Global portfolio flows indicate that among mining stocks, listed uranium names have been in strong demand over the past few months, third among mining subsectors only to specialist miners of nickel and zinc. One catalyst has come by way of spot uranium prices, moving up over the past month or so, reversing a longer term downward trend, and more recent one in place since December.There has also been an good stream of news on the discovery front, especially out of Namibia, along with some pretty decent corporate results, such as those seen from Uranium One on Monday, a stock that continues to put 2008's closure of the Dominion mine in South Africa in the archives.The outlook for spot uranium prices remains on balance for the meantime. Uranium prices moved up from around $10/lb some ten years ago, to a peak of $136/lb in late June 2007, and then fell and fell, to recent multi-year lows around $40/lb, but have since picked up to around $44/lb. For the meantime, the price behaviour of listed uranium stocks is leaving energy peer coal stocks behind; this is even more the case with listed oil stocks.On the stocks pricing front, First Uranium, listed in Canada and South Africa, ranks broadly as the best performer among the global uranium group, with a gain from lows of more than 600% in its Canadian stock price. The company commissioned the gold plant at its Ezulwini mine in South Africa in July 2008, and is currently busy commissioning the uranium plant there.Gold output is projected at around 340 000 ounces a year at full production, with a co-product cash cost of around $340/oz, while uranium output is seen at about 1.2m pounds a year, with a co-product cash cost of some $25/lb. At Mine Waste Solutions, also in South Africa, First Uranium is building up to annual production of 142 000 ounces of gold (co-product cash cost: $ 279/oz) and 1.4m pounds a year of uranium ($ 21/lb). First Uranium is well funded, and more modules are going up at MWS. Overall, the company is set to move into the Top 10 global uranium producers, and simultaneously rank as a Tier II global gold miner.Among established specialist uranium producers, world leader Cameco is trading pretty well, having more than doubled from its stock price lows seen in December; Paladin has recovered very strongly; ERA, part of the Rio Tinto group, has been the most resilient over a longer period, while Uranium One, as mentioned, is now firmly within the classification of a recovery stock with more production growth going forward. The more recent disappointment among producers, Denison appears to be back on its feet again, but may take time to fully regain investor confidence.Then there is a fairly closely related subculture of uranium stocks active in Namibia, focused for now on connections with Extract Resources, with its Rössing South discovery in Namibia. Major miner Rio Tinto, which has long operated the original Rössing mine, had earlier this year raised its stake in Extract to 15.6%. Kalahari Minerals, which holds 38.85% of Extract Resources, has also seen its stock price soar; Rio Tinto has also acquired a 15% stake in Kalahari Minerals. Further beneficiaries of this action include NWT Uranium, which holds 34.06% of Niger Uranium, which in turn owns 15.06% of Kalahari Minerals.

Mantra Resources, which ranks among the top performing uranium developers, holds a uranium resource in southern Tanzania, across the border from recently opened Kayelekera mine in Malawi, owned and operated by Paladin, which owns just short of 20% of Extract Resources. Further interest around this theme developed recently when Australia- and Namibia-listed Deep Yellow released very high grade results from six deeper drill samples from its INCA project in Namibia. Forsys, proceeding to the mining stage at Valencia in Namibia, may yet be taken over.Among other uranium developers, some startling stock price performances have also been noted in the cases of, among other, Berkeley Resources, no debt White Canyon, with production hopefully in sight, US-based and focused Uranium Energy, and Mega Uranium, busy in many directions.

In some circles, at least, it is broadly accepted that the 2007 spike in uranium prices was a bubble, driven by a mania based on three shaky substrates. First, the presence of basically bullish fundamentals with the end of Russian dumping, and strong demand growth, particularly from China. Second, plentiful liquidity courtesy of hedge funds and participation certificates and third, the difficulty of valuing uranium companies.Selected uranium stocks

Ranked here on broad 12-month performance.

