Cameco Corporation NYSE:CCJ TSE:CCO Q1 Results

Cameco posted net earnings for the first quarter of C$117.0 million or C$0.32 per share, up from C$26.0 million or C$0.07 per share in the same period of last year. Earnings from operations for the quarter grew to C$143 million from C$15.0 million in the corresponding period of previous year. The company attributed the rise in earnings to improved results in the uranium business.

Cameco reported first quarter revenue of C$542 million compared to C$216 million in the comparable period of prior year. Revenues from uranium were C$285 million, up from C$78 million, while from fuel services grew to C$44 million from C$26 million in the year-ago period.

Revenues from Bruce Power Limited Partnership fell to C$334 million from C$411 million, while from gold declined to C$107 million from C$113 million in the corresponding period of last year.

Looking ahead, the company expects second quarter-consolidated earnings to be lower than that of the first quarter. Further, Cameco sees fiscal year 2006 earnings to be marginally less than fiscal year 2005 earnings, while revenues to grow by 50% from last year.

Analysis: Cameco surprised me slightly with their stronger-than-expected Q1 performance but the lower guidance for Q2 should temper the enthusiasm. What was not surprising was the driver for Cameco's improvement, that being uranium. Although a large proportion are hedged, enough of Cameco's contracts could take advantage of the overall price increase of uranium oxide to raise the overall profit. Which of course, makes Urasia's (CVE:UUU) next quarterly report all the more important as a benchmark, as that company is fully unhedged. Still, Cameco, being the behemoth of the uranium industry, is expected to give all uranium juniors a spark with these earning results when the markets reopen tomorrow.

Uranium Stocks Tool

Website: http://www.preciousmetalresources.com

This is the very best website to keep track of all uranium companies (of course, I am biased since I helped to bring it to fruition!) It has the latest news for each uranium company as well as hourly updates of their stocks as they trade on the markets.

I had noticed that it was becaming very difficult to keep track of all the existing uranium companies, let alone all the new ones that are popping up every day. Look for www.preciousmetalresources.com to expand even further in the near future. We have surprises for everybody!

Revisiting Past Uranium Picks

Well, my uranium mining stocks blog has hit the 3 month mark! A big thank you for all of you who have given your input and helped to fuel my passion for writing about uranium stocks! I still have the same enthusiasm now as I did at the end of January and will continue to write as long as there is a thirst from uranium readers worldwide.

At this point I thought I'd give everyone a quarterly report on my uranium picks. Now unlike other sites, I'm not going to quote exact numbers. That's really not my style. Suffice to say, all my picks went up, some significantly, some less so, save one..

International Uranium Corporation (IUC.TO) has seen its stock stagnate, but then if one actually read my original article on IUC, would discover that I had urged caution on this stock until they had actually announced reopening of their American mines. To this day they haven't and I am frankly skeptical about the reason why.

Paladin Resources (PDN.TO), sxr Uranium One (SXR.TO), Uranium Participation Corporation (UPC.TO), and Ur-Energy (URE.TO) have all performed very well.

Urasia (UUU.V) has also gained, modestly well, but I wanted to highlight this stock for a particular reason. Urasia will be the bellweather stock for all other uranium juniors in the months to come. If you remember, Urasia announced a $5.5 million loss for the three months of November, December and January. The next quarterly report for the months of February, March, and April should be out sometime near the end of June, will be critical. The reasoning is that these three months will see Urasia sell uranium at fully unhedged prices, aka prices determined by the current uranium oxide charts. Urasia is probably the first company to jump from non-producing uranium junior to uranium producing powerhouse and its success or lack thereof on the bottom line will determine in a big way the way investors feel about the future viability of many other uranium companies.

Below are the links to all six of my uranium picks made this quarter. Feel free to read my original articles!

Uranium Penny Stocks

Here are some uranium companies who can be considered penny stocks in terms of their market valuations. As always with penny stocks however, make sure you do full due diligence first! Sometimes there are reasons why these penny stocks!

