
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from Precious Metals & Critical Minerals Hybrid Virtual Investor Conference held May 22 nd are now available for online viewing.
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements ("REE") production for the energy transition, is pleased to announce that the Federal Court of Australia (the "Court") has today made orders approving the proposed acquisition of Base Resources Limited ("Base") by Energy Fuels by way of a scheme of arrangement under Australia's Corporations Act (the "Scheme").
As previously announced on April 21, 2024, under the Scheme, Energy Fuels will acquire 100% of the issued shares of Base in consideration of the issuance by the Company of 0.026 Energy Fuels Common Shares for every Base share held and the payment by Base of a special dividend of AUD $0.065 per Base share.
Mark S. Chalmers, President and CEO of Energy Fuels stated: "I am very pleased that the Court has approved Energy Fuels' combination with Base Resources. This approval is the final approval required before closing, which is expected to occur on October 2, 2024. We look forward to developing the world-class Toliara Project with Base's experienced team as a major step in our development of a world-class critical minerals company at a time when geopolitics is making domestic supply chains more important than ever. I am also very pleased to see that the recent improvements in REE prices are continuing, with the price of NdPr now at approximately $59.60 per kilogram."
As a next step, a copy of the Court order will be lodged with the Australian Securities and Investments Commission ("ASIC") and the Scheme will become effective, which is expected to occur on September 13, 2024. As a result, September 13, 2024, is expected to be Base's last day of trading on the Australian Stock Exchange ("ASX"). The Special Dividend (AUD$0.065 per share) is expected to be paid to Base shareholders on October 1, 2024, and implementation of the Scheme is expected to occur on October 2, 2024.
The Toliara Project is subject to negotiation of fiscal terms with the Madagascar government and the receipt of certain Madagascar government approvals and actions before a current suspension on activities at the Toliara Project will be lifted and development may occur.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as a leading producer of uranium in the U.S.; any expectation that the acquisition of Base Resources will be completed or if completed, completed on the terms and time proposed; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara Project, if acquired; any expectation that the current suspension relating to the Toliara Project will be lifted in the near future or at all; any expectation that the Toliara Project will be developed; any expectation that the Company will become a world-class critical minerals hub; and any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful. 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 complete the acquisition of Base Resources; the failure of the Government of Madagascar to agree on fiscal terms for the Toliara Project 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 on a timely basis or at all; the failure of the Company to provide or obtain the necessary financing required to develop Toliara Project and the Company's other projects; available supplies of monazite; the ability of the Mill to produce REE carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for heavy mineral sands and/or REEs; actual results may differ from all such estimates and projections; the ability of the Mill to recover 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, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
Energy Fuels (TSX:EFR,NYSE:UUUU) has been the largest producer of uranium in the United States and an emerging producer of rare earth elements (REEs). The company is also a major producer of vanadium when market conditions warrant. The company’s portfolio of assets positions it to contribute meaningfully to some of the most important challenges faced by the world today - climate change and energy security. Uranium remains the core business for Energy Fuels; however, the company is rapidly expanding its REE capacity, as well.
Energy Fuels is the only uranium producer with both conventional production and in-situ recovery (ISR) in the US. Its 100-percent-owned White Mesa Mill is the only conventional uranium mill in the country with a licensed capacity of over 8 million pounds (Mlbs) of U3O8 per year. The company also owns the Nichols Ranch uranium recovery facility in Wyoming, which is a fully permitted uranium ISR facility with a licensed capacity of 2 Mlbs of U3O8 per year. The Nichols Ranch project is currently being maintained on standby.
Favorable uranium market conditions prompted Energy Fuels to ramp up uranium production at three permitted and developed uranium mines in Arizona and Utah. Once production is fully ramped up at Pinyon Plain, La Sal and Pandora, the company expects to produce uranium at a run rate of 1.1 to 1.4 million pounds per year. Ore mined from the three sites in 2024 will be stockpiled at the White Mesa Mill in Utah for processing in late-2024 or 2025.
The company is also preparing the Whirlwind and Nichols Ranch mines to commence uranium production within one year, potentially increasing uranium production to over two million pounds of U3O8 annually starting in 2025.
In addition to its core uranium business, Energy Fuels is building out its rare earth element (REE) production and processing at the White Mesa Mill. The company recently completed construction of phase 1 rare earth oxide production with the capacity to produce 800 to 1,000 metric tons (MT) of neodymium-praseodymium (NdPr) oxide per year. The company is designing phase 2 and 3, which will increase NdPr oxide production to 4,000 to 6,000 MT per year, while also adding commercial scale “heavy” rare earth production, including terbium (Tb) and dysprosium (Dy).
In December 2023, Energy Fuels and Astron Corporation executed a non-binding MOU to jointly develop the Donald Mineral sands project, a large heavy mineral sand deposit that has the potential to supply Energy Fuels with approximately 7,000 tonnes of rare earth-bearing monazite sand per year starting in 2026, ramping up to 14,000 tonnes per year soon after.
Further to becoming a global leader in critical minerals production, in April 2023, Energy Fuels executed a definitive scheme implementation deed with Base Resources (ASX:BSE,AIM:BSE) to acquire 100 percent of the issued shares of Base Resources. The acquisition includes Base Resources' 100 percent-owned advanced, world-class Toliara heavy mineral sands project in Madagascar.
