Uranium Outlook
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Uranium Price Forecast: Top Trends for Uranium in 2025
The uranium market entered 2024 on strong footing after a year of significant price movement, as well as renewed attention on nuclear energy’s role in the global energy transition.
After a hitting a 17 year high in February, the uranium spot price declined and then stabilized for the rest of 2024, highlighting the fragile balance between supply constraints and growing demand.
Uranium ended the year around US$73.75 per pound, down from its earlier heights, but still historically elevated.
Key drivers of 2024’s momentum included geopolitical tensions, particularly US sanctions on Russian uranium imports, and supply-side challenges, such as Kazatomprom’s (LSE:KAP,OTC Pink:NATKY)reduced output. Meanwhile, the energy transition narrative bolstered uranium's importance as countries sought reliable, low-carbon energy sources. The global push for nuclear energy, amplified by new commitments at COP29, has set the stage for continued growth in demand.
Heading into 2025, questions about long-term supply security, the geopolitical reshaping of the uranium market and the direction the price will take are expected to dominate industry discussions.
Investors, utilities and policymakers alike are navigating an increasingly dynamic market, looking to capitalize on nuclear energy’s pivotal role in a decarbonized future.
Uranium M&A heating up, more expected in 2025
According to the World Nuclear Association, uranium demand is forecast to grow by 28 percent between 2023 and 2030. To satisfy this projected growth, uranium majors will need to increase annual production.
They can do so by expanding current mines — if the economics are viable — or by acquiring new projects.
The market began to see heightened merger and acquisition activity in 2024, and the trend is likely to continue into 2025 and beyond, according to Gerado Del Real of Digest Publishing.
“There's no doubt about it in North America," he told the Investing News Network (INN). "Because of the support that this incoming administration (has shown the nuclear sector) I think it is going to continue."
He added, “I think it makes sense for some of these bigger companies to start merging and really create a market for themselves, and then take market share for the next several decades.”
One of 2024’s most notable deals was a C$1.14 billion mega merger that saw Australia's Paladin Energy (ASX:PDN,OTCQX:PALAF) move to acquire Saskatchewan-focused Fission Uranium (TSX:FCU,OTCQX:FCUUF).
"It's a no-brainer that we get back in triple digits sooner rather than later in 2025, and ultimately I think you're looking easily in the next few years at US$150 to US$200" — Chris Temple, the National Investor
The deal, which was announced in July, is currently undergoing an extended review by the Canadian government under the Investment Canada Act. Canadian officials have cited national security concerns as a reason for the extension.
A key factor is opposition from China's state-owned CGN Mining, which holds an 11.26 percent stake in Fission Uranium. The review reflects heightened scrutiny over critical uranium resources amid geopolitical tensions and global energy security concerns. The prolonged evaluation is now set to conclude by December 30, 2024.
On December 18, 2024, Paladin secured final approval from Canada’s Minister of Innovation, Science, and Industry under the Investment Canada Act, clearing the last regulatory hurdle for its merger. With only standard closing conditions remaining, the deal is set to finalize by early January 2025.
Another notable 2024 deal occurred at the beginning of Q3, when IsoEnergy (TSX:ISO,OTCQX:ISENF) announced plans to buy US-focused Anfield Energy (TSXV:AEC,OTCQB:ANLDF). The deal will significantly increase the company's resource base to 17 million pounds of measured and indicated uranium, and 10.6 million pounds inferred.
The acquisition will also position IsoEnergy as a potentially major US producer.
“We'll be looking toward some pretty robust M&A In 2025,” said Del Real.
Companies weren’t the only dealmakers in 2024. In mid-December, state-owned Russian company Rosatom sold its stakes in key Kazakh uranium deposits to Chinese firms.
Uranium One Group, a Rosatom unit, sold its 49.979 percent stake in the Zarechnoye mine to SNURDC Astana Mining Company, controlled by China's State Nuclear Uranium Resources Development Company.
