Carmanah Minerals (CSE:CARM) focuses on the acquisition and exploration of energy, critical elements and precious metals exploring its flagship Walker Uranium Project situated in the Athabasca Basin. Carmanah Minerals acquired Hare Hill, a rare earths project tied to both York Harbor's Bottom Brook Property and the Baie Verte Brompton Project.
Carmanah's Walker project is located within the zone and is directly tied to Cameco's properties, which run along the Key Lake Shear Zone and host ten uranium showings with multiple exploration and magnetic survey (EM) targets. Carmanah jointly owns and operates the Walker Claims with Marvel Discovery Corporation (TSXV:MARV), with each company holding a 50-percent stake.
Hare Hill Pluton is a rare earth element project directly contiguous to York Harbour Metals' (TSXV:YORK) recent Bottom Brook Acquisition. It is also adjacent to Falcon Gold’s (TSXV:FG) and Marvel Discovery's Baie Verte Brompton Projects. The project covers 1,564 claims totaling 39,100 hectares in central Newfoundland.
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Carmanah Minerals (CSE:CARM) is a junior mining company focused on the acquisition and exploration of energy, critical elements and precious metals. The company is actively exploring its flagship Walker uranium project situated in the Athabasca Basin. The company also recently acquired Hare Hill, a rare earths project tied to both York Harbor's Bottom Brook property and the Baie Verte Brompton project.
Nuclear energy is expected to play an increasingly important role in the global clean energy and decarbonization efforts. The world’s nuclear power capacity has been steadily increasing for the past several years with roughly 60 reactors currently under construction. Although many of these reactors are planned within the Asia-Pacific region and Russia, other countries have made extensive plans to expand the capacity of their existing nuclear energy resources.
This re-emergence of nuclear energy has resulted in increased demand for uranium. Given the current lack of a sufficient primary supply, new discoveries and deposits are growing increasingly valuable in balancing the market.
The outlook for rare earth elements (REEs) is similar, as these critical minerals are essential for everything from batteries to solar panels and wind turbines. Unfortunately, even as demand continues to grow, the market for REEs is currently dominated by China.
Multiple countries have thus begun investing heavily in their own domestic REE supply, considerably increasing the investment potential for exploration and discovery.
With an experienced and heavily invested management team, Carmanah is incredibly well-positioned to leverage the increasingly expanding prospects for uranium and REE development and fulfill its core objective — supporting the transition to a cleaner, more sustainable future.
Located west of Wollaston Lake and south of Lake Athabasca, the Athabasca Basin spans roughly 100,000 square kilometers across Northern Saskatchewan and Alberta. The Athabasca Basin is best known as the world's leading source of high-grade uranium and currently supplies about 13 percent of the world's annual uranium production. These reserves are arguably most concentrated in the eastern-oriented Wollaston-Mudjatik Transition Zone (WMTZ), which hosts some of the highest-grade uranium mines in the world, including Cigar Lake, McArthur River and Wheeler Project.
Carmanah's Walker project is also situated within the zone and is directly tied to Cameco's properties, which run along the Key Lake Shear Zone and host 10 uranium showings with multiple exploration and magnetic survey (EM) targets. Carmanah jointly owns and operates the Walker Claims with Marvel Discovery (TSXV:MARV), with each company holding a 50-percent stake.
The Arrow Deposit, owned by NexGen Energy, lies along a similar structural corridor as the Marvel properties. The Arrow Deposit, which has undergone a positive feasibility study with robust economics, contains probable reserves of 239.6 million pounds (Mlbs) of triuranium octoxide (U3O8) at an average of 2.37 percent U3O8 and measured and indicated resources of 256.7 Mlbs at an average grade of 3.1 percent U3O8. The Arrow Deposit is the largest undeveloped uranium deposit in Canada.
Covering 1,564 claims totaling 39,100 hectares in central Newfoundland, Hare Hill Pluton is a rare earth element project directly contiguous to York Harbour Metals' (TSXV:YORK) recent Bottom Brook acquisition. It is also adjacent to Falcon Gold’s (TSXV:FG) and Marvel Discovery's Baie Verte Brompton projects.
Long overlooked for its potential, the Hare Hill granitic system is highly prospective for REE mineralization. A recent report by York Harbor Metals, for instance, returned total rare earth oxide grades (TREO) between 3.45 percent and 21.63 percent TREO. An analysis by Carmanah indicates the area is underlaid by the same peralkaline granite as York Harbor.