Benton Resources (BTC.V)
Buck Lake Ventures (BUC.V)
Consolidated Pacific Bay (CBP.V)
El Nino Ventures Inc. (ELN.V)
Garnet Point (GRV.V)
Glen Hawk Minerals (GHM.V)
Global Uranium (GU.V)
Gravity West Mining Corp. (GRW.V)
IGC Resources Inc. (IGC.V)
MAX Resource Corp. (MXR.V)
Monster Copper Corporation (MNS.V)
New Shoshoni Ventures (NSV.V)
Rare Earth Metals Corp. (REM.V)
Sea Green Capital Corp. (SGS.V)
ValGold Resources Ltd. (VAL.V)
Waseco Resources Inc. (WRI.V)

Canadian Uranium Stock Market Caps (April 23)

Alberta Star Development (ASX.V)
$193,043,962.80

Aldershot Resources Ltd. (ALZ.V)
$13,198,819.30

Altius Minerals Corp. (ALS.V)
$171,116,569.75

Aurora Energy Resources (TSE:AXU)
$282,655,416

Azimut Exploration Inc. (AZM.V)
$27,180,891.92

Bayswater Ventures (BVE.V)
$23,641,000.96

Benton Resources Corp. (BTC.V)
$7,382,964.60

Brilliant Mining Corp. (BMC.V)
$19,681,431.44

Buck Lake Ventures Ltd. (BUC.V)
$1,525,440.22

CAMECO (CCO.TO)
$16,598,273,506.08

CanAlaska Ventures Limited (CVV.V)
$40,956,177.90

Cash Minerals Ltd (CVE:CHX)
$38,528,628.39

Commander Resources Ltd. (CMD.V)
$15,071,932.78

Consolidated Abaddon Resources Inc. (ABN.V)
$20,545,038.00

Consolidated Pacific Bay (CBP)
$8,175,675.20

Continental Precious Minerals Ltd. (CZQ.V)
$23,555,479.90

Crescent Resources Corp. (CRC.V)
$12,433,908.46

Crosshair Exploration (CXX.V)
$84,975,401.79

Dejour Enterprises (DJE.V)
$85,513,289.76

Denison Mines Inc. (DEN.TO)
$491,632,223.52

East Asia Minerals Corp. (EAS.V)
$33,295,809.60

East West Resources (CVE:EWR)
$15,478,308.16

El Nino Ventures Inc. (ELN.V)
$5,435,966.97

Eloro Resources Ltd. (ELO.V)
$19,446,129.28

Energy Metals Corp (EMC.V)
$194,478,642.24

Equinox Resources Ltd. (EQN.TO)
$651,391,445.76

Erdene Gold Inc. (ERD.TO)
$30,449,635.00

ESO Uranium Corp. (ESO.V)
$38,127,457.20

Firestone Ventures Inc. (FV.V)
$15,142,519.22

Formation Capital (TSE:FCO)
$65,032,807.20

Fortress Minerals Corp. (FST.V)
$100,464,750.75

Forum Development Corp. (FDC.V)
$17,025,090.36

Fronteer Development Group Inc. (FRG.TO)
$371,365,746.40

Full Metal Minerals Ltd. (FMM.V)
$67,847,169.60

Garnet Point (CVE:GRC)
$5,031,528.95

Glen Hawk Minerals (CVE:GHM)
$2,733,840.04

Global Uranium (CVE:GU)
$8,970,900.00

Globex Mining (TSE:GMX)
$73,620,314.40

Golden Valley Mines Ltd. (GZZ.V)
$17,741,723.02

Gravity West Mining Corp. (GRW.V)
$2,869,756.23

Great Western Mining (CVE:GWG)
$25,702,622.53

Hathor Exploration Ltd. (HAT.V)
$21,744,205.30

High Plains Uranium, Inc. (HPU.TO)
$41,717,636.87

Hornby Bay Exploration Ltd (HBE.V)
$50,841,342.72

IGC Resources Inc. (IGC.V)
$9,447,849.60

International KRL (CVE:IRK)
$19,120,173.02

International Uranium Coporation (IUC.TO)
$552,619,162.50

JNR Resources Inc. (JNN.V)
$100,118,558.60

Kilgore Minerals Ltd. (KAU.V)
$15,955,290.50

Laramide Resources Ltd. (LAM.V)
$358,816,923.50

Lateegra Gold (CVE:LRG)
$13,860,574.00

Logan Resources Ltd. (LGR.V)
$14,747,504.10

Magnum Uranium Corp. (MM.V)
$19,232,937.65

Mawson Resources Ltd. (MAW.V)
$29,753,928.40

MAX Resource Corp. (MXR.V)
$6,471,232.30

Mega Uranium, Inc. (MGA.V)
$394,028,756.60

Mesa Uranium Inc. (MZU.V)
$14,106,417.78

Mexivada Mining Corp. (MNV.V)
$12,523,266.00

Monster Copper Corporation (MNS.V)
$9,771,455.60

New Shoshoni Ventures (CVE:NSV)
$4,585,765.50

North American Gem Inc. (NAG.V)
$10,585,421.86

