Uranium has broken out, with the spot price rising to a 16-year high of US$106 per pound in 2024. Although the market's turnaround has taken time, experts are predicting a bright future as countries around the world pursue clean energy goals. Against that backdrop, some ASX-listed uranium companies have been making moves.

Below the Investing News Network has listed the top uranium stocks on the ASX by year-on-year gains. Data was gathered using TradingView's stock screener on March 7, 2024, and all companies included had market caps above AU$50 million at the time. Read on to learn more about these firms and what they've been up to over the last 12 months.

1. Global Uranium and Enrichment Ltd (ASX: GUE)

Company Profile: Year-on-year gain: 63.1% ; market cap: AU$27.67 million; current share price: AU$10.5

Global Uranium and Enrichment Limited (ASX: GUE) formerly known as Okapi Resources (ASX: OKR) is an uranium explorer and developer that has four uranium districts across Canada and the United States. In addition to acquiring a stake in a uranium enrichment technology company, GUE’s enrichment technology leverages chemical processes that can be used to make uranium enrichment more efficient, cheaper, and safer than other similar technologies. 

In 2023, the company acquired a 51% option in a high-grade Hansen/Picnic  Tree uranium deposit located in  Colorado, before lodging permits in June 2023 to begin work on the project. Meanwhile, it equally invested in Ubaryon Pty Ltd, an Australian company leading change in the uranium enrichment process. Okapi’s sees significant value emerging from Ubaryon’s technology and can transform the uranium enrichment industry, which is estimated at a US$6 billion market and is equally fundamental to the nuclear fuel cycle currently dominated by Russia. 

Regarding its price, the recent downtrend in Global Uranium and Enrichment Ltd (ASX: GUE) appears to have ended. After briefly dipping below the lower Bollinger Band and flushing out small-time and short-term traders and investors, the stock found support near its previous levels. Now that it has broken out of its falling trendline, it is poised to move upward in the coming days, potentially offering multi bagger returns.

After a period of consolidation lasting five weeks, the recent downtrend appears to be abating and this is expected to form a bullish engulfing candle this week. If past price behavior is any indication, the stock could potentially deliver at least a 100% return in the next few weeks.

2. Aura Energy Ltd ASX: AEE

Company Profile: Year-on-year gain: -11.03% ; market cap: AU$119.49 million; current share price: AU$0.18

Aura Energy Ltd is an Australian-based minerals company that is engaged in the exploration and evaluation of uranium, vanadium gold, and base metals in Mauritania and Sweden. Its projects include the Tiris Uranium and Haggan projects. In 2023, the company announced the completion of the scoping study for the Häggån Vanadium Project in Sweden which hosts a world-class polymetallic ore body with a global-scale vanadium resource. 

Aura Energy Limited (ASX: AEE) is currently trading at a crucial support level. On May 31, 2023, it hit a low of 0.160 and then climbed to 0.355 by October 2, 2023. This presents an excellent risk-reward ratio at the current juncture.

Aura Energy Limited (ASX: AEE) is presenting an interesting opportunity. It has unfinished business to fill a gap it created on March 18, 2024. Merely filling this gap could yield a 25% return within a short time frame. The series of green candles on the daily chart suggests that the gap will likely be filled soon.

3. Deep Yellow (ASX: DYL)

Year-on-year gain: 91.73%; market cap: AU$975.008 million; current share price: AU$1.275

Deep Yellow has a large portfolio of uranium assets that span Namibia and Australia, with its two most advanced projects being Tumas (Namibia) and Mulga Rock (Western Australia). According to the company, production capacity is estimated at 7 million pounds per year. Feasibility studies for Tumas in early February 2023 outline an output of 3.6 million pounds of U3O8 annually and 1.15 million pounds of V2O5. 

The estimated mine life is 22.25 years and additional resources could extend it to 30 years. In December, Deep Yellow reviewed cost and financial forecasting outcomes after receiving a license from the Namibian government in the same month. In terms of Mulga Rock, evaluation work has begun looking for critical minerals that could boost the project’s value. In February 2024,  the mineral resources estimated were at 26% of the total uranium, justifying and updating the feasibility studies.  A revised version of the feasibility studies for Mulga Rock in Q2 2024 was released subsequently but share prices reached their peak in February 2024, reaching AU$1.76 on February 2nd, 2024.

Deep Yellow is showing some support here at an important level. This is showing a classic accumulation cylinder pattern and if you want to look those up you'll see an upcoming bull pattern. Furthermore, bullish patterns tend to persist much longer than bear patterns on average, so the current share price should see medium-term appreciation.