
May 29, 2024
NickelX Limited (“NickelX”, “NKL” or “The Company”) is pleased to advise it has secured via low-cost staking 100% of the rights to an additional eleven (11) multi-cell claims, referred to as the Blind River Block, adding a further 51km2 of highly prospective ground to its Elliot Lake Uranium Project located in Ontario, Canada (Figure 2).
- Additional, highly prospective uranium tenure, referred to as the Blind River Block, has been secured by NickelX in the Elliot Lake district in Ontario, Canada.
- A field reconnaissance program, including mapping, sampling and drill hole siting, has commenced at NickelX’s Elliot Lake Project, where the Company is targeting conglomerate hosted uranium mineralisation.
- The Project is accessible by road from Toronto (a ~6 h drive). Year-round access and proximity to existing infrastructure provide logistical advantages that cannot be overstated when operating in Canada.
- Stakeholder and First Nations engagement has also commenced with letters of engagement forwarded to local community stakeholders in anticipation of future drill programs.
- Magnetic and radiometric data re-processing combined with the Company’s recent geological review has defined multiple high priority uranium targets.
- The prolific Elliot Lake uranium district produced 362 Mlbs U3O8 @ 0.1060% (1,060 ppm) U3O8 from 13 underground mines active between 1955 and 1996, within an area of c. 15 × 15 km. The uranium mineralisation at Elliot Lake is hosted by stratabound conglomerate beds, which are relatively continuous and geologically predictable. The mineralised beds can be up to 19.5 km long, 8.0 km wide and 4 m thick1 (Figure 1).
Multiple high priority uranium targets have been defined at the Elliot Lake Uranium Project by re-processing of geophysical data combined with recent geological data review (see NickelX ASX announcement dated 21st February 2024).
The geophysical data reprocessing has highlighted strong U2/Th ratio radiometric anomalism both within, and interpreted to trend into, the Company’s Kirkpatrick, Inspiration and Quirke West Claim Blocks (Figure 5) where uranium anomalism and mineralisation have been identified by previous explorers (see NickelX ASX announcement dated 21st February 2024).
The High Priority Target areas identified by NickelX are now the focus of detailed field activities that have commenced, including mapping, sampling, drill hole siting, and engagement with first nations groups, while also evaluating additional opportunities within the district.
The claim blocks, collectively the Elliot Lake Uranium Project (Figure 3, Table 1), cover highly prospective uranium targets along strike from the Elliot Lake uranium district, which historically produced >360 Mlbs U3O8 from 13 underground mines1 (see NickelX ASX announcement dated 21st February 2024).
The Elliot Lake Uranium Project now comprises 41 multi-cell mining claims covering 180 km2. The Company is targeting conglomerate-hosted uranium and rare earth element (REE) mineralisation along the underexplored interpreted extensions to the historic, major uranium mining centre at Elliot Lake.
The targeted uranium mineralisation style is stratabound and consequently relatively continuous and predictable. The known deposits typically have excellent lateral and downdip grade and thickness continuity, providing potential for large-scale deposits (Figure 1).
The Project area is considered to have excellent year-round access, is close to infrastructure and service centres, electrical and water supplies and the world's largest commercial uranium refinery at Blind River (Figure 2), operated by uranium major Cameco Corporation.
Figure 1. Schematic cross section of the New Quirke uranium mine at Elliot Lake [not owned by Nickelx] – nearby to the Elliot Lake projects held by NickelX. This section highlights the continuous and sedimentary nature of the mineralisation at Eliot Lake
Click here for the full ASX Release
This article includes content from NickelX 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.
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11h
Uranium Energy’s Sweetwater Project Fast-Tracked Under Trump Initiative
In the latest show of federal support for domestic uranium production, Uranium Energy (NYSEAMERICAN:UEC) Sweetwater uranium complex in Wyoming has been designated for expedited permitting under the Trump administration’s FAST-41 initiative.
The designation, announced August 5, places Sweetwater on the Federal Permitting Improvement Steering Council’s FAST-41 dashboard, a move that aims to accelerate environmental reviews and interagency approvals under a framework established by the 2015 Fixing America’s Surface Transportation (FAST) Act.
The initiative is part of the Trump administration's strategy to revitalize the US nuclear fuel supply chain and reduce reliance on imports from geopolitical rivals.
“Sweetwater’s selection under FAST-41 reinforces its national importance as a key project to achieve the United States’ goals of establishing reliable infrastructure, supporting nuclear fuel independence,” said UEC President and CEO Amir Adnani in a statement.