 

Stock

From

From

Value

price

high*

low*

$ bn

First Uranium

CAD 7.75

-3.1%

659.8%

1.020

Solex Resources

CAD 0.24

-31.4%

860.0%

0.012

Berkeley Resources

GBP 0.57

0.0%

494.7%

0.089

White Canyon

AUD 0.39

-7.1%

550.0%

0.056

Extract Resources

AUD 4.80

-11.4%

540.0%

0.838

Uranium Energy

$ 1.51

-55.6%

841.3%

0.070

Niger Uranium

GBP 0.21

-17.6%

460.0%

0.018

Uranium One

CAD 3.69

-26.8%

515.0%

1.505

Mantra Resources

AUD 3.14

-21.5%

460.7%

0.358

Purepoint Uranium

CAD 0.23

-32.4%

557.1%

0.015

Kalahari Minerals

GBP 1.13

-11.4%

338.8%

0.306

Mega Uranium

CAD 1.97

-25.7%

405.1%

0.320

Blue Sky Uranium

CAD 0.20

-47.4%

566.7%

0.007

Northern Continental

CAD 0.22

-20.4%

258.3%

0.010

NWT Uranium

CAD 0.14

-56.3%

600.0%

0.015

ERA

AUD 22.18

-11.1%

137.2%

3.233

Encounter Resources

AUD 0.25

-37.5%

400.0%

0.013

Mindax

AUD 0.44

-13.7%

125.6%

0.043

Magnum Uranium

CAD 0.35

-41.5%

392.9%

0.009

Macusani Yellowcake

CAD 0.35

-30.0%

250.0%

0.010

Titan Uranium

CAD 0.48

-40.0%

336.4%

0.022

Forsys

CAD 5.45

-28.7%

172.5%

0.374

Marathon Resources

AUD 0.96

-51.2%

394.8%

0.056

Deep Yellow

AUD 0.27

-30.3%

170.4%

0.227

Black Range Minerals

AUD 0.05

-49.0%

354.5%

0.024

Paladin

AUD 4.57

-32.0%

180.4%

2.177

Nufcor Uranium

GBP 1.76

-29.0%

135.5%

0.110

Uranium Part.

CAD 7.93

-24.5%

76.2%

0.498

A-CAP Resources

AUD 0.39

-55.7%

387.5%

0.033

Energy Fuels

CAD 0.54

-57.5%

390.9%

0.029

Scimitar Resources

AUD 0.27

-35.7%

170.0%

0.010

Canalaska Uranium

CAD 0.17

-47.7%

277.8%

0.020

Uranex

AUD 0.34

-41.4%

209.1%

0.022

U3O8 Corp.