Fraser Rieche holds a BA in economics and boasts 25 years of expertise in international project management, logistics planning and corporate finance. He has collaborated with resource-based industries and global financial institutions to develop and finance projects in mining, alternative energy, oil and gas, fisheries and forestry. Additionally, Rieche serves as an independent director for Marvel Discovery.
Brian Crawford holds a Bachelor of Commerce degree from the University of Toronto and brings extensive experience as a senior financial executive. He has held positions in both public and private companies and has served as a partner in a national firm of chartered professional accountants. Crawford is a founder and/or co-founder of several companies currently listed on the TSXV or the CSE. Crawford serves as a director, corporate secretary and/or CFO of multiple TSXV- or CSE-listed companies, including Colibri Resource, Searchlight Resources, CBLT and Tempus Capital.
Michelle Suzuki has dedicated the past 25 years serving as an advisor, specializing in publishing and media relations. Her expertise lies in managing investor communication campaigns for Canada’s largest digital content providers. Throughout her career, she has worked with numerous C-Suite clients across North America, ranging from life sciences technology to mining companies.
In the Canadian markets, she is widely known for her experience in these fields working with many top CEOs, senior investor relations executives, investment broker-dealers and newsletter writers on digital syndication helping educate on the importance of mining and the future of the industry.
Jordan Smith previously worked for Imperial Metals at the Mt. Polley mine site, situated 56 kilometers northeast of Williams Lake. He then joined New Gold as an underground maintenance technician at the New Afton mine, located 17 kilometers west of Kamloops. In 2012, he transitioned to the power generation industry and served as a facility manager for over seven years, overseeing all operations. Currently, Smith is involved in the hospitality sector as a principal of the Bow and Stern restaurant group in the Fraser Valley, British Columbia.
For the past 18 years, Karim Rayani has been focused on financing both international and domestic mineral exploration and development. Currently, Rayani is a principal of R7 Capital Ventures, an investment family office firm with a diverse portfolio covering natural resources, energy, cleantech, renewables, and health-related ventures all with a focus on public venture capital. Prior to this, he worked independently as a management consultant and financier. Presently, he also serves as chief executive officer, director of Falcon Gold, chairman, chief executive officer, director of Power One Resources, chief executive officer, director of Latamark Resources, chief executive officer, director of Marvel Discovery, chairman, director of District 1 Exploration, and chief executive officer, director of Auvega Labs.
Carmanah Minerals Corp. has announced a two (2) for one (1) stock split of its issued and outstanding common shares. Each shareholder of record as of the close of business on the record date will receive one (1) additional share for each share held on such date.
Trading will commence on an ex-distribution basis on May 7, 2024.
Upon completion of the split, there will be approximately 46,416,770 shares issued and outstanding.
All open orders will be purged from the book at the market close on May 6, 2024. Dealers are reminded to re-enter their orders.
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Carmanah Minerals Corp. a annoncé un fractionnement d'actions de deux (2) pour une (1) de ses actions ordinaires émises et en circulation. Chaque actionnaire inscrit à la fermeture des bureaux à la date d'enregistrement recevra une (1) action supplémentaire pour chaque action détenue à cette date.
La négociation débutera sur une base ex-distribution le 7 mai 2024.
Une fois le fractionnement réalisé, environ 46 416 770 actions seront émises et en circulation.
Toutes les commandes ouvertes seront supprimées du registre à la clôture du marché le 6 mai 2024. Il est rappelé aux concessionnaires de saisir à nouveau leurs commandes.
| Trading on a Split Basis/Négociation sur une base divisé : | Le 7 mai/May 2024 |
| Record Date/Date d'enregistrement : | Le 8 mai/May 2024 |
| CUSIP & ISIN : | 14317M100/CA14317M1005 |
If you have any questions or require further information please contact Listings at (416) 367-7340 or E-mail: Listings@thecse.com.
Pour toute question, pour obtenir de l'information supplémentaire veuillez communiquer avec le service des inscriptions au 416 367-7340 ou par courriel à l'adresse: Listings@thecse.com.
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Carmanah Minerals Corp. (CSE:CARM), ("Carmanah" or the "Company") wishes to announce the record date for the Company's two for one (2:1) stock split of its common shares (the "Stock Split") previously announced on November 9, 2023
The record date of the Stock Split has been fixed on May 8, 2024. (the "Record Date"). The Stock Split is conducted on a "push-out basis," with each shareholder of record of the Company as of the close of business on the Record Date receiving one (1) additional common share for each common share held on such date from the Company's transfer agent, Odyssey Trust Company. Shareholders of the Company do not need to take any action with respect to the Stock Split and there is no change to the CUSIP/ISIN number for the Company's common shares in connection with the Stock Split.