“On completing this tack-on permitting initiative, Sweetwater will be the largest dual-feed uranium facility in the United States, licensed to process both conventional ore and ISR resin.”
Located in Wyoming’s Great Divide Basin, the Sweetwater complex is anchored by a fully licensed conventional uranium mill with a capacity of 3,000 metric tons per day and a licensed annual output of 4.1 million pounds.
The site previously included several permitted mines—Sweetwater (Red Desert), Big Eagle, and Jackpot (Green Mountain)—that were approved for conventional methods but will now be evaluated for In-Situ Recovery (ISR) mining, a lower-impact extraction technique.
The new permitting push will allow UEC to modify existing approvals to incorporate ISR capabilities both within and beyond the current mine boundary, including on adjacent federal lands managed by the Bureau of Land Management (BLM).
The BLM, under the Department of the Interior, is the lead permitting agency for the initiative.
“This will provide the Company unrivaled flexibility to scale production across the Great Divide Basin, leveraging UEC’s leading domestic resource base,” Adnani added.
Sweetwater is the second uranium project to receive fast-track treatment under the new policy, following Anfield Energy TSXV:AEC,OTCQB:ANLDF) Velvet-Wood project in Utah, which was granted the status in May.
Velvet-Wood was the first uranium asset to be placed on the FAST-41 dashboard. It is expected to supply uranium for both civilian nuclear energy and defense applications, as well as vanadium, a strategic metal used in batteries and alloys.
Anfield’s Velvet-Wood received accelerated environmental review under a January 20 declaration by President Trump, which cited a national energy emergency and called for urgent steps to restore American energy independence. According to Anfield, the review timeline was cut from what could have taken years to just 14 days.
Taken together, the two fast-tracked uranium projects are a display of a wider federal pivot toward rebuilding a domestic nuclear supply chain, which has withered in recent decades amid low prices and competition from Russia, China, and other state-backed producers.
“I am excited to welcome the Sweetwater Complex to the FAST-41 transparency dashboard in support of President Trump’s goal of unlocking America’s mineral resources,” said Emily Domenech, Executive Director of the Federal Permitting Improvement Steering Council.
The White House confirmed in April that 10 mining projects had been selected so far under the initiative, covering minerals such as copper, gold, lithium, phosphate, potash, and uranium.
With Sweetwater, UEC will operate three hub-and-spoke uranium platforms in the United States: one in South Texas, another in Wyoming’s Powder River Basin, and the Sweetwater Complex in the Great Divide Basin.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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05 August
5 Best-performing Canadian Uranium Stocks of 2025
The uranium market stumbled into Q2 2025, after spot prices dipped to an 18 month low of US$63.50 per pound in March amid abundant secondary supply and cautious utility contracting.
By June, however, prices had rebounded into the US$70 range on renewed US policy support and heightened geopolitical tensions. While the spot market remains volatile, long-term prices have held steady at US$80 level.
Yet utility demand still lags. Just 25 million pounds were contracted by mid-year, putting 2025 on track to fall well short of the 160 million pounds booked in 2023.
“It’s a pressure cooker,” said Oceanwall’s Ben Finegold, pointing to a widening disconnect between term prices and utility participation. With global supply still covering only 80 to 90 percent of annual reactor needs and inventories thinning, market watchers warn a sharp contracting surge is inevitable.
Compounding the urgency are ambitious global buildout plans, including 69 reactors under construction and a US proposal to quadruple nuclear capacity by 2050.
As the supply-demand gap grows, uranium investors are watching closely for a return of utility buying and a possible inflection point for the sector.
Amid this opaque landscape, several Canadian uranium companies registered significant gains so far in 2025. Below are the best-performing Canadian uranium stocks by share price performance. All data was obtained on July 30, 2025, using TradingView’s stock screener. Companies on the TSX, TSXV and CSE with market caps above C$10 million at the time were considered.
Read on to learn about the top Canadian uranium stocks in 2025, including what factors have been moving their share prices.
1. Purepoint Uranium (TSXV:PTU)
Year-to-date gain: 109 percent
Market cap: C$31.69 million
Share price: C$0.46
Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects, all located in Canada’s Athabasca Basin.
In a January statement, Purepoint announced it had strengthened its relationship with IsoEnergy (TSX:ISO) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares.
The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in Saskatchewan’s Eastern Athabasca Basin, including the Dorado project.
