The first Earth Day, back in 1970, was the idea of Senator Gaylord Nelson as a way to force environmental issues into the national discussion. At the time, there was no EPA, no Clean Air Act, no Clean Water Act, and no smog or efficiency standards - the average car averaged 11.9 mpg on leaded gasoline.Read More >>
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Kazatomprom, Kazakhstan’s state-owned uranium giant, said it will scale back production in 2026, noting that current supply and demand dynamics do not justify a return to full capacity even as long-term prices hold firm.
The company, which accounts for more than one-fifth of the world’s primary uranium output, said in an August 22 release that it expects to lower production by roughly 10 percent next year compared to earlier targets.
It will reduce its nominal output level from 32,777 metric tons of U3O8 to 29,697 metric tons.
That equates to a drop of around 8 million pounds of uranium, or about 5 percent of global supply. Most of the reduction will come from adjustments at Kazatomprom's Budenovskoye joint venture.
“As the world’s largest producer and seller of natural uranium, Kazatomprom fully recognises the critical role the Company has in supporting the global energy transition,” Chief Executive Meirzhan Yussupov commented.
Kazatomprom said the present environment does not warrant lifting production to the 100 percent level. The long-term uranium price is currently stable at around US$80 per pound, despite volatility in the spot market.
Instead, the company said it plans to “exercise its downflex opportunity within the acceptable 20 percent deviation under the updated 2026 Subsoil Use production levels.” Actual guidance for the 2026 output will be released later.
The company further added that supplies of sulfuric acid, a critical reagent for the in-situ recovery mining method used across its operations, are expected to be stable in 2026.
Kazatomprom also pointed to Kazakhstan’s own nuclear energy ambitions. The government has floated plans for three nuclear power plants, each of which would require about 400 metric tons (1.04 million pounds) of uranium annually.
The company's updates came as part of its half-year results. Kazatomprom reported a 54 percent fall in net profit to 263.2 billion Kazakhstani tenge (around US$489.5 million) in the first six months of 2025, compared with the same period a year earlier. Revenue slipped 6 percent to 660.2 billion tenge due to lower sales volumes.
In August 2024, the company cut its 2025 uranium output forecast by 12 to 17 percent amid a sulfuric acid shortage.
Its new acid plant won’t be ready until at least 2026, while higher mineral extraction taxes, which commenced earlier this year, are set to raise costs and erode its traditional competitive edge. But even as it trims output targets, Kazatomprom stressed that it is pushing ahead with large-scale exploration programs across Kazakhstan. The initiatives are aimed at replenishing reserves and safeguarding the company’s status as the leading global supplier of nuclear fuel.
“Kazatomprom is currently undertaking a large-scale exploration in Kazakhstan, which is a top priority for replenishing its resource base and maintaining its leading position as a global nuclear fuel supplier,” Yussupov said.
Although Kazatomprom has seen a decline in profits, uranium sector major Cameco (TSX:CCO,NYSE:CCJ) registered growth in Q2 of this year, and is anticipating a broad uptick in global demand.
“We believe that supportive government policies, the tangible actions of energy-intensive industries, and positive public conversations are all pointing to a global convergence: nuclear energy is a critical solution for providing clean, constant, secure and reliable power to electrify global economies," wrote President and CEO Tim Gitzel in July.
Given uranium's key role in clean energy, FocusEconomics analysts are forecasting that prices will stay well above 2010 levels through the decade, with price sprojected in the US$65 to US$80 range.
The World Nuclear Association (WNA) projects that uranium demand will rise 28 percent by 2030, outpacing an 18 percent supply increase, driven by emerging market growth, artificial intelligence-related power needs, modular reactor adoption and energy security concerns. Primary uranium production from mines, conversion plants and enrichment plants meets most global reactor demand, with secondary supply helping bridge short-term gaps.
"However, secondary supply is projected to have a gradually diminishing role in the world market, decreasing from the current level in supplying 11-14 percent of reactor uranium requirements to 4-11 percent in 2050," the WNA states.
