heavy metal that is as common in the Earth's crust as tin, tungsten and molybdenum. Named after the planet Uranus, which was also discovered around the same time, uranium has been an important source of global energy for more than six decades.
What country has the most uranium?
Australia and Kazakhstan lead the world in both terms of uranium reserves and uranium production. Australia takes first prize for the world's largest uranium reserves, representing 28 percent globally at 1,684,100 MT of U3O8. However, the Oceanic country ranks fourth in global uranium production, putting out 4,087 MT of U3O8 in 2022.
For its part, Kazakhstan controls 13 percent of global uranium reserves and leads the world in uranium production with 2022 output of 21,227 MT. Last year, Canada passed Namibia to become the second largest uranium producer, putting out 7,351 MT of U3O8 in 2022 compared to Namibia's 5,613 MT. The countries hold 10 percent and 8 percent of global reserves respectively.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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16 May
Top 5 Canadian Mining Stocks This Week: Foremost Clean Energy Powers 133 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Newly elected Canadian Prime Minister Mark Carney announced his cabinet on Tuesday (May 13). Among his selections was Tim Hodgson, the Member of Parliament from Markham-Thornhill, as the new Minister of Energy and Natural Resources.
Hodgson’s portfolio will involve overseeing Canada’s resource sector. His selection has been seen as a nod to Alberta’s oil and gas sector due to his time serving as a board member of MEG Energy (TSX:MEG,OTC Pink:MEGEF), an oilsands producer based in Calgary.
Hodgson also spent time running Goldman Sachs' (NYSE:GS) Canadian operations, where he advised the Bank of Canada during Carney's tenure as the central bank’s governor.
South of the border, the United States Bureau of Labor Statistics released April’s consumer price index (CPI) data on Tuesday, reporting that all-items inflation rose by 0.2 percent on a monthly basis, as did core CPI, which doesn’t include the volatile food and energy categories.
The figures indicate a reversal in the deceleration seen over the past few months. During that time, all-items inflation slowed from a 0.5 percent increase in January to a 0.2 percent gain in February before recording a 0.1 percent decline in March. Similarly, core CPI had slowed to a 0.1 percent increase in March.
On an annualized basis, CPI posted a 2.3 percent increase, down from the 2.4 percent recorded in March. However, core CPI remained steady at 2.8 percent.
Markets and commodities react
In Canada, major indexes were mixed at the end of the week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 2.07 percent during the week to close at 25,971.93 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 1.93 percent to 672.84 and the CSE Composite Index (CSE:CSECOMP) shed 0.5 percent to 119.01.
US equities were in positive territory this week, with the S&P 500 (INDEXSP:INX) gaining 2.6 percent to close at 5,958.37, the Nasdaq-100 (INDEXNASDAQ:NDX) rising 2.88 percent to 21,412.91 and the Dow Jones Industrial Average (INDEXDJX:.DJI) adding 1.8 percent to 42,654.75.
The gold price was in decline this week, posting a loss of 3.75 percent, to close Friday at US$3,199.69. The silver price was also down, shedding 1.37 percent during the period to US$32.28.
In base metals, the COMEX copper price fell 2.34 percent over the week to US$4.60 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) posted a small gain of 0.31 percent to close at 533.11.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 3 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
1. Foremost Clean Energy (CSE:FAT)
Weekly gain: 133.11 percent
Market cap: C$29.88 million
Share price: C$3.45
Foremost Clean Energy is a uranium explorer advancing projects in Saskatchewan's Athabasca Basin. In 2025, its primary focus has been its Hatchet Lake property, part of its Eastern Athabasca projects. The site consists of nine mineral claims within two blocks covering an area of 10,2012 hectares and has seen exploration dating back to the 1960s.
Foremost announced in October 2024 that it had completed the first phase of an option agreement with Denison Mines (TSX:DML,NYSEAMERICAN:DNN) to acquire a 20 percent stake in 10 uranium properties, including Hatchet Lake, in exchange for 1.37 million common shares. Under the terms of the agreement, Foremost can earn up to a 70 percent stake in the properties in exchange for meeting certain milestones within 36 months.
Shares in Foremost have gained after making several positive exploration announcements over the past few weeks.
On May 1, Foremost announced a new uranium discovery at Hatchet Lake based on initial results from an ongoing inaugural drill program. The company said the discovery includes multiple intervals of mineralization, highlighting one grading 0.22 percent equivalent U3O8 over 0.9 meters, including two intersections of 0.1 meters grading 0.58 percent and 0.5 percent.
Follow up information from the program was released on Thursday (May 15) when Foremost reported anomalous radioactivity was detected in 6 out of 10 completed drill holes. After receiving the preliminary results, the company expanded its program from the original eight hole, 2,000 meter program to a 10 hole, 2,400 meter program. Assay results remain pending.