Additionally, Uranium One is expected to relinquish its 30 percent stake in the Khorasan-U joint venture to China Uranium Development Company, linked to China General Nuclear Power.
For Chris Temple of the National Investor, the move further evidences the notion that China is using backdoor loopholes to circumvent US policy decisions for its own benefit.
“China is selling enriched uranium to the US that's actually Russian-enriched uranium — but (China) owns it,” he said. “It's the same as when China goes and sets up a car factory in Mexico, and Mexico sells the cars to the US.”
Geopolitical tensions to amp up supply concerns
Geopolitical tensions are also anticipated to play a key role in uranium market dynamics in 2025.
In the US, the Biden administration's Russian uranium ban will continue to be a factor in the country's supply and demand story. In 2023, the US purchased 51.6 million pounds of uranium, with 12 percent supplied by Russia.
In response to the Russian uranium ban and other sanctions stemming from the Russian invasion of Ukraine, the Kremlin levied its own enriched uranium export ban on the US in November.
With a potential shortfall of 6.92 million pounds looming for the US, strategic partnerships with allies will be crucial.
“If we take a North American — and this includes Canada — (approach), we can find enough supply for the next several years. I am a firm believer that after the next several years of contracts have gobbled up and secured the supply that's necessary, that we're just going to be short unless we have much higher prices,” said Del Real.
Canada is home to some of the largest high-quality uranium deposits, making it a plausible source of US supply.
Continental collaboration was an idea that was reiterated by Temple.
“The biggest beneficiaries, if we're looking at it in the context of North America, are going to be Canadian companies first," he said. "Secondly, some of the US ones that are going to be adding production that have just been idle for years. You've got UEC (NYSEAMERICAN:UEC) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU), two that I follow most closely, and they are starting to ramp back up. It's going to take a while to get there, but they're going to do well.”
While Canadian uranium may be the closest and most accessible for the US market, concerns that tariffs touted by Donald Trump could result in a tit-for-tat battle impacting the energy sector have grown in recent weeks.
Despite the incoming president’s tough rhetoric, both Del Real and Temple see it more as a negotiation tactic.
“The cynical part of me doesn't believe that the tariffs will actually be implemented in any sort of sustainable way, because I'm not a fan. They're not effective. They've been proven to not be effective. They hurt the consumer more than anyone else, and I don't think that the incoming administration is going to want to start by ramping prices up,” said Del Real, noting that it remains to be seen if the tariff strategy is deployed like a “chainsaw or a scalpel.”
Temple also underscored the need for diplomacy and unification between the US and Canada.
“Trump has made a lot of threats about what he's going to do as far as tariffs and whatnot. But again, his whole tariff policy is using a sledgehammer in multiple places when a scalpel in fewer places is appropriate,” he said.
He went on to explain that the tariffs are meant to impact China, but the policy is not well targeted. He believes there needs to be more wisdom and nuance in dealing with China, rather than just relying on overarching tariffs.
More broadly, Temple warned of the potential consequences of pushing China too hard and destabilizing the global economy, a concern he sees as a factor that could be very impactful in 2025.
China's economic troubles, driven by an unprecedented debt-to-GDP ratio, are a looming concern for global markets, Temple added. While much of the focus remains on tariff policies, the bigger issue is China's fragile economic position, with mounting challenges that require more nuanced strategies than punitive measures like tariffs.
If political tensions escalate — especially under a Trump presidency — market confidence could erode further as businesses look to exit China.
Resource nationalism, jurisdiction and green premiums
Resource nationalism is also seen playing a pivotal role in the uranium market next year.
As African nations like Niger and Mali look to reshape their domestic resource sectors, uranium projects in those jurisdictions will have a heightened risk profile.
“I think (jurisdiction) will be critical,” said Del Real. “I think it has been critical.”
He went on to underscore that with equities currently underperforming, using jurisdiction as a barometer is easier.