Purepoint shares jumped from C$0.265 on July 7 to C$0.465 on July 9 after the release of initial drill results from Dorado. According to the July 8 statement, drilling at the Q48 target “confirm(ed) the zone as a significant uranium-bearing structure.”
Continuing to trend higher, shares reached a year-to-date high of C$0.52 on July 23. The move coincided with an additional drill result release from the discovery, now dubbed the Nova Discovery target area.
“PG25-07A has successfully extended the Nova Discovery zone by 70 metres and delivered our strongest intercept to date, both in intensity and thickness based on radioactivity," Purepoint President and CEO Chris Frostad said.
2. District Metals (TSXV:DMX)
Year-to-date gains: 104.9 percent
Market cap: C$139.38 million
Share price: C$0.83
District Metals is an energy metals and polymetallic exploration and development company with a portfolio of seven assets in Sweden, including four uranium projects: Viken, Ardnasvarre, Sågtjärn and Nianfors. Currently, District is focused on its Viken uranium-vanadium project, which the company says hosts the world's largest undeveloped uranium deposit.
The company's share price began trending upwards in mid-May following news of a fully subscribed C$6 million private placement.
Some noteworthy announcements since then include the completion of a helicopter-borne mobile magnetotellurics survey at the Viken property in late June, with results expected later in Q3.
Also in June, the company commended Sweden’s Ministry of Climate and Enterprise for submitting a proposal to lift the country’s longstanding ban on uranium mining. The referral recommends allowing uranium extraction under the Minerals Act and permitting exploration and processing applications under set conditions.
Shares of District Metals rose to a year-to-date high of C$1.01 on July 24, two days after the announcement of a high-resolution drone-based radiometric and magnetic survey across its Ardnasvarre, Sågtjärn and Nianfors projects, which are largely covered by thin glacial overburden and have never been subject to detailed geophysical surveying.
According to the company, the drone will fly low and with tight line spacing, allowing detection of subtle anomalies that traditional surveys may have missed.
3. Energy Fuels (TSX:EFR)
Year-to-date gain: 70.21 percent
Market cap: C$2.83 billion
Share price: C$12.80
US-based uranium producer Energy Fuels has a large portfolio of conventional and in-situ recovery (ISR) projects across the Western United States, including Pinyon Plain in Arizona, a top national producer.
Additionally, Energy Fuels owns and operates the White Mesa mill, the only fully licensed and operating conventional uranium mill in the US. The company is progressing heavy rare earth oxide processing at the plant as well.
In line with US efforts to bolster domestic uranium output, Energy Fuels has been ramping up Pinyon Plain. In May, a record of approximately 260,000 pounds of U3O8 was mined at the site, up 71 percent over the prior month.
A subsequent press release tallied Q2 2025 output from Pinyon Plain at 638,700 pounds of uranium, which it said exceeded estimates due to the high uranium grades, which averaged 2.23 percent in Q2 and 3.51 percent in June.
Company shares reached a year-to-date high of C$13.80 on July 27. The stock bump followed the successful commencement of pilot scale heavy rare earth production at its White Mesa mill on July 17.
4. Stallion Uranium (TSXV:STUD)
Year-to-date gain: 56.67 percent
Market cap: C$10.72 million
Share price: C$0.23
Uranium junior Stallion Uranium holds a 2,870 square kilometer land package on the western side of Saskatchewan's Athabasca Basin, including a joint venture with Atha Energy (TSXV:SASK,OTCQB:SASKF) for the largest contiguous project in the region. The company's primary focus is the Coyote target at the project.
Stallion's share price shot upwards on July 8 after it announced a technology data acquisition agreement for Matchstick TI, an intelligent geological target identification platform with 77 percent accuracy. Stallion plans to use the technology to enhance its exploration efforts.
On July 14, the company reported the results of a 3D inversion of ground gravity data over the Coyote target, part of its joint venture with Atha Energy.
"The inversion modelling at Coyote has delineated a laterally extensive and coherent gravity low, spatially coincident with a structurally complex corridor exhibiting attributes characteristic of fertile uranium-bearing systems within the Athabasca Basin,” Stallion Uranium CEO Matthew Schwab said.
Three days later, the company announced it settled its outstanding debt with Atha Energy, issuing 802,809 common shares at a deemed price of C$0.135 per share.
Stallion's shares registered a year-to-date high of C$0.25 on July 18.
