- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Ora Gold Limited
Boss Energy Limited
Tartana Minerals
Quantum 1 Cannabis
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
GTI Activities Report, March Quarter 2022
GTI Resources Limited (GTI or the Company) is pleased to report on its activities for the March 2022 quarter.
Highlights:
- ThorISRUraniumProjectinWyomingmaiden~15,000mdrillprogramcompletedonscheduleandwithinbudget
- Mineralisation encountered meets and or exceeds expectations for economic ISR uraniumrecovery
- Acquisition of Significant New Wyoming ISR Uranium Project & $5mPlacement
- Execution of a binding Tenement Sale & Purchase Agreement for the sale of the Niagara Gold Project to Regener8 Resources NL via an IPO
- GTI shares start trading on North America’s OTCQB market under the codeGTRIF
- Uranium price has surged with spot price recently moving past an 11 year high of $60US$/lb1
THOR PROJECT DRILLING PROGRAMME
The 2022 work program commenced during February. Two mud rotary drill rigs were re-mobilised to complete the balance of the 100-drill hole exploration campaign at the Thor ISR uranium project in Wyoming’s Great Divide Basin (GDB). The program’s aim was to complete the remaining ~60 holes of a planned 50,000-foot (~15,000m) ~100-hole maiden drill program at Thor. Drilling recommenced within the western extent of the project area and worked back towards the eastern part of the project where drilling originally started during late 2021 (Figure 2)
GTI’s exploration objective for this drill program was to identify REDOX boundaries and potential host sands in addition to defining the depth, thickness, grade and width of mineralisation across the REDOX front. The Company is targeting mineralisation 50 feet (15 metres) or more below the water table.
Figure 1. Thor Project Location & Drilling Map, Great Divide Basin, Wyoming USA
Click here for the full ASX Release
This article includes content from GTI Resources Ltd, 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.
GTI Energy Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
GTI Energy
Overview
Wyoming has the largest uranium reserves of all the US states and is the home of in-situ recovery (ISR) uranium mining, with experimental ISR mining during the early 1960s and commercial ISR mining starting in 1974. The state is an energy powerhouse in the US, second only to Texas in energy production and accounting for more than 80 percent of the country’s uranium production. It has a production history that dates back to the late 1940s. With a soaring uranium price that passed $90 by the end of 2023, many analysts believe the price will remain on the higher end for years to come.
GTI Energy (ASX:GTR,OTCQB:GTRIF) is a mineral exploration company focused on developing a portfolio of attractive uranium projects in the United States. The company now boasts approximately 42,000 acres in the prolific Great Divide and Powder River Basins, which are low-cost ISR uranium-producing districts within 100 miles of each other.In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
The company has also commenced work at its Green Mountain ISR uranium project next to Rio Tinto’s (ASX:RIO) uranium deposits. GTI has historical drill data confirming the presence of uranium mineralised roll fronts on the properties.
The company is led by a highly experienced management and exploration team with an extensive track record in the mineral exploration industry. GTI’s operational team has proven development and engineering expertise with a history of success in ISR uranium deposit discovery in Wyoming.
GTI’s acquisition of Branka Minerals in November 2021 gave the company control of the largest non-US or Canadian-owned uranium exploration landholding in the Great Divide Basin, with approximately 19,500 acres. The landholding included underexplored and highly prospective sandstone-hosted uranium properties which are the company’s Wyoming projects today. This holding then grew with the purchase of the 13,800-acre Green Mountain project in 2022.
The company further expanded its ISR uranium portfolio in 2023 by acquiring the Lo Herma Project in Wyoming’s prolific Powder River Basin uranium district. The newly staked 13,300 acres of claims are located within 16 kilometers of Cameco’s Smith Ranch-Highland ISR uranium production plant – the largest production site in Wyoming
GTI Energy leverages the strategic positioning of its Wyoming projects, which are located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant and the now-rehabilitated historic Rio Tinto Kennecott Sweetwater Mill. The Lost Creek plant is claimed by Ur Energy to be the lowest-cost ISR uranium production plant outside of Kazakhstan.