Following completion of the Stock Split, the Company will have approximately 46,416,770 common shares outstanding. The common shares will begin trading on a post-Stock Split basis under the existing stock ticker symbol effective at the opening of markets on May 7, 2024.
Outstanding stock options and share purchase warrants will also be adjusted by the Stock Split ratio and the respective exercise prices of outstanding stock options and share purchase warrants will be adjusted accordingly.
For further information, please view the Company's filings at www.sedarplus.ca.
ON BEHALF OF THE BOARD
Fraser Rieche
Chief Executive Officer, Director
Email:info@carmanahcorp.ca
Telephone: +1 (604) 716-1036
Disclaimer for Forward-Looking Information:
This news release includes certain forward‐looking statements and forward‐looking information (collectively, "forward‐looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward‐looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward‐looking statements in this news release, the Company has applied several material assumptions. Readers are cautioned not to place undue reliance on forward‐looking statements. The Company undertakes no obligation to update any of the forward‐looking statements in this news release except as otherwise required by law.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
SOURCE:Carmanah Minerals Corp.
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February 8, 2024 TheNewswire - Vancouver, B.C. Carmanah Minerals Corp. (CSE:CARM), ( "Carmanah " or the "Company" ) is pleased to announce the appointment of Wall Street Veteran Michael Moen to the Company's board of Directors effective February 5, 2024. With over two decades of experience in financial markets and investment strategies, Moen brings a wealth of expertise to the Company's leadership team with a focus on natural resources.
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November 09, 2023 TheNewswire - Vancouver, B.C. Carmanah Minerals Corp. (CSE:CARM), ( "Carmanah " or the "Company" ) announces that it intends to forward split its common shares ("Common Shares") on the basis of two (2) new Common shares for each one (1) Common Share currently outstanding (the "Share Split"). Each shareholder of record of the Company as of the close of business on the record date will receive one (1) additional share for each share held on such date.
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August 22, 2023 TheNewswire - Vancouver, B.C. Carmanah Minerals Corp. (CSE:CARM), ( "Carmanah " or the "Company" ) is pleased to announce the commencement of a detailed regional and property specific structural geophysical interpretation of the corporation's Saskatchewan Uranium Project with its Joint Venture partner Marvel Discovery. The Interpretation includes using advanced technology leveraging machine learning to transform the mineral discovery process.
Fraser Rieche, Interim Chief Executive Officer, commented, "Carmanah's Walker Project presents a tremendous opportunity in Canada's Athabasca Basin. The project is perfectly situated along the Key Lake fault and is home to some of the largest Uranium Reserves in Canada. Using AI-drill-targeting allows us to get a better in-depth understanding of the structural traps which is vital to our drill-target selection process. We are pleased to be working with Marvel Discovery and their geological team, giving us an edge and a better chance for success with the common goal of a tier 1 discovery."
The claims coincide with a regional-scale NNE-trending shear zone that forms the tectonic boundary between the Mudjatik Domain and Wollaston Domain of the Hearne Province. The shear zone can be mapped from regional aeromagnetic images and has a strike length of at least 400 kilometres extending beneath cover rocks of the Athabasca Basin, approximately 60 km to the north. The highly prospective Athabasca Basin is home to numerous unconformity-type uranium deposits whose locations are controlled by the positions of major faults in the underlying crystalline basement rocks.
The pattern of structures within the claims, indicate that the two major rock groups are intensely polydeformed with complex fold interference patterns suggesting a regional east-dipping, sinistral transpressional belt that is now preserved as the Wollaston-Mudjatik Transition Zone (WMTZ), a prospective zone, along which the majority of known Uranium and REE occurrences are documented.
Like its neighbor to the west, the Arrow deposit, owned by NexGen Energy, lies along a similar structural corridor as the Carmanah property. The Arrow deposit, which has undergone a positive feasibility study with robust economics, contains probable reserves of 239.6 million pounds of U3O8 at an average of 2.37 per cent U3O8, and measured and indicated resources of 256.7 million pounds at an average grade of 3.1 per cent U3O8. The Arrow deposit is the largest undeveloped uranium deposit in Canada of 256.7 million lb at an average grade of 3.1 per cent U3O8. The Arrow deposit is the largest undeveloped uranium deposit in Canada.
Carmanah signed a joint venture agreement with Marvel Discovery on October 5, 2022, to earn a 50-per-cent interest in the Walker claims located in the Athabasca basin, Saskatchewan. Upon completion of the earn-in by Carmanah, Marvel and Carmanah would each own 50 per cent of the project.
