Who Made the Gains? Here are the top 50 resources stocks for January

Uranium prices have launched into 2024 in the same bullish fashion as 2023; stocks are now responding
In a weak month for resources stocks overall, 19 ASX companies in our January top 50 had uranium exposure
Large Cap Winners: Energy Resources of Australia, Deep Yellow, Lotus, Bannerman
Small Cap Standouts: Koba, Aspire, White Cliff

In 2023 and 2024 uranium prices are soaring, as predicted — albeit a few years later than many expected.

What wasn’t necessarily predicted were some other industry tailwinds, like widespread global political support for new nuclear buildouts, Russia’s fall from grace, and the inability for producers like global #1 Kazatomprom to hit production targets.

Frustrating for uranium lovers has been the sluggish response to this parabolic price action from yellowcake stocks.

In 2023 there was no froth in the market. Despite the spot price action – up a barely believable 102% — only 3 uranium stocks made our top 50 for the year.

It has launched into 2024 in the same bullish fashion and stocks are now responding.

Monthly spot price (blue), long term price (grey). Source: Cameco, via UxC and TradeTech

In a weak month for resources stocks overall, 19 ASX companies in our January top 50 had uranium exposure — a new record for Gains — across the spectrum from $5m tiddler to +$1bn mainstay.

Here are the top 50 ASX resources stocks for the month of January >>>

Scroll or swipe to reveal table. Click headings to sort.

CODE COMPANY JANUARY RETURN SHARE PRICE MARKET CAP COMMODITIES KOB Kobaresourceslimited 121% 0.155 $16,339,583 URANIUM, LITHIUM AKM Aspire Mining Ltd 105% 0.215 $109,141,952 COAL EEL Enrg Elements Ltd 83% 0.011 $11,109,615 URANIUM, LITHIUM FHS Freehill Mining Ltd. 83% 0.011 $32,932,179 GOLD, INDUSTRIAL WCN White Cliff Min Ltd 78% 0.016 $21,373,749 COPPER, URANIUM ERA Energy Resources 65% 0.061 $1,351,046,250 URANIUM CBE Cobre 64% 0.072 $20,657,592 COPPER, GOLD, SILVER CXU Cauldron Energy Ltd 63% 0.039 $44,979,563 URANIUM PXX Polarx Limited 57% 0.011 $18,035,785 COPPER, GOLD BMG BMG Resources Ltd 55% 0.017 $10,774,552 LITHIUM, GOLD BSN Basinenergylimited 54% 0.185 $11,521,801 URANIUM EMU EMU NL 50% 0.0015 $3,037,157 COPPER, SILVER A1G African Gold Ltd. 48% 0.04 $6,772,448 GOLD SMI Santana Minerals Ltd 47% 1.48 $263,190,632 GOLD CZR CZR Resources Ltd 45% 0.305 $71,899,067 IRON ORE EQX Equatorial Res Ltd 44% 0.18 $23,660,164 IRON ORE VMS Venture Minerals 43% 0.01 $22,100,130 IRON ORE, RARE EARTHS DAF Discovery Alaska Ltd 42% 0.027 $6,324,337 GOLD CPO Culpeominerals 40% 0.049 $6,653,746 COPPER NMR Native Mineral Res 40% 0.028 $5,873,014 COPPER, LITHIUM VAR Variscan Mines Ltd 40% 0.014 $5,306,005 ZINC, LEAD GTR Gti Energy Ltd 38% 0.011 $22,549,418 URANIUM EL8 Elevate Uranium Ltd 36% 0.605 $186,610,181 URANIUM MRL Mayur Resources Ltd 36% 0.265 $89,066,817 INDUSTRIAL ARE Argonaut Resources 35% 0.135 $25,627,781 URANIUM NWF Newfield Resources 35% 0.135 $122,740,997 DIAMONDS BMN Bannerman Energy Ltd 35% 3.63 $554,811,995 URANIUM DYL Deep Yellow Limited 34% 1.46 $1,116,387,490 URANIUM E79 E79Goldmineslimited 34% 0.075 $6,100,056 GOLD VAL Valor Resources Ltd 33% 0.004 $16,693,339 URANIUM, RARE EARTHS, LITHIUM IPX Iperionx Limited 31% 1.82 $414,535,418 TITANIUM, ZIRCON, RARE EARTHS DTR Dateline Resources 30% 0.013 $17,284,230 GOLD, RARE EARTHS MKG Mako Gold 30% 0.013 $8,611,322 GOLD, MANGANESE EME Energy Metals Ltd 29% 0.155 $32,500,913 URANIUM AGE Alligator Energy 29% 0.076 $293,535,484 URANIUM CUF Cufe Ltd 29% 0.018 $20,630,023 IRON ORE, LITHIUM, RARE EARTHS RCR Rincon 29% 0.036 $7,961,449 RARE EARTHS, COPPER, GOLD LOT Lotus Resources Ltd 28% 0.365 $631,643,777 URANIUM PAM Pan Asia Metals 28% 0.16 $26,850,684 LITHIUM GUE Global Uranium 28% 0.125 $26,526,122 URANIUM AQD Ausquest Limited 27% 0.014 $11,552,089 COPPER, LITHIUM, NICKEL, ZINC, RARE EARTHS BKY Berkeley Energia Ltd 27% 0.35 $156,028,850 URANIUM NFL Norfolkmetalslimited 26% 0.195 $6,888,374 URANIUM, GOLD PGD Peregrine Gold 25% 0.3 $20,098,944 GOLD PEN Peninsula Energy Ltd 24% 0.13 $267,865,582 URANIUM LEG Legend Mining 21% 0.017 $49,376,112 NICKEL, COPPER AQX Alice Queen Ltd 20% 0.006 $4,145,905 GOLD AS1 Asara Resources Ltd 20% 0.012 $9,512,771 GOLD CRB Carbine Resources 20% 0.006 $3,310,427 SILICA SAND TMR Tempus Resources Ltd 20% 0.006 $4,141,740 GOLD, COPPER

