
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from Precious Metals & Critical Minerals Hybrid Virtual Investor Conference held May 22 nd are now available for online viewing.
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), ("Energy Fuels", "EFR" or the "Company") an industry leader in uranium and rare earth elements production for the energy transition, today announced that its work to prepare for the restart of its Nichols Ranch in-situ recovery ("ISR") uranium mine 80 miles northeast of Casper, Wyoming in the Powder River Basin is advancing as planned, with initial pre-production drilling intercepts showing stronger mineralization than anticipated. The Company currently expects that the development of the remainder of its permitted Production Area 2 ("PA2") could be ready to commence production as early as July 1, 2025, with the start date based on market conditions.
Energy Fuels could quickly add uranium production from Nichols Ranch to its other operating conventional mines in Arizona and Utah. The Company also disclosed an additional uranium supply contract with a US nuclear energy utility in its Q2, 2024 quarterly report, continuing its commitment to the domestic uranium industry and demonstrating expanding offtake interest.
"We are very pleased with our progress to date in preparing Nichols Ranch for a potential restart of production in 2025, and these significant drilling results are exceeding our expectations and further demonstrate the strength of this project," said Mark Chalmers, president and CEO of Energy Fuels Inc. "This puts us one step closer on the path to meeting our projections, increasing our market share of the nuclear fuel supply chain, and potentially expanding our uranium resources."
With a licensed annual capacity of two million pounds of uranium, the fully licensed, permitted and constructed Nichols Ranch ISR facility is a priority resource in the Company's development pipeline. To restart production, the Company is performing delineation drilling and, based on that delineation drilling, plans to advance new header houses and install new well-fields in its permitted PA2 area at the mine. In addition to this delineation drilling, the Company has been advancing the restart by overhauling the on-site deep disposal well earlier this year and making some capital improvements to the existing plant.
Dan Kapostasy, Vice President, Technical Services stated, "We recently drilled 39 out of the planned 125 delineation holes at Nichols Ranch, with five that significantly exceeded expectations and the rest consistent with anticipated results. As we continue our exploration, we will better identify the location of resources within the site to allow us to optimize wellfield design ahead of a final mining decision, anticipated by the end of the year."
Highlights
Pre-development drilling activities at PA2 at Nichols Ranch have completed 39 drill holes to date. All but four holes have uranium mineralization and five have encountered mineralization greater than 1.0 GT.
The Company anticipates updating the Nichols Ranch Technical Report, which will include these significant drill intercepts, once the drilling campaign is completed later this year.
Following this drilling campaign, the Company intends to drill approximately 152 holes on its Collins Draw area, a southeastern extension of its Jane Dough mineralized trend located in Sections 35 and 36, T43N, R76W, and Sections 1, 2 & 12, T42N, R76W, Campbell County, Wyoming. Once complete, these holes, along with historical holes drilled by Cleveland Cliffs and American Nuclear will be used to estimate an NI 43-101/S-K 1300 compliant mineral resource, which would be added to the existing mineral resource at the Nichols Ranch Project.
Technical Details
The current mineral resource estimate for the Nichols Ranch area (including the Jane Dough, Hank and North Rolling Pin areas, but excluding Collins Draw) of the Nichols Ranch Complex is given below, and details can be found in the Technical Report on the Nichols Ranch Project, Campbell and Johnson Counties, Wyoming USAdated February 22, 2022 and effective December 31,2021, as amended February 8, 2023, and prepared by Grant A. Malensek, M. Eng., P. Eng., Mark Mathisen, C.P.G., Jeremy Scott Collyard, PMP, MMSA QP, each a Qualified Person employed by SLR, Jeffrey L. Woods, MMSA QP, a Qualified Person employed by Woods Process Services, and Phillip E. Brown, C.P.G., R.P.G., a Qualified Person employed by Consultants In Hydrogeology (the "Nichols Ranch Technical Report Summary").