Despite the looming shortfall in the uranium sector, FocusEconomics analysts don’t anticipate a return to 2024’s highs, when prices overshot fundamentals amid investor exuberance.
“Supply/demand dynamics are supportive of higher uranium prices: We forecast a structural supply deficit of ~20 million pounds in 2025 to grow to ~130 million pounds by 2040, or representing 40 percent-45 percent undersupply," the firm states. "This view is supported by increasing demand for uranium as the global nuclear fleet expands to support growing power needs amid a lack of meaningful potential supply to come online.”
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Uranium mining in Canada accounts for 13 percent of global output, making the Great White North the second largest producer of uranium in the world, behind only Kazakhstan.
Canada hosts 9 percent of the world’s uranium resources and is home to the biggest deposits of high-grade uranium. Their grades of up to 20 percent uranium are 100 times greater than the global average.
Canadian uranium deposits are found mainly in the provinces of Saskatchewan, Newfoundland and Labrador, and Québec, as well as the territory of Nunavut. Of these, Saskatchewan leads the country in both uranium exploration and production.
Canada is home to three producing uranium mines, Cigar Lake, McArthur River and McClean Lake, all of which are located in Saskatchewan's Athabasca Basin.
Saskatchewan is a premier uranium mining jurisdiction as home to the Athabasca Basin, a mining-friendly region in the north of the province that's renowned for its high-quality uranium deposits. The area's long uranium-mining history has made Canada an international leader in the uranium sector.
Canada’s major uranium mining companies are Cameco (TSX:CCO,NYSE:CCJ) and Orano Canada, a subsidiary of the multinational company Orano Group. Cameco is the majority owner and operator of Cigar Lake and McArthur River. Orano holds a significant stake in both mines, and is also the majority owner and operator of the recently restarted McClean Lake operation.
Data and information on the Canadian uranium mines and advanced projects discussed below is taken from mining database MDO. The database only includes projects that have at least partial ownership by public companies.
Ownership:
54.547% — Cameco
40.453% — Orano Canada
5% — TEPCO Resources
Province: Saskatchewan
Mine type: Underground
Deposit type: Unconformity-related
Cigar Lake, which entered commercial production in 2015, is one of Canada’s largest uranium mines and the world’s highest grade uranium mine. The underground mining operation involves the use of innovative mining methods such as jet boring, which was purposely designed by Cameco to tackle the unique challenges of the Cigar Lake deposit.
For 2024, production at the Cigar Lake mine was reported at 16.9 million pounds U3O8, up 2 million pounds from the previous year. Guidance for 2025 stands at approximately 18 million pounds.
Cigar Lake’s proven and probable reserves stand at 551,400 metric tons of ore grading 15.87 percent U3O8 for 192.9 million pounds of contained U3O8. Its mine life is expected to run until 2036.
Ownership:
McArthur River mine
69.805% — Cameco
30.195% — Orano Canada
Key Lake mill
83.3% — Cameco
16.7% — Orano Canada
Province: Saskatchewan
Mine type: Underground
Deposit type: Unconformity-related
The McArthur River-Key Lake operation is home to the McArthur River mine and Key Lake mill, respectively the largest high-grade uranium mine and largest uranium mill in the world, according to MDO.
McArthur River was first brought into production in 2000 using raiseboring and blast hole stoping mining methods, but was put on care and maintenance temporarily in early 2018 due to low uranium prices. Cameco brought the mine and mill back into production in late 2022, progressively ramping up output over the next few years.
Production in 2024 came in at 20.3 million pounds U3O8, up nearly 43 percent from the previous year’s output, and production guidance for 2025 has been set at 18 million pounds.
McArthur River’s proven and probable reserves total 2.49 million metric tons grading 6.55 percent U3O8 for 359.6 million pounds of contained metal. Its mine life extends out to 2044.
