Billionaires Are Betting on Nuclear in 2025 – Here Are The Top 5 Uranium Stocks to Watch

On behalf of Azincourt Energy Corp.

The uranium industry is heating up as governments worldwide double down on nuclear energy to meet clean power targets. With supply tightening and demand soaring, uranium prices have surged to decade-highs—creating a prime opportunity for investors.

At the same time, the world’s most influential billionaires—Bill Gates, Jeff Bezos, and Sam Altman—are making big bets on nuclear energy. Gates’ TerraPower secured $2 billion in US funding for its next-gen Natrium reactor.¹ Bezos is backing General Fusion, a Canadian company developing fusion technology. Altman is fueling Oklo, a startup designing micro-reactors powered by nuclear waste.

Why? The world desperately needs more energy with global demand projected to surge over 50% by 2050, fueled by AI-driven data centers, electric vehicles, and the need for clean, baseload power.² According to Goldman Sachs, data center power demand alone is expected to jump 160% by 2030. Nuclear energy is poised to meet this demand, and governments are catching on.³ The US government has already committed $6 billion to nuclear energy through the Bipartisan Infrastructure Law, with tariffs on uranium imports further tightening supply.

This creates the perfect storm for uranium investors, as utilities scramble to secure long-term supply, and prices surge. With this in mind, here are five uranium stocks to watch in 2025, each playing a crucial role in the future of nuclear energy and poised to benefit from the growing demand for clean, reliable power:

Azincourt Energy Corp. (TSXV:AAZ) (OTCQB:AZURF)
Cameco Corp. (TSX:CCO) (NYSE:CCJ)
NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE)
Uranium Energy Corp. (NYSE-A:UEC)
Paladin Energy Ltd (OTCQX:PALAF)

1. Azincourt Energy Corp. (TSXV:AAZ) (OTC:AZURF)

Azincourt Energy Corp. (TSXV:AAZ) (OTC:AZURF) is a junior uranium exploration company strategically positioned to capitalize on the growing demand for nuclear fuel. With a portfolio of high-potential projects located in Canada’s top uranium-producing regions, the company is well-positioned to benefit from the global push for more uranium as energy demands rise and geopolitical tensions shift.

Azincourt’s Snegamook Uranium Project is a promising asset in the company’s portfolio.⁴ The company is currently advancing the exploration of the Snegamook Uranium Project, a mineral license block comprising 17 contiguous claims covering 423 hectares in Labrador’s Central Mineral Belt.⁵ This project sits near several major uranium discoveries, including Paladin Energy’s Michelin Deposit.

The Central Mineral Belt is one of Canada’s most prolific uranium districts, yet it remains largely underexplored, providing Azincourt Energy Corp. (TSXV:AAZ) (OTC:AZURF) with an opportunity to expand on historical findings. Historical drilling at the Snegamook Project (2006-2008) revealed multiple lenses of uranium mineralization over a 300-metre strike length and to a vertical depth of 200 metres, with grades ranging from 225 to 771 ppm U3O8. Some zones contained higher-grade uranium concentrations (e.g., 0.11% U3O8 over 3m).Azincourt plans to compile past exploration data and conduct further drilling to expand on these discoveries, with the goal of establishing an initial resource estimate. The project offers significant potential in an underexplored region with increasing exploration activity.

With uranium prices rising, the Snegamook project, which could potentially be developed through open-pit mining, is an increasingly valuable asset.

Azincourt Energy‘s East Preston Uranium Project, located in the Athabasca Basin of Saskatchewan, is strategically situated near some of the world’s richest uranium deposits, including NexGen Energy’s Arrow Deposit and Paladin Energy’s Triple R Deposit.⁶ This positioning, combined with over $10 million in exploration expenditures since 2018, has allowed Azincourt to delineate multiple potentially uranium-bearing structures, laying the groundwork for a potential significant discovery. In August 2024, the company announced results from its 2024 drilling program at East Preston, highlighting significant uranium enrichment in alteration zones.⁷

The company is led by a team with significant experience in uranium exploration, including geologists with a proven track record in major uranium discoveries. This expertise sets Azincourt Energy Corp. (TSXV:AAZ) (OTC:AZURF) apart from many newcomers to the uranium sector, particularly in a market where the number of uranium companies has surged in recent years, often with little exploration experience. Azincourt’s established position, coupled with its experienced team and prime exploration assets, gives the company a competitive edge as it advances its exploration programs.