Northern Canadian (CVE:NCA)
$10,829,990.34

Northern Continental Resources Inc. (NCR.V)
$15,433,756.80

Northwestern Mineral Ventures Inc. (NWT.V)
$72,976,581.00

Nova Uranium Corp. (NUC.V)
$58,711,141.50

Nuinsco Resources (TSE:NWI)
$26,960,490.06

Paladin Resources Ltd (PDN.TO)
$1,977,071,422.85

Pan African Mining Corp. (PAF.V)
$34,719,153.50

Pathfinder Resources Ltd. (PHR.V)
$20,541,368.25

Pele Mountain Resources Inc. (GEM.V)
$18,864,797.40

Pioneer Metals Corp. (PSM.TO)
$27,029,644.20

Pitchstone Exploration Ltd (PXP.TO)
$46,128,756.80

Purepoint Uranium Group Inc. (PTU.V)
$20,883,222.48

Quattera Resources (QTA.V)
$105,371,168.00

Quincy Energy (CVE:QUI)
$76,359,551.40

Rampart Ventures Ltd. (RPT.V)
$15,532,193.70

Rare Earth Metals Corp. (REM.V)
$5,751,482.69

Red Dragon Resources Corp. (DRA.V)
$29,470,995.40

Rodinia Minerals Inc. (RM.V)
$13,832,536.80

Santoy Resources Ltd. (SAN.V)
$52,783,886.50

Sea Green Capital Corp. (SGS.V)
$4,796,321.00

Signet Minerals Inc. (SGN.V)
$16,196,154.24

Silver Spruce (CVE:SSE)
$6,385,332.58

Solex Resources Corp. (SOX.V)
$20,805,243.82

Solitaire Minerals Corp. (SLT.V)
$17,839,236.45

Starfire Minerals Inc. (SFR.V)
$11,539,374.66

Strateco Resources Corp. (RSC.V)
$72,126,842.82

Strategic Metals Ltd. (SMD.V)
$22,362,673.20

Strathmore Minerals Corp. (STM.V)
$150,688,708.05

Strongbow Exploration Inc. (SBW.V)
$34,240,255.84

sxr Uranium One Inc (SXR.TO)
$1,170,301,585.24

Thelon Ventures Ltd. (THV.V)
$12,707,511.16

Titan Uranium Exploration (TUE.V)
$63,059,530.40

Tournigan Gold Corporation (TVC.V)
$186,940,831.20

Triex Minerals Corporation (TXM.V)
$31,349,240.00

Twenty-Seven Capital Corp. (TSC.V)
$10,183,418.08

UEX Corp. (UEX.TO)
$801,526,336.05

UGL Enterprises Ltd. (UGS.V)
$41,790,572.80

United Carina Resources Corp. (UCA.V)
$11,054,682.94

Universal Uranium Ltd. (UUL.V)
$17,436,384.42

Uranium City Resources Inc (UCR.V)
$11,843,434.71

Uranium Participation Cooperation (U.TO)
$278,607,004.50

Uranium Power Corp. (UPC.V)
$50,671,756.56

Urasia Energy Ltd. (UUU.V)
$1,616,290,160.03

Uravan Minerals Inc. (UVN.V)
$28,680,142.50

Ur-Energy Inc. (URE.TO)
$122,230,180.80

ValGold Resources Ltd. (VAL.V)
$7,956,298.35

Vena Resources Inc. (VEM.V)
$41,842,927.35

Waseco Resources Inc. (WRI.V)
$5,063,477.13

Wescan Goldfields Inc. (WGF.V)
$33,989,244.10

Western Prospector Group Ltd. (WNP.V)
$174,442,322.60

April Uranium News

(1) Japanese power companies are actively seeking new uranium sources, signing JV agreements with uranium companies around the world. Japan wants to cut down on its oil reliance and nuclear power seems to be the way to go for them. If you remember, two Japanese companies are invested in Cameco Corporation's (NYSE:CCJ TSE:CCO) Cigar Lake mine.

(2) Queensland, one of the Australian districts, is politically divided over allowing uranium mining. Its current premier wants to defer debate for a year, which could definitely affect Australian uranium juniors with interests in that region.

(3) Bayswater Ventures Corp. (TSX VENTURE:BVE) and Pathfinder Resources Ltd. (TSX VENTURE:PHR) are merging to form a bigger uranium junior, with uranium properties in both Canada and Nigeria. This is probably a sign of things to come as the sheer number of uranium juniors will create impetus to merge and form bigger uranium juniors.

