Consolidated Uranium Proposed Spin-Out Labrador Uranium Expands Land Holding and Team

Consolidated Uranium Proposed Spin-Out Labrador Uranium Expands Land Holding and Team

 

Consolidated Uranium Inc. (" CUR ", the " Company " or " Consolidated Uranium ") (TSXV: CUR) (OTCQB: CURUF), is pleased to provide an update regarding recent developments of its planned spin-out of Labrador Uranium Inc. (" Labrador Uranium " or " LUR ") through a plan of arrangement under the Business Corporations Act (Ontario) (the " Arrangement "). LUR has expanded its land holdings in Labrador around its anticipated key projects as well as bolstered its technical team with several key appointments in preparation for an aggressive summer 2022 work program.

 

Stephen Keith, CEO of LUR, commented, "We are very pleased with our progress to date while we plan our 2022 exploration season and prepare to become a public company. Focusing on governance and strategy, LUR has assembled a strong prospective Board of Directors; and, with a focus on creating the greatest opportunity for exploration success, LUR has been able to attract a great geological brain trust as well as increasing and further consolidated its strategic land holdings in a well-known and significant mineral belt."

 

Please click on this   link   to view a video on today's release from LUR's CEO Stephen Keith.

 

   Current Projects and New Acquisitions   

 

LUR's strategy is to consolidate and aggressively explore its land position in the Central Mineral Belt (" CMB ") of Labrador, Canada. In late 2021, LUR entered into several agreements to acquire the following projects:

 
  • Moran Lake Project: To be acquired from Consolidated Uranium. The project hosts historic uranium and vanadium mineral resources. Over $25 million has been spent on the project to date and holds further exploration potential;
  •  
  • Central Mineral Belt (CMB) Project: To be acquired from a wholly-owned subsidiary of Altius Minerals Corporation (" Altius "). This project includes approximately 125,000 hectares of land with more than 50 years of exploration data available. This project contains many known occurrences of uranium, copper, gold, iron and other elements identified in 140 targets;
  •  
  • Notakwanon Project: To be acquired from Altius. This is a near surface discovery with over 20 uranium occurrences at surface and grab samples yielding up to 3.5% U 3 O 8 ;
  •  
  • Mustang Lake joint venture interest (66%): To be acquired from Mega Uranium Ltd. This project is approximately 9.5 kilometers northeast of Paladin Energy's Michelin uranium deposit. Mustang Lake has seen historic drilling, has multiple uranium occurrences, and is also prospective for IOCG style mineralization.
  •  

LUR has recently added the following 683 claims (17,075 hectares) by staking and, when taken together with the above projects, LUR expects to hold a dominant land position in the CMB and surrounding area at Notakwanon:

 
  • 256 claims (6,400 hectares) located to the west of the Michelin uranium deposit with extension potential;
  •  
  • 120 claims (3,000 hectares) located around the Notakwanon Project, consolidating more land around this prospect;
  •  
  • 307 claims (7,675 hectares) in four map-staked licenses located to the north of the existing CMB claims covering prospective areas.
  •  

   Figure 1: LUR District Scale Claims across Labrador
 
  https://www.globenewswire.com/NewsRoom/AttachmentNg/fa19c4cf-6cf6-4783-942f-e08f0add2467  

 

   Building A Strong Team   

 

In addition to growing its land position, LUR has strengthened its geological team. The new additions, detailed below, will bring particular expertise to analyzing and assessing the vast amount of data available to LUR on its projects in order to generate targets for this coming field season.

 

  Dr. Paul Pearson – Chief Geologist. A structural and economic geologist with 35 years of international exploration experience, and PhD in Structural Geology from the University of Queensland.

 

  Matt Melnyk – Consulting Geologist, Qualified Person (QP). A professional geologist (CPG) with over 20 years of experience and a M.Sc. in Geology from the University of Southern Mississippi and a B.A in Geology from SUNY Buffalo.

 

  Mike McNeill –   Director, Operations and Community Relations. A natural resources professional with over a decade of experience planning and managing large-scale exploration programs and teams.

 

  Nancy Normore, M.SC Geology – Director Exploration. Over 18 years exploring for uranium, copper and nickel on several projects (from start-up to discovery) in Saskatchewan, Nunavut, Quebec, Manitoba and Labrador.

 

  Drew Heasman, P. Geo. – Director GeoData. Several years ' experience as an exploration geologist in uranium and gold, and currently pursuing graduate degree in Computer Science at the University of Saskatchewan.

 

The Board of Directors is expected to be made up of experienced mining industry professionals with a track record of success in the uranium sector including:

 

  Phil Williams – Executive Chairman. Phil brings more than 20 years of mining and finance industry experience and is currently the CEO & Chairman of Consolidated Uranium.

 

  Richard Patricio – Independent Director. Richard is the President and CEO of Mega Uranium Ltd.

 

  Justin Reid – Independent Director. Currently, Justin is CEO of Troilus Gold Corp.

