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Best Uranium stocks on the ASX

Add some energy to your stock portfolio with the top uranium stocks in Australia.

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By

Shannon Terrell

Edited by

Joelle Grubb

Updated

Best uranium stocks Top performing stocks of 2024
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Australia is home to the largest supply of uranium in the world so it's no surprise it features heavily on the Australian Securities Exchange (ASX).

Best ASX uranium stocks in 2024

This is a list of the best-performing Uranium-related stocks in Australia over the last 12 months1. This list was last updated on 17 July 2024.

  1. Marenica Energy Ltd (ASX: MEY) - up 475.00%
  2. Cauldron Energy Ltd (ASX: CXU) - up 352.63%
  3. Red Metal Ltd (ASX: RDM) - up 142.55%
  4. Deep Yellow Ltd (ASX: DYL) - up 97.84%
  5. Bannerman Energy Ltd (ASX: BMN) - up 94.95%

What other uranium stocks are on the ASX?

International uranium stocks

  • Areva SA (ARVCY)
  • Aura Energy (AUEEF)
  • Cameco Corp (CCJ)
  • Berkeley Energia (BKLRF)
  • Fission Uranium (FCUUF)
  • Paladin Energy (PALAF)
  • Ur-Energy Inc. (URG)

Uranium ETFs

To date, there are no ASX-listed uranium ETFs and there are only a few pure-play ETFs dedicated to tracking uranium on overseas exchanges. These include the following:

  • Global X Uranium ETF (NYSE:URA)
  • Horizons Global Uranium Index (TSE:HURA)
  • North Shore Global Uranium Mining ETF (NYSE)
  • VanEck Vectors Uranium + Nuclear Energy ETF (ARCA:NLR)

Buy Uranium stocks online

To invest in uranium stocks in Australia, you need a brokerage account. Review your options in the table below.

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Why invest in uranium stocks?

If you believe uranium will be important in the world's race to net zero, then uranium stocks could be a major winner in your portfolio.

It's no secret that oil production and consumption continue to trend downward, but whether the world goes with renewables or nuclear to achieve net zero goals remains to be seen.

Uranium fuels nuclear energy. And nuclear energy presents a low-carbon alternative to fossil fuel, with the International Energy Agency stating that the world must double its nuclear power capacity by 2050 to meet climate change emission-cutting targets.

To help meet this need, The World Nuclear Association reports that 33 countries worldwide are working to build nuclear power programs, including China, India, Israel, Norway, Saudi Arabia and Uganda.

Uranium is poised to play a big role in the future of global energy production.

Investors in Australia who buy now could have a viable buy-and-hold investment on their hands as nuclear energy ramps up around the world.

Risks of investing in uranium stocks

Some global attitudes towards uranium have begun to pivot, but not everyone is ready to put uranium’s destructive past behind them.

The devastation of uranium-packed nuclear bombs on Hiroshima and Nagasaki coupled with the terrifying fallout of Chernobyl stand as proof of uranium’s dangers. And after the Fukushima power plant meltdown in 2011, Japan shuttered the doors on most of its nationwide nuclear plants.

A country that planned to increase its nuclear power generation to 40% by 2017 now draws less than 2% of its energy from nuclear power.

And Japan isn’t alone.

Germany dropped its nuclear energy consumption from 25% in 2011 to 12% in 2019. Other countries have discontinued or banned nuclear energy entirely, like Australia, Italy and Lithuania.

The future of uranium is uncertain. As demand for this type of energy increases in some countries, others are actively reducing or eliminating their consumption.

Uranium is a divisive material and investment. Australian investors interested in this commodity should familiarise themselves with the potential dangers before buying in.

Bottom line

Whether this commodity belongs in your portfolio depends on how you see the nuclear sector growing in the coming years. Review your brokerage account options across multiple platforms to find the account that best meets your needs.

Frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.
To make sure you get accurate and helpful information, this guide has been edited by Joelle Grubb as part of our fact-checking process.
Shannon Terrell's headshot
Writer

Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies. See full bio

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