Best ASX uranium stocks to buy now
The rising demand for nuclear energy has brought uranium stocks into focus again. Global developments and tech giants turning to nuclear energy to power AI is likely to accelerate investments into the sector. Google has already laid plans to build 50-Megawatt Nuclear Plant by 2030.
Bannerman Energy Ltd (ASX: BMN)
has made strong progress at its Etango Uranium Project, achieving 1 million LTI-free manhours and advancing key construction activities on schedule and within budget. Notable milestones included the completion and grid-connection of construction power, site water infrastructure and progress on the heap leach pad and access roads. Detailed engineering on the process plant is advancing and is supported by robust financing from a successful $85M equity placement. The company is well positioned to target a positive Final Investment Decision with marketing and development financing workstreams progressing and a steady long-term uranium price environment supporting project fundamentals.
Bannerman's balance sheet was significantly strengthened, holding $127.6M in cash after the July 2025 placement and with no debt, providing flexibility for ongoing project commitments. The disciplined, staged investment approach aligns with uranium market dynamics and advances financing and offtake negotiations. Bannerman maintains a liquid exposure to uranium through Sprott Physical Uranium Trust units enhancing risk management. The company remains committed to strong ESG practices and leverages Namibia's stable operating environment and supportive government policies to de-risk and advance Etango as a globally significant uranium project.
Deep Yellow Limited (ASX: DYL)
has advanced its flagship Tumas Project in Namibia with detailed engineering, procurement and operational planning progressing on schedule. Key packages for direct capital are well-advanced, contracts for utilities near completion and early works are substantially finished. The company is preparing for pre-production mining and final investment decision (FID) which is supported by optimized process design, advanced grade control drilling and a comprehensive operational readiness plan. The Mulga Rock Project in Western Australia reported successful mini-pilot testing for uranium and critical minerals, driving an updated DFS.
Deep Yellow ended the quarter with a strong cash balance of $217.4M and no debt. This provides flexibility for ongoing project advancement and exploration. Project financing for Tumas continues with Nedbank as lead arranger while multi-asset progress across Australia and Namibia reinforces the company's dual-pillar growth strategy. Deep Yellow is positioned as a globally diversified, long-term uranium producer with optionality, supply security and a robust development pipeline.
NexGen Energy Ltd. (ASX: NXG)
is advancing its 100% owned Rook I Project in Canada’s Athabasca Basin which hosts 257 million pounds U3O8 in Measured and Indicated resources and 240 million pounds in Probable reserves. In H1 2025, the company focused on steady project development including detailed engineering, procurement and significant exploration with expanded high-grade zones at Patterson Corridor East. Regulatory progress includes the Canadian Nuclear Safety Commission scheduling public hearings for late 2025 and early 2026 moving closer to uranium mining and milling licenses. NexGen is highly engaged with Indigenous communities under structured Benefit Agreements supporting project lifecycle approvals.
NexGen reported a net loss of CAD 137.6M for H1 2025 influenced by comparable non-cash items like an $81 million impairment on its associate IsoEnergy, increased interest on convertible debentures totaling US$360 million principal and mark-to-market adjustments. It holds CAD 371.6 million in cash and uranium inventory valued at CAD 341.2 million with adjusted working capital at CAD 702.8 million excluding debenture obligations. The company expects sufficient liquidity through 15+ months and continues to actively manage capital via equity programs and debt. NexGen remains focused on project financing, offtake and advancing toward construction with risk management across financial, regulatory and operational domains
Paladin Energy Ltd (ASX: PDN)
has reported a strong operational progress in Q4 FY2025 with a 33% increase in production at its 75% owned Langer Heinrich Mine in Namibia. The company has achieved 993,843 pounds U3O8 production, the highest quarterly output since the mine’s 2024 restart. The LHM posted record crusher throughput of 1.17 million tonnes and maintained an 87% plant recovery rate. Sales for the financial year reached 2.7 million pounds U3O8 at an average realized price of US$65.7 per pound. Development at the Patterson Lake South project in Canada progressed with the formal acceptance of the Final Environmental Impact Statement by the Saskatchewan Ministry of Environment and significant drilling results enhancing project outlook.
Paladin held US$89.0M in cash and equivalents alongside an undrawn US$50M revolving credit facility and supported by disciplined capital expenditure focused on operational efficiency and infrastructure such as the new Tailings Storage Facility 6. Ongoing exploration and community engagement underscore Paladin’s commitment to sustainable development and project advancement in multiple jurisdictions.
Boss Energy Limited (ASX: BOE)
has delivered robust operational results in Q4 FY2025, exceeding its FY25 production and cost guidance at the Honeymoon Uranium Project in South Australia. The project produced 349,188 pounds of drummed uranium and 396,346 pounds via ion exchange (IX) with a 18% increase in drummed uranium and a 60% growth in IX during the quarter. The average realised price was US$71/lb while production costs remained low at US$23/lb. Progress continued on construction with NIMCIX columns 4-6 nearing completion and expansion of wellfields. The balance sheet remains strong with US$89M cash and no debt alongside over 1.4 million pounds of uranium inventory.
Additional production came from the Alta Mesa Project in Texas (Boss 30%) with increased uranium extraction rates and operational improvements. Significant exploration activities targeted new prospects including the Lake Constance area near the Honeymoon project which is supported by drilling and resource updates. Market fundamentals for uranium strengthened globally driven by new nuclear programs and increased interest from utilities and finance, boosting the outlook for Boss Energy’s operational growth.
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