Although the market’s turnaround has taken time, experts are predicting a bright future as countries around the world pursue clean energy goals. Against that backdrop, some ASX-listed uranium companies have been making moves in 2024.
Year-to-date gain: 56.12 percent; market cap: AU$4.54 billion; current share price: AU$1.53
Paladin Energy owns a 75 percent stake in the active Langer Heinrich uranium mine in Namibia, and also has an exploration portfolio that spans both Canada and Australia.
Shares in company reached AU$1.53, its highest point of 2024 so far, on April 9. This is up by more than 56 percent since the start of the year, and up nearly 300 percent since hitting a yearly low of AU$0.515 in May 2023.
Year-to-date gain: gain 45.95 percent; market cap: AU$1.24 billion; current share price: AU$0.42
Lotus Resources is another ASX-listed uranium miner working to revive operations at a former mine. The company’s flagship asset is the Kayelekera uranium mine in Malawi, which it acquired from Paladin Energy in 2020.
Shares of Lotus Resources reached a year-to-date high of AU$0.44 on March 21.
Year-to-date gain: 44.19 percent; market cap: AU$596.08 million; current share price: AU$3.85
Uranium development company Bannerman Energy has honed its efforts on its Namibia-based Etango uranium project, which it says is one of the world’s largest undeveloped uranium assets. The company has been moving forward at Etango for 15 years and is currently targeting a final investment decision for this year.
Bannerman’s share price reached AU$4.00, its highest point of 2024 so far, on April 8.
Year-to-date gain: 31.46 percent; market cap: AU$1.22 billion; current share price: AU$1.40
Deep Yellow’s portfolio of uranium assets spans Namibia and Australia, with its two most advanced projects being Tumas and Mulga Rock. The former is located in Namibia, while the latter is in Western Australia; according to the company, together they have a potential production capacity of over 7 million pounds per year of U3O8.
Shares of Deep Yellow reached their 2024 peak on February 2, coming in at AU$1.76.
Year-to-date gain: 20.1 percent; market cap: AU$2.01 billion; current share price: AU$4.84
Boss Energy is focused on restarting its fully permitted Honeymoon uranium mine in South Australia. Production at the asset was suspended in 2013 due to low prices, but the company is now looking to bring it back online to take advantage of uranium’s move upward. A JORC-compliant resource for the Honeymoon restart area stands at 36 million pounds of U3O8, and the property’s mine life is estimated at over 10 years with output of 2.45 million pounds of U3O8 annually.
Boss Energy’s share price reached its highest point of the year so far on February 2, when it hit AU$6.11.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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