What are the top uranium stocks? Here’s a list of the companies on the TSX and TSXV with the biggest year-to-date share price gains.
Editor's note — This article has been updated to correct inaccurate share price and year-to-date gain information for CanAlaska Uranium.
Click here to read the previous top uranium stocks on the TSX and TSXV article.
While uranium was trending upwards before, the price has jumped significantly since Russia began its invasion of Ukraine on February 23. Uranium was hovering around the US$45 per pound mark for much of the early part of the year, but as the war began it rose to touch US$60.40 and has since held near US$59. Many uranium stocks have followed along, seeing large gains at the end of February and through March.
Lobo Tiggre joined the Investing News Network on March 9 to share his thoughts on the Russia/Ukraine conflict's effect on uranium, as well as gold and silver. A factor he discussed is Kazakhstan's close relationship with Russia, as Kazakhstan is the largest uranium-producing country. Although he doesn't expect Kazakh supply to be affected by the war, it is a possibility. Russia and Ukraine are also both top uranium-producing countries globally.
Below the Investing News Network has listed the top uranium stocks on the TSX and TSXV by share price performance so far this year. All year-to-date and share price data was obtained on March 28, 2022, from TradingView’s stock screener, and all companies had market caps above C$10 million at the time. Although stocks on the TSX were considered, the top five stocks are all listed on the TSXV.
1. Blue Sky Uranium (TSXV:BSK)
Year-to-date gain: 48.72 percent; current share price: C$0.29
Blue Sky Uranium is focused on uranium and vanadium exploration in Argentina, and is working to advance its portfolio to the prefeasibility stage. The company’s flagship asset is the Amarillo Grande project in Rio Negro province; according to a preliminary economic assessment, Amarillo Grande has the largest uranium resource in Argentina. The property encompasses three deposits, including the Ivana uranium-vanadium deposit.
Blue Sky saw a share price decline at the beginning of the year, but as the uranium price saw gains, so too did the company. In addition to that, the firm has released multiple news items this year centered around exploration at the Ivana deposit. On March 23, the company completed part of a reverse-circulation drilling program, and said it was continuing exploration at the Ivana Central and Ivana North areas. In early April, the company released results from that exploration, with highlights including 5 meters averaging 1,566 parts per million U3O8 and 243 parts per million vanadium pentoxide.
Year-to-date gain: 46.39 percent; current share price: C$0.71
Skyharbour Resources operates out of the Athabasca Basin in Saskatchewan, Canada, where nine of its 14 projects are drill-ready, including its flagship Moore uranium project. The company also operates joint ventures with Orano Canada on the Preston project, and with Azincourt Energy (TSXV:AAZ,OTCQB:AZURF) on the East Preston project; it has multiple option partners, including Valor Resources (ASX:VAL) for the Hook Lake project.
Skyharbour’s share price spiked in the final week of February alongside the large uranium price rise. Since then, the company has released plenty of exploration updates. On March 1, it commenced a diamond drill program at its Moore project. Its most recent update at East Preston discusses the completion of a drill program, which saw 5,004 meters drilled over 19 drill holes. Additionally, Basin Uranium announced it has received drilling permits for Skyharbour’s Mann Lake uranium project, for which Basin has a 75 percent option agreement.
Year-to-date gain: 39.51 percent; current share price: C$1.13
Baselode Energy is a uranium exploration company working in the Athabasca Basin. According to the company, it “plans to utilize a combination of innovative technology, well-understood geophysical methods, and thoughtful geological interpretations to map deep structural controls to identify shallow targets for diamond-drilling.” Baselode has three projects in the Basin: Shadow, Hook and Catharsis. After discovering the ACKIO zone at Hook last September, Baselode has been focusing its 2022 efforts there.
While Baselode’s share price also saw positive movement alongside the uranium price, its biggest gains came in the week following the March 22 announcement that it had expanded its ACKIO diamond drill program from 10,000 to 20,000 meters and received a new permit allowing for 50,000 meters of drilling at the zone. Later, on April 4, the company announced that one hole of its drill program had intersected “the broadest zone of continuously elevated zone of continuously elevated radioactivity.”
Year-to-date gain: 38.24 percent; current share price: C$0.235
Forum Energy Metals is a uranium and energy metals exploration company aiming to supply the green economy with metals like uranium, nickel, copper, cobalt, platinum and palladium from the projects in its portfolio. Its primary focus is uranium exploration, and many of its uranium properties are located in the Athabasca Basin. In February, Forum acquired new deposits that previously belonged to Cameco (TSX:CCO,NYSE:CCJ).
Forum started the year with a share price jump after it released news that it was optioning its Highrock uranium project to Sassy Resources (CSE:SASY,OTCQB:SSYRF). The staged deal involves Sassy paying cash, delivering shares and funding exploration for exposure to the project each year until it has the option to acquire 100 percent in 2025. Forum began drilling at the project March 1, funded by Sassy.
Forum has been focusing its efforts on multiple properties this year, and commenced drilling at its Wollaston uranium project on March 3. It also appointed a technical team to assist in advancing its Nunavut uranium project. The team includes multiple former employees of Cameco.
Year-to-date gain: 31.82 percent; current share price: C$0.58
CanAlaska Uranium is a project generator that is advancing its West McArthur and Cree East projects. West McArthur is a uranium project near Cameco’s McArthur River; it is a joint venture with Cameco in which CanAlaska owns 70 percent. Cree East is 100 percent owned by CanAlaska and contains extensive uranium-bearing systems.
That low was short-lived, and CanAlaska has since climbed briefly in February and then strongly in March on the back of the uranium price and further news. On February 23, the company announced it had staked new claims in the Athabasca Basin; its new property includes the Chymko Lake uranium showing. Then, in early March, CanAlaska began a drill program at its Manibridge nickel project in Manitoba, which the CEO said was timely due to nickel's price action. Most recently, the company announced the completion of a 2022 drilling program at the Waterbury South uranium project, which extended targets at the property.
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Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Skyharbour Resources, Baselode Energy, Forum Energy Metals and CanAlaska Uranium are clients of the Investing News Network. This article is not paid-for content.
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