The global demand for uranium is accelerating, driven by advancements in artificial intelligence (AI) and the electrification of industries. According to research from Goldman Sachs, data center energy consumption is expected to surge by 160% by 2030. Nuclear power, with its ability to deliver consistent and low-carbon electricity, is emerging as the preferred solution to meet these energy demands. Tech giants have publicly recognized the role of nuclear energy in supporting their operational energy needs.
In November 2024, the Biden administration unveiled a plan to triple U.S. nuclear energy capacity by 2050. This plan includes the deployment of 200 GW of new nuclear capacity through new reactor construction, plant restarts, and facility upgrades. In the short term, the administration aims to bring 35 GW of new capacity online by 2035.
Following the domestic nuclear energy deployment targets by the Biden administration, Russia announced restrictions on the export of enriched uranium to the United States. According to the Russian Government, these temporary restrictions are a response to the U.S. ban on Russian uranium imports, which was signed into law earlier in 2024. However, the U.S. ban includes waivers that allow shipments to continue until 2027 to address supply concerns. According to Reuters, Russia is a major player in the global uranium market and produces about 44% of the world’s uranium enrichment capacity. In 2023, 27% of the enriched uranium used by U.S. commercial nuclear reactors was imported from Russia.
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In an interview with CNBC on December 12, 2024, John Ciampaglia, CEO at Sprott Asset Management, discussed the current state and future prospects of the uranium market. Ciampaglia acknowledged that despite high demand, there has been no major increase in the production of uranium. He explained that this is a strategic decision rooted in supply discipline, a lesson learned when the industry was struggling to survive for nearly 10 years after the accident in 2011 at the Fukushima Daiichi Nuclear Power Plant in Japan. Ciampaglia noted that producers are now cautious about balancing future production with future demand, ensuring that they have built their contract books with utilities before ramping up production. This approach is aimed at maximizing value and revenue in the current market cycle.
Ciampaglia identified three major drivers: growing electricity consumption in emerging markets such as China and India, the pivot of Western countries toward energy security and decarbonization, and the development of small modular reactors (SMRs). He noted that big tech companies are investing in SMR technology, which is crucial for validating and advancing this technology. This investment is expected to boost the demand for uranium.
Ciampaglia also mentioned the gradual recovery of uranium prices, which had been stagnant in 2019 and 2020. The price is now slowly moving up, both in the spot market and the term market, reflecting the building demand. Higher prices are necessary to incentivize miners to expand production and develop new mines, which is essential for meeting the growing demand for uranium in the coming years.
As the world leans heavily on nuclear energy to power the next phase of technological and industrial advancements, uranium will remain a critical resource. With that in context, let’s take a look at the 10 best uranium stocks to invest in now.
An aerial shot of the uranium mines, demonstrating the company’s vast mineral resources.
Our Methodology
For this article, we used Finviz and Yahoo stock screeners to find companies that are involved in the mining, trading, or processing of uranium. We then used Insider Monkey’s Hedge Fund database to rank 10 stocks with the largest number of hedge fund holders, as of Q3 2024. The list is sorted in ascending order of hedge fund sentiment.
Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10 Best Uranium Stocks to Invest in Now
10. Ur-Energy Inc. (NYSEAMERICAN:URG)
Number of Hedge Fund Holders: 10
Ur-Energy Inc. (NYSEAMERICAN:URG) is a uranium mining and production company headquartered in Casper, Wyoming. The company operates two flagship properties in Wyoming, the Lost Creek, which has been in production since 2013, and Shirley Basin, which is fully permitted and expected to enter production by late 2025.
Ur-Energy Inc. (NYSEAMERICAN:URG) is actively exploring its existing projects to identify new opportunities and expand its resource base. At Lost Creek, the company has been focusing on greenfield and brownfield exploration, particularly in areas that were previously overlooked due to their depth. Historically, drillings have been limited to depths of about 350 to 400 feet due to water table constraints. However, recent advancements in in-situ recovery (ISR) techniques have opened up deeper roll fronts, which are now being explored for their potential. This approach also aims to extend the life of the mine and increase the company’s production capacity.
Ur-Energy Inc. (NYSEAMERICAN:URG) is investing in the development and maintenance of its processing plant at Lost Creek. The company has been implementing rigorous training programs for its staff and conducting regular maintenance to improve plant efficiency. The focus on training and maintenance is crucial as it ensures that the plant can handle the increasing flow rates from the wellfield. The company has also added more drill rigs and spaced out drills to increase flow rates.
