3 Best-performing ASX Uranium Stocks (Updated September 2024)

Year-to-date gain: 35.21 percent
Market cap: AU$1.39 billion
Share price: AU$1.44

Deep Yellow's portfolio of uranium assets spans Namibia and Australia, with its two most advanced projects being Tumas and Mulga Rock. The former is located in Namibia, while the latter is in Western Australia; according to the company, the two projects have a combined potential annual production capacity of over 7 million pounds per year.

Deep Yellow released a definitive feasibility study (DFS) for Tumas in early February 2023, outlining uranium output of 3.6 million pounds of U3O8 annually, along with output of 1.15 million pounds of vanadium pentoxide. The property's mine life is set at 22.25 years, but additional resources could increase it to over 30 years.

In December 2023, Deep Yellow completed a review of the DFS, updating costs and financial outcomes to reflect the more settled economic environment. Tumas received a mining licence from the Namibian government that same month. The company is targeting late Q4 2024 for a final investment decision, and as of July 1 was on track for first production in Q3 2026.

In terms of Mulga Rock, Deep Yellow has been working on an evaluation program geared at boosting the project's value by looking at its critical minerals potential. In late February, the company updated the resource estimate for the Ambassador and Princess deposits, resulting in a 26 percent increase in the project's total contained uranium. Deep Yellow is currently advancing through an update to its DFS for Mulga Rock with the new data.

Shares of Deep Yellow reached their 2024 peak on May 22, coming in at AU$1.80.

Year-to-date gain: 19.8 percent
Market cap: AU$3.43 billion
Share price: AU$11.74

Paladin Energy owns a 75 percent stake in the active Langer Heinrich uranium mine in Namibia. The company also has a uranium-focused exploration portfolio that spans both Canada and Australia.

First brought into production in 2006, Langer Heinrich's operations were suspended in 2018 as ultra-low uranium prices averaging US$24 made the mine uneconomical. The dramatic uranium rebound over the past year prompted Paladin to return Langer Heinrich to commercial production in April. First customer shipments were completed in July.

Paladin is set to acquire Canadian explorer and developer Fission Uranium (TSX:FCU,OTCQX:FCUUF) and its Patterson Lake South project in the Athabasca Basin in Saskatchewan, Canada, pending a final court decision on the arrangement expected in Q4 2024.

Shares of the company reached AU$17.80, their highest point of 2024 so far, on May 21. At that time, they were up more than 76 percent since the start of the year.

Year-to-date gain: 17.6 percent
Market cap: AU$569.75 million
Share price: AU$3.14

Uranium development company Bannerman Energy has honed its efforts on its Namibia-based Etango uranium project, which it says is one of the world’s largest undeveloped uranium assets. The company has been moving forward at Etango for 15 years and is currently targeting a final investment decision for this year.

Bannerman's report on June 10 that it had completed front-end engineering and design, as well as control budget estimate processes, effectively refining a DFS completed in December 2022. In addition, the firm is advancing early works construction, offtake marketing and strategic financing work streams with a final investment decision expected next year.

Bannerman's share price reached AU$4.74, its highest point of 2024 so far, on May 21.