“The silver lining that I see as a stock picker and somebody that invests actively in the space, is that it's so much easier for me to pick the companies that are in great jurisdictions when I'm getting a discount," said Del Real.
“There's no reason for me to risk my capital in a part of the world where I'm not familiar, where I can't do the type of due diligence that I would like to be able to do,” he went on to explain to INN. “There's no need to be the smartest person in the room and take on disproportionate risk as it relates to jurisdiction geopolitics, because you have a lot of great companies in great, great jurisdictions that are trading for pennies on the dollar.”
Africa is an area that Del Real would be cautious about due to a variety of risks, but moving forward supply from the continent is likely to become a key part of the long-term uranium narrative. According to data from the World Nuclear Association, Africa holds at least 20 percent of global uranium reserves.
For Temple, the scramble to secure fresh pounds could lead to a fractured market. “I think there's going to be a bifurcation in the world, where eastern uranium is going to stay in the east. Western uranium is going to stay in the west. As we ramp back up and some of what's in between, maybe including Africa, will get bid over,” he said.
Adding to this bifurcation could be a green premium on uranium produced using more sustainable methods such as in-situ recovery. This “green” uranium could demand a higher price than recovery methods that rely on sulfuric acid.
“There is more likely to be a green premium, and beyond a green premium it's a matter simply of logistics and shipping costs and all of those things — and, of course, resource nationalism," said Temple.
He also pointed out that globalization is increasingly being reevaluated, with national security and environmental concerns driving a shift toward regional supply chains and localized production.
Even without recent tariff and trade disputes, the push to reduce dependency on global markets has been growing for years, fueled by legislation like the EU’s distance-based import taxes.
This trend suggests a premium on domestically produced goods and resources.
Experts call for triple-digit uranium prices in 2025
With so many tailwinds building for uranium, it’s no surprise that Del Real and Temple expect the price of the commodity to rise back into triple-digit territory sooner rather than later.
“I think that inevitably, the spot price is going to have some catching up to do with the enrichment prices, as well as the contract prices,” said Temple. “It's a no-brainer that we get back in triple digits sooner rather than later in 2025, and ultimately I think you're looking easily in the next few years at US$150 to US$200.”
He cited the rise of artificial intelligence data centers as one of the main price catalysts.
For Del Real, the spot price has found a new floor in the US$75 to US$80 range, with higher levels to come.
“I think we'll finally be at triple digits in the uranium space,” he said. “(It didn’t take a lot of) time to get from US$20, US$30 to US$70, US$80 and then it was a real straight line past the US$100 mark into consolidation,” he said. “I think the utilities are going to start coming offline. And I absolutely see a sustainable triple-digit price in the uranium space for 2025.”
In terms of investments, both Temple and De Real expressed their fondness for UEC. Del Real also highlighted uranium exploration company URZ3 Energy (TSXV:URZ,OTCQB:NVDEF) as a junior with growth potential.
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.
Editorial Disclosure: Energy Fuels, Nuclear Fuels, SAGA Metals and Purepoint Uranium Group are clients of the Investing News Network. This article is not paid-for content.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Uranium Price Update: Q1 2025 in Review
Impacted by broad uncertainty, geopolitical risks and trade tensions, the spot U3O8 price fell 13.26 percent during Q1, starting the session at US$74.74 per pound and contracting to US$64.83 by March 31.
As factors outside the uranium sector forced spot price consolidation, long-term uranium prices remained steady, holding at the US$80 level, a possible indicator of the market’s long-term potential.
Although the U3O8 spot price hit nearly two decade highs in 2024, the sector has been unable to find continued support in 2025. Much uncertainty has been introduced this year by the Trump administration's on-again, off-again tariffs, which have infused the already opaque uranium market with even more ambiguity.
As volatility rattles investors, US utility companies have also been impacted by the threat of tariffs.
