Uranium has broken out, with the spot price rising to a 17 year high of US$106 per pound in early 2024. Despite a pullback to about US$80, pricing for uranium is still 60 percent higher than it was 18 months ago.
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, ASX-listed uranium companies have been making moves in 2024.
Year-to-date gain: 35.21 percent
Market cap: AU$1.39 billion
Share price: AU$1.44
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, the two projects have a combined potential annual production capacity of over 7 million pounds per year.
Shares of Deep Yellow reached their 2024 peak on May 22, coming in at AU$1.80.
Year-to-date gain: 19.8 percent
Market cap: AU$3.43 billion
Share price: AU$11.74
Paladin Energy owns a 75 percent stake in the active Langer Heinrich uranium mine in Namibia. The company also has a uranium-focused exploration portfolio that spans both Canada and Australia.
Shares of the company reached AU$17.80, their highest point of 2024 so far, on May 21. At that time, they were up more than 76 percent since the start of the year.
Year-to-date gain: 17.6 percent
Market cap: AU$569.75 million
Share price: AU$3.14
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$4.74, its highest point of 2024 so far, on May 21.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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