Ownership:
77.5% — Orano Canada
22.5% — Denison Mines (TSX:DML)
Province: Saskatchewan
Mine type: Surface mine
Deposit type: Unconformity-related
The McClean Lake mine re-entered production in July 2025, 17 years after it was shuttered in 2008 due to low uranium prices made the operations uneconomic.
After studies demonstrated that the joint venture partners’ patented surface access borehole resource extraction (SABRE) mining method could bring McClean back to life economically, the decision was made in January 2024 to bring the asset back into production.
The site hosts multiple deposits, including the now-producing McClean North deposit. It also boasts the only mill in the world designed to process high-grade uranium ore without dilution, according to MDO. The mill has the capacity to produce 24 million pounds of uranium concentrate, or yellowcake, annually. Currently, the mill is processing ore from the Cigar Lake mine under a toll mining agreement.
Proven reserves at McClean Lake are in the form of ore stockpiles, and total 90,000 metric tons at a grade of 0.37 percent for U3O8 for 700,000 pounds of contained metal. The site also hosts significant indicated and inferred resources of 25.4 million pounds across the McLean North, Sue D and Sue F deposits.
The partners expect to produce approximately 800,000 pounds of U3O8 from McClean North in the first year of operations. In addition, mining at the McClean North and Sue F deposits has the potential to produce about 3 million pounds from 2026 to 2030.
There are a handful of contenders for Canada's next uranium mine: Patterson Lake South, Rook 1 and Wheeler River. None are in the construction stage yet, but most are expecting to come online in the next few years. Learn about the advanced uranium projects below.
Ownership: Paladin Energy (TSX:PDN,ASX:PDN)
Province: Saskatchewan
Mine type: Underground
Deposit type: Basement hosted vein-type or fracture-filled
Currently in the permitting phase, the Patterson Lake South (PLS) project hosts the large, high-grade and near-surface Triple R deposit, which has the potential to produce both uranium and gold. The project has a probable mineral reserve estimate of 93.7 million pounds of contained uranium from 3 million metric tons grading 1.41 percent U3O8.
The 2023 feasibility study for PLS highlights average production of approximately 9 million pounds U3O8 per year over a 10 year mine life.
Paladin added the PLS uranium project to its portfolio in December 2024 via its acquisition of Fission Uranium. The company is continuing to develop the PLS's resource potential outside of the Triple R deposit, with a significant focus on the project's Saloon East zone. Advancing through the environmental permitting process remains ongoing.
Ownership: NexGen Energy (TSX:NXE)
Province: Saskatchewan
Mine type: Underground
Deposit type: Basement-hosted, vein-type
NexGen Energy’s Rook 1 project, home to the Arrow deposit, is in the permitting stage with a feasibility study completed in February 2021. Arrow hosts probable mineral reserves of 239.6 million pounds of U3O8 from 4.57 million metric tons of ore at a grade of 2.37 percent, as well as a measured and indicated resource of 256.7 million pounds from 3.75 million metric tons at 3.1 percent.
Over its 11.7 year mine life, Rook 1 is expected to produce an average of 19.8 million pounds of U3O8 per year, including over 25 million pounds during the first five years.
Provincial environmental assessment approval was granted in November 2023, and the federal environmental impact statement was accepted as final in January 2025. In March 2025, the company shared that the Canadian Nuclear Safety Commission has proposed hearing dates for the Rook I project on November 19, 2025, and February 9 to 13, 2026.
NexGen states that a full project execution team is at the ready and the site is fully prepared for construction activities to commence following final federal approval.
Ownership:
95% — Denison Mines
5% — Uranium Energy (TSX:UEC,NYSEAMERICAN:UEC)
Province: Saskatchewan
Mine type:
Phoenix — In-situ recovery
Gryphon — Underground
Deposit type: Unconformity-related
The Wheeler River uranium project, billed as the largest undeveloped uranium project in the eastern region of the Athabasca Basin, is home to the high-grade Phoenix and Gryphon deposits. Each deposit is considered a standalone asset, and the Phoenix deposit is the more advanced of the two.