GTI is committed to strong environmental, social and governance (ESG) initiatives to support the clean energy transition. In November 2021, the company adopted an internationally recognized Environmental, Social and Governance Stakeholder Capitalism Metrics framework, with 21 core metrics and disclosures.
In December 2021, GTI Energy announced it would be transitioning to carbon-neutral operations. The company has subsequently received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
GTI Energy is positioned for growth with the pursuit of ISR mining on its Wyoming projects, presenting an opportunity for low operating expenses and capital expenditures with low environmental impact compared to conventional mining. ISR mining supports the company’s goal of low-impact mining and carbon neutrality on its Wyoming projects.
In 2021, the company completed field exploration on its Henry Mountains project in Utah. In the same year, GTI Energy also began a 15,000-meter drill program on its Wyoming projects, concluding the program in early 2022. The drilling confirmed that the targeted ISR-amenable uranium mineralization was present at the Thor project. In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Basin to 7.5 miles.
Company Highlights
- GTI Energy owns multiple promising assets in Wyoming’s prolific and in-situ recovery (ISR) uranium-producing Great Divide and Powder River Basins. Wyoming is the leading US uranium production state and is “uranium-friendly”.
- GTI’s flagship Lo Herma project comprises 13,300 acres of ground in Wyoming within circa 16 kilometers of Cameco’s $16-billion ISR uranium plant (the largest permitted ISR production facility in Wyoming) and 80 kilometers of five permitted ISR uranium production facilities, including UEC’s Christensen Ranch (due to restart in August 2024) and Peninsula Energy’s (ASX:PEN) Lance Project (due to recommence production in late 2024).
- GTI’s Great Divide Basin projects are strategically located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant which has re-commenced production.
- Maiden uranium resource and updated exploration target at the Lo Herma ISR project delivered an inferred mineral resource estimate of 5.71 Mlbs uranium oxide at an average 630 ppm plus an exploration target of an additional 5.87 to 10.26 Mlbs potential at average grade of 500 to 700 ppm.
- Updated total resources across its Wyoming projects of 7.37 Mlbs plus an exploration target of an additional 11.97 to 19.79 Mlbs potential at average grade of 500 – 700 ppm.
- In early 2022, the company completed a further 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
- In late 2023, GTI completed 26 holes at Lo Herma to verify the historical data base & confirm exploration potential along trend & at depth.
- GTI acquired a 1,771 drill hole data set over Lo Herma with a replacement value of AU$15 million.
- GTI received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
- GTI aims to utilize ISR mining at its Wyoming projects, which offers lower environmental impact, lower opex and capex than conventional mining.
- GTI Energy has a highly experienced exploration team including the recent appointment of ISR specialist, Matt Hartmann, with a history of successful uranium discovery in Wyoming.
Key Projects
Wyoming Projects
The Wyoming projects are located in the Powder River & Great Divide Basins in Wyoming and the Henry Mountains (Colorado Plateau) Utah, United States. The Greta Divide Basin projects consist of the Thor, Logray, Loki, Odin, Teebo, Wicket and Green Mountain claims. The approximately 13,000 hectare group of projects is prospective for ISR-amenable sandstone-hosted roll-front uranium. The Wyoming projects are situated 5 to 30 kilometers from Ur-Energy’s Lost Creek ISR plant. The projects are also located near Rio Tinto’s Sweetwater/Kennecott Mill.
GTI Energy’s land holding in the Great Divide Basin was bolstered by the acquisition of the Green Mountain project comprising 5,585 hectares of contiguous ISR uranium exploration claims which abuts the Rio Tinto claims at Green Mountain. Historical drill data and geophysics confirms the presence of major uranium mineralisation at the projects.
Initial drilling at Lo Herma commenced in November 2023 and was completed in December with 26 drill holes successfully verifying the historical Lo Herma drill hole database. A drilling permit amendment is currently in progress aiming to optimise follow-up drilling, increase the total number of drill holes, and construct monitoring wells for groundwater data collection. Drilling is expected to resume by July 2024 with an enlarged program, and the mineral resource estimate and exploration targets are expected to be updated in the fourth quarter of 2024.
