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Question asked 20/12/2025

Uranium

I've held a parcel of ASX-listed uranium stocks since early 2019, adding to the holdings here and there along the way. Right now they're up 41%, so not a great return yet. Yes, they're volatile, I accept that. But they still haven't attracted a great deal of interest from investors and things like Boss Energy, whose CEO was until recently the golden-haired boy, don't help. Even amplified news about the sector hasn't set it on fire. So, it's been seven years and I know many other investors have walked away. How long is too long to wait? It seems that promises continue to be just over the horizon.

Answer

Hi David,

The uranium space has been extremely volatile and unforgiving at times, a bit like the underlying nuclear process! The ASX names have coped some of the worst of it with US listed giant Cameco (CCJ US) up +150% in 2025, even after its recent ~25% correction, a stable bullish trend compared to the various gut-wrenching chapters delivered by Boss Energy (BOE), Deep Yellow (DYL) and Paladin (PDN) at various junctures in 2025.

At MM we are firm believers that nuclear power has a large role to play in the worlds efforts towards clean energy plus the huge requirements to power the AI revolution – the “Magnificent Seven” have started moving aggressively to secure their colossal future energy needs from nuclear.

However, we do believe this will remain a volatile space through 2026/7 and active investors can consider weighting exposure accordigly. In terms of time frames, this is difficult to know for sure, however, there have been some bullish developments during 2025 that we think further supports our bullish thesis. We’ve seen it many times before, where stocks frustrate many, before finally breaking out and surprising on the upside in a relatively short amount of time, rewarding patience!

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BetaShares Global Uranium ETF (URNM)

LAST UPDATED 19/12/2025 10:26

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