Uranium market activity continues to generate an influx of interest and is projected for significant growth in the coming years.
According to Business Research Insights, it is estimated that the uranium market will reach US$3.9 billion by 2032, growing at a compound annual growth rate of 3.6 per between now and then.
In this feature, The Market Online dives into trends in the uranium space – including spot price updates, industry news and companies that have generated intrigue over a weekly period.
Highlights from the week include:
- a decrease in uranium spot prices
- updates on Russia
- companies reporting drilling results and initiating drilling programs
Uranium spot price update
As of the time of this writing on Wednesday, the uranium spot price sits at US$89.535, according to data from Business Insider, and is down 0.8 per cent from last week’s market update. Year-to-date, spot uranium prices are now down 0.4 per cent.
Industry news
All eyes this week have been shifted to what’s happening in Russia.
Earlier this week it was reported that Russia is seeking to take over uranium assets in Niger held by a state-controlled French company. BNN Bloomberg reported that Rosatom, which is Russia’s state nuclear company, has been in contact with Niger’s military authorities regarding acquiring assets held by France’s Orano SA.
As of 2022, roughly 4 per cent of uranium production comes from Niger.
Uranium companies in the spotlight
Fission Uranium (TSX:FCU) announced Tuesday results from the first six drill holes on the R1515W Zone at the PLS Property in the Athabasca Basin in Saskatchewan.
In a news release, the company stated PLS24-659 intersected 3.75 metres of total composite > 10,000 cps in 66 metres of total composite mineralization.
A total of 19 holes are planned for the R1515W zone.
Over a five-day trading period, shares of Fission Uranium are down 6.55 per cent to close at C$1.07 on Wednesday.
Meanwhile Hertz Energy (CSE:HZ) revealed that in tandem with its lithium exploration at the Snake Lithium Property, it is also gearing up for a Hertz Uranium spin-off as it aims to reorganize its uranium exploration projects.
In a release, the company stated that it believes the spin-out will “unlock value for shareholders with a company focused on a single resource.”
Shares of Azincourt Energy are up 24 per cent to $0.16 as of market close on Wednesday.
Finally, Aero Energy (TSXV:AERO) announced an upcoming drilling program for its Murmac Uranium Project in Northern Saskatchewan.
The first drill program will include 13 priority drill target following the recent completion of a high-resolution VTEM survey and 3D modelling of the existing ground gravity data.
Shares of Aero Energy are down 19.23 per cent to $0.11 as of market close on Wednesday.
What will top uranium headlines next week? Stay tuned!
Check out Stockhouse’s latest Thematic Insights report, “The Future of Energy.”
Join the discussion: Find out what everybody’s saying about public companies and hot topics about stocks at Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.