7 Uranium Stocks That Can Fuel a Growth Portfolio

Uranium Energy Corp. (NYSEAMERICAN: UEC) is a pure play in the uranium sector. Uranium Energy claims to be the world’s largest and fastest-growing uranium company. It focuses on North America, with projects in four U.S. states and additional projects in Canada and Paraguay. Uranium Energy’s largest reserves in Saskatchewan’s Athabasca Basin, which were purchased from a subsidiary of Rio Tinto in 2022, are forecasted to be a key source of profitable production. 

The key word is profitable. Mining is a capital-intensive business, and Uranium Energy is investing in that growth at a time when it’s generating very little revenue. However, patience may pay off. The company started production in 2023, and analysts believe that the company can achieve profitability once it’s at full production. 

Any stock that trades below $10 carries some risk. However, Uranium Energy has a solid balance sheet that includes over $350 million in cash and other assets and, more importantly, no debt.  

Cameco Corporation (NYSE: CCJ) is the world’s largest publicly traded uranium company. The company has active mining projects in Canada, the United States, and Kazakhstan, as well as additional exploratory projects in Australia. Cameco’s tier-one assets hold more than 485 million pounds of proven and probable uranium reserves.  

Cameco has average committed sales of 29 million pounds between 2024 and 2028. The company’s two largest projects, which are in Canada, can produce a maximum of 43 million pounds per year. And Cameco says both projects could deliver more output without adding much cost.  

Two distinguishing characteristics of Cameco’s business model are its controlling interest in its low-cost mines, which produce high-grade uranium, and its environmentally friendly mining method.  

Cameco also has a strategic partnership with Brookfield Asset Management Ltd. (NYSE: BAM) that gives the company a 49% interest in Westinghouse Electric Company. This will be a key strategic move as demand for nuclear reactors is likely to increase.  

Energy Fuels Inc. (NYSE: UUUU) has been one of the leading uranium producers in the United States in recent years. Since 2017, the company has been responsible for about two-thirds of all U.S. uranium production.   

Energy Fuels has approximately one dozen conventional and in-situ projects in Utah, Arizona, Wyoming, and Colorado. In 2024, the company purchased Base Resources, making it the owner and operator of the Toliara Project in Madagascar. Energy Fuels says it believes this is the world’s best critical mineral development project.  

This points to another benefit of investing in UUUU stock: in addition to uranium, the company is also one of the world’s leading miners of rare earth minerals such as titanium, zirconium, vanadium, and radium.  

Like many uranium mining stocks, Energy Fuels is not profitable and is not expected to be in the near future. However, there is a path to profits if the company can begin generating the revenue that is being forecast. Analysts advise investors to pay particular attention to the spot price of uranium since the price of UUUU stock will likely correlate strongly with the underlying currency’s movement.  

NexGen Energy Ltd. (NYSE: NXE) is an exploration and development stage company headquartered in Vancouver, Canada. The company is a pre-revenue company and is not profitable.  

Its signature project, Rook 1, is located in Saskatchewan’s Athabasca Basin. NexGen holds a 100% interest in this proposed uranium mine and mill, where it discovered the Arrow Deposit nearly a decade ago. NexGen recently identified the discovery of “new intense uranium mineralization” in a 100 %-owned area near the Arrow Deposit.

Once the company begins production, it expects to mine up to 30 million pounds of uranium annually, which will be enough to cover 50% of the West’s supply needs. NexGen plans to find, permit, finance, and construct five new projects in the next 20 years.  

Denison Mines Corp. (NYSEAMERICAN: DNN) is another uranium company in the exploration and development stage. This means that Denison, like many of the uranium stocks in this presentation, is not profitable and is in the pre-revenue stage. 

Denison has several projects in Saskatchewan's Athabasca Basin region of Saskatchewan, including its 95%-owned Wheeler River project. This is the company’s flagship product, which spans 300,000 hectares. Denison claims this is the largest undeveloped uranium project in the eastern Athabasca Basin region, which is also where the company operates its McClean Lake project. The project’s uranium mill is one of the world’s largest uranium processing facilities.  

Denison has already identified two significant uranium deposits, Phoenix and Gryphon. While these sites hold promise, investors will need to be patient. Production is not expected to start at the Phoenix site until 2027 or 2028, assuming a two-year construction schedule.  

Uranium Royalty Corp. (NASDAQ: UROY) offers investors a different way to invest in the growing demand for uranium. Uranium Royalty isn’t a miner and, therefore, doesn’t carry the associated risks. Instead, the company positions itself as “The First and Only Pure Play Uranium Royalty Company.” By this it means that it is the first company with a royalty and streaming business model that is exclusive to the uranium sector. 

Uranium Royalty’s portfolio consists of interests in 21 projects throughout the United States and Canada, including several projects in the Athabasca Basin region. Many of its projects are from companies in the exploration and development stage, but the company also collects royalties on three world-class mines that are already permitted and in production. For example, Uranium Royalty has a strategic partnership with Yellow Cake Plc, which has a long-term supply agreement with Kazatomprom, the world’s largest uranium producer.

A uranium-focused ETF is an ideal way to invest in the uranium sector when you don’t want to invest in one particular company. With over $3.3 billion in AUM, the Global X Uranium ETF (NYSEARCA: URA) is one of the more popular uranium ETFs. The fund's AUM has nearly doubled since January 2024, and the money is coming in from both institutions and retail investors.  

The fund is benchmarked to the Solactive Global Uranium Index, which is weighted by market cap. It has 50 holdings, including many of the names in this presentation. Approximately 60% of the fund’s geographic exposure is in Canada and the United States, with an additional 13% coming from Australia. URA's relatively low net expense ratio of 0.69% is appealing to investors.