Energy Fuels ships Uranium, Vanadium and Rare Earth Element (REE) Carbonate in the same week. The shipment of Vanadium is not unusual nor is the shipment of REE Concentrate although it is worth noting that shipments of both elements can be erratic. The shipment of Uranium to an enrichment center in Illinois does not represent sales, per se, but can be viewed as a sign that the company is getting closer to sales. While not significant by itself, the shipment all three elements in the same week represents a milestone for the company. Energy Fuels REE production is advancing. The company has begun producing a "more advanced" form of REE Carbonate. Importantly, it was achieved with existing operations and will set the stage for the company as it takes the next step of considering complete separation of Rare Earth Elements. Energy Fuels has already begun a pilot to evaluate the separation of heavy elements and has engaged a firm to explore the separation of light elements. At this point, we do not include the separation of elements in our models. However, we do assume a growing level of REE Carbonate production. Uranium prices are soaring. Spot uranium prices have risen to $63 per pound. When we began covering Energy Fuels and the uranium industry a few years ago, prices were near $30, a price too low to justify production. We believe Energy Fuels is able to produce Uranium at a cost near $40/lb. at its White Mesa plant. A key test for Energy Fuel and other uranium companies will be whether or not consumers (electric utilities) will begin to sign long-term contracts. Production is moving forward. We are raising our price target. Rising uranium prices lead to to believe that the company is close to signing a contract and restarting uranium sales. In addition to raising our uranium price forecast to $60/lb. in 2022 and rising $5/lb. annually until hitting $80/lb., we now expect the company to begin selling uranium in 2023 instead of 2024. We have also accelerated our expectations regarding REE Carbonate sales to levels in line with management projections given recent developments. The combined impact of the aforementioned adjustments increased our estimated fair value for the stock to $13 per share from $9 per share and our price target accordingly. Read More >>
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![Energy Fuels - Production Timeline May Be Moving Up. Price Target Raised](https://investingnews.com/media-library/image.jpg?id=27863814&width=1200&height=801)
Energy Fuels - Production Timeline May Be Moving Up. Price Target Raised
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IperionX & Energy Fuels Progress Leading U.S. Rare Earth Collaboration
IperionX Limited (“IperionX” or “Company”)(ASX:IPX)IPX) is pleased to announce that Eneígy Fuels, Inc. (“Eneígy Fuels”) (NYSE: UUUU) (ľSX: EFR) has undeítaken laboíatoíy evaluation of íaíe eaíth mineíal concentíates fíom IperionX’s Titan Píoject in west Tennessee.
- Energy Fuels has completed laboratory evaluation of IperionX’s rare earth minerals, including monazite and xenotime, from the Titan Project in west Tennessee.
- Energy Fuels’ evaluation indicates that IperionX’s rare earth minerals are suitable as a high quality feedstock to supply Energy Fuels’ ongoing commercial production of mixed rare earth carbonate, an advanced material ready for rare earth separation.
- IperionX’s Titan Project contains a large amount of the light rare earths neodymium and praseodymium, as well as a significant distribution of the highly valuable heavy rare earths, terbium and dysprosium.
- The combination of IperionX’s heavy rare earth rich minerals in Tennessee, and Energy Fuels’ operating processing facilities in Utah, provides the potential to rapidly progress a fully integrated rare earth magnet supply chain in the U.S.
IperionX and Energy Fuels previously signed a memorandum of understanding for the supply of natural monazite sands fíom IperionX’s Titan Píoject in Tennessee to Energy Fuels’ White Mesa Mill in Utah (refer ASX announcement dated April 22, 2021). Energy Fuels and IperionX are continuing to evaluate expanding their collaboration to establish a fully integrated permanent rare earth magnet supply chain in the U.S.
Click here for the full ASX Release
This article includes content from IperionX, 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.
Former Critical Minerals Leader from General Motors Joins Energy Fuels to Advance Rare Earth Business; Separated NdPr Now Being Packaged at Energy Fuels' White Mesa Mill
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REEs"), and vanadium, is pleased to welcome Debra Bennethum to Energy Fuels' Management Team as Director, Critical Minerals & Strategic Supply Chain. Ms. Bennethum is a chemical engineer who previously served as the EV Critical Minerals Manager in the Global Purchasing and Supply Chain Division of General Motors ("GM"), and previously as the Program Purchasing Manager for GM's Battery Electric Vehicles and Crossovers division. At GM, Ms. Bennethum executed supply strategies to ensure resilient EV critical mineral supply chains, which included the REEs for production of permanent magnets as well as battery critical minerals. She also identified innovative suppliers, vetted technical merit, evaluated cost competitiveness, and led negotiations for long-term supply arrangements. She further managed over $1.5 billion in investment projects from conception to execution, collaborating with engineering and internal stakeholders to ensure resilient supply chains for GM.
Energy Fuels believes Ms. Bennethum's experience at General Motors will provide Energy Fuels with invaluable insight and experience to fill a critical role in the Company's REE sales and marketing enterprises, including cultivating relationships with original equipment manufacturer ("OEM") and other customers, negotiating supply, offtake and/or other agreements for the Company's REE products, evaluating REE collaborations in metal-making, alloying, and/or magnet-making, and assisting in evaluating, and potentially pursuing, government funding and other support.
MARK S. CHALMERS, PRESIDENT AND CEO OF ENERGY FUELS STATED:
"I would like to personally welcome Debra Bennethum to the Energy Fuels team. Ms. Bennethum brings a wealth of knowledge and relationships in EV and automotive supply chains to advance Energy Fuels' U.S.-leading, integrated rare earth business, which recently began commercial production of 'on spec' separated rare earths at our White Mesa Mill in Utah, USA. Ms. Bennethum will be based in Detroit, Michigan, which is the hub of the U.S. automotive industry. Having worked at GM for over 12 years, including key roles in EV, hybrid and critical mineral supply chains, we believe Ms. Bennethum is the ideal person to lead Energy Fuels' rare earth marketing efforts and collaborations, including the sale of our products to metal-makers, magnet-makers, EV and automotive OEMs, renewable energy companies, rare earth recycling companies, U.S. defense suppliers, and other customers. Ms. Bennethum is well-known throughout the rare earth industry, and we believe her decision to join Energy Fuels is a significant 'vote of confidence' in our rare earth plans going forward."
FINISHED AND PACKAGED SEPARATED NDPR AT ENERGY FUELS' WHITE MESA MILL
As previously announced on June 10, 2024, Energy Fuels has achieved commercial production of 'on spec' separated rare earth elements at its 100%-owned White Mesa Mill in Utah (the "Mill"), while simultaneously advancing uranium production. The Company's new "Phase 1" REE separation circuit has the capacity to produce roughly 850 to 1,000 metric tons ("tonnes") of separated neodymium-praseodymium ("NdPr") per year. It is the Company's belief that this is one of the largest commercial REE separation circuits in the World, ex China.