Vanadium and medical isotopes present another long-term growth opportunity for Energy Fuels. White Mesa Mill is a significant US producer of vanadium (V2O5), and the only primary producer in the US It currently holds 0.9 Mlbs in inventory and aims to selectively produce and sell into the market based on the strength of price. The company also continues to evaluate the potential to recover medical isotopes from its existing uranium and vanadium process streams. These isotopes are required for emerging cancer therapies.
Sustainability is a key part of the company’s focus. It is committed to recycling naturally bearing uranium and vanadium materials. White Mesa Mill has a separate circuit for processing alternate feed materials, thereby promoting sustainable sourcing, reducing carbon emissions and saving resources.
Further, the company benefits from a management team with a record of building and operating both conventional and ISR uranium mines globally.
Get access to more exclusive Uranium Investing Stock profiles here
America’s Leading Producer of Critical Materials for the Clean Energy Transition
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from Precious Metals & Critical Minerals Hybrid Virtual Investor Conference held May 22 nd are now available for online viewing.
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download
investor materials from the company's resource section.
May 22 nd
Presentation | Ticker(s) |
Keynote Presentation: "What's next for precious metals?" -Jeff Christian, Managing Partner of CPM Group | |
Viva Gold Corp. | (OTCQB: VAUCF | TSXV: VAU) |
StrikePoint Gold, Inc. | (OTCQB: STKXF | TSXV: SKP) |
Honey Badger Silver Inc. | (OTCQB: HBEIF | TSXV: TUF) |
Relevant Gold Corp. | (OTCQB: RGCCF | TSXV: RGC) |
Keynote Presentation: "Surveying the Critical Metals Landscape," –Jack Lifton, Senior Advisor, Energy Fuels, Inc. | |
Azimut Exploration Inc. | (OTCQX: AZMTF | TSXV: AZM) |
Energy Fuels Inc. | (NYSE American: UUUU | TSX: EFR) |
Lion Copper & Gold Corp. | (OTCQB: LCGMF | CSE: LEO) |
Alaska Silver Corp. | (Pink: WAMFF |TSXV: WAM) |
Cygnus Metals Ltd. | (OTCQB: CYGGF |TSXV: CYG |ASX: CY5) |
Power Metallic Mines, Inc. | (OTCQB: PNPNF |TSXV: PNPN) |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the Precious Metals & Critical Minerals Hybrid Virtual Investor Conference. Individual investors, institutional investors, advisors, and analysts are invited to attend.
This in-person and virtual event will showcase live company presentations and interactive discussions featuring Precious Metals and Critical Minerals including Gold, Silver, Antimony, Copper, Lithium, Nickel, PGM, Rare Earth Elements, Uranium and Vanadium. Company executives and industry experts will present live from the OTC Markets Group headquarters at 300 Vesey Street in New York City. All presentations will be broadcast to the Virtual Investor Conferences community. For those who are interested in attending, there are two ways to register:
Register for IN-PERSON attendance: register here
Register for ONLINE attendance: register here
For individuals joining online, it is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to attend and schedule 1x1 meetings with management.
"OTC Markets is proud to host the Precious Metals & Critical Minerals Hybrid Investor Conference , presented in collaboration with Murdock Capital, TAA Advisory LLC, The Prospector, and Resource World," said John Viglotti , SVP of Corporate Services, Investor Access at OTC Markets Group. "We are especially honored to welcome our distinguished keynote speakers, Jeff Christian, Managing Partner at CPM Group, and Jack Lifton, Senior Advisor at Energy Fuels, Inc., whose insights will be invaluable to this premier industry event."
May 22 nd
Eastern Time (ET) | Presentation | Ticker(s) |
9:00 AM | Keynote Presentation: "What's next for precious metals?" -Jeff Christian, Managing Partner of CPM Group | |
9:30 AM | Viva Gold Corp. | (OTCQB: VAUCF | TSXV: VAU) |
10:00 AM | StrikePoint Gold, Inc. | (OTCQB: STKXF | TSXV: SKP) |
10:45 AM | Honey Badger Silver Inc. | (OTCQB: HBEIF | TSXV: TUF) |
11:15 AM | Relevant Gold Corp. | (OTCQB: RGCCF | TSXV: RGC) |
12:30 PM | Keynote Presentation: "Surveying the Critical Minerals Landscape," –Jack Lifton, Senior Advisor, Energy Fuels, Inc. | |
1:00 PM | Azimut Exploration Inc. | (OTCQX: AZMTF | TSXV: AZM) |
1:30 PM | Energy Fuels Inc. | (NYSE American: UUUU | TSX: EFR) |
2:00 PM | Lion & Copper Gold Corp. | (OTCQB: LCGMF | CSE: LEO) |
2:45 PM | Alaska Silver Corp. | (Pink: WAMFF |TSXV: WAM) |
3:15 PM | Cygnus Metals Ltd. | (OTCQB: CYGGF |TSXV: CYG) |
3:45 PM | Power Metallic Mines Inc. | (OTCQB: PNPNF |TSXV: PNPN) |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact :
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is pleased to announce that the Company has entered into an Ore Purchase Agreement ("Agreement") with Energy Fuels Inc. (NYSE American: UUUU) (TSX:EFR).
