Energy Fuels has been granted approval to make major revisions to the existing mining permit at its Sheep Mountain project.
Energy Fuels (TSX:EFR,NYSEMKT:UUUU) received some exciting news on Wednesday when the State of Wyoming granted it approval to make major revisions to the existing mining permit at its Sheep Mountain project. The revisions include expansions of surface and underground mining.
Receiving that approval is a major milestone for the company, as the project is one of the largest uranium development projects in the US and has been shut down since Western Nuclear operated there from 1956 to 1988. According to a preliminary study from April 2012, the project contains 30.3 million pounds of uranium contained within 12.9 million tonnes of indicated mineral resources at an average grade of 0.1117 percent eU3O8. Sheep Mountain is also one of the only uranium projects in the US that contains reserves.
“With over 30 million pounds of uranium resources, the Sheep Mountain Project is one of the largest and most important uranium projects in the U.S. Receipt of the mining permit is a key achievement for Energy Fuels, as we work to ready this project for mining,” Energy Fuels’ president and CEO, Stephen Antony, said in a press release.
In order to move the project into production, the company must first receive a final environmental impact statement from the US Bureau of Land Management; Energy Fuels expects that to happen by mid-2016. The company will also have to put in a facility to process the ore from the property, and has been evaluating processing options, including the permitting and construction of an onsite heap-leach facility. Another option the company has considered is using an existing third-party milling facility in the region.
Regarding that choice, David Talbot of Dundee Capital Markets said in a note Thursday that if the company builds its own onsite heap-leach facility it will mean receiving approvals, which could take two to three years.
Talbot believes that if Energy Fuels uses an existing third-party facility, it will likely be the Sweetwater mill, which is located about 40 kilometers south of Sheep Mountain. The mill, currently owned by Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), is on care and maintenance and is fully licensed and in good condition. However, it will likely need some refurbishment as it operated in the 1980s. Talbot believes that this option would likely be the shortest path to production as permits are already in place; even so, whether it pans out will depend on if the two companies can come to an agreement that is still economical for Energy Fuels.
Talbot also pointed out that the company is considering an alternative mining plan that contemplates an open-pit mine that will be converted to underground production after its fourth year; he said it is a lower-capital option.
“This may be more palatable given current market conditions. We model 17 million pounds production over 11 years with start up in late 2016. Unless toll milling arrangements are made shortly, then timelines would likely be pushed back,” he explained.
At end of day Thursday, Energy Fuels’ share price was up 7.13 percent, having closed at $5.71.
Securities Disclosure: I, Kristen Moran, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.
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Generation Uranium offers investors high-leverage exposure to a potential major discovery in Canada’s underexplored and resource-rich Thelon Basin, led by a management team with a proven track record of securing high-value exits.
Overview
Generation Uranium (CSE:GEN, OTCQB:GENR, FRA:W85) is a Canadian exploration company focused on wealth creation through discovery within the uranium sector. The company’s primary strategy is to build a high-caliber exploration team that can rapidly test and drill high-potential targets, de-risking projects for potential takeover by larger producers. Currently centered in the prolific Thelon and Angikuni Basins of Nunavut, the company is also actively evaluating additional project acquisitions in the Athabasca Basin to expand its portfolio.

The company is led by a veteran management team with nearly 30 years of experience in mineral development. CEO Michael Collins has a significant track record of building and exiting public companies, including the co-founding of Bluerock Resources, a conventional uranium producer during the 2000-2008 cycle. This expertise is paired with a focused business model that leverages modern geophysical targeting to accelerate exploration timelines and reduce costs, ensuring the company can deliver results quickly in a bullish uranium market.
Company Highlights
- Strategic Location in a Premier Uranium District: The flagship Yath Project is located in Nunavut’s Thelon Basin, contiguous to ATHA Energy’s Angilak Project, which hosts the high-grade Lac 50 deposit.
- High-Grade Discovery Potential: Historical surface sampling at the Yath Project has yielded exceptional uranium grades, including boulders testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
- Expert Management with Exit Experience: Led by CEO Michael Collins, the team has decades of experience in mineral exploration and a history of co-founding companies that were later acquired, such as Prime Mining and Nuclear Fuels.
- Low-Cost, Rapid Exploration Strategy: By leveraging modern geophysics and extensive historical data, the company aims for a "short road to discovery," de-risking projects quickly to maximize shareholder value.
- Bullish Market Fundamentals: Generation Uranium is well-positioned to meet the growing global demand for carbon-free nuclear power, supported by a projected supply deficit and increased interest from major tech companies seeking clean energy.
Key Project
Yath Project - Nunavut, Canada
The Yath Project is Generation Uranium’s flagship project. This 100 percent owned property covers about 120 square kilometers within the underexplored Thelon Basin in Nunavut, Canada. The project is located where the Yathkyed and Angikuni sub-basins meet, which is a region known globally for high-grade uranium potential. It sits directly along the same trend as the Angilak Project owned by ATHA Energy (TSXV:SASK, OTCQB:SASFK, FWB:XSU.F), which contains the Lac 50 deposit, one of the highest-grade uranium resources found outside of the Athabasca Basin with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69 percent U3O8.

The Yath Project is contiguous to the Lac 50 trend and is crossed by several regional faults and basin boundaries. Past exploration work has already identified high priority targets, while surface sampling in the area has produced uranium grades from boulders, with some testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
The company has commenced its initial field program at the site, set to define and rank drill targets. Historic showings will be combined with new anomalies from the MMT geophysics survey, preparing the project for an anticipated drill permit.
Management Team
Michael Collins - CEO & Director
Michael Collins is a professional geoscientist with nearly 30 years of experience in mineral exploration. He has co-founded several public companies, including Exploits Discovery, Prime Mining (acquired in 2025), and Nuclear Fuels (merged with Premier American Uranium in 2025). He is also currently a director of First Atlantic Nickel.
Christoph Bruening - Director
Christoph Bruening is the founder and managing partner of Value Relations GmbH, a full-service investor relations and public relations agency in Frankfurt with over 25 years of excellence, focusing on mining, exploration, biotech and health care. In addition, he has listed over 600 companies on the Frankfurt Stock Exchange and is a speaker and author of several publications, including on rare earths and uranium.
Dallas Miller - Director
Dallas Miller has been working within the international mining industry for over 15 years, working with BHP and Santos Ltd. He has experience on the ground from an operational standpoint, as well as being an integral part of raising millions of dollars in capital funding for both private and public companies in recent years.
Roger Leschuk - VP Corporate Development
Roger Leschuk has been in corporate management for over two decades, with the past 15 years dedicated to corporate development and investor relations. He has experience participating in and assisting with mergers and acquisitions, and was an investment advisor for various services such as stocks, mutual funds and tax-sheltered investments. He is a Chartered Investment Manager and a Fellow of the Canadian Securities Institute.
Monty Sutton - CFO
Monty Sutton brings over 35 years of experience in public markets and corporate governance. He previously served as CFO for Nuclear Fuels from its IPO through its acquisition.
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