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Following a strong performance in 2020, U3O8 continues to hold in the US$29 per pound range. Climbing by 37 percent from its January 2020 value, prices peaked in May 2020 at US$33.93.
Closures stemming from
COVID-19 restrictions
and logistical challenges supported the
energy
metal’s higher threshold, as prices held at the US$30 range to end the year.
Spillover from last year’s production disruptions aided in elevated prices into
2021
, as spot U3O8 sat at US$29.63 in January.
Did You Know That Uranium Was A Top Commodity In 2020?
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February saw values dip to US$27.98 for the first time since March 2020. Positive sentiment around the future of nuclear energy in the US and globally countered the decline and pushed prices back to US$30.95 for March.
Shifting attitudes around nuclear energy, paired with an estimated 13.1 million pound production reduction in 2020 may be enough to keep prices at current levels for the remainder of the year.
Despite the current range being below the US$50 mark often cited for uranium sector growth, these elevated values have assisted some explorers, and are promising to those with current projects.
Below the Investing News Network has listed the top uranium stocks on the TSX and TSXV by share price performance so far this year. All year-to-date and share price information was obtained on April 19, 2021 from
TradingView
. All companies listed had market caps above C$10 million at that time.
1. Forsys Metals (TSX:
FSY
)
Year-to-date gains: 156 percent; current share price: C$0.77
Developer, Forsys Metals is currently working to advance its Norasa project in Namibia. The site is comprised of two uranium projects, the Valencia and the Namibplaas. Both are fully permitted.
In late March, the energy developer
announced
the initiation of a private placement worth C$8.5 million. The private placement will be underwritten by Canaccord Genuity and Red Cloud Securities.
Following the news, shares hit a year-to-date high of C$0.99 on April 5.
2. Uranium Royalty (TSXV:
URC
)
Year-to-date gains: 130.5 percent; current share price: C$3.44
URC gains exposure to the uranium market through a pure-play strategy of investment in royalty streams, equity, debt and physical holdings.
A mid-February
announcement
confirmed URC had acquired royalties from the
Cigar Lake mine
and the McArthur Lake mine in Saskatchewan.
Cigar Lake is the world’s premiere uranium mine, while McArthur Lake is also a formidable producing asset. Located in the Athabasca Basin region, well known for its uranium deposits, sector major Cameco (TSX:
CCO
,NYSE:CCJ) operates both mines, with a partnership with Orano at Cigar Lake.
The last week of March saw the royalty company
exercise its option
to purchase US$10 million of physical uranium. The initial deal was penned as part of a 2018 foundational investment in the initial public offering of Yellow Cake (LSE:
YCA
).
The first tranche will include 348,068 pounds of U3O8 priced at US$28.73 per pound and will be delivered by the end of April.
Did You Know That Uranium Was A Top Commodity In 2020?
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3.
Azincourt Energy (TSXV:AAZ)
Year-to-date gains: 113 percent; current share price: C$0.85
Alternative energy developer Azincourt is presently working on its East Preston uranium project in Saskatchewan, and the Escalera Group uranium and
lithium
project Peru.
Some of the highlights from Q1 include the early conclusion to a winter drill program, at the East Preston property in the Athabasca Basin region.
Azincourt also finalized a private placement for C$4.2 million. Shares marked a year-to-date high on February 5, to trade for C$1.50.
4. Virginia Energy Resources (TSXV:
VUI
)
Year-to-date gains: 108.6 percent; current share price: C$0.26
Uranium exploration and development company Virginia Energy Resources owns Coles Hill uranium project located in the state of Virginia.
Despite not releasing any news items since May 2020, shares of the firm have performed well in 2021. After dipping to a Q1 low of C$0.01 in late January, shares rebounded to a quarterly high of C$0.36 in mid-March.
5. Global Atomic (TSX:
GLO
)
Year-to-date gains: 67.8 percent; current share price: C$2.67
Global Atomic specializes in uranium exploration and development in Niger and
zinc
recycling in Turkey.
The company had a busy Q1, which included receiving environmental compliance certificates for its Dasa uranium property. Updates for the site also include the
successful completion
of a pilot plant.
In mid-March Global Atomic closed a
C$12.5 million
bought deal private placement. Currently the firm is conducting a
drill program
at the Dasa project.
In late March, shares hit a Q1 peak of C$2.67, and have remained range bound in the weeks since.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Azincourt Energy is a client of the Investing News Network. This article is not paid-for content.
Did You Know That Uranium Was A Top Commodity In 2020?
Don’t Miss Out This Year With Our Exclusive FREE 2021 Uranium Outlook Report!