Western plans to commence hauling around the beginning of May, making deliveries to Energy Fuels' White Mesa Mill, the only operational conventional uranium/vanadium mill in the United States. Deliveries will be sourced from previously mined production that has been stockpiled at the Company's flagship Sunday Mine Complex. The Agreement is for a one year period, and provisions for the delivery of up to 25,000 short tons of uranium bearing ore. The purchase price will be calculated based upon the uranium grade of each closed lot according to the agreed pricing schedule.
George Glasier, Western's CEO stated: "This Agreement strengthens Western's strategic position and accelerates our generation of revenues, while rewarding shareholder investments that have yielded our current stockpiles. The collaboration with Energy Fuels provides synergies and leverage for both companies, while the North American nuclear fuel supply chain benefits from expedited near-term production of uranium resources."
Warrant Repricing
Further to the news release issued by the Company on November 29, 2024, Western announces that a total of 2,868,541 previously issued common share purchase warrants (the "Warrants") have been repriced and are now exercisable at CAD$2.00 per share. The Company received consents from all holders of Warrants and filed an amended Form 13 dated February 27, 2025 under its profile on the Canadian Securities Exchange ("CSE") website. As previously announced, the term of the Warrants was extended with all Warrants now expiring on January 20, 2026. All other terms of the Warrants remain unchanged. In accordance with the CSE rules, no compensation warrant was repriced or extended. Western will not issue replacement Warrant certificates. The originally issued Warrant certificates will be utilized for any such exercises. Please refer to Western's news release issued on November 29, 2024 for additional details.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Mustang Mineral Processing Site is being licensed and developed for mined material recovery and will incorporate kinetic separation to optimize economics.
Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Statements of that nature include statements relating to, or that are dependent upon: the Company's expectations, estimates and projections regarding the Offering and exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company's business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Please refer to the Company's most recent Management's Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedarplus.com , for a more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company's forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT :
Grant Glasier
Vice President Marketing and Project Development
303-808-3306
grantg@western-uranium.com
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
News Provided by GlobeNewswire via QuoteMedia
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REE"), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the "MOU") with the Government of Madagascar (the "Government") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the "Toliara Project" or "Project"), located in southwestern Madagascar.
As previously announced, on November 28, 2024, the Madagascar Council of Ministers, as Chaired by the President of Madagascar, lifted the suspension on the Toliara Project, which was originally imposed in November 2019. The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision ("FID").
The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a "Stability Mechanism" consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project ("Project Certification") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the "LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the "LGIM Amendment") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.
Mark S. Chalmers, President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar. We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."
Key Terms and Conditions of the MOU
Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.
The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release. The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.
The Government has agreed in the MOU, among other things, to:
In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:
The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR at www.sedar.com, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .
As previously announced , on November 28, 2024 , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").
The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.
Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."
Key Terms and Conditions of the MOU
Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.
The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.
The Government has agreed in the MOU, among other things, to:
In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:
The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-and-madagascar-government-execute-memorandum-of-understanding-to-further-advance-toliara-critical-mineral-project-in-madagascar-302323924.html
SOURCE Energy Fuels Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/05/c6155.html
News Provided by Canada Newswire via QuoteMedia
Pathway for Thor Energy PLC to potentially generate revenue from US Uranium and Critical Minerals Production
Thor Energy plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to announce the signing of a term sheet ("Term Sheet") with DISA Technologies, Inc. ("DISA") to seek to evaluate and if successful, treat historically abandoned uranium mine waste dumps ("Waste") and recover saleable uranium and other critical minerals concentrates at Thor's Colorado uranium claims. Thor holds 25% ownership rights to uranium minerals on U.S. Bureau of Land Management ("BLM") via its US subsidiary Standard Minerals Inc. ("Standard") that holds the projects (the "Colorado Projects") in Colorado in the United States, along with the 75% holder, London-listed Metals One PLC (AIM: Met1).
Highlights:
Advantages of HPSA:
Next Steps:
Alastair Clayton, Chairman, commented:
"We are pleased to announce the Term Sheet executed with DISA today to help facilitate Thor potentially becoming revenue-generating from US uranium and critical metals production. Moving our US uranium projects forward in a non-dilutionary manner has been a priority for some time. DISA is a world leader in its materials upgrading technology, and its patented HSPA process is considered a revolutionary, non-chemical technology.
"Importantly, DISA's NRC licensing process is expected to conclude soon. This would make DISA the first company to receive a Service Providers License to remediate abandoned uranium mine waste, a hugely appealing regulatory framework. A major benefit is that the process does more than just extract value, it also leaves behind a substantially improved local environment by remediating these historic legacy sites. Thor looks forward to working with DISA going forward as we move towards generating revenue from these recycled materials."
![]() |
Figure 1 - Example of Gen B modular HPSA components - Source: DISA
The Board of Thor Energy Plc has approved this announcement and authorised its release.
