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      Best Uranium Stocks to Buy Before 2023 Ends

      By Wasim Omar

      Published on

      January 25, 2022

      6:29 AM UTC

      Last Updated on

      June 17, 2023

      9:51 AM UTC

      Best Uranium Stocks to Buy Before 2023 Ends

      Uranium is a rare element used to fuel nuclear power plants. The demand for uranium has reached the highest price levels since 2014 and continues to rise. That has reacted to a rigorous impact on the uranium stocks.

      Uranium stocks have been pretty hot in recent times. The long-term demand for uranium continued to grow as developing and emerging economies opt for nuclear fuel to solve their energy problems.

      As a consequence, the global demand for uranium was close to $242 million in 2020. The expected growth of the uranium market is set to cross $270 million in the next five years.

      This has created a buzz among investors, especially the Wall Street craze as investors focused on the best uranium stocks. Companies that deal in the heavy metal uranium business are growing in value.

      The growth in uranium stocks can be swift. You need to keep an eye on them and buy in the dip. We have compiled the best uranium stocks that can give you huge returns.

      What is Uranium?

      Before delving into the recommendations covered for the best uranium stocks for 2022, we begin by giving an introduction to the uranium industry in general, and the value it potentially offers to investors.

      What are the Benefits of Investing in Uranium?

      There are several benefits to consider when it comes to investing in uranium stocks.

      Firstly, uranium is a key component in nuclear power generation, and with the increasing global demand for clean energy, the demand for uranium is expected to rise. This presents potential growth opportunities for investors.

      Additionally, uranium stocks price has historically shown beta volatility, which can create opportunities for profit. Furthermore, uranium investments can serve as a hedge against inflation and diversify an investment portfolio.

      Why Are Uranium Stocks Attractive for Investors?

      Apart from uranium’s own inherent worth as a driver towards clean energy, it has a lot more that makes it fundamentally more attractive to investors at large.

      Firstly, uranium is a finite resource, and its supply is limited. This scarcity can create a sense of value and potentially drive up the uranium stocks price in the long term.

      Secondly, uranium stocks often have the potential for high volatility. This volatility can provide opportunities for short-term traders to capitalize on price fluctuations and generate profits.

      Thirdly, geopolitical factors can significantly impact the uranium market.

      Supply disruptions, changes in government policies, and international trade dynamics can create price fluctuations and investment opportunities for those who closely monitor these factors.

      Lastly, the long-term prospects of advanced nuclear technologies, such as small modular reactors (SMRs) or next-generation reactors, could further increase the demand for uranium and present growth potential for investors in the sector.

      Criteria for Selecting the Best Uranium Stocks

      When considering investments in uranium stocks, several criteria play a crucial role in selecting the best options.

      Gaining a comprehensive understanding of these factors empowers investors to make informed decisions while effectively managing and mitigating risks.

      The following criteria highlight key aspects to consider:

      • Market Capitalization and Liquidity

        Investors should assess the market capitalization of uranium stocks, as it indicates the size and stability of the company.

        High liquidity ensures easy buying and selling of shares, allowing investors to enter or exit positions without significant impact on the uranium stocks price.

      • Geographical Location and Political Stability

        The location of a uranium company’s assets is important. Favorable jurisdictions with stable political environments and supportive regulatory frameworks reduce operational and geopolitical risks.

        Stable jurisdictions often provide a more conducive environment for long-term growth. This metric has led to star picks among the best uranium stocks for 2022

      • Company Financials and Balance Sheets

        Analyzing a company’s financial health, including revenue, profitability, and debt levels, is vital. Strong financials and a healthy balance sheet indicate the company’s ability to navigate market cycles, invest in exploration, and sustain operations.

      • Management Team and Industry Experience

        Assessing the expertise and track record of the management team is crucial. Experienced leadership with a deep understanding of the uranium industry can make strategic decisions, manage operations efficiently, and create value for shareholders.

      • Exploration and Production Assets

        The quality and size of a company’s exploration and production assets are essential. Access to high-grade uranium deposits, diversified asset portfolios, and exploration potential are positive indicators for long-term growth and profitability.