9. Centrus Energy Corp. (NYSEAMERICAN:LEU)
Number of Hedge Fund Holders: 11
Centrus Energy Corp. (NYSEAMERICAN:LEU) is a leading supplier of enriched uranium fuel to nuclear power plants worldwide. The company specializes in uranium enrichment technology, particularly using advanced gas centrifuges, and is the only company that manufactures its centrifuges in the United States.
Centrus Energy Corp.’s (NYSEAMERICAN:LEU) operations are centered around its state-of-the-art facility in Piketon, Ohio, which is the only licensed and operating high-assay, low-enriched uranium (HALEU) production facility in the Western world. HALEU, which has isotope uranium-235 between 5% and 20% of the mass of uranium is essential for advanced nuclear reactors such as small modular reactors (SMRs) and microreactors. The U.S. Department of Energy has selected Centrus Energy Corp. (NYSEAMERICAN:LEU) among four awardees aimed at expanding HALEU production and deconversion. The HALEU production award spans a 10-year period with a total contract ceiling of $2.7 billion across all awardees. This funding is expected to substantially increase the company’s production capacity in Piketon.
Through these awards, the U.S. government aims to establish a reliable domestic supply chain for high-assay low-enriched uranium (HALEU), support advanced nuclear reactors, reduce dependence on Russian uranium, and advance clean energy objectives. Centrus Energy Corp. (NYSEAMERICAN:LEU) is also focusing on low-enriched uranium production capacity and has secured customer commitments to support the deployment of new Low-enriched uranium production capacity. The company has secured a cumulative total of approximately $2 billion in customer commitments, which are contingent upon securing the necessary public and private investment.
8. Energy Fuels Inc. (NYSEAMERICAN:UUUU)
Number of Hedge Fund Holders: 11
Energy Fuels Inc. (NYSEAMERICAN:UUUU) is one of the largest producers of uranium in the United States. The company operates the White Mesa Mill in Utah, the only conventional uranium mill in the United States. The company believes that conventional mines allow greater flexibility to start, stop, or adjust at any stage of operations in mining, stockpiling, or processing without long-term commitments. Energy Fuels Inc. (NYSEAMERICAN:UUUU) also produces other high-value products, such as vanadium, rare earth elements, and heavy mineral sands.
Energy Fuels Inc. (NYSEAMERICAN:UUUU) is aggressively ramping up its uranium production to meet the increasing demand from the nuclear energy sector. The company currently operates three mines and planning to ramp up production to 2 million pounds of uranium per year from its existing mines. This expansion is driven by the strategic development of existing mines and the exploration of new projects. The company’s Pinyon Plain mine in Arizona, known for its high-grade uranium, is undergoing advanced development, and the company is also exploring the Juniper Zone in the mine for potential new deposits.
Furthermore, Energy Fuels Inc. (NYSEAMERICAN:UUUU) is actively developing a robust pipeline of projects including the Sheep Mountain project in Wyoming, which is fully permitted, and the Roca Honda project in New Mexico, another high-grade uranium deposit, which is advancing through the Draft Environmental Impact Statement (DEIS) process. Both projects have the potential to significantly increase the company’s production capacity, with the potential to reach up to 5 million to 6 million pounds of uranium annually.
7. Harmony Gold Mining Company Limited (NYSE:HMY)
Number of Hedge Fund Holders: 11
Harmony Gold Mining Company Limited (NYSE:HMY) is a leading gold mining company with a growing uranium footprint. The company recovers uranium from its tailings facilities as a byproduct at its Moab Khotsong Mine in South Africa.
Harmony Gold Mining Company Limited (NYSE:HMY) is strategically focusing on exploiting the high-grade uranium deposits associated with its current and future gold mining operations. This dual-resource approach creates significant synergies, allowing the company to operate more efficiently and achieve a lower cost per unit of production for both minerals.
Harmony Gold Mining Company Limited (NYSE:HMY) is actively conducting feasibility studies to determine the potential for extending the life of its existing mines and identifying new areas. The company is also exploring the possibility of re-mining old tailings dams in South Africa, which would yield additional uranium resources. The company’s Moab Khotsong, a gold and uranium mine is expected to significantly contribute to its uranium production. The high-grade ore bodies from the Moab Khotsong mine can be processed through the existing plant at Moab Khotsong as the company has a dedicated uranium plant at this site.