The company began initial exploration on Thor in 2021, and in 2022, it completed an additional 103 mud rotary exploration drill holes. The drilling of 70 holes was previously reported at the Thor prospect and an additional 33 holes combined have now been completed at the Odin, Teebo and Loki prospects. These 33 holes have discovered an additional combined 4.26 kilometers of ISR amenable uranium mineralised roll front trends increasing the total trend length for GTI’s projects in the Basin to 12.07 kilometers.
In February 2023, GTI Energy secured, by staking, approximately 3,500 hectares of unpatented mineral lode claims known as the Lo Herma project, about 16 kilometers from Cameco’s Smith Ranch-Highland ISR Uranium facility and Energy Fuels Nichols Ranch ISR plant. Lo Herma also lies within 97 kilometers of the companies leading the restart of uranium production in the USA, including Uranium Energy, Ur-Energy, Energy Fuels, Encore Energy and Peninsula Energy.
The company subsequently, secured a material historical data package for the project, which allowed GTI Energy to report a maiden uranium resource and exploration target update at the Lo Herma ISR project, including a cut-off grade of 200 parts per million (ppm) uranium oxide and a minimum grade thickness (GT) of 0.2 per mineralised horizon as 4.12 million tonnes of mineralisation at an average grade of 630 ppm uranium oxide for 5.71 million pounds (Mlbs) of uranium oxide contained metal. The inferred mineral resource estimate is 5.71 Mlbs uranium oxide at an average of 630 ppm.
The company also completed collection of aerial geophysical data at its Lo Herma, Green Mountain and Loki West ISR uranium exploration projects in Wyoming. The survey was conducted using a twin-engine aircraft loaded with a suite of sensors that provide detailed radiometric, magnetic and electromagnetic data, allowing for correlation between the three products.
The airborne geophysical survey at its Green Mountain project consequently updated its drill plan with 16 potential drill holes. The permit application process is underway for the 2024 drill program which aims to test the validity of the historical Kerr McGee drill hole maps, as well as the interpreted mineralised regions as determined from the airborne geophysical survey.
Henry Mountains Uranium Project
GTI’s uranium/vanadium projects in Utah are considered suitable for conventional mining and are located on the east flank of the Henry Mountains, covering 3,860 acres. The permits host historical production, open underground workings and have an exploration permit in place. The projects saw significant work from 2019 to 2021 including two drill programs totaling 52 drill holes and geophysical logging of an additional 76 historical drill holes. GTI subsequently elected to prioritise work at its newly acquired Wyoming ISR projects until such time as activity and investment in the region improves. The company’s projects lie within ~100 miles of Energy Fuels’ (NYSE American: UUUU) (TSX: EFR) White Mesa Mill and within a few miles of Anfield Energy’s (TSX.V: AEC) Shootaring (Ticaboo) mill site. The owners of both of these mills are actively pursuing mill re-starts.
In addition, Western Uranium & Vanadium (CSE:WUC) (OTCQX:WSTRF) has announced the purchase of a mill site in Green River Utah and work to design and permit the facility for processing uranium and vanadium. The plant, which will be located ~80 miles from GTI’s projects, is intended to process feed from Western's recently restarted Sunday Mine Complex over 160 miles away. Western advised of a mine operations restart at Sunday in February 2024. Western stated its new "mineral processing plant" will recover uranium, vanadium and cobalt from ore from Western's mines and that produced by other miners. Western said, on February 13, 2024, it expects the plant to be licensed and constructed for annual production of 1 million pounds U3O8 and 6 million pounds of V2O5, with initial production in 2025.
Based on the renewed interest in exploration, mining, and processing of uranium ore in this region, GTI is currently evaluating potential paths for further exploration, resource development, or other value creating activities with its Utah projects.
Management Team
Nathan Lude - Non-executive Chairman
Nathan Lude has broad experience working in the asset and fund management, mining, and energy industries. Lude is the founding director of Advantage Management, a corporate advisory firm. Lude has previously held directorships with ASX-listed mining companies.