Click Image To View Full Size
Figure 1.
Location of Walker JV, the Highway North and KLR claim groups along the Key Lake Fault with prominent VTEM conductor trends.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Carmanah Minerals Corp.
Carmanah Minerals Corp. is a Canadian junior exploration company focused on a diversified portfolio covering Precious Metals, Energy, and Critical Elements. The Company recently signed a Joint Venture agreement with Marvel Discovery Corp. to earn a 50% interest in the Walker Claims located along the prolific Key Lake fault adjacent to Cameco's Mine and Mill in the Athabasca Basin, Saskatchewan. The Walker Properties lie within the Wollaston‐Mudjactic transition zone (WMTZ) of the eastern Athabasca basin, which is host to the highest‐grade uranium mines in the world. The company also holds a 100% interest in the Hare Hill Pluton Rare Earth Project. This project comprises 162 claims totaling 4,050 hectares in Central Newfoundland and is directly contiguous to the "Bottom Brook Acquisition" by York Harbour Metals Inc. Carmanah has also entered an option agreement to acquire the Baie Verte Brompton Project in Central Newfoundland. This project is strategically located on a peninsula that hosts all of Newfoundland's current gold production, including Anaconda Mining Inc.'s Point Rousse gold mine and Rambler Metals Mining operations.
For further information, please view the Company's filings at www.sedar.com .
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
Disclaimer for Forward-Looking Information:
This news release includes certain forward‐looking statements and forward‐looking information (collectively, "forward‐looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, the anticipated business plans and timing of future activities of the Company, anticipated completion of the Private Placements, including the approval of the Canadian Securities Exchange for the Private Placements, are forward‐looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward‐looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that the COVID19 global pandemic will not affect the ability of the Company to conduct the exploration program on its mineral properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward‐looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's proposed expenditures for exploration work on its mineral projects, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID–19, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated April 4, 2022, and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward‐looking statements. The Company undertakes no obligation to update any of the forward‐looking statements in this news release except as otherwise required by law.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
Copyright (c) 2023 TheNewswire - All rights reserved.
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Highlights
Figure 1: Stratiform and vein-hosted chalcopyrite mineralisation in metasiltstones at Atlas target
Summary of drilling results from First Quantum 2023 drilling on EL6081 and EL6510
Following a phase of regional data assessment and targeting for base metals in the Paleo-Mesoproterozoic basement stratigraphy, a rotary mud-diamond drilling program was conducted on EL6081 and EL6510 during October-December 2023. Six holes totalling 2,473.4m across three targets were completed by DDH1 Drilling. The program intended to test several target styles associated with the Bimba Formation, the regionally anomalous unit that hosts the majority of known base and precious metal occurrences in the region.
Atlas target
Three holes totalling 1,029.5m were completed at the Atlas target, 4km east of Honeymoon. Drilling yielded several zones of stratiform and vein-hosted copper mineralisation with minor gold and outboard weak zinc at the interpreted Bimba Formation position, in two holes separated by 1.3km strike length. Mineralised intercepts include 16m @ 0.27% Cu and 0.1g/t Au, from 288m (23CURDD002) and 47m @ 0.19% Cu from 404m (23CURDD006), with a number of narrower zones of 5-6m containing up to 0.5% Cu and 0.12g/t Au. The intercepts are proof of process; evidence for movement and precipitation of copper (~gold/~zinc) within the Bimba Formation in the target area.
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NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce that the Company has closed its previously announced offering (the " Offering ") of 20,161,290 common shares, settled in the form of CHESS Depository Interests (" CDIs "), at a price of C$11.11 per share (based on the daily average exchange rate of A$1.00 = C$0.8963 published the Bank of Canada on April 29, 2024 ), under an amended and restated placement agreement dated April 30, 2024 with a lead manager and bookrunner in Australia Aitken Mount Capital Partners.
The Offering was distributed to Australian investors to enhance the liquidity, trading volumes and market capitalization of the Company's CDIs listed on the ASX.
The net proceeds from the Offering will be used to fund the continued development and further exploration of the Company's mineral properties, and for general corporate purposes.
CDIs and underlying Shares have not been registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from the registration requirements thereof.
