Extract Resources put it this way on Friday when announcing its latest assay results: Rössing South is the highest grade granite hosted uranium deposit in Namibia and potentially one of the largest uranium deposits in the world.

In Australia, certainly, the long lamented bull market in listed uranium stocks seems to be back - certainly, again, for those names on the right pieces of ground in Namibia. Extract's stock price has exploded over the past few months, not least on news that major miner Rio Tinto (and world No 2 uranium miner) has raised its stake in Extract to 15.6%.

The Extract stock price is currently nearly 500% higher than its recent lows, seen in November 2008. Kalahari Minerals, which holds 38.85% of Extract Resources, has seen its stock price rise by 269%; the two names rank as among the best-performing in the world, across all equity subsectors. Rio Tinto has also acquired a 15% stake in Kalahari Minerals.

The latest news from Extract on Rössing South, which lies immediately south of Rio Tinto's Rössing mine, can only be classified as confirming a world class deposit. In January Extract announced an initial resource of 108m pounds of uranium oxide at a grade of 430 parts per million at zone I of its Rössing South project. The very latest numbers include 53 meters at 794ppm U3O8, 65m at 1,056ppm and 20m at 3,351ppm, from 90 meters to 247 meters depth.

Rio Tinto owns 69% of the Rössing mine, known to uranium specialists as the grand old lady of the Namibian uranium industry, with a claim of 140mlb historical production over 30 years. Rio Tinto also holds a majority stake in ERA, and ranks overall as No 2 uranium miner in the world, after, of course, Cameco.

More broadly, the latest upbeat news from Extract once again highlights uranium names busy in Namibia. Paladin delivered first production from its key asset - Namibia's Langer Heinrich - in 2007 on time and on budget, and continues with the process of ramping production to what could amount to 6m pounds of uranium a year, at a cash cost of $25/lb by the second half of 2010. Uranium spot prices are currently around $42.50/lb; term prices sit around $60/lb.

Paladin's Kayelekera, a second low risk open pit operation, located in Malawi, is expected to begin producing during the first half of 2010, ramping to a run rate of 3.3m pounds a year by 2011. Paladin is seen by a number of specialist investors as offering among the most viable growth profiles in the industry, one of the best cost structures (with all-in costs second only to the ISL (in situ leaching) projects of Kazakhstan), and is an easily traded stock in both Canada and Australia.

Mantra Resources, which ranks among the top performing uranium developers, holds a 36m pound uranium resource at 360ppm in southern Tanzania, across the border from Kayelekera; the Mkuju River project is headed for mining. Attention has increasingly been drawn to Mantra by the endorsement and 20% shareholding of Highland Park - an investment vehicle representing the ex LionOre team which picked the top of the nickel market to sell LionOre to Norilsk for $5.5bn in 2007.

Back in Namibia, possible consolidation in the uranium fields looms ever larger.

Uranium-related activity and development in Namibia gained a relatively high profile in August 2007, when Areva paid $2.5bn for Uramin, formed just two years previously  to acquire and develop mineral properties, predominantly uranium, in Namibia, the Central African Republic and South Africa. Further names now present in Namibia include Bannerman, Deep Yellow (in which Paladin owns 19.3%), Xemplar, and Forsys, which may be acquired by George Forrest International Afrique S.P.R.L. for C$579m.

Selected uranium stocks

Producers

Stock

From

From

Value

price

high*

low*

USD bn

Cameco

CAD 22.47

-49.4%

56.8%

7.163

ERA

AUD 20.59

-17.5%

120.2%

2.743

Paladin

AUD 3.57

-46.9%

119.0%

1.555

Uranium One

CAD 2.79

-46.1%

365.0%

1.064

Denison

CAD 0.94

-89.7%

36.2%

0.173

Producer averages/total

-41.6%

116.2%

12.698

Weighted averages

-47.2%

84.6%

Developers & other

First Uranium

CAD 6.74

-15.0%

560.8%

0.937

UEX

CAD 0.87

-82.9%

93.3%

0.130

Uranium Part.