Currently, he is the executive director of ASX-listed Hartshead Resources (ASX:ANA). Lude has grown a large business network across Australia and Asia, establishing strong ties with Australian broking firms, institutions, and Asian investors.
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 15 years most notably with ASX listed companies Atom Energy Ltd & Stonehenge Metals Ltd & Fenix Resources Ltd (FEX).
James (Jim) Baughman - Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
Simon Williamson - Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia. He also held roles with minerals industry participants in Australia and the US including various positions at Cliffs, Sons of Gwalia the WA Chamber of Minerals & Energy and WMC where he negotiated the mine closure criteria for a gold project near Sacramento, California.
Matt Hartmann - Director
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Matthew Foy - Company Secretary
Matthew Foy is an active member of the WA State Governance Council of the Governance Institute Australia. Foy has more than 14 years of experience in facilitating ASX-listing rule compliance. His core competencies are in the secretarial, operational, and governance disciplines for publicly listed companies. Foy has a working knowledge of the Australian Securities and Investments Commission and Australia Stock Exchange reporting. He has document drafting skills that provide the basis for valuable contributions to the boards on which he serves.
Rigs Secured For Wyoming Uranium Drilling & Utah Fieldwork Completed
GTI Resources Ltd (GTI or Company) is pleased to advise that 2 mud rotary drill rigs have been secured for its planned drilling campaign at the Thor ISR uranium project in Wyoming’s Great Divide basin (Figure 1). As previously advised, GTI is on track to commence drilling during December. This maiden drill program is designed to confirm the grade and tenor of uranium mineralisation that was previously identified by Kerr McGee in the 1970’s & 80’s and to ultimately support definition of an economic uranium resource.
Figure 1. Thor Project Uranium Drilling Location Map, Great Divide Basin, Wyoming USA
Henry Mountains Utah Uranium & Vanadium Projects
GTI also completed a field reconnaissance exploration program at its Henry Mountains project. The program aimed to enhance GTI’s understanding of uranium & vanadium mineralisation within Section 2 at the southwestern end of the 5.5km mineralised strike including Section 36 between the Jeffery & Rats Nest areas (Figure 2). The data collected will help guide any further exploration drilling at the project area.
Read the full article here.
Okapi Acquires Maybell Uranium Project in Colorado, USA
Okapi Resources Limited (ASX: OKR) (Okapi or the Company) is pleased to announce that it has completed the staking of 468 federal unpatented mining claims covering 3,600 ha to acquire the Maybell Uranium Project in Colorado, USA. Okapi has secured a significant portion of the Maybell mineralised trend, which includes the area of historical production and other known mineralised occurrences and prospects. Based on the historical production and exploration data there is significant potential for the further delineation and discovery of near surface uranium resources at the Maybell Uranium Project.
Highlights
- Okapi staked 468 claims covering 3,600 ha to acquire the Maybell Uranium Project in Colorado,USA
- The Maybell district has historical production of 5.3 Mlb of U3O8 at an average grade of 1,300ppm1
- Maybell is amenable to heap leach extraction and potentially in-situ recovery(ISR)
- Okapi is in the process of data accumulation and compilation and planning future exploration to determine the potential of developing shallow open pit ore bodies
Okapi’s Managing Director, Mr Andrew Ferrier said:
“WeareexcitedbytheopportunitytoacquiretheMaybellUraniumProjectinColorado,USA.Thisaddsanother uraniumassettoOkapi’sNorthAmericanportfolio.CompletingtheMaybellUraniumProjectacquisitionclearly exhibits the strength of the management team to identify and acquire highly prospective uranium projects in the USA.
Staking the Maybell Uranium Project is directly on strategy for Okapi who are looking to acquire assets in the right circumstances with the aim of expanding the portfolio and providing shareholders with a diversified exposure to uranium in North America. We continue to believe that the uranium space is in an upward trend andOkapiiscurrentlyassemblinganddevelopingtherightportfolioofassetstocreatevalueforshareholders.”
