Top 5 ASX uranium shares to watch in 2026

What are uranium shares?

Uranium shares represent stocks in companies involved in the exploration, mining, or processing of uranium, a heavy metal primarily used as fuel for nuclear power. Uranium is a naturally occurring radioactive element found in soil, rocks and water. It has a silvery-white appearance and is relatively rare. Its significant value lies in its ability to undergo nuclear fission, a process in which atoms split and release large amounts of energy, which is then harnessed to generate electricity.

Share and CFD traders follow uranium shares closely because of uranium’s critical role in the clean energy transition and the limited number of companies involved in its production.

What is uranium used for? 

Uranium's primary use is in nuclear reactors to produce electricity. However, it also has specialised applications, including the production of medical isotopes, powering naval vessels like submarines, and use in defense technology.

The key isotope used in nuclear power is U-235, which is the only naturally occurring fissile isotope. This means it can sustain a nuclear chain reaction. However, it makes up just 0.72% of natural uranium.

What makes uranium shares interesting right now?

ASX-listed uranium shares are attracting attention as global demand for clean, reliable energy grows and nuclear power re-enters the spotlight.

For years, nuclear energy faced pushback due to safety concerns and its association with weapons. But with rising urgency to phase out fossil fuels, public sentiment is shifting. Nuclear is being reconsidered as a low-emissions energy source that runs around the clock, unlike solar or wind, which depend on the weather and need storage solutions.

In the US, nuclear already accounts for more than half of all emissions-free electricity, generating nearly 800 million kilowatt hours annually and preventing over 470 million metric tons of carbon emissions.

As more governments and energy planners revisit nuclear as a clean power option, companies producing and processing uranium are positioned to benefit – and their share prices may reflect that potential.

Risks of uranium shares

While uranium shares are benefiting from a current bullish run, there are risks involved in trading them, including:

• Uranium prices are volatile – this can be good news for CFD traders, but it makes share trading riskier
• Geopolitical uncertainty has a major effect on the price of uranium, with events like the Russia-Ukraine war and mounting trade tensions around the globe impacting supply chains and share trader sentiment
• The industry is heavily regulated, so policy changes or slow permitting processes can cause significant delays, which affects the supply that the industry expects
• Many uranium mining companies seek to restart dormant mines or develop new ones, but this can take a long time with higher-than-expected costs – leading to a drop in uranium prices

Top 5 ASX uranium shares to watch in 2026

In mid-February 2026, the uranium market is standing strong, with prices hovering between the high-$80s and $100+ since January 2026.¹ This is, in part, due to the likes of data centres securing long-term nuclear power agreements and low uranium supply.

Overview of the uranium stocks in this article 

Below, we look at the top five uranium shares by market cap on the ASX.

The shares mentioned in this article can all be traded via CFDs with us, as well as through our share trading platform, which enables you to buy and sell stocks.

All figures are correct as of 13 February 2026.

1. BHP Group Limited (ASX: BHP)

Market cap: A$259.34 billion²

BHP Group is the largest company on the ASX and one of the most diversified miners in the world. While uranium is only one part of its portfolio, the company gains exposure through its Olympic Dam operation in South Australia, which produces copper, gold, silver and uranium. That means share traders get indirect exposure to uranium, but within a much broader commodity mix.

Over the past six months BHP’s share price has been influenced more by movements in iron ore and copper than uranium. Strength in global commodity markets has supported the stock at times, although volatility in China’s economic outlook and shifting demand expectations have created periods of pullback. Uranium’s rally has been positive for sentiment, but it is not the primary driver of earnings.

Highlights:

• For share traders, BHP offers diversification and comparatively lower risk than pure uranium names. It can suit those wanting exposure to the broader resources cycle with uranium as a bonus rather than the main theme
• For CFD traders, BHP is attractive because of its liquidity and tight spreads. The stock reacts to global macro themes, commodity price shifts and currency moves, creating regular trading setups. The downside is that uranium price spikes may not translate into outsized share price moves compared with smaller, more focused uranium stocks
• The share price has increased by 23.06% over the past six months³

2. Paladin Energy Limited (ASX: PDN)
 

Market cap: A$5.50 billion⁴

Paladin Energy is a globally significant independent uranium producer, holding a 75% stake in the Langer Heinrich Mine (LHM) located in Namibia.

The mine has a history of production, having delivered over 43 million pounds of U₃O₈ between 2007 and 2018. After a period of care and maintenance due to low uranium prices, Paladin successfully recommenced operations at LHM, with the first production achieved in March 2024.

Share traders are optimistic about Paladin’s strategic initiatives, including the acquisition of Fission Uranium, which is expected to enhance the company’s production capacity and market presence.

During the past six months, the share price has broadly tracked movements in the uranium spot price. Periods of strength in the uranium market have pushed the share price higher, while short term softness in the commodity has triggered sharp pullbacks. Production updates and operational milestones have also driven noticeable swings.