“There's a lot of speculation,” Per Jander, director of nuclear fuel at WMC, told the Investing News Network (INN) in a March interview. “I think the new administration is unpredictable, and I think that is by design, and (they are) obviously doing a very good job at that. But again, it has ripple effects for players in the market.”
Jander questioned the motive behind tariffing a longstanding ally, especially when the US can't satisfy its needs.
“Does it make sense for the US to put tariffs on Canadian material, who is their best friend?” he asked rhetorically.
“I don't think so, because the US produces 1 million pounds a year. They need about 45 million to 50 million pounds per year. So it feels like they’re just punishing themselves," the expert added.
With investors and utilities sidelined, U3O8 prices sank to an almost three year low of US$63.44 on March 12, well off the 17 year high of US$105 set in February 2024.
"Next year, uranium demand is going up because there are 65 reactors under construction, and we haven't even started talking about small and advanced modular reactors" — Amir Adnani, Uranium Energy
Chronic undersupply meets rising demand
The tailwinds that pushed uranium prices above the US$100 level largely remain intact, even in the face of trade tensions. Among those drivers are the growing uranium supply deficit.
According to the World Nuclear Association (WNA), total uranium mine supply only met 74 percent of global demand in 2022, a disparity that is still persistent — and growing.
“This year, uranium mines will only supply 75 percent of demand, so 25 percent of demand is uncovered,” Amir Adnani, CEO and president of Uranium Energy (NYSEAMERICAN:UEC), said at a January event.
Adnani went on to explain that after enduring nearly two decades of underinvestment, the uranium sector is grappling with one of the most acute supply deficits in the broader commodities space.
Unlike typical resource markets, where price surges prompt swift production responses, uranium has remained sluggish on the supply side, despite prices jumping 290 percent over the past four years.
According to Adnani, this chronic underproduction stems from 18 years of depressed pricing and lackluster market conditions, which have discouraged new mine development and shuttered existing operations.
“The fact that we're not incentivizing new uranium mines simply means the commodity price isn't high enough,” he said of the spot price, which was at the US$74 level at the time.
Now, with prices holding in the US$64 range, new supply is even less likely to come online in the near term, especially in Canada and the US. Meanwhile, demand is set to steadily increase.
“Next year, uranium demand is going up because there are 65 reactors under construction, and we haven't even started talking about small and advanced modular reactors,” said Adnani. “Small and advanced modular reactors are an additional source of demand that maybe not next year, but within the next three to four years, can become a reality.”
Uranium supply setbacks mount
With prices sitting well below the US$100 level — which is widely considered the incentive price — future uranium supply is even more precarious, especially as major uranium producers reduce guidance.
In 2024, Kazatomprom (LSE:KAP,OTC Pink:NATKY), the world's largest uranium producer, revised its 2025 production forecast down by about 17 percent, projecting output of 25,000 to 26,500 metric tons of uranium.
This adjustment from its earlier estimate of 30,500 to 31,500 metric tons was attributed to ongoing challenges, including shortages of sulfuric acid and delays in developing new mining sites, notably at the Budenovskoye deposit.
In January, a temporary output suspension at the Inkai operation in Kazakhstan further threatened 2025 supply. The project, a joint venture between Kazatomprom and Cameco (TSX:CCO,NYSE:CCJ), was halted in January due to a paperwork delay. While the news was a blow to the uranium supply picture, Rick Rule, veteran resource investor and proprietor at Rule Investment Media, pointed out that the move could benefit the spot price.
“The thing that's happened very recently that's very bullish for uranium is the unsuccessful restart of Inkai, which I had believed to be the best uranium mine in the world,” said Rule in a January interview.
Rule discusses his expectations for the resource sector in 2025.
“At the time that it was shut down, it was the lowest-cost producer on the globe," he continued.
"Because of many things, including an unavailability of sulfuric acid in Kazakhstan, that mine hasn't resumed production anywhere near at the rate that I thought it would. So there's 10 million pounds in reduced supply in 2025 and the spot market is already pretty skinny," Rule emphasized to INN.
