Top 5 Uranium Stocks on the TSX and TSXV (Updated April 2023)

Year-to-date gain: 65.63 percent; market cap: C$15.93 million; current share price: C$0.53

Strathmore Plus Uranium is a pure-play uranium company operating in the US state of Wyoming. The company has three projects in the state, namely Night Owl, Agate and Beaver Rim. Strathmore is working to advance Night Owl, which hosts a past-producing uranium mine, to production as a shallow conventional mine.

Strathmore’s share price saw various peaks in the first quarter, initially rising in mid-January after multiple news releases, including a private placement financing and the granting of stock options. The company also initiated permitting efforts at Night Owl, explaining in a release the activities it will be undertaking to complete the necessary baseline studies for the project.

Although Strathmore did not release news in early February, its share price climbed to a year-to-date high of C$0.64 by February 15 before moving back down a couple of days later.

On February 22, Strathmore submitted a permit for a 100 hole drill program at the Agate project this summer. The company will be exploring Agate alongside Dr. Brad Carr and his research team from the University of Wyoming, which Strathmore announced a partnership with in January. The university team will be digitizing the project’s historical drill data and applying “newly developed geophysical theories and methods to evaluate the uranium mineralization at the properties.”

On April 3, Strathmore announced an agreement with Ur-Energy (TSX:URE,NYSEAMERICAN:URG) that will see the two companies evaluate how to advance Strathmore’s projects and look into a potential business transaction for the processing of Strathmore’s future uranium at Ur-Energy’s facilities. The next day, the company received the aforementioned drill permit for Agate.

Year-to-date gain: 57.14 percent; market cap: C$29.77 million; current share price: C$0.55

Kiplin Metals is a uranium and gold company focused on its Cluff Lake Road uranium project in the Athabasca Basin of Saskatchewan, Canada. The company acquired the project in late 2021 after previously operating as a gold and copper company; it still has its Exxeter gold and Lac Rochester copper projects in Val d’Or, Quebec.

Kiplin’s share price performed flatly for much of Q1, and it didn’t release any news items until March 21.

Kiplin’s first announcement was about its next work program at Cluff Lake Road. Exploration results at F3 Uranium’s (TSX:FUU,OTCQB:FUUFF) adjacent Patterson Lake North project released in February include a new high-grade uranium discovery, and Kiplin states it will be basing its next work program on these results, as well as results from last November at Patterson Lake North. The company believes the North Conductor Complex at F3's project extends onto Cluff Lake Road.

Six days later, Kiplin announced it had reviewed electromagnetic conductors on and adjacent to Cluff Lake Road, and believes the project is “very prospective for discovery of a basement hosted uranium deposit.” It has submitted drilling permits and is planning its targets. The company’s share price soared to a year-to-date high of C$0.59 on March 30 after those two announcements.

Year-to-date gain: 23.81 percent; market cap: C$124.76 billion; current share price: C$0.39

F3 Uranium, which changed its name from Fission 3.0 this past January, is a uranium project generator with a portfolio of assets in the Athabasca Basin. The Patterson Lake North uranium project is F3’s main focus, particularly the high-grade JR zone discovery.

F3’s share price has seen numerous peaks in 2023, hitting a year-to-date high of C$0.46 on January 17, the day the company announced both the appointment of Sprott Capital Partners as a financial advisor and proceeds of over C$2 million from the exercising of warrants. Although it had fallen back down by the beginning of February, F3's share price saw more momentum after the release of exploration results from the JR zone on February 6 and February 8. The former release includes a highlight of 22.9 percent U3O8 over 1.5 meters within 4.2 percent over 11 meters, while the latter extends the zone both south and north.

The company’s share price again reached C$0.46 on February 21, the day it announced scintillometer results from four drill cores at the JR zone, revealing a mineralized zone of 21 meters, the widest discovered thus far. F3 went on to release further scintillometer results on March 27, and readings from one of the nine drill cores show the strongest radioactivity seen to date at the JR zone.

Year-to-date gain: 13.19 percent; market cap: C$14.87 billion; current share price: C$35.10

Cameco is a top global uranium miner with active operations in Canada and Kazakhstan and suspended mines in the US. Its Canadian mines are the Cigar Lake joint venture, the world’s highest-grade uranium mine, and McArthur River/Key Lake, the world’s largest high-grade uranium mine and mill. Both are in Saskatchewan’s Athabasca Basin. After being on care and maintenance, Cameco brought McArthur River/Key Lake back online in 2022 due to strengthening uranium market conditions, and it achieved initial production last November. Cameco’s Inkai mine in Kazakhstan is a 40/60 joint venture between it and national operator Kazatomprom (LSE:KAP).

Cameco’s share price climbed throughout the first month and a half of 2023, reaching a year-to-date high of C$13.67 on February 15. On February 8, the uranium miner reached a supply agreement with Ukraine’s state-owned nuclear energy utility company, Energoatom. The deal will see Cameco supply Ukraine with enough uranium fuel to meet the country’s needs until 2035.

The following day, Cameco released its Q4 and full-year 2022 results. The year saw Cameco sign a record number of uranium contracts, ultimately reaching an additional 80 million pounds of uranium to its long-term contracts. The company also discussed its big news items for last year, and shared its guidance for 2023.

More significant news came for Cameco on March 27, when the company shared that Canada Revenue Agency will be refunding the company C$300,000 in previously paid taxes after a series of court battles. Although Cameco’s share price had drifted lower since mid-February, this news led to a hike in its share price over the following days. On April 4, the company extended its nuclear fuel supply agreement with Ontario-based power company Bruce Power until 2030.

Year-to-date gain: 11.11 percent; market cap: C$18.97 million; current share price: C$0.10

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’s share price climbed throughout January to a year-to-date peak of C$0.14 on January 29, although it didn’t release any news that month. The company’s first news of the year came on February 7, when it announced it was presenting at the Emerging Growth conference. After plateauing in early February, Blue Sky's share price moved back down midway through the month.

The company’s only other news so far in 2023 came on March 7, when it announced a 1,500 meter reverse-circulation drill program near Amarillo Grande’s Ivana deposit at Ivana East. “This target shows significant similarities to the geological environment that hosts the nearby Ivana deposit, representing a priority target for our goal of identifying a cluster of deposits in the area,” Blue Sky President and CEO Nikolaos Cacos said.