Stallion released results from an electromagnetic survey on July 21 that further refined the Coyote target area.
5. Cameco (TSX:CCO)
Year-to-date gain: 45.96 percent
Market cap: C$47.21 billion
Share price: C$108.10
Sector major Cameco is a leading global uranium producer headquartered in Saskatoon, Saskatchewan. The company supplies uranium fuel for nuclear energy generation and holds significant assets across the nuclear fuel cycle, including 49 percent interests in Westinghouse Electric Company (NYSE:BBU) and Global Laser Enrichment.
In the Athabasca Basin, Cameco’s portfolio includes a majority interest in the Cigar Lake mine, the world's top-producing uranium mine. The company also fully owns the McArthur River mine, another major high-grade deposit in the same region. Additionally, Cameco operates the Key Lake mill, which processes ore from both Cigar Lake and McArthur River.
Globally, Cameco owns the Crow Butte ISR operation in Nebraska and the Smith Ranch-Highland ISR operation in Wyoming. Both are currently in care and maintenance. In Kazakhstan, Cameco holds a 40 percent interest in the Inkai joint venture, a producing ISR uranium operation developed in partnership with state-owned Kazatomprom.
On June 6, Cameco announced an expected US$170 million increase in its 49 percent equity share of Westinghouse Electric Company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q2 and full year 2025. The projected gain is linked to Westinghouse’s involvement in building two nuclear reactors at the Dukovany power plant in the Czech Republic.
In its Q2 2025 results, released July 31, the company reported net earnings of C$321 million, adjusted net earnings of C$308 million and adjusted EBITDA of C$673 million — all significantly higher year-over-year in part because of the aforementioned share of Westinghouse's EBITDA.
In its uranium segment, Cameco's production totaled 4.6 million pounds, down from 7.1 million pounds in Q2 2024, due to planned maintenance at the Key Lake mill. However, its adjusted EBITDA for the segment increased by 43 percent year-over-year to C$352 million.
Cameco's share price reached a year-to-date high of C$109.10 on July 25.
FAQs for investing in uranium
What is uranium used for?
Uranium is primarily used for the production of nuclear energy, a form of clean energy created in nuclear power plants. In fact, 99 percent of uranium is used for this purpose. As of 2022, there were 439 active nuclear reactors, as per the International Atomic Energy Agency. Last year, 8 percent of US power came from nuclear energy.
The commodity is also used in the defense industry as a component of nuclear weaponry, among other uses. However, there are safeguards in effect to keep this to a minimum. To create weapons-grade uranium, the material has to be enriched significantly — above 90 percent — to the point that to achieve just 5.6 kilograms of weapons-grade uranium, it would require 1 metric ton of uranium pre-enrichment.
Because of this necessity, uranium enrichment facilities are closely monitored under international agreements. Uranium used for nuclear power production only needs to be enriched to 5 percent; nuclear enrichment facilities need special licenses to enrich above that point for uses such as research at 20 percent enrichment.
The metal is also used in the medical field for applications such as transmission electron microscopy. Before uranium was discovered to be radioactive, it was used to impart a yellow color to ceramic glazes and glass.
Where is uranium found?
The country with the greatest uranium reserves by far is Australia — the island nation holds 28 percent of the world’s uranium reserves. Rounding out the top three are Kazakhstan with 15 percent and Canada with 9 percent.
Although Australia has the highest reserves, it holds uranium as a low priority and is only fourth overall for production. All its uranium output is exported, with none used for domestic nuclear energy production.
Kazakhstan is the world’s largest producer of the metal, with production of 21,227 metric tons in 2022. The country’s national uranium company, Kazatomprom, is the world’s largest producer.
Canada’s uranium reserves are found primarily in its Athabasca Basin, and the region is a top producer of the metal as well.
Why should I buy uranium stocks?
Investors should always do their own due diligence when looking at any commodity so that they can decide whether it fits into their investment plans. With that being said, many experts are convinced that uranium has entered into a significant bull market, meaning that uranium stocks could be a good buy.
A slew of factors have led to this bull market. While the uranium industry spent the last decade or so in a downturn following the 2011 Fukushima nuclear disaster, discourse has been building around the metal's use as a source of clean energy, which is important for countries looking to reach climate goals. Nations are now prioritizing a mix of clean energies such as solar and wind energy alongside nuclear. Significantly, in August 2022, Japan announced it is looking into restarting its idled nuclear power plants and commissioning new ones.