A feasibility study for the Phoenix deposit as an in-situ recovery operation was completed in mid-2023. In February 2025, Denison reported that the Canadian Nuclear Safety Commission is set to conduct hearings for the project’s environmental assessment and license to prepare and construct a uranium mine and mill on October 8 and December 8 to 12, 2025. If granted approval, Denison is prepared to start construction in early 2026, followed by first production by the first half of 2028.
As for the Gryphon deposit, an update to the pre-feasibility study for a conventional underground mining operation was completed in 2023. Denison conducted a field program in the first quarter of 2025 as part of its efforts to support a feasibility study.
Canada is also home to a slew of uranium exploration and development companies focused on discovering uranium in Saskatchewan, Nunavut and Newfoundland and Labrador.
This is an updated version of an article first published by the Investing News Network in 2017.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Baselode Energy, Purepoint Uranium, North Shore Uranium and SkyHarbour Resources are clients of the Investing News Network. This article is not paid-for content.
North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to announce a non-brokered private placement offering for aggregate gross proceeds of up to $1,400,000, through the issuance of a combination of non-flow-through units (the "NFT Units") at a price of $0.05 per NFT Unit and flow-through units (the "FT Units") at a price of $0.065 per FT Unit (the "Offering"). Each NFT Unit consists of one non-flow-through common share and one-half of one share purchase warrant (each whole share purchase warrant, a "Warrant"). Each FT Unit consists of one flow-through common share and one-half of one Warrant. Each Warrant entitles the holder to purchase one non-flow through common share (each a "Warrant Share") at a price of $0.10 per Warrant Share for a period of two years from closing of the Offering.
As announced June 24, 2025, the Company entered into a binding term sheet (the "Term Sheet") with Resurrection Mining LLC ("Resurrection"), an arm's length party, to acquire up to 87.5% of the Rio Puerco uranium project ("Rio Puerco"or the "Project") located in northwestern New Mexico (the "Transaction"). Completion of the Transaction is contingent on North Shore completing satisfactory due diligence, execution of a definitive agreement, completion of a minimum $750,000 financing by North Shore, and approval by the TSX Venture Exchange (the "Exchange").
The net proceeds of the Offering will be used to complete the Transaction, exploration of the Rio Puerco uranium project in New Mexico, continued exploration of the Company's Saskatchewan uranium properties, the costs of the Offering and for general working capital.
The securities issued in connection with the Offering will be subject to a four-month and one-day hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Exchange. Finder's fees may be payable in the Offering.
Caution to US Investors
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.
ABOUT NORTH SHORE
The nuclear power industry is in growth mode as more nuclear power will be required to meet the world's ambitious CO2 emission-reduction goals and the needs of new power-intensive technologies like AI. In this environment, new discoveries of economic uranium deposits will be very valuable, especially in established uranium-producing jurisdictions like Saskatchewan and New Mexico. North Shore is well-positioned to become a major force in exploration for economic uranium deposits. The Company is working to achieve this goal by exploring its Falcon and West Bear properties at the eastern margin of the Athabasca Basin in Saskatchewan, expanding its exploration efforts to include the Grants Uranium District in New Mexico and by evaluating other quality opportunities in the United States and Canada to complement its portfolio of uranium properties. North Shore summarized its exploration efforts at its Falcon property in a May 27, 2025, news release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "project", "appear", "interpret", "coincident", "potential", "confirm", "suggest", "evaluate", "encourage", "likely", "anomaly", "continuous" and variations of these words as well as other similar words or statements that certain events or conditions "could", "may", "should", "would" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the completion of the Offering; the completion and expected terms of the Transaction, the parties' abilities to meet the closing conditions of the Transaction, the number of securities to be issued by the Company in connection with the Transaction, receipt of all necessary approvals for the completion of the Offering and Transaction respectively, the completion of satisfactory due diligence, execution of a definitive agreement, and the Company's ability to meet the terms of the Transaction; the highly speculative nature of the Transaction given the early-stage nature of Rio Puerco; the actual results of current and planned exploration activities including the potential for the definition of a mineral deposit of potential economic value at the Company's Falcon property in Saskatchewan; that drilling results, geophysical survey results and/or interpretations thereof define potentially mineralized corridors; results from future exploration programs including drilling; interpretation and meaning of completed and future geophysical surveys; conclusions of future economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in grades of mineralization and/or future actual recovery rates; accidents, labour disputes and other risks of the mining industry; the availability of sufficient funding on terms acceptable to the Company to complete the planned work programs; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
Click here to connect with North Shore Uranium Ltd. (TSXV:NSU) to receive an Investor Presentation
In the latest show of federal support for domestic uranium production, Uranium Energy (NYSEAMERICAN:UEC) Sweetwater uranium complex in Wyoming has been designated for expedited permitting under the Trump administration’s FAST-41 initiative.
