Top 3 Canadian Vanadium Stocks in 2026

1. Phenom Resources (TSXV:PHNM)

Year-to-date gain: 46.94 percent
Market cap: C$45.36 million
Share price: C$0.36

Phenom Resources is a gold and vanadium exploration company with a portfolio of projects in Nevada, US.

Its flagship project is the Carlin gold-vanadium project, which the company states hosts the “largest, highest-grade, primary vanadium resource in North America.”

The property consists of 150 unpatented mining claims and 80 acres of fee-simple land, totaling 2,608 acres, in Elko County. Exploration of the site has identified multiple zones of vanadium mineralization, with a strike length of 1,800 meters and a width of 600 meters.

A May 2020 preliminary economic assessment of developing the project as a vanadium mine estimated a post-tax net present value of US$29 million, an internal rate of return of 7 percent and a payback period of 7.7 years using a price of US$10.65 per pound of vanadium oxide (V2O5).

The included mineral resource estimate (MRE) reported an indicated resource of 303 million pounds of V2O5 contained within 24.64 million metric tons of ore with an average grade of 0.62 percent V2O5. The project also hosts an additional inferred resource of 75 million pounds V2O5 from 7.19 million metric tons grading 0.52 percent.

Although Phenom has largely been focused on its Dobbin, King Solomon and Crescent Valley gold projects through much of 2026, it is also advancing its vanadium business targeting the stationary battery market.

On January 20, the company announced it had applied for a grant from the US Department of Energy for funding for an R&D project, described as “integrated pilot-scale validation of high-grade vanadium and nickel feedstock.” The feedstock material averages more than 6 percent vanadium and 1.4 percent nickel.

The pilot project’s goal is advancing the metallurgical flowsheet and finding financial partners. Phenom estimates the project cost at US$19.8 million; if its submission is successful, the DOE’s grant would cover 80 percent of that cost.

Its most recent news on the vanadium-nickel project came on July 23, when Phenom reported that it had filed an application with the US Patent Office to protect its metallurgical flowsheet. The flowsheet was developed through test work carried out at SGS Canada, where its process achieved 80 percent vanadium recovery and 75 percent for nickel.

The company is now seeking a partner for funding and operation of what it envisions as a processing plant that would produce high purity vanadium and nickel products for the battery markets.

In other vanadium news, on April 20, Phenom announced that MK Plus, in which Phenom owns a 5 percent stake, had made progress toward commercializing its vanadium solid-state battery. The company said MK Plus was preparing for a breakout this summer, after confirming stable operation of a 500-watt-hour battery in January 2025, and had secured a battery manufacturing plant in Sweden and commercial orders for its batteries.

Shares in Phenom reached a year-to-date high of C$0.52 on June 2.

2. Blue Sky Uranium (TSXV:BSK)

Year-to-date gain: 11.11 percent
Market cap: C$21.71 million
Share price: C$0.05

Blue Sky Uranium is an exploration company advancing the Ivana deposit at its Amarillo Grande project in Argentina.

The asset is located in the Rio Negro province in the Patagonia region and hosts multiple targets along a 145 kilometer trend, including the Ivana uranium-vanadium deposit.

Ivana is being operated by the joint venture company Ivana Minerales through an earn-in agreement with a subsidiary of Corporación América Group (COAM), an Argentinian holding company. Finalized in February 2025, the earn-in agreement allows COAM to acquire up to an 80 percent stake in the Ivana deposit through completing US$160 million in expenditures and a feasibility study.

In 2024, Blue Sky produced a preliminary economic assessment for Ivana as a surficial mining operation with an 11 year mine life. It demonstrated a post-tax net present value of US$227.7 million, with an internal rate of return of 38.9 percent and a payback period of 1.9 years, using a base case price of US$75 per pound for uranium oxide (U3O8) and US$7.50 per pound for V2O5.

An updated MRE included in the report showed 80 percent of the resource was now in the indicated classification, a category that now contained 17 million pounds of U3O8 and 8.1 million pounds of V2O5 from 19.7 million metric tons of ore grading 0.04 percent U3O8 and 0.02 percent V2O5.

Blue Sky has largely been focused on the Ivana property in 2026. On January 12, the company reported results from infill drilling, with one highlight returning an average grade of 4,368 parts per million U3O8 over 4 meters from near-surface depths. It also noted that the infill exploration of the property was a key step in a gap analysis that it required to move the project toward pre-feasibility and feasibility studies.

Then, on March 19, Blue Sky reported the start of a hydrogeological program to evaluate water sources in the vicinity of the Ivana property and their potential to support future mining and processing needs. The company estimated that the study will require approximately five months to complete.

The most recent news from the property came on May 11, when Blue Sky announced Ivana Minerales had executed service agreements to support engineering and metallurgical test programs at the Ivana project. The test results will be used to complete the feasibility studies required before development.

Shares in Blue Sky reached a year-to-date high of C$0.075 on January 28.

3. Western Uranium and Vanadium (CSE:WUC)

Year-to-date gain: 3.09 percent
Market cap: C$37.36 million
Share price: C$0.50

Western Uranium and Vanadium is a mining and development company with operations in Colorado and Utah, US.

Its primary site is the Sunday mine complex in Western Colorado, which hosts five mines. it. Mining at the site began in the 1950s, with intermittent production over the years based on market demand. The company acquired it in 2014.

In 2024, Western ramped up operations at the mine to target production of 1 million pounds of uranium and 6 million pounds of vanadium per year, but began reducing output in 2025 as uranium prices fell.

In the company’s Q1 2026 management discussion and analysis, it stated that operations were scaled back during the quarter, with equipment secured and prepared for storage as it awaits an increase in uranium prices. When that happens, the company said it will focus on developing additional areas within the mine with defined mineralization to expand capacity.

On July 7, Western completed its ore purchase agreement to supply uranium ore for processing at Energy Fuels’ (TSX:EFR,NYSEAMERICAN:UUUU) White Mesa mill in Utah. Notably, post-processing natural uranium grades from the supplied ore were 40 percent higher than initial estimates at the time of delivery, which significantly increased the payment Western received.

Additionally, the company said that if the higher assays are representative of all or part of the unmined areas at Sunday, the mineral resource for the property could exceed the original 2015 estimates.

“The material increase between our probe-indicated grades and the final chemical assay results is a strong testament to the quality of Western’s mineral resources at the Sunday Mine Complex,” Western CEO George E. Glasier said.

In addition to Sunday, the company has been working to obtain permits for the San Rafael mine in Utah and the Mustang mineral processing plant in Montrose County, Colorado.

While Western hasn’t reported updates for San Rafael so far in 2026, on July 14, it provided an update on Mustang regarding work towards a radioactive materials license submission for the mill.

The company noted it had completed environmental and cultural surveys and the baseline air data collection, with water data collection in progress. It said the full license application was on track to be submitted by the end of 2026.

Shares in Western Uranium and Vanadium reached a year-to-date high of C$1.08 on January 29.