For further information on the Company, please visit the website or please contact the following:
Thor Energy PLC
Andrew Hume, Managing Director
Alastair Clayton, Non-Executive Chairman
Rowan Harland, Company Secretary
Tel: +61 (8) 6555 2950
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Antonio Bossi / Darshan Patel / Gabriella Zwarts
Tel: +44 (0) 203 829 5000
SI Capital Limited (Joint Broker)
Nick Emerson
Tel: +44 (0) 1483 413 500
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah / Bessie Elliot
thor@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
Competent Person Statement
The information in this report that relates to exploration results and exploration targets is based on information compiled by Andrew Hume, who holds a BSc in Geology (Hons). Mr Hume is an employee of Thor Energy PLC. He 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 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and is a qualified person under AIM Rules. Andrew Hume consents to the inclusion in the report of the matters based on his formation in the form and context in which it appears.
About Thor Energy Plc
The Company is focused on Hydrogen and Helium exploration which are crucial in the shift to a clean energy economy, with a portfolio that also includes uranium, and other energy metals. For further information on Thor Energy and to see an overview of its projects, please visit the Company's website at https://thorenergyplc.com/.
About DISA Technologies
Founded in 2018, DISA Technologies is revolutionizing mineral recovery with our patented High-Pressure Slurry Ablation (HPSA) technology-an innovative solution that upgrades critical minerals from mined ore and legacy waste. Serving both the mining and remediation sectors, we recover valuable resources that power industry, strengthen energy independence and restore contaminated sites to productive use. DISA's technology unlocks economic and environmental value, transforming how the world processes, remediates and recycles essential mineral assets. DISA is headquartered in Casper, Wyoming, with a satellite office in Westminster, Colorado.
A diversified critical minerals exploration company driving value from a world-class titanium-vanadium-iron discovery at its Radar project in Labrador, while developing high-potential uranium and lithium assets in Canada’s top jurisdictions. A partnership with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) further strengthens Saga’s position in the global green energy transition.
Saga Metals (TSXV:SAGA,OTCQB:SAGMF,FSE:20H) is a Canadian mineral exploration company with a diversified portfolio of critical minerals assets in top-tier mining jurisdictions. The company’s flagship Radar titanium-vanadium-iron project in Labrador recently delivered significant drill results setting the stage for what could become a globally significant vanadiferous titanomagnetite (VTM) opportunity.
Early drilling has confirmed thick, high-grade layers of mineralization containing titanium, vanadium and iron — three metals essential to steelmaking, aerospace, defense and new energy storage technologies. The project covers the entire Dykes River intrusion, a large mineral system on par with some of the world’s best-known titanium-vanadium operations, such as Panzhihua in China and Tellnes in Norway. Geophysical surveys and drilling suggest that only a fraction of the 20-kilometre mineralized trend has been tested so far, leaving huge upside for further growth.
While Radar is currently the primary focus, Saga also maintains exposure to uranium and lithium through the Double Mer uranium property in Labrador and the Legacy lithium JV with Rio Tinto in Quebec. This balanced portfolio positions Saga to benefit from multiple high-demand supply chains supporting the global energy transition.
The Radar project is Saga’s current flagship asset located ~10 km from Cartwright, Labrador. With the potential to become a globally significant VTM discovery, the project covers 24,175 hectares over the Dykes River intrusion, a billion-year-old layered mafic complex comparable in scale to Greenland’s Skaergaard intrusion and analogous to globally recognized VTM systems at Panzhihua (China) and Tellnes (Norway).
The Double Mer uranium project is located in eastern central Labrador, 90 km northeast of Happy Valley, Goose Bay. The property lies between Lake Melville and Double Mer, both inlets off the Labrador Sea, and covers three high-priority uranium zones – Luivik, Nanuk and Katjuk – along an 18-kilometre mineralized trend.
Regional map of the Double Mer uranium project in Labrador, Canada
Project Highlights:
The Legacy lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region of Quebec. The projects span over 65,849 hectares and hosts the same geological setting along strike from Rio Tinto, Winsome Resources, Azimut Exploration and Loyal Lithium in the La Grande sub-province.
The North Wind project is located in west central Labrador, 16 km southwest of Schefferville, Quebec within the Labrador Trough.
Educated in business management and finance, Michael Stier has spent the past 15 years focused on and building expertise in capital markets. Experienced in corporate structure, finance, business development, IPOs, M&A and wealth management, Stier served as a CIBC IIROC licensed senior financial advisor, senior analyst for a private equity company and more recently holds executive and directorship roles with private companies and publicly listed issuers. He has consulted in industries including mining, oil & gas, fintech, VR, eSports, health, life sciences and biotech. In addition to Saga, Stier has acted for several public entities and currently sits on the board of GoldHaven Resources.
Terence Lee is a CPA with over nine years of finance experience in reporting under International Financial Reporting Standards. Lee has worked in financial planning, analysis and reporting for companies across various industries including mining, technology, real estate, life sciences, education and private healthcare. Lee graduated with a BA from Simon Fraser University, a Diploma of Accounting from UBC’s Sauder School of Business and articled with BDO LLP. Lee is CFO of various private and publicly listed companies.
