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Uranium Investing
Top 3 ASX Uranium Stocks (Updated July 2023)
Jul. 27, 2023 01:50PM PST
Here's a brief overview of the top uranium stocks listed on the ASX with year-to-date gains.
Uranium has broken out, with prices hitting their highest level in over a decade in mid-April. The sector's supply/demand dynamics are complex, but a key driver is the global desire to move toward cleaner energy.
Although the uranium market's turnaround has taken time, experts are predicting a bright future, and some ASX-listed companies focused on the commodity have been making gains.
Below the Investing News Network has listed the top uranium stocks on the ASX by year-to-date gains. Data for this top uranium stocks list was gathered using TradingView's stock screener on July 17, 2023, and all companies included had market caps above AU$50 million at the time. Read on to learn more about these firms and what they've been up to this year.
1. Berkeley Energia
Year-to-date gain 142.86 percent; market cap: AU$305.37 million; current share price: AU$0.68
Berkeley Energia (ASX:BKY) is a clean energy company whose main focus is the startup of Salamanca, which it says is capable of producing 4.4 million pounds of uranium each year. The property is located in a historical mining area that is a few hours outside of Madrid, Spain, and currently has a net present value of US$531.9 million.
Salamanca has faced headwinds in recent years — in late 2021, the Spanish government rejected the authorisation for construction for a uranium concentrate plant as a radioactive facility at the asset. This past February, the government turned down Berkeley's administrative appeal of the decision; however, the company has argued that the rejection didn't follow legally established procedures, and on April 3 submitted a contentious-administrative appeal to Spain's national court.
Despite these issues, Berkeley has seen strong share price growth in 2023, peaking on July 4 at AU$0.80.
2. Boss Energy
Year-to-date gain 43.4 percent; market cap: AU$1.11 billion; current share price: AU$3.07
Boss Energy (ASX:BOE) is working toward the restart of its Honeymoon uranium project in South Australia, with first production targeted for 2023's fourth quarter. The current JORC resource estimate for Honeymoon stands at 71.6 million pounds of contained U3O8, and it also has a large stockpiled inventory of 1.25 million pounds of physical uranium.
Infill drilling is currently underway, and is targeting the Gould’s Dam and Jason’s satellite deposits at Honeymoon in an effort to upgrade the resource estimates for those areas. “These satellite deposits have the potential to expand Honeymoon’s production profile and extend the current mine life,” said Boss Energy Managing Director Duncan Craib.
3. Peninsula Energy
Year-to-date gain: 8.46 percent; market cap: AU$226.26 million; current share price: AU$0.18
Peninsula Energy (ASX:PEN) is another uranium-focused company targeting a production restart. Its 100 percent owned Lance project in Wyoming is one of the largest US uranium projects in both size and scale, hosting a defined JORC resource of 53.7 million pounds of U3O8. It is made up of the Ross, Kendrick and Barber areas.
Peninsula Energy is transitioning Lance from an alkaline in-situ recovery operation to a low-pH in-situ recovery operation. In May, the company announced that construction activities are advancing on schedule and Lance is set to return to production this year.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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