6th Uranium Stocks Pick: Ur-Energy (TSE:URE)

Ur-Energy (TSE:URE) is a company focused in on North American uranium. If you haven't noticed already, I traditionally like companies with uranium properties elsewhere: sxr Uranium (TSE:SXR) in Australia and South Africa, Paladin Resources (TSE:PDN) in Namibia and Urasia Energy (CVE:UUU) in Kazakhstan. North American uranium plays generally have a much longer permitting process and therefore, will not produce yellowcake anytime soon (not to mention that there are hundreds of uranium juniors all vying to use the same drill rigs!)

However, there are reasons to be interested in Ur-Energy:

Uranium Claims

While Ur-Energy has stakes in Northern Canada, the ones of main interest are in Wyoming. The uranium company's main priority are the Great Divide Basin Projects comprised of the Lost Creek, Lost Soldier, Radon Springs and North Hadsell properties. Other uranium claims include URE's Shirley Basin Project comprised of the Bootheel, Buck Point and Chalk Hills and the Kaycee and Shamrock Project. Just a few days ago, Ur-Energy and Energy Metals Corporation (TSE:EMC) traded several Wyoming properties between them in an effort to consolidate and become more efficient: Ur-Energy gave up Chalk Hills and Shamrock in exchange for consolidation of the Bootheel project.

Of the Great Divide Basin Projects, Lost Creek and Lost Soldier are the ones of most interest because they are in the process of being verified to industry NI 43-101 standards. Historical estimates of 13 million lbs and 26 million lbs respectively should actually be taken seriously, as these estimates were provided by Conoco and Cameco through actual drilling. Ur-Energy claims another 45 million lbs of historical uranium resources distributed amongst its other Wyoming properties (34 million in Radon Springs) but these are not as accurate and should be taken with several grains of your proverbial uranium salt.

Production at Lost Soldier is optimistcally set to begin in mid-2008. Of the 26 million lbs of uranium in Lost Soldier, half are indicated and half are inferred. A look at their proposed timeline indicates that several key events must take place for 2008 production to happen: good resources studies, environmental studies + permitting, engineering, financing, and then construction of the actual in-situ leaching ISL wellfield. In addition, Ur-Energy must establish a satellite plant to expedite the ISL operation, and to tie the plant in with an existing uranium-producing company's NRC license, most likely with Power Resources (Cameco-owned).

Lost Creek has much the same elements for their timeline, but is not scheduled to begin production until 2009.

Uranium Environment

Fortunately for Ur-Energy, Wyoming is a very uranium-friendly environment. The state already has ISL plants and knows the technology well so Ur-Energy is not expected to run into opposition here.

The People

With any investment in an uranium junior, experience with uranium is of paramount importance. Ur-Energy prides itself on having 18 geologists with 340 combined years of uranium experience between them. URE is currently headed by William Boberg, who has a wealth of experience in uranium exploring in Wyoming. This is an acting CEO who is also their senior geologist with 25 publications under his belt, a guy who has actually written articles entitled "Exploration for Uranium in Wyoming."

Quick Facts

Shares Outstanding = 49 million
Fully Dilated = 65 million
Cash on Hand = $11 million
Cash from Warrants = $10.7 million

Insider Activity

William Boberg: Director + CEO = 400,000 common shares, no activity
Jeffrey Klenda: Chairman + Director = 700,000 common shares, no activity
Eric Cragie: Senior VP Exploration + Director = 350,000 common shares, no activity
Paul Pitman: VP Canadian Exploration = 500,000 common shares, no activity
James Franklin: Chief Scientist + Director = 250,000 common shares, no activity
Paul Macdonell: Director = 150,000 common shares, no activity
John McNeice: CFO = 250,000 common shares, no activity

Final Thoughts

With a $100 million Cdn market cap, Ur-Energy is not cheap, but not overly expensive either. They are still at least two years away from uranium oxide production, and that's in the most optimistic light. Still, they have all the right elements to become one of those few succesful uranium juniors to separate themselves from the pretenders.

For that reason, Ur-Energy becomes my 6th uranium stock pick.

American Listed Uranium Companies (April 13)

Not a complete list, but will constantly update

BHP Billiton Limited (NYSE:BHP)
Cameco Corporation (NYSE:CCJ)
Entourage Mining Ltd (OTC:ETGMF)
Fronteer Development Group Inc. (AMEX:FRG)
Rio Tinto (NYSE:RTP)
Uranium Resources, Inc. (OTC:URRE)
U.S. Energy Corp. (NASDAQ:USEG)
USEC Inc. (NYSE:USU)

Apr 9 Uranium Stocks Update: sxr Uranium One (TSE:SXR)

Here's a nice little update on SXR Uranium One (TSE:SXR) from Creamer's Mining Weekly. Since it's a long read, I only took out the most relevant parts:

Froneman reveals that the extent of the progress that has been made in fast-tracking this project is evident in that the first draft of the final feasibility study has just been completed– one month ahead of schedule – and the commissioning of the Rietkuil Dominion Uranium project is on track for the first quarter of 2007.

