Capturing the next stage of the uranium bull market.
Our Partner
Junior uranium miners could be poised for growth
Europe’s only pure-play junior uranium miners ETF, with assets selected based on their potential for significant revenue and asset growth.
Nuclear’s role in the net-zero transition
Nuclear energy has the highest capacity factor versus both traditional and alternative energy sources and the least CO2 equivalent emissions versus other energy forms, making it critical to reaching net-zero energy transition goals.
Uranium supply and demand imbalance
Hundreds of new reactors are being constructed, or planned, around the globe. Demand for uranium will likely outstrip supply, putting pressure on new and smaller miners to step up.
A rising uranium price creates incentive for new and developmental uranium miners to enter the field.
The Junior Uranium Miners ETF (URNJ) provides exposure to small- and mid-cap uranium miners that offer the potential of outperforming in the near future.
A new bull market is underway, incentivising miners to explore and develop new uranium mines and potentially allowing for smaller miners to experience significant growth.
Nuclear power’s essential role in the net-zero transition is driving demand for uranium, and miners will need to step up.
Key Risks
Thematic ETFs are exposed to a limited number of sectors and thus the investment will be concentrated and may experience high volatility. The performance of junior uranium miners is tied to the price of uranium, which has potential for volatility. Exchange rates can have a positive or negative effect on returns. Investors’ capital is fully at risk and may not get back the amount originally invested. For a complete overview of all the risks, please refer to the “Risk Factors” in the Prospectus.
Source: HANetf, data as of 31.08.2026. Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled « Risk Factors » for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in ETFs your capital is at risk.
No. of holdings: 43
Companies must be listed on a stock exchange or regulated market and have a significant part of their business operations in the uranium mining industry. Must have a market capitalization no higher than $3 billion, or $5 billion for existing constituents. The Junior Uranium Miners ETF tracks the NASDAQ Sprott Junior Uranium Miners Index, which rebalances semi-annually.
Junior uranium miners are typically smaller companies focused on uranium exploration, development or early-stage production. Unlike larger established miners, they may not yet generate meaningful revenue from operating mines. Their value is often linked to the quality of their uranium assets, progress through permitting and development, and the outlook for future uranium demand. This makes the segment more specialised and potentially more volatile than broader mining exposure.
Junior uranium miners tend to be earlier in the mining lifecycle, while larger producers usually have operating mines, established customers and more visible cash flows. Juniors may offer more sensitivity to uranium price expectations because their projects can become more valuable when the market outlook improves. However, they may also carry higher operational, financing and permitting risk. Larger producers may be better positioned to generate revenue today, while juniors are often more dependent on future project development.
Uranium prices can have a significant impact on junior uranium companies because many of them are developing projects that may only become economically viable at certain price levels. A stronger uranium price can improve project economics, support financing discussions and increase investor interest in undeveloped deposits. However, lower prices can delay development timelines or make it harder to raise capital. Investors should understand that juniors may react more strongly to uranium price movements than larger, diversified miners.
Uranium demand is mainly driven by the nuclear power industry, where uranium is used as fuel for reactors. Demand can be influenced by the number of reactors operating globally, new reactor construction, life extensions for existing plants and government policy towards nuclear energy. Interest in energy security and low-carbon electricity can also affect long-term demand expectations. For junior uranium miners, demand matters because it shapes the future market environment in which their projects may eventually operate.
Uranium is linked to the clean energy transition because nuclear power produces large amounts of electricity with low operational carbon emissions. Unlike wind and solar, nuclear power can provide steady baseload electricity, which may help support grid reliability. However, nuclear energy also raises issues around safety, waste management, regulation and public acceptance. Investors researching uranium-related exposure should consider both the potential role of nuclear power in decarbonisation and the specific risks associated with the sector.
Junior uranium miners can be more volatile because their valuations often depend on future expectations rather than current earnings. Share prices may move sharply in response to uranium price changes, exploration results, permitting updates, financing announcements or policy developments. Many juniors also have smaller market capitalisations and lower trading liquidity than larger miners. This can amplify price movements during both positive and negative market conditions.
Key risks include commodity price risk, project development risk, permitting delays, financing needs, environmental and regulatory scrutiny, and potential cost inflation. Junior miners may also face dilution risk if they need to issue new shares to fund exploration or development. Because many companies do not yet have producing assets, timelines can be uncertain and outcomes can vary widely. Investors should assess whether this type of exposure fits their risk tolerance and investment horizon.
Junior uranium miners may make money in different ways depending on their stage of development. Some aim to discover and develop uranium deposits into producing mines. Others may seek to sell or partner their projects with larger mining companies. In early stages, many juniors may not generate operating revenue and instead rely on external funding to advance exploration and development. This means company value is often tied to asset quality, resource estimates, project economics and market confidence.
Relevant junior uranium stocks may include smaller producers, developers and explorers with meaningful exposure to uranium projects. Examples include Denison Mines, NexGen Energy, Paladin Energy, Energy Fuels, Deep Yellow, IsoEnergy, Ur-Energy, CGN Mining, Bannerman Energy and Boss Energy. These companies can be more sensitive to uranium prices, project financing, permitting progress, resource updates and development timelines than larger diversified miners. Investors researching junior uranium miners should pay close attention to balance-sheet strength, asset quality, jurisdiction, mine restart potential and dilution risk. The space can offer targeted exposure to uranium supply growth, but it can also be volatile because many companies depend on future production rather than established cash flows.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
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The nuclear revival – a new dawn for uranium investment
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Uranium 2025: Opportunities in a Structurally Undersupplied Market
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Uranium Miners Monthly Report | August 2026
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Uranium Miners Monthly Report | July 2026
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Uranium Miners ETF Report | February 2026
Uranium Miners ETF Report | October 2025
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Uranium Miners ETF Report | July 2025
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Metals in Motion: Nuclear Energy and the Uranium Market
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Is nuclear power back in favour? Metals in Motion with John Ciampaglia
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Sprott Asset Management CEO on latest catalysts for uranium price, uranium producers
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About Partner
Sprott Asset Management LP (“SAM”) is a fully owned subsidiary of Sprott Inc. (“Sprott”). Sprott is a global asset manager providing clients with access to highly differentiated precious metals and critical materials investment strategies. We are specialists; we believe our in-depth knowledge, experience and relationships separate us from the generalists.
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