Top Uranium Stocks on ASX [2022]
As global economies rethink their stances on nuclear energy, these companies have leveraged themselves to the opportunity in uranium. As investors increasingly look for energy diversification, they may provide relative strength.
Key highlights:
- The nuclear energy complex could be worth US$677b by 2030, with uranium playing a huge part in it
- As the energy crisis rages on worldwide, uranium prices climb and most of the miners are overperforming
Nuclear energy has once been the future of energy generation worldwide, but nations have steered away from it due to risk perceptions. While the search for clean energy dictates ESG mandates and energy scarcity roams the world, nuclear might be on the rise again, with uranium miners overperforming the broad stock market. Uranium investors have been engaged in the rising energy source and have been actively investing in Australian shares this year.
Top uranium stocks on ASX
Company Name | Ticker Symbol | Stock Price | Year to Date | Market Capitalisation |
|---|---|---|---|---|
BHP Group Limited | BHP | $39.92 | -5.80% | $202.98b |
Rio Tinto Limited | RIO | $96.90 | -2.80% | $36.19b |
Paladin Energy Ltd | PDN | $0.77 | -18.42% | $2.26b |
Core Lithium Ltd | CXO | $1.14 | 80.95% | $2.09b |
Boss Energy Ltd | BOE | $2.54 | 3.67% | $917m |
Energy Resources of Australia Limited | ERA | $0.20 | -42.29% | $738m |
Deep Yellow Limited | DYL | $0.78 | -16.13% | $574m |
Silex Systems Limited | SLX | $2.73 | 103.73% | $565m |
Lotus Resources Limited | LOT | $0.21 | -34.38% | $292m |
Bannerman Energy Ltd | BMN | $1.91 | -33.97% | $287m |
Data as of 11 October 2022
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Here are the most traded uranium stocks on the ASX.
1. BHP Group Limited (BHP)
Market Capitalisation: $202.98b
Stock price (as of 11/10/2022): $39.92
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 78% / 22%
The world’s biggest mining company is, unsurprisingly, the biggest uranium producer listed on the Australian Securities Exchange. With its Olympic Dam in South Australia, it produces over 3,500 tons of uranium annually. Despite uranium’s rising price in 2022, the fall of iron ore demand (one of BHP’s core products) made the BHP stock price rise a meager 0.34% YTD.
2. Rio Tinto Limited (RIO)
Market Capitalisation: $36.19b
Stock price (as of 04/10/2022): $96.90
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 72% / 28%
Despite being the second largest mining company in the world, Rio Tinto once ruled uranium production, mining over 11 tons of the commodity in 2010. Since then, the company has been slowly phasing out its uranium production, but still plays a major role in the trade, producing over 2,800 tons in 2020. RIO is currently up +8.74% YTD.
3. Paladin Energy Ltd (PDN)
Market Capitalisation: $2.26b
Stock price (as of 04/10/2022): $0.77
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 61% / 39%
BHP and Rio Tinto might be huge players in the mining industry, but if you want to invest in a pure player Australian uranium stock, Paladin Energy is the biggest company in the sector. Over its 10 year history, Paladin Energy has produced over 18,000 tons of uranium ore in its facilities in Canada, Australia and Namibia. The PDN stock price is down -12.09% YTD.
Paladin Energy also made our list of the top ASX energy stocks being traded by Stake investors.
4. Core Lithium Ltd (CXO)
Market Capitalisation: $2.09b
Stock price (as of 04/10/2022): $1.14
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 65% / 35%
Do not be fooled by the company’s name. Core Lithium’s got way more rare earth minerals in production than its name might suggest. Of all the rare earths, uranium is one of Core Lithium’s biggest focuses, with two mining facilities down under: one in the Northern Territory and one in South Australia. Due to the high demand of lithium for EVs, the CXO stock price is up +85.60% YTD, and has seen the stock jump into our top lithium stocks list.