CAD 6.52

-37.9%

44.9%

0.383

Summit Resources

AUD 1.71

-42.8%

28.2%

0.251

Mega Uranium

CAD 1.60

-41.2%

310.3%

0.243

Alliance Resources

AUD 0.53

-68.4%

86.0%

0.101

Bannerman

AUD 0.89

-65.6%

295.6%

0.097

Forsys

CAD 4.88

-36.1%

144.0%

0.307

Aurora Energy

CAD 2.59

-58.2%

212.0%

0.154

Laramide

CAD 1.40

-67.1%

145.6%

0.077

Mantra Resources

AUD 1.90

-52.5%

239.3%

0.107

Energy Metals

AUD 0.48

-69.4%

53.2%

0.039

Deep Yellow

AUD 0.15

-61.8%

48.0%

0.114

Extract Resources

AUD 4.45

0.0%

493.3%

0.691

Strateco Resources

CAD 1.13

-49.3%

182.5%

0.109

Strathmore Minerals

CAD 0.38

-79.9%

134.4%

0.022

UR-Energy

CAD 0.68

-71.9%

100.0%

0.052

Thor Mining

AUD 0.03

-83.3%

130.8%

0.004

Uranium Resources

USD 0.59

-92.2%

63.9%

0.033

Uranerz

CAD 0.77

-78.3%

51.0%

0.035

Hathor Exploration

CAD 2.26

-48.6%

119.4%

0.158

West Australian Metals

AUD 0.08

-77.4%

52.9%

0.018

Marathon Resources

AUD 0.41

-80.0%

108.8%

0.021

Nufcor Uranium

GBP 1.39

-45.0%

86.3%

0.083

Kalahari Minerals

GBP 0.95

0.0%

268.9%

0.245

Eso Uranium

CAD 0.04

-86.5%

75.0%

0.002

Uranium Energy

USD 0.60

-82.4%

274.1%

0.028

West Aust. Metals

AUD 0.08

-77.4%

52.9%

0.018

Tournigan

CAD 0.24

-77.4%

74.1%

0.023

Scimitar Resources

AUD 0.19

-54.8%

90.0%

0.006

Vital Metals

AUD 0.04

-95.1%

0.0%

0.003

Southern Uranium

AUD 0.06

-63.6%

93.5%

0.005

Uranium Equities

AUD 0.09

-68.6%

82.0%

0.012

Black Range Minerals

AUD 0.04

-60.2%

254.5%

0.017

Berkeley Resources

GBP 0.29

-40.6%

200.0%

0.043

Xemplar Energy

CAD 0.30

-86.0%

150.0%

0.029

JNR Resources

CAD 0.25

-80.4%

58.1%

0.017

Crosshair Exploration

CAD 0.16

-84.7%

82.4%

0.012

A-CAP Resources

AUD 0.17

-81.3%

106.3%

0.013

Fission Energy

CAD 0.23

-86.0%

170.6%

0.008

Curnamona Energy

AUD 0.38

-58.3%

177.8%

0.017

Coronation Minerals

CAD 0.06

-83.3%

140.0%

0.005

Khan Resources

CAD 0.51

-63.0%

251.7%

0.022

Bayswater Uranium

CAD 0.09

-82.5%

70.0%

0.011

Energy Fuels

CAD 0.22

-85.5%

95.5%

0.011

Azimut Exploration

CAD 0.44

-88.0%

131.6%

0.006

Desert Energy

AUD 0.05

-85.1%

19.0%

0.003

Pancontinental Uranium

CAD 0.06

-88.0%

33.3%

0.002

Pepinnini Minerals

AUD 0.18

-82.5%

29.6%

0.008

Nuinsco Resources

CAD 0.04

-88.2%

166.7%

0.006

West Prospector

CAD 0.53

-60.4%

430.0%

0.023

Pitchstone Exploration

CAD 0.21

-87.1%

55.6%

0.006

Canalaska Uranium

CAD 0.14

-60.9%

200.0%

0.015

Uranium Power

CAD 0.12

-78.2%

71.4%

0.010

Bitterroot Resources

CAD 0.12

-88.9%

33.3%

0.006

Encounter Resources

AUD 0.07

-82.5%

40.0%

0.003

Calypso Uranium

CAD 0.08

-78.9%

128.6%

0.003

Magnum Uranium

CAD 0.12

-81.5%

71.4%

0.003

Atomic Resources

AUD 0.11

-64.5%

54.9%

0.004

Titan Uranium

CAD 0.24

-70.0%

118.2%

0.010

Uranex

AUD 0.18

-69.0%

63.6%

0.010

