Uranium miners lead Monday charge on ASX

Companies with exposure to uranium are riding high on the coattails of soaring prices for the nuclear energy metal.

Many of the top performing metals and mining companies listed on the Australian Securities Exchange (ASX) yesterday (15 January 2024) were uranium juniors.

And all but one of the top 5 uranium plays have assets in either Canada or the US.

Last week, just 12 days into 2024, the uranium spot price surged to over US$100/lb, a high not reached since 2007, as reported by Mining.com.au.

Yesterday, White Cliff Minerals (ASX:WCN) topped the list, rocketing 50% higher to $0.015 amid what is the latest bull market for uranium.

White Cliff’s performance was on the back of news it secured licenses in a historical uranium, iron oxide, copper, and gold mining province in the Northwest Territories, Canada. 

The $12.76 million market capitalisation company says the project area has been identified by the Northwest Territories Geoscience Office to have the highest potential for IOCG-uranium-style mineralisation in Canada. 

Valor Resources (ASX:VAL) soared 42.857% higher on Monday. In December 2023, Valor completed a transaction to expand its strategic exploration footprint in the area around the ‘world-class’ Athabasca Basin in Canada.

The portfolio includes the 160km-square Pring Lake claim package, which adjoins the Surprise Creek tenements to the north-west; the Athlodge claim, located 20km north of Uranium City; and the SYME claim package which lies to the south of the Athabasca Basin.

Fellow junior ENRG Elements (ASX:EEL) ended Monday up 40%, just 3 days after the ASX sent the company a price query.

ENRG holds 100% of the underexplored Agadez Uranium Project located in the Tim Mersoi Basin of Niger.

Moab Minerals (ASX:MOM), which is focused on the exploration and development of the REX Uranium-Vanadium Project located in the famed Uravan Mineral Belt of Colorado, closed 33.33% higher.

And yet another North America-focused uranium play, Aurora Energy Metals (ASX:1AE), soared almost 27% on the Australian bourse to $0.165.

The company is aiming to unlock the inherent value of its namesake uranium project in the US when it seeks to complete a Scoping Study in Q1 2024. 

Its flagship project, the Aurora Energy Metals Project (AEMP), is located in southeast Oregon Aurora believes there is potential for two geologically separate deposits to be delineated and developed, providing economies of scale.

As the largest, mineable, measured and indicated uranium deposit in the US, the AEMP has a shallow high-grade core of 18Mt @ 485ppm U3O8 for 19.2 Mlbs U3O8.

The resource is 99.5% in the measured and indicated JORC category and the project has a clear pathway to development.

Write to Adam Orlando at Mining.com.au

Images: Valor Resources & Aurora Energy Metals 
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.