 

   Public Listing   

 

The special meeting of shareholders of Consolidated Uranium to approve the spin-out of LUR is scheduled to take place on February 3, 2022. LUR has applied to list its common shares on the CSE following completion of the Arrangement. Listing is subject to the approval of the CSE in accordance with its original listing requirements. Completion of the Arrangement and listing of the LUR Common Shares on the CSE is expected to be completed by the end of February 2022.

 

To sign up for Labrador Uranium news and updates please visit   www.labradoruranium.com   

 

  Technical Disclosure and Qualified Person  

 

The scientific and technical information contained in this news release was reviewed and approved by Matthew Melnyk, M.Sc., CPG, who is a "Qualified Person" (as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ).

 

  About Consolidated Uranium Inc.  

 

Consolidated Uranium Inc. (TSXV: CUR) (OTCQB: CURUF) was created in early 2020 to capitalize on an anticipated uranium market resurgence using the proven model of diversified project consolidation. To date, the Company has acquired or has the right to acquire uranium projects in Australia, Canada, Argentina and the United States each with significant past expenditures and attractive characteristics for development. Most recently, the Company completed a transformational strategic acquisition and alliance with Energy Fuels Inc (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based uranium mining company, and acquired a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah and Colorado. These mines are currently on stand-by, ready for rapid restart as market conditions permit, positioning CUR as a near-term uranium producer.

 

  For More Information, Please Contact  

 

  Philip Williams  
President and CEO  
  pwilliams@consolidateduranium.com   

 

  Mars Investor Relations  
+1 647 557 6640
  cur@marsinvestorrelations.com   

 

  Twitter: @ConsolidatedUr  
www.consolidateduranium.com  

 

Neither the TSXV nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

  Cautionary Statement Regarding "Forward-Looking" Information  

 

  This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to LUR's anticipated summer work program; the completion of the Arrangement and the acquisitions from Altius and Mega Uranium; anticipated timing for completion of the Arrangement and listing of the LUR common shares; and other activities, events or developments that the Company expects or anticipates will or may occur in the future. 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. Such forward-looking information and statements are based on numerous assumptions, including the ability of the parties to receive, in a timely manner and on satisfactory terms, necessary regulatory approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Arrangement, the acquisitions from Altius and Mega Uranium and the listing of the LUR common shares; that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's and LUR's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, 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 events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the diversion of management time on transaction-related issues; expectations regarding negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations, delays in obtaining governmental or other approvals and the risk factors set out in the Company's annual information form in respect of the year ended December 31, 2020 filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com.  

 

  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 implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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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Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

 
 

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .

 
 

  Energy Fuels Inc. is an industry leader in uranium and rare earth elements production for the energy transition. (CNW Group/Energy Fuels Inc.) 

 

  As previously announced , on   November 28, 2024   , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").

 

The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.

 

  Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."

 

  Key Terms and Conditions of the MOU  

 

Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.

 

The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023  prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.

 

The Government has agreed in the MOU, among other things, to:

 
  • assist the Company with obtaining all necessary administrative authorizations for the purpose of adding REE-bearing monazite recovery to existing permits;
  •  
  • certify the Project as eligible under the LGIM (or amended LGIM, if applicable) as soon as the LGIM eligibility conditions are met; support the prompt development of the Toliara Project, including (without limitation) by causing all relevant State authorities to timely consider and grant all complete applications for permits, licenses or authorizations necessary or desirable for the development and operation of the Toliara Project in accordance with the laws of Madagascar ;
  •  
  • maintain the fiscal, legal and customs stability of the Toliara Project;
  •  
  • not, directly or indirectly, receive, take or have an interest (including an economic interest or form of production sharing arrangement, and whether carried or free-carried) in the Company or any of its assets, including the Toliara Project;
  •  
  • provide active and public support for the Toliara Project, including by publicly announcing the State's support for the Toliara Project and its development; and
  •  
  • undertake any LGIM amendments in consultation with relevant stakeholders, including the Company, to ensure that such amendments (or similar instruments with legislative force) provide the necessary certainty of financial and legal terms to address the reasonable financial, operational and legal requirements of large-scale mining projects, and otherwise supports the bankability of the Toliara Project and the ability of the Company to achieve a positive FID.
  •  

In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:

 
  • the terms of the Stability Mechanism being adopted in a form that is satisfactory to the Company;
  •  
  • Project Certification having been obtained; and
  •  
  • prior to Project Certification having been obtained, there being no change to the laws of Madagascar (as they apply to the Company and the Toliara Project as at the date of the MOU) that is adverse to the Company or the Toliara Project.
  •  

The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.

 

  ABOUT Energy Fuels  

 

 Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit    http://www.energyfuels.com    

 

  CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS  

 

This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. 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 be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at   www.sec.gov/edgar.shtml   , on SEDAR at   www.sedar.com   , and on the Company's website at   www.energyfuels.com   . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-and-madagascar-government-execute-memorandum-of-understanding-to-further-advance-toliara-critical-mineral-project-in-madagascar-302323924.html  

 

SOURCE Energy Fuels Inc.

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/05/c6155.html  

 
 

 

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