Commodities: Uranium
Cameco is the world’s largest publicly traded uranium producer, headquartered in Canada, supplying uranium fuel to nuclear utilities globally, with flagship assets including Cigar Lake and McArthur River/Key Lake in Saskatchewan. Its market cap is more than 10x that of PDN.
SLX is developing a world-first laser enrichment process for separating uranium isotopes for nuclear fuel and also silicon isotopes used in quantum computing, an independent review discussed here delivered positive news in late 2025 more than doubling the company’s share price. This $2bn company remains very speculative, but it’s technology could be a game changer, and Cameco might just take them out!
It was out with one, Boss Energy (BOE) and in with another, NexGen (NXG) for the uranium sector in December. NXG is still in exploration and development stage, affording investors with greater leverage to growing global uranium demand, an energy thematic MM remains bullish towards.
The uranium stocks have lagged many of the peers in 2025 as has the underlying commodity. At MM we remain believers that nuclear will play a major role in supplying clean energy to most parts of the world over the coming decades and as such related companies that execute in the tricky operational space should see their stock enjoy stellar gains.
I’ve held a parcel of ASX-listed uranium stocks since early 2019, adding to the holdings here and there along the way. Right now they’re up 41%, so not a great return yet. Yes, they’re volatile, I accept that. But they still haven’t attracted a great deal of interest from investors and things like Boss Energy, whose CEO was until recently the golden-haired boy, don’t help. Even amplified news about the sector hasn’t set it on fire. So, it’s been seven years and I know many other investors have walked away. How long is too long to wait? It seems that promises continue to be just over the horizon.
MM has discussed PDN and uranium at length through 2025 with an oversubscribed equity raise and a solid September quarter update lifting confidence in their operations, sending the heavily shorted stock up towards $10 – not as dramatic as gains across the lithium names but impressive all the same.
The ASX-traded URNM ETF has more than doubled from its April low, outperforming the ASX basket of uranium stocks. The nuclear power theme is another macro backdrop that MM is bullish on as we strive for Net Zero, while at the same time, AI will drive global power usage ever higher.
The URNM ETF has retreated ~19% from its recent high and well below the $11.90 we exited the ETF in mid-October. We remain bullish the uranium space with the recent weakness providing an attractive opportunity to re-enter the nuclear energy trade.
Hi James, Shawn & Team
I’ve heard about China’s recent breakthrough in converting thorium (by product of rare earth extraction) to uranium & how it could potentially free it from reliance on imported uranium.
Has this been the main impact on uranium stock prices this week? PDN, BOE, DYL they are all down so far around 12%.
How realistic is this breakthrough? Is it commercially viable?
If so – how far away is this reality- months / years ?? Are you still bullish Uranium stocks?
regards
Debbie