The Mill has begun drying and packaging separated NdPr, which is expected to continue through the end of the quarter. As previously announced, the Company expects to produce roughly 25 to 35 tonnes of 'on spec' separated NdPr in Q2-2024, before shifting operations to processing inventoried uranium ores and alternate feed materials for the remainder of the year. During the current REE campaign, the Mill will also produce a "heavy" REE concentrate, containing roughly 1,500 kilograms of dysprosium ("Dy") and 400 kilograms of terbium ("Tb"). The Company plans to utilize all or a portion of this "heavy" REE concentrate for pilot-scale test work to design, permit and construct commercial Dy, Tb and potentially other REE separation at the Mill in the coming years.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based uranium and 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 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 Braziland 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 in production, 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 uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will be successful in cultivating relationships with OEM and other customers; any expectation that the Company will be successful in negotiating satisfactory supply, offtake and/or other agreements for the Company's REE products with metal-makers, magnet-makers, EV and automotive OEMs, renewable energy companies, rare earth recycling companies, U.S. defense suppliers, or other customers; any expectation that the Company will be successful in entering the REE metal, alloy, and magnet-making space; any expectation that the Company will be successful in obtaining government funding and other support for any of its activities; any expectation that the Company has one of the largest commercial REE separation circuits in the World, ex China; any expectation that the Company will be successful in designing, permitting and constructing commercial Dy, Tb and potentially other REE separation at the Mill in the coming years; any expectation as to production levels or timing or duration of production from any of the Company's mines, facilities or projects; any expectation as to costs of production at any of the Company's mines, facilities or other projects; any expectation that the Bahia and Donald Projects have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals; any expectation that the Company will be successful in advancing its REE initiatives or that it will be successful in installing REE production capacity at the Mill and the timing of installation of any such production capacity; and any expectation as to the success of the Company's permitting programs. 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; the failure of the Company to provide or obtain the necessary financing required to develop any of its projects or initiatives; available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth element oxides or other rare earth element products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for uranium, rare earth elements and heavy mineral sand concentrates; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; 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 Announces Election of Directors
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") a leading U.S.-based critical minerals company, announces the results of the election of directors at its annual and special meeting of shareholders (the " Meeting ") held virtually on June 11, 2024 .
The ten (10) nominees proposed by management for election as directors were elected by the shareholders of the Company, through a combination of votes by proxy and electronic poll, as follows:
Nominee | Votes For | % For | Votes Withheld or | % Withheld or |
J. Birks Bovaird | 45,321,752 | 91.23 % | 4,358,256 | 8.77 % |
Mark S. Chalmers | 47,226,027 | 95.06 % | 2,453,981 | 4.94 % |
Benjamin Eshleman III | 47,674,386 | 95.96 % | 2,005,622 | 4.04 % |
Ivy V. Estabrooke | 47,119,198 | 94.85 % | 2,560,810 | 5.15 % |
Barbara A. Filas | 46,967,300 | 94.54 % | 2,712,708 | 5.46 % |
Bruce D. Hansen | 47,922,396 | 96.46 % | 1,757,612 | 3.54 % |
Jaqueline Herrera | 46,948,646 | 94.50 % | 2,731,362 | 5.50 % |
Dennis L. Higgs | 48,312,025 | 97.25 % | 1,367,983 | 2.75 % |
Robert W. Kirkwood | 47,763,461 | 96.14 % | 1,916,547 | 3.86 % |
Alexander G. Morrison | 48,511,981 | 97.65 % | 1,168,027 | 2.35 % |
About Energy Fuels : Energy Fuels is a leading U.S.-based uranium and 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 U.S. today, has a licensed capacity of over 8 million pounds of U 3 O 8 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 U 3 O 8 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 U.S. and several uranium and uranium/vanadium mining projects in production, 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 .
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Energy Fuels Achieves Commercial Production of 'On-Spec' Separated Rare Earths at its White Mesa Mill in Utah, While Simultaneously Advancing Uranium Production
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ), a leading U.S. producer of uranium, rare earth elements (" REEs "), and vanadium, is pleased to announce that it has achieved commercial production of separated neodymium-praseodymium (" NdPr ") at its White Mesa Mill in Utah (the " Mill "). Critically, the NdPr produced by Energy Fuels' meets the applicable product specifications of REE metal-makers, who specialize in the manufacture of REE-based alloys required for the permanent magnets widely used for electric motors in both battery powered electric vehicles (" EVs ") and dual power hybrids. Further, this 'on-spec' NdPr is now able to be produced by Energy Fuels at the full design capacity of its new Phase 1 REE separation circuit (850 to 1,000 metric tons (" tonnes ") of NdPr per year). The Company expects to have commercial quantities of separated NdPr available for shipment by the end of June 2024 . Energy Fuels believes this is the first time in several decades that a U.S. company has produced on-spec separated REE's from monazite on a commercial scale.
The Company is extracting, refining and separating the NdPr from monazite produced by The Chemours Company (" Chemours ") at its heavy mineral sand (" HMS ") operations in Florida and Georgia . Energy Fuels began piloting REE separations in 2021, and later performed partial REE separations in 2022 and 2023. The Company used this experience, having compiled several years of real-time data, to custom design and construct its new Phase 1 REE separation circuit at the Mill, which is now operating as designed. The Company would also like to highlight both the speed at which the circuit has reached full design capacity, and the fact that it has not experienced complications with start-up, which are so typical with the commissioning of new equipment and processes. Energy Fuels also completed construction of its Phase 1 REE Separation Circuit in Q1-2024 for a total cost of only about $16 million, which was significantly under the original budget of $25 million and a further testament to the capabilities of the Mill and the years of solvent extraction (" SX ") experience and technical expertise of Mill personnel. Also of note, the addition of REE separation processes has not hindered the ability or capacity of the Company to produce uranium at the Mill, and preparations are being made to commence a uranium ore and alternate feed uranium-bearing material processing campaign in Q3-2024.
During Q2-2024, the Company expects to produce about 25 to 35 tonnes of on-spec, separated NdPr from the monazite Energy Fuels has in inventory at this time. From the new circuit, Energy Fuels also expects to produce a samarium-plus (" Sm+ "), "heavy" REE concentrate, while also recovering the contained uranium from the monazite feed stocks. The Company expects to utilize this Sm+ concentrate to continue pilot-scale dysprosium (" Dy ") and terbium (" Tb ") separation and to design SX circuits at the Mill able to produce these "heavy" REE products in separated individual forms at the specifications required for metal and alloy making. Currently, there is no company in the Western Hemisphere capable of commercially producing separated, on-spec Dy, Tb, or other "heavy" REE products. NdPr, Dy, and Tb are known as the "magnet" REE's, as they are key and necessary ingredients in the powerful magnets used in the most efficient EVs, dual power hybrid vehicles, direct-drive wind energy, military and defense technologies, and other clean energy applications.
Following completion of NdPr production at the Mill in Q2-2004, the Company expects to begin processing uranium ore and alternate feed materials from our current stockpiles, resulting in the expected production of 150,000 to 500,000 pounds of U 3 O 8 during 2024, with production ramping up further in 2025. As previously announced, Energy Fuels has also acquired, or is in the process of acquiring, several HMS projects to secure monazite, which we believe will be globally cost-competitive, to supply future REE separation at the Mill. This includes the Bahia Project in Brazil that the Company acquired in February 2023 , the Donald Project joint venture that the Company announced on June 3, 2024 , and the pending acquisition of Base Resources and the Toliara Project in Madagascar , which in aggregate have the potential to make Energy Fuels one of the largest separated REE producers in the world. The Company expects to receive material quantities of monazite from these projects commencing as early as 2026. In the meantime, the Company plans to focus operations on an aggressive campaign of uranium production during the second half of 2024, all of 2025, and thereafter to supply U.S. uranium into the Company's portfolio of uranium contracts with U.S. nuclear utilities, in addition to additional spot and contract sales into uranium market strength.
MARK S. CHALMERS , PRESIDENT AND CEO OF ENERGY FUELS STATED:
"We have achieved a significant milestone for the Energy Fuels, for Utah , and for the United States : the commercial production of separated rare earths that meet applicable product specifications, while simultaneously ramping up domestic uranium production aggressively. I wish to congratulate the entire team at the White Mesa Mill for bringing commercial rare earth separation capabilities and expertise back to the United States , and for achieving this major accomplishment ahead of schedule and under budget. With this announcement, Energy Fuels can confirm the return of separated rare earth production from monazite back to the United States after a multi-decade absence, in addition to the return of technological know-how and expertise in this extremely important field that is critical to national and economic security.
