The recent military operations in Iran were unsurprising, given the prolonged, fruitless nuclear negotiations. However, few forecasters would have predicted a regional escalation across the entire Middle East. As a result, oil and gas markets are once again exploring the potential for an upturn, even though a global oversupply should prevail due to recession fears. Regardless, traders are driving energy prices ever higher; yesterday, Brent crude once again surged past the magic USD 100 mark. It remains to be seen whether the trend will hold. At the same time, geopolitical turbulence is fueling the global expansion of nuclear energy. India, for example, plans to increase its nuclear capacity to around 100 GW by 2047, starting from just under 10 GW today. These plans underscore the drive for a stable base supply in a hyper-digital world. The IT giants are also playing a major role, as they need electricity. As a result, demand for uranium is rising steadily, drawing attention to companies with strong reserves. Stallion Uranium is one of them. We take a closer look!
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Exploration Leverage in the Athabasca Basin: Stallion Uranium Gains Momentum
The global energy transition, accelerated by the rapidly rising electricity demand from AI data centers, industrial expansion, and population growth, is bringing nuclear energy back to the forefront of long-term energy planning. Now, politicians are recalling the “NetZero” credo, which is needed to justify these investments in the wake of Fukushima. In North America, such behind-the-scenes discussions do not take place; here, Trump’s maxim “Drill, Baby, Drill” reigns supreme. In other words, the Trump administration will stop at nothing to keep the US economy running at full speed.
The Canadian uranium explorer Stallion Uranium Corp. (TSXV:STUD) is working with this political perspective in mind. The company owns a large land package in the extremely promising Athabasca Basin. The goal is now to systematically develop this area, in a region known worldwide for its particularly high-grade uranium deposits. With 1,700 sq km of exploration acreage and a strong partner in Atha Energy Corp. at its side, the combined claim forms one of the largest contiguous projects in the western part of the basin. The current work is focused on the so-called Coyote Corridor within the Moonlite project, located just a few kilometers from the world-renowned Arrow deposit. This deposit was discovered by NexGen Energy Ltd. and is considered one of the most significant uranium discoveries of the past decades.
Geophysical surveys have already identified complex structural zones with conductive rocks and faults in this area, which are considered typical geological prerequisites for high-grade uranium mineralization. To better understand these structures, Stallion recently completed a high-resolution airborne electromagnetic survey over the Stone Island target area, which is expected to provide additional data for mapping potential mineralized corridors. Concurrently, the first systematic drilling program is underway at the Coyote target, where several diamond drill holes are currently being drilled to directly test the previously identified geophysical anomalies.
The drilling is part of a multi-year exploration strategy aimed at evaluating the potential of this large structural system step by step. Concurrently, the new geophysical data is being combined with existing gravity and structural models to define additional high-priority drill targets within the project. The environment for uranium explorers has improved significantly recently, as rising demand from the energy and technology sectors is bringing the market back into sharper focus. In particular, the growing electricity needs of large data centers and artificial intelligence are bringing nuclear energy back into the spotlight as a stable baseload source. With a market capitalization of just over CAD 53 million, the company remains relatively small but offers investors high exploration leverage should the geological indications in the Coyote Corridor be confirmed.
Nel ASA – Europe continues to bet on hydrogen
Europe has relatively little interest in uranium. For years, efforts have been underway to meet the needs of 750 million people through alternative energy sources. That this would be very difficult without a certain baseload capacity was perhaps little known at first, even among policymakers, but now the path is laid out and is being pursued despite all obstacles. Brussels is proving to be a staunch regulatory pillar that does not deviate an inch from its previously established principles, even in the face of extraordinary geopolitical events.
As a result, one of the best-known Norwegian hydrogen suppliers is still struggling to weather the storm of the proclaimed energy transition. Despite a high volume of new orders and global demand for electrolysers, Nel ASA is grappling with supply chain issues and delayed component deliveries from quarter to quarter. Shortages of critical semiconductors and steel parts have repeatedly put pressure on production targets, while rising raw material prices are weighing on margins. Added to this are currency fluctuations and higher logistics costs, which further weaken operating results.
Analysts also point to challenges in project management: large orders for customers in North America and Asia sometimes drag on for months, delaying revenue recognition. Overall, it is clear that even technologically leading companies like Nel ASA are not immune to the structural difficulties of a globally interconnected energy transition. So it is no surprise that analysts on the LSEG platform are projecting 12-month price targets of NOK 202, which are below the current price. That does not inspire confidence!
Plug Power – New Wind, New Momentum Upward?
After years under the leadership of Andy Marsh, who shaped the US electrolyser market leader, the company is now facing a change at the top: Jose Luis Crespo is taking the helm as the new CEO. Marsh’s departure marks the end of a long realignment phase during which the company attempted to reconcile its ambitious growth targets with market realities. During this period, the stock experienced a veritable rollercoaster ride: from record highs around USD 60 in 2021 to a dramatic low of less than USD 1 in 2025.
In the years that followed, billions flowed into the company’s coffers through several capital increases, while investors weathered the fluctuations with remarkable patience. The company has since withdrawn its official guidance, as order intake has become too volatile and unpredictable, particularly given the shifting political landscape in the US. Under the current Trump administration, priorities are shifting back toward fossil fuels and nuclear power, while hydrogen projects are largely dismissed. Analysts nevertheless expect a moderate increase in revenue from around USD 710 million in 2025 to just under USD 1.2 billion by 2028 and see positive EBIT on the horizon for 2030. For investors, this means: keep your nerves and wait for the long-term strategy to bear fruit – patience will be rewarded. A little tongue-in-cheek humor is allowed along the way.
The stock markets currently have a lot to process. On the one hand, there is the absolute scarcity of raw materials, which has had a negative impact since China shifted its export strategy toward the West. At the same time, energy sector stocks are receiving increased attention. They must meet the enormous demand for energy driven by AI usage. No easy task! Risk-conscious investors are betting on newcomers like Stallion Uranium, which are emerging in the supply chain. From a purely technical perspective, Nel ASA and Plug Power should see another upward move after months of gloom.
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