And the momentum continues into 2025. On April 1, Azincourt Energy announced plans for a new geophysics program at East Preston to refine drill targets within the promising K- and H-Zones. These zones, marked by clay alteration and elevated uranium, will be assessed through a radon flux survey in fall 2025—an approach that helped identify Azincourt’s Snegamook uranium deposit.

A follow-up 1,500-metre winter drill program is also planned for early 2026, supported by a helicopter-based rig to reduce environmental disturbance. This expanded program builds directly on the successes of Azincourt’s 2023 and 2024 drilling campaigns and signals continued confidence in East Preston’s potential.

Azincourt Energy Corp. (TSXV:AAZ) (OTC:AZURF) is following a path similar to that of Uranium Energy Corp. (UEC), which was once a small, overlooked player in the uranium market. Ten years ago, UEC was a junior exploration company with promising assets and a strategic vision. Today, it is a $3.11 billion industry leader. Azincourt Energy Corp. (TSXV:AAZ) (OTC:AZURF), with its high-potential uranium projects in two of Canada’s richest uranium districts, could be on the cusp of a similar transformation. As uranium prices rise and institutional interest in uranium explorers increases, Azincourt‘s assets are becoming increasingly valuable, making it a company to watch in the coming years.

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2. Cameco Corp. (TSX:CCO) (NYSE:CCJ)

Cameco Corp. (TSX:CCO) (NYSE:CCJ) is one of the world’s largest and most established uranium producers, operating primarily in Saskatchewan, Canada. The company plays a critical role in the nuclear fuel cycle, from uranium extraction to fuel processing. With a focus on clean energy, Cameco is at the forefront of supplying the materials essential for nuclear power, a key component of the global transition to a low-carbon economy.

Cameco is actively involved in the Net Zero Nuclear initiative, which advocates for the global tripling of nuclear energy capacity.⁸ This is part of a broader movement to combat climate change and reduce greenhouse gas emissions by increasing the reliance on nuclear power, one of the most reliable and low-carbon energy sources. The company’s support for this initiative underlines its strategic focus on the sustainable growth of the nuclear industry. With energy security becoming an increasing priority amid geopolitical uncertainties, Cameco’s leadership positions it well to benefit from the rising demand for clean energy.

Cameco’s robust financial performance reflects its growth trajectory. For the 2024 fourth-quarter results, the company posted over $1.5 billion in adjusted EBITDA, driven by strong contributions from both uranium production and its Westinghouse segment, which focuses on nuclear fuel and services.⁹ The company’s growth strategy is underpinned by long-term contracting, diversification of its uranium and fuel services, and a strong focus on sustainability.

In addition to its substantial uranium reserves, Cameco Corp. (TSX:CCO) (NYSE:CCJ) continues to strengthen its position in the nuclear sector through strategic investments. The company’s resilience in a changing energy landscape is reflected in its ongoing efforts to balance long-term contracts with market opportunities. With its expansion into new projects and continued market-driven growth, Cameco is well-positioned to meet the increasing global demand for uranium and nuclear fuel services, ensuring its critical role in the world’s clean energy future.

3. NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE)

NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE) is a leading uranium exploration and development company, focused on its flagship Rook I project in the Athabasca Basin, one of the richest uranium districts in the world. The company is committed to advancing its high-quality uranium assets through sustainable practices while meeting the growing demand for clean energy.

In recent developments, NexGen achieved a significant permitting milestone for its Rook I project, which paves the way for future development and operations.¹⁰ This milestone is a key step toward realizing the potential of one of the most promising uranium deposits globally. Additionally, the company secured its first uranium sales contracts, totaling 5 million pounds with major U.S. utilities.¹¹ This landmark deal is crucial for ensuring revenue streams and expanding its presence in the nuclear energy sector, as these contracts will help meet the growing demand for uranium in the U.S.

