Weekly Reports | Jun 24 2025
This story features BOSS ENERGY LIMITED, and other companies. For more info SHARE ANALYSIS: BOE
The company is included in ASX200, ASX300 and ALL-ORDS
Momentum buying in uranium stocks flowed as the spot price recovered with Sprott in the market, while China re-affirmed its commitment to become the largest nuclear energy generator in the world.
-Australian uranium stocks led energy sector higher last week
-Despite share prices doubling, U308 stocks remain below consensus price targets
-Sprott Phyical Uranium Trust cashed up and buying in the U308 spot market
-China’s nuclear ambitions will surpass the US’ capacity by 2030
By Danielle Ecuyer
Australian uranium stocks boosted by short covering and positive updates
Australian uranium stocks were swept up in the buying momentum across the sector a week ago as the Sprott Physical Uranium Trust announced a US$100m underwritten equity issue, which was up-sized to US$200m.
For context, Boss Energy‘s ((BOE)) share price was flailing around $2 around the April Liberation Day sell-off and has since more than doubled. It is now trading above the consensus target price from FNArena’s daily monitored brokers, which sits at $4.159.
Some of the re-rating can be attributed to technical features such as short interests scrambling to cover their positions. As of June 16, the company was still ranked number one on the ASX with a 17.64% short position, according to ASIC data.
From an operational standpoint, Boss has experienced a ‘honeymoon’ period for Honeymoon, excuse the pun, hence the higher re-rating of the stock. The latest corporate update revealed production at its Honeymoon project will achieve 851klbs, slightly more than FY25 guidance of 850klbs.
The previous March quarter results also exhibited operational strength across production, sales, realised price, and cash costs, Canaccord Genuity pointed out.
Paladin Energy‘s ((PDN)) share price has also more than doubled from the lows in April of around $4.11 and at current price remains under the FNArena consensus target price of $8.493.
In the ASX200 energy sector, Paladin crowned itself the top-performing large cap, rising 16.8% in the week ending June 20. No doubt a relief for long-standing shareholders, who have seen the price fall from around $14 just over 12 months ago.
As at June 16, Paladin remained the second most shorted stock on the ASX at 16.05%, although the data are in the rear-view mirror, pending ASIC’s latest update for the last week of June, and do not reflect any possible position changes post the Sprott fundraising.
Suffice to say, the news flow from Boss Energy has been more positive over FY25 from a fundamental basis than Paladin’s.
From the September quarter, the company experienced water issues, too little and then too much with inventory quality problems providing another frustration for investors. The March quarter proved to be better than expected despite wet weather, with production advancing 17% on the December quarter and management looking to restart Langer Heinrich in June/July.
Buying in uranium and uranium-related stocks also filtered down to the smaller caps. Bannerman Energy ((BMN)) rose 34.4% last week, grabbing tgop spot in the small cap energy sector, and Silex Systems ((SLX)) lifted 19.9%, the highest in the small caps industrial sector.
Bannerman, at current levels around $3.50, has moved off the April lows ($1.73) but remains well below broker target prices. Daily monitored broker Shaw and Partners has a $4.70 target, with Petra Capital and Canaccord Genuity at $5.33 and $3.74, respectively.
Shaw and Partners also covers Silex with a $6.50 target price. The latest update revealed a delay of three months in May for the company’s Wilmington, North Carolina, pilot plant for uranium enrichment trials.
Canaccord Genuity noted the commercial-scale pilot demonstration plant is expected to be completed by the end of 2025 versus the targeted mid-2025 deadline.
The company remains well-funded with $93.1m in cash and has received an initial US$0.5m from the US Department of Energy as part of a potential US$3.4bn LEU (low enriched uranium) enrichment program.
Sprott’s up-sized equity raise sparks spot market spike
Much of last week’s movement in the spot U3O8 price can be attributed to the return of ETF demand, as also highlighted by Morgan Stanley.
