Q1 2025 has been a turbulent time for the uranium market as long term demand fundamentals proved insufficient at combatting global economic uncertainty.
Following 2024’s impressive performance that saw U308 spot prices break through the US$100 per pound threshold, reaching a 17 year high, the first three months of 2025 have been punctuated with volatility.
Concern about the impact of potential US energy tariffs on significant uranium producer Canada added headwinds to uranium’s sails early on. As tensions between the US and its neighboring ally ratcheted up, U3O8 spot prices slipped lower, falling to US$63.44 in mid-March, a low last seen in September 2023.
The decline below US$65 per pound shook market confidence, which was reflected in a decline in investor interest in producers, developers and explorers.
“The uranium spot price and uranium miners have experienced a notable decline following the start of President Trump’s second term,” Jacob White, ETF product manager at Sprott Asset Management, wrote in a March report. “While this performance has been frustrating, it is important to separate the intense market noise from the longer-term fundamental picture, which remains clear.”
The market overview went on to suggest that now may be a good time to invest in the sector ahead of the long term growth that has been projected from increased nuclear energy demand led by the massive amount of power required by AI data centers.
Despite this challenging landscape, several Canadian uranium companies were able to register gains during Q1 2025. Below are the best-performing Canadian uranium stocks by share price performance. All data was obtained on March 31, 2025, using TradingView’s stock screener, companies on the TSX, TSXV and CSE with market caps above C$10 million at the time were considered.
Read on to learn about the top Canadian uranium stocks in 2025, including what factors have been moving their share prices.
1. CanAlaska Uranium (TSXV:CVV)
Year-to-date gain: 15.71 percent
Market cap: C$148.97 million
Share price: C$0.81
CanAlaska Uranium is a self-described project generator with a portfolio of assets in the Saskatchewan-based Athabasca Basin. The region is well known in the sector for its high-grade deposits.
The company’s portfolio includes the West McArthur joint venture, which is situated near sector major Cameco (TSX:CCO,NYSE:CCJ) and Orano Canada’s McArthur River/Key Lake mine joint venture. CanAlaska owns an estimated 85.79 percent of West McArthur, with the remainder owned by Cameco.
2025 started with the company announcing plans for an aggressive exploration program at West McArthur and the first drilling in more than a decade at its Cree East uranium project. The C$12.5 million drill program at West McArthur is aimed at expanding and delineating the high-grade Pike zone uranium discovery.
In a subsequent release on February 5 outlining assays from the first five holes of the program, CanAlaska reported one hole intersected 14.5 meters grading 12.2 percent U3O8 equivalent, including 5 meters at 34.38 percent. CanAlaska CEO Cory Belyk said the initial results “include the best ultra high-grade uranium mineralization encountered to date on the project.”
In early February, CanAlaska commenced a drill program at its wholly owned Cree deposit in the south-eastern portion of the Athabasca Basin. The multi-target drill program is funded by Nexus Uranium (CSE:NEXU,OTCQB:GIDMF) as part of an option earn-in agreement.
As the quarter drew to a close, the company provided another update on the Pike zone drill program, which confirmed “additional high-grade unconformity uranium mineralization.”
Shares of CanAlaska reached a Q1 high of C$0.93 on March 30.
2. Purepoint Uranium (TSXV:PTU)
Year-to-date gain: 13.64 percent
Market cap: C$16.71 million
Share price: C$0.25
Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects all located in Canada’s Athabasca Basin.
In a January statement, Purepoint announced it had strengthened its relationship with IsoEnergy (TSX:ISO) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares.
The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in Saskatchewan’s Eastern Athabasca Basin.
In February, Purepoint provided an update and future plans for the Groomes Lake Conductor area of the Smart Lake project, a joint venture project with sector major Cameco.
“The new electromagnetic survey has provided high-resolution targets within an area of Smart Lake that remains largely untested by historical drilling,” said Scott Frostad, vice president of exploration at Purepoint. “Given the basement-hosted uranium mineralization we encountered in our initial drill program, we’re excited to return and test these newly identified conductors next month.”
In a March 17 update, the company announced the start of first pass drilling. The exploration program will focus on the recently refined high-priority Groomes Lake Conductive Corridor, where four diamond drill holes totaling 1,400 meters are planned.
Purepoint shares rose to a quarterly high of C$0.29 a day later on March 18.