"Due to the overwhelming success of Energy Fuels' Phase 1 REE separation project, Energy Fuels can now continue to advance its rare earth initiatives with an extremely high degree of confidence. This includes a potential expansion of standalone rare earth separation capabilities at the Mill to 4,000 to 6,000 tonnes of NdPr per year, along with 150 to 225 tonnes of Dy, and 50 to 75 tonnes of Tb, through development of our planned Phase 2 and Phase 3 REE separation circuits. While our recently commissioned Phase 1 Separation circuit is globally significant and would rank the Company as one of the leading producers of separated REEs in the world outside of China , our planned Phase 2 and Phase 3 Separation Circuits would truly be world-class. In addition, we are building a world-class portfolio of heavy mineral sand assets to control our supply of low-cost monazite. We are also ramping-up pilot testing on 'heavy' rare earth separation, with a focus on Dy and Tb. Due to knowledge gained from NdPr, we are confident we will be able to produce on-spec Dy, Tb, and any other separated rare earth products and to design, engineer, permit, construct and commission our Phase 2 and Phase 3 REE separation circuits within budget and time-frame expectations. Our capital investments in the planned Phase 2 and Phase 3 REE separation circuits will be conditional on receipt of suitable customer and/or government backing in the form of supply agreements, offtake agreements and/or financial support. We believe we are in an enviable position to secure this support, based on our proven rare earth processing, refining and separation capabilities and the world-class monazite supply chain we have secured and are securing. I am very pleased that all things are coming together and that we are emerging as a leading U.S. rare earth producer, in addition to advancing our position as a U.S-leading producer of uranium and vanadium.
"Once we conclude this run of separated NdPr, we plan to focus on the processing of our substantial stockpiled uranium ore and alternate feed material inventories at the Mill and the continued ramp-up of our uranium mining, production and sales. At the same time, we plan to design and permit a world-class expansion of REE separation at the Mill -- which is only about four to six times greater than what we have already achieved. Importantly, we will also continue to market our REE products to customers and evaluate government funding collaborations."
Energy Fuels is a leading US-based uranium and 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 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 U 3 O 8 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 U 3 O 8 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 in production, 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 uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation as to production levels or timing or duration of production from the Bahia Project, the Donald Project, the Toliara Project or any of the Company's other mines or projects; any expectation as to costs of production at the Bahia Project, the Donald Project, the Toliara Project or any of the Company's other mines or projects, or that the Company will secure monazite at globally competitive costs; any expectation that the Company may be successful in entering the REE metal, alloy, and/or magnet-making space; any expectation that the addition of REE production will not diminish in any way the Company's U.S. leading uranium production capabilities; any expectation that any ore reserves estimated to date will accurately reflect actual reserves or resources; any expectation that the Company will be successful in advancing its REE initiatives or that it will be successful in installing REE production capacity at the Mill and the timing of installation of any such production capacity; any expectation that the Company's REE and other products will and will continue to meet commercial specifications; any expectation as to when the Company will have commercial quantities of separated NdPr available for shipment; any expectation that the Company's planned Phase 2 and Phase 3 separation circuits will be developed and if developed would be world-class; any expectation that the Company's planned Phase 2 and Phase 3 separation circuits if developed, would be developed within budget and time-frame expectations; any expectation as to the success of the Company's permitting programs; any expectation that the Company's proposed acquisition of Base Resources and the Toliara project will be completed or if completed, completed on the terms and time proposed; any expectation that the Company will be able to secure commitments for satisfactory offtake and/or sales agreements for REEs produced from monazite at the Mill; any expectation that Energy Fuels will be successful in obtaining suitable supply agreements, offtake agreements and/or financial support from customers and/or governments, to justify development of the planned Phase 2 and Phase 3 separation circuits, or at all; any expectation that the Company is emerging as a leading U.S. rare earth producer, in addition to advancing its position as a U.S-leading producer of uranium and vanadium; any expectation that the Bahia Project and Donald Project will be developed and proceed to production; and any expectation that the Company will be successful in acquiring Base Resources or that the Toliara Project will be developed and proceed to production. 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; the failure of the Company to provide or obtain the necessary financing required to develop the Bahia Project, the Donald Project, the Toliara project or any of the Company's other projects or initiatives; available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth elements or other rare earth element products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for uranium, rare earth elements and heavy mineral sands; the ability of the Mill to be able to separate radium or other radioisotopes for cancer treatments at reasonable costs or at all; market prices and demand for medical isotopes; 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.
SOURCE Energy Fuels Inc.
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Energy Fuels and Astron Corporation Limited Execute Definitive Agreements to Jointly Develop the Donald Rare Earth and Mineral Sands Project in Australia; Uranium Production from the Company's U.S. mines and Alternate Feed Materials Continues to Ramp up as Planned
- The Donald Project is an advanced-stage project with the potential to supply approximately 7,000 – 14,000 tonnes of monazite sand in a rare earth element (" REE ") concentrate (" REEC ") per year to Energy Fuels' White Mesa Mill (the " Mill "), located in Utah, U.S.A. , for processing into separated REE oxides, as early as 2026.
- Under the joint venture, Energy Fuels has the right to invest AUD$183 million (approximately $122 million ) and issue $17.5 million in Energy Fuels shares to earn up to a 49% interest in the project.
- Of these amounts, Energy Fuels expects to issue $3.5 million in Energy Fuels shares in 2024 and to invest approximately $10.6 million in 2024 from its existing working capital (approximately $225 million at March 31, 2024 ) , prior to making a final investment decision to proceed with the development of the first phase of the project. A positive final investment decision would require the approval of both Energy Fuels and Astron and would generally require commitments for satisfactory offtake and/or sales agreements for the REE oxides expected to be produced from REEC at the Mill, as well as commitments for non-recourse and/or government-backed debt financing for the project.
- The REEC production of approximately 7,000 to 8,000 tonnes per year from the first phase of the Donald Project would be processed at the Mill's recently constructed REE oxide separation circuit, which is expected to be fully commissioned by the end of Q2 2024 and has the capacity to process up to 10,000 tonnes of monazite sand per year into up to 1,000 tonnes of NdPr oxide per year, along with a heavy mixed REE carbonate, without the need for any further capital expenditures at the Mill.
- During 2024 and 2025, the Company also plans to continue to design, permit, and construct an expansion of REE oxide production capacity at the Mill to 40,000 – 60,000 tonnes of monazite per year, which is expected to be completed in 2027, and would have the capacity to process the second phase of monazite production from the Donald Project of 13,000 to 14,000 tonnes of REEC per year, which could be available as early as 2029/2030, as well as planned monazite production from the Company's Bahia Project in Brazil and the Company's planned acquisition of the Toliara Project in Madagascar .
- The Company's REE production initiatives will not diminish in any way the Company's U.S. leading uranium production capabilities, which are proceeding as planned. The Company expects to produce approximately 150,000 to 500,000 pounds of uranium oxide (" U 3 O 8 " ) in 2024 from its U.S. mines and alternate feed materials ramping up to mining at a run-rate of approximately 1.1 million to 1.4 million pounds of U 3 O 8 per year later this year from three of its existing mines, with plans to increase mining to the rate of approximately 2 million pounds of U 3 O 8 per year by 2025 and up to 5 million pounds per year in coming years if market conditions continue to be positive, as expected.
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ), a leading U.S. producer of uranium, REEs, and vanadium, is pleased to announce that it has executed binding agreements with Astron Corporation Limited (" Astron ") creating a joint venture (the " Venture ") to develop and operate the Donald Rare Earth and Mineral Sands Project, located in the Wimmera Region of the State of Victoria, Australia (the " Donald Project "). All references to dollars or $ in this news release are references to US$ unless otherwise indicated.
The Donald Project is a world-class, world scale, REE and heavy mineral sand (" HMS ") deposit that has the potential to provide Energy Fuels with a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate (" REEC ") that would be transported to the Company's Mill in Utah, USA for processing into REE oxides and other advanced REE materials to fuel the clean energy transition and meet critical U.S. national security needs.
With most licenses and permits in place (or at an advanced stage of completion), the Donald Project is expected to provide Energy Fuels with approximately 7,000 to 8,000 metric tons (" tonnes ") of REEC per year (" Donald – Phase 1 "), commencing as early as 2026. 8,000 tonnes of REEC from the Donald Project would contain approximately 4,700 tonnes of total REE oxides (" TREO "), including roughly 990 tonnes of neodymium-praseodymium (" NdPr ") oxide, 84 tonnes of dysprosium (" Dy ") oxide, and 14 tonnes of terbium oxide(" Tb ").
