US President Donald Trump has given a parting gift to the uranium industry, signing an omnibus budget bill that includes $US75 million ($99 million) in funding to establish a US national strategic uranium reserve.

The reserve is a recommendation of Trump’s Nuclear Fuel Working Group aimed at reviving America’s domestic uranium mining industry.

ASX-listed uranium miners have been enjoying a big month as the measure has progressed and had another solid day yesterday.

Peninsula Energy (ASX:PEN) CEO Wayne Heli called the creation of the reserve “truly a ground-breaking initiative for our industry and our nation.

“The reserve program will go a long way toward supporting and expanding the domestic production of nuclear fuel in 2021 and beyond.”

While established US uranium producers like Energy Fuels (NYSE:UUUU) and UR Energy (NYSE:URG) that have inventory on hand and are ready to sell to the US Department of Energy are expected to benefit most from the reserve, Peninsula says its Lance uranium mine in Wyoming could be ready to resume production in six months once a final investment decision is made on a restart.

Peninsula is working to transition the mine to low-cost method of production known as in-situ leach mining, the company says.

Shares in Australia’s largest uranium miner, Energy Resources of Australia (ASX:ERA), were up 6.3 per cent to 25.5c yesterday. After languishing around 14c to 17c since May 2019, they finally took off this month, gaining 64.5 per cent and last week hitting a two-year high of 26c.

Small-cap uranium developers Vimy Resources (ASX:VMY) and Marenica Energy (ASX:MEY) are both up more than 60 per cent for the month, while Deep Yellow (ASX:DYL) has gained 15 per cent and Boss Energy (ASX:BOE) is up 27 per cent.

On Twitter it’s not hard to find enthusiasts predicting a uranium bull run like the ones that cannabis stocks and cryptocurrencies went through a few years ago.

Stockhead’s Guy Le Page earlier this month predicted uranium would “be one to watch because it’s had about 13 years in the doldrums”.

On December 15, the world’s largest operating uranium mine, Cigar Lake in Northern Saskatchewan, Canada, suspended production due to COVID-19.

ASX Small cap uranium stock share prices