3. Western Uranium and Vanadium (CSE:WUC)
Year-to-date gain: 12.26 percent
Market cap: C$70.67 million
Share price: C$1.19
Diversified miner Western Uranium and Vanadium has a portfolio of six uranium projects all located in the neighboring US states of Utah and Colorado. Western’s flagship asset is the past-producing Sunday Mine complex (SMC), comprising the Sunday mine, the Carnation mine, the Saint Jude mine, the West Sunday mine and the Topaz mine.
A 2024 operational review of 2024 released in February, Western reported boosting mining capabilities in 2024 by expanding its workforce, upgrading underground infrastructure and improving equipment efficiency with tools like a jumbo drill and enhanced water trucks.
Western also bolstered its property portfolio with two permitted mines via the Rimrock JV and a previously permitted processing site near the Sunday Mine Complex, positioning it for streamlined future production.
Inside the SMC the company also identified five high-value zones within the Leonard and Clark and GMG deposits for inclusion in future mine planning.
On the business side, a previously announced ore purchase agreement with Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) is nearing completion. The deal will see stockpiled material from the SMC transported to Energy Fuels’ White Mesa mill for processing.
A late February announcement noted the company is developing its Mustang mineral processing site in Colorado, which it acquired in October 2024 and was formerly known as the Pinon Ridge mill. Located 25 miles from SMC, the fully licensed site includes critical infrastructure such as production wells, power access, paved roads and ample tailings capacity to support four decades of operation. Western is also advancing its Maverick processing site.
Company shares reached a Q1 high of C$1.44 on March 20.
4. Laramide Resources (TSX:LAM)
Year-to-date gain: 5.30 percent
Market cap: C$162.11 million
Share price: C$0.70
International uranium explorer Laramide Resources has an extensive portfolio of uranium assets, located in Australia, the United States, Mexico and Kazakhstan.
Laramide shares started the quarter strong, reaching a Q1 high of C$0.72 on January 2, and spent the rest of the three month session between C$0.52 and C$0.70.
In mid-January, Laramide released additional assay results from the 2024 drilling campaign at the Westmoreland uranium project in Queensland, Australia.
The release included data from seven holes at the project’s Huarabagoo deposit and four holes drilled in the zone between the Huarabagoo and Junnagunna deposits. According to the company “all of the holes returned significant uranium mineralization with further gold mineralization evident at the Huarabagoo deposit.”
A February 21 statement further updated the drill campaign findings and noted that the company was working towards an updated mineral resource estimate (MRE) for the project.
“The 2024 Drill Campaign represents Laramide’s most ambitious effort to date, with 106 holes for over 11,000 metres drilled across the Westmoreland project,” Rhys Davies, vice president of exploration, said. “This aggressive approach was designed to demonstrate the scalability and quality of the Westmoreland asset, reinforcing our commitment to advancing to its full potential.”
As noted in its previous report, Laramide completed the MRE update for Westmoreland in Q1. The revised MRE included a 34 percent increase in indicated resources and an 11 percent increase in inferred resources compared to the 2009 estimate. The total indicated resource now stands at 48.1 million pounds of U3O8 and the total inferred resource at 17.7 million pounds.
Year-to-date gain: 3.08 percent
Market cap: C$139.05 million
Share price: C$0.67
Forsys Metals is a uranium developer advancing its wholly owned Norasa uranium project in Namibia. The project comprises two uranium deposits, Valencia and Namibplaas.
Early in the quarter Forsys finalised the purchase of a key land parcel at its Norasa uranium project through its wholly owned subsidiary Valencia Uranium. The deal, reached with Namibplaas Guestfarm and Tours, secures Portion-1 of Farm Namibplaas No 93, which hosts the Namibplaas uranium deposit.
“The purchase of this Property is the final outcome of lengthy negotiations for the economic terms for access rights with the previous farm owner,” the statement reads.
In mid-February, Forsys closed a previously announced C$5 million private placement, with funds earmarked for Norasa development.
The company’s share price started the year at C$0.70 before pulling back to C$0.43 in mid-February. However, it spiked in mid-March and reached a Q1 high of C$0.75 on March 30.
On April 8, Forsys reported results from ore sorting trials on samples from Valencia that indicate ore sorting is possible to increase uranium grade and reduce acid consumption.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Purepoint Uranium and Western Uranium and Vanadium are clients of the Investing News Network. This article is not paid-for content.
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