Closing Bell: ASX adds 0.15pc as uranium stocks burn white hot
Info Tech, Energy sectors leads ASX higher
Trump rumoured to sign nuclear executive order tonight
Uranium stocks surge higher
The ASX posted a 0.15% gain in trade today, resisting uncertainty from a mixed session on Wall Street.
The Info Tech and Energy sectors were the MVPs, up more than 1% each.
Silex Systems (ASX:SLX) added 16.44%, Novonix (ASX:NVX) gained 10.23% and Fineos (ASX:FCL) lifted 5.51%.
Otherwise, the big movements were pretty much all in uranium stocks:
Boss Energy (ASX:BOE) +12.82%
Lotus Resources (ASX:LOT) +11.77%
Bannerman Energy (ASX:BMN) +11.66%
Deep Yellow (ASX:DYL) +9.13%
Paladin Energy (ASX:PDN) +7.02%
Those gains boosted the ASX Small Ordinaries index, which added 0.42% alongside strength in ASX200 Bank and All Technology indices.
So, why is uranium so hot right now?
Is Trump about to kick-start the nuclear industry?
Reuters has reported US President Trump will sign an executive order to boost the nuclear energy industry in the US as early as this evening, according to four unnamed sources said to be familiar with the matter.
A draft of the orders apparently details several measures the administration will take, including:
Directing agencies to permit new nuclear facilities
Streamlining development processes
Encouraging increased loan guarantees and direct loans to increase the rate of reactor construction
While this information comes from only a draft of potential orders, if Trump does sign them as expected, it could kick-start the US uranium industry.
Australia has one of the largest uranium resources in the world. After Russia and China, we're also one of the largest producers of uranium ore globally.
Given the US is very keen to divest away from those two spheres of influence at present, the Australian uranium market is a very attractive – and strategically viable – option.
Even without Trump's intervention, the uranium market has been moving back into bullish territory based on market fundamentals, with demand beginning to outstrip supply.
Spot uranium prices hit a 17-year-high in January at US$107/pound before dramatically pulling back to US$63.45/pound by mid-March.
Since then, the commodity has soared 20% to US$71.25 per pound, with term contract pricing remaining steady at US$80/pound.
Unlike most commodities, uranium generally isn't traded on the open market. Most demand comes from utilities who buy directly from producers in long-term contracts.
Those utilities are currently buying uranium in the spot market, an indication they're testing the waters before locking in new long-term contracts.
Regardless of whether the bullish sentiment will last, ASX uranium stocks are already benefiting.
ASX SMALL CAP LEADERS
Today's best performing small cap stocks:
Security Name Last % Change Volume Market Cap
RPG Raptis Group Limited 0.025 79% 438470 $2,454,864
BMO Bastion Minerals 0.0015 50% 1795015 $903,628
IS3 I Synergy Group Ltd 0.003 50% 275833 $1,001,460
MOM Moab Minerals Ltd 0.0015 50% 1042927 $1,733,666
MRD Mount Ridley Mines 0.003 50% 35000 $1,556,978
LKY Locksleyresources 0.049 48% 21190464 $4,840,000
CCE Carnegie Cln Energy 0.059 37% 1011600 $15,746,749
JNS Januselectricholding 0.295 34% 1771128 $19,630,557
CTO Citigold Corp Ltd 0.004 33% 261227 $9,000,000
M2R Miramar 0.004 33% 9531101 $2,990,470
CXU Cauldron Energy Ltd 0.009 29% 40399653 $10,229,832
REC Rechargemetals 0.019 27% 2051248 $3,854,850
G50 G50Corp Ltd 0.125 25% 594487 $16,059,766
ASR Asra Minerals Ltd 0.0025 25% 272810 $5,533,072
BPP Babylon Pump & Power 0.005 25% 8000100 $11,082,268
ECT Env Clean Tech Ltd. 0.0025 25% 21587 $7,293,621
EVR Ev Resources Ltd 0.005 25% 600000 $7,943,347
OM1 Omnia Metals Group 0.011 22% 4894861 $1,953,825
CML Connected Minerals 0.195 22% 346077 $6,617,314
CMO Cosmometalslimited 0.018 20% 385865 $4,832,034
BCA Black Canyon Limited 0.06 20% 188152 $6,482,535
AHN Athena Resources 0.006 20% 16406354 $11,329,785
CCO The Calmer Co Int 0.003 20% 3686955 $7,528,289
FBR FBR Ltd 0.006 20% 4962507 $28,447,261
PIL Peppermint Inv Ltd 0.003 20% 838 $5,594,098
Making news…
Locksley Resources (ASX:LKY) is sending its exploration team to the Mojave Project in California this June, ahead of expected drill permit approvals.
