5 Best-performing Canadian Uranium Stocks (Updated September 2024)

Year-to-date gain: 79.22 percent; market cap: C$107.25 million; share price: C$0.69

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 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 July, a summer drill program at West McArthur’s Pike zone made two significant intersections.

On July 9, hole WMA082-7 intersected 3.44 percent equivalent U3O8 (eU3O8) over 21.6 meters, including 10.9 percent eU3O8 over 5.4 meters. Then, on July 16, CanAlaska reported that hole WMA082-8 had intersected 6.87 percent eU3O8 over 16.9 meters, including 11.62 percent eU3O8 over 9.3 meters.

In mid-September, CanAlaska raised C$5 million through a non-brokered private placement.

Year-to-date gain: 74.47 percent; market cap: C$24.48 million; share price: C$0.82

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 U3O8.

Nut Lake isn't Greenridge's only addition this year. In May, the company 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.

In mid-August, the company released an updated technical review for Nut Lake. For the new review, Greenridge focused on gathering and analyzing historical data for the project, including digitizing drill hole information, georeferencing maps and extracting data from historical reports related to the Nut Lake property.

Shortly after, Greenridge announced plans to acquire Canadian uranium company ALX Resources (TSXV:AL,OTC Pink:ALXEF). The merger will create a major Canadian uranium exploration company with 15 projects across 276,000 hectares in key uranium districts, along with interests in 13 other resource properties.

Year-to-date gain: 68.75 percent; market cap: C$35.18 million; share price: C$0.27

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: 45.95 percent; market cap: C$13.75 million; share price: C$0.27

Myriad Uranium is an exploration company with a 75 percent earnable interest in the 1,911 acre Copper Mountain uranium project in Wyoming, US. The property holds several known uranium deposits and historic mines, including the past-producing Arrowhead mine, which previously produced 500,000 pounds of eU3O8.

The company also holds a 50 percent interest in the Millen Mountain property in Nova Scotia, Canada, alongside Probe Metals (TSX:PRB,OTCQB:PROBF), as well as an 80 percent interest in uranium exploration licenses in Niger.

Focusing on its Copper Mountain asset, Myriad conducted a geophysical survey targeting the Canning deposit in July. The goal of the survey was to update the resource potential and lay the early groundwork for further exploration.

That was followed by a magnetometer survey in September, an important precursor to a maiden exploration drill program and subsequent maiden mineral resource estimate, slated for completion by the end of Q1 2025.

As Myriad worked to advance its US asset, the company announced it was exiting Niger. In a July 23 statement it said that it would immediately "quit or relinquish, as appropriate," any interests in the country.

CEO Thomas Lamb explained the decision to leave the African country.

“Myriad has been prevented by reasons beyond its control from conducting operations in Niger since the July 2023 coup d’etat,” he said. “We are now focusing all our attention on the Copper Mountain uranium project in Wyoming, USA., a project with significant past production, a large historical uranium resource, and exciting exploration upside.”

Year-to-date gain: 16.13 percent; market cap: C$69.96 million; share price: C$1.80

Premier American Uranium is engaged in consolidating, exploring and developing uranium projects across the US.

The company holds large land packages in two major uranium-producing areas: Wyoming's Great Divide Basin and Colorado's Uravan Mineral Belt. Additionally, Premier took over control of the advanced Cebolleta uranium exploration project in New Mexico when it acquired American Future Fuel in June of this year.

Other highlights from the first nine months of 2024 include the closing of a C$5.77 million private placement in May, and the commencement of an inaugural drill program at the Cyclone in-situ recovery uranium project in Wyoming.