Current Nichols Ranch Project Mineral Resource Estimate – Effective December 31, 2021
Notes:
All grades reported in this press release are "equivalent" eU3O8 grades as they were calculated from calibrated downhole gamma logging of the drill holes. The downhole probe was calibrated at the U.S. Department of Energy test pits located in Casper, Wyoming by Energy Fuels staff and verified on site by Century Geophysical Corporation. All drill holes reported are vertical and were verified as vertical using downhole deviation logging. All thicknesses reported are true thicknesses.
Qualified Person Statement
The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101.
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. 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." Energy Fuels' website is www.energyfuels.com.
Cautionary Note 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 critical minerals company or as a leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates or quantities of production; any expectation that the development of the remainder of PA2 could be ready to commence production as early as July 1, 2025, based on market conditions; any expectation that the Company's progress to date and/or delineation drilling results to date puts the Company one step closer on the path to meeting its projections, increasing its market share of the nuclear fuel supply chain, and/or potentially expanding its uranium resources; any expectation that the Company anticipates updating the Nichols Ranch Technical Report; any expectation that, following the current delineation drilling campaign, the Company will drill approximately 152 holes to convert the historic resource at the Collins Draw area to a current NI 43-101/S-K 1300 mineral resource, or that any such mineral resource would be added to the mineral resource at the Nichols Ranch Project; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; and any expectation as to the accuracy of mineral resource estimates or that any mineral resources will actually be mined. 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; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; market factors; market prices and demand for uranium; 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, on SEDAR+ at www.sedarplus.ca, 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.
Energy Fuels (TSX:EFR,NYSE:UUUU) has been the largest producer of uranium in the United States and an emerging producer of rare earth elements (REEs). The company is also a major producer of vanadium when market conditions warrant. The company’s portfolio of assets positions it to contribute meaningfully to some of the most important challenges faced by the world today - climate change and energy security. Uranium remains the core business for Energy Fuels; however, the company is rapidly expanding its REE capacity, as well.
Energy Fuels is the only uranium producer with both conventional production and in-situ recovery (ISR) in the US. Its 100-percent-owned White Mesa Mill is the only conventional uranium mill in the country with a licensed capacity of over 8 million pounds (Mlbs) of U3O8 per year. The company also owns the Nichols Ranch uranium recovery facility in Wyoming, which is a fully permitted uranium ISR facility with a licensed capacity of 2 Mlbs of U3O8 per year. The Nichols Ranch project is currently being maintained on standby.
Favorable uranium market conditions prompted Energy Fuels to ramp up uranium production at three permitted and developed uranium mines in Arizona and Utah. Once production is fully ramped up at Pinyon Plain, La Sal and Pandora, the company expects to produce uranium at a run rate of 1.1 to 1.4 million pounds per year. Ore mined from the three sites in 2024 will be stockpiled at the White Mesa Mill in Utah for processing in late-2024 or 2025.
The company is also preparing the Whirlwind and Nichols Ranch mines to commence uranium production within one year, potentially increasing uranium production to over two million pounds of U3O8 annually starting in 2025.
In addition to its core uranium business, Energy Fuels is building out its rare earth element (REE) production and processing at the White Mesa Mill. The company recently completed construction of phase 1 rare earth oxide production with the capacity to produce 800 to 1,000 metric tons (MT) of neodymium-praseodymium (NdPr) oxide per year. The company is designing phase 2 and 3, which will increase NdPr oxide production to 4,000 to 6,000 MT per year, while also adding commercial scale “heavy” rare earth production, including terbium (Tb) and dysprosium (Dy).
In December 2023, Energy Fuels and Astron Corporation executed a non-binding MOU to jointly develop the Donald Mineral sands project, a large heavy mineral sand deposit that has the potential to supply Energy Fuels with approximately 7,000 tonnes of rare earth-bearing monazite sand per year starting in 2026, ramping up to 14,000 tonnes per year soon after.
Further to becoming a global leader in critical minerals production, in April 2023, Energy Fuels executed a definitive scheme implementation deed with Base Resources (ASX:BSE,AIM:BSE) to acquire 100 percent of the issued shares of Base Resources. The acquisition includes Base Resources' 100 percent-owned advanced, world-class Toliara heavy mineral sands project in Madagascar.