Click here for the full ASX Release
This article includes content from Okapi Resources, 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.
Moab Minerals Limited (ASX: MOM) – Trading Halt
Description
The securities of Moab Minerals Limited (‘MOM’) will be placed in trading halt at the request of MOM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 9 July 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from MOAB Minerals, 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.
Top 5 ASX Uranium Stocks of 2024
Uranium has broken out, with the spot price rising to a 16 year high of US$106 per pound in early 2024. Despite a pullback to about US$85, prices were still nearly 55 percent higher than this time in July last year.
Although the market's turnaround has taken time, experts are predicting a bright future as countries around the world pursue clean energy goals. Against that backdrop, ASX-listed uranium companies have been making moves in 2024.
Below the Investing News Network has listed the best uranium stocks on the ASX by year-to-date gains. Data was gathered using TradingView's stock screener on July 2, 2024, and all companies included had market caps above AU$50 million at the time. Read on to learn more about these firms and what they've been up to so far this year.
1. Paladin Energy (ASX:PDN)
Year-to-date gain: 26.43 percent; market cap: AU$3.74 billion; share price: AU$12.39
Paladin Energy owns a 75 percent stake in the active Langer Heinrich uranium mine in Namibia, and also has an exploration portfolio that spans both Canada and Australia.
First brought into production in 2006, operations at Langer Heinrich were suspended in 2018 as ultra-low uranium prices averaging US$24 made the mine uneconomical. The dramatic rebound in the uranium market over the past year prompted Paladin to return Langer Heinrich to commercial production in April. First customer shipments are expected this monty of July.
Paladin is set to acquire Canadian explorer and developer Fission Uranium (TSX:FCU,OTCQX:FCUUF, FSE:2FU) and its Patterson Lake South project in the Athabasca Basin in Saskatchewan, Canada, by this September.
Shares of the company reached AU$17.80, their highest point of 2024 so far, on May 21. At that time, they were up more than 76 percent since the start of the year.
2. Deep Yellow (ASX:DYL)
Year-to-date gain: 23.47 percent; market cap: AU$1.29 billion; share price: AU$1.315
Deep Yellow's portfolio of uranium assets spans Namibia and Australia, with its two most advanced projects being Tumas and Mulga Rock. The former is located in Namibia, while the latter is in Western Australia; according to the company, together they have a potential production capacity of over 7 million pounds per year of U3O8.
Deep Yellow released a definitive feasibility study (DFS) for Tumas in early February 2023, outlining uranium output of 3.6 million pounds of U3O8 annually and vanadium output of 1.15 million pounds of V2O5. The property's mine life is set at 22.25 years, but additional resources could increase it to over 30 years.
In December 2023, Deep Yellow did a review of the DFS, updating costs and forecast financial outcomes to reflect the more settled economic environment. Tumas received a mining licence from the Namibian government that same month. The company is targeting late Q4 2024 for a final investment decision, and as of July 1 is on track for first production in Q3 2026.
In terms of Mulga Rock, Deep Yellow has been working on an evaluation program geared at boosting the project's value by looking at its critical minerals potential. In late February, the company updated the mineral resource estimate for the Ambassador and Princess deposits, resulting in a 26 percent increase in the project's total contained uranium. Deep Yellow is currently advancing through an update to its DFS for Mulga Rock with the new data.
Shares of Deep Yellow reached their 2024 peak on May 22, coming in at AU$1.80.
3. Bannerman Energy (ASX:BMN)
Year-to-date gain: 16.48 percent; market cap: AU$496.75 million; share price: AU$3.11
Uranium development company Bannerman Energy has honed its efforts on its Namibia-based Etango uranium project, which it says is one of the world’s largest undeveloped uranium assets. The company has been moving forward at Etango for 15 years and is currently targeting a final investment decision for this year.
Bannerman's latest news on its progress at Etango came on June 10 with the announcement that the company has completed front-end engineering and design and control budget estimate processes, effectively refining the DFS completed in December 2022. In addition, the company is currently advancing early works construction, offtake marketing and strategic financing work streams.