With a Bachelor of Science in Geology, Michael Garagan has 15 years of experience in the exploration industry with projects across the world including Africa, Asia, North and South America. He encountered a diverse experience of deposit styles from gold to base metals in porphyry, orogenic, epithermal and VMS deposits to uranium and lithium pegmatites. Notable projects include B2 Gold’s Otjikoto project in Namibia, Night Hawk’s Colomac project in NWT, Unigold’s Neita project in the Dominican Republic, as well as Hudbay’s Lalor Mine in Snowlake, Manitoba.
Michael Waldkirch is a CPA and CGA with over 25 years of professional experience. Since 1998, he has led the accounting firm of Michael Waldkirch & Company, specializing in accounting, tax and business consultancy services to a wide variety of public and private companies. He has represented a wide variety of public corporations including mining, oil and gas and technology companies listed on the TSX, TSXV, NYSE-American, NASDAQ and OTC-BB. He has served as CFO of numerous Canadian and US publicly listed companies, including Gold Standard Ventures and Barksdale Resources and is currently an independent board member of US Gold Corp. (NASDAQ:USAU).
With 7 years of experience in mineral exploration, Harrison Pokrandt has worked on multiple styles of geology including porphyry, VMS, orogenic, Epithermal, and Carlin-style deposits throughout countries such as Canada, Nevada, Uzbekistan, Finland, Japan, and Mali. Primarily working in gold in multiple districts, Pokrandt has experience in exploration projects and mines within all stages of project development from grassroots to development projects as well as active mines. Some flagship projects he has experience with include B2Gold’s Fekola, Skeena Resources’s Eskay Creek, as well as B2Gold’s Back River Project. Pokrandt studied earth science at Carleton University and is currently employed at Scorpio Gold Corporation as VP of Exploration.
The proposal follows the conclusions of a government inquiry completed in December 2024, which recommended that uranium be treated under the same legal framework as other concession minerals.
That recommendation was reviewed by the Council on Legislation in June 2025, clearing the way for parliament to consider a repeal.
Enacted in 2018, the ban prevented the issue of any new permits for uranium exploration or mining and halted development of projects despite Sweden’s significant uranium potential.
Climate and Environment Minister Romina Pourmokhtari said in February last year that the prohibition had become an obstacle to both Sweden’s mining sector and its energy transition.
“It must be legal to take care of the Swedish uranium that is already out of the ground; it is completely incomprehensible that the miners had to treat it as waste,” Pourmokhtari remarked.
If lawmakers approve the amendments, uranium would once again qualify as a concession mineral under the Minerals Act. This would allow companies to apply for exploration permits and processing concessions, provided they meet the same regulatory conditions that apply to other metals and minerals.
Industry officials and politicians have argued that removing the ban will also help unlock deposits of critical minerals that often occur alongside uranium.
Mats Green, group leader in the Moderate Party’s economic affairs committee, welcomed the move, calling the prohibition misguided from the start.
“The ban on uranium mining was wrong when it was introduced – the fact that we are now removing it is positive for Sweden as an industrial and mining nation,” he said.
The policy shift comes as Sweden pursues a broader revival of nuclear power.
In November 2023, parliament removed a longstanding cap on the number of nuclear reactors and authorized construction on new sites.
Today, six reactors supply about one-third of Sweden’s electricity, with the country importing nearly all of its nuclear fuel.
The possibility of renewed uranium development has drawn interest from international companies.
In June, Australian firms Aura Energy (ASX:AEE, AIM:AURA,OTC Pink:AUEEF) and Neu Horizon Uranium announced plans to collaborate on Swedish uranium projects should the ban be lifted.
Aura Energy controls the Häggån deposit in Jämtland, described as one of the world’s largest undeveloped uranium resources with an inferred 800 million pounds of contained U3O8. Neu Horizon Uranium holds a portfolio of projects in key mineralized regions of the country.
District Metals (TSXV:DMX), a Canadian company with major exploration holdings in Sweden, also welcomed the government’s announcement.
Garrett Ainsworth, District’s chief executive officer, said in a statement: “We are pleased to see that the Swedish government is moving forward with the removal of the uranium ban. It is obvious that the Swedish government’s ambition is to create a regulatory framework where uranium is treated in the same fashion as other metals and minerals and with the same permitting requirements.”
District holds the Viken Energy Metals deposit, located in central Sweden, which it describes as the largest undeveloped mineral resource estimate of uranium in the world. The deposit also contains significant quantities of vanadium, molybdenum, nickel, copper, zinc, and other critical raw materials.
While approval is not guaranteed, the government holds momentum after its earlier success in overturning restrictions on nuclear reactor construction. If passed, the new law would mark the first time since 2018 that companies could apply for uranium exploration permits in Sweden.
The legislative proposal is expected to reach parliament before the end of 2025.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Basin Energy’s (ASX:BSN) recent acquisition of a significant landholding in the Mount Isa region of Northwest Queensland has propelled the company into Australia's uranium and rare earths exploration landscape, giving investors exposure to a cost-effective, district-scale opportunity, according to the company’s managing director, Pete Moorhouse.
“The Queensland opportunity provides direct exposure for district-scale wins from first-pass drilling with reverse circulation and aircore, so this is relatively cheap drilling on district-scale opportunities. Northwest Queensland, from the jurisdiction (perspective), is a real prime opportunity for critical minerals,” said Moorhouse.