Vanadium and medical isotopes present another long-term growth opportunity for Energy Fuels. White Mesa Mill is a significant US producer of vanadium (V2O5), and the only primary producer in the US It currently holds 0.9 Mlbs in inventory and aims to selectively produce and sell into the market based on the strength of price. The company also continues to evaluate the potential to recover medical isotopes from its existing uranium and vanadium process streams. These isotopes are required for emerging cancer therapies.
Sustainability is a key part of the company’s focus. It is committed to recycling naturally bearing uranium and vanadium materials. White Mesa Mill has a separate circuit for processing alternate feed materials, thereby promoting sustainable sourcing, reducing carbon emissions and saving resources.
Further, the company benefits from a management team with a record of building and operating both conventional and ISR uranium mines globally.
Get access to more exclusive Uranium Investing Stock profiles here
America’s Leading Producer of Critical Materials for the Clean Energy Transition
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from Precious Metals & Critical Minerals Hybrid Virtual Investor Conference held May 22 nd are now available for online viewing.
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download
investor materials from the company's resource section.
May 22 nd
Presentation | Ticker(s) |
Keynote Presentation: "What's next for precious metals?" -Jeff Christian, Managing Partner of CPM Group | |
Viva Gold Corp. | (OTCQB: VAUCF | TSXV: VAU) |
StrikePoint Gold, Inc. | (OTCQB: STKXF | TSXV: SKP) |
Honey Badger Silver Inc. | (OTCQB: HBEIF | TSXV: TUF) |
Relevant Gold Corp. | (OTCQB: RGCCF | TSXV: RGC) |
Keynote Presentation: "Surveying the Critical Metals Landscape," –Jack Lifton, Senior Advisor, Energy Fuels, Inc. | |
Azimut Exploration Inc. | (OTCQX: AZMTF | TSXV: AZM) |
Energy Fuels Inc. | (NYSE American: UUUU | TSX: EFR) |
Lion Copper & Gold Corp. | (OTCQB: LCGMF | CSE: LEO) |
Alaska Silver Corp. | (Pink: WAMFF |TSXV: WAM) |
Cygnus Metals Ltd. | (OTCQB: CYGGF |TSXV: CYG |ASX: CY5) |
Power Metallic Mines, Inc. | (OTCQB: PNPNF |TSXV: PNPN) |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the Precious Metals & Critical Minerals Hybrid Virtual Investor Conference. Individual investors, institutional investors, advisors, and analysts are invited to attend.
This in-person and virtual event will showcase live company presentations and interactive discussions featuring Precious Metals and Critical Minerals including Gold, Silver, Antimony, Copper, Lithium, Nickel, PGM, Rare Earth Elements, Uranium and Vanadium. Company executives and industry experts will present live from the OTC Markets Group headquarters at 300 Vesey Street in New York City. All presentations will be broadcast to the Virtual Investor Conferences community. For those who are interested in attending, there are two ways to register:
Register for IN-PERSON attendance: register here
Register for ONLINE attendance: register here
For individuals joining online, it is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to attend and schedule 1x1 meetings with management.
"OTC Markets is proud to host the Precious Metals & Critical Minerals Hybrid Investor Conference , presented in collaboration with Murdock Capital, TAA Advisory LLC, The Prospector, and Resource World," said John Viglotti , SVP of Corporate Services, Investor Access at OTC Markets Group. "We are especially honored to welcome our distinguished keynote speakers, Jeff Christian, Managing Partner at CPM Group, and Jack Lifton, Senior Advisor at Energy Fuels, Inc., whose insights will be invaluable to this premier industry event."