The designation, announced August 5, places Sweetwater on the Federal Permitting Improvement Steering Council’s FAST-41 dashboard, a move that aims to accelerate environmental reviews and interagency approvals under a framework established by the 2015 Fixing America’s Surface Transportation (FAST) Act.
The initiative is part of the Trump administration's strategy to revitalize the US nuclear fuel supply chain and reduce reliance on imports from geopolitical rivals.
“Sweetwater’s selection under FAST-41 reinforces its national importance as a key project to achieve the United States’ goals of establishing reliable infrastructure, supporting nuclear fuel independence,” said UEC President and CEO Amir Adnani in a statement.
“On completing this tack-on permitting initiative, Sweetwater will be the largest dual-feed uranium facility in the United States, licensed to process both conventional ore and ISR resin.”
Located in Wyoming’s Great Divide Basin, the Sweetwater complex is anchored by a fully licensed conventional uranium mill with a capacity of 3,000 metric tons per day and a licensed annual output of 4.1 million pounds.
The site previously included several permitted mines—Sweetwater (Red Desert), Big Eagle, and Jackpot (Green Mountain)—that were approved for conventional methods but will now be evaluated for In-Situ Recovery (ISR) mining, a lower-impact extraction technique.
The new permitting push will allow UEC to modify existing approvals to incorporate ISR capabilities both within and beyond the current mine boundary, including on adjacent federal lands managed by the Bureau of Land Management (BLM).
The BLM, under the Department of the Interior, is the lead permitting agency for the initiative.
“This will provide the Company unrivaled flexibility to scale production across the Great Divide Basin, leveraging UEC’s leading domestic resource base,” Adnani added.
Sweetwater is the second uranium project to receive fast-track treatment under the new policy, following Anfield Energy TSXV:AEC,OTCQB:ANLDF) Velvet-Wood project in Utah, which was granted the status in May.
Velvet-Wood was the first uranium asset to be placed on the FAST-41 dashboard. It is expected to supply uranium for both civilian nuclear energy and defense applications, as well as vanadium, a strategic metal used in batteries and alloys.
Anfield’s Velvet-Wood received accelerated environmental review under a January 20 declaration by President Trump, which cited a national energy emergency and called for urgent steps to restore American energy independence. According to Anfield, the review timeline was cut from what could have taken years to just 14 days.
Taken together, the two fast-tracked uranium projects are a display of a wider federal pivot toward rebuilding a domestic nuclear supply chain, which has withered in recent decades amid low prices and competition from Russia, China, and other state-backed producers.
“I am excited to welcome the Sweetwater Complex to the FAST-41 transparency dashboard in support of President Trump’s goal of unlocking America’s mineral resources,” said Emily Domenech, Executive Director of the Federal Permitting Improvement Steering Council.
The White House confirmed in April that 10 mining projects had been selected so far under the initiative, covering minerals such as copper, gold, lithium, phosphate, potash, and uranium.