The Basin Energy executive also noted that there are significant government initiatives in place at both the federal and state level to support the region’s growth, as well as recent M&A activity in the uranium space.
“From a uranium perspective, we look at the work that Laramide Resources (TSX:LAM,OTCQX:LMRXF) has been doing in Northwest Queensland at the West Moreland deposit, and we see that the spotlight is being brought back into uranium in Queensland. Perhaps that's underpinned, notably, by the 20 percent investment recently by Boss Energy (ASX:BOE,OTCQX:BQSSF),” he said.
Basin Energy is currently gearing up to begin exploration work at the property, following the completion of a AU$1.25 million capital raise.
Watch the full interview with Basin Energy Managing Director Pete Moorhouse above.
Basin Energy offers uranium and rare earth exposure through high conviction exploration projects within tier-1 jurisdictions.
The group’s primary focus is the testing of district scale uranium and rare earth potential at the Sybella Barkly project, located directly west of the prolific mining town of Mount Isa, in northwest Queensland. These projects are deemed prospective for roll-front uranium, shear hosted hard rock uranium, sediment/ionic clay hosted rare earth elements and for hard rock rare earths. Evidence in support of this comes from the direct proximity and geological analogies to both ASX Paladin Energy’s Valhalla uranium deposit and its uranium source, the Sybella Batholith and for rare earth potential adjacent to ASX Red Metal’s Sybella Discovery.
The company also provides strategic exposure to three projects in Canada’s Athabasca Basin, the heartland of uranium exploration, where it is partnered with TSXV CanAlaska uranium and has a strategic early mover position in the emerging energy metals districts of Sweden and Finland ranked 6 and 1, respectively on the Fraser index in 2024.
With a technically driven exploration focus for uranium and rare earth minerals within tier-one jurisdictions, Basin Energy is well-positioned to capitalize on the global push for clean energy.
Basin holds 5,958 sq km of exploration tenure in the Mount Isa district of northwest Queensland. The projects provide compelling walk-up drill targets that can be rapidly and cost-effectively tested using air core and reverse circulation (RC) drilling.
The drill-ready, district scale opportunity includes:
In addition to these three district-scale targets, the project area contains multiple shear-hosted Valhalla-style uranium targets defined for immediate assessment.
Project location map
The primary model is based on mineralisation sourced from the various granites of the Sybella Batholith, a large north-south trending igneous body containing zones enriched in rare earth elements. This includes the Red Metal (ASX:RDM) giant Sybella Discovery. Several granites from the Sybella are also uranium rich, potentially being the source of Paladin Energy’s (ASX:PDN) Valhalla deposits.
The projects cover an extensive portion of the Sybella Batholith, deemed prospective for granite-hosted REEs, as well as a significant landholding west of the Sybella, known as the Barkly Tablelands. The Barkly Tablelands are regarded as prospective for sediment-hosted mineralisation and was surveyed with airborne electromagnetics (AEM) by Summit Resources in February 2007, prior to its acquisition by Paladin Energy. Whilst numerous targets were identified, no drilling was completed at the time. Importantly, past exploration focused mainly on base metals, phosphate and water bores, meaning the uranium and rare earth potential remains virtually untouched.
Prospective target concepts
The Summit Resources AEM survey identified an extensive network of paleochannels within the Barkly Tablelands, fed from the uranium-rich Sybella Batholith. This network trends south beyond the limits of existing survey data, suggesting even further potential remains to be identified.
Historical drilling in the area noted geological features typically associated with uranium deposits, such as redox fronts, sandstone channels and impermeable cap rocks. However, no uranium assays were conducted at the time.
Given the Sybella granites are considered the potential source of Paladin’s nearby Valhalla uranium deposits, Basin believes significant uranium will have also been transported into these paleochannels through erosion and chemical leaching processes. Previous work by Summit Resources and Furgo has already prioritised several high-potential targets. Basin plans to complete a first pass aircore drilling program to delineate this potential in Q4 2025.
Ternary radiometrics and AEM conductivity depth slice (paleochannels are projected to surface)
Surface and auger geochemistry sampling across the Barkly Tablelands has confirmed significant REE enrichment, with multiple results exceeding 600 ppm TREO. The sediments are directly sourced from the Sybella Batholith with the highest of these values located directly down drainage catchments linked to Red Metals Sybella Discovery.
Sediment-hosted REEs and target zones
Previous AEM surveys also revealed a broad conductive layer within the Barkly Tablelands sediments, approximately 12 metres thick at shallow depths between 20-32 metres, and covering a footprint of over 1,000 sq km. This layer is interpreted to represent a clay-rich unit capable of hosting ionic clay REE deposits.
AEM outlining laterally extensive conductive sediment target
The various granites that make up the Sybella contain zones of enriched REEs, including the Red Metal (ASX:RDM) owned Sybella Discovery.
Basin’s ground includes several prospects (Newsmans Bore, Eight Mile and Threeways) where a shallow proof of concept auger drilling program returned highly encouraging results in 2023.
The most encouraging results from the auger drilling at Newmans Bore reported at over 0.5 m at >1000 ppm TREO, including:
These results are very significant, as mineralisation continued to the end of hole and closely mirrors the geochemical patterns seen by Red Metal prior to their Sybella discovery.