NexGen is a British Columbia corporation focused on the development of the Rook I Project located in the southwestern Athabasca Basin, Saskatchewan, Canada, into production.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Shares, or CDIs, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, the volume, liquidity and market capitalization of the CDIs . Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Forward-looking information and statements are based on NexGen's current expectations, beliefs, assumptions, estimates and forecasts about its business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including, among others; the price of uranium; the cost of planned exploration and development activities; that, as plans continue to be refined for the development of the Rook I Project, there will be no changes in costs, engineering details or specifications that would materially adversely affect its viability; that financing will be available if and when needed and on reasonable terms; that third-party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration and development activities will be available on reasonable terms and in a timely manner; that there will be no revocation of government approvals; that general business, economic, competitive, social and political conditions will not change in a material adverse manner; the assumptions underlying the Company's mineral reserve and resource estimates; assumptions made in the interpretation of drill results and other geological information; the ability to achieve production on the Rook I Project; other estimates, assumptions and forecasts disclosed in the Feasibility Study for the Rook I Project. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements were considered reasonable by management at the time they were made, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing; uncertainty of the availability of additional financing; price of uranium; the appeal of alternate sources of energy; exploration and development risks; uninsurable risks; reliance upon key management and other personnel; imprecision of mineral resource estimates; potential cost overruns on any development; pending assay results; changes in climate or increases in environmental regulation; aboriginal title and consultation issues; deficiencies in the Company's title to its properties; information security and cyber threats; failure to manage conflicts of interest; failure to obtain or maintain required permits and licenses; changes in laws, regulations and policy; changes in government policy; competition for resources and financing; volatility in market price of the Common Shares; potentially dilutive future financings; financial and uranium market reactions, as well as effects on individuals on which NexGen relies, as a result of global pandemics (including COVID-19); speculative nature of exploration and development projects; liquidity of securities of NexGen; dilution risks to existing securityholders; risks associated with the sale of securities of NexGen; inability to exploit, expand and replace mineral reserves and mineral resources, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces and territories of Canada and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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SOURCE NexGen Energy Ltd.
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Dasa Uranium Project Remains on Schedule to Produce Yellowcake in Q1 2026
Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the quarter ended March 31, 2024 . For more detail please refer to the Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2024 on the Company's website at www.globalatomiccorp.com .
Dasa Uranium Project – 2024 Feasibility Study
Dasa Uranium Project – Mine Development
Dasa Uranium Project - Off-take Agreements
Turkish Zinc Joint Venture
Corporate
Global Atomic President and CEO, Stephen G. Roman commented, "We continue to be very active in advancing the Dasa Project, as supplies and equipment flow into the country through our alternate supply routes.
The Government of Niger continues to provide strong support for Dasa, as evidenced by a site visit from the Mines Minister of Niger in early May. Niger has endorsed the Dasa Project and is pleased with our progress to date as they recognize the strategic value of the uranium projects in the Agadez region and the near-term economic benefit that will be realized in the form of local employment, taxes and royalties from Dasa.
"Underground development has reached over 1,000 meters, as we extend the ramp to open five mining levels prior to production and develop drifts along the footwall of the deposit to access the planned stopes. As we undertake the earthworks and civil engineering to prepare for the construction of the processing plant, we currently employ over 300 people at the Dasa Project, a number that is expected to grow to over 500 during full construction. We are on schedule to bring the Dasa Project into production in Q1 2026."
"Project Financing for the Dasa processing plant continues to move forward. The banking syndicate has informed us that they anticipate credit committee and final Board approval this quarter. It is expected that the debt financing facility will provide 60% of the project funding and 50% of cost overruns, if any. The Company is also in discussions with alternative financing sources."