With Sweetwater, UEC will operate three hub-and-spoke uranium platforms in the United States: one in South Texas, another in Wyoming’s Powder River Basin, and the Sweetwater Complex in the Great Divide Basin.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
The uranium market stumbled into Q2 after the spot price dipped to an 18 month low of US$63.50 per pound in March amid abundant secondary supply and cautious utility contracting.
By June, however, prices had rebounded into the US$70 range on renewed US policy support and heightened geopolitical tensions. While the spot market remains volatile, long-term prices have held steady at US$80 level.
Yet utility demand still lags. Just 25 million pounds had been contracted as of mid-year, putting 2025 on track to fall well short of the 160 million pounds booked in 2023.
“It’s a pressure cooker,” said Ocean Wall’s Ben Finegold, pointing to a widening disconnect between term prices and utility participation. With global uranium supply still covering only 80 to 90 percent of annual reactor needs and inventories thinning, market watchers warn a sharp contracting surge is inevitable.
Compounding the urgency are ambitious global buildout plans, including 69 reactors under construction and a US proposal to quadruple nuclear capacity by 2050. As the gap between supply and demand grows, uranium investors are watching closely for a return of utility buying and a possible inflection point for the sector.
Amid this opaque landscape, several Canadian uranium companies registered significant gains so far in 2025. Below are the best-performing Canadian uranium stocks by share price performance.
All data was obtained on July 30, 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: 109 percent
Market cap: C$31.69 million
Share price: C$0.46
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,NYSEAMERICAN:ISOU) 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, including the Dorado project.
Purepoint shares jumped from C$0.265 on July 7 to C$0.465 on July 9 after the release of initial drill results from Dorado. According to the July 8 statement, drilling at the Q48 target “confirm(ed) the zone as a significant uranium-bearing structure.” Continuing to trend higher, shares reached a year-to-date high of C$0.52 on July 23. The move coincided with an additional drill result release from the discovery, now dubbed the Nova Discovery target area.
“PG25-07A has successfully extended the Nova Discovery zone by 70 metres and delivered our strongest intercept to date, both in intensity and thickness based on radioactivity," Purepoint President and CEO Chris Frostad said.
Year-to-date gains: 104.9 percent
Market cap: C$139.38 million
Share price: C$0.83
District Metals is an energy metals and polymetallic explorer and developer with a portfolio of seven assets in Sweden, including four uranium projects: Viken, Ardnasvarre, Sågtjärn and Nianfors. Currently, District is focused on its Viken uranium-vanadium project, which it says hosts the world's largest undeveloped uranium deposit.
The company's share price began trending upwards in mid-May following news of a fully subscribed C$6 million private placement. Noteworthy announcements since then include the completion of a helicopter-borne mobile magnetotellurics survey at the Viken property in late June, with results expected later in Q3.
Also in June, the company commended Sweden’s Ministry of Climate and Enterprise for submitting a proposal to lift the country’s longstanding ban on uranium mining. The referral recommends allowing uranium extraction under the Minerals Act and permitting exploration and processing applications under set conditions.
Shares of District Metals rose to a year-to-date high of C$1.01 on July 24, two days after the announcement of a high-resolution drone-based radiometric and magnetic survey across its Ardnasvarre, Sågtjärn and Nianfors projects, which are largely covered by thin glacial overburden and have never been subject to detailed geophysical surveying.
According to the company, the drone will fly low and with tight line spacing, allowing detection of subtle anomalies that traditional surveys may have missed.
Year-to-date gain: 70.21 percent
Market cap: C$2.83 billion
Share price: C$12.80
US-based uranium producer Energy Fuels has a large portfolio of conventional and in-situ recovery (ISR) projects across the Western US, including Pinyon Plain in Arizona, a top national producer.
Additionally, Energy Fuels owns and operates the White Mesa mill, the only fully licensed and operating conventional uranium mill in the US. The company is progressing heavy rare earth oxide processing at the plant as well.