Following the construction and commissioning of Donald – Phase 1, Energy Fuels and Astron will evaluate increasing production from the Donald Project to 13,000 to 14,000 tonnes of REEC per year (" Donald – Phase 2 "), all of which would be delivered to the Mill for processing into REE oxides by Energy Fuels. 14,000 tonnes of REEC from the Donald Project would contain up to 8,200 tonnes of TREO per year, including 1,700 tonnes of NdPr oxide, 140 tonnes of Dy oxide and 25 tonnes of Tb oxide, providing a rich source of critical rare earth elements necessary to meet the demand for electric vehicles, clean energy and national security technologies.
NdPr, Dy, and Tb are known as the "magnet rare earths," as they are key ingredients in powerful permanent REE magnets used in the most efficient electric vehicles (" EVs "), hybrids, wind generators, and other defense-related and advanced technologies. Monazite concentrates typically have superior grades and distributions of the "magnet" REEs compared to other REE-bearing minerals.
For context, REEs provide significantly greater power and range for EVs and hybrid vehicles, with the typical REE-powered vehicle using about one kilogram (" kg ") of NdPr oxide, along with roughly 50 grams of Dy and/or Tb oxide. Therefore, the Donald Project alone could supply enough of each of these critical elements for up to 1.7 million EVs per year during Donald – Phase 2.
Construction and development of the Donald Project could begin as soon as 2025, subject to a unanimous final investment decision (" FID ") of both Energy Fuels and Astron. A positive FID would generally require Energy Fuels to have secured commitments for satisfactory offtake and/or sales agreements for the REE oxides expected to be produced from REEC at the Mill, Astron having secured commitments for satisfactory offtake and/or sales agreements for ilmenite and zircon expected to be produced from heavy mineral sand concentrates (" HMC ") from the project, and the Venture having secured commitments for non-recourse and/or government-backed debt financing for the project. Energy Fuels expects to spend approximately $10.6 million to advance the Donald Project in 2024, which is expected to be funded from the Company's working capital (approximately $225 million as of March 31, 2024 ).
THE DONALD PROJECT
The Donald Project is a world-class, advanced-stage, large-scale critical mineral deposit underpinned by the Ilmenite, zircon and monazite-rich Donald deposit in the Wimmera region of Victoria, Australia .
On June 27, 2023 , Astron released the outcomes of its Phase 2 Pre-Feasibility study (the " 2023 PFS "), which expands upon its April 26, 2023 Definitive Feasibility Study (the " 2023 DFS ") (see Note 1) for the Donald Project. This combined, updated study estimates Donald – Phase 1 and 2 production of 200,000 – 500,000 tonnes per year HMC and 7,000 – 14,000 tonnes per year of REEC, and forecasts total funding expenditures of AUD$392 million to achieve first production. An additional AUD$431 million in capital would be required in 2029 or 2030 for the construction of Donald – Phase 2. According to the 2023 PFS, the Donald deposit's estimated ore reserves of 825 million tonnes at 4.5% heavy mineral, are sufficient to support an initial 58-year mine life at Donald – Phase 2 production rates of approximately 13,000 to 14,000 tonnes of REEC per year (See Note 2). Astron and the Company intend to update the 2023 DFS prior to the Donald – Phase 1 FID, to take into account the most current information and to conform the report to the standards of NI 43-101 and S-K 1300, as well as update the 2023 PFS to a DFS standard post- Donald – Phase 1 production.
The Donald Project is expected to provide a long-term and large-scale supply of REEC to the Mill for processing into REE oxides and other advanced REE materials. As the REEC will be a byproduct of the Donald Project's ilmenite and zircon production, the total cost of production of REE oxides at the Mill is expected to be low-cost and globally competitive.
THE DONALD PROJECT JOINT VENTURE
Under the Venture, Energy Fuels has the right to invest AUD$183 million (approximately $122 million at current exchange rates) to earn up to a 49% interest in the Venture. Of this amount, Energy Fuels expects to invest approximately $10.6 million in 2024 from its existing working capital (approximately $225 million as of March 31, 2024 ), to be used by the Venture to update and expand the 2023 DFS and to otherwise prepare the Venture to make a FID to proceed with the development of Donald – Phase 1. In addition, Energy Fuels will issue to Astron Energy Fuels common shares having a total value of $17.5 million , of which $3.5 million in shares will be issued to Astron or its subsidiaries on the date that all conditions precedent to formation of the Venture are satisfied (the " Commencement Date "), which is expected to be in Q3 or Q4 2024, and the remaining $14.0 million in Energy Fuels shares will be issued to Astron or its subsidiaries on a positive FID.
If a positive FID is made by the Venturers within three years from the Commencement Date, then Energy Fuels will proceed to expend the remaining balance of its AUD$183 million cash expenditure required to earn into a 49% interest in the Venture plus issue the remaining $14.0 million in Energy Fuels common shares to Astron or its subsidiaries at the time of the positive FID. If a positive FID is not made unanimously within three years after the Commencement Date, but Astron has voted in favor of the FID then Astron would have the right to buy out Energy Fuels for the fair market value of Energy Fuels' interest in the Venture as at that date. If Astron does not exercise this option, or if there is otherwise no unanimous positive FID within three years after the Commencement Date, Energy Fuels will remain a minority member of the Venture (receiving a percentage interest based on the amount funded by Energy Fuels to that date) and all future funding will be made by the Joint Venturers pro-rata in accordance with their percentage interests in the Venture.
If a positive FID is made, Energy Fuels' investment of AUD$183 million is expected to satisfy most of the equity capital requirements for the construction of Donald – Phase 1. Any additional equity required post-project financing will be shared by the Joint Venturers on a pro-rata basis.
Astron is the Manager and Operator of the Venture, with specified major decisions subject to approval of both parties. After Energy Fuels has completed its investment of AUD$183 million, further Venture expenditures for the development of Donald – Phase 1 and the development of Donald – Phase 2, would be funded by Energy Fuels and Astron on a pro-rata basis.
Under the Venture, Energy Fuels has entered into an offtake agreement for 100% of the Donald Project's future Phase 1 and Phase 2 REEC production based on market prices of the contained REE oxides, subject to a floor price below which Energy Fuels would not be obligated to purchase REEC from the Venture. The Venture will sell its HMC product to global customers, subject to Astron having the right, but not the obligation, to enter into an offtake agreement with the Venture for up to 100% of the HMC product at market prices. Following payment of all joint venture expenses, all profits from the Venture will be distributed to Energy Fuels and Astron, pro-rata according to their respective ownership percentages. The REEC offtake agreement may be terminated in certain circumstances by the Venture including if Energy Fuels remains a minority member where Astron does not exercise the option to buy out Energy Fuels or if there is otherwise no unanimous positive FID within three years after the Commencement Date, both as described above.
As soon as practicable after commencing Donald – Phase 1 commercial production, the Venture would expect to evaluate constructing Donald – Phase 2 which would be expected to double ore production to 15 million tonnes per year to produce approximately 400,000 to 500,000 tonnes per year of HMC and approximately 13,000 to 14,000 tonnes per year of REEC, providing a consistent and significant feed for decades to come. Capital expenditures for Donald – Phase 2 would be made pro-rata by the Joint Venturers in accordance with their percentage interests in the Venture. The FID for Donald – Phase 2 would be made by the agreement of both Joint Venturers.
The Venture agreements also grant Energy Fuels a first right of refusal over participation in the development of Astron's Jackson Deposit, which is contained in the tenement RL2003 and adjoins the Donald Deposit to the south-west, should Astron plan to pursue such development with a third party.