Auger drilling completed by NeoDys, with highlights from Newmans Bore
Red Metals Discovery REE anomaly
Red Metal utilised RC drilling beneath this anomaly and identified broad zones of rare earth anomalism, which led to the Sybella discovery. NeoDys’ auger drilling across Basin’s project has outlined similar levels and scale of rare earth anomalism, demonstrating strong potential for comparable discoveries. See figure below.
Stylised section of NeoDys Newmans Bore auger drilling
The next phase for Basin will be to conduct deeper RC drilling to test potential continuity of these anomalies. Drilling is proposed for Q4 2025.
In addition to the three district scale targets, Basin also sees strong potential for Valhalla-style shear zone uranium mineralisation within the North section of the license. Airborne radiometric data highlights several anomalies crossing both the Sybella granite and the Cromwell metabasalt, features consistent with the alternation patterns seen at other uranium deposits in the region. The scale and geological setting of these radiometric anomalies draws comparison to Paladin Energy’s Mount Isa (Valhalla) project, which contains 148.4 Mlbs of U3O8 at 728 ppm, and a combined 116 Mlbs within the Valhalla, Odin and Skal resources located just 7 km east of Basin’s license
Filtered airborne radiometric data (isolating high-U, low-K rocks) highlighting several potential Valhalla-style shear zone targets in the Cromwell Metabasalt and the adjacent Sybella Batholith
Basin holds interests in three projects, in partnership with TSX-V CanAlaska within the heartland of the world class Athabasca Basin uranium district. The company’s primary focus here is on the Geikie project where early drilling has identified a significant alteration system with analogies to major basement hosted uranium deposits of the district such as Nexgen energy’s prolific Arrow discovery. The company is actively seeking partnerships for the Marshall and North Millennium projects, which are prospective for unconformity style mineralisation with walk up drill ready targets.
The Geikie Project spans 351 sq km on the eastern margin of the Athabasca Basin and benefits from excellent access, with Highway 905 just 10 km to the east.
This underexplored region is considered highly prospective for shallow, basement-hosted uranium mineralisation. Historically overlooked in past exploration campaigns, the area has seen renewed interest following recent basement-style uranium discoveries elsewhere in the district.
In 2025, Basin Energy addedtwo new claims to the Geikie uranium project, consisting of 22.3 sq km, bringing the total project area to 373.1 sq km. Mineral claims MC00022218 and MC00022219 are contiguous to the Preston Creek prospect, where 2024 drilling outlined a large-scale hydrothermal system within a complex structural corridor with uranium anomalism.
Basin has secured 100 percent ownership of multiple reservations and licences across Sweden and Finland, prospective for uranium and critical green energy metals. This portfolio targets shear-hosted and intrusive-related mineralisation and consists of five exploration licenses within Sweden and five reservations in Finland. In 2025, Basin Energy announced theapproval for the Trollberget project application located in Northern Sweden, between the Björkberget and Rävaberget projects within the Arvidsjaur-Arjeplog uranium district. The project added 116 sq km of exploration land, increasing Basin Energy’s total holding to 219 sq km within this highly prospective uranium and green energy metals district.
These results reinforce the high-grade uranium potential of Basin’s Scandinavian portfolio and will directly guide the next phase of drill targeting.
Blake Steele is an experienced metals and mining industry executive and director with extensive knowledge across public companies and capital markets. He was formerly president and chief executive officer of Azarga Uranium (Azarga), a US-focused integrated uranium exploration and development company. He led Azarga into an advanced stage multi- asset business, which was ultimately acquired by enCore Energy (TSXV:EU) for C$200 million in February 2022.
Pete Moorhouse has 18 years of mining and exploration geology experience with extensive experience in the junior uranium sector, having spent over 10 years with ASX-listed uranium explorer and developer Alligator Energy (ASX:AGE). He holds significant competencies in evaluating, exploring, resource drilling and feasibility studies across many global uranium and resource projects.
Cory Belyk holds 30 years’ experience in exploration and mining operations, project evaluation, business development and extensive global uranium experience most recently employed by Cameco in the Athabasca Basin. He was a member of the exploration management team that discovered Fox Lake & West McArthur uranium deposits. Currently CEO/VP of Canadian Athabasca uranium explorer and project generator, CanAlaska (TSXV:CVV).
Matgthew O’Kane is an experienced executive and company director with over 25 years’ experience in the mining and mineral exploration, commodities, and automotive sectors. He has held senior leadership roles in Australia, Asia and North America, in both developed and emerging markets, from start-up companies through to multinational corporations. He has served on the Board of mining and mineral exploration companies in Canada, Hong Kong and Australia. He was a member of the Board of Azarga Uranium from 2013 until its sale to Encore Energy in February of 2022. He is currently a director of two ASX listed exploration and development companies.
Ben Donovan has over 22 years of experience in the provision of corporate advisory and company secretary services. He holds extensive experience in ASX listing rules compliance and corporate governance and has served as a Senior Adviser to the ASX for nearly 3 years Currently CoSec to several ASX listed resource companies including M3 Mining (ASX:M3M), Magnetic Resources (ASX:MAU) and Legacy Iron Ore (ASX:LCY).