Uranium prices are very important to uranium miners, as in recent years levels have not been high enough for production to be economic. However, in 2024, prices spiked from the US$58 in August 2023 to a high of US$106 per pound U3O8 in February 2024. They have since consolidated at around US$70, meaning this could be a buying point for those looking to get into the sector.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Purepoint Uranium and Stallion Uranium are clients of the Investing News Network. This article is not paid-for content.
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01 August
Cameco Lifts Outlook on Nuclear Momentum, Westinghouse Boost After Strong Q2 Performance
Cameco (TSX:CCO,NYSE:CCJ) is riding a wave of renewed nuclear optimism and long-term contracting after posting robust second quarter earnings, raising its expectations for the rest of 2025.
In results released on Wednesday (July 30), the firm reported net earnings of US$234 million for the second quarter and US$285 million for the first half of 2025, both significantly above 2024 levels. Adjusted EBITDA for the quarter came in at US$491 million, with strong contributions across its uranium, fuel services and Westinghouse segments.
“Our integrated strategy that aligns our marketing, operational, and financial decisions continues to serve us well in a market that is shifting its focus toward security of supply,” said Cameco CEO Tim Gitzel.
“As a result, we believe nuclear energy, and in turn Cameco, with our tier-one assets in stable jurisdictions and strategic investments across the entire nuclear fuel cycle, is on the critical path to global energy security,” Gitzel added.
Cameco’s uranium business benefited from higher sales volumes and stronger average realized prices, which reached approximately US$63.50 per pound, up from US$61.30.
That lift, combined with favourable exchange rates and long-term contracts shielded from short-term volatility, contributed to a 46 percent year-on-year increase in uranium segment earnings before income taxes in Q2.
Gitzel emphasized that Cameco’s contract portfolio allows it to navigate short-term market dislocations while remaining positioned for upside. “From a marketing perspective, we are capturing value with continued patience and discipline as we layer-in long-term contracts for both uranium and conversion services” he said, noting that fixed-price contracts and conversions helped insulate the company from weaker spot conditions earlier in the year.
Still, the company flagged operational headwinds. A planned maintenance shutdown at the Key Lake mill increased unit costs and impacted Q2 production. Cameco is maintaining its full-year uranium production guidance at 18 million pounds across its McArthur River/Key Lake and Cigar Lake operations, but warned that execution risks remain.
But it was Westinghouse, the global nuclear services firm in which Cameco holds a 49 percent stake, that delivered the most notable upside. The company revised its 2025 adjusted EBITDA share from Westinghouse to between US$525 million and US$580 million, a significant jump from the previous US$355 million to US$405 million range.
The boost was attributed to Westinghouse’s participation in the construction of two reactors at the Dukovany nuclear power plant in the Czech Republic, which added a further US$170 million in Q2 revenue to Cameco’s equity share.
“We believe that this project evidences the growing support for nuclear power, support that is expected to have a positive impact on our uranium and fuel services businesses,” Gitzel said. Cameco had delivery commitments for an average of 28 million pounds per year through 2029, with higher levels expected between 2025 and 2027.
The company is also exploring future opportunities in enrichment, particularly through its Global Laser Enrichment (GLE) venture. During the company’s earnings call, Executive Vice President and CFO Grant Isaac said GLE remains focused on re-enriching depleted UF6 tails under an agreement with the US Department of Energy.
“That is the primary obligation of GLE,” Isaac explained on the call.
“GLE could do straight down the fairway LEU to replace the Russians and do higher assay enrichments in order to provide fuel for some of the advanced reactor designs that require a high level of enrichment.”
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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31 July
North Shore Uranium: Unlocking Value Across Two World-class Uranium Districts in North America
North Shore Uranium (TSXV:NSU) is a uranium exploration company focused on North America, advancing a dual-track strategy aimed at high-impact discoveries in two of the world’s most prolific uranium regions: the eastern Athabasca Basin in Saskatchewan, Canada, and the Grants Uranium District in New Mexico, USA. With a lean capital structure, fully permitted drill targets in Saskatchewan, and strong insider ownership, the company is well-positioned to create value through cost-effective exploration and resource definition in a rising uranium price environment.
The Rio Puerco project, located in New Mexico’s Grants District—a historically productive uranium belt responsible for over 340 million pounds of past U₃O₈ production—offers strong potential. Drawing on data from approximately 800 historical drill holes, a JORC-compliant inferred resource estimate of 11.4 million pounds U₃O₈ was completed in 2009. Early assessments suggest potential for in-situ recovery (ISR) mining, one of the lowest-cost extraction methods in the industry.