Analysis: This is very good news. Investors in the still-speculative uranium sector are much more willing to pay a premium if the uranium company lays out a firm timeline and then actually makes their deadlines. Just look at Paladin Resources..

Although it is unusual for the construction of mine infrastructure to commence before the completion of a final feasibility study, Froneman explains that this was an essential component of the company’s strategy to fast-track the project.“Because this is not a marginal project, we took a decision to fast-track this project, through the initiation of construction, in June last year,” explains Froneman.

Analysis: Clearly, SXR Uranium One is not expecting their feasibility study to be rejected, and nor should they, because all indications have been positive thus far.

Production is estimated to begin at an annualised two-million pounds a year of uranium oxide, ramping up to four-million pounds a year by the end of 2010.

Analysis: SXR's Dominion mine will be producing uranium oxide a little later than Paladin's Namibian mine, thus explaining why their market cap sits at $1.0 billion compared to Paladin and Urasia at $1.8 billion. The potential for SXR to join the other two will be dependent on future reports delineating exactly how much reserves sxr Uranium One has at Dominion. If it's anywhere near the 150-200 million lbs of uranium they think they might have, watch out!

Cameco Corporation Cigar Lake

The announcement that Cameco Corporation's (NYSE:CCJ TSE:CCO) Cigar Lake mine would be delayed by six months is of greater significance than what people might believe. First of all, there is immediate relevance to Cameco. The cost of building Cigar Lake, already at $500 million or so, will go up by another $50-100 million. There will be losses also from the six months of non-production of uranium oxide.

Beyond the immediate impact to Cameco Corporation and their investors is that to the rest of the uranium juniors. Cameco Corporation basically dwarfs its uranium cousins with its size and Cigar Lake represents the next step in securing its hold on uranium supremacy. After all, their intention is to flood the uranium market with 18 million pounds of uranium oxide from Cigar Lake eventually.

However, because of the erstwhile mine flooding, Cigar Lake has indeed been set back. While investors of the Cameco Corporation may not and should not rejoice, investors of other uranium companies probably would see this news in a different light. Imagine when SXR Uranium One rolls through with uranium production from its Dominion mine during the first quarter and finds out that there is no new production from Cameco Corporation. Ditto for Paladin Resources, who will enjoy the media coverage on "new uranium oxide production" during the 3rd quarter of this year without having Cigar Lake looming over their heads.

As for Cameco Corporation investors, all is not lost of course. The advantage of being at the top of the uranium oxide food chain is that recoverable mistakes can be made. Cameco still has uranium production from multiple other sources, and profits will increase as they gradually unhedge themselves from prior contracts. Of course, as I have stated in earlier articles about the Cameco Corporation, they do not have the unhedged flexibility of Paladin or Urasia, but they will be fine in the long run.

Apr 8 Uranium Stocks Update: Urasia Energy (CVE:UUU )

Over the last few months, Urasia (UUU.V) has kept relatively quiet compared to its main rival Paladin Resources (PDN.TO). While Paladin has reeled off successive positive annoucements, and buoyed further by the intense attention paid to the Australia-China uranium talks, Urasia has been largely silent, content to consolidate at the $3 range. However, this last week has seen a retracement of Paladin back under $4 (briefly) as investors took some profits from the red-hot uranium stock; Urasia, on the other hand, made a big move upwards as they attempted to chase down Paladin for uranium junior supremacy.

As I have said before, these two uranium companies are inextricably linked together and their market values have paralleled each other as well. Recently, PDN.TO has threatened to race ahead of UUU.V, but the end of this week, the two stocks were once again approaching each others' market values. It helped that Urasia announcement its second sales contract for 0.78 million pounds of uranium: perhaps it finally realized the value of communicating these contracts to the public like Paladin does.

In spite of less promotion than Paladin Resources, Urasia is in an equally good position right now. As of March 31st, the uranium company possessed cash and cash equivalents of $147 million, sufficient to meet its development plans and corporate costs for the next twelve months. A good sign of Urasia's vision for their uranium future is the recent purchase of 8 additional drill rigs in February. Paying $13 million is quite a hefty price, but rigs are at a premium these days and UUU.V, just like PDN.TO, realizes the value of ramping up uranium production as soon as possible.

Currently, through its two uranium contracts, Urasia has sold 1 million out of the approximately 1.8 million lbs of uranium oxide expected to be produced this year. Look for them to announce a third contract, and again they will emphasize that this will be contract under current uranium oxide market prices.