In line with US efforts to bolster domestic uranium output, Energy Fuels has been ramping up Pinyon Plain. In May, a record of approximately 260,000 pounds of U3O8 was mined at the site, up 71 percent over the prior month.
A subsequent press release tallies Q2 output from Pinyon Plain at 638,700 pounds of uranium, which exceeded estimates due to high uranium grades, which averaged 2.23 percent in Q2 and 3.51 percent in June.
Company shares reached a year-to-date high of C$13.80 on July 27. The stock bump followed the successful commencement of pilot-scale heavy rare earths production at White Mesa on July 17.
Year-to-date gain: 56.67 percent
Market cap: C$10.72 million
Share price: C$0.23
Uranium junior Stallion Uranium holds a 2,870 square kilometer land package on the western side of Saskatchewan's Athabasca Basin, including a joint venture with Atha Energy (TSXV:SASK,OTCQB:SASKF) for the largest contiguous project in the region. The company's primary focus is the Coyote target at the project.
Stallion's share price shot upward on July 8 after it announced a technology data acquisition agreement for Matchstick TI, an intelligent geological target identification platform with 77 percent accuracy. Stallion plans to use the technology to enhance its exploration efforts. On July 14, the company reported the results of a 3D inversion of ground gravity data over the Coyote target, which is part of its joint venture with Atha Energy.
"The inversion modelling at Coyote has delineated a laterally extensive and coherent gravity low, spatially coincident with a structurally complex corridor exhibiting attributes characteristic of fertile uranium-bearing systems within the Athabasca Basin,” Stallion Uranium CEO Matthew Schwab said.
Three days later, the company announced it settled its outstanding debt with Atha Energy, issuing 802,809 common shares at a deemed price of C$0.135 per share.
Stallion's shares registered a year-to-date high of C$0.25 on July 18.
Stallion released results from an electromagnetic survey on July 21 that further refined the Coyote target area.
Year-to-date gain: 45.96 percent
Market cap: C$47.21 billion
Share price: C$108.10
Sector major Cameco is a leading global uranium producer headquartered in Saskatoon, Saskatchewan. The company supplies uranium fuel for nuclear energy generation and holds significant assets across the nuclear fuel cycle, including 49 percent interests in Westinghouse Electric Company (NYSE:BBU) and Global Laser Enrichment.
In the Athabasca Basin, Cameco’s portfolio includes a majority interest in the Cigar Lake mine, the world's top-producing uranium mine. The company also fully owns the McArthur River mine, another major high-grade deposit in the same region. Additionally, Cameco operates the Key Lake mill, which processes ore from both Cigar Lake and McArthur River.
Globally, Cameco owns the Crow Butte ISR operation in Nebraska and the Smith Ranch-Highland ISR operation in Wyoming. Both are currently in care and maintenance. In Kazakhstan, Cameco holds a 40 percent interest in the Inkai joint venture, a producing ISR uranium operation developed in partnership with state-owned Kazatomprom.
On June 6, Cameco announced an expected US$170 million increase in its 49 percent equity share of Westinghouse Electric Company’s adjusted EBITDA for Q2 and the full 2025 year. The projected gain is linked to Westinghouse’s involvement in building two nuclear reactors at the Dukovany power plant in the Czech Republic.
In its Q2 results, released on July 31, the company reported net earnings of C$321 million, adjusted net earnings of C$308 million and adjusted EBITDA of C$673 million — all significantly higher year-on-year in part because of the aforementioned share of Westinghouse's EBITDA. In its uranium segment, Cameco's production totaled 4.6 million pounds, down from 7.1 million pounds in Q2 2024, due to planned maintenance at the Key Lake mill. However, its adjusted EBITDA for the segment increased by 43 percent year-on-year to C$352 million.
Cameco's share price reached a year-to-date high of C$109.10 on July 25.
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.
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.
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$70, 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 Stallion Uranium are clients of the Investing News Network. This article is not paid-for content.