To further strengthen its position in the uranium market, NexGen has launched a 43,000-meter drill program at the Patterson Corridor East, which is set to increase its resource base and enhance its exploration footprint.¹² The new drill program is part of the company’s ongoing efforts to build on the success of its flagship Rook I project, driving long-term growth and value for shareholders.

With its focus on advancing key projects and leveraging strategic partnerships, NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE) is well-positioned to capitalize on the growing demand for uranium as the world increasingly turns to nuclear energy as a clean and reliable power source. These recent achievements demonstrate the company’s operational excellence and commitment to expanding its role in the uranium industry. As the nuclear energy sector continues to grow, NexGen’s projects, especially in the Athabasca Basin, place it at the forefront of the uranium industry.

4. Uranium Energy Corp. (NYSE-A:UEC)

Uranium Energy Corp. (NYSE-A:UEC) is a leading uranium mining and exploration company focused on clean energy solutions. Based in the U.S., UEC holds a diversified portfolio of assets, including advanced-stage uranium projects and a production facility in South Texas. The company uses a strategic, environmentally sustainable approach to uranium extraction, including in-situ recovery (ISR) methods. UEC’s key assets include the fully licensed and operating Hobson Processing Plant¹³ and the Burke Hollow ISR project.¹⁴

Recently, UEC announced a significant milestone in expanding its uranium production capabilities with the purchase of additional high-quality assets. The company’s acquisition of Rio Tinto’s Sweetwater Plant and Wyoming Uranium Assets strengthens its position as a dominant player in the U.S. uranium market.¹⁵ UEC also secured strategic agreements for uranium sales, reflecting strong demand for uranium amid global energy security and clean energy trends. This expansion comes as UEC benefits from favorable market conditions driven by geopolitical instability, energy security concerns, and the global push for cleaner energy.

In its most recent quarterly report, Uranium Energy Corp. reported solid progress across its operational and financial metrics, reflecting its growth and the increasing market demand for uranium.¹⁶ The company’s ongoing efforts to advance its projects, along with its strong liquidity position, place it in an excellent position to scale up production as needed, contributing to the global nuclear energy supply chain. The market’s growing interest in low-carbon power solutions ensures that UEC is well-positioned to meet the rising demand for uranium as countries transition to nuclear power as a key element of their clean energy strategies.

With significant assets, a strong market presence, and a strategic approach to uranium production, Uranium Energy Corp. is at the forefront of the clean energy transition, positioning itself as a critical player in the global energy market.

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5. Paladin Energy Ltd (OTC:PALAF)

Paladin Energy Ltd (OTC:PALAF) is a leading uranium producer headquartered in Perth, Western Australia, with a strong presence in the global nuclear energy market. The company’s primary asset is the Langer Heinrich Mine (LHM) in Namibia, which has seen significant production growth since resuming commercial operations in March 2024. In December 2024, the mine achieved its highest monthly output, producing 308,604 pounds of U₃O₈.¹⁷ This was driven by a series of plant improvements, including new burner technology, upgraded infrastructure, and enhanced water supply. With these operational enhancements, Paladin has reaffirmed its annual production guidance of 3.0 to 3.6 million pounds of U₃O₈ for the fiscal year 2025.

A major milestone for Paladin was its acquisition of Fission Uranium Corp., finalized on December 24, 2024.¹⁸ This acquisition added the world-class Patterson Lake South (PLS) project in Canada to Paladin’s portfolio, making it one of the largest pure-play uranium companies globally. The deal also led to the formation of Paladin Canada, consolidating all Canadian operations, including the Michelin Project. Paladin’s dual listing on the Toronto Stock Exchange (TSX), which began on December 27, 2024, further strengthens its position in North America and increases its visibility among investors.