It's prepping for a September quarter drill campaign targeting rare earths and antimony, with up to 12.1% TREO and 46% Sb reported at key sites. The project sits near MP Materials' Mountain Pass Mine and includes the historically high-grade Desert Antimony Mine.
Janus Electric Holdings (ASX:JNS) is also climbing, after listing to the ASX two days ago at a share price of $0.20. JNS has since climbed as high as $0.29 intraday, a strong indication of investor interest in the newly listed heavy vehicle conversion and swappable battery company.
Cauldron Energy (ASX:CXU) is riding a bullish uranium wave higher today. Yesterday, the company identified an extensive palaeochannel system at Manyingee South, recently acquired from Wyloo Metals.
The company reckons the new tenements are within a fertile uranium province, with favourable geology for uranium mineralisation.
ASX SMALL CAP LAGGARDS
Today's worse performing small cap stocks:
Security Name Last % Change Volume Market Cap
FTC Fintech Chain Ltd 0.002 -67% 3987832 $3,904,618
ALR Altairminerals 0.002 -33% 2116764 $12,890,233
PRM Prominence Energy 0.002 -33% 362264 $1,167,529
VML Vital Metals Limited 0.002 -33% 60320883 $17,685,201
GMN Gold Mountain Ltd 0.0015 -25% 313580 $10,267,776
OVT Ovanti Limited 0.003 -25% 94727528 $11,174,060
FGH Foresta Group 0.007 -22% 465911 $23,876,158
CHM Chimeric Therapeutic 0.004 -20% 7564125 $9,253,431
ERA Energy Resources 0.002 -20% 5216771 $1,013,490,602
PKO Peako Limited 0.002 -20% 306870 $3,719,355
ENX Enegex Limited 0.013 -19% 10000 $6,094,753
REZ Resourc & En Grp Ltd 0.013 -19% 603338 $10,746,226
CRN Coronado Global Res 0.11 -19% 30458267 $226,321,254
APC APC Minerals 0.009 -18% 17205 $3,222,267
JGH Jade Gas Holdings 0.028 -18% 960000 $57,352,362
EXL Elixinol Wellness 0.015 -17% 738101 $3,974,762
ANR Anatara Ls Ltd 0.005 -17% 542291 $1,280,302
BUY Bounty Oil & Gas NL 0.0025 -17% 502755 $4,684,416
TRI Trivarx Ltd 0.01 -17% 5587540 $7,408,730
FNR Far Northern Res 0.13 -16% 132591 $6,241,203
HYT Hyterra Ltd 0.028 -15% 2612279 $53,920,643
TAS Tasman Resources Ltd 0.017 -15% 43039 $3,682,852
RAU Resouro Strategic 0.17 -15% 25780 $8,357,564
CRR Critical Resources 0.003 -14% 163000 $9,149,774
DTM Dart Mining NL 0.003 -14% 100000 $4,193,195
Fintech Chain (ASX:FTC) has applied to delist from the ASX, due to a consistently low share price, low liquidity, and negative market sentiment.
Vital Metals (ASX:VML) has consolidated its shares, reducing its quoted securities from 5 trillion to 117 million.
The company's shares have been consolidated on a 50 to one basis, with both options and performance rights following the same ratio.
IN CASE YOU MISSED IT
West Coast Silver (ASX:WCE) is gearing up for a diamond drilling program at the Elizabeth Hill project in WA. The company is targeting down-plunge extensions to silver mineralisation, focusing on high-grade zones.
Assays for two diamond holes have dramatically increased the scope of the rare earths, niobium and molybdenum discovery at Aldoro Resources' (ASX:ARN) drilling program at the Kameelburg rare earths and niobium discovery in Namibia.
EBR Systems (ASX:EBR) has raised $55.9 million, alongside a $6 million share purchase plan, to progress commercialisation of its WISE CRT system.
Trading Halts
At Stockhead, we tell it like it is. While West Coast Silver, Aldoro Resources and EBR Systems are Stockhead advertisers, they did not sponsor this article.
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