Bannerman's share price reached AU$4.74, its highest point of 2024 so far, on May 21.
4. Lotus Resources (ASX:LOT)
Year-to-date gain: 12.07 percent; market cap: AU$604.30 million; share price: AU$0.325
Lotus Resources is an ASX-listed uranium company that's working to revive operations at a former mine. Its flagship asset is the Kayelekera uranium mine in Malawi, which it acquired from Paladin Energy in 2020.
Kayelekera has been on care and maintenance since 2014 due to the years-long low price environment for the nuclear fuel. In August 2022, Lotus completed a definitive feasibility study for restarting the mine, setting a target of Q4 2025.
Last November, Lotus completed a merger with A-Cap Energy, adding the Letlhakane uranium project in Botswana to its portfolio. The company’s plans for the project in 2024 include fast tracking delivery of a scoping study through the completion of infill drilling aimed at optimising the mine plan and upgrading the mineral resource estimate (MRE).
The MRE revision was completed in May, resulting in 155.3 metric tonne at 345ppm U3O8 for 118.2 million pounds U3O8, including 34.4 million pounds of Indicated Resources. Infill drilling is currently underway to further define resources and produce a fully updated MRE.
Shares of Lotus Resources reached a year-to-date high of AU$0.49 on May 21.
5. Laramide Resources (TSX:LAM)
Year-to-date gain: 6.76 percent; market cap: AU$195.84 million; share price: AU$0.79
Uranium exploration and development company Laramide Resources has a portfolio of advanced projects in Australia and the United States. The company’s Australian assets are the adjacent Westmoreland project and Murphy greenfield project, which are located along the border in Queensland and the Northern Territory respectively.
Its US assets are the Crownpoint-Churchrock in-situ recovery uranium project and the La Jara Mesa project in New Mexico, and the La Sal underground project in Utah.
Laramide kicked off 2024 with the publication of a completed preliminary economic assessment (PEA) for Churchrock, which didn't include resources from Crownpoint. The PEA shows 31 year life of mine with total production of 31 million pounds over that period.
Shortly after, shares in Laramide hit their year-to-date peak of AU$0.92 on February 8.
Also in February, the company announced that last year’s drill campaign at Westmoreland in Queensland confirmed the high-grade uranium expansion potential at the project. In June, Laramide commenced its 2024 drill campaign in Australia to include up to 12,000 meters over 100 drill holes across multiple targets at Westmoreland and in the Murphy project, which is also along the Westmoreland trend.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Boss Set to Ship First U308 from Honeymoon
Ramp-up running ahead of Feasibility Study schedule, with more than 57,000lbs of uranium produced to date; Construction of NIMCIX columns 2 and 3 almost complete, paving way for ongoing production increases
Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is pleased to report strong progress in the commissioning and ramp up at its Honeymoon uranium mine in South Australia, with a total of 57,364lbs of U308 produced by June 30, 2024.
Highlights
- Startup production exceeding ramp-up schedule per the feasibility study (FS) estimates
- NIMCIX columns 2 and 3 on target for commissioning in Q3 and Q4, respectively in 2024
- Commissioning continues to advance, with key metrics remaining ahead of FS estimates:
- oWellfields continue to average 80 - 100mg/L vs FS estimate of 47mg/L (~100% uplift)
- oIon Exchange loaded resin recoverability remains at 100%
- oResin loading normalising at FS estimate of 27 g/L
- oElution performance exceeding FS estimate at 7 – 9 g/L
- First uranium sale to occur with revenue being received this quarter
- Boss remains highly leveraged to rising uranium price
Boss will now make its first delivery to European nuclear utilities under its existing sales contracts, with revenue to be received in the current quarter.
With NIMCIX Column 1 performing to expectations and construction of Columns 2 and 3 on track for completion in the September and December quarters, 2024 respectively, Boss expects production to total at least ~850,000lbs of U308 by June 30, 2025, in line with its Feasibility Study schedule1.