Production resumed at Inkai at the end of January. However, as Rule pointed out, the mine failed to reach its projected output capacity in 2024, producing 7.8 million pounds U3O8 on a 100 percent basis, a 25 percent decrease from 2023’s 10.4 million pounds.
AI boom and clean energy set stage for uranium demand surge
Global uranium demand is projected to rise significantly over the next decade, driven by the proliferation of nuclear energy as a clean power source. According to a 2023 report from the WNA, uranium demand is expected to increase by 28 percent by 2030, reaching approximately 83,840 metric tons from 65,650 metric tons in 2023.
This growth is being fueled by the construction of new reactors, reactor life extensions and the global shift toward decarbonization. The rapid expansion of artificial intelligence (AI) technology is also set to significantly increase global electricity demand, particularly as more data centers are constructed.
“Electricity demand from data centres worldwide is set to more than double by 2030 to around 945 terawatt-hours, slightly more than the entire electricity consumption of Japan today,” an April report published by the International Energy Agency explains, adding that electricity demand from AI-optimized data centers is set to more than quadruple by 2030.
Nuclear energy is poised to play a crucial role in boosting global electricity production.
A recently released report from Deloitte indicates that new nuclear power capacity could meet about 10 of the projected increase in data center electricity demand by 2035.
However, “this estimate is based on a significant expansion of nuclear capacity, ranging between 35 gigawatts (GW) and 62 GW during the same period,” the market overview states.
While the more than 60 reactors under construction will meet some of this heightened demand, additional reactors and more uranium production will be needed to sustainably increase nuclear capacity.
Add to this the gradual restart of Japanese reactors, and the disparity between supply and demand deepens.
By the end of 2024, Japan had successfully restarted 14 of its 33 shuttered nuclear reactors, which were taken offline in 2011 following the Fukushima disaster.
Long-term price upside remains intact
Although positive long-term demand drivers paint a bright picture for the uranium industry, the current trade tensions created by US President Donald Trump’s tariffs have shaken the market.
Miners have also felt the pressure — as Adam Rozencwajg of Goehring & Rozencwajg explained in an February interview with INN, equities have contracted in value due to policy uncertainty.
Despite these challenges, uranium stocks are still positioned to profit from underlying fundamentals.
“I think that speculative fever is gone,” Rozencwajg said. "The prices have normalized, consolidated. They haven't been terrible performers, but they've consolidated, and I think they're now ready for their next leg higher.”
This sentiment was reiterated by Jacob White, Sprott Asset Management's exchange-traded fund product manager, who underscored the "buy the dip" potential of the current market.
“We believe today’s price weakness presents a potentially attractive entry opportunity for investors who appreciate the strategic value of uranium and can weather near-term turbulence,” he wrote.
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.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Justin Huhn: Uranium Game On — Supply "Mirage," De-risked Demand, Next Price Move
- YouTube
Justin Huhn, editor and founder of Uranium Insider, talks uranium supply, demand and prices.
He emphasized that it's still "very early" in the cycle and that at this point no further catalysts are needed.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
5 Best-performing Canadian Uranium Stocks of 2025
Q1 2025 has been a turbulent time for the uranium market as long term demand fundamentals proved insufficient at combatting global economic uncertainty.
Following 2024’s impressive performance that saw U308 spot prices break through the US$100 per pound threshold, reaching a 17 year high, the first three months of 2025 have been punctuated with volatility.
Concern about the impact of potential US energy tariffs on significant uranium producer Canada added headwinds to uranium’s sails early on. As tensions between the US and its neighboring ally ratcheted up, U3O8 spot prices slipped lower, falling to US$63.44 in mid-March, a low last seen in September 2023.
The decline below US$65 per pound shook market confidence, which was reflected in a decline in investor interest in producers, developers and explorers.
