Top 5 Canadian Uranium Stocks (Updated July 2024)

Year-to-date gain: 163.83 percent; market cap: C$20.68 million; share price: C$1.24

Canada-focused Greenridge Exploration is engaged in the exploration of the Nut Lake uranium project in the Thelon Basin in Nunavut, Canada, and has acquired several uranium projects this year. According to the company, Nut Lake is strategically positioned near the Angilak uranium deposit, which was recently acquired by Atha Energy (TSXV:SASK,OTCQB:SASKF) as part of a three way merger with Latitude Uranium and 92 Energy.

Nut Lake is a new property for Greenridge. On January 18, the company entered into an option agreement with three parties to acquire a 100 percent stake in the asset. Historic drilling at the polymetallic deposit has identified “significant” uranium mineralization, with intersections of up to 9 feet containing 0.69 percent of U3O8.

Greenridge released a technical review of the property in April. In the release, Russell Starr, CEO of Greenridge, states, "We continue to uncover promising geological data at the Nut Lake Uranium Project. The Thelon Basin and sub-basins are significantly underexplored compared to the well-known Athabasca Basin to the south.” In late May, the company increased its land position at Nut Lake by more than 40 percent to a total of 5,854 hectares.

Nut Lake isn't Greenridge's only addition this year. In May, the company also acquired the Carpenter Lake uranium project, which covers 13,387 hectares near the Athabasca Basin's southern margin. Greenridge ended the quarter by acquiring the Snook Lake and Ranger Lake uranium projects in Ontario. The Ranger Lake project covers 20,782 hectares in the Elliot Lake region, while the Snook Lake project spans 4,899 hectares in Northwestern Ontario.

Greenridge's share price has climbed throughout the year to reach a year-to-date high of C$1.25 on July 3.

Year-to-date gain: 93.75 percent; market cap: C$40.15 million; share price: C$0.31

District Metals is an energy metals and polymetallic explorer and developer with a portfolio of nine assets, including five uranium projects in Sweden. It's currently focused on its Viken property, which hosts a uranium-vanadium deposit.

Historic estimates conducted in 2010 and 2014 peg the indicated resource at 43 million metric tons with an average grade 0.019 percent U3O8, with another 3 billion metric tons with an average grade 0.017 percent U3O8 in the inferred category. According to the company, Viken is one of the “world's largest in terms of uranium and vanadium mineral resources."

Shares of District spiked to a year-to-date high of C$0.49 on May 21. The jump coincided with the company announcing that its subsidiary, Bergslagen Metals, had received final approvals for its mineral license applications in Jämtlands and Västerbottens Counties in Sweden to explore for metals including vanadium, nickel, molybdenum and rare earths.

“We are very pleased with the timely approvals for our eight mineral license applications that cover a total of 91,470 hectares of ground that is highly prospective for Alum Shale deposit targets,” said Garrett Ainsworth, CEO of District. “Alum shales are the host rocks of our Viken Energy Metals Deposit, which represents a potentially significant source of critical and strategic metals and minerals for the green energy transition.”

Year-to-date gain: 50.65 percent; market cap: C$90.03 million; share price: C$0.58

CanAlaska Uranium is a self-described project generator with a portfolio of assets in the Saskatchewan-based Athabasca Basin. The region is well known in the sector for its high-grade deposits.

The company's portfolio includes the West McArthur property, which is situated near sector major Cameco (TSX:CCO,NYSE:CCJ) and Orano Canada’s McArthur River/Key Lake mine joint venture. In 2018, Cameco signed on as a joint venture partner for CanAlaska's West McArthur project, and it retains a 16.65 percent stake.

In mid-April, CanAlaska acquired the Intrepid East and Intrepid West projects in the Northeastern Athabasca Basin. The two projects cover a combined 58,747 hectares and are 20 kilometers north of the high-grade Hurricane uranium deposit.

During the second quarter, CanAlaksa also conducted airborne surveys at its projects near Cameco and Orano’s Key Lake mill — the Key Extension, Enterprise, Voyager and Nebula projects — as well as at its Frontier project.

In June, CanAlaska mobilized drill crews for a summer drill program at West McArthur. The C$7.5 million program is focused on expanding the high-grade Pike Zone uranium discovery. High-grade results from the discovery drove CanAlaska's share price to a year-to-date high of C$0.75 in early March.

Year-to-date gain: 21.37 percent; market cap: C$2.53 billion; share price: C$2.84

Denison Mines is focused on uranium mining in Saskatchewan's Athabasca Basin, holding a 95 percent interest in the Wheeler River uranium project. In 2023, the company completed a feasibility study for Wheeler River's Phoenix deposit, at which it plans to use in-situ recovery (ISR), and updated the 2018 prefeasibility study for the Gryphon deposit.

According to the company, both deposits have low-cost production potential.

Denison also owns 22.3 percent of the McClean Lake joint venture with Orano Canada. The companies agreed in January to restart mining operations at the McClean North deposit, with a target of 2025. The two companies also share the nearby Midwest uranium project, with Denison holding a 25.17 percent interest.

On May 8, Denison released its Q1 results in which it discusses its progress throughout the quarter, and notes that it is continuing to work toward a final investment decision for ISR mining at the Phoenix deposit.

In June, Denison announced that it had completed an ISR field test program at the Midwest project's Midwest Main deposit, which it said validates the use of the ISR method based on preliminary results. Moving forward, the company plans to complete a preliminary economic assessment for ISR mining at the deposit.

Denison shares rose to a year-to-date high on May 28 to trade for C$3.31.

Year-to-date gains: 18.5 percent; market cap: C$29.7 billion; share price: C$68.02

Uranium major Cameco operates across the entire nuclear fuel value chain and holds significant stakes in key uranium operations within the Athabasca Basin. This includes a 54.55 percent interest in the Cigar Lake mine, the world's most productive uranium mine. The company also owns 70 percent of the McArthur River mine and 83 percent of the Key Lake mill. Orano Canada is Cameco's primary joint venture partner across these operations.

On April 30, Cameco released its Q1 results, saying that its uranium production increased to 5.8 million pounds during the period, up from 4.5 million pounds in Q1 2023. The company also reported a 16 percent reduction in unit cash production costs to $19.52 per pound over the same time period. Looking ahead, Cameco said it expects McArthur River/Key Lake and Cigar Lake to produce a total of 18 million pounds each in 2024.

In June, Saskatchewan Power, Westinghouse and Cameco penned a memorandum of understanding to evaluate Westinghouse’s nuclear reactor technology for potential deployment in Saskatchewan. The agreement focuses on assessing AP1000 and AP300 small modular reactors reactors for long-term energy planning.

The trio will also explore ways to create a local nuclear supply chain, including fuel production, collaborating on research and workforce training with Saskatchewan’s institutions. SaskPower aims to make a final investment decision on constructing the province's first small modular reactor facility by 2029.