7 Best Uranium Stocks To Buy According to Hedge Funds

5. Ur-Energy (NYSE:URG)  

Number of Hedge Fund Investors: 13

Ur-Energy (NYSE:URG) is a low-cost operating uranium mining company that identifies, acquires, explores, develops, and operates uranium projects. The company has established itself as a key player in the uranium industry, with a focus on in-situ recovery (ISR) uranium mining. The company’s Lost Creek facility in south-central Wyoming has produced approximately 2.8 million pounds of U3O8 since its commencement of operations in 2013.

Ur-Energy (NYSE:URG) is expanding its operations with the development of two uranium projects, Lost Creek and Shirley Basin. On September 18, the company announced that its Lost Creek project is currently in the ramp-up phase, with five header houses coming online in 2024. The most recent header house, HH2-10, came online in mid-August, and HH2-11 is expected to come online this month. The average production solution headgrade in August was 67.1 mg/L, which is a positive indicator of the project’s performance. The company has also made five shipments to the conversion facility this year, with the most recent shipment arriving on September 11.

Despite some challenges, the Lost Creek project is making progress. The company has 15 drill rigs on site, with additional rigs pending, and plans to redirect some of these rigs to exploration projects within the Great Divide Basin to replace mined pounds with new uranium resources.

The Shirley Basin project, on the other hand, is still in the development phase. The installation of monitor wells for the first mine unit is on schedule. The company expects to finalize well completions in the coming days and has three drill rigs working at Shirley Basin, which will be redeployed to Lost Creek when the completion work concludes. The company plans to collect baseline water quality and perform hydrologic aquifer tests this fall and expects construction at Shirley Basin to be complete in late 2025.

With a growing presence in the uranium market and ongoing projects, Ur-Energy (NYSE:URG) is well-positioned to capitalize on the increasing demand for uranium. In the second quarter, the company’s stock was held by 13 hedge funds with stakes worth $51.49 million. Azarias Capital Management is the largest shareholder in the company, with a stake worth $22.91 million as of June 30.