Highlights:

• Paladin’s appeal lies in its direct leverage to uranium pricing. When sentiment toward nuclear energy strengthens, Paladin often moves quickly. That can make it compelling for share traders who believe in a structural uranium bull market driven by decarbonisation and energy security themes
• For CFD traders, volatility is the main attraction. The share price can experience strong momentum moves and technical breakouts when uranium prices shift
• Its share price has risen by 77.78% over the past six months⁵

3. Deep Yellow Limited (ASX: DYL)
 

Market cap: A$2.46 billion⁶

Deep Yellow is a uranium development and exploration company progressing its dual-pillar strategy to establish a multi-mine uranium company with the capacity to produce over 7 million pounds per annum across two assets.

The company’s flagship project is the Tumas Project in Namibia.

Unlike Paladin, Deep Yellow is not yet a major producer, so its valuation is more closely tied to development progress and market expectations.

Over the last six months, the share price has generally reflected broader uranium market sentiment. When uranium prices strengthened the stock followed, supported by optimism around future project development. When the commodity softened the shares also experienced pressure, highlighting its leverage to sector momentum rather than current cash flow.

Highlights:

• For share traders, Deep Yellow represents a development story. The investment case rests on bringing projects into production in a supportive uranium price environment. That can offer meaningful upside if milestones are achieved and financing is secured on favourable terms
• For CFD traders, the absence of steady production revenue can translate into sharper price swings around news flow. Exploration updates, feasibility studies and macro uranium trends can all drive movement. This volatility can create opportunity, but it also increases risk
• The share price has risen by 63.51% over the past six months⁷

4. Energy Resources of Australia Limited (ASX: ERA)

Market cap: A$1.42 billion⁸

Energy Resources of Australia is known for operating the Ranger uranium mine in the Northern Territory. The company has historically been one of Australia’s key uranium producers, although its operational focus has shifted in recent years towards rehabilitation and site management.

In the past six months, ERA’s share price has been less reactive to uranium price spikes compared with pure production growth stories. Market attention has centred more on operational developments and long-term site responsibilities than on aggressive expansion plans.

Its main limitation is that ERA does not currently offer the same growth narrative as other uranium companies on the ASX. Its appeal is more linked to stability and established operations than rapid expansion.

Highlights:

• For share traders, ERA can appear more conservative than emerging developers. The business has a defined asset base and established history, but less exposure to near-term production growth. That can reduce speculative upside compared with smaller uranium names
• For CFD traders, lower headline volatility can mean fewer dramatic swings, although sector-wide uranium rallies can still lift the stock. Liquidity and broader materials sector sentiment also influence trading patterns
• The company’s share price has increased by 50% over the past six months⁹

5. Bannerman Energy Limited (ASX: BMN)
 

Market cap: A$618.26 million¹⁰

Bannerman Energy is focused on advancing the Etango uranium project in Namibia, one of the larger undeveloped uranium deposits held by an ASX-listed company. Bannerman remains in the development phase, meaning its valuation is forward-looking rather than based on existing production.

The Etango project is expected to deliver nearly 3.5 million lb U₃O₈ per year over an initial operating life of over 14 years.

Over the past six months, the share price has moved largely in line with uranium market sentiment. Strength in uranium prices and improving nuclear energy narratives have supported gains, while softer periods have triggered retracements.

Updates on project optimisation and development planning have also influenced trading activity.

Highlights:

• For share traders, Bannerman represents leveraged exposure to a potential future producer. If uranium prices remain strong and the company progresses towards construction, the valuation could benefit from increased certainty around cash flow potential
• For CFD traders, Bannerman’s pre-production status often results in sharper percentage moves than larger producers. News flow can generate strong momentum in either direction, creating trading opportunities but also elevated risk
• The share price has risen by 53.94% over the past six months¹¹

How to trade ASX uranium shares with IG AU

CFDs

1. Open a CFD trading account with IG AU
2. Search for ASX uranium shares on the IG platform
3. Decide whether to go long (buy) or short (sell)
4. Choose your position size
5. Set stop-loss and limit orders
6. Place your trade and monitor it

Share trading

1. Open a share trading account with IG AU
2. Search for ASX uranium shares
3. Choose the shares you want to buy
4. Determine how many shares you want to purchase
5. Place your order
6. Monitor your investment and collect any dividends

FAQs about uranium shares 

Footnotes
 

1. Trading Economics, February 2026
2. TradingView, February 2026
3. TradingView, February 2026
4. TradingView, February 2026
5. TradingView, February 2026
6. TradingView, February 2026
7. TradingView, February 2026
8. TradingView, February 2026
9. TradingView, February 2026
10. TradingView, February 2026
11. TradingView, February 2026