Odile Maufrais is an exploration geologist with over 14 years of experience and has an extensive understanding of the uranium exploration and mining industry, having worked at ORANO, one of the largest global uranium producers, for 12 years on various assignments in Canada, Niger, and France. Maufrais has significant Athabasca Basin-specific experience, being involved in over 15 greenfield and brownfield uranium exploration projects located throughout the Basin. Her most recent roles for ORANO comprised leading various uranium exploration campaigns and being an active member of the ORANO research and development team, which involved working on trialing and implementing cost-effective and streamlined drilling techniques within the Athabasca Basin. She also played a key role in the update of the National Instrument 43-101 compliant mineral resource estimate for the Midwest Main and Midwest A deposits. Maufrais holds a Master of Science from Montpellier II University, France.
Shares of Cameco (TSX:CCO,NYSE:CCJ) were on the rise after the uranium major announced it is reducing its annual production guidance due to expansion delays at the McArthur mine in Saskatchewan, Canada.
Instead of the projected 18 million pounds of U3O8 the company was aiming for from its McArthur River joint venture with Orano, the revised output tally reduces 2025’s production total to between 14 million and 15 million pounds.
In January, Cameco warned that delays at McArthur River — including slower-than-expected ground freezing, development setbacks and labor constraints — could affect its 2025 production outlook.
“We have determined that we are unable to fully mitigate the expected impact of the delayed development and slower than anticipated ground freezing in the first half of 2025,” Cameco's statement notes.
Strong output from the Cigar Lake mine may help offset the McArthur River delays, the company said, adding that its diversified assets and risk management strategy position it to meet commitments and maintain long-term value.
In total, a strong performance at Cigar Lake could provide an additional 1 million pounds.
The uranium miner offered assurances that it will fulfill all delivery obligations with its customers.
“With favourable market prices for uranium today, we continue to have the option to buy in the spot market if it is advantageous for us to do so,” the company said, noting that it can source material through other means as well.
News of the shortfall sent shares of Cameco higher, with the company rising from C$105.91 on Thursday (August 28) to C$114 during after-trading hours. Values had pulled back to the C$105 range by midday on Friday (August 29).
Cameco’s production cut is the second output reduction the sector has seen in as many weeks.
On August 22, Kazatomprom, Kazakhstan’s state-owned uranium producer, reported plans to lower output in 2026, saying that despite firm long-term prices, market conditions don’t support a return to full capacity.
In a corporate update, the company said its production will be about 10 percent lower compared to earlier targets, dropping from 32,777 metric tons of U3O8 to 29,697 metric tons. The reduction, equal to roughly 8 million pounds, or 5 percent of global supply, will largely stem from changes at its Budenovskoye joint venture.
After spiking to triple-digit levels unseen in more than a decade in early 2024, the spot price has been under pressure, falling as low as US$63.36 in March of this year. However, prices have steadily grown since then, reaching a second quarter high of US$79.01 on June 30 and currently holding at the US$75 mark. Kazatomprom notes that while the spot price remains volatile, the long-term uranium price has held steady at around US$80.
The company plans to exercise its option to operate within a 20 percent deviation of its 2026 subsoil use production levels, with formal guidance to come later. The sector major also also reported stable sulfuric acid supply for 2026, easing concerns after last year’s shortages forced a sharp output downgrade. However, its new acid plant won’t be ready until at least 2026, and higher mineral extraction taxes are expected to weigh on costs.
The updates came alongside half-year results showing that net profit was down 54 percent to 263.2 billion tenge (US$489.5 million), while revenue was off 6 percent at 660.2 billion tenge, largely on weaker sales volumes.
Despite lower near-term output, Kazatomprom said it remains committed to exploration in order to replenish its reserves and maintain its dominance as the world’s top uranium supplier.
Beyond market headwinds, the company highlighted Kazakhstan’s nuclear ambitions, with proposals for three domestic reactors that would require about 1.04 million pounds of uranium each year.
With tightening margins between uranium demand and global mine supply, these latest announcements are likely to impact market sentiment and could push prices higher.
Taking to X, formerly known as Twitter, Uranium Insider's Justin Huhn posted an ominous message:
You don’t have to know exactly what will disrupt this market, only that the conditions are there for disruption
— Uranium Insider (@uraniuminsider) August 28, 2025
According to the World Nuclear Association, mine supply currently accounts for 90 percent of uranium demand, with the other 10 percent being fulfilled through secondary supply sources.
However, secondary supply is declining and mine supply has not grown to account for the discrepancy. This is likely to be further compounded by the addition of 70 new nuclear reactors that are currently in the construction phase.
Coupled with heightening energy demands from the artificial intelligence sector, analysts at FocusEconomics are projecting a higher spot price environment moving forward.
“The Consensus among our panelists is for uranium prices to remain well above the levels that prevailed in the 2010s for the rest of this decade, with prices forecast to hover between US$65 and US$80 per pound,” the firm wrote in an email. “That said, panelists don’t see a return to the highs of 2024, a period when the spot price likely got ahead of underlying market fundamentals due to investor exuberance.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.