REE SEPARATION AT THE WHITE MESA MILL
Energy Fuels is rapidly creating a significant new REE supply chain of world significance that can reduce America's reliance on REE's from China . The Company is actively securing long-term and large-scale sources of monazite sands to provide the raw materials needed to produce advanced REE materials at the Mill through offtake (Chemours), joint venture (the Donald Project in Australia ), and direct ownership (the Bahia Mineral Sand Project in Brazil and the previously announced proposed acquisition of Base Resources and the Toliara Mineral Sand Project in Madagascar ). Through these assets, Energy Fuels is building a world material REE oxide supply chain that the Company believes will be attractive to automotive, clean energy, and government customers.
Further, Energy Fuels has demonstrated its ability to process monazite at its U.S. White Mesa Mill, providing mixed REE carbonate to the market since 2022, and is currently commissioning an REE separation facility at the Mill which will allow for commercial scale REE separation in the United States .
Energy Fuels completed construction of its Phase 1 REE Separation Circuit at the Mill in Q1-2024 for a total cost of approximately $16 million , which has a current installed capacity to process up to 10,000 tonnes of REEC per year and produce up to 1,000 tonnes of NdPr oxide per year along with a samarium plus (" Sm+ ") heavy mixed REE carbonate containing Dy and Tb. Final commissioning is expected by June 30, 2024 , at which time the Phase 1 – REE Separation Circuit is expected to be fully operational and available to process the Donald – Phase 1 REEC production, which is expected to commence in 2026 and total 7,000 to 8,000 tonnes of REEC per year. Energy Fuels does not need to finance or construct further expansions of its Phase 1 – REE Separation Circuit to accommodate REEC from Donald – Phase 1.
The Company is also in the process of designing its Phase 2 REE Separation and Phase 3 REE Separation Circuits at the Mill. The Phase 2 REE Separation Circuit, which is currently expected to be completed in 2027, subject to receipt of any required regulatory approvals and the Company securing sufficient supplies of monazite sands, will consist of expanding NdPr oxide capacity to process 40,000 to 60,000 tonnes of monazite sands per year and produce approximately 4,000 to 6,000 tonnes of NdPr oxide per year. The Company also plans to construct a dedicated "crack-and-leach" circuit in conjunction with its Phase 2 Separation Circuit, in order to allow the Mill to simultaneously process conventional uranium ore and monazite sands independently, thereby allowing for more efficient utilization of Mill capacity. The Phase 3 REE Separation Circuit, which is currently expected to be completed in 2028, subject to receipt of any required regulatory approvals, will consist of installing the capacity to produce "heavy" REE oxides, including Dy, Tb, and potentially other oxides.
The Phase 2 REE Separation Circuit is expected to be completed in time to process the expected Donald – Phase 2 production of approximately 13,000 to 14,000 tonnes of REEC per year, which could be available by as early as 2029/2030 depending on market conditions, final design and permitting. The Phase 2 REE Separation Circuit would also accommodate monazite production from the Company's Bahia Project in Brazil , which is currently in the exploration and permitting phase and which could be producing 3,000 – 10,000 tonnes of monazite per year as early as 2026; the Company's planned acquisition of Base Resources Limited and its Toliara heavy mineral sands project, if that acquisition is successful, which could add an average of approximately 22,000 tonnes of monazite per year, subject to successful negotiation of an investment agreement with the Madagascar government, the lifting of the current suspension relating to the Toliara project, the receipt of additional permits for the recovery of Monazite at the Toliara project, and other factors.
The Sm+ mixed heavy REE carbonate will either be sold in the international market as a mixed Sm+ REE carbonate or stockpiled at the Mill for processing into Dy and Tb oxides and potentially other heavy REE oxides once the Phase 3 REE Separation Circuit is fully commissioned.
The Company also continues to evaluate opportunities to enter the REE metal, alloy, and magnet-making space, in order to fully-integrate the entire REE magnet supply chain.
ENERGY FUELS' CONTINUED URANIUM PRODUCTION RAMP-UP:
Once the Phase 1 REE Separation Circuit commissioning is complete, which is expected by the end of Q2, 2024, the Company expects to begin processing stockpiled uranium ore from its three currently operating U.S. mines and alternate feed materials for the remainder of 2024 and thereafter, from which the Company expects to produce approximately 150,000 to 500,000 pounds of U 3 O 8 in 2024, ramping up to mining at a run rate of approximately 1.1 million to 1.4 million pounds of U 3 O 8 per year later this year from those three mines. The Company expects to potentially increase its uranium production to a mining run rate of approximately 2 million pounds of U 3 O 8 per year by bringing two additional mines into operation as early as 2025, and to a mining run rate of up to approximately 5 million pounds of U 3 O 8 per year over the coming years by bringing our additional longer-term projects into operation, if uranium market conditions continue to be strong, as expected.
The Company's REE initiatives will not diminish in any way the Company's U.S. leading uranium production capabilities.
MARK S. CHALMERS , PRESIDENT AND CEO OF ENERGY FUELS STATED:
"Energy Fuels is truly excited to embark on this joint venture with Astron on the development and operation of the Donald Project in Australia . We have enjoyed working with the Astron team, and we look forward to making this world-class rare earth and critical mineral deposit a reality in Australia , which is one of the closest allies of the U.S.
"I'll add that the sequencing of our uranium, rare earth and mineral sand production ramp-ups is proceeding extremely well in relation to commodity markets, while maximizing operating capacity and workforce allocation at our White Mesa Mill. Uranium markets are currently gaining strength, and we have long-term supply contracts to fulfill, so 2024 is a good year to ramp-up our low-cost uranium production. At the same time, rare earth markets are currently soft. Therefore, 2024 is a good year to install and commission REE processing capacity, design and plan additional REE processing capacity, and secure mineral positions in this critical industry, such as through our Donald Project joint venture with Astron and proposed acquisition of Base Resources. Assuming heavy mineral sand markets remain strong, and we are able to secure satisfactory offtake agreements and financing, we look forward to beginning development of the Donald Project as soon as 2025. We believe the Donald Project will be a 'flagship' mining project for Australia and the State of Victoria , producing many of the raw materials needed for the energy transition."
Note 1
The financial information relating to the Donald deposit's mineral sands is based on the 2023 PFS and 2023 DFS. These studies constituted a "Pre-Feasibility Study" and a "Feasibility Study," respectively, for the purposes of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (" JORC ") and the ore reserves underpinning these studies were estimated in accordance with JORC. The results from these studies and the estimated ore reserves may not be comparable to (as the case may be) data or estimates under either National Instrument 43-101 (" NI 43-101 ") or Subpart 1300 of Regulation S-K (" S-K 1300 ")– see disclosure below under "Qualified Person".
NOTE 2
The JORC estimate of ore reserves is presented for informational purposes only. A qualified person has not done sufficient work to classify these estimates as current NI 43-101 or S-K 1300 estimates of mineral resources, mineral reserves, or exploration results. Energy Fuels is not treating these estimates as a current estimate of mineral resources, mineral reserves, or exploration results – see note below under "Qualified Person".
QUALIFIED PERSON
The technical information in this press release has been prepared in accordance with both U.S. and Canadian requirements set out in S-K 1300 and NI 43-101 and reviewed on behalf of the Company by Dan Kapostasy , VP, Technical Services of the Company, a Qualified Person under both S-K 1300 and NI 43-101 regulations. The JORC compliant Mineral Reserves contained herein were disclosed by Astron on 27 June 2023 . The Company has not completed the necessary due diligence on the Mineral Reserves to disclose them as current Mineral Reserves. Therefore, the Company is treating the contained tables as historical in nature as a Qualified Person has not done sufficient work to classify the Mineral Reserves as current under S-K 1300 or NI 43-101. These historical Mineral Reserves are relevant to this disclosure, as they provide information on the potential size and scale of MIN5532 and RL2002. The method used to estimate the in-situ resources was ordinary kriging utilizing octant and ellipsoid search parameters. The mineralized zone was domained into three zones: low grade, medium grade (>3% & 5%) heavy mineral. The block model used a 100 m x 200 m x 1 m block, which is approximately half the drillhole spacing in the well drilled areas. The model was visually verified against drillholes, SWATH plots were used to check average grade trends, and the current estimate is similar to previous estimates. To convert the Mineral Resources to Mineral Reserves, modifying factors including mining methods (dry mining), metallurgical testwork (including processing size assumptions, >38 µm size fraction) producing both a heavy mineral concentrate (Ti and Zr minerals) and a rare earth mineral concentrate (monazite + xenotime), capital cost, operating costs, and environmental factors. Additional details regarding the historical Mineral Reserves are available in the Astron press release dated 27 June, 2023 :
https://www.astronlimited.com.au/wp-content/uploads/2023/06/20230627-Phase-2-Ore-Reserve-Update.pdf
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based uranium and 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 REE materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides commencing 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 U 3 O 8 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 U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil , 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 in production, 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 .
