5 Countries with the Largest Uranium Reserves in the World in 2024

3. Canada

Total Uranium Reserves: 620,000 MT

Ranking 3rd in our list of the top 15 countries with the largest uranium reserves in the world in 2024 is Canada, with its uranium reserves, totaling 620,000 metric tons. The Cigar Lake mine in Canada, operated by Cameco Corporation (NYSE:CCJ), is one of the world’s largest and highest-grade uranium mines.

Canada, while no longer the top uranium producer since being overtaken by Kazakhstan in 2009, remains a critical force in the global uranium market thanks to its rich reserves and high-quality deposits. The country has around 694,000 tonnes of known uranium resources, mainly from the McArthur River and Cigar Lake mines in northern Saskatchewan, which are some of the largest and richest deposits worldwide.

Canada’s extensive mining history and current government support, including the 2022 Critical Minerals Strategy and a 30% exploration tax credit, position it well to meet future global demand and retain its place in the top 15 countries with the largest uranium reserves in the world in 2024. Recent updates, such as the renewal of Cameco Corporation (NYSE:CCJ)’s production license and increased processing capacity, further strengthen Canada’s role. In 2023, production at Cigar Lake exceeded expectations, contributing significantly to Canada’s uranium output. Additionally, the McArthur River mine, another major asset in Cameco Corporation (NYSE:CCJ)’s portfolio, has resumed operations after a period of care and maintenance, further enhancing the country’s uranium production capacity.