OUTLOOK
Dasa Uranium Project
Turkish Zinc Joint Venture
COMPARATIVE RESULTS
The following table summarizes comparative results of operations of the Company:
Three months ended March 31, | |||
(all amounts in C$) | 2024 | 2023 | |
Revenues | $ 271,463 | $ 130,841 | |
General and administration | 2,199,221 | 2,832,831 | |
Share of equity (gain) loss | (333,686) | 1,388,274 | |
Finance income, net | (241,631) | (71,468) | |
Foreign exchange (gain) loss | (3,750,362) | 1,210,716 | |
Net income (loss) | $ 2,397,921 | $ (5,229,512) | |
Net income (loss) attributable to: | |||
Shareholders of the Company | 2,383,178 | (5,237,663) | |
Non-controlling interests | 14,743 | 8,151 | |
Other comprehensive income | $ 685,111 | $ 2,718,776 | |
Comprehensive income (loss) attributable to: | $ 3,083,032 | $ (2,510,736) | |
Comprehensive income (loss) attributable to: | |||
Shareholders of the Company | 3,047,947 | (2,518,218) | |
Non-controlling interests | 35,085 | 7,482 | |
Basic net income (loss) per share | $0.01 | ($0.03) | |
Diluted net income (loss) per share | $0.01 | ($0.03) | |
Basic weighted-average | 208,080,080 | 184,583,128 | |
Diluted weighted-average | 213,208,175 | 184,583,128 | |
March 31, | December 31, | ||
2024 | 2023 | ||
Cash and cash equivalents | $ 18,572,407 | $ 24,857,915 | |
Property, plant and equipment | 145,905,549 | 129,986,343 | |
Exploration & evaluation assets | 1,536,432 | 1,370,358 | |
Investment in joint venture | 13,523,632 | 12,628,251 | |
Other assets | 11,650,460 | 8,755,878 | |
Total assets | $ 191,188,480 | $ 177,598,745 | |
Total liabilities | $ 19,543,999 | $ 19,412,976 | |
Total equity | $ 171,644,481 | $ 158,185,769 | |
The condensed interim consolidated financial statements reflect the equity method of accounting for Global Atomic's interest in the Turkish JV. The Company's share of net earnings and net assets are disclosed in the notes to the financial statements.
Uranium Business
Niger Mining Company
On December 23, 2020 , GAFC was granted a Mining Permit for the Dasa Project on behalf of a Niger mining company to be incorporated. The Mining Permit is valid for an initial term of 10 years and is renewable for successive five-year terms until the resource is depleted. The Company's Niger mining subsidiary, Société Minière de DASA S.A. ("SOMIDA") was incorporated on August 11 , 2022. In accordance with the mining agreement signed by GAFC and the Republic of Niger on September 25, 2007 , the latter received a 10% free carried interest in the mining subsidiary and exercised its right to subscribe for an additional 10%, resulting in a total ownership of 20% of the shares of Somida. Under the terms of the Company's Mining Agreement, the Republic of Niger commits to fund its proportionate share of capital costs and operating deficits for the additional 10% interest. The Republic of Niger has no further option to increase its ownership.
2024 Feasibility Study
Based on the mining inventory defined in the 2023 Mineral Resource Estimate , the economic analysis in the 2024 Feasibility Study is for a 23 .75 -year mine plan using a discounted cash flow ("DCF") model at a price of US$75 per pound of U 3 O 8 . The DCF includes an assessment of the current tax regime and royalty requirements in Niger . Net present value ("NPV") figures were calculated using a discounted cash flow rate for the base-case analysis of 8% ("NPV 8 "), discounting net cash flows to the start of operations, January 1, 2026 , and deducting undiscounted remaining initial capital costs therefrom.
Economic sensitivity with varying uranium prices (USD) | ||||
Uranium price (per pound) | $60/lb | $75/lb | $90/lb | $105/lb |
Before-tax NPV @ 8% | $656 M | $1,122 M | $1,572 M | $2,022 M |
After-tax NPV @ 8% | $551 M | $917 M | $1,269 M | $1,621 M |
After-tax IRR | 38.2 % | 57.0 % | 74.8 % | 92.9 % |
The 2024 Feasibility Study is based on a plant throughput of 1,000 tonnes per day (t/d) or 365,000 tonnes per annum (t/a). The plant equipment has been designed for 1,200 t/d throughput but the 2024 Feasibility Study assumes plant availability of 86% (1,200 t/d x 86% = 1,032 t/d).
The Arlit processing plants achieve 92% availability, by comparison. If SOMIDA has a similar experience, throughput would increase to about 1,104 t/d (1,200 t/d x 92% = 1,104 t/d). The plant layout has been optimised to enable the addition of more processing lines in the future. Much of the equipment has been over-sized by 20%, so minimal capital costs would be required to achieve throughput of 1,325 t/d (1,200 t/d x 1.2 x .92 = 1,325 t/d). Fixed mining, processing and site costs are significant, so increases in throughput would have a significant impact on reducing unit costs.
Ore processed will vary in grade and impact cash cost in the various periods in the table below. Further drilling to convert high grade Inferred Resources to the Indicated category is expected to increase the grade profile and project economics in the later years of the Mine Plan.
