Top Uranium Stocks of 2020 on the TSX and TSXV
What are the top uranium stocks? Here’s a list of the companies on the TSX and TSXV with the biggest year-to-date share price gains.
Click here to read the previous top uranium stocks on the TSX and TSXV article.
The third quarter of 2020 saw the uranium spot price continue to trend lower. Starting the period at US$32.45 per pound, values slipped below US$30 for the first time since March.
The price peaked in April, when the energy fuel was trading for US$33.93, its highest since January 2016.
At the start of Q3, uranium was up 31 percent from its January start at US$24.63. However, the uptick was short lived and the price soon began trending lower, falling 5 percent month-over-month by August.
By September, another 2 percent was shed, totaling a 7.7 percent decline from July through September.
While uranium was unable to retain its early 2020 values, a number of producers and explorers still saw share price growth during the quarter. Whether expanding drill efforts or raising capital, the sector has been busy with activity during a season that is usually slow.
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 from TradingView at close of day on October 20, 2020. All companies listed had market caps above C$10 million at that time.
Year-to-date gain: 228 percent; current share price: C$1.41
With assets in Canada’s Athabasca Basin, IsoEnergy is focused on exploring and developing its 21 properties. The third quarter was a busy period for the company, which completed two financings. The first was a C$4 million non-brokered private placement, and the second was for C$6 million with Queens Road Capital (TSXV:QRC).
IsoEnergy also entered into an agreement with gold firm NxGold (TSXV:NXN) to grant the latter an option to acquire a 100 percent interest in the Mountain Lake uranium property located in Nunavut.
“This option agreement with NxGold demonstrates that our strategy of low-cost acquisitions during a depressed uranium market with the goal of future divestment has begun to pay dividends,” said Craig Perry, president and CEO of IsoEnergy.
2. NexGen Energy (TSX:NXE)
Year-to-date gain: 40 percent; current share price: C$2.27
NexGen Energy is another uranium developer focused on the prolific Athabasca Basin. The company holds a portfolio of projects and discoveries, including the Arrow deposit, the Bow discovery, the Harpoon discovery and Arrow South.
Using the rising uranium price to its advantage, NexGen completed a C$30 million financing at the end of May. Like IsoEnergy, the financing was with Queens Road Capital.
In late August, company shares hit a year-to-date high of C$2.60.
3. Mega Uranium (TSX:MGX)
Year-to-date gain: 37.8 percent; current share price: C$0.13
Headquartered in Toronto, Mega Uranium is focused on uranium properties in Canada and Australia
Mega Uranium shares reached a year-to-date high at the end of Q3 to trade for C$0.15. The company performed positively throughout the three month period despite not releasing any news.
The last release from the resource firm came in mid-May, when Mega entered into an option agreement with NxGold for the Ben Lomond and Georgetown properties, both located in Queensland, Australia.
4. Forsys Metals (TSX:FSY)
Year-to-date gain: 33.7 percent; current share price: C$0.16
Forsys Metals is focused on developing uranium projects in Africa. Currently, the explorer owns the Norasa project, which includes the fully permitted Valencia uranium project. The company is also developing the Namibplaas uranium project.
Company shares breached the C$0.18 level twice in Q3, once in July and the second time in mid-September. News regarding the company has been sparse this year. In May, Forsys delayed the release of financial reports due to COVID-19.
5. Global Atomic (TSX:GLO)
Year-to-date gain: 28 percent; current share price: C$0.63
Global Atomic is a diversified company specializing in uranium exploration in Niger and zinc recycling in Turkey. Shares trended higher throughout Q3, reaching a quarterly high of C$0.77 on September 29.
In May, the company filed a preliminary economic assessment for its Dasa project in Niger. In the filing, Global states a base-case uranium price for the project of US$35.
According to Global, Dasa is a tier one asset with approximately 102 million pounds of indicated uranium. On September 28, a mining permit application for the Dasa project was submitted in Niger.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: IsoEnergy is a client of the Investing News Network. This article is not paid-for content.