ABOUT ASTRON
Astron Corporation Limited (ASX: ATR) is an Australian-based company listed on the ASX. With over 35 years of operating history, Astron has been involved in mineral sands processing, downstream product development, as well as the marketing and sales of zirconium and titanium related products. Astron's prime focus is on the development of its large, long-life Donald Rare Earths and Mineral Sands Project in regional Victoria, Australia . Astron's website is www.astronlimited.com.au .
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 uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation as to production levels or timing or duration of production from the Donald Project or any of the Company's other mines or projects; any expectations as to costs of production at the Donald Project or any of the Company's mines or other projects; any expectation that the Company will be successful in creating a new REE supply chain that can reduce America's reliance on China ; any expectation that the Company will be successful in entering the REE metal, alloy, and magnet-making space, in order to fully-integrate the entire REE magnet supply chain; any expectation that the addition of REE production will not diminish in any way the Company's U.S. leading uranium production capabilities; any expectation that the Donald Project is a world-class, world scale, REE and HMS deposit; any expectation that any ore reserves estimated to date will accurately reflect actual reserves or resources; any expectation that Astron and the Company will update the 2023 DFS prior to the Phase 1 FID, to take into account the most current information and to conform the report to the standards of NI 43-101 and S-K 1300, or at all; any expectation that the Company will update the 2023 PFS to a DFS standard post- Donald – Phase 1 production, or at all; any expectation that the Company's AUD$183 million investment in the Venture will satisfy most of the equity capital requirements for the construction of Donald – Phase 1; any expectation that the Company will be successful in securing any additional low-cost monazite concentrates globally, or at all; any expectation that the Company will be successful in advancing its REE initiatives or that it will be successful in installing REE production capacity at the Mill and the timing of installation of any such production capacity; any expectation as to the success of the Company's permitting programs; any expectation that the Company's proposed acquisition of Base Resources and the Toliara project will be completed or if completed, completed on the terms and time proposed; any expectation that the Company will be able to secure commitments for satisfactory offtake and/or sales agreements for REE oxides produced from monazite at the Mill, that Astron will be able to secure commitments for satisfactory offtake and/or sales agreements for ilmenite and zircon produced from HMC from the project, or that any such commitments obtained would support non-recourse and/or government-backed debt financing for the Donald Project; any expectation that Energy Fuels will be successful in obtaining any grants, low-interest debt, non- or limited-recourse debt, loan guarantees, or other support vehicles from any government agencies or offices, or at all; any expectation that a positive Donald – Phase 1 FID or Donald Phase 2 FID will be made; any expectation that an investment agreement relating to the Toliara project will be negotiated with the Madagascar government on suitable terms or at all; any expectation that the current suspension relating to the Toliara project will be lifted by the Madagascar government in the near future or at all; and any expectation that the additional permits for the recovery of Monazite at the Donald Project or Toliara project will be acquired on a timely basis or at all . 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; the failure of the Government of Madagascar to agree on fiscal terms or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara project to be lifted by the Madagascar government on a timely basis or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Toliara project or Donald Project; the failure of the Company to provide or obtain the necessary financing required to develop the Donald Project, the Toliara project or any of the Company's other projects or initiatives; available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth element oxides or other rare earth element products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for uranium, rare earth elements and HMC; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; 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.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves: Certain technical disclosure contained in this news release has been prepared in accordance with the JORC Code . The JORC Code differs from the requirements of the U.S. Securities and Exchange Commission (" SEC "), and resource information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.
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Option to Acquire Niobium/REE Project in British Columbia, Canada
AuKing Mining Limited (ASX: AKN) is pleased to announce the proposed acquisition of a 100% interest in the Myoff Creek Niobium/REE project in British Columbia, Canada.
HIGHLIGHTS
- Carbonatite Mineralisation: Near-surface carbonatite mineralisation spans an extensive area of 1.4 km by 0.4 km, based on historical exploration.
- High Grade Intercepts: Notable high-grade intercepts include 0.93% niobium (Nb) and 2.06% total rare earth oxides (TREO).
- Significant Exploration Potential: The mineralisation remains open (subject to verification) at depth and along strike, indicating significant potential for further mineral discovery and expansion. Maximum detection limits of Nb and Ce were detected in rock chips ~2km away from the historically drilled zone.
- Strategic Location: The claims are strategically situated in the South-Central mining region of British Columbia, known for its rich mineral deposits.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
- Upcoming Exploration: Drill targets have been identified, setting the stage for an extensive upcoming work program aimed at further exploration and development.
- Capital Raising: Proposed placement of $150,000 together with upcoming rights issue to existing shareholders.
AuKing’s Managing Director, Mr Paul Williams, said that with the strong levels of market interest in the exploration and development of niobium/rare earth elements (REE) the Company was excited to have been able to secure the Myoff Creek project. With the global search for sources of critical minerals in full steam he welcomed the opportunity to immediately commence exploration activities after the completion of the acquisition.
“Myoff Creek is situated in south-eastern British Columbia and has been the subject of exploration activities for 40 years. Previous exploration activities (including drilling programs) have identified a 1.4km by 0.4km area of near-surface Nb-REE bearing carbonatite hosted mineralization. Upon completion of the proposed acquisition of Myoff Creek, AuKing plans to immediately carry out a detailed soil sampling and initial drilling program, based on the historical workings,” Mr Williams said.
Background
Niobium is a vital element used to create nanocrystalline materials, which are a new generation of advanced soft magnetic alloys that are used to control and convert electricity. By adding niobium to the alloys, the materials can have a crystal size of <10 nanometers.
That means high permeability and a high heat tolerance – perfect for making miniature and lightweight materials that advanced technology is increasingly seeking.
Most of the world’s niobium (Nb) production (around 82%) derives from the largely Chinese- owned CBMM mine in Brazil. Just 8% of production comes from outside South America at IAMGOLD Corp’s Niobec mine in Quebec, Canada.
The West Arunta region of eastern Western Australian has also become the focus of a substantial amount of activity largely off the back of WA1’s major 200Mt Luni discovery which has seen that company achieve a share market capitalization of more than $1Bn.
Myoff Creek Project
Strategically located in south-eastern British Columbia, Canada, the Myoff Creek project is situated in South Central Mining Region, well known for mineral extraction and processing. This region is host to some major mining operations including; Teck Resources Limited’s Highland Valley Copper Mine, and Hudbay Minerals Inc’s Copper Mountain Mine.
The nearest township of Seymour Arm, which is accessible by road from the claims, has accommodation and logistical support. Kamloops (pop. 108,000), the major commercial centre for the region, has numerous resources such as equipment and professional services for mining and exploration activities.
British Columbia hosts several significant Niobium / Rare Earth projects including but not limited to, Wicheeda (Defense Metals Corp) with 34.2Mt @ 2% TREO, Blue River (Commerce Resources Corp) with 53Mt @ 1,680 ppm Nb.
Geological Setting
Myoff Creek lies within the Proterozoic (Aphebian) age metamorphic carbonatite belt of the Shuswap Metamorphic Complex, a belt of high-grade and intensely deformed metamorphic and intrusive rocks in the core of the Columbian Orogen in south-eastern British Columbia. This is a known area for Nb-REE-P-Ti bearing carbonatites. The Shuswap Complex, along its eastern margin, is characterized by a series of fault-bounded domal culminations that expose mixed paragneiss, granitic gneiss and migmatite of Paleoproterozoic age.