At double the initial planned size, the Sprott fundraising leaves the trust cashed up with US$230m post a recent equity raising, which equates to around 3mlbs of U3O8 at US$75/lb, some 8% of the 2024 spot market volume, or circa 2% of annual global reactor demand, the analyst highlights.
Sprott and supportive investors (who said the uranium trade was dead?) can employ the capital to stabilise and place upward pressure on pricing in an often-illiquid spot market.
Morgan Stanley points to junior miners like Peninsula Energy ((PEN)), who are restructuring contracts or returning to the spot market to meet contractual deliveries, with plans to acquire 200klbs of spot U3O8 and having cancelled 2mlbs of utility contracts due to production issues.
Shaw and Partners detailed the termination of three of its six contracts through mutual consent, with negotiations continuing with the remaining customers. Although the ramp-up schedule remains unclear, the broker continues to retain a Hold rating and $1 target price.
Canaccord Genuity is more upbeat, with a $2.18 target and a Speculative Buy rating ascribed to the stock.
In other corporate news, Lotus Resources ((LOT)) appears to be on track to commence uranium production at Kayelekera in the upcoming September quarter, using stockpiles to start, with mining expected to deliver first ore in the closing months of 2025.
Shaw and Partners has a Speculative Buy rating and 37c target price, up from 35c.
From a macro perspective, Morgan Stanley believes the “nuclear renaissance” theme remains strong, and challenges to the growth in supply underwrite positive policy momentum.
The strategic shift to boost nuclear power generation in the US was exemplified by New York Governor Kathy Hochul announcing she had directed the state’s public electricity utility to add at least one gigawatt of new nuclear power generation. One gigwatt represents sufficient powers for one million homes.
This is the first new US nuclear power plant to be planned and built in more than 15-years and potentially tests the Trump’s Administration’s move to expedite planning processes.
In another sign of growing interest in the nuclear sector, the CEO of Holtec International, a private company that operates ancillary nuclear services across a broad section of technologies, announced the company is going public and is the first nuclear related IPO in years.
Holtec is also the first to attempt the bringing back of a decommissioned nuclear plant, the Palisades Nuclear Plant in Michigan.
What happened in U308 markets last week
Industry consultants TradeTech’s spot price indicator advanced US$8.50 to US$77.50 last week, a rise of 12.3% and the largest week-on-week increase since January 2024, but remains below its value from a year earlier by -6.9%.
Activity levels in the spot market reacted to the Sprott fundraising news immediately, with ten transactions during the week iincluding the Sprott Trust as an active buyer.
Sprott purchased 650klbs of U3O8 at an average price of US$76.50/lb, ending the week with US$182.9m in cash and 66.9mlbs of U3O8.
Historically, the trust has acquired U3O8 shortly after raising capital, buying in sequential tranches ranging from 50klbs to 1.5mlbs.
There were no transactions in the term market, with the TradeTech Mid-Term price indicator at US$75/lb and the Long-Term price indicator at US$80/lb.
China reaffirms global nuclear leadership goals
China confirmed at the end of 2024 it has 102 nuclear reactors either operational, under construction, or approved, collectively accounting for 113GW of capacity. In April, China’s State Council approved construction for an additional 10 reactors for CNY200bn (US$27.9bn).
These ongoing efforts align with China’s pledge to expand capacity to 200GW by 2040. According to a report by the China Nuclear Energy Association, this will elevate nuclear to around 10% of the country’s electricity mix.
At the current rate of construction China will become the world’s largest nuclear power generator by 2030.
