Three ASX uranium stocks are grabbing headline news today.
The uranium companies in question are Boss Energy Ltd (ASX: BOE), Peninsula Energy Ltd (ASX: PEN), and Bannerman Energy Ltd (ASX: BMN).
Here's what's grabbing investor interest.
ASX uranium stocks in the news
First up, Peninsula Energy.
Shares in the ASX uranium stock are up 2.0% in morning trade on Wednesday after the company released an update on plant construction and wellfield development activities at its flagship Lance Project, located in the US state of Wyoming.
Lance is among the largest independent near-term uranium development projects in the US.
Peninsula reported that construction activities have continued to advance, and Lance remains on track for a production restart in December.
Pre-production operational activities have continued in preparation for the restart of uranium production. Twelve drill rigs are currently operating daily.
The Peninsula Energy share price is up 2% year to date.
Which brings us to Bannerman Energy.
Shares in the ASX uranium stock are down 3.6% today following the release of the company's quarterly report. The Bannerman share price remains up more than 12% in 2024.
Investors are favouring their sell buttons today despite reported development progress at its Etango Uranium Project located in Namibia. Etango is progressing towards a Final Investment Decision (FID).
The miner is also well funded. On 28 June, Bannerman announced that it had successfully raised $85 million via a share issue at $3.30 per share.
The ASX uranium stock had a cash balance of $95.7 million at 30 September, up from $24.0 million the prior year, and no debt.
Commenting on the results, Bannerman executive chairman Brandon Munro said:
Our strong balance sheet and flexible approach to project development enables us to exercise a gated approach to Etango development, with phased green lighting of various construction works in line with advancement across broader project workstreams and financial capacity.
The success of our recent $85 million equity placement delivered us the ability to move into the next phase of early construction and long-lead order activities at Etango, thereby maintaining critical path timelines.
Also grabbing headlines
Also making big news today is S&P/ASX 200 Index (ASX: XJO) listed stock Boss Energy.
The Boss Energy share price is down 3.8% at the time of writing. Shares in the ASX uranium stock are down 19% in 2024.
Investors appear unimpressed with today's update despite Boss announcing more strong drilling results from its 30%-owned Alta Mesa ISR Uranium Project, located in the US state of Texas. enCore Energy Corp owns the other 70%.
According to Boss:
The results of the drilling, which was designed to expand the producing wellfield capacity, continue to significantly exceed the cut-off grade thickness requirements for In-Situ Recovery (ISR) of uranium.
The drilling campaign kicked off in March 2023, with 749 drill holes completed through mid-September this year.
The ASX uranium stock and its JV partner have seven drill rigs operating at Alta Mesa and intend to increase that to 12 over the coming months.
The post Why these 3 ASX uranium stocks are making big news today appeared first on The Motley Fool Australia.
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2024