With the announcement by Cameco Corporation (NYSE:CCJ TSE:CCO) that their Cigar Lake project will be delayed until the end of 2007, look for Urasia and Paladin to continue consolidating their gains and trending upwards. Investors will be more willing to buy these two uranium producers now that they will have six more months of breathing room before Cameco begins new production.

I remain firmly long-term bullish on both of these excellent uranium stocks.

Uranium Stock Market Caps (April 3)

Alberta Star Development (ASX.V)
$137,358,204.30

Aldershot Resources Ltd. (ALZ.V)
$14,171,363.88

Altius Minerals Corp. (ALS.V)
$153,748,665.00

Azimut Exploration Inc. (AZM.V)
$25,388,745.20

Bayswater Ventures (BVE.V)
$19,947,094.56

Benton Resources Corp. (BTC.V)
$7,830,417.00

Brilliant Mining Corp. (BMC.V)
$20,128,736.70

Buck Lake Ventures Ltd. (BUC.V)
$1,760,123.33

CAMECO (CCO.TO)
$15,318,254,942.40

CanAlaska Ventures Limited (CVV.V)
$45,300,014.95

Commander Resources Ltd. (CMD.V)
$15,468,562.59

Consolidated Abaddon Resources Inc. (ABN.V)
$12,600,956.64

Continental Precious Minerals Ltd. (CZQ.V)
$9,729,437.35

Crescent Resources Corp. (CRC.V)
$12,601,934.25

Crosshair Exploration (CXX.V)
$89,537,839.47

Dejour Enterprises (DJE.V)
$79,178,972.00

Denison Mines Inc. (DEN.TO)
$453,625,742.40

East Asia Minerals Corp. (EAS.V)
$34,128,204.84

El Nino Ventures Inc. (ELN.V)
$5,120,838.45

Eloro Resources Ltd. (ELO.V)
$22,180,741.21

Energy Metals Corp (EMC.V)
$194,478,642.24

Equinox Resources Ltd. (EQN.TO)
$536,040,877.24

Erdene Gold Inc. (ERD.TO)
$32,276,613.10

ESO Uranium Corp. (ESO.V)
$33,679,253.86

Firestone Ventures Inc. (FV.V)
$15,887,233.28

Fortress Minerals Corp. (FST.V)
$107,393,354.25

Forum Development Corp. (FDC.V)
$23,128,424.64

Fronteer Development Group Inc. (FRG.TO)
$254,092,352.80

Full Metal Minerals Ltd. (FMM.V)
$58,030,983.36

Golden Valley Mines Ltd. (GZZ.V)
$13,577,849.25

Gravity West Mining Corp. (GRW.V)
$2,994,528.24

Hathor Exploration Ltd. (HAT.V)
$23,072,095.70

High Plains Uranium, Inc. (HPU.TO)
$50,886,348.27

Hornby Bay Exploration Ltd (HBE.V)
$58,104,391.68

IGC Resources Inc. (IGC.V)
$10,797,542.40

International Uranium Coporation (IUC.TO)
$566,766,213.06

JNR Resources Inc. (JNN.V)
$82,831,901.00

Kilgore Minerals Ltd. (KAU.V)
$17,832,383.50

Laramide Resources Ltd. (LAM.V)
$278,816,844.25

Logan Resources Ltd. (LGR.V)
$12,640,717.80

Magnum Uranium Corp. (MM.V)
$23,714,398.85

Mawson Resources Ltd. (MAW.V)
$26,566,007.50

MAX Resource Corp. (MXR.V)
$8,064,151.02

Mega Uranium, Inc. (MGA.V)
$419,707,035.12

Mesa Uranium Inc. (MZU.V)
$11,031,942.11

Mexivada Mining Corp. (MNV.V)
$13,715,958.00

Monster Copper Corporation (MNS.V)
$8,930,900.28

North American Gem Inc. (NAG.V)
$11,399,685.08

Northern Continental Resources Inc. (NCR.V)
$15,240,834.84

Northwestern Mineral Ventures Inc. (NWT.V)
$94,869,555.30

Nova Uranium Corp. (NUC.V)
$73,299,970.60

Paladin Resources Ltd (PDN.TO)
$1,972,628,565.72

Pan African Mining Corp. (PAF.V)
$36,220,522.30

Pathfinder Resources Ltd. (PHR.V)
$19,993,598.43

Pele Mountain Resources Inc. (GEM.V)
$19,126,808.48

Pioneer Metals Corp. (PSM.TO)
$29,432,279.24

Pitchstone Exploration Ltd (PXP.TO)
$48,011,563.20

Purepoint Uranium Group Inc. (PTU.V)
$20,523,166.92

Quattera Resources (QTA.V)
$107,346,877.40

Rampart Ventures Ltd. (RPT.V)
$16,567,673.28

Rare Earth Metals Corp. (REM.V)
$6,488,852.26

Red Dragon Resources Corp. (DRA.V)
$26,791,814.00

Rodinia Minerals Inc. (RM.V)
$17,636,484.42

Santoy Resources Ltd. (SAN.V)
$38,501,187.80

