Top 4 Uranium Stocks by Market Value in 2024

Top 4 Uranium Stocks by Market Value in 2024
Published on: Feb 29, 2024

Nuclear power is a mature and environmentally friendly clean energy source that holds a significant position in the future energy supply network, with uranium being the primary fuel for the nuclear power industry. Therefore, in recent times, investors’ enthusiasm for uranium has been increasing. Since 2024, the price of uranium has skyrocketed to a 16-year high, surpassing $100 per pound. Furthermore, experts predict that prices will continue to rise in the future, leading to a surge in uranium stock prices.

In 2024, the four largest uranium stocks by market value globally are as follows. Please note that the provided information is accurate as of February 9, 2024:

  1. BHP (NYSE:BHP,ASX:BHP,LSE:BHP)  Market cap: US$153.36B BHP’s Olympic Dam mine in Australia hosts large uranium deposits, alongside copper, gold, and silver. Plans for a brownfields expansion were scrapped in late 2020, opting for targeted investments, plant upgrades, and infrastructure modernization. In 2023, uranium output at Olympic Dam was 3.4M MT of uranium oxide concentrate, up from the previous year. BHP is seeking new opportunities, such as at Oak Dam in South Australia, conducting resource definition drilling.
  2. Cameco (NYSE:CCJ,TSX:CCO)  Market cap: US$25.89B Cameco holds stakes in the Cigar Lake, McArthur River, and Key Lake operations in the Athabasca Basin. Despite challenges in recent years, including closures and production disruptions, Cameco looks to produce 18M pounds at each of its McArthur River/Key Lake and Cigar Lake operations in 2024, with expansion and contract signings in Ukraine and China.
  3. NexGen Energy (NYSE:NXE,TSX:NXE,ASX:NXG)  Market cap: US$5.33B NexGen Energy’s Rook I project is set to be an 11-year mine producing 29 Mlbs U308 per annum. The company received approval for site infrastructure and a comprehensive field program, and signed an impact benefit agreement with Indigenous communities. NexGen also launched a 30,000-meter drill program in February 2024.
  4. Uranium Energy (NYSEAMERICAN:UEC)  Market cap: US$3.04B Uranium Energy operates production-ready ISR platforms in South Texas and Wyoming, with strategic acquisitions and a large uranium inventory. It also secured a supply agreement with the US Department of Energy and plans to restart uranium production in Wyoming.

Clean Energy Energy Metals Mining Uranium