Best uranium stocks to buy for Q1 2023

Demand for clean fuel is rising, and investing in uranium stocks is a top way to ride the trend. This page selects five of the best uranium stocks for the year ahead.
Updated: Feb 8, 2023

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Uranium is crucial in producing nuclear energy and is in high demand as nations look to increase their energy security. Our experts have investigated the market and selected the best stocks to buy now in the uranium sector.

What are the top uranium stocks to buy?

You can find out expertly selected recommendations below. Discover which uranium companies are the best to invest in and click the buttons to buy right now.

#Stock symbolCompany nameTrade now
3UUUUEnergy Fuels
4NXENexGen Energy
5UECUranium Energy Corporation
List chosen by our team of analysts, updated March 2023.

1. Cameco (CCJ)

Cameco is one of the largest producers of uranium in the world. It has a diversified portfolio of assets, including mines in Canada, the United States, and Kazakhstan. It currently supplies 9% of the world’s supply of uranium. 

Its extensive operations include a 50% stake in the highly productive Cigar Lake mine and 70% ownership of the renowned McArthur River mine, both located in Saskatchewan. In addition, Cameco holds an 83% interest in the Key Lake mill, further solidifying its presence in the Athabasca Basin, a well-regarded uranium jurisdiction.

Founded in 1987, Cameco has a long history of success and is considered one of the most prominent players in the uranium market. Its financial stability and expertise, combined with the increasing demand for nuclear energy, make it a top choice for investors looking for long-term growth. 

2. BHP (BHP)

BHP Group is a leading global resources company. The company is headquartered in Melbourne, Australia and operates in over 25 countries worldwide. BHP’s diversified portfolio includes minerals such as iron ore, copper, coal, nickel, and oil. The company has also made significant investments in the uranium industry recently.

It has many assets across the globe, and its mine in Australia, is one of the largest uranium deposits in the world, alongside copper, gold and silver. The company’s uranium output from Olympic Dam decreased in 2022r, but BHP remains focused on finding new opportunities to add to its resource profile. 

The company is currently exploring the potential of Oak Dam in South Australia, where high-grade mineral deposits, including uranium, have been identified. BHP stock exposes investors to a diversified portfolio of minerals, including uranium. While its sole focus isn’t on uranium, including other minerals, it can provide stability during market cycles. 

3. Energy Fuels (UUUU)

Energy Fuels is one of the largest producers of uranium in the United States and a leading player in the industry. The company’s mill in Utah provides major nuclear power plants with uranium and has a licensed capacity of over 8 million pounds each year. The mill is the only conventional uranium mill in the country, giving Energy Fuels a significant advantage in the market.

The company is also the only uranium producer with both conventional and ISR production in the US. It is also progressing toward making its White Mesa Mill a critical minerals hub and expanding into rare earth metals.

Investing in Energy Fuels offers the opportunity to tap into a company with a proven track record of success in the uranium industry. The company’s strong position in the market, coupled with its commitment to expanding its portfolio and remaining at the forefront of the industry, makes it a top investment opportunity for those looking to gain exposure to the uranium market.

4. NexGen Energy (NXE)

NexGen Energy is a uranium exploration and development company with a strong presence in Canada’s Athabasca Basin. Its main property, Rook I, hosts several discoveries, including the high-potential Arrow and South Arrow deposits. The company recently agreed on a funding package of CAD$15.3 million and its 51% interest in exploration-stage company IsoEnergy.

NexGen Energy has taken significant steps towards developing Rook I, completing a feasibility study and signing an engineering and construction management contract. The proposed Rook I underground mine and mill is 100% owned by NexGen.

The company’s exploration and development focus, strategic partnerships, and forward momentum towards the development of Rook I make it an attractive option for investors seeking long-term growth and stability. 

5. Uranium Energy Corporation (UEC)

Uranium Energy Corp is a uranium mining and exploration company that operates in the southwestern United States, with properties in Texas, New Mexico, Wyoming, Colorado, and Arizona. The company is recognised for having one of the largest catalogues of uranium exploration in the U.S. and focusing on acquiring properties where uranium is found.

Investing in Uranium Energy Corp offers the opportunity to gain exposure to the uranium industry through a company with a proven track record of acquiring and operating successful mining properties. With its significant inventory of U.S. warehoused uranium and delivery dates out to December 2025, the company is well-positioned to capitalise on the growing demand for nuclear energy.

It has been operating since 2006 and its share price has experienced several ups and downs while never breaking about $10. However, since 2020 its stock price surged nearly 1700% before falling lower. Buying UEC at low prices has the potential for substantial gains, especially if the uranium market takes off. 

Where to buy the best uranium stocks

You can buy any of the best uranium stocks discussed on this page by visiting the brokerage platforms listed below. Click on any of the links to get started in just a few minutes.

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What is a uranium stock?

It’s a company’s stock that is involved in the exploration, mining, or production of uranium. Uranium stocks allow investors to invest in the energy sector, particularly in the growing area of clean and efficient energy sources. Many companies in the uranium market also generate revenue from other minerals and energy assets. 

Are uranium stocks a good investment?

Yes, investing in the uranium sector is a good investment, especially if you’re seeking exposure to the energy sector. The demand for nuclear energy,  driven by the need for clean and efficient energy sources, has increased the demand for uranium. This growing demand will likely lead to higher prices for the commodity and provide investors with growth opportunities. 

However, investing in uranium stocks does not come without risk. The uranium market is subject to fluctuations in supply and demand dynamics, geopolitical risks, and regulatory changes, which can impact the commodity’s price. 

Before investing in uranium stocks, it is important to consider the potential risks and opportunities. You should also conduct thorough research and keep up to date with the latest market news and developments, which you can do on any of the links below.

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Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.