The country with the world`s largest reserves of uranium is Australia, making Option 1 the correct answer. Australia has significant uranium deposits located primarily in the state of South Australia, with additional deposits found in other states such as Queensland and Western Australia.

Australia possesses around 30% of the world`s known uranium reserves, making it the leading country in terms of uranium resources. The Olympic Dam mine, located in South Australia, is one of the largest known uranium deposits globally. It is operated by BHP, a multinational mining company, and is also a significant source of copper and gold.

The uranium deposits in Australia are of high quality and have the potential for long-term supply. The country has a well-established and regulated mining industry, ensuring safe and responsible extraction of uranium. Australia is also a major exporter of uranium, supplying it to various countries for use in nuclear power generation and other peaceful applications.

Option 2, Canada, is also a significant producer of uranium and has substantial reserves. The country`s uranium deposits are primarily located in Saskatchewan, which is home to the world`s highest-grade uranium mines. However, when considering the total reserves, Australia surpasses Canada in terms of quantity.

Option 3, the Russian Federation, is one of the world`s top producers of uranium but does not have the largest reserves. Russia`s uranium reserves are estimated to be substantial, particularly in regions such as Siberia and the Urals. However, Australia has greater known reserves than Russia.

Option 4, the USA, has significant uranium resources and is historically one of the largest producers. However, in recent years, the United States has become more reliant on imports to meet its domestic uranium demand. While the country has sizeable reserves, they are not as extensive as those of Australia.

In summary, Australia has the world`s largest reserves of uranium, making it the leading country in terms of uranium resources. Its significant reserves, high-quality deposits, and well-regulated mining industry contribute to its position as the top uranium producer and exporter globally.