      • Long-Term Contracts and Off-Take Agreements

        Securing long-term contracts and off-take agreements with utilities or nuclear power producers provides revenue stability and visibility. Such agreements ensure a market for the produced uranium and reduce exposure to price volatility.

      • Environmental, Social, and Governance (ESG) Factors

        Evaluating a company’s commitment to sustainable practices, environmental impact, social responsibility, and governance standards helps identify sustainable companies that align with responsible investment principles.

      Fifteen Best Uranium Stocks to Buy Now

      1. Uranium Royalty Corp. (UROY)

        Uranium Royalty Corp. (UROY) is a Canada-based company that makes investments in uranium-related royalties, streams, debt, and equity.

        UROY stock has returned more than 360% to investors over the course of the past twelve months.

        As the name is enough, Uranium Royalty is a pure-play uranium invested company. Some of the projects that the firm holds royalty interests in include Church Rock, Dewey-Burdock, Lance, Roca Honda, Reno Creek, Roughrider, and Michelin, among others.

        Uranium Royalty recently signed contracts for additional four spot purchases of U308. Purchasing an average cost of $45 per pound of U308, the company bought a total of 400,000 pounds of U3O8.

        The deliveries will be accomplished in the last quarter of this year. That means UROY’s physical inventory of U308 will increase up to 1,048,068 pounds.

        The inventory storage accounts for a weighted average cost of $37.64 per pound.

        With strong market holding power, the company will gain massive returns will increasing demand and high prices in the market.

        Moreover, Uranium Royalty is expanding its operations with the acquisition of royalty interests. UROY stock seems a hot stock in the market and you must keep an eye on that.

      2. Rio Tinto Group (RIO)

        Rio Tinto Group (RIO) engages in exploring, mining, and processing mineral resources worldwide. The company offers metals and minerals, which also include uranium.

        RIO stock has plummeted to its 52-week lows and is on the bearish side at the moment. However, it seems to be the perfect time to pick up the stock as we see the past trends of it.

        The dip in price gives you the option to risk and go for higher gains as the stock is in the more upside position.

        Rio Tinto recently collaborated with BlueScope and both companies will work on the exploration of low-carbon steelmaking pathways using Pilbara iron ores.

        Rio is focusing on learning new ways and exploring ideas that would help the firm grow.

        Good developments are taking place for Rio Tinto on instances. RIO stock needs a good piece of news and it will pump back. Exane BNP Paribas has rated the stock to outperform.

      3. Lightbridge Corporation (LTBR)

        Lightbridge Corporation (LTBR), together with its subsidiaries, develops nuclear fuel technology under the Lightbridge Fuel name.

        LTBR shareholders have gained 154.14% in the last 12 months. Just like other uranium stocks, there is a lot of buzz around LTBR which can give gains in little time.

        Lightbridge is very active in the market and has a couple of key patents in the U.S. and Australia. The company recently received a Notice of Allowance for a key divisional patent from the U.S. Patent Office.

        The patent is related to Lightbridge’s innovative metallic nuclear fuel assembly.

        As governments recognize the importance of maintaining the existing nuclear fleet, this patent approval will strengthen Lightbridge’s intellectual property portfolio.

        That supports its strategy to commercialize Lightbridge Fuel in the U.S.

        Lightbridge is working on global expansion and with that, the company has received a similar Notice of Acceptance for a key divisional patent from the Australia Patent Office.

        Australia is one of the leading uranium producers and increasingly considering pursuing nuclear power generation.

        With strong development in the market, LTBR stock is on the investor’s radar. Therefore, keep an eye on it.

      4. Energy Fuels (UUUU)

        Energy Fuels (UUUU) is a popular uranium mining company and holds a major portion of the market. The company is valued at over $1.5 billion and has returned nearly 140% to its inventors in the last 12 months.

        Energy Fuels have expanded in recent years, emerging as a player in the commercial rare earth business. The core business of the firm remains the extraction, recovery, exploration, and sale of uranium.

        UUUU stock is trading at its 52-week high and the current sentiment around the stock is pretty bullish. It wouldn’t be rational to invest in UUUU right now as the RSI is over 72. Well, keep an eye on the stock and buy in the dip.

        Energy Fuels’ third-quarter report surpassed the consensus estimate on sales. Analysts predicted Energy Fuels would report a $0.02 per share loss on sales of just $700,000.