At the Falcon project in the Athabasca Basin, North Shore’s maiden 2024 drill program confirmed near-surface uranium mineralization in previously untested zones, underscoring the project’s discovery potential. The company has outlined a 7-kilometre conductive corridor with high-priority drill targets in the South Priority Area and is planning prospecting and follow-up drill programs.
Company Highlights
- Dual Jurisdiction Exposure: Active exploration in Athabasca Basin and the Grants Uranium District, two of the most historically significant uranium-producing regions in North America.
- Rio Puerco Option: Binding term sheet signed for a transaction that would see North Shore Uranium acquire up to an 87.5 percent of the Rio Puerco uranium project in New Mexico, where there is a historical resource estimate of 6 million tonnes grading 0.09 percent eU₃O₈ for 11.4 million lbs of U₃O₈.1
- Falcon Discovery in 2024: Maiden drill program confirmed near-surface uranium mineralization at two targets on the Falcon property in the Athabasca Basin in a previously undrilled area within 30 km of the active Key Lake uranium mill.
- Path to Resource Definition: Upon completion of the transaction, North Shore plans to validate historical data, attempt to expand the resource and evaluate the ISR potential at Rio Puerco and concurrently work to expand the discovery footprint at Falcon.
- Lean Structure, Strong Insider Support: $2.2 million market cap (as of July 2025), 40.3 million shares outstanding, with 43.3 percent held by insiders and founding investors.
- High-caliber Team: Led by award-winning geologist Brooke Clements and supported by proven uranium dealmakers and technical experts.
This North Shore Uranium profile is part of a paid investor education campaign.*
Click here to connect with North Shore Uranium (TSXV:NSU) to receive an Investor Presentation
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31 July
North Shore Uranium Strengthens Position with Assets in Two World-class Uranium Districts
North Shore Uranium (TSXV:NSU) has signed a binding term sheet with Resurrection Mining to acquire up to 87.5 percent of the Rio Puerco uranium project in New Mexico, expanding its footprint into a second premier uranium district. With assets in the US and Saskatchewan, the company’s president and CEO, Brooke Clements, has outlined plans to advance exploration amid rising nuclear energy demand and an accelerating uranium market.
“We think it's great to have exposure to two projects in two great jurisdictions, but different jurisdictions, and the projects have quite different characteristics. At Rio Puerco, there is a known resource, and our job there is to validate the resource, attempt to grow it and ultimately prove up economic viability,” he said.
“In the Athabasca Basin, we're looking for an exploration home run, one drill hole that could represent the beginning of a major (new) discovery. We are working to drill high-quality targets that have never been drilled before in a zone that has proven uranium and favorable alterations. So the home run is what we're looking for in the Athabasca.”
Clements further emphasized how exposure to two world-class uranium districts offers great opportunities, with a solid plan to add value for shareholders.
“We are undervalued and we represent good exposure to the uranium sector relative to our peers. Given our quality projects, we plan to be very busy. So stay tuned, please.”
Watch the full interview with North Shore Uranium President and CEO Brooke Clements above.
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31 July
North Shore Uranium
Investor Insight
With a focused and cost-efficient exploration strategy, North Shore Uranium is building a dual-jurisdiction uranium portfolio in two of North America’s most prolific uranium districts: Saskatchewan’s Athabasca Basin and New Mexico’s Grants Uranium District.
Overview
North Shore Uranium (TSXV:NSU) is a North America-focused uranium exploration company advancing a dual-track strategy, targeting high-impact discoveries in two of the world’s most prolific uranium jurisdictions: the eastern Athabasca Basin region in Saskatchewan, Canada, and the Grants Uranium District in New Mexico, USA. With a lean capital structure, fully permitted drill targets in Saskatchewan, and strong insider ownership, the company is well-positioned to deliver value through cost-effective exploration and resource definition in a rising uranium price environment.
Rio Puerco project in New Mexico’s Grants District, is a historically productive uranium belt responsible for over 340 million pounds of past U3O8 production. Using data from approximately 800 historical drill holes a JORC-compliant inferred resource estimate of 11.4 million pounds U₃O₈ 1 was completed in 2009. Early evaluations suggest potential for in-situ recovery (ISR) mining – one of the lowest-cost extraction methods in the industry.