There are two types of carbonatite recognized in the area. Type I, the intrusive phase (the REN carbonatite) and Type II, the extrusive phase (the Mount Grace carbonatite – MGC).
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This article includes content from AuKing Mining, 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.
Lo Herma Resource Drilling Permitted – Rig Mobilising to Site
GTI Energy Ltd (GTI or Company) is pleased to provide an update on the upcoming resource expansion drilling program at the Lo Herma ISR uranium project in Wyoming’s Powder River Basin (PRB). All permits, bonds and access arrangements are now in place allowing a mud rotary drill rig to mobilise to site and commence drilling within the next 48 hours.
HIGHLIGHTS
- Permit approved for 57,000 ft (~17,000 m) of mud rotary drilling
- Drill rig to mobilise and commence drilling within the next 48 hours
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm
- Details of a planned rights entitlement offer to all GTR shareholders and GTRO option holders expected imminently
The Lo Herma project area currently contains 880 drill holes and as previously advised on 2nd of May 2024, the planned 2024 drilling permit at Lo Herma allows for up to 57,000 ft (~17,000 m) spread across up to 76 drill hole locations including construction of up to 5 groundwater monitoring wells.
This next phase of drilling will focus on expanding the resource areas and where possible, upgrading the current mineral resource classification (Table 1). Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.
Following completion of the 2024 drill program at Lo Herma, GTI intends to publish an updated mineral resource estimate and exploration target range for the project. The Company expects the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project.
GTI Executive Director Bruce Lane commented, “We are very pleased to be starting resource expansion drilling at Lo Herma on time. We’re excited to be in a strong position to be able to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling. This work prepares GTI for a potential Lo Herma scoping study which we hope to commence later this year on the basis that we can grow the Lo Herma uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at Ur- Energy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”
FIGURE 1. GTI WYOMING PROJECT LOCATIONS
LO HERMA GEOLOGIC SETTING
The target host geology for the Lo Herma project is located in and around the contact of the Eocene Wasatch Formation (Wasatch) and the Paleocene Fort Union Formation (Fort Union) of the Powder River Basin (PRB). Both formations consist of sedimentary sequences of sandstones, siltstones, claystones, and coal – creating a favourable geologic environment for uranium roll-front deposits in the permeable sandstone units. The gently north-east dipping host sandstones of the Lo Herma Project lie stratigraphically below the prominent Badger and School House coal seams, and likely represent some of the lowest Wasatch sandstones and the uppermost Fort Union sandstones. The lower sandstone units of the Fort Union formation represent an underexplored potential for additional uranium mineralisation on the property (Figure 2).
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Laramide Announces the Appointment of Vice-President for Operations and Strategic Planning, U.S. and Provides Update on Drilling Activity in Australia
Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia is pleased to announce the appointment of Mr. Josh Leftwich as Vice-President for Operations and Strategic Planning, U.S.A. Mr. Leftwich's substantive professional expertise will be instrumental in advancing Laramide's U.S. uranium assets through development and into production.
Mr. Josh Leftwich's career includes a role as Director of Radiation Safety and Licensing, reporting directly to the President of Cameco. At Cameco, he was a key senior manager in charge of operational compliance and oversight of three mine operations and seven development projects. He was the key contact for all tribal relations which required development and administering of policy processes, as well, he was the key regulatory contact for all state and federal communications including the Nuclear Regulatory Commission (NRC).
His other relevant uranium mining company experience includes negotiating complex regulatory issues at Uranium Energy Corp. (UEC); and, as a key component of the initial start-up team at Mestena Uranium (now The Alta Mesa Project owned by enCore Energy and Boss Energy), he was responsible for all permitting activities including demonstrating and communicating groundwater restoration capabilities and establishing health, safety and environmental/radiation programs from greenfield to production.
"We are very pleased to welcome Josh to Laramide Resources and back to the uranium industry where he began his career," said Marc Henderson , CEO and President of Laramide Resources Ltd. "Each of our U.S. projects are development stage with significant resources and can make a meaningful contribution to future US domestic uranium production, which is now a bipartisan US government objective. This political backdrop should provide a tailwind for our assets and Josh's skills will enhance our progress towards achieving our aggressive development timeline."
Westmoreland Uranium Project Drilling Update
Drilling at the Westmoreland project is proceeding well with the first three of seven planned diamond holes at the Amphitheatre prospect now completed. Initial core sampling of shallow mineralised zones is underway, guided by downhole gamma probe and handheld scintillometer data. The first samples are being prepared for delivery next week to ALS Laboratories.
The first five drillholes at Amphitheatre are targeting immediate extensions of the known mineralisation and to understand any structural controls. The last two holes planned for this study at Amphitheatre will be to step out and to test over 300m to the north under alluvial cover to get a sense of the potential scale of this project.
As part of the 2024 resource extension program, a second drill rig will arrive later this month to commence drilling at Huarabagoo and Junnagunna to test whether the zones between these two deposits can be linked. The combined program will comprise 10,000 to 12,000 meters over 100 drillholes and includes the satellite deposit at Long Pocket with an objective of expanding and updating the Westmoreland Mineral Resource Estimation.
Qualified/Competent Person
The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies , a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a Qualified Person under the guidelines of the National Instrument 43-101. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
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About Laramide Resources Ltd.:
Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western United States . The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size, production potential, and the two large projects are considered to be late-stage, low-technical risk projects.
The Westmoreland project in Queensland, Australia , is one of the largest uranium development assets held by a junior mining company. This project has a PEA that describes an economically robust, open-pit mining project with a mine life of 13 years. Additionally, the adjacent Murphy Project in the Northern Territory of Australia is a greenfield asset that Laramide strategically acquired to control the majority of the mineralized system along the Westmoreland trend.
In the United States , Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium Project. An NI 43-101 PEA study completed in 2023 has described an in-situ recovery ("ISR") production methodology. The Company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and an underground project, called La Sal, in Lisbon Valley, Utah.
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
SOURCE Laramide Resources Ltd.
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Skyharbour Resources CEO Unveils Drilling Plans for Flagship Uranium Projects in Athabasca Basin
In a recent interview with the Investing News Network, Jordan Trimble, president and CEO of Skyharbour Resources (TSXV:SYH), shared exciting developments in the company's uranium exploration efforts and offered valuable insights on the current state of the uranium market.
Trimble highlighted significant progress at Skyharbour's two core projects: Russell Lake and Moore Lake. At Russell Lake, the company has made what Trimble described as a "breakthrough discovery" in its initial drilling program.
"Within the first few holes at the Russell project, we've intersected something quite significant, indicating a high-grade zone of uranium mineralization," he said, emphasizing the potential of this early stage find.
The Moore Lake project also yielded promising results, with recent drilling at the Maverick zone revealing impressive intercepts. Trimble noted, "Our results from the Maverick zone at Moore Lake, including 7.3 percent over 3 meters, clearly show the potential for substantial growth and resource expansion."
Looking ahead, Skyharbour has ambitious plans for both projects. Trimble outlined an extensive drilling campaign set for this summer and fall, totaling approximately 7,000 to 8,000 meters across Russell Lake and Moore Lake.
"We're fully funded and permitted for these operations," Trimble commented, indicating the company's readiness to capitalize on its recent successes.
Read the full interview with Skyharbour Resources President and CEO Jordan Trimble above.
Disclaimer: This interview is sponsored by Skyharbour Resources (TSXV:SYH). This interview provides information which was sourced by the Investing News Network (INN) and approved by Skyharbour Resources in order to help investors learn more about the company. Skyharbour Resources is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Skyharbour Resources and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
SAGA Metals Receipts Final Prospectus and Receives Conditional Approval to List on the TSX Venture Exchange
Saga Metals Corp. (“Saga” or the “Company”), a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce that it has filed and obtained a receipt for its final long form prospectus dated July 11, 2024 (the “Prospectus”) in respect of its initial public offering (the “Offering”) from the securities regulatory authorities in British Columbia, Alberta and Ontario.