        As it turned out, though, Energy Fuels beat expectations on the top line with sales of $715,000. That has pushed the stock price in recent days.

        The rising price of mined uranium and also the company’s recent foray into mining rare earth metals, helped the revenues soar higher.

        We will see UUUU stock return back to its normal price range once the bullish sentiment goes off. That would be the time to pick shares of Energy Fuels.

        With rising demands, the company will generate more revenues in the future. Therefore, UUUU stock would be a decent pick around its support levels.

      5. Uranium Energy Corp. (UEC)

        Uranium Energy Corp. (UEC) is a pure-play uranium-based company that engages in the exploration, extraction, and processing of uranium and titanium concentrates.

        UEC operates mainly in the U.S., Canada, and Paraguay. Uranium Energy is a well-established player in the market. UEC stock has soared nearly 160% in the last 12 months.

        Uranium Energy has recently touched its 52-week high, following the bullish momentum in uranium stocks.

        According to market experts and analysts, uranium spot prices could rise as high as $60 a pound by the first quarter of 2021.

        Therefore, we can see uranium stocks going even higher in the next year. Surely, UEC will follow the market trend being a key stock in the sector.

        Uranium Energy understands that the sudden increase in demand will not slow down anytime soon. It’s the global energy demand that has soared and the governments are involved in this.

        Considering that, UEC has expanded its physical portfolio of U.S. warehoused uranium to 4.1 million pounds.

        That results in an average cost of $32 per pound with various delivery dates through December 2025. While the market spot prices are rising continuously.

        UEC is well-positioned with a strong balance sheet. The company has $235.4 million of cash and liquid assets.

        That comprises $96.4 million in cash, 82.3 million in equity holdings and $56.7 million in physical inventories. This solidifies UEC’s strong position in the uranium sector.

        UEC is one of the main stocks that you should buy on a dip.

      6. Cameco Corporation

        Cameco Corporation (NYSE: CCJ) is an excellent uranium stock for investors due to several key factors. It operates as a well-established uranium miner that supplies Canada’s electricity markets.

        With an impending recession, Cameco’s stock is likely to hold up well. Secondly, Cameco’s financial performance has shown promising results, with significant increases in net income and revenues in the first quarter of this year.

        Additionally, the company has the potential for revenue growth by capitalizing on a hypothetical rise in uranium prices and increasing production.

        Furthermore, the growing global demand for nuclear power generation ensures strong and steady demand for mined uranium.

        Despite certain geopolitical risks, Cameco’s solid domestic mining base in Canada reduces its exposure to potential disruptions.

        Overall, Cameco is considered a safe investment within an unstable investment environment, offering potential upside as uranium prices improve.

      7. Yellow Cake PLC

        Yellow Cake PLC (OTC: YLLXF) is a specialist company in the uranium sector, providing investors a direct opportunity to invest in uranium.

        It engages in uranium-related transactions and has a long-term contract with Kazatomprom, a low-cost uranium producer.

        The company holds approximately 20.1 million pounds of U3O8. With a supply deficit and growing long-term demand, uranium prices are expected to rise.

        Yellow Cake offers a discounted price for uranium, trading at around 13% lower than the spot price.

        This makes it an attractive investment, especially compared to other options like the Sprott Physical Uranium Trust, which trades at an 8% discount.

      8. Ur-Energy Inc.

        Ur-Energy Inc. (NYSE: URG) is an attractive uranium stock for investors due to several key factors. The company holds interests in 12 uranium projects in the United States, providing a diversified portfolio.

        Uranium demand is expected to remain strong, as nuclear utilities are not sensitive to economic cycles. With a supply deficit and increasing global demand, uranium prices are projected to rise.

        Ur-Energy is well-positioned as a fully-funded and production-ready miner. It has a strong liquidity position with both cash and uranium inventory.

        The company’s flagship projects, Lost Creek and Shirley Basin, offer positive cash flow and significant upside potential, supporting a fair value estimate of $1.27/share.

      9. Global Atomic Corporation

        Global Atomic Corporation (OTC: GLATF) is an attractive uranium stock for investors due to its ownership of the Dasa uranium project in Niger.