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January Top Large Caps (+$500m market cap)

Energy Resources of Australia (ASX:ERA) +65%

Deep Yellow (ASX:DYL) +34%

Lotus Resources (ASX:LOT) +28%

Bannerman Energy (ASX:BMN) +35%

January Small Cap Standouts

KOBA RESOURCES (ASX:KOB) +121%

South Australia has become a go-to uranium jurisdiction during this current boom, as speculative stocks look to replicate the success of mine developer Boss Energy (ASX:BOE) and long-time producer Heathgate.

Former lithium play KOB is joining minnows like Marmota (ASX:MEU) , Norfolk Metals (ASX:NFL), Power Minerals (ASX:PNN) and Adavale Resources (ASX:ADD) in the hunt for a uranium company maker in Australia’s third largest state.

KOB will buy an 80% interest in uranium rights at the 4000sqkm Yarramba project from copper-gold play Havilah Resources (ASX:HAV) for 25m shares, and another 10m milestone shares on announcement of a +15Mlb resource.

KOB will need to spend $6m over four years on exploration, with HAV’s 20% interest ‘free-carried’ until completion of a feasibility study.

Drilling is pencilled in for Q2 this year.

“The Yarramba project is centred on 4.6 million pounds of U3O8 at the Oban deposit which provides a great foundation on which substantial resources can be built,” KOB boss Ben Vallerine says.

“No exploration has been undertaken at Yarramba since 2012, therefore the 4,000km2 project provides us excellent opportunities to make sizeable discoveries in close proximity to existing infrastructure.”

Vallerine says the explorer will also “aggressively pursue additional uranium assets”.

ASPIRE MINING (ASX:AKM) +105%

Coal from AKM’s 281Mt Ovoot project in China-adjacent Mongolia has been designated super high quality, or “fat”, making it ideal for steelmaking.

Premium quality coking/met coals are in great demand by steel producers, as good coke maximises blast furnace productivity.

“We are very excited by this confirmation which places our coal into the ‘fat coal’ market, which will attract a hard coking coal premium,” AKM’s Sam Bowles says.

“In recognition of the distinctly unique qualities of this coal, the company will be branding the coal produced from the OCCP as Toson Coal.

“In Mongolian, ‘Toson’ is an adjective meaning ‘fat’ or ‘fatty’.”

It is currently working through the approvals process and feasibility studies to move Ovoot towards production by the end of 2025.

In his November chairman’s address Michael Avery told shareholders coking coal demand wasn’t going away.

“On a world stage, our view is that there is currently minimal capital being invested in the development or expansion of coking coal projects, where green policies are not differentiating between coking and thermal coals,” he said.

“At the same time, the demand for coking coal continues to increase and remains an irreplaceable input into commercially viable processes of making steel, which is an essential material required to achieve many of the United Nations Sustainable Development Goals.

“In such context, as a veteran of the coal industry, the prospect of developing the Ovoot Project excites me tremendously.

“In my view there are few, if any greenfield coking coal deposits equal or better in terms of size, quality, or proximity to market.”

WHITE CLIFF MINERALS (ASX:WCN) +79%

Another former lithium explorer chasing what’s hot. WCN plans to acquire a historical uranium project in the remote Northwest Territories of Canada called Radium Point, which produced 13.7Mlb uranium, plus silver, copper gold, nickel and lead pre-1982.

According to this doco, Port Radium provided 11% of all the uranium used in the Manhattan project.

WCN says exploration has been largely non-existent in the area since uranium production ceased in the ’60s and silver and copper mining stopped in early ’80s.

Initial exploration will focus on finding extensions to previously exploited orebodies, as well as known outcropping prospects throughout the licence area that have never been followed up.

Radium Point was secured via licence applications and cost the company just CAD$150,000 in shares to a Canadian consultant.

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