“The uranium spot price and uranium miners have experienced a notable decline following the start of President Trump’s second term,” Jacob White, ETF product manager at Sprott Asset Management, wrote in a March report. “While this performance has been frustrating, it is important to separate the intense market noise from the longer-term fundamental picture, which remains clear.”
The market overview went on to suggest that now may be a good time to invest in the sector ahead of the long term growth that has been projected from increased nuclear energy demand led by the massive amount of power required by AI data centers.
Despite this challenging landscape, several Canadian uranium companies were able to register gains during Q1 2025. Below are the best-performing Canadian uranium stocks by share price performance. All data was obtained on March 31, 2025, using TradingView’s stock screener, companies on the TSX, TSXV and CSE with market caps above C$10 million at the time were considered.
Read on to learn about the top Canadian uranium stocks in 2025, including what factors have been moving their share prices.
Year-to-date gain: 15.71 percent
Market cap: C$148.97 million
Share price: C$0.81
CanAlaska Uranium is a self-described project generator with a portfolio of assets in the Saskatchewan-based Athabasca Basin. The region is well known in the sector for its high-grade deposits.
The company's portfolio includes the West McArthur joint venture, which is situated near sector major Cameco (TSX:CCO,NYSE:CCJ) and Orano Canada’s McArthur River/Key Lake mine joint venture. CanAlaska owns an estimated 85.79 percent of West McArthur, with the remainder owned by Cameco.
2025 started with the company announcing plans for an aggressive exploration program at West McArthur and the first drilling in more than a decade at its Cree East uranium project. The C$12.5 million drill program at West McArthur is aimed at expanding and delineating the high-grade Pike zone uranium discovery.
In a subsequent release on February 5 outlining assays from the first five holes of the program, CanAlaska reported one hole intersected 14.5 meters grading 12.2 percent U3O8 equivalent, including 5 meters at 34.38 percent. CanAlaska CEO Cory Belyk said the initial results "include the best ultra high-grade uranium mineralization encountered to date on the project."
In early February, CanAlaska commenced a drill program at its wholly owned Cree deposit in the south-eastern portion of the Athabasca Basin. The multi-target drill program is funded by Nexus Uranium (CSE:NEXU,OTCQB:GIDMF) as part of an option earn-in agreement.
As the quarter drew to a close, the company provided another update on the Pike zone drill program, which confirmed “additional high-grade unconformity uranium mineralization.”
Shares of CanAlaska reached a Q1 high of C$0.93 on March 30.
Year-to-date gain: 13.64 percent
Market cap: C$16.71 million
Share price: C$0.25
Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects all located in Canada’s Athabasca Basin.
In a January statement, Purepoint announced it had strengthened its relationship with IsoEnergy (TSX:ISO) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares.
The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in Saskatchewan’s Eastern Athabasca Basin.
In February, Purepoint provided an update and future plans for the Groomes Lake Conductor area of the Smart Lake project, a joint venture project with sector major Cameco.
“The new electromagnetic survey has provided high-resolution targets within an area of Smart Lake that remains largely untested by historical drilling,” said Scott Frostad, vice president of exploration at Purepoint. “Given the basement-hosted uranium mineralization we encountered in our initial drill program, we’re excited to return and test these newly identified conductors next month.”
In a March 17 update, the company announced the start of first pass drilling. The exploration program will focus on the recently refined high-priority Groomes Lake Conductive Corridor, where four diamond drill holes totaling 1,400 meters are planned.
Purepoint shares rose to a quarterly high of C$0.29 a day later on March 18.
Year-to-date gain: 12.26 percent
Market cap: C$70.67 million
Share price: C$1.19
Diversified miner Western Uranium and Vanadium has a portfolio of six uranium projects all located in the neighboring US states of Utah and Colorado. Western’s flagship asset is the past-producing Sunday Mine complex (SMC), comprising the Sunday mine, the Carnation mine, the Saint Jude mine, the West Sunday mine and the Topaz mine.