Sea Green Capital Corp. (SGS.V)
$4,220,762.48

Signet Minerals Inc. (SGN.V)
$11,387,920.95

Solex Resources Corp. (SOX.V)
$22,800,267.20

Solitaire Minerals Corp. (SLT.V)
$15,290,774.10

Standard Uranium Inc. (URN.V)
$46,221,069.48

Starfire Minerals Inc. (SFR.V)
$10,840,018.62

Strateco Resources Corp. (RSC.V)
$57,984,324.62

Strategic Metals Ltd. (SMD.V)
$20,126,405.88

Strathmore Minerals Corp. (STM.V)
$151,870,580.27

Strongbow Exploration Inc. (SBW.V)
$39,792,729.76

sxr Uranium One Inc (SXR.TO)
$1,031,508,702.74

Thelon Ventures Ltd. (THV.V)
$12,499,191.30

Titan Uranium Exploration (TUE.V)
$61,025,352.00

Tournigan Gold Corporation (TVC.V)
$184,604,070.81

Triex Minerals Corporation (TXM.V)
$34,141,480.00

Twenty-Seven Capital Corp. (TSC.V)
$9,257,652.80

UEX Corp. (UEX.TO)
$779,497,071.00

UGL Enterprises Ltd. (UGS.V)
$44,652,940.80

United Carina Resources Corp. (UCA.V)
$11,760,301.00

Universal Uranium Ltd. (UUL.V)
$16,765,754.25

Uranium City Resources Inc (UCR.V)
$9,985,641.03

Uranium Participation Cooperation (U.TO)
$269,381,607.00

Uranium Power Corp. (UPC.V)
$43,616,195.52

Urasia Energy Ltd. (UUU.V)
$1,437,225,944.05

Uravan Minerals Inc. (UVN.V)
$29,827,348.20

Ur-Energy Inc. (URE.TO)
$104,283,686.00

ValGold Resources Ltd. (VAL.V)
$7,956,298.35

Vena Resources Inc. (VEM.V)
$31,494,676.50

Waseco Resources Inc. (WRI.V)
$5,208,147.90

Wescan Goldfields Inc. (WGF.V)
$40,301,532.29

Western Prospector Group Ltd. (WNP.V)
$180,527,519.90

Apr 3 Uranium Stocks Update: sxr Uranium One (TSE:SXR)

SXR Uranium One (SXR.TO)

(1) Fidelity owns 11.58% of SXR shares, reported at the end of February. Obviously they think SXR.TO is a good uranium investment as well.

(2) SXR came out with year-end financials. Loss of $42 million but $13 million of it was a one-time write off of an earlier deal with Rangold which still has $10 million in cash value or so. For a uranium company that just raised >$100 million in cash, I'm not too worried.

(3) Looking inside their MD&A, Uranium had this to say

"Uranium One’s cash position is sufficient to fund the completion of the Dominion feasibility study and, subject to the outcome of that study, the construction of all or substantially all of the Dominion Project. Additional financing would be required to construct the Honeymoon Project and for other corporate development activities which may be undertaken."

I wonder if SXR might sell Honeymoon and concentrate on the 2 million uranium oxide lb/year Dominion mine. Might not be a bad idea, but either way, this uranium company is giving every indication that it will be able to produce uranium in early 2007.

Casey Research Energy Speculator

Doug Casey is a respected resource analyst and one of the original uranium bulls from the early days. He and Jim Dines are two of the biggest superstars in the uranium stock-picking business and either of them has the power to move stocks through their publications. On the right sidebar is an ad for Doug's publication, which includes uranium as well as gold and silver stock picks. If you do decide to invest in resource stocks and want experienced people to help with the DD/recommend a stock, then a subscription to Doug's publication might be in order.

I am pleased to have this arrangement with Casey Research, because Doug has recommended caution with some of the uranium juniors as well. I mistrust uranium bulls who are the equivalent of Abby Joseph Cohen transplanted from the tech bubble days. Doug will give you the real facts and he won't pump uranium stocks that he doesn't believe in himself.