5. Boss Energy Ltd (BOE)
Market Capitalisation: $917m
Stock price (as of 04/10/2022): $2.54
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 62% / 38%
Though still pre-operational, Boss Energy is bound to be one of uranium’s top players in the near future. With over 32M estimated tons of uranium in its Honeymoon mining site in South Australia, Boss Energy expects to mine its first batch of uranium by December 2023. BOE stock is up +19.03% YTD.
6. Energy Resources of Australia Limited (ERA)
Market Capitalisation: $738m
Stock price (as of 04/10/2022): $0.20
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 67% / 33%
Australia's longest continually operating uranium producer, Energy Resources of Australia has been around since 1980, mining over 132,000 tons of uranium. The company is now focusing on the closure and rehabilitation of its Ranger mining and processing facilities in the Northern Territory and 86% of its shares are owned by Rio Tinto. The ERA stock price is -44.59% YTD.
7. Deep Yellow Limited (DYL)
Market Capitalisation: $574m
Stock price (as of 04/10/2022): $0.78
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 62% / 38%
Deep Yellow is a pre-operational uranium giant. With mining fields across Australia and Namibia, the company hopes to produce over 2,000 tons of uranium every year. If that might seem far-fetched, think again: in 2021 they merged with one of Australia’s top companies in the industry, Vimy Resources, concluding what was the biggest uranium deal in the last decade. The DYL share price is down -9.79% in 2022.
8. Silex Systems Limited (SLX)
Market Capitalisation: $565m
Stock price (as of 04/10/2022): $2.73
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 62% / 38%
Silex isn’t your average uranium stock. It doesn’t mine uranium, quite the opposite: they enrich it. They use cutting edge technology to deliver high-quality and low-cost enriched uranium for nuclear reactors worldwide. And uranium isn’t the company’s only business: they also enrich silicon for quantum computers and have their eyes on making components for medical devices. The SLX share price is up 124.81% over the year.
9. Lotus Resources Limited (LOT)
Market Capitalisation: $292m
Stock price (as of 04/10/2022): $0.21
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 67% / 33%
Having once produced over 1,500 tons of uranium annually, Lotus Resources is one of the only ASX listed companies mining uranium in the African nation of Malawi. Its golden goose, the Kayelekera mining field had been shut down due to low uranium prices, but as the commodity surged, Lotus decided to recommission the facility. The project should be resumed before 2023 and due to delays on the recommission, the LOT stock price is down -24.59% YTD.
10. Bannerman Energy Ltd (BMN)
Market Capitalisation: $287m
Stock price (as of 04/10/2022): $1.91
Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 69% / 31%
Bannerman Energy is another mining company drilling in Namibian soil. Their Etango mining facility should be able to produce over 23,000 tons of uranium once finished, at the cost of US$40.3/lb, 20% below current uranium prices. In 2022, Bannerman share price is down -36.67%.
Uranium stocks FAQs
What is uranium used for?
Uranium is mostly used as a fuel for nuclear energy generation. However, it is also used in weaponry (not only in nukes) as it enables weapons to penetrate high-density armour, and there’s also some residual use in photographic chemicals and as a tiles and glass stainer.
What is the biggest uranium company in Australia?
The biggest uranium company in Australia is BHP, with its Olympic Dam in South Australia producing over 3,500 tons of uranium ore per year.
What countries are the largest uranium producers?
According to the World Nuclear Association, the world’s biggest uranium producers are Kazakhstan, Namibia, Canada, Australia, and Uzbekistan. They are responsible for the production of 45.1%, 11.9%, 9.1%, 8.7% and 7.2% of the world's annual production respectively.
Are uranium stocks under or overpriced?
Figuring out whether a stock is under or overpriced is extremely hard. Financial analysts look through a lot of data to decide whether to buy, sell, or just stay away from an asset. The easiest way to find out if a certain stock is cheap or overvalued is to sign up for Stake Black. With a Stake Black membership, not only can you get access to every company’s financial data, but you’ll also be able to check analysts’ recommendations and price targets, enabling you to trade better informed.
This does not constitute financial product advice nor a recommendation to invest in the securities listed. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking appropriate financial or taxation advice before investing.
