ASX Uranium Stocks: Top Uranium Shares in 2023

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 worldwide, uranium prices have climbed all through 2022. While prices have subsided from their highs last year, they are still higher than pre-2022 prices.

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 last year outperforming the broader 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

Data as of 14 April 2023

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Discover the popular uranium stocks on the ASX

1. BHP Group Limited ($BHP)

Market Capitalisation: $235.3b

Stock price (as of 14/04/2023): $46.45

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 67% / 33%

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 just 4.34% last year.

2. Rio Tinto Limited ($RIO)

Market Capitalisation: $44.89b

Stock price (as of 14/04/2023): $120.94

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 56% / 44%

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 under its majority-owned Ranger Mine. Unfortunately, Ranger Mine, which used to be the longest-running uranium mine in the country, closed down in 2021 after 40 long years of operations in order to commence rehabilitation. While the mine is expected to complete rehabilitation by 2026, RIO is not currently engaged in any other uranium mining activities, instead focusing on iron ore. RIO has had two strong years of share price growth, increasing a total of almost 20% from the start of 2022 to the present.

💡Related: Dividend stocks on ASX→

3. Paladin Energy Ltd ($PDN)

Market Capitalisation: $1.95b

Stock price (as of 14/04/2023): $0.77

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 65% / 35%

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. Despite that however, investors must note that the company has only recorded a profit once in the last 15 years. The PDN stock price has been down almost 30% in the past 12 months, reflecting its inability to generate a profit.

Paladin Energy also made our list of the top ASX energy stocks being traded by Stake investors.

4. Core Lithium Ltd ($CXO)

Market Capitalisation: $1.69b

Stock price (as of 14/04/2023): $0.92

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 68% / 32%

While the company's name assumes a focus on lithium mining, Core Lithium’s produces several more types of rare earth minerals. 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, investors have been bullish on CXO in the last few years, with the CXO stock price up by 540% from the start of 2021. While long-term investors may have been rewarded with capital growth however, CXO has not actually generated any revenue since its inception in 2010. Whether it finally breaks the cycle soon remains to be seen. Core Lithium has also been feature in our top lithium stocks list.

5. Boss Energy Ltd ($BOE)

Market Capitalisation: $853m

Stock price (as of 14/04/2023): $2.42

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 54% / 46%

Though still pre-operational, Boss Energy may become 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 has had a few bumper years a share price of 10c in 2021 to over $2 now.

6. Energy Resources of Australia Limited ($ERA)

Market Capitalisation: $853m

Stock price (as of 14/04/2023): $0.05

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 52% / 48%

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 publicly-listed, however 86% of its shares are owned by Rio Tinto. For investors looking to invest directly in Ranger Mine (as outlined in Rio Tinto's description above), they have the option of directly buying ERA's shares on the ASX. The company is now focusing on the rehabilitation of its Ranger Mine and processing facilities in the Northern Territory, which is expected to complete by 2026. Due to its mine's closure, ERA stock price is down 51% in the last 12 months.

7. Deep Yellow Limited ($DYL)

Market Capitalisation: $416m

Stock price (as of 14/04/2023): $0.55

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 67% / 33%

Deep Yellow is another 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 company has been around since 1985, and it being pre-operation still is a cause of concern for investors. The good news however, is that Deep Yellow now owns several high-potential projects that may bring incredible earnings in the future. The DYL share price rallied between 2021 and 2022, but has been depressed in the past year, losing 53% in its share price in the last 12 months.

8. Silex Systems Limited ($SLX)

Market Capitalisation: $569m

Stock price (as of 14/04/2023): $3.57

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 65% / 35%

Silex isn’t your average uranium stock. The company doesn’t mine uranium, but quite the opposite: Silex enriches 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. Investors have been excited over the company in the last year, with the SLX share price is up by 117%.

9. Lotus Resources Limited ($LOT)

Market Capitalisation: $255m

Stock price (as of 14/04/2023): $0.20

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 57% / 43%

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 from 2014 due to low uranium prices, but as the commodity surged, Lotus decided to recommission the facility. The project is unfortunately still in limbo due to delays on the recommission. Due to the closed operations, Lotus Resources has not recorded any sales revenues since 2017, and has relied on capital raises to keep it afloat. Like most other stocks on this list, LOT stock price's rallied between 2021 and 2022, before dropping steadily in the last year.

10. Bannerman Energy Ltd ($BMN)

Market Capitalisation: $145m

Stock price (as of 14/04/2023): $1.42

Stake Platform Bought / Sold (1 Jan 2023 - 31 March 2023): 67% / 33%

Bannerman Energy is another mining company drilling in Namibian soil in Southern Africa. While still in its pre-operational phase, their Etango mining facility is expected to produce over 23,000 tons of uranium once finished. Additionally, their operating costs is estimated to be at US$40.3/lb, 20% below current uranium prices. While that sounds positive for investors, Bannerman Energy has been around since 2005, and has only relied on equity raisings to sustain its operations as it has not generated revenues. For investors, this means that their share ownership would get diluted each time the company issues new shares.

Bannerman's share price has been down 55% in the last 12 months.

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 nuclear weapons) as it enables weapons to penetrate high-density armour. There is 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 currently 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. On the other hand, Australia has the highest amount of uranium resources in the world.

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. One of the easiest ways to find out if a certain stock is cheap or overvalued is with the help of 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 invest 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.