2. Anfield Energy (TSXV:AEC)
Weekly gain: 50 percent
Market cap: C$10.27 million
Share price: C$0.09
Anfield Energy is a uranium and vanadium development company working to advance several projects in the United States.
Among them is its Velvet-Wood project located in Lisbon Valley, Utah, a region with historic uranium exploration and production. The site itself hosts underground infrastructure that was used to recover approximately 4 million pounds of uranium oxide between 1979 and 1984.
According to a January 2023 preliminary economic assessment, the site hosts a measured and indicated resource of 4.64 million pounds of uranium oxide equivalent from 811,000 metric tons of ore at an average grade of 0.29 percent, as well as an inferred resource of 8.41 million pounds of uranium oxide equivalent from 1.84 million metric tons at 0.24 percent.
The report also showed an inferred vanadium oxide resource of 54.4 million pounds from 2.65 million metric tons of ore at an average grade of 1.03 percent.
Shares in Anfield gained this week after it announced on Tuesday that the US Department of the Interior selected Velvet-Wood for expedited environmental permitting as part of the government’s FAST-41 initiative to bolster domestic mineral production. Under the expedited process, the Bureau of Land Management has been directed to complete its review of the project within 14 days.
3. Roscan Gold (TSXV:ROS)
Weekly gain: 44.44 percent
Market cap: C$30 million
Share price: C$0.065
Roscan Gold is an exploration and development company working to advance its Kandiole gold project in the Republic of Mali. The company’s permits cover an area of 288.8 square kilometers and host several mineralized targets.
Kandiole hosts an indicated mineral resource of 1.02 million ounces of gold from 27.4 million metric tons at an average grade of 1.2 grams per metric ton (g/t) gold, and an inferred resource of 200,000 ounces from 5.2 million metric tons at 1.2 g/t.
Roscan has focused on de-risking its project as it moves towards obtaining a mining permit, and spent much of 2024 raising funds. The latest funding announcement came in October 2024 when Roscan closed a non-brokered private placement for gross proceeds of C$2 million. At the time, the company said it would use the funds for general working capital and exploration and development at the Kandiole project.
The most recent news release from Roscan came on March 10 when it welcomed an announcement by the Government of Mali that lifts the partial suspension of the processing of mining license applications. The company said the decision marks a milestone for de-risking the Kandiole gold project.
License applications in Mali had been suspended since 2022. At the time, the military government, which took power in 2021, said the action was to improve the issuance process and better serve the industry.
4. Baru Gold (TSXV:BARU)
Weekly gain: 44.44 percent
Market cap: C$19.55 million
Share price: C$0.065
Developer Baru Gold is advancing its Sangihe gold project in Indonesia. The company holds a 70 percent stake in the 42,000 hectare project, with the remaining 30 percent interest held by three Indonesia-based companies.
Baru Gold is progressing toward approval of its production operations plan, which was redesigned due to the significant macroeconomic shift and increase in the gold price since its last resource estimate in May 2017.
On February 14, the company published a technical report with an updated resource estimate. The resource estimate demonstrates an indicated resource of 114,000 ounces of gold and 1.93 million ounces of silver from 3.15 million metric tons of ore with grades of 1.12 g/t gold and 19.4 g/t silver. The project also hosts an inferred resource of 91,000 ounces of gold and 1.08 million ounces of silver from 2.3 million metric tons of ore with grades of 1.22 g/t gold and 14.5 g/t silver.
The update marks a significant step toward government approval for production operations status, with the only remaining requirement being the payment of taxes.
On Thursday, Baru announced it entered into an arm’s length binding preliminary collaboration agreement with Quantum Metal Thailand, a gold ecommerce platform, which would invest up to US$100 million in Baru as part of an offtake and funding collaboration. Baru said the funding would be used to enhance its gold production and refining capacity to a purity rate of 99.99 percent.
Under the terms of the potential deal, funding would be broken down into an initial investment worth up to US$30 million, and subsequent tranches worth US$10 million. Baru will repay the amount with refined gold based on the London Bullion Market Association gold price, with the first tranche discounted at 30 percent and remaining tranches discounted at 20 percent.
Once production commences, Quantum will also receive 20 percent of the company's monthly refined gold production until the investment is fully repaid.
5. Talon Metals (TSX:TLO)
Weekly gain: 42.86 percent
Market cap: C$140.21 million
Share price: C$0.15
Talon Metals is an exploration and development company working to advance its Tamarack North polymetallic project in Minnesota, US. Talon owns a 51 percent stake in the 31,000 acre project, with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) owning the remaining 49 percent.
