Small Cap Uranium Stocks and Silver Miners Compared

There is no single list of the best small cap uranium stocks, because the group changes fast. Four of the ten companies named on the 2025 version of this page no longer trade on their own, because each was bought (the deals closed between 2022 and 2025). This page compares seven listed companies that still trade under their own names, using filings dated 2026: four uranium companies (enCore Energy, IsoEnergy, Ur-Energy and Uranium Royalty Corp) and three silver miners (Americas Gold and Silver, Endeavour Silver and Vizsla Silver). For scale, Cameco’s industry-average series put uranium at $89.63 per pound at the end of September 2026, and Kitco showed silver at $56.98 per troy ounce at 2:50 p.m. New York time on 15 October 2026. Both prices change daily. This is information, not advice, and it gives no price targets.

What counts as a small cap, and why this page shows no market values

Market capitalization (market cap) is the share price multiplied by the number of shares. There is no single legal line for a small cap. FTSE Russell, for example, set the border between its large-cap Russell 1000 and its small-cap Russell 2000 at $5.7 billion in 2026, up from $4.6 billion in 2025. Other index providers, fund managers and brokers use far lower lines, so the same company can be a small cap on one list and a mid cap on another.

We do not print a market cap for any company below. A figure typed in today would be wrong within days, and sites that copy it later keep showing the old number. Instead we describe each business by what its own filings say: what it owns, whether it sells metal, what it costs to produce and how much cash it reports. Look up the market cap on your broker or on the exchange the day you read this page, then apply the line you use.

How we picked these seven companies

This is a worked sample, not a ranking and not a full census. Dozens of small uranium and silver companies are listed in Canada, the United States and Australia, and we did not rank them. A company is on the page if it meets five tests:

• Metal focus. Uranium or silver is the main business, not a by-product of something larger.
• Still independent. It trades under its own name; it is not a subsidiary of a bigger miner.
• Fresh filings. It has published a results or operating release dated 2026 that we could open.
• Different business models. We include a producer, a developer, an explorer and a royalty holder so the page shows how the risks differ.
• North American listing. Each trades on the NYSE American, NASDAQ, NYSE or TSX, so a US reader can find the filings on EDGAR or SEDAR+.

Within each group the companies are listed alphabetically. Order carries no meaning. Names that were left out are not worse; they simply did not make this sample.

Small cap uranium stocks: what moves them

A uranium miner sells U3O8, the powder (often called yellowcake) that is turned into reactor fuel. Three facts shape the sector. First, supply is concentrated: the World Nuclear Association reports that Kazakhstan produced 39% of mined uranium in 2024, Canada 24% and Namibia 12%. Second, more than half of world output now comes from in situ leaching. In the United States the same method is called in situ recovery (ISR): wells push a mild solution through sandstone, pump the uranium-bearing liquid back up and strip the metal out in a plant, with no open pit or underground mine. Third, US output fell almost to zero before it began to recover.

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US uranium concentrate production

Thousand pounds U3O8, 2021 to 2025 (2020 withheld by EIA)

The US Energy Information Administration (EIA) reports that US plants produced about 2.1 million pounds of U3O8 concentrate in 2025, against 657,000 pounds in 2024. That is still small next to the sector’s history, but it explains why US-focused names such as Ur-Energy and enCore draw attention.

Prices matter, but so do two company-specific numbers: the cost to produce a pound and whether a company has long-term contracts. A producer with fixed-price contracts earns the contract price, not the spot price, on most of its pounds. Ur-Energy, for example, reports that all its second-quarter 2026 sales were under long-term contracts.

▶ Does Zimbabwe have uranium? A short look at uranium in Africa · 4:27

Uranium companies compared

EnCore Energy (NASDAQ: EU; TSXV: EU)

Profile: a US ISR producer whose wellfields are running down. enCore operates Alta Mesa in Texas and is developing Dewey-Burdock in South Dakota. In its release for the six months to 30 June 2026 (PR Newswire text as republished by Finviz), it reported extraction of 131,274 pounds, down from 317,613 pounds a year earlier, and a weighted average cost of delivered U3O8 of $75.54 per pound. It delivered 485,000 pounds at an average $70.10, including 360,000 purchased pounds. Total liquidity was $88.4 million.