At Falcon in the Athabasca Basin, North Shore’s maiden 2024 drill program confirmed near-surface uranium mineralization in previously untested zones, highlighting the project's potential for new discoveries. The company has identified a 7-kilometre conductive corridor with high-priority drill targets named the South Priority Area, and is planning prospecting and follow-up drill programs.
Rio Puerco project area
Strategically, North Shore stands out among junior explorers by offering exposure to two of the most politically stable and uranium-endowed regions in the world.
With macro tailwinds, including spot uranium prices surpassing US$100/lb in 2024 and recent US policies aiming to triple nuclear energy capacity by 2050, the company is positioned to benefit from growing demand and supportive permitting regimes in both Canada and the United States.
Company Highlights
- Dual Jurisdiction Exposure: Active exploration in Athabasca Basin and the Grants Uranium District, two of the most historically significant uranium-producing regions in North America.
- Rio Puerco Option: Binding term sheet signed for a transaction that would see North Shore Uranium acquire up to an 87.5 percent of the Rio Puerco uranium project in New Mexico, where there is a historical resource estimate of 6 million tonnes grading 0.09 percent eU₃O₈ for 11.4 million lbs of U₃O₈.1
- Falcon Discovery in 2024: Maiden drill program confirmed near-surface uranium mineralization at two targets on the Falcon property in the Athabasca Basin in a previously undrilled area within 30 km of the active Key Lake uranium mill.
- Path to Resource Definition: Upon completion of the transaction, North Shore plans to validate historical data, attempt to expand the resource and evaluate the ISR potential at Rio Puerco and concurrently work to expand the discovery footprint at Falcon.
- Lean Structure, Strong Insider Support: $2.2 million market cap (as of July 2025), 40.3 million shares outstanding, with 43.3 percent held by insiders and founding investors.
- High-caliber Team: Led by award-winning geologist Brooke Clements and supported by proven uranium dealmakers and technical experts.
Key Projects
Rio Puerco Uranium Project
On June 23, 2025, North Shore signed a binding term sheet with Resurrection Mining LLC for a transaction that would allow North Shore to acquire up to an 87.5 percent interest in Rio Puerco. Closing of the transaction by August 31, 2025 is subject to final due diligence, execution of a definitive agreement, completion of a minimum $750,000 financing by North Shore and approval by the TSX Venture Exchange. Rio Puerco is located 60 km northwest of Albuquerque in the prolific Grants Uranium District. The Grants District has historically produced over 340 million lbs of U₃O₈, making it the most productive uranium region in the United States. Rio Puerco consists of 37 Bureau of Land Management claims and benefits from existing access infrastructure.
Rio Puerco is surrounded by advanced uranium exploration/development projects: Roca Honda (Energy Fuels), Marquez-Juan Tafoya (Anfield Energy), and Cebolleta (Premier American Uranium).
The Rio Puerco deposit is hosted in the Westwater Canyon Member of the Jurassic Morrison Formation – a well-known host for peneconcordant sandstone-hosted uranium mineralization. Kerr-McGee drilled over 1,000 holes on the property and surrounding area in the 1970s and initiated development of a room-and-pillar underground mine. Mining operations were suspended in 1980 due to collapsing uranium prices. A 2009 resource estimate by Monaro Mining outlined a JORC-compliant historical inferred resource of 6 million tonnes grading 0.09 percent eU₃O₈ for 11.4 million lbs of contained U₃O₈.1 This estimate was validated by a 2011 technical report commissioned by Australian-American Mining Corporation.
The deposit is believed to have potential for ISR mining – a low-cost, environmentally friendlier method used in many US uranium projects. After completion of the Rio Puerco transaction, North Shore’s near-term plan is to validate historical data through a 10- to 20-hole drill program, including both rotary and diamond core holes, and evaluate the ISR potential through hydrogeological, geochemical and metallurgical testing.
Rio Puerco represents a near-term opportunity to define a modern resource in a supportive permitting and policy environment. Recent executive orders by the US government aim to accelerate nuclear permitting timelines. The project lies entirely on BLM land and is situated near advanced-stage uranium projects such as Roca Honda (Energy Fuels), Marquez-Juan Tafoya (Anfield Energy), and Cebolleta (Premier American Uranium), enhancing the district-scale relevance of the asset.