“This milestone marks a significant step forward for SAGA as we continue to expand our presence in the critical minerals sector,” stated Mike Stier, CEO & Director of Saga Metals Corp. He continued, “The TSXV listing is expected to enhance the Company’s visibility and accessibility to a broader base of investors, providing increased liquidity and support for our growth initiatives.”
Key Highlights for Investors:
- Final Prospectus: Receipt of the final prospectus signifies that Saga has met the necessary regulatory requirements and is poised for public trading.
- Conditional Approval: The conditional approval from the TSXV is a crucial step toward the official listing of Saga’s shares on the exchange.
- Strategic Growth: Listing on the TSXV aligns with Saga’s strategy to expand its investor base and secure the capital needed to advance its exploration projects in North America.
SAGA Metals Corp. is committed to maintaining high standards of corporate governance and transparency as it transitions to becoming a publicly listed company. This development will support the company’s ongoing efforts to discover and develop critical mineral resources in North America.
Please refer to the Prospectus, and the Company’s press release of July 15, 2024 (each available under the Company’s profile at www.sedarplus.ca) for more information about the Offering.
SAGA Metals Investment Highlights:
Focused on North America's Critical Mineral Strategy – SAGA Metals is strategically concentrating on North America's “Critical Mineral Strategy” with operations in two highly favorable jurisdictions: Labrador and Quebec, Canada.
Map of SAGA Metals Projects
Diversified Critical Mineral Portfolio – SAGA’s portfolio spans five critical minerals across five projects of merit:
- Uranium: Double Mer Uranium Project, Labrador
- Lithium: Legacy Lithium Project and Amirault Lithium Project, James Bay, Quebec
- Titanium & Vanadium: Radar Titanium-Vanadium Project, Labrador
- Iron Ore: North Wind Iron Ore Project, Labrador
Key Project Highlights:
Double Mer Uranium Project
- Extensive exploration from 1970 to 2008 with considerable capital deployed in historical work on the property.
- Contains similarly linked geology to the Central Mineral Belt located just north of the property boundary and host to other notable Uranium projects including Atha Energy and Paladin Energy.
- 14 km strike of anomalous rock samples with results including 4,280ppm of Uranium and upwards of 21,000cps from the scintillometer.
- The Uranium radiometrics highlight an 18 km east-west linear trend averaging approximately 500 meters in width.
Regional map of the Double Mer Uranium Project in Labrador, Canada
Legacy Lithium Project
- Partnership with Rio Tinto announced July 3, 2024: SAGA Metals Corp. Executes Option to Joint Venture with Rio Tinto Exploration Canada Inc. for Legacy Lithium Project
- The Legacy Lithium Project comprises 663 claims spanning 34,243 hectares, featuring 100 km of striking paragneiss and is located in Quebec’s Eeyou Istchee James Bay region.
- Key Terms of the Option Agreement with Rio Tinto:
- Under the Option Agreement, RTEC has the option to acquire an initial 51% interest (the “First Option”) in the Legacy Lithium Project over four years by meeting the following conditions:
- Cash Payments: Totaling C$410,190 on or before August 11, 2024.
- Exploration Expenditures: Totaling C$9,571,100, including a firm commitment of C$1,709,125 within the first 20 months.
- Additional Payments: C$273,460 to Saga (C$68,365 per year) and C$225,000 in aggregate to cover underlying claim acquisition amounts.
- After earning the initial 51% interest, RTEC has the option to increase its stake to 75% (the “Second Option”) over five years, following the four-year First Option term, by incurring an additional C$34,182,500 in exploration expenditures.
Amapofthe“LithiumNeighborhood”attheLegacyLithiumProjectinQuebec
Amirault Lithium Project
- Acquisition positioned SAGA as the largest contiguous landowner in Eastern James Bay with 65,849 hectares
- Located adjacent to properties owned by Winsome Resources, Loyal Lithium, Azimut Exploration, and Rio Tinto
Radar Titanium & Vanadium Project
- Secondary project with a layered mafic intrusive body
- Numerous occurrences of massive magnetite showings
- Grades up to 6.63% titanium and 3,670 ppm vanadium
North Wind Iron Ore Project
- Secondary project with eight historic drill holes
- Part of New Millennium Iron’s 2013 resource estimate, grading over 20% iron oxide
Management and Future Prospects
SAGA boasts an experienced management team with expertise in capital markets and geology. The team focuses on maintaining a strong capital structure and acquiring quality projects based on robust geological assessments.
Upcoming Catalysts for Shareholders
Numerous catalysts are expected over the next 12 months as SAGA’s geological team has mobilized its summer exploration programs with news anticipated across all of SAGA’s projects in the coming weeks.
The Offering is being made on a best-efforts basis led by Research Capital Corporation, as sole agent and bookrunner (the “Agent”). Interested parties who wish to participate in the Offering should ask their investment advisor to contact the Agent for more information about the Offering and selling group participation at:
Jovan Stupar
email: jstupar@researchcapital.com; phone: 604-662-1808
Savio Chiu
email: schiu@researchcapital.com; phone: 778-373-4088
In connection with the Offering, SAGA has received conditional approval from the TSX Venture Exchange (the “TSXV”) for listing of the Company’s common shares subject, to the fulfillment of the TSXV’s final listing requirements. Once final approval is received, the Common Shares will commence trading under the symbol “SAGA”.
The Company anticipates closing of the Offering to occur on or about July 29, 2024, subject to satisfaction of certain closing conditions, including, but not limited to satisfaction of the approval conditions of the TSXV for the listing of the common shares, among other things.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
To learn more about the Company’s projects visit the projects page here and corporate video here.
To access the company’s corporate presentation, select here.
A Media Snippet accompanying this announcement is available by clicking on this link.
About SAGA Metals Corp.
SAGA Metals Corp. is a North American mining company specializing in the exploration and discovery of critical minerals to advance the global green energy transition. The company's flagship asset is the Double Mer Uranium project, covering 25,600 hectares on the east coast of Labrador, Canada. Uranium radiometrics reveal an 18 km east-west linear trend averaging approximately 500 meters in width, with a confirmed 14 km section containing samples up to 4,281 ppm U3O8 and readings of 21,000 cps on a spectrometer.
SAGA Metals' primary additional asset is the Legacy Lithium Property located in Quebec's Eeyou Istchee James Bay region. This property is part of a partnership with Rio Tinto and includes the acquisition of the Amirault Lithium property. Together, these projects cover 65,849.20 hectares and share geological continuity with Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium in the La Grande sub-province.
The company also holds two secondary assets focused on titanium, vanadium, and iron ore discovery in Newfoundland and Labrador, Canada.
For further information, please contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
Qualified Persons
Michael Cullen, P. Geo., and Rochelle Collins, P. Geo., of Mercator Geological Services Limited are each a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and have reviewed and approved the scientific and technical content of this news release regarding the Double Mer Uranium Property.
Kamil Khobzi, P. Eng., MBA, of Kamil Khobzi & Associates Inc. is a “qualified person” as defined under NI 43-101 and has reviewed and approved the scientific and technical content of this news release regarding the Legacy Lithium Property
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the proposed Offering, TSXV listing and the Company’s plans with respect to its mineral exploration properties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, failure to satisfy closing conditions in respect of the Offering, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Prospectus and available under the Company’s profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
Global Atomic Announces the Credit Committee Meeting to Review the Dasa Funding Opportunity has been Postponed
Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) reports that the presentation of the debt financing facility to the Credit Committee of a U.S. Development Bank has been postponed to August. The Bank decided not to bring this project to the Credit Committee in July, citing a need to answer and confirm additional questions.
With approval by the Credit Committee postponed, final approval by the Bank's Board of Directors is now expected in October 2024 .
Global Atomic continues to review other financing options including joint ventures.
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022 , and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
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