2026-32 | 2033-40 | 2041-49 | 2026-49 | |
Years | 7 | 8 | 8.75 | 23.75 |
Ore processed (MT) | 2.5 | 2.9 | 2.7 | 8.0 |
Grade (ppm) | 5,538 | 4,274 | 2,668 | 4,113 |
U 3 O 8 produced (Lbs M) | 27.6 | 25.4 | 15.2 | 68.1 |
Average Annual (Lbs M) | 3.9 | 3.2 | 1.7 | 2.9 |
Mining cost per pound | $5.77 | $8.84 | $15.61 | $9.10 |
Processing cost per pound | $7.66 | $9.35 | $15.37 | $10.00 |
G&A cost per pound | $5.26 | $6.08 | $9.52 | $6.51 |
Total cash cost per pound before royalties | $18.69 | $24.28 | $40.50 | $25.62 |
Project Development Schedule
Mine development activities at the Dasa Project have been underway since November 2022 . The current mine plan has been developed to coincide with the start-up of the processing plant at the beginning of 2026, with a target surface stockpile of 2 to 3 months production available for the processing plant at any time. Long lead equipment purchases have been made and detailed engineering is well advanced. Although some earthworks projects have been undertaken by SOMIDA and its staff over the past year, full-scale earthworks have been contracted and commenced in May. Civils works will follow and processing plant equipment will begin arriving at site in Q4 2024. Erection of the processing plant and site infrastructure will take place from Q4 2024 through Q4 2025, with hot commissioning completed by January 2026 . Processing of ore through the plant is expected to begin in January 2026 .
Global Atomic holds a 49% interest in Befesa Silvermet Turkey, S.L. ("BST" or the "Turkish JV") which owns and operates an EAFD processing plant in Iskenderun, Türkiye. The plant processes EAFD containing 25% to 30% zinc that is obtained from electric arc steel mills, and produces a zinc concentrate grading 65% to 68% zinc that is then sold to zinc smelters. The Company's investment is accounted for using the equity basis of accounting. Under this basis of accounting, the Company's share of the BST's earnings is shown as a single line in its Consolidated Statements of Income (Loss).
The following table summarizes comparative results for Q1 2024 and 2023 of the Turkish Zinc JV at 100%.
Three months ended March 31, | |||
2024 | 2023 | ||
100 % | 100 % | ||
Net sales revenues | $ 9,508,298 | $ 5,836,394 | |
Cost of sales | 8,415,706 | 6,671,321 | |
Foreign exchange gain | 240,854 | 76,065 | |
EBITDA (1) | $ 1,333,446 | $ (758,862) | |
Management fees & sales commissions | 767,865 | 384,014 | |
Depreciation | 552,362 | 968,502 | |
Interest expense | 564,683 | 550,124 | |
Foreign exchange loss on debt and cash | 1,143,712 | 322,358 | |
Monetary gain | (1,373,721) | (1,095,707) | |
Tax (recovery) expense | (1,002,446) | 945,059 | |
Net income (loss) | $ 680,991 | $ (2,833,212) | |
Global Atomic's equity share | $ 333,686 | $ (1,388,274) | |
Global Atomic's share of EBITDA | $ 653,389 | $ (371,842) | |
(1) | EBITDA is a non-IFRS measure, does not have a standardized meaning prescribed by IFRS and may not be comparable to similar terms and measures presented by other issuers. EBITDA comprises earnings before income taxes, interest expense (income), foreign exchange loss (gain) on debt and bank, depreciation, management fees, sales commissions, losses (gains) on sale of property, plant, and equipment. |
The Turkish JV realized significant growth in revenues during Q1 2024 compared to 2023. Operations in Q1 2023 were adversely affected by significant earthquakes in Türkiye. In Q1 2024, the Turkish JV sold 9.3 million pounds of zinc concentrate, increase from the 3.7 million pounds sold in the corresponding period last year. Despite a decline in the average monthly LME zinc price, which decreased to US$1.1 per pound in Q1 2024 from US$1.42 per pound in Q1 2023, the profit margin experienced a positive impact primarily attributed to reduced unit costs in EAFD and coking coal, resulting in a favorable EBITDA.
The cash balance of the Turkish Zinc JV was US$2.3 million at March 31, 2024 .
The following table summarizes comparative operational metrics of the Iskenderun facility.
Three months ended March 31, | |||
2024 | 2023 | ||
100 % | 100 % | ||
Exchange rate (C$/TL, average) | 22.95 | 13.96 | |
Exchange rate (US$/C$, average) | 1.35 | 1.35 | |
Exchange rate (C$/TL, period-end) | 23.87 | 14.18 | |
Exchange rate (US$/C$, period-end) | 1.36 | 1.35 | |
Average monthly LME zinc price (US$/lb) | 1.11 | 1.42 | |
EAFD processed (DMT) | 19,990 | 6,125 | |
Production (DMT) | 6,251 | 1,812 | |
Sales (DMT) | 6,477 | 2,479 | |
Sales (zinc content '000 lbs) | 9,271 | 3,656 | |
QP Statement
The scientific and technical disclosures in this Management's Discussion and Analysis have been extracted from the 2024 Feasibility Study, which was reviewed and approved by Dmitry Pertel , M.Sc., MAIG, John Edwards , B.Sc. Hons., FSAIMM, Andrew Pooley , B. Eng (Hons) ., FSAIMM who are "qualified persons" under National Instrument 43-101 – Standards of Disclosure for Mineral Properties.
