Uranium is one of the strongest stories on the ASX resources boards this year, and August has done nothing to slow it. Spot prices are holding in the high US$80s a pound, long term contracts touched a multi year high of US$97 in July, and a widening reactor demand gap keeps pulling capital into the Australian uranium sector. Boss Energy is ramping up at Honeymoon, Paladin Energy has posted a strong first year at Langer Heinrich, and Deep Yellow and Bannerman are pushing toward first output in Namibia. Add a new export deal with India and an unresolved fight over WA’s uranium ban, and there is plenty for investors to weigh.
Price action: spot holds near multi year highs
The uranium spot price sat around US$87 to US$90 a pound through late August, a level that would have looked extraordinary a few years ago. Long term contracts, which matter more to producers signing multi year utility deals, ran as high as US$97 a pound in July before easing slightly. The gap reflects utilities securing long term supply rather than chasing spot, even as spot stays elevated. Uranium sentiment on the ASX has tracked this strength, with gold and uranium equities among the most in demand sectors in recent sessions.
Boss Energy builds out Honeymoon
Boss Energy delivered FY26 production of 1.41 million pounds from its Honeymoon in situ recovery operation in South Australia, up 61 percent on the prior year, with AUD 207.3 million in cash and no debt at 30 June. Honeymoon is one of only three producing uranium mines in the country, giving Boss a low cost platform to expand from. A new feasibility study and life of mine plan, built around a wider spaced wellfield design, was due before the end of August, a month ahead of schedule.
Paladin’s Langer Heinrich delivers a strong first full year
Paladin Energy reported FY26 production of 4.82 million pounds U3O8 from Langer Heinrich in Namibia, at the top of guidance, with sales revenue up 71 percent to US$304.3 million on an average realised price of US$70 a pound. Production costs of US$43.3 a pound came in at the low end of guidance, though cost of sales rose 30 percent as the operation scaled. Paladin also re-reported its Patterson Lake South reserves under JORC in late August.
Deep Yellow and Bannerman push toward Namibian production
Namibia remains the epicentre of new Australian listed uranium supply. Deep Yellow confirmed its Tumas project is 79 percent complete on engineering, ahead of a final investment decision due in the fourth quarter of 2026, and locked in a water supply deal with NamWater covering construction through operations. Bannerman Energy, developing the nearby Etango project, released its FY26 sustainability scorecard with new FY27 targets. Both stocks posted double digit gains in a single session in late August as the sector rallied.
The India export breakthrough
A significant shift landed in July when Australia and India signed an arrangement enabling Australian uranium exports to India for peaceful purposes, under IAEA safeguards and building on a nuclear cooperation agreement first signed in 2014. India has set a target of 100 gigawatts of nuclear capacity by 2047, and its own uranium reserves are modest and lower grade, so the deal opens a genuinely new long term customer. It also reinforces the broader push around Australian critical minerals exports, an area the federal government has been shaping through the critical minerals strategic reserve announced earlier this year.
WA’s uranium ban remains a political flashpoint
Not every part of the country is moving the same way. Western Australia’s Cook government confirmed in early August it has no plans to lift the state’s uranium mining ban, standing by a 2017 commitment, despite pressure from industry and the opposition, who argue the ban blocks projects worth over a billion dollars in annual exports. WA and the Northern Territory hold some of the country’s largest untapped uranium deposits, so the ban continues to shape which ASX names give investors direct WA exposure, even as New South Wales moves the other way after repealing its own restrictions.
What to watch next
- Boss Energy’s Honeymoon feasibility study and life of mine plan, due before the end of August.
- Deep Yellow’s final investment decision on Tumas, expected in Q4 2026.
- Any shift in WA’s political settings that could reopen the uranium ban debate.
- New offtake agreements tied to the Australia-India export arrangement.
Frequently Asked Questions
Which ASX uranium stocks are producing right now?
Boss Energy’s Honeymoon mine in South Australia and Paladin Energy’s Langer Heinrich mine in Namibia are both in production. Deep Yellow and Bannerman are developers targeting first production from Tumas and Etango, rather than current producers.
Why does the Australia-India uranium deal matter for the ASX sector?
It opens a large new long term customer for Australian uranium exports, backed by India’s target of 100 gigawatts of nuclear capacity by 2047. A bigger, more diversified customer base can support longer term offtake contracts and reduce reliance on any single export market.
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