I have yet to charge anyone for my picks and have no plans at present to do so. However, if my picks have benefited you and you are willing to spend some money on a subscription to Casey's Energy Speculator, I would recommend picking up your own copy. Meanwhile, feel free to continue enjoying Uranium Mining Stocks. I have had a great time posting on this blog and am grateful for all of your support and comments!!

Below is a sample of Doug Casey's latest musings on uranium:

Trouble Ahead for Junior Uranium?
By Doug Casey

(Ed. Note: DOUG CASEY and his subscribers have made millions investing in under valued natural resource stocks. Doug is the author of Crisis Investing which was #1 on the New York Times Best-Seller list for 26 weeks. His company, Casey Research, publishes the International Speculator - now in it’s 26th year - one of the nation's most established and highly respected publications on gold, silver and other natural resource investments and the Casey Energy Speculator a monthly newsletter dedicated to energy opportunities with the very real potential of at least 100% growth within a year.)
As Casey readers know, I’ve been bullish on uranium for almost eight years now. And despite the fact that uranium has more than tripled, I continue to like it today almost as much as when I was a lone voice in the woods.

Although the uranium spot price has risen from US$7.10 per pound (at its absolute bottom) to a current $40.25—a 467% gain—I believe it has much further to run. According to Cameco, the world’s largest uranium producer, global uranium demand is now 175 million pounds a year. Mine supply is only 110 million pounds yearly. This is a gaping shortfall, and insofar that it can take up to a decade for a discovery to turn into production and there are dozens of new nuclear power plants on the drawing boards all over the world, the shortfall will keep prices rising for years to come.

The prospects for the metal itself are outstanding, but the best way to play uranium is through the shares of junior exploration companies because they offer leverage and therefore prospects for greater gains. The good ones, anyway.

On that note, I have to say that—despite my bullishness—I’m concerned about the ever-growing number of junior uranium companies. Over the past two years, the number of companies looking for uranium has jumped over 700%. At last count, there are now about 145 such explorers. It’s hard to arrive at an exact number since many companies only have uranium in their names. And others are actively exploring while still remaining primarily in other areas.

This is a testament to how hot uranium is as a commodity. But it is also worrisome: with so many companies competing for the same number of investment dollars, can we as speculators still expect the same sort of gains that we’ve enjoyed over the past few years? (By that I mean gains like the 1,498% we enjoyed on International Uranium Corp. or the 1,587% our subscribers made on Paladin.)

Although I usually pay little mind to the short-term fluctuations of the markets, it seems worth investigating whether the junior uranium sector is sagging under the weight of so many new players. To get an idea, our resident snap technical analyst Merv Burak put together an index of 51 junior companies… all those that have been around for a year or more and that are primarily focused on uranium.

The results are somewhat surprising. While the sector did cool somewhat during the last few months of 2005—following a protracted run that began in July—the beginning of 2006 brought new life to the uraniums. Our index soared nearly 25% in the first two weeks of the year alone. That said, all resource markets were hot during that time. This in itself is not convincing evidence that the sector is still buoyant.

Will the sector as a whole enjoy another up-leg of the kind we saw in mid-2005? More important, what’s likely to happen over the next couple of years? While it’s axiomatic that the higher stocks go, the less upside and the more risk they have, I remain extremely bullish. I suspect uranium is headed to over $100 in the next few years and, even at that level, it will only equal—in constant dollars—its peak in 1980.

And the fundamentals now are much stronger than they were then. I’m concerned about the flood of new uranium companies out there, but we’re looking at something comparable to what happened during the Internet boom; when the public becomes involved, the top is going to blow off this market. But as yet, the public barely even knows how to spell uranium; and they don’t have a clue they can buy shares of companies that explore for it. My guess is that we’re not even midway through this bull market, and when we enter the final stage, the chart above will no longer just be a gradual upward curve but a hyperbolic curve. Someplace between now and then I’ll be a seller—but at the moment I remain a buyer.

The question is: Which stocks to buy? I’m looking to concentrate the junior uranium portfolio for our Casey Energy Speculator on a modest handful of quality companies, the kind that have a real chance of making a discovery and creating value and aren’t just relying on hype to move higher.

In order for a company to make that list, they’ll have to (a) have a management team with serious uranium experience; (b) own a serious property in just the right location; and (c) actually do some drilling to prove they have pounds in the ground (surprisingly, of the dozens of newly minted uranium companies now trading, less than 20 are actually undertaking any serious exploration work).

If you like uranium like I like uranium and are looking to leverage your returns through investments in a junior uranium play, do yourself a favor and start getting a lot more selective in what you own. If you fail to do so, not only do you risk missing the next big leg-up, you risk throwing your portfolio into reverse.