Top ASX Uranium Stocks to Watch for FY26

As we approach the 2025–2026 financial year, the Australian Securities Exchange (ASX) uranium sector is poised for significant developments. With global uranium demand on the rise, driven by increased interest in nuclear energy and supply constraints, several ASX-listed uranium stocks are well-positioned for growth. This article highlights the top ASX uranium stocks to watch for FY26, based on their strategic initiatives, project advancements, and market positioning.

1. Paladin Energy Ltd (ASX: PDN)

Paladin Energy is a leading uranium producer with operations in Namibia and a significant presence in the global uranium market. The company has recommenced production at its Langer Heinrich Mine (LHM) in Namibia, achieving its highest quarterly production since restarting operations. In FY26, Paladin aims to reach an annual production capacity of 6 million pounds of U₃O₈, positioning itself among the top ten global uranium producers.

Analysts have expressed optimism about Paladin's prospects, citing its strategic acquisition of Fission Uranium Corp., which enhances its asset base and market presence. With a favorable uranium price outlook and operational advancements, Paladin Energy is a stock to watch in FY26.

2. Boss Energy Ltd (ASX: BOE)

Boss Energy is focused on the restart of the Honeymoon Uranium Project in South Australia, which achieved first production in early 2024. The company is targeting a nameplate production capacity of 2.45 million pounds per annum by mid-2025. In addition to Honeymoon, Boss holds a 30% interest in the Alta Mesa in-situ recovery project in South Texas, which is due to commence production in the first half of 2024.

Analysts have highlighted Boss Energy's leverage to uranium prices, noting that it is among the most earnings-sensitive ASX producers relative to spot uranium prices. With a diversified asset base and strong production forecasts, Boss Energy is well-positioned for growth in FY26.

3. Deep Yellow Ltd (ASX: DYL)

Deep Yellow is a uranium development and exploration company progressing its dual-pillar strategy to establish a multi-mine uranium company with the capacity to produce over 7 million pounds per annum across two assets. The company’s flagship Tumas Project in Namibia has completed a Definitive Feasibility Study, with a Final Investment Decision expected by March 2025 and operations scheduled to commence in 2026.

In addition to Tumas, Deep Yellow owns the Mulga Rock Project in Western Australia, with a revised Definitive Feasibility Study set to commence in the third quarter of 2024. The company is evaluating the inclusion of critical minerals, rare earth elements, and additional uranium to increase the scale and life of the project. With a diversified portfolio and strategic focus on developing multiple projects in tier-one uranium jurisdictions, Deep Yellow offers significant growth potential in FY26.

4. Bannerman Energy Ltd (ASX: BMN)

Bannerman Energy is advancing its Etango Uranium Project in Namibia, aiming to become a significant player in the global uranium market. The company has made substantial progress in project development and is well-positioned to capitalize on the anticipated increase in uranium demand. Analysts have noted that Bannerman Energy has significant leverage to rising uranium prices, making it an attractive investment opportunity for FY26.

5. Alligator Energy Ltd (ASX: AGE)

Alligator Energy is an exploration company advancing South Australia’s highest-grade uranium discovery in over a decade at its Tin Camp Creek Project. Recent assays from drilling programs have found strong intercepts of up to 0.55% U₃O₈, indicating high-grade uranium mineralization. The project is strategically located near existing infrastructure, enhancing its development potential. With a market capitalization of approximately $60 million and promising exploration results, Alligator Energy offers significant upside potential in FY26.

6. Peninsula Energy Ltd (ASX: PEN)

Peninsula Energy is focused on the development of its Lance Uranium Project in Wyoming, USA, utilizing in-situ recovery (ISR) technology. The company has made significant strides in project development and is well-positioned to benefit from the growing demand for uranium. With a strategic focus on ISR technology and a favorable market outlook, Peninsula Energy is a company to watch in FY26.

Conclusion

The ASX uranium sector presents compelling investment opportunities as the global demand for nuclear energy grows and supply constraints impact the market. Companies like Paladin Energy, Boss Energy, Deep Yellow, Bannerman Energy, Alligator Energy, and Peninsula Energy are well-positioned to capitalize on these trends. Investors should consider these companies' strategic initiatives, project advancements, and market positioning when evaluating potential investments in the uranium sector for FY26.