CAD 0.53

-42.4%

211.8%

0.011

Uranium Power

CAD 0.27

-50.9%

285.7%

0.023

Cameco

CAD 29.69

-33.1%

107.2%

10.118

Forte Energy

AUD 0.10

-39.4%

163.2%

0.034

UR-Energy

CAD 1.21

-50.0%

255.9%

0.099

Bannerman

AUD 1.03

-60.2%

357.8%

0.124

Uracan Resources

CAD 0.34

-43.3%

183.3%

0.027

Red Hill Energy

CAD 0.55

-43.3%

175.0%

0.023

Toro Energy

AUD 0.24

-43.8%

161.1%

0.131

Uranium Equities

AUD 0.15

-48.3%

200.0%

0.022

Contl. Precious Minerals

CAD 0.71

-50.0%

215.6%

0.029

Obtala

GBP 0.28

-33.9%

46.1%

0.078

Desert Energy

AUD 0.15

-55.2%

257.1%

0.009

West Australian Metals

AUD 0.17

-52.2%

223.5%

0.042

Laramide

CAD 1.95

-54.1%

242.1%

0.114

Fronteer

CAD 3.42

-42.4%

120.6%

0.352

Uranerz

CAD 1.66

-53.2%

225.5%

0.080

Portal Resources

CAD 0.10

-58.7%

280.0%

0.002

Pepinnini Minerals

AUD 0.45

-55.0%

233.3%

0.023

African Energy

AUD 0.06

-78.9%

470.0%

0.007

Strateco Resources

CAD 1.11

-50.2%

177.5%

0.115

Nortec Ventures

CAD 0.18

-48.6%

157.1%

0.011

Pele Mountain

CAD 0.18

-52.1%

191.7%

0.014

Arafura Resources

AUD 0.66

-53.2%

199.1%

0.097

Hathor Exploration

CAD 2.34

-46.4%

128.8%

0.175

Khan Resources

CAD 0.54

-60.9%

272.4%

0.025

Cash Minerals

CAD 0.10

-71.2%

375.0%

0.010

Alliance Resources

AUD 0.80

-52.2%

180.7%

0.167

Tournigan

CAD 0.44

-57.4%

222.2%

0.046

Greenland Minerals

AUD 0.40

-51.8%

166.7%

0.059

Curnamona Energy

AUD 0.40

-55.6%

196.3%

0.020

Summit Resources

AUD 1.80

-39.6%

35.3%

0.535

Bayswater Uranium

CAD 0.18

-62.5%

260.0%

0.024

Eso Uranium

CAD 0.08

-66.7%

300.0%

0.004

East Asia Minerals

CAD 0.50

-68.1%

312.5%

0.021

Oklo Uranium

AUD 0.06

-50.8%

136.0%

0.004

Strathmore Minerals

CAD 0.62

-66.8%

287.5%

0.039

Calypso Uranium

CAD 0.12

-64.2%

242.9%

0.005

Alberta Star

CAD 0.21

-53.3%

133.3%

0.020

Southern Uranium

AUD 0.08

-54.5%

141.9%

0.007

Apollo Minerals

AUD 0.25

-51.0%

96.0%

0.018

Coronation Minerals

CAD 0.10

-70.3%

280.0%

0.009

Forum Uranium

CAD 0.11

-76.1%

320.0%

0.008

Uran

AUD 0.08

-72.2%

275.0%

0.003

Denison

CAD 2.55

-72.0%

269.6%

0.501

UEX

CAD 1.55

-69.5%

244.4%

0.259

Western Prospector

CAD 0.37

-72.4%

270.0%

0.017

Atomic Resources

AUD 0.14

-56.5%

90.1%

0.006

Rum Jungle Uranium

AUD 0.08

-60.0%

122.2%

0.009

Empire Resources

AUD 0.07

-71.1%

225.0%

0.003

Santoy Resources

CAD 0.12

-65.7%

166.7%

0.011

Universal Uranium

CAD 0.09

-81.9%

325.0%

0.003

Eromanga Uranium

AUD 0.06

-63.2%

128.0%

0.005

Int'l Enexco

CAD 0.45

-62.9%

122.5%

0.007

Western metals

AUD 0.45

-62.5%

114.3%

0.021

Xemplar Energy

CAD 0.42

-77.3%

250.0%

0.044

North Atlantic Resources

CAD 0.07

-77.4%

250.0%

0.002

Uranium Resources

$ 1.25

-79.2%

247.2%

0.070

Thor Mining

AUD 0.04

-77.2%

215.4%

0.005

Great Australian

AUD 0.05

-70.3%

145.0%

0.005

Energy Metals

AUD 0.56

-63.9%

80.6%

0.050

Wealth Minerals

CAD 0.32

-77.8%

215.0%

0.008

Fission Energy

CAD 0.30

-81.7%

252.9%

0.011

Nuinsco Resources

CAD 0.06

-83.8%

266.7%

0.009

Crossland Uranium

AUD 0.07

-65.7%

80.0%

0.006

Crosshair Exploration

CAD 0.24

-76.3%

176.5%

0.022

Unor

CAD 0.06

-73.3%

140.0%

0.008

Uravan Minerals

CAD 0.24

-73.3%

118.2%

0.006

Aura Energy

AUD 0.11

-65.6%

32.5%

0.007

Hawk Uranium

CAD 0.05

-78.3%

150.0%

0.002

Triex Minerals

CAD 0.34

-76.4%

126.7%

0.006

Pitchstone Exploration

CAD 0.33

-79.8%

144.4%

0.010

Polo Resources

GBP 0.04

-81.6%

146.8%

0.120

Silver Spruce

CAD 0.11

-78.1%

110.0%

0.004

JNR Resources

CAD 0.28

-75.0%

77.4%

0.021

Bitterroot Resources

CAD 0.20

-81.5%

122.2%

0.011

Bearclaw Capital

CAD 0.05

-80.0%

100.0%

0.001

Int'l Montoro

CAD 0.04

-80.0%

60.0%

0.001

Monaro Mining

AUD 0.11

-82.5%

69.2%

0.008

PriarGunsky

$ 128.00

-78.8%

28.0%

0.224

Pancontinental Uranium

CAD 0.08

-84.0%

77.8%

0.003

Azimut Exploration

CAD 0.40

-88.4%

110.5%

0.006

North American Gem

CAD 0.07

-89.2%

40.0%

0.007

Epsilon Energy

AUD 0.04

-95.1%

7.5%

0.002

Developer averages/total

-54.9%

240.1%

25.854

Weighted averages

-37.4%

153.9%

* 12-month.