A technical report released in November 2022 reported a total indicated resource of 8.56 million metric tons of ore at an average grade of 1.73 percent nickel and 0.92 percent copper, 0.05 percent cobalt, 0.34 g/t platinum, 0.21 g/t palladium and 0.15 g/t gold.
Talon has been working through 2024 and 2025 to expand the resource at the project. On May 1 the company announced the highest grade intercept encountered at Tamarack: 8.25 meters at 12.62 percent nickel, 13.88 percent copper, 0.12 percent cobalt, 4.7 g/t palladium, 7.08 g/t platinum, 6.17 g/t gold and 44.31 g/t silver.
The company followed up with further significant news on Monday (May 12), announcing a drill hole encountered 34.9 meters of cumulative massive nickel mineralization over a total length of 47.33 meters.
Brian Goldner, Talon’s chief exploration and operations officer, commented, “In my 19 years working on the Tamarack Project, I’ve never seen anything like this. This 34.9 meter intercept of high-grade massive sulphide isn’t just the longest ever recorded at Tamarack, it’s a defining moment.”
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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15 May
Trump Admin Fast Tracks Anfield’s Velvet-Wood Uranium Project in Push for US Energy Independence
The US Department of the Interior announced on Monday (May 12) that it will fast track environmental permitting for Anfield Energy’s (TSXV:AEC,OTCQB:ANLDF) Velvet-Wood uranium project in Utah
The decision slashes what would typically be a years-long review process down to just 14 days, and makes Velvet-Wood the first uranium project to be expedited under a January 20 statement from President Donald Trump. In it, he declares a national energy emergency and emphasizes the importance of restoring American energy independence.
This week's decision signals what Anfield calls “a decisive shift in federal support for domestic nuclear fuel supply.”
The Velvet-Wood project, located in San Juan County, Utah, is expected to produce uranium used for both civilian nuclear energy and defense applications, as well as vanadium, a strategic metal used in batteries and high-strength alloys.
Secretary of the Interior Doug Burgum characterized the move as part of an urgent federal response to what he said is “an alarming energy emergency” created by the “climate extremist policies” of the previous administration.
“President Trump and his administration are responding with speed and strength to solve this crisis,” he said. “The expedited mining project review represents exactly the kind of decisive action we need to secure our energy future.”
Anfield acquired Velvet-Wood, which is currently on care and maintenance, from Uranium One in 2015.
The asset sits on the site of a previously active operation. Between 1979 and 1984, Atlas Minerals extracted approximately 400,000 metric tons of ore from the Velvet deposit, recovering around 4,000,000 pounds of U3O8. If approved, the revived project would disturb only three acres of new surface area, according to the interior department.
"As a past-producing uranium and vanadium mine with a small environmental footprint, Velvet-Wood is well- suited for this accelerated review," said Anfield CEO Corey Dias.
He added that the company aims "to play a meaningful role in rebuilding America’s domestic uranium and vanadium supply chain and reducing reliance on imports from Russia and China.”
The company also owns the Shootaring Canyon uranium mill in Utah, which it plans to restart. The facility, described as one of only three licensed, permitted and constructed conventional uranium mills in the country, would convert uranium ore into uranium concentrate bound for nuclear fuel production.
Uranium market sentiment turning a corner?
After a rocky start to 2025, the uranium market is showing signs of renewed strength and resilience.
According to Sprott Asset Management’s latest uranium report, the U3O8 spot price rose by 5.4 percent in April, climbing to US$67.70 per pound from a March low of US$63.20. The price recovery continued into early May, with the spot price briefly touching US$70, a nearly 10 percent gain from 2025 lows.
This rebound has renewed investor confidence and appears to signal the beginning of a steadier climb, underpinned by tight supply conditions, resurgent utility activity and greater clarity around US trade and tariff policy.
The uranium term price, which remains steady at US$80, continues to reflect strong long-term fundamentals. This persistent premium over spot pricing has re-energized the uranium carry trade — where traders purchase spot uranium for future delivery under term contracts — helping to support spot prices and inject fresh liquidity into the market.
A major contributor to the uranium market’s renewed confidence has been improved policy visibility in the US.
The Trump administration’s decision to pause the implementation of its new reciprocal tariffs for 90 days provided utilities with the breathing room needed to resume contracting.
Although uranium was excluded from the initial tariff package, it remains part of an ongoing Section 232 investigation into critical minerals, a move that Sprott believes elevates uranium’s strategic profile.
As for the long-term outlook, uranium’s bullish case is also being bolstered by growing power demands from artificial intelligence and data centers. In April, Google (NASDAQ:GOOGL) announced funding for three new nuclear projects, each with at least 600 megawatts of planned capacity.
These moves align with a broader US Department of Energy strategy that includes identifying 16 federal sites for co-locating data centers and new energy infrastructure.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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