Uranium companies listed on the ASX:
| ASX CODE | DATE | LAST PRICE | WEEKLY % MOVE | 52WK HIGH | 52WK LOW | P/E | CONSENSUS TARGET | UPSIDE/DOWNSIDE |
|---|---|---|---|---|---|---|---|---|
| 1AE | 20/06/2025 | 0.0600 | 0.00% | $0.10 | $0.03 | |||
| AEE | 20/06/2025 | 0.1600 |  13.79% |
$0.19 | $0.10 | |||
| AGE | 20/06/2025 | 0.0300 | 17.65% |
$0.05 | $0.02 | $0.100 | 233.3% |
|
| AKN | 20/06/2025 | 0.0100 | 0.00% | $0.02 | $0.01 | |||
| ASN | 20/06/2025 | 0.0500 |  – 4.26% |
$0.17 | $0.05 | |||
| BKY | 20/06/2025 | 0.6300 | 12.73% |
$0.67 | $0.30 | |||
| BMN | 20/06/2025 | 3.5300 | 17.57% |
$3.68 | $1.76 | $4.700 | 33.1% |
|
| BOE | 20/06/2025 | 4.2900 | 2.08% |
$4.75 | $1.99 | 241.9 | $4.159 | – 3.1% |
| BSN | 20/06/2025 | 0.0200 | – 4.76% |
$0.07 | $0.01 | |||
| C29 | 20/06/2025 | 0.0200 | -16.00% |
$0.13 | $0.02 | |||
| CXO | 20/06/2025 | 0.0900 | – 5.38% |
$0.14 | $0.06 | $0.100 | 11.1% |
|
| CXU | 20/06/2025 | 0.0100 | 0.00% | $0.03 | $0.01 | |||
| DEV | 20/06/2025 | 0.0800 | – 6.25% |
$0.32 | $0.07 | |||
| DYL | 20/06/2025 | 1.6700 | 7.96% |
$1.76 | $0.75 | -1660.0 | $1.690 | 1.2% |
| EL8 | 20/06/2025 | 0.3100 | 3.23% |
$0.42 | $0.19 | |||
| ERA | 20/06/2025 | 0.0020 | 0.00% | $0.04 | $0.00 | |||
| GLA | 20/06/2025 | 0.0100 | 0.00% | $0.02 | $0.01 | |||
| GTR | 20/06/2025 | 0.0040 | 0.00% | $0.01 | $0.00 | |||
| GUE | 20/06/2025 | 0.0600 | 0.00% | $0.10 | $0.05 | |||
| HAR | 20/06/2025 | 0.0700 | – 1.47% |
$0.09 | $0.03 | |||
| I88 | 20/06/2025 | 0.0900 | -18.18% |
$1.03 | $0.08 | |||
| KOB | 20/06/2025 | 0.0300 | 0.00% | $0.18 | $0.03 | |||
| LAM | 20/06/2025 | 0.8000 | – 5.88% |
$0.90 | $0.48 | |||
| LOT | 20/06/2025 | 0.2000 | 17.14% |
$0.37 | $0.13 | $0.330 | 65.0% |
|
| MEU | 20/06/2025 | 0.0400 | 0.00% | $0.06 | $0.03 | |||
| NXG | 20/06/2025 | 10.4100 | – 1.77% |
$13.53 | $6.44 | $14.650 | 40.7% |
|
| ORP | 20/06/2025 | 0.0200 | 0.00% | $0.08 | $0.02 | |||
| PDN | 20/06/2025 | 7.3200 | 1.10% |
$14.28 | $3.93 | -283.9 | $8.493 | 16.0% |
| PEN | 20/06/2025 | 0.6200 | 0.00% | $2.34 | $0.55 | $1.000 | 61.3% |
|
| SLX | 20/06/2025 | 3.8100 | – 3.26% |
$6.62 | $2.28 | $6.500 | 70.6% |
|
| TOE | 20/06/2025 | 0.2000 | 27.27% |
$0.38 | $0.15 | |||
| WCN | 20/06/2025 | 0.0200 | 0.00% | $0.04 | $0.01 |
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For more info SHARE ANALYSIS: BMN - BANNERMAN ENERGY LIMITED
For more info SHARE ANALYSIS: BOE - BOSS ENERGY LIMITED
For more info SHARE ANALYSIS: LOT - LOTUS RESOURCES LIMITED
For more info SHARE ANALYSIS: PDN - PALADIN ENERGY LIMITED
For more info SHARE ANALYSIS: PEN - PENINSULA ENERGY LIMITED
For more info SHARE ANALYSIS: SLX - SILEX SYSTEMS LIMITED