Advance Notice By-law
The Company has adopted By-law No. 4 of the Company (the "Advance Notice By-law"), a by-law that requires advance notice be given to the Company when director nominations are made by shareholders other than through a requisition for a meeting or through a shareholder proposal, in each case in accordance with the Business Corporations Act ( Ontario ).
The Advance Notice By-law provides a clear and fair process enabling shareholders to nominate directors for election to the Company's Board of Directors within a reasonable timeframe while ensuring that all shareholders receive such notice and information about director nominees necessary to exercise their voting rights in an informed manner. The Advance Notice By-law is similar to advance notice by-laws adopted by other Canadian public companies.
The Advance Notice By-law is effective immediately and will be presented to be approved, ratified and confirmed by a majority of the votes cast by shareholders at the Company's upcoming annual and special meeting of shareholders to be held on June 26 , 2024. The full text of the Company's Advance By-law will be included in the Company's 2024 proxy circular and is currently available on SEDAR+, which can be accessed at www.sedarplus.ca/landingpage/ .
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022 , and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
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The 2024 drilling program on the Mkuju Uranium Project is the result of the analysis of multiple geophysical surveys, historical data, and trenching to ensure that we have located the key target areas with the highest potential to intercept and extend uranium mineralization.
Drilling all-set commence in June now that the approval from the Tanzanian Mining Commission has been received and that the Rainy Season in Tanzania has ended.
The 2024 Drilling Program will include initial core drilling at the SWC target where 2023 trenches intersected up to 7139ppm U3O8. At Mtonya and Likuyu North, drilling will test potential extensions and new zones to the existing uranium deposits. Earthworks, camp establishment and equipment and crew mobilization are underway. Figure 1 provides an indicative timeline for the exploration.
Figure 1. An indicative timeline for the drilling program and other works.
The SWC target – summary and Gladiators planned drilling
The SWC target presents a promising opportunity for uranium exploration. In 2008, shallow auger holes were drilled, revealing excellent uranium intersections, but further exploration at the target was sidelined by Mantra Resources as they focused on their Nyota Uranium deposit to the north.
In 2023 Gladiator carried out trenching to confirm and understand the uranium mineralization and encountered high grade uranium in 4 of the 5 trenches2. Vertical channel samples across the gently dipping layer included:
Gladiators drilling will test the potential down-dip extension of this mineralization, described in the announcement dated 26 December 2023. Figure 2 is a conceptual cross-section through the SWC target showing the North and South Limb zones. Figure 3 provides a map of the North Limb zone with planned drillholes marked.
Click here for the full ASX Release
This article includes content from Gladiator Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Cameco (TSX: CCO; NYSE: CCJ) has announced the election of eight board members at its annual meeting held on May 9, 2024.
Shareholders elected board members Daniel Camus, Tammy Cook-Searson, Catherine Gignac, Tim Gitzel, Kathryn Jackson, Don Kayne, Dominique Minière and Leontine van Leeuwen-Atkins.
The annual meeting also marked the retirement of Don Deranger and Jim Gowans from the board after serving 15 years as Cameco directors.
Voting Results for Cameco Directors
Nominee | Votes For | % Votes For | Against | % Votes Against |
Catherine Gignac | 76,317,418 | 97.25% | 2,158,537 | 2.75% |
Daniel Camus | 76,189,453 | 97.09% | 2,286,502 | 2.91% |
Tammy Cook-Searson | 76,919,923 | 98.02% | 1,556,032 | 1.98% |
Tim Gitzel | 76,739,023 | 97.79% | 1,736,932 | 2.21% |
Kathryn Jackson | 77,664,076 | 98.97% | 811,879 | 1.03% |
Don Kayne | 74,848,604 | 95.38% | 3,627,351 | 4.62% |
Dominique Minière | 78,286,607 | 99.76% | 189,347 | 0.24% |
Leontine van Leeuwen-Atkins | 77,789,332 | 99.13% | 686,623 | 0.87% |
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509315038/en/
Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
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