6. enCore Energy Corp. (NASDAQ:EU)
Number of Hedge Fund Holders: 12
enCore Energy Corp. (NASDAQ:EU) is a leading uranium producer in the United States, dedicated to providing clean, reliable, and affordable fuel for nuclear energy. The company operates two In-Situ Recovery (ISR) Uranium Central Processing Plants in South Texas, the Rosita and Alta Mesa projects.
enCore Energy Corp. (NASDAQ:EU) is actively engaged in resource development and exploration activities across its project areas. In South Texas, the company has been conducting resource development drilling at the Upper Spring Creek ISR Project to confirm uranium mineralization and explore for roll fronts that may extend from the planned wellfield. Following the approval of the Class III Underground Injection Control (UIC) permit, enCore Energy Corp. (NASDAQ:EU) has begun installing monitor well rings and baseline wells for the first wellfield at the Upper Spring Creek Project. The project is planned to include a satellite ion exchange facility and wellfield that will feed the Rosita Central Processing Plant, which will enhance the company’s operational efficiency and production capacity.
enCore Energy Corp. (NASDAQ:EU) is also focusing on expanding its operational capacity through the commissioning of new processing plants and the development of additional wellfields. The company recently commissioned the Alta Mesa ISR Uranium Central Processing Plant. This new plant, along with the existing Rosita Central Processing Plant, will significantly increase the company’s production capabilities.
5. Uranium Energy Corp. (NYSEAMERICAN:UEC)
Number of Hedge Fund Holders: 21
Uranium Energy Corp. (NYSEAMERICAN:UEC) is a U.S.-based uranium mining and exploration company with operations focused on in-situ recovery (ISR) technology. The company has a vast portfolio of uranium projects in Texas, Wyoming, and Paraguay. Uranium Energy Corp.’s (NYSEAMERICAN:UEC) fully licensed Hobson Processing Plant serves as the hub for its South Texas operations.
Uranium Energy Corp. (NYSEAMERICAN:UEC) is expanding its hub-and-spoke model, which involves using a central processing plant to process uranium from multiple satellite projects. The company’s Irigaray plant is a cornerstone of this strategy. Uranium Energy Corp. (NYSEAMERICAN:UEC) is also developing similar models in Texas, where the Hobson processing plant serves as the hub for ISR projects in the Texas Uranium Belt. Located in the Powder River Basin of Wyoming, the Irigaray plant serves as the hub for several satellite ISR projects. This strategic location is advantageous due to the region’s rich uranium deposits and existing infrastructure, which includes large mining operations. Furthermore, the company recently increased its licensed production capacity to 4.0 million pounds of uranium concentrate per year, which is a significant increase from its previous capacity.
Furthermore, in December 2024, Uranium Energy Corp. (NYSEAMERICAN:UEC) completed the acquisition of the Sweetwater Central processing plant from Rio Tinto, which provides a third ISR platform with a licensed production capacity of 4.1 million pounds per year. This acquisition not only increases the company’s total licensed production capacity but also brings a portfolio of projects with approximately 175 million pounds of historic resources.
4. BHP Group Limited (NYSE:BHP)
Number of Hedge Fund Holders: 22
BHP Group Limited (NYSE:BHP) is a global leader in the mining sector and owns a diverse portfolio of high-quality assets across various commodities. The company has a significant presence in uranium exploration and resource development, particularly in Australia, which is home to some of the world’s largest uranium deposits.
BHP Group Limited (NYSE:BHP) is actively evaluating potential uranium projects and partnerships to enhance its position in the uranium market. The company’s strategic approach involves leveraging its existing infrastructure and operational capabilities to ensure that any new uranium projects are both economically viable and environmentally sustainable. BHP Group Limited (NYSE:BHP) has been involved in the exploration of the Olympic Dam deposit in South Australia, which is one of the world’s largest known uranium resources. While the primary focus at Olympic Dam is copper, gold, and silver, the potential for uranium extraction also presents a significant long-term opportunity.
