Uranium Exploration Firm URZ Energy Goes Public

A uranium company with projects in Wyoming has listed on the TSXV just as the uranium market is starting to show signs of life.
The uranium spot price passed the $20-per-pound mark at the end of June and has gained slightly in July. As of July 3, the price was up 25 cents, at $20.35.
URZ Energy (TSXV:URZ), formerly Summit Point Uranium, has about C$2 million in cash on hand after its IPO and private placement on July 5. The firm is led by Glenn Catchpole, former CEO of Uranerz Energy; he is also a licensed engineer with 39 years of uranium experience, including work with Cameco (TSX:CCO,NYSE:CCJ) on its Inkai project.

URZ Energy is headquartered in Vancouver, Canada, and the company plans to focus on two projects in Wyoming, a state responsible for about 65 percent of American uranium production. The firm’s Gas Hills project has an indicated resource of 4.7 million pounds of eU3O8 and an inferred resource of 2.5 million pounds eU3O8, according to a June 2017 technical report. URZ has identified five targets for exploration based on past mine production areas and historic drill results.
The company’s other project is Juniper Ridge, which is in the advanced stages of exploration. The property hosts an indicated resource of 6 million pounds of eU3O8 and an inferred resource of 0.2 million pounds of eU3O8, also according to a June 2017 technical report.
Both Gas Hills and Juniper Ridge were previously owned by Energy Fuels (TSX:EFR,NYSEMKT:UUUU). It acquired the projects after merging with Strathmore Minerals in 2013, and sold them to URZ Energy last year.
Additionally, URZ Energy owns the Shirley Basin project in Wyoming, uranium stockpiles in Utah and exploration properties in the Uravan District on the Colorado and Utah border. As of 10:30 a.m. PST on July 6 the company’s share price was up 150 percent since its IPO, at $0.50.
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Securities Disclosure: I, Melissa Shaw, 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.