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Unit cost and sales price, two US producers

US$ per pound U3O8. Ur-Energy: second quarter; enCore: first six months

• Pros: all federal permits for Dewey-Burdock are in place and its source materials licence was renewed to June 2046; the company has new wellfields waiting on final permits at Alta Mesa and Rosita.
• Cons: its cost per delivered pound was above its sales price in the period; Wellfield 7 at Alta Mesa was due to stop recovery in the third quarter of 2026; the company reported a workforce reduction in July 2026; Dewey-Burdock still needs South Dakota permits, with development “anticipated” for 2028 only if they arrive.

IsoEnergy (NYSE American: ISOU; TSX: ISO)

Profile: an Athabasca Basin (Saskatchewan) exploration and development company. IsoEnergy’s Hurricane deposit at its Larocque East project holds an indicated resource of 48.6 million pounds U3O8 at a grade of 34.5%, plus an inferred 2.7 million pounds at 2.2%, according to its September 2026 drilling release. Grade is the share of rock that is uranium oxide; at 34.5%, about a third of the rock by weight is U3O8. The deposit lies about 40 km northwest of the McClean Lake mill at roughly 325 m depth.

On 19 August 2026 the company also closed a deal that moved its Utah mines (Tony M, Daneros, Rim, Sage Plain and Flatiron) into a new company, DISA Uranium. IsoEnergy put in US$33 million and says it owns about 33% of DISA Uranium on a fully diluted basis (IsoEnergy release, 19 August 2026).

• Pros: very high resource grade; summer 2026 drilling of 10,159 m in 26 holes found elevated radioactivity along a 600 m stretch of the Hurricane South Trend.
• Cons: it is an exploration and development company, and neither release reports uranium sales; drill results in the release are radioactivity readings in counts per second (cps), not assayed grades, and those assays were still with the lab; the company is a developer, so it depends on equity markets for funds.

Ur-Energy (NYSE American: URG; TSX: URE)

Profile: a US ISR producer that discloses unit costs. In its second-quarter 2026 release (10 August 2026), Ur-Energy reported 140,873 pounds drummed at Lost Creek in Wyoming, its best quarter since ramp-up began in 2022. It sold 215,000 pounds at an average $66.85 per pound, with a cash cost of $40.20 per pound sold, and held $95.3 million of unrestricted cash. Shirley Basin, its second Wyoming site, captured 10,634 pounds in limited operations and received state authorisation for full production in late June. The company says the two sites have a combined licensed capacity of 4.2 million pounds a year and that it is the largest US ISR producer.

• Pros: sales were under long-term contracts and the cash cost was well below the average sales price; the company expects base deliveries of 1.0 million pounds for 2026.
• Cons: quarterly pounds captured fell against the same quarter of 2025 (105,016 against 128,970); it deferred 150,000 pounds to 2027 and 150,000 pounds to 2029 after the quarter; licensed capacity is not output, and the 1.0 million pounds of 2026 base deliveries is well below the 4.2 million pounds of licensed capacity.

Uranium Royalty Corp (NASDAQ: UROY; TSX: URC)

Profile: a royalty and physical-uranium holder that does not run a mine. A royalty is a right to a share of a mine’s output or revenue, bought for cash and held without operating costs. Uranium Royalty Corp’s interim statements for the nine months to 31 January 2026, filed on Form 6-K, show physical holdings of 2,329,637 pounds of U3O8 carried at C$184.9 million, royalty interests carried at C$58.0 million and cash of C$124.2 million (figures in Canadian dollars). The largest royalty carrying values were McArthur River (C$9.9 million), Anderson (C$7.8 million) and Millennium with Cree Extension (C$6.0 million).

• Pros: no mine operating costs; a portfolio of royalty interests in the filing that spans Canada, the United States and Namibia (Langer Heinrich).
• Cons: the stockpile of physical uranium is carried at more than three times the book value of the royalties, so results follow the spot price and the company’s trading of inventory; the filing is the nine-month report, and the company’s year-end results (April year-end) should be read next.

Silver miners compared

Silver is mostly a by-product. The US Geological Survey (USGS) notes that silver comes mainly from lead-zinc, copper and gold mines, and that polymetallic deposits hold more than two-thirds of US and world silver resources. Pure silver companies are therefore few, and most small silver names also sell gold, lead, zinc or copper. USGS estimates 26,000 tonnes of world mine output in 2025, with Mexico at 6,300 tonnes. Mexico hosts the Mexican operations of all three companies below.

