ASX uranium stock prices have whipsawed all over the joint over the past week.

On March 4 stocks were pounded when Russian forces moved on  Europe’s largest nuclear power plant called Zaporizhzhia.

A couple of tweets like this is all it took to send the market spiralling.

The reaction is understandable.

Uranium prices collapsed in 2011 following a meltdown at the Fukushima nuclear facility in Japan during the Tohoku earthquake, an incident the market had only recently started recovering from.

Mid caps Boss Energy (ASX:BOE) and Paladin (ASX:PDN) were two of many uranium stocks to slide with $2.3b capped Paladin losing an astonishing 25% of its value.

Then came the bounce, as experts explained that the danger of another Fukushima or Chernobyl-type event at Zaporizhzhia had been overstated.

In the meantime, spot uranium prices kept rising.

Sprott’s Physical Uranium Trust (SPUT) was buying all the spare yellowcake it could get its cashed-up hands on in the spot market, while the energy/climate crisis was prompting governments to reverse plans to shutter nuclear power plants (and build new ones).

Yesterday, the spot price gained a remarkable 13% to $US60/lb – its highest point since 2011.

The trigger? Possibly news that the US is looking to ban its nuclear power plants from buying enriched uranium from Russia.

The problem, according to uranium pundit John Quakes, is that US utilities have already signed contracts with Russia for 20% of US reactor fuel demand (~10 million lb/yr U3O8 equivalent) out to 2028.

If Russian enrichment is banned those contracts would have to be replaced with non-Russian stuff.

 

ASX stocks on the rebound

Paladin has more than recovered its losses now. Joining it in the green yesterday was most of the uranium-facing stocks on the ASX, although the reaction has not been outsized.

Is this a buying opportunity?

Uranium Winners and Losers

Here’s how a basket of ASX stocks with exposure to uranium are performing>>>

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CODE COMPANY YESTERDAY RETURN % 1 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP
TOE Toro Energy 26% 41% 4% 0.024 $74,049,501.42
OKR Okapi Resources 18% 5% 81% 0.325 $32,199,522.58
GLA Gladiator Resources 15% 11% 100% 0.03 $13,290,417.50
PDN Paladin Energy 11% 16% 99% 0.855 $2,062,784,559.99
CXU Cauldron Energy 11% -9% -38% 0.021 $9,334,578.97
GTR Gti Resources 10% 0% 32% 0.022 $22,575,624.56
NXG Nexgenenergycanada 9% 24% 0% 7.79 $81,260,809.20
DYL Deep Yellow Limited 8% 28% 59% 1.035 $369,621,399.83
VMY Vimy Resources 7% 24% 100% 0.23 $227,345,584.88
BOE Boss Energy 7% 27% 145% 2.65 $707,992,431.12
PEN Peninsula Energy 7% 34% 137% 0.235 $219,405,162.02
AGE Alligator Energy 7% 13% 567% 0.08 $241,317,407.48
92E 92Energy 6% 5% 0% 0.595 $33,387,115.44
LAM Laramide Res 6% 15% 60% 0.85 $956,088.00
BMN Bannerman Energy 6% 31% 112% 0.275 $320,970,309.66
EL8 Elevate Uranium 3% 43% 396% 0.645 $162,821,343.75
LOT Lotus Resources 3% 44% 188% 0.36 $341,609,005.85
RDT Red Dirt Metals 2% -23% 197% 0.49 $143,564,144.64
BKY Berkeley Energia 2% 6% -60% 0.255 $111,449,178.75
DLC Delecta Limited 0% 10% 83% 0.011 $13,253,995.76
VAL Valor Resources 0% -21% 38% 0.011 $40,198,588.57
MEU Marmota 2.27% -10% -10% 0.045 $44,100,000.00
ACB A-Cap Energy 0% 8% 180% 0.14 $172,370,000.00
AEE Aura Energy 0% 8% 67% 0.34 $140,030,000.00
DEV Devex Resources 0% 2% 112% 0.445 $139,811,866.21
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