There are a lot of options for Aussie investors to choose from in the uranium industry on the local market.
But the best ASX 200 uranium stock to buy now could be Boss Energy Ltd (ASX: BOE).
That's the view of analysts at Bell Potter, which have named the uranium miner on their best ideas list for 2025.
What is Boss Energy?
Boss Energy is a uranium development and exploration company. Its primary asset is the Honeymoon project in South Australia which recommenced production at Honeymoon in 2024.
In addition to the Honeymoon project, the ASX 200 uranium stock holds a 30% interest in the Alta Mesa ISR restart project in South Texas. The remaining 70% is owned and operated by enCore Energy (NASDAQ: EU).
These projects appear well-placed to benefit from an impending bull market according to the broker.
Commenting on the uranium market, Bell Potter said:
Fundamentals for uranium markets and pricing remain strong in our opinion, with the pipeline of reactors under construction (66) continuing to expand, whilst the trend in reactors being disconnected from the grid declines. On the supply side, recent production issues in restart operations have highlighted the risk in bringing production back online, whilst future supply remains concentrated in a handful of projects.
What is the broker saying about this ASX 200 uranium stock?
Bell Potter has named Boss Energy on its best ideas list for 2025. It believes the company is a great option for investors as we head into a potential uranium bull market. Especially at the current valuation.
Commenting on its bullish view of the stock, the broker said:
Boss Energy's Honeymoon project recommenced production in April-24, with 1Q25 production and sales of 89klbs and 57klbs respectively. The Alta Mesa project with JV partner enCore energy in South Texas also recommenced production, with a target of reaching 1.5Mlbs pa by CY26 (BOE share 450klbs pa).
We continue to see significant value in BOE, with optionality around expansion at Honeymoon via low-risk and cost regional resources at Jasons and Goulds Dam. With the inclusion of Alta Mesa, BOE boasts a geographically diversified multi-asset portfolio with several growth levers yet to be pulled, heading into a uranium bull market.
Big return potential
According to the note, the broker has a buy rating and $4.70 price target on the ASX 200 uranium stock.
Based on its current share price of $2.36, this implies potential upside of approximately 100% for investors over the next 12 months.