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World silver mine production, leading countries

Tonnes of silver, 2025 estimate, eight countries shown

Two terms matter in silver filings. Silver equivalent (AgEq) converts gold, lead and zinc into silver ounces at stated prices, so it moves with the prices a company picks. All-in sustaining cost (AISC) is a non-standard measure that adds sustaining spending and overhead to the direct cost of an ounce. Compare AISC only between companies that define it the same way.

Americas Gold and Silver (TSX: USA; NYSE American: USAS)

Profile: a silver producer with an Idaho mine under rebuild. The company runs the Galena Complex in Idaho and the Cosalá operations in Mexico. Its second-quarter 2026 results (14 August 2026) showed net revenue of $46 million, silver production of about 665,000 ounces and an AISC of $40.63 per silver ounce sold for the quarter. Cosalá produced about 337,000 ounces, up 26% on a year earlier. The company kept its 2026 guidance at 3.2 to 3.6 million silver ounces, weighted to the second half, and ended June with $88.9 million in cash.

• Pros: it settled its remaining silver and gold delivery obligations during the quarter, so the company has more exposure to the silver price; Galena’s No. 3 Shaft upgrade lifted hoisting capacity by about 150%.
• Cons: a June electrical fire at Galena deferred access to a high-grade stope; net loss was $5.0 million for the quarter; the guidance depends on a second-half ramp-up that has not happened yet.

Endeavour Silver (NYSE: EXK; TSX: EDR)

Profile: a multi-mine silver and gold producer. Its 8 July 2026 production release reported 1,943,955 ounces of silver and 10,474 ounces of gold in the second quarter, or 3.4 million silver-equivalent ounces, and 6.8 million AgEq for the half-year. Terronera reached commercial production on 1 October 2025; recoveries there averaged 85.4% for silver in the quarter. The Kolpa mill expansion to 2,500 tonnes a day lifted quarterly throughput to 233,408 tonnes.

• Pros: several operating mines instead of one; silver output was 31% higher than in the second quarter of 2025.
• Cons: silver production came in slightly below plan; Guanaceví gold output fell 21% on lower grade, and the company used local third-party ore for 30% of Guanaceví mill feed; the release gives output, not costs or profit, so read the full results before judging margins.

Vizsla Silver (TSX: VZLA; NYSE: VZLA)

Profile: a single-project silver developer. Vizsla owns 100% of the Panuco silver-gold project in Sinaloa, Mexico. A feasibility study is the engineering and cost study a company uses to decide whether to build; Vizsla’s November 2025 study outlines 17.4 million AgEq ounces a year over an initial 9.4-year mine life and an after-tax net present value (NPV) at a 5% discount rate of US$1.8 billion, at assumed prices of $35.50 per ounce of silver and $3,100 per ounce of gold (Vizsla, 20 January 2026). The company ended 2025 with more than US$450 million in cash.

• Pros: funding is in place, per the company; a test mine and detailed engineering are under way.
• Cons: the timetable has moved. The January 2026 release targeted first silver in the second half of 2027 once an environmental permit (MIA) arrived around mid-year. Its 9 October 2026 release now says it is targeting the second half of 2028. The company also states that a construction decision will follow engineering, financing and all required permits.

All seven side by side

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Average US silver price per troy ounce

US$ per ounce, yearly average, 2021 to 2025 (2025 estimate)

Units: lb is pounds, Mlb is millions of pounds, oz is troy ounces. Dollar signs follow each company’s own reporting currency except where the table says C$ (Canadian dollars).

What happened to the companies on the list

The previous version of this page named ten companies. Four no longer exist as listed companies, which is a reminder to check any older list before you act on it.

• Fission Uranium. Paladin Energy completed its acquisition on 23 December 2024 (Canadian time), paying 0.1076 of a Paladin share for each Fission share; Paladin now owns 100% of Fission’s shares, and Fission’s project is Patterson Lake South (Paladin and Fission release). Our Fission Uranium company insights post covers the project.
• MAG Silver. Pan American Silver completed its acquisition on 4 September 2025, paying US$500 million in cash plus about 60.2 million Pan American shares, and gained the 44% interest in the Juanicipio mine (Pan American release).
• SilverCrest Metals. Coeur Mining completed its acquisition on 14 February 2025 at 1.6022 Coeur shares per SilverCrest share; Las Chispas became a Coeur mine when the deal closed (Coeur release, 14 February 2025) (Coeur release).
• Alexco Resource. Hecla completed its acquisition on 7 September 2022; Alexco’s Keno Hill silver mine in the Yukon became a Hecla asset when the deal closed on 7 September 2022 (Hecla release).