May 22 nd
Eastern Time (ET) | Presentation | Ticker(s) |
9:00 AM | Keynote Presentation: "What's next for precious metals?" -Jeff Christian, Managing Partner of CPM Group | |
9:30 AM | Viva Gold Corp. | (OTCQB: VAUCF | TSXV: VAU) |
10:00 AM | StrikePoint Gold, Inc. | (OTCQB: STKXF | TSXV: SKP) |
10:45 AM | Honey Badger Silver Inc. | (OTCQB: HBEIF | TSXV: TUF) |
11:15 AM | Relevant Gold Corp. | (OTCQB: RGCCF | TSXV: RGC) |
12:30 PM | Keynote Presentation: "Surveying the Critical Minerals Landscape," –Jack Lifton, Senior Advisor, Energy Fuels, Inc. | |
1:00 PM | Azimut Exploration Inc. | (OTCQX: AZMTF | TSXV: AZM) |
1:30 PM | Energy Fuels Inc. | (NYSE American: UUUU | TSX: EFR) |
2:00 PM | Lion & Copper Gold Corp. | (OTCQB: LCGMF | CSE: LEO) |
2:45 PM | Alaska Silver Corp. | (Pink: WAMFF |TSXV: WAM) |
3:15 PM | Cygnus Metals Ltd. | (OTCQB: CYGGF |TSXV: CYG) |
3:45 PM | Power Metallic Mines Inc. | (OTCQB: PNPNF |TSXV: PNPN) |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact :
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is pleased to announce that the Company has entered into an Ore Purchase Agreement ("Agreement") with Energy Fuels Inc. (NYSE American: UUUU) (TSX:EFR).
Western plans to commence hauling around the beginning of May, making deliveries to Energy Fuels' White Mesa Mill, the only operational conventional uranium/vanadium mill in the United States. Deliveries will be sourced from previously mined production that has been stockpiled at the Company's flagship Sunday Mine Complex. The Agreement is for a one year period, and provisions for the delivery of up to 25,000 short tons of uranium bearing ore. The purchase price will be calculated based upon the uranium grade of each closed lot according to the agreed pricing schedule.
George Glasier, Western's CEO stated: "This Agreement strengthens Western's strategic position and accelerates our generation of revenues, while rewarding shareholder investments that have yielded our current stockpiles. The collaboration with Energy Fuels provides synergies and leverage for both companies, while the North American nuclear fuel supply chain benefits from expedited near-term production of uranium resources."
Warrant Repricing
Further to the news release issued by the Company on November 29, 2024, Western announces that a total of 2,868,541 previously issued common share purchase warrants (the "Warrants") have been repriced and are now exercisable at CAD$2.00 per share. The Company received consents from all holders of Warrants and filed an amended Form 13 dated February 27, 2025 under its profile on the Canadian Securities Exchange ("CSE") website. As previously announced, the term of the Warrants was extended with all Warrants now expiring on January 20, 2026. All other terms of the Warrants remain unchanged. In accordance with the CSE rules, no compensation warrant was repriced or extended. Western will not issue replacement Warrant certificates. The originally issued Warrant certificates will be utilized for any such exercises. Please refer to Western's news release issued on November 29, 2024 for additional details.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Mustang Mineral Processing Site is being licensed and developed for mined material recovery and will incorporate kinetic separation to optimize economics.
Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Statements of that nature include statements relating to, or that are dependent upon: the Company's expectations, estimates and projections regarding the Offering and exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company's business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Please refer to the Company's most recent Management's Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedarplus.com , for a more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company's forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT :
Grant Glasier
Vice President Marketing and Project Development
303-808-3306
grantg@western-uranium.com
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
News Provided by GlobeNewswire via QuoteMedia
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.
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:
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 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.
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 .
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:
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 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.
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.”
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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.
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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.
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.
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.
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 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.
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.
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 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.
Geologist and former exploration manager at Paladin Energy, Jimmy Thom oversaw exploration strategy for the company’s North American uranium portfolio.
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 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 is a corporate compliance expert with experience as director of a number of publicly listed exploration companies.
James Arthur is a senior legal counsel and senior director of Keysight Technologies, an S&P 500 company.
Ben Meyer has more than 10 years of experience in corporate and regulatory compliance.
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.