Australia has the richest source of uranium reserves in the world, holding approximately one-third of the global total. However, Kazakhstan is the largest producer of uranium.
Kazakhstan is the world's largest uranium producer, with some 19,477 tonnes of U3O8 (43 million pounds) in 2020, 41% of the world's supply.
Australia has the world's largest endowment of uranium resources in the world, with around one-third of global resources.
The King of Uranium
Charlie Steen's search for uranium led him to southeastern Utah. His luck changed when an ore sample that broke his used drill was tested on a Geiger counter that “went off the charts!” Steen developed the Mi Vida Mine and built a uranium mill on the Colorado River.
The United States is the largest market for Australian uranium – accounting for over half of final demand (including both direct exports, and exports that are processed in third countries).
The price of 1 gram of uranium is approximately 0.19 (USD) as per mid-2024 spot prices. Note: Actual prices may vary depending on purity, form, and market fluctuations.
So, for the first step in the nuclear fuel cycle, the US must rely on imports of uranium from countries such as Canada and Australia. For some time the country's reactors also used downblended weapons-grade uranium from Russia (see section on Military surplus and other government stocks below).
Bernstein reiterates Cameco and Kazatomprom as its top uranium picks for 2026. Cameco is viewed as “the player that takes leading position along the entire nuclear fuel cycle,” supported by one of the world's largest uranium asset bases, largely in Canada.
Citing the Financial Times, the report notes that since 2020, global investment in nuclear energy has grown by 50% annually. Nuclear capacity is expected to increase by 130% by 2050. At this pace, existing uranium reserves may be depleted by 2080.
Wittenoom, Western Australia. Wittenoom is a former mining town and a declared contaminated site, 1,420 kilometres (880 mi) north-north-east of Perth, in the Hamersley Range in the Pilbara region of Western Australia.
For several decades uranium mining has been a major part of the Australian political discussion, with opposition groups citing the wide-ranging environmental impacts, indigenous land access and nuclear proliferation as reasons for ceasing or restricting the industry.
What are the best uranium stocks to buy in Australia?
For its part, Kazakhstan controls 13 percent of global uranium reserves and leads the world in uranium production with 2022 output of 21,227 MT.
Moab, Utah, known as the "Uranium Capital of the World", is also considered a yellowcake boomtown, although its population has sustained due to tourism at the nearby Arches National Park. The boom was initiated in 1952 by Charlie Steen's discovery of uranium and vanadium ore.
Mining giant BHP Group (formerly known as BHP Billiton) is producing copper, gold and uranium from its Olympic Dam project, 560km north of Adelaide in South Australia. During the 2018 financial year, BHP had produced 3,364t of uranium in concentrate from Olympic Dam – up marginally on 2017's output.
For anyone looking to build a future-ready investment portfolio in the global mining and energy space, buying uranium stock is a forward-thinking move—one driven by world trends, technological innovations, and the evolving need for sustainable, secure, and scalable electricity generation.
The United States is the largest producer of nuclear power, while France has the largest share of electricity generated by nuclear power, at about 65%. Some countries operated nuclear reactors in the past but currently have no operating nuclear power plants.
Health and environmental issues. The radiation hazards of uranium mining and milling were not appreciated in the early years, resulting in workers being exposed to high levels of radiation. Inhalation of radon gas caused sharp increases in lung cancers among underground uranium miners employed in the 1940s and 1950s.
Cameco (NYSE:CCJ)
Cameco (NYSE:CCJ) is the #1 top uranium stock out of 10 with a Zen Rating of C. Stocks with a rating of C have had an average return of +7.53% per year. Learn more.
Canadian uranium company Cameco calculated the end-of-December 2025 spot price at $81.55 per pound, marking the second-highest spot price recorded throughout 2025. The annual high of $82.63 per pound was established at the end of September, whilst the March low of $64.25 per pound represented the year's trough.
One kilogram of uranium-235 can theoretically produce about 20 terajoules of energy (2×1013 joules), assuming complete fission; as much energy as 1.5 million kilograms (1,500 tonnes) of coal.
Investing in uranium is possible through the purchase of shares of nuclear sector companies. Stocks like Kazatomprom (KAZ.UK) or Cameco (CCJ.US) are well known and also sometimes pay dividends.