The old list also named Energy Fuels, Uranium Energy Corp, Denison Mines, NexGen Energy, First Majestic Silver and Discovery Silver. They are not covered on this page; see our list of uranium companies, our uranium stocks overview and our post on junior silver miners for other names. For the wider silver picture, read our note on silver miners and silver mining performance.

Compare value per pound of uranium in the ground

Developers are often compared by what the market pays for each pound of uranium in their resource. The figure is rough, because a resource is not a reserve and says nothing about permits, costs or time. Still, it lets you compare companies of different sizes on one line. Use the calculator below with a company’s own resource table, its cash from the latest filing and the price you choose.

How to read a miner’s filing: seven checks

1. Resource or reserve? A resource is mineralisation with reasonable prospects of eventual extraction; a reserve has passed economic tests. Developers usually report resources.
2. Grade and cut-off. A cut-off grade is the lowest grade included in the resource figure. A lower cut-off raises tonnes and lowers average grade.
3. Drill results. Handheld counts per second (cps) show radioactivity, not uranium content. Wait for lab assays.
4. Permits. Count what is granted, not what is applied for. enCore’s Dewey-Burdock shows how federal approval can come before state approval.
5. Unit cost against price. Compare cost per pound with the sales price of the same period, as the chart above does for two US producers.
6. Cash and dilution. Developers pay for work by selling shares. Check cash against the stated programme.
7. Dates. Targets move. Vizsla’s first-silver date shifted by a year between January and October 2026.

Satellite data can help an explorer choose where to drill first, and Farmonaut’s satellite mineral detection reports map alteration clues on a licence area before drilling. They show where to look, not whether a deposit is economic, so they sit ahead of a resource estimate.

▶ How satellites are used in uranium exploration, explained simply · 14:35

Where to find the filings

1. Open the company website and go to Investors, then News or Financials.
2. For US-listed companies, search the name on SEC EDGAR and open the 10-K (annual) or 10-Q (quarterly); Canadian-listed companies file on SEDAR+; foreign issuers on US exchanges file Form 6-K and 40-F.
3. Find the mineral resource tables and the technical report that supports them.
4. Check the date of every figure and the currency before you compare two companies.

For the mining side of the story, our pages on the largest uranium mines in the world and on mining royalties add background.

If this topic matters to you, read Uranium vs Gold Stocks: Data Compared Side by Side next.

Related reading on this site: Best Metals to Invest In: 4 Compared by Price and Supply.

Frequently asked questions

What is a small cap uranium stock?

It is a listed company whose business is uranium and whose total share value is below a chosen cut-off. The cut-off is not fixed: FTSE Russell draws its large-cap and small-cap line at $5.7 billion in 2026, while other index providers and brokers use other lines.

Which of these companies sells uranium today?

From the filings above, Ur-Energy and enCore reported uranium sales in 2026. IsoEnergy’s 2026 releases describe drilling and a corporate transaction, not sales. Uranium Royalty Corp holds royalties and physical uranium and reports inventory.

Is Uranium Royalty Corp a miner?

No. It owns royalties and a stock of physical uranium; the mine operators are other companies, such as Cameco at McArthur River.

Are Energy Fuels, Uranium Energy, Denison and NexGen small caps?

That depends on market value on the day and on the line you use, so look up the current figure for each company.

Which small cap silver stocks are producing now?

Americas Gold and Silver and Endeavour Silver both reported silver output for the second quarter of 2026. Vizsla Silver has not yet built its mine.

Why did MAG Silver and SilverCrest leave the list?

Both were bought: MAG Silver by Pan American Silver in September 2025 and SilverCrest by Coeur Mining in February 2025.

What is the difference between a developer and a producer?

A producer sells metal and reports costs per unit. A developer has a project but not yet a working mine, so it reports spending and studies rather than sales.

What does cps mean in uranium drill results?

It means counts per second from a handheld or core radioactivity probe. It points to uranium but is not a grade. IsoEnergy itself separates its cps readings from later uranium assays.

Do silver miners earn more when silver rises?

Usually, but costs also change. In the second quarter of 2026 Americas Gold and Silver reported an AISC of $40.63 per ounce; the spot silver price in mid-October 2026 was $56.98 per ounce. Those dates differ, so treat the pair as an illustration, not a margin.

Where can I check a company’s resource numbers?

In the technical report on SEDAR+ or EDGAR, and in the resource table of the latest annual report. Check the effective date and who signed it.