Uranium: Where claims are hottest now

Now, analysis by DigiGeoData, which is owned by EarthLabs like The Northern Miner Group, has found a correlation between claims staking across Canada and the uranium price.

But first, let’s step back and consider the geographic distribution and dynamics of Canada’s mineral claims market, with a focus on uranium exploration.

Figure 1 illustrates year-to-date staking activity, highlighting the provinces that were driving growth last year. The analysis is based on a comprehensive dataset covering Jan. 1, 2023, until Sept. 9, 2024.

Provinces historically known for uranium exploration—such as Saskatchewan—continue to lead. However, a new trend is emerging: Nunavut and the Northwest Territories are experiencing a sharp increase in staking activity, suggesting the rise of previously underexplored uranium districts.

This surge closely mirrors movements in the uranium spot price. The staking rush that began around March 2023 appears to be directly correlated with price increases, supporting the idea that exploration interest in these northern territories is price-driven. These territories, referenced in figure 2 are becoming new hotspots, with staking activity responding in near real-time to market signals. 

Additional confirmation comes from the number of uranium assets: Nunavut (31) and the Northwest Territories (six) still lag far behind Saskatchewan (472). However, this gap, when contrasted with current staking momentum, indicates that exploration capital is flowing into new areas in anticipation of future discovery.