Top 5 Uranium Stocks on the TSX and TSXV (Updated February 2022)

1. Forum Energy Metals (TSXV:FMC)

Year-to-date gain: 26.47 percent; current share price: C$0.215

Forum Energy Metals is a uranium and energy metals exploration company with the goal of supplying the green economy with metals such as uranium, nickel, copper, cobalt, platinum and palladium from the many projects in its portfolio. Its primary focus is uranium exploration, and many of its uranium properties are located in the Athabasca Basin in Saskatchewan, Canada — a premier uranium jurisdiction.

Forum started the year with a share price jump after it announced plans to option 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. At the end of January, the company received a permit for drilling at Highrock, and in February it acquired new deposits that had previously belonged to Cameco (TSX:CCO,NYSE:CCJ).

2. Mega Uranium

Year-to-date gain: 19.61 percent; current share price: C$0.305

Mega Uranium (TSX:MGA) is a uranium company that focuses on exploration, development and investment. It has two 100 percent owned properties and equity interests in a variety of uranium companies, including principal holdings in NexGen Energy (TSX:NXE,NYSEAMERICAN:NXE), Toro Energy (ASX:TOE,OTC Pink:TOEYF), Uranium Royalty (TSXV:URC,NASDAQ:UROY) and Consolidated Uranium (TSXV:CUR,OTCQB:CURUF).

Its two properties are the Ben Lomond and Maureen uranium-molybdenum projects, both located in Australia and under option to Consolidated Uranium.

Mega Uranium’s share price spiked early this year and has remained elevated since, although the company has not released news since November 4, 2021, when it announced it was selling its Mustang Lake uranium property.

3. Skyharbour Resources (TSXV:SYH)

Year-to-date gain: 13.4 percent; current share price: C$0.55

Skyharbour Resources is a uranium company operating out of the Athabasca Basin, 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 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.

The company has released many news items since the beginning of 2022, including the granting of incentive stock options, the commencement of drilling at the East Preston and Hook Lake properties and the intersection of high-grade uranium mineralization at Moore.

4. CanAlaska Uranium (TSXV:CVV)

Year-to-date gain: 5.68 percent; current share price: C$0.465

CanAlaska Uranium is a uranium project generation company, and it is currently focused on advancing its West McArthur and Cree East projects. West McArthur is a uranium project near Cameco’s McArthur River asset; the project 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.

The company’s share price trended downwards in mid- to late January, around the time it announced it was offering options for two properties to Terra Uranium and Terra Uranium Canada, as well as three properties to Basin Energy. However, its share price has since moved upwards without any additional news being released.

5. Trench Metals

Year-to-date gain: 4.94 percent; current share price: C$0.85

The last top uranium stock on the list is Trench Metals, which describes itself as “committed to the identification and development of uranium deposits in the most environmentally responsible, carbon efficient, and cost effective manner possible.” It is focused on the Gorilla Lake project in the Athabasca Basin — which it has the right to acquire a 100 percent interest in — as well as the Higginson Lake uranium project in Northern Saskatchewan.

In 2022, Trench Metals released news about its work at Higginson Lake. First, it announced that the company expanded the project; then it announced that two “significant” uranium trends have been identified.