        The project has significant upside potential with higher U3O8 grades compared to other African deposits.

        With a robust Phase 1 development plan underway, GLATF is expected to become one of the largest publicly-listed primary uranium producers.

        The company’s undervalued stock offers potential for capital appreciation as it progresses with exploration efforts, updates mineral resource estimates, and secures off-take contracts.

        Despite risks such as jurisdiction and uranium price volatility, GLATF’s strong management team and financial resilience make it a compelling investment opportunity.

      10. Denison Mines

        Denison Mines Corp. (NYSE: DNN) is a promising uranium stock for investors. The company’s flagship project, Wheeler River, located in Canada’s Athabasca Basin, holds significant potential.

        With an estimated resource size of 70.2 million pounds (indicated), the Phoenix deposit is projected to produce 6 million pounds of U3O8 annually for 10 years, boasting low production costs of $8.90/lb. through innovative in situ recovery methods.

        Additionally, the Gryphon phase, to be extracted through conventional underground mining, has an estimated resource size of 62 million pounds (indicated).

        While COVID-19-related delays impacted production timelines in recent years, Denison Mines presently offers substantial long-term value in the uranium sector.

      11. Centrus Energy Corp

        Centrus Energy Corp. (NYSE: LEU) is a strong uranium stock for investors due to several factors. The company supplies nuclear fuel and services to both commercial and government clients globally.

        LEU has a solid order book valued at $1 billion until 2030, indicating a strong demand for their nuclear fuel.

        As the world focuses on clean energy solutions, nuclear power is gaining importance, and LEU is well-positioned to benefit from this trend.

        The company has improved its financial performance, with increasing net income and gross profits.

        However, investors should be cautious about potential risks, such as volatile prices and share dilution, and wait for improved cash flows before considering a long-term investment.

      12. Fission Uranium

        Fission Uranium Corp. (FCUUF) is an attractive uranium stock for investors due to its ownership of the Patterson Lake South (PLS) property in Canada’s Athabasca Basin.

        The recently completed Feasibility Study (FS) showed improved economics compared to the previous study, with increased estimated NPV and IRR.

        The resource expansion and higher uranium price assumption contributed to the positive results.

        While initial capital costs remained low, sustaining capital expenditures and operating costs increased.

        However, funding the project remains a challenge, and the company has a low liquidity position.

        Despite the positive feasibility, the need for funding and potential dilution make it a cautious, high-risk, and high-reward investment choice.

      13. enCore Energy

        enCore Energy Corp. (NYSE: EU) is an appealing uranium stock for investors due to its focus on acquiring and developing uranium resource properties in the United States.

        The company recently secured a multi-year uranium sales agreement with a Fortune 500-listed U.S. utility, demonstrating its ability to establish strong partnerships in the industry.

        The agreement supports enCore’s strategy to provide a domestic uranium supply through its in-situ recovery uranium processing plants in south Texas.

        The company’s approval for a listing on the NYSE American further enhances its visibility and credibility in the market.

        Overall, enCore Energy presents a promising opportunity for investors in the uranium sector.

      14. Global X Uranium ETF

        Global X Uranium ETF (NYSE: URA) offers investors exposure to uranium mining and the production of nuclear components, making it an attractive option for those interested in the nuclear energy sector.

        With governments pledging to reduce fossil fuel production and reliance, nuclear energy can be a bridge to a zero-carbon world.

        URA’s portfolio is aligned with this trend. While it carries a relatively high expense ratio, it provides access to a concentrated portfolio.

        The fund is mixed across the style box but leans towards small and mid-cap stocks.

        Investors should be aware of the seasonal bearishness in Q2 and Q3 and monitor key support and resistance levels in the chart.

        Overall, URA is a strong pick in our list of uranium stocks with potential for future growth.

      15. Sprott Funds Trust ETF

        Sprott Funds Trust ETF (NYSE: URNM) is an excellent investment option for those seeking exposure to the uranium sector.

        As an exchange-traded fund (ETF), it provides a convenient way to invest in the industry without analyzing individual uranium miners.

        URNM holds 35 major players in the sector, mitigating company-specific risks.

        The fund has a reasonable expense ratio of 0.85%. With recent developments indicating strong future growth in uranium demand globally, URNM is well-positioned to benefit.

