Top 5 Canadian Uranium Stocks (Updated February 2024)

Year-to-date gain: 89.19 percent; market cap: C$12.63 million; current share price: C$0.35

Uranium exploration company Myriad Uranium has an earnable 75 percent interest in the Copper Mountain uranium project in Wyoming, one of the most prolific uranium jurisdictions in the the US. The project area hosts several known uranium deposits and historic uranium mines, including the Arrowhead mine.

The company also holds an 80 percent stake in uranium exploration licenses that cover more than 1,800 square kilometers in Niger’s Tim Mersoï Basin. The area is home to several world-class uranium deposits that lie on the same fault structures, including Orano’s Imouraren mine, Global Atomic’s (TSX:GLO,OTCQX:GLATF) Dasa project and GoviEx Uranium’s (TSX:GXU,OTCQX:GVXXF) Madaouela asset.

Myriad hasn't put out any market-moving news so far in 2024, but its share price has seen strong momentum. Uranium's price upside is likely helping, along with recent legislation would require the US to buy domestically sourced uranium for its nuclear power generation. The bill still requires Senate approval, but is expected to receive it.

Year-to-date gain: 59.38 percent; market cap: C$29.42 million; current share price: C$0.255

District Metals has built a portfolio of polymetallic exploration and development projects, with its main focus being the wholly owned Viken uranium-vanadium project and the polymetallic Tomtebo project in Sweden.

The Viken property is among the largest deposits by total historic mineral resources of uranium and vanadium in the world. The deposit also hosts significant molybdenum, nickel, copper and zinc mineralization. In addition to these, the company has the Tåsjö and Ardnasvarre polymetallic projects, which are both prospective for uranium.

Although there is currently a moratorium on uranium mining in Sweden, there are signals that a shift could be on the horizon. Support for the country's uranium industry came in June, 2023 in the form of a Swedish news article with quotes from multiple politicians. Swedish Minister for the Environment Romina Pourmokhtari stated, “I believe that we need uranium mines in Sweden,” according to the article, and Swedish Minister for Energy and Business Ebba Busch said, “Sweden also needs more uranium to achieve greater fossil-free electricity production.”

District Metals completed a C$4.5 million bought-deal private placement in early February, after which the company's share price hit its year-to-date high at C$0.345.

Year-to-date gain: 52 percent; market cap: C$12.11 million; current share price: C$0.19

Formerly known as Angold Resources, mineral exploration and development company Aero Energy holds a district-scale, 250,000 acre land package in the historic Uranium City district within Saskatchewan’s Athabasca Basin. The company has identified more than 50 shallow drill-ready exploration targets on the property.

Found along the frontier northern rim of the Athabasca Basin, Aero’s property includes the formerly producing Gunnar mine, whose historical output comes to 18 million pounds of U3O8.

Aero’s flip from gold to uranium has helped to boost its share price, which hit a 2023 low of C$0.04 on October 13.

The company plans to kick off a 10,000 meter exploration program in Q2 2024. At the Murmac and Sundog projects on the property, Aero is planning an initial 4,000 meter drill program across 20 holes with an average depth of 200 meters. At the Strike project, Aero has planned an initial 1,000 meter drill campaign across five holes.

Year-to-date gain: 45.16 percent; market cap: C$33.1 million; current share price: C$2.25

Premier American Uranium is building a project portfolio with assets in two of the most prolific uranium-producing jurisdictions in the US: the Great Divide Basin of Wyoming and the Uravan Mineral Belt of Colorado. The company has three projects in the Uravan Mineral Belt with historic uranium and vanadium production.

Shares of the company reached their highest price on February 12, trading at C$3.29. Premier American first began trading on the TSX Venture Exchange on December 1, 2023. Looking forward to 2024, the company is permitted and licensed for a drill campaign at its 25,500 acre Cyclone project in Wyoming.

Year-to-date gain: 34.25 percent; market cap: C$191.27 million; current share price: C$0.98

Uranium company Forsys Metals’ primary focus is advancing its Norasa uranium project in Namibia, which is the world’s third largest uranium-producing country and is home to the world’s fifth largest-known uranium resources. The project hosts the Valencia and Namibplaas uranium deposits.

Shares of the company reached their yearly peak on January 24, trading at C$1.15 each.

Forsys is currently re-evaluating Norasa's 2015 feasibility study and geological data. In addition, the results of a 4,100 meter drill program will help inform improved process and pit designs. The company is also looking at new technologies with the potential to optimize recovery rates, tailings and project economics. Forsys expects to complete this work by mid-2024.