Falcon Property
Falcon is located along the Wollaston Domain at the eastern margin of Saskatchewan’s Athabasca Basin, the property spans 55,503 hectares across 15 mineral claims. North Shore owns 100 percent of four claims totalling 12,800 hectares and holds an option to earn up to a 100 percent interest in the remaining 11 claims from Skyharbour Resources by October 2027. The project benefits from excellent infrastructure, including proximity to the active Key Lake uranium mill (30 km west) and a powerline traversing the property’s eastern boundary.
The Falcon area has similarities to the base of the nearby Key Lake deposit, where uranium is associated with fault zones just below the unconformity between overlying sandstone and basement rocks. At Falcon, the sandstone cover has been eroded, exposing basement rocks, making it an ideal target for basement-hosted mineralization. Historical work from the 1960s to early 2000s identified numerous uranium occurrences at Falcon, including “radioactive boulders”, uranium showings as well as strong EM conductors. High-resolution airborne geophysical surveys were flown in 2006, 2007, 2013 and 2022. These datasets, combined with new and historical drill results, and new geophysical modeling, have allowed North Shore to define and prioritize 36 exploration targets, including 11 high-priority targets across three priority zones.
In March 2024, North Shore completed its maiden drill program at Falcon, targeting three previously undrilled EM conductor anomalies (P03, P08, P12). At P08 and PO3 , drilling intersected three near-surface, uranium-bearing fault zones. The most notable interval at PO8 at a depth of 45 metres returned 4.7 metres at 316 parts per million (ppm) U₃O₈, with one sample returning 572 ppm U₃O₈1.
Target FA025, near mapped location of the D Zone showing
Current exploration at Falcon is primarily focused on the South Priority Area, a 7 km EM conductor trend that includes the P03 and P08 discoveries and high-priority targets such as FA002, FA003, F004 and F005. In target zone 3, FA025 hosts the historical D Zone showing (1.26 percent uranium and 0.8 percent molybdenum in a mineralized vein). Only three shallow holes totaling 350 m have been drilled at FA025. The project is fully permitted for drilling and North Shore inked an exploration agreement with the English River First Nation in March 2025.
West Bear Property
Located approximately 90 km north of the Falcon property, the West Bear Property comprises four claims totaling 3,927 hectares and is located at the eastern edge of the Athabasca Basin. It is adjacent to a known uranium and cobalt-nickel resources held by Uranium Energy Corp., including a Co-Ni resource of 3.8 million lbs of cobalt and 3.2 million lbs of nickel, as well as a probable uranium reserve of 1.4 million lbs U₃O₈. The proximity to these advanced-stage assets provides geological validation of the regional prospectivity.
Management Team
Brooke Clements – President, CEO and Director
Brooke Clements is an award-winning exploration geologist with over 35 years in the mining industry. He is the former president of Peregrine Diamonds and senior VP of Peregrine Metals. He is a two-time recipient of the AMEBC Hugo Dummett Award and the 2019 PDAC Bill Dennis Award for discovery.
Blake Steele – Advisor and Investor
Blake Steele is the former president and CEO of Azarga Uranium, which was acquired by enCore Energy for approx. C$200 million. Steele has deep expertise in capital markets and US ISR uranium projects.
Jimmy Thom – Director
Geologist and former exploration manager at Paladin Energy, Jimmy Thom oversaw exploration strategy for the company’s North American uranium portfolio.
Dan O’Brien – Chief Financial Officer
With over 20 years of financial experience in the mining industry, Dan O’Brien serves as CFO for several publicly listed exploration companies.
Andrew Stewart – Director
Andrew Stewart is a capital markets lawyer and partner at Cozen O’Connor, with cross-border legal expertise relevant to US projects and potential future US listings.
Doris Meyer – Director
Doris Meyer is a corporate compliance expert with experience as director of a number of publicly listed exploration companies.
James Arthur – Director
James Arthur is a senior legal counsel and senior director of Keysight Technologies, an S&P 500 company.
Ben Meyer – Corporate Secretary
Ben Meyer has more than 10 years of experience in corporate and regulatory compliance.
Alex Molyneux– Founding Investor
Alex Molyneux is the former CEO of Paladin Energy (2015-2018).1The historical resource at Rio Puerco outlined in this profile has not been verified. It is a historical estimate and not current and does not comply with Canadian NI-43-101 guidelines for the reporting of mineral resources. A Qualified Person has not verified the historical resource on behalf of the company and North Shore has completed no work programs at Rio Puerco. Though not current, the company views the historical resource estimates as reliable and sufficient to justify exploration programs at Rio Puerco.
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