6 Best Uranium Stocks ASX 2024: The uranium market had a remarkable run in 2023, and in 2024, uranium stocks continue to perform exceptionally well. In this post, we will explore the best Uranium stocks on the ASX (Australian Stock Exchange).
Table of Contents
There are over 50 ASX-listed uranium companies, ranging from uranium miners to those with connections to uranium production. In this article, we will narrow down the list and focus on the ones with the potential to deliver significant gains in 2023.
Now, let’s delve into the details of these promising uranium stocks on the ASX.
6 Best Uranium Stocks ASX 2024
1. Peninsula Energy (ASX: PEN)
Peninsula Energy is a uranium mining company with operations in two significant projects: the Lance uranium project in the USA and the Karoo uranium project in South Africa. While both projects generate revenue, the Lance uranium project is the primary contributor.
As of the latest update, the price of PEN was AUD 0.20, with a 52-week low of AUD 0.10 and a high of AUD 0.35. Morningstar’s Quantitative Fair value of ASX: PEN is AUD 0.37, indicating a promising uptrend in 2023.
2. Paladin Energy (ASX: PDN)
Paladin Energy is the largest ASX-listed Australian uranium producer, with mining operations in various locations, including South Africa, Australia, and the well-known Langer Heinrich mine in Namibia.
The current price of PDN stands at AUD 0.78, with a 52-week low of AUD 0.36 and a high of AUD 1.35. According to Morningstar, the Quantitative Fair value of ASX: PDN is AUD 0.92, suggesting the potential for substantial growth in 2023.
3. Energy Resources Of Australia (ASX: ERA)
Energy Resources Of Australia is involved in the sale of uranium oxide, as well as its processing and mining. They operate the Ranger uranium mine site in Darwin, NT. As of the latest data, ERA’s price was AUD 0.34, with a 52-week low of $0.19 and a high of $0.58. Morningstar’s Quantitative Fair value for ASX: ERA is AUD 0.41, indicating growth prospects.
4. Core Lithium Ltd (ASX: CXO)
Core Lithium has made substantial strides in 2023 and continues to dominate its industry in 2024. While primarily a lithium producer, CXO also engages in uranium mining with the Fitton Uranium Project in South Australia and uranium mining sites in NT.
The current price of CXO is AUD 1.02, with a 52-week low of AUD 0.21 and a high of AUD 1.11. Morningstar’s Quantitative Fair value of ASX: CXO is AUD 1, a milestone already achieved. Expectations for CXO’s growth in 2023 are optimistic.
5. Anson Resources Ltd (ASX: ASN)
Founded in 2009, Anson Resources deals with various resources, including copper, lithium, and nickel. They also have uranium projects, with the Yellow Cat Vanadium-Uranium project being a notable one.
ASN’s price at the time of writing was AUD 0.11, with a 52-week low of AUD 0.04 and a high of AUD 0.18. According to Morningstar, the Quantitative Fair value of ASX: ASN is AUD 0.17, suggesting the potential for breaking its previous highs in 2023.
6. A-Cap Energy Ltd (ASX: ACB)
A-Cap Energy is another popular uranium stock listed on ASX, demonstrating consistent growth over time. Their primary uranium mine is the Letlhakane Uranium Project located in Botswana.
The current price of A-Cap Energy stands at AUD 0.12, with a 52-week high of 0.19 cents and a low of 0.043 cents. Morningstar’s Quantitative Fair value for this share is 0.20 cents, indicating an interesting 2023 with the potential to reach its fair value or break its 52-week high.
Uranium News: Future Price Predictions
As we look ahead, it’s essential to consider the future price predictions for ASX Uranium Stocks. The global demand for uranium is on the rise, potentially leading to a supply shortage. In 2023, the price of uranium stocks could follow an uptrend, making them a lucrative investment option.
Thoughts of ASX Investors about Uranium Stocks
Investors in the ASX have shown enthusiasm for uranium stocks. The question of why uranium stocks are dropping is often raised, but the consensus among investors is that the outlook is positive, and uranium stocks are expected to rise.
Best Uranium Stocks ASX | Why Are Uranium Stocks Dropping | Will Uranium Stocks Go Up
In summary, uranium stocks on the ASX offer promising investment opportunities. With growing global demand and the potential for a supply shortage, investing in uranium stocks in 2023 appears to be a wise choice.
Uranium Stocks: FAQ
Will uranium stocks rise?
Yes, the global demand for uranium is increasing day by day, and there could be a supply shortage, leading to a potential uptrend in 2024.
Is uranium a good investment in 2024?
Yes, we are quite bullish on uranium stocks in 2024. It’s a promising sector to watch, and you can explore our website for more information on the best uranium stocks on the ASX.
Is there a uranium ETF?
While there aren’t many ETFs that focus on uranium, you can consider looking into the VanEck Vectors Uranium+Nuclear Energy ETF (NLR).
Is uranium a long-term investment?
Yes, uranium is a viable long-term investment. The increasing demand for uranium and the stability of the market make it an attractive option for long-term investors. Remember, it’s often better to spend time in the stock market rather than trying to time it.
Conclusion
In this article, we discussed the top uranium stocks on the ASX, focusing on seven different Australian mining companies. The outlook for these stocks in 2024 appears promising, making them worth considering for your investment portfolio. If you are interested in investing in these opportunities, explore further and make informed decisions.
