Australia is home to the largest uranium supply in the world, filling about a third of the world's uranium needs.
As a result, it's no surprise that there are several ASX-listed mining stocks with uranium exposure. Some have been actively mining for many years, such as East Energy Resources of Australia (ASX: EER), while others are exploring new uranium deposits alongside other resources that they are mining.
But uranium is a controversial commodity.
While it can be used in nuclear energy production, it has a destructive history. In recent years, uranium prices have fallen amid oversupply issues as Kazakhstan has ramped up production and the Fukushima disaster led to plunging sentiment toward nuclear energy use.
However, in 33 countries, it is being used as a low-emission option, with France leading the charge with around 70% of its power coming from nuclear.
Uranium stocks
Uranium stocks are listed companies involved in the mining, refining and distribution of global uranium.
ASX uranium stocks
Company summary
Paladin Energy Ltd develops, explores for, owns, and operates uranium mines in Australia, Canada, and Africa. The company operates through Exploration, Namibia, and Australia segments. Its flagship project is the Langer Heinrich mine located in the Namib Desert in Namibia. The company was formerly known as Paladin Resources Ltd and changed its name to Paladin Energy Limited in November 2007. Paladin Energy Ltd was incorporated in 1993 and is headquartered in Perth, Australia.
Northern Minerals Limited operates in the mineral exploration industry in Australia. The company explores for dysprosium and other heavy rare earths. Its flagship project includes the 100% owned Browns Range Pilot Plant project that covers an area of approximately 2,750 square kilometers located in the south east of Halls Creek in northern Western Australia. The company was formerly known as Northern Uranium Limited and changed its name to Northern Minerals Limited in February 2011. Northern Minerals Limited was incorporated in 2006 and is based in West Perth, Australia.
Boss Energy Limited explores for, develops, and produces uranium deposits in Australia. It holds a 100% interest in the Honeymoon uranium project covering an area of approximately 2,595 square kilometers located in South Australia. The company was formerly known as Boss Resources Limited and changed its name to Boss Energy Limited in November 2020. Boss Energy Limited was incorporated in 2005 and is based in Subiaco, Australia.
Peninsula Energy Limited, together with its subsidiaries, operates as a uranium exploration company in the United States. The company's flagship project is its 100% owned Lance uranium project located in Wyoming. The company was formerly known as Peninsula Minerals Limited and changed its name to Peninsula Energy Limited in November 2010. Peninsula Energy Limited was incorporated in 1993 and is based in Subiaco, Australia.
Historical performance
Stock information
Market capitalization: $253305600
PEG ratio: 0
Company summary
Boart Longyear Group Ltd., together with its subsidiaries, provides drilling services, drilling equipment, and performance tooling for mining and mineral drilling companies in North America, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. The company operates in three segments: Global Drilling Services, Global Products, and Veracio. It engages in mining and exploration activities for various commodities, including copper, gold, nickel, zinc, uranium, and other metals and minerals. The company also offers diamond coring exploration, reverse circulation, large diameter rotary, mine dewatering, water supply, pump, production, and sonic drilling services. In addition, it engages in the research and development, manufacture, marketing, and servicing of drill rigs, drill string products, rugged performance tooling, durable drilling consumables, and parts. Further, the company offers geological data services. Boart Longyear Group Ltd. was founded in 1890 and is headquartered in Salt Lake City, Utah.
Historical performance
Stock information
Market capitalization: $881841600
P/E ratio: 16.5556
PEG ratio: 0
Company summary
Toro Energy Limited engages in the exploration, evaluation, and development of uranium properties in Australia. The company explores for uranium, nickel, gold, and base metals. Its flagship project is the Wiluna uranium project located in the northern goldfields region of Western Australia. Toro Energy Limited is headquartered in West Perth, Australia. Toro Energy Limited operates as a subsidiary of Mega Uranium Ltd.
Historical performance
Stock information
Market capitalization: $52924080
PEG ratio: 0
Company summary
GTI Energy Ltd explores for mineral tenements in Wyoming and Utah. It holds interests in various properties located in the Great Divide Basin and Green Mountain, Wyoming, the United States; uranium and vanadium project located in the Henry Mountains, Utah; and the Lo Herma project located in Wyoming's prolific Powder River Basin uranium district. The company was formerly known as GTI Resources Limited and changed its name to GTI Energy Ltd in May 2022. GTI Energy Ltd was incorporated in 2007 and is based in Perth, Australia.
Historical performance
Stock information
Market capitalization: $16399600
PEG ratio: 0
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Important: The standard brokerage fee displayed is the trade cost for new customers to purchase $1,000 of either Australian or US shares. Where a platform charges different fees for both US and Australian shares we show the lower of the two. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
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
Yes. A number of uranium penny stocks are available for purchase, including Denison Mines, Uranerz Energy and Uranium Resources.
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.
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.
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