A 2024 operational review of 2024 released in February, Western reported boosting mining capabilities in 2024 by expanding its workforce, upgrading underground infrastructure and improving equipment efficiency with tools like a jumbo drill and enhanced water trucks.
Western also bolstered its property portfolio with two permitted mines via the Rimrock JV and a previously permitted processing site near the Sunday Mine Complex, positioning it for streamlined future production.
Inside the SMC the company also identified five high-value zones within the Leonard and Clark and GMG deposits for inclusion in future mine planning.
On the business side, a previously announced ore purchase agreement with Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) is nearing completion. The deal will see stockpiled material from the SMC transported to Energy Fuels’ White Mesa mill for processing.
A late February announcement noted the company is developing its Mustang mineral processing site in Colorado, which it acquired in October 2024 and was formerly known as the Pinon Ridge mill. Located 25 miles from SMC, the fully licensed site includes critical infrastructure such as production wells, power access, paved roads and ample tailings capacity to support four decades of operation. Western is also advancing its Maverick processing site.
Company shares reached a Q1 high of C$1.44 on March 20.
Year-to-date gain: 5.30 percent
Market cap: C$162.11 million
Share price: C$0.70
International uranium explorer Laramide Resources has an extensive portfolio of uranium assets, located in Australia, the United States, Mexico and Kazakhstan.
Laramide shares started the quarter strong, reaching a Q1 high of C$0.72 on January 2, and spent the rest of the three month session between C$0.52 and C$0.70.
In mid-January, Laramide released additional assay results from the 2024 drilling campaign at the Westmoreland uranium project in Queensland, Australia.
The release included data from seven holes at the project's Huarabagoo deposit and four holes drilled in the zone between the Huarabagoo and Junnagunna deposits. According to the company “all of the holes returned significant uranium mineralization with further gold mineralization evident at the Huarabagoo deposit.”
A February 21 statement further updated the drill campaign findings and noted that the company was working towards an updated mineral resource estimate (MRE) for the project.
“The 2024 Drill Campaign represents Laramide’s most ambitious effort to date, with 106 holes for over 11,000 metres drilled across the Westmoreland project,” Rhys Davies, vice president of exploration, said. “This aggressive approach was designed to demonstrate the scalability and quality of the Westmoreland asset, reinforcing our commitment to advancing to its full potential.”
As noted in its previous report, Laramide completed the MRE update for Westmoreland in Q1. The revised MRE included a 34 percent increase in indicated resources and an 11 percent increase in inferred resources compared to the 2009 estimate. The total indicated resource now stands at 48.1 million pounds of U3O8 and the total inferred resource at 17.7 million pounds.
Year-to-date gain: 3.08 percent
Market cap: C$139.05 million
Share price: C$0.67
Forsys Metals is a uranium developer advancing its wholly owned Norasa uranium project in Namibia. The project comprises two uranium deposits, Valencia and Namibplaas.
Early in the quarter Forsys finalised the purchase of a key land parcel at its Norasa uranium project through its wholly owned subsidiary Valencia Uranium. The deal, reached with Namibplaas Guestfarm and Tours, secures Portion-1 of Farm Namibplaas No 93, which hosts the Namibplaas uranium deposit.
"The purchase of this Property is the final outcome of lengthy negotiations for the economic terms for access rights with the previous farm owner," the statement reads.
In mid-February, Forsys closed a previously announced C$5 million private placement, with funds earmarked for Norasa development.
The company's share price started the year at C$0.70 before pulling back to C$0.43 in mid-February. However, it spiked in mid-March and reached a Q1 high of C$0.75 on March 30.
On April 8, Forsys reported results from ore sorting trials on samples from Valencia that indicate ore sorting is possible to increase uranium grade and reduce acid consumption.
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.
Editorial Disclosure: Purepoint Uranium and Western Uranium and Vanadium are clients of the Investing News Network. This article is not paid-for content.
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 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.
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.
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 and 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 and 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 and 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.