        Governments, including those in Europe and Asia, are embracing nuclear power, and planned capacity additions are expected to drive uranium prices higher.

      Potential Risks and Challenges in Uranium Investments

      Investing in uranium stocks comes with its share of risks and challenges that investors need to consider. Understanding these potential pitfalls can help mitigate risks and make informed investment decisions.

      The following highlights key risks and challenges in uranium investments:

      • Volatility Of Uranium Prices and Market Cycles

        Uranium prices have historically shown significant volatility due to factors such as changes in supply and demand dynamics, global economic conditions, and geopolitical events.

        Fluctuating prices can impact the profitability of uranium companies and create challenges for investors seeking stable returns. This is fundamental to keep in mind when coming up with uranium stocks 2023.

      • Regulatory and Political Risks

        The uranium industry is subject to stringent regulations and government policies related to exploration, mining, and nuclear energy. Regulatory changes, permit delays, or restrictions can impact the operations and profitability of uranium companies.

        Political instability or shifts in government policies can also introduce uncertainties and risks.

      • Environmental Concerns and Public Perception

        Uranium mining and nuclear energy production are associated with environmental concerns, including radiation risks, water pollution, and waste management.

        Public perception and opposition to nuclear energy can influence government policies and public support, potentially impacting the growth and viability of uranium investments.

      • Competition From Alternative Energy Sources

        The increasing adoption of renewable energy sources, such as solar and wind power, presents a challenge for the uranium industry.

        The growth of alternative energy technologies and declining costs may limit the long-term demand for nuclear power, potentially affecting the demand for uranium.

      • Technological Advancements and Industry Disruptions

        Advancements in energy storage, grid technologies, and other innovations could disrupt the traditional energy landscape, impacting the future demand for uranium.

        Emerging technologies, such as advanced nuclear reactors or alternative fuel sources, may introduce competition and change market dynamics. This may in turn influence your picks for uranium stocks 2023.

      Tips for Investing in Uranium Stocks

      Investing in uranium stocks requires careful consideration and a well-informed approach. These tips can help investors navigate the complexities of the uranium market and make more informed investment decisions:

      • Diversify Your Portfolio

        Diversification is key to managing risk in any investment strategy. This approach in particular has influenced the best uranium stocks for 2022

        By spreading investments across different sectors and asset classes, including uranium stocks, investors can mitigate the impact of market fluctuations and potentially benefit from multiple sources of growth.

      • Conduct Thorough Research and Analysis

        Before investing in uranium stocks, it is crucial to conduct in-depth research and analysis. Evaluate the financial health of companies, assess their management teams, analyze industry trends, and understand the fundamentals driving uranium prices.

        This research will help investors make more informed decisions and identify promising investment opportunities.

      • Monitor Industry Trends and News

        Staying up-to-date with industry trends and news is vital in the dynamic uranium market. Keep an eye on factors that can influence the industry, such as changes in regulations, geopolitical developments, technological advancements, and shifts in energy policies.

        This information will enable investors to anticipate market movements and make timely investment decisions.

      • Understand Risk Tolerance and Long-Term Investment Goals

        Investing in uranium stocks, like any investment, involves a level of risk. Assess your risk tolerance and determine your long-term investment goals.

        This will help you align your investment strategy with your financial objectives, whether it’s capital appreciation, income generation, or a balanced approach.

      • Seek Professional Advice, If Necessary

        If you are new to investing or uncertain about the uranium market, consider seeking professional advice from financial advisors or investment experts.

        They can provide valuable insights, help assess investment opportunities, and guide you in developing a well-rounded investment strategy.


      Investing in uranium stocks before the end of 2023 holds great potential for investors looking to capitalize on the growing demand for clean and sustainable energy sources.

      The resurgence of the nuclear power industry, coupled with the global push towards decarbonization, presents a unique opportunity to benefit from the uranium market.

      To make the most informed investment decisions, it is essential for investors to conduct thorough research, analyze the financial performance and future prospects of individual companies, and consider the geopolitical factors influencing the uranium market.

      By investing wisely in well-established and promising uranium stocks, investors can position themselves for potential long-term gains as the world transitions towards a more sustainable energy future.

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