Top 5 ASX uranium shares to watch in 2025

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.

Investors and 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 stocks are gaining attention thanks to rising demand and limited supply, they come with notable risks, especially for CFD and share traders. Key factors to consider include:

• High price volatility: uranium prices can swing sharply, driven by news events, policy changes and supply disruptions. This can create opportunities for CFD traders, but makes direct share ownership riskier.
• Geopolitical tensions: global conflicts and trade disputes can disrupt uranium supply chains and weigh on investor sentiment.
• Market distortion by large funds: the Sprott Physical Uranium Trust, which holds over US$6.3 billion in uranium, has removed a significant amount of supply from the market. While this has increased demand and driven up prices, it has also added to market volatility¹.

Top 5 ASX uranium shares to watch in 2025

Uranium prices have spiked since 2020, and in February 2024, they reached their highest levels in almost 20 years, when values exceeded US$100.² 

Prices have lowered since then, but the demand for uranium remains high, particularly with low supply levels.

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.

1. NexGen Energy Limited (ASX: NXG)

Market cap: A$5.96 billion³

NexGen Energy is a Canadian company listed on the ASX, dedicated to developing the Rook I Project in Saskatchewan, Canada. 

This project is home to the high-grade Arrow Deposit, discovered in 2014, which is considered one of the most significant undeveloped uranium deposits globally. 

Share traders might be drawn to NexGen due to its substantial resource base and the advanced stage of the Rook I Project. The company’s strategic focus on developing high-grade uranium deposits positions it well to meet the growing global demand for clean energy sources.

Highlights:

• The Northern Saskatchewan deposit can produce up to 30 million lbs of uranium annually – nearly a quarter of the world’s current mine supply⁴
• In June 2025, the Saskatchewan Ministry of Environment approved NexGen's 2025 Site Program to make key infrastructure improvements⁵

2. Paladin Energy Limited (ASX: PDN)
 

Market cap: A$3.26 billion⁶

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.

Highlights:

• The latest quarterly activities updates revealed a 33% quarter-on-quarter increase in production at the LHM⁷
• The LHM sold 710,051lb U₃O₈ during the quarter, with full financial year sales of 2,705,693lb U₃O₈⁸
• The LHM signed another uranium sales agreement and now has 13 sales agreements with tier-one global clients in the US, Europe and Asia⁹

3. Deep Yellow Limited (ASX: DYL)
 

Market cap: A$1.79 billion¹⁰

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 Tumas Project in Namibia has completed a Definitive Feasibility Study, with a Final Investment Decision expected by March 2025 and operations scheduled to commence in 2026. 

Share traders might want to keep an eye on Deep Yellow due to its experienced management team and its strategic focus on developing multiple projects in tier-one uranium jurisdictions, positioning the company to meet the increasing global demand for uranium.

Highlights:

• In the latest activities report, the company recorded spending A$13.3M on development activities at Tumas during Q1 2025¹¹
• Deep Yellow spent A$2.3M on exploration and evaluation activities at the Mulga Rock Project and Alligator River Project¹²

4. Boss Resources Limited (ASX: BOE)
 

Known as Boss Energy Limited when traded via our share trading platform. 

Market cap: A$1.59 billion¹³

Boss Energy is focused on the restart of the Honeymoon Uranium Project in South Australia, one of the few uranium projects globally ready to come on-stream in the early stages of the emerging uranium bull market. The company achieved its first production in the first quarter of 2024 and is targeting a nameplate production capacity of 2.45 million pounds per annum by mid-2025.

Share traders are typically attracted to Boss Energy’s proactive approach to project development and its readiness to supply uranium to the market, aligning with the global shift towards clean energy solutions.

Highlights:

• The company’s share price increased from A$2.30 on 4 April 2025 to A$3.89 on 22 July 2025¹⁴
• South Australia, where Boss Energy operates, has 23% of the world’s uranium, placing the company in a solid position to continue growing over the coming years¹⁵

5. Bannerman Energy Limited (ASX: BMN)
 

Market cap: A$618.26 million¹⁶

Bannerman Energy's flagship project, Etango, is situated in Namibia, one of the most prolific uranium sources in the world. The company is targeting full commercial production by 2027. 

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

The company is making progress towards a final investment decision (FID) and plans to spend A$140 million to further the Etango project. It raised A$85 million in funding to advance the FID.¹⁷

Highlights:

• Of the funds set aside for progressing the FID, the company plans to spend A$64 million on construction, A$40 million on infrastructure costs and A$36 million for general working capital¹⁸
• A recent heavy-rain event at the mine didn’t disrupt proceedings, with operations continuing on schedule¹⁹

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 available for direct ownership
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. ScienceDirect, December 2024
2. Nasdaq, May 2025
3. TradingView, July 2025
4. NexGen Energy, Sustainability Report, June 2025
5. Nasdaq, June 2025
6. TradingView, July 2025
7. Paladin Energy Activities Report, June 2025
8. Paladin Energy Activities Report, June 2025
9. Paladin Energy Activities Report, June 2025
10. TradingView, July 2025
11. Deep Yellow Activities Report, April 2025
12. Deep Yellow Activities Report, April 2025
13. TradingView, July 2025
14. Boss Energy, July 2025
15. Boss Energy, July 2025
16. TradingView, July 2025
17. The Extractor Magazine, June 2025
18. The Extractor Magazine, June 2025
19. Bannerman Energy Activities Report, March 2025