Financially, Paladin remains in a strong position, with US$166 million in unrestricted cash and short-term investments, along with undrawn debt facilities of US$50 million.¹⁹ This financial stability enables the company to continue expanding its uranium production while supporting future growth initiatives.

With the successful ramp-up of LHM, the integration of Fission Uranium, and a solid financial foundation, Paladin is well-positioned to benefit from the increasing global demand for uranium. As more countries transition to nuclear energy to achieve low-carbon targets, Paladin’s strategic growth and operational efficiency reinforce its role as a key player in the clean energy transition.

Disclaimer

footnotes:
[1]https://www.forbes.com/sites/antoniopequenoiv/2024/03/19/terrapower-what-we-know-about-bill-gatess-nuclear-power-plant-in-wyoming/ [2] https://www.iea.org/energy-system/electricity [3]https://www.goldmansachs.com/pdfs/insights/pages/generational-growth-ai-data-centers-and-the-coming-us-power-surge/report.pdf [4] https://www.azincourtenergy.com/projects/the-snegamook-project.html [5] https://www.azincourtenergy.com/news/news-releases/2024/349-zincourtnergyeginsataompilationatthenegamook20241113042003.html [6] https://www.azincourtenergy.com/projects/east-preston-sk-canada.html [7] https://www.azincourtenergy.com/news/news-releases/2024/343-zincourtnergyeceivesesultsof2024rillingrogram20240820050502.html [8] https://www.cameco.com/media/news/net-zero-nuclear-strengthens-its-push-for-tripling-nuclear-capacity-with-cameco-as [9] https://www.cameco.com/media/news/cameco-reports-2024-fourth-quarter-results [10] https://www.nexgenenergy.ca/news/news-details/2024/NexGen-Achieves-Major-Permitting-Milestone/default.aspx [11] https://www.nexgenenergy.ca/news/news-details/2024/NexGen-Announces-First-Uranium-Sales-Contracts-for-5-Million-Pounds-with-Major-US-Utilities/default.aspx [12] https://www.nexgenenergy.ca/news/news-details/2025/NexGen-Commences-Expanded-43000-Meter-Drill-Program-at-Patterson-Corridor-East/default.aspx [13] https://www.uraniumenergy.com/projects/texas/ [14] https://www.uraniumenergy.com/projects/texas/ [15] https://www.uraniumenergy.com/news/releases/index.php?content_id=1076 [16] https://www.uraniumenergy.com/news/releases/index.php?content_id=1075 [17] https://www.paladinenergy.com.au/wp-content/uploads/2025/01/61247717-1.pdf [18] https://www.paladinenergy.com.au/wp-content/uploads/2024/06/61212802.pdf [19] https://www.paladinenergy.com.au/wp-content/uploads/2025/01/61247717-1.pdf

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6) This document contains forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Azincourt Energy Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Azincourt Energy Corp.’s industry; (b) market opportunity; (c) Azincourt Energy Corp.’s business plans and strategies; (d) services that Azincourt Energy Corp. intends to offer; (e) Azincourt Energy Corp.’s milestone projections and targets; (f) Azincourt Energy Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Azincourt Energy Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Azincourt Energy Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Azincourt Energy Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Azincourt Energy Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Azincourt Energy Corp.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) Azincourt Energy Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Azincourt Energy Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Azincourt Energy Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Azincourt Energy Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Azincourt Energy Corp.’s business operations (e) Azincourt Energy Corp. may be unable to implement its growth strategy; and (f) increased competition.

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Billionaires Are Betting on Nuclear in 2025 – Here Are The Top 5 Uranium Stocks to Watch

1. Azincourt Energy Corp. (TSXV:AAZ) (OTC:AZURF)

2. Cameco Corp. (TSX:CCO) (NYSE:CCJ)

3. NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE)

4. Uranium Energy Corp. (NYSE-A:UEC)

5. Paladin Energy Ltd (OTC:PALAF)

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1. Azincourt Energy Corp. (TSXV:AAZ) (OTC:AZURF)

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4. Uranium Energy Corp. (NYSE-A:UEC)

5. Paladin Energy Ltd (OTC:PALAF)

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