BHP Group Limited (NYSE:BHP) is committed to sustainable and responsible mining practices, which is particularly important in the uranium sector due to the environmental and safety concerns associated with uranium mining and processing. The company has implemented rigorous safety protocols and environmental management systems to ensure that its operations are conducted in a manner that minimizes environmental impact and maximizes social benefits.
3. Denison Mines Corp. (NYSEAMERICAN:DNN)
Number of Hedge Fund Holders: 23
Denison Mines Corp. (NYSEAMERICAN:DNN) is a Canadian uranium exploration and development company focused on the Athabasca Basin in Saskatchewan. The company’s flagship Wheeler River project is one of the most promising uranium development projects globally. Denison Mines Corp. (NYSEAMERICAN:DNN) focuses on innovation in uranium extraction technologies and supplies uranium fuel to nuclear reactors worldwide.
Denison Mines Corp. (NYSEAMERICAN:DNN) is prioritizing the advancement of the Phoenix deposit, located within the Wheeler River Uranium Project, towards production. The company estimates that the initial capital costs required to bring the deposit into production will be among the lowest in the industry. By utilizing an in-situ recovery method, the company expects all-in production costs to average $16 per pound. This low-cost production profile, combined with the deposit’s proximity to existing infrastructure, positions the Phoenix deposit as a highly attractive asset with strong economic potential.
Denison Mines Corp. (NYSEAMERICAN:DNN) is also pursuing opportunities to extend the mine life and enhance the production capacity of the Gryphon deposit, another key deposit located in the Wheeler River Project. The Gryphon deposit is expected to be mined using conventional underground mining methods and is anticipated to contribute 49.7 million pounds of proven U3O8 to the project’s total reserves.
2. NexGen Energy Ltd. (NYSE:NXE)
Number of Hedge Fund Holders: 32
NexGen Energy Ltd. (NYSE:NXE) is a Canadian uranium exploration and development company known for its Rook I project in Saskatchewan’s Athabasca Basin. The project hosts the world-class Arrow deposit, which is one of the largest high-grade uranium deposits globally.
NexGen Energy Ltd. (NYSE:NXE) is making significant strides in exploration, with the recent discovery at Patterson Corridor East. The Patterson Corridor East drilling campaign has intersected multiple high-grade uranium zones which has the potential to significantly expand the company’s resource base. This discovery is located 3.5 kilometers from the Arrow deposit is entirely contained within the basement rock and exhibits greater off-scale mineralization than what was initially observed at Arrow. The company is batching and sending core samples to the lab for detailed analysis and results are expected in the coming months.
Furthermore, NexGen Energy Ltd. (NYSE:NXE) is nearing the final stages of the regulatory approval process for the Rook 1 Project, with the Canadian Nuclear Safety Commission (CNSC) finalizing the remaining aspects of the Environmental Impact Statement (EIS). The company has received 100% formalized support from local indigenous communities and leaders, which is crucial for the project’s success.
1. Cameco Corporation (NYSE:CCJ)
Number of Hedge Fund Holders: 60
Cameco Corporation (NYSE:CCJ) is one of the largest uranium producers in the world, with operations spanning mining, refining, and fuel fabrication. The company operates key assets such as the Cigar Lake and McArthur River mines in Canada. Cameco Corporation (NYSE:CCJ) supplies uranium fuel to nuclear reactors worldwide and plays a critical role in global clean energy infrastructure.
Cameco Corporation (NYSE:CCJ) is focusing on optimizing its Tier 1 assets to enhance operational efficiency and reduce costs. The company’s MacArthur River and Key Lake, located in Saskatchewan, are among the world’s lowest-cost and highest-grade uranium mines. Through a series of automation and digitization projects, Cameco Corporation (NYSE:CCJ) has significantly improved production at these sites. These investments were made during a period of market downturn and have paid off by bending the cost curve and positioning the company to capitalize on rising uranium prices.
Furthermore, Cameco Corporation (NYSE:CCJ) is actively evaluating the potential to expand its MacArthur River and Key Lake operations from 18 million pounds per year to a license capacity of up to 25 million pounds per year. This strategic move is driven by the growing demand for uranium and the need to secure long-term contracts. The company is leveraging its existing infrastructure and expertise to explore cost-effective ways to increase production without significant additional capital expenditure.
While we acknowledge the potential of Cameco Corporation (NYSE:CCJ) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CCJ but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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