Red Hill Energy

CAD 0.46

-52.6%

130.0%

0.018

Pele Mountain

CAD 0.14

-64.5%

125.0%

0.010

Crossland Uranium

AUD 0.05

-76.2%

25.0%

0.004

Monaro Mining

AUD 0.08

-87.3%

23.1%

0.005

Epsilon Energy

AUD 0.05

-94.0%

30.0%

0.002

Eromanga Uranium

AUD 0.03

-83.6%

28.0%

0.003

African Energy

AUD 0.03

-92.1%

150.0%

0.003

Fusion Resources

AUD 0.55

-32.9%

161.9%

0.019

NWT Uranium

CAD 0.07

-79.1%

250.0%

0.007

Cash Minerals

CAD 0.05

-84.8%

150.0%

0.005

Apollo Minerals

AUD 0.18

-64.0%

44.0%

0.012

Forum Uranium

CAD 0.07

-87.0%

180.0%

0.005

Wealth Minerals

CAD 0.20

-86.3%

95.0%

0.005

Santoy Resources

CAD 0.12

-70.1%

155.6%

0.010

Uracan Resources

CAD 0.19

-68.3%

58.3%

0.014

Niger Uranium

GBP 0.19

-19.8%

413.3%

0.031

Unor

CAD 0.04

-82.2%

60.0%

0.005

Purepoint Uranium

CAD 0.09

-75.7%

142.9%

0.005

Nortec Ventures

CAD 0.10

-71.4%

42.9%

0.006

Int'l Enexco

CAD 0.33

-74.0%

62.5%

0.005

U3O8 Corp.

CAD 0.30

-68.4%

76.5%

0.006

Silver Spruce

CAD 0.10

-79.6%

100.0%

0.004

Triex Minerals

CAD 0.17

-91.0%

6.3%

0.003

Rum Jungle Uranium

AUD 0.05

-77.5%

25.0%

0.004

Solex Resources

CAD 0.13

-62.9%

420.0%

0.006

Uravan Minerals

CAD 0.12

-86.7%

9.1%

0.003

Universal Uranium

CAD 0.04

-92.6%

75.0%

0.001

Oklo Uranium

AUD 0.04

-69.2%

60.0%

0.003

Hawk Uranium

CAD 0.05

-83.3%

125.0%

0.002

Macusani Yellowcake

CAD 0.30

-40.0%

200.0%

0.008

Great Australian

AUD 0.03

-83.6%

35.0%

0.003

Contl. Precious Minerals

CAD 0.45

-68.3%

100.0%

0.017

Blue Sky Uranium

CAD 0.12

-73.9%

300.0%

0.004

Aura Energy

AUD 0.08

-74.8%

0.0%

0.002

Empire Resources

AUD 0.04

-84.4%

75.0%

0.002

Northern Continental

CAD 0.09

-69.0%

50.0%

0.004

Int'l Montoro

CAD 0.05

-77.5%

80.0%

0.001

North Atlantic Resources

CAD 0.10

-78.7%

400.0%

0.002

Alberta Star

CAD 0.13

-71.1%

44.4%

0.050

East Asia Minerals

CAD 0.50

-73.0%

316.7%

0.018

Black Range Minerals

AUD 0.04

-60.2%

254.5%

0.026

Fronteer

CAD 3.25

-46.7%

109.7%

0.002

Portal Resources

CAD 0.06

-79.6%

120.0%

0.005

Eso Uranium

CAD 0.04

-86.5%

75.0%

0.001

Bearclaw Capital

CAD 0.03

-90.0%

20.0%

0.001

Forte Energy

AUD 0.08

-50.3%

115.8%

0.025

Western metals

AUD 0.04

-65.0%

100.0%

0.018

Mindax

AUD 0.37

-28.4%

87.2%

0.033

North American Gem

CAD 0.09

-86.2%

80.0%

0.008

Developer averages/total

-69.4%

126.0%

5.265

Weighted averages

-55.2%

164.6%

Overall averages/total

-68.0%

125.5%

17.963

Overall weighted averages

-49.8%

102.5%

Diversifieds with uranium

Areva

EUR 319.87

-61.0%

5.4%

15.361

Rio Tinto

GBP 23.82

-66.8%

139.4%

49.540

BHP Billiton

GBP 14.61

-33.7%

99.7%

126.219

AngloGold Ashanti

USD 38.09

-2.7%

184.9%

13.477

Equinox

CAD 1.91

-64.0%

151.3%

0.926

* 12-month

 

Source: market data; table compiled by Barry Sergeant