Boss Managing Director Duncan Craib said:“The start-up phase at Honeymoon is proceeding comfortably to plan, with all the key metrics running in line with, or exceeding, the forecasts contained in the Feasibility Study schedule.
“Construction of the second and third columns is also advancing well, ensuring we are on track to continue increasing our production rates. Total production in FY26 is set to meet or exceed our feasibility study forecasts at 1.63Mlb. The addition of columns 4, 5 and 6 are forecast to further increase the production rate to nameplate capacity of 2.45Mlb/annum by year three.”
Figure 1: Drummed uranium ready for first shipment
Figure 2: Construction of columns 2 and 3 nearing completion to increase Honeymoon's production profile
Production update
Operational focus over the coming months remains on optimisation of the ion exchange, elution, precipitation and drying and packing processes.
Wellfield performance continues to impress, with tenors from individual wellfields into the PLS averaging 80 - 100 mg/L. Honeymoon’s feasibility study assumed PLS grade of 47 mg/L based on results from the project’s previous operation. Boss is managing the grade of uranium being leached to maximise wellfield recoveries.
Consumption of reagents in the wellfields of sulphuric acid and ferric (pH and Eh) are normalising as per FS expectations. The lixiviant chemistry, as proved during the field leach trial, continues to demonstrate superior performance at commercial throughput rates. The increased leach efficiency leads to a more efficient loading on the ion exchange resin, effectively lowering operating costs as less reagents and power are required per drum of uranium.
Stripping of uranium from the loaded resin continues to be virtually 100%, also demonstrating that the ion exchange process is working as designed, resulting in a high-grade concentrated eluate greater than 7-9 g/L.
Click here for the full ASX Release
Lo Herma ISR Uranium Project, Resource Drilling Funded
Following the recently completed placement to sophisticated and institutional shareholders, 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). In advance of further news related to progress of the planned drill program at Lo Herma, the following provides a summary of the resource expansion potential and objectives of the 2024 Phase II drilling.
HIGHLIGHTS
- Upcoming Q3 resource drilling is fully funded
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm
- Drilling to commence in the coming weeks - starting late July or early August
- Planned rights entitlement offer to all shareholders on the same terms as the recent placement - details to be provided in due course
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 that 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 pleased and excited to have received investor support and funding to continue moving forward with our planned resource expansion drilling at Lo Herma. Matt and the team in Wyoming have put us in a great position 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 significantly grow the 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 SUMMARY
The Lo Herma project is located on the southern end of the west flank of the Powder River Basin (PRB), a regional asymmetric synclinal basin hosting a sedimentary rock sequence of about 15,000 feet in the deeper portions of the basin. The basin is bounded by the Bighorn Mountains on the west, the Black Hills to the east, and the Casper Arch, Laramie Mountains, and Hartville Uplift along the southern margin. Along the edges of the basin, progressively older sedimentary units outcrop at the surface as you move away from the synclinal axis of the basin.
The target host geology for Lo Herma project is located in and around the contact of the Eocene Wasatch Formation (Wasatch) and the Paleocene Fort Union Formation (Fort Union).
Click here for the full ASX Release
US to Spend US$2.7 Billion on Low-enriched Uranium from Domestic Sources
The US Department of Energy (DOE) said it plans to invest up to US$2.7 billion to strengthen the domestic nuclear fuel supply chain as part of President Joe Biden's Investing in America agenda.
In a request for proposals issued on June 27, the DOE said it is looking to buy low-enriched uranium (LEU) from domestic sources in order to enhance national energy security and create new jobs in the nuclear industry.
The DOE also wants to stimulate the development of uranium enrichment capacity in the US, and believes that this initiative will promote the safe and responsible buildout of facilities designed for this purpose.
The initiative comes after Biden signed the Prohibiting Russian Uranium Imports Act into law on May 13, effectively establishing a ban on the import of LEU from Russia. The ban received is set to take effect 90 days post-enactment.
“DOE is helping jumpstart uranium enrichment capacity here in the United States, which is critical to strengthening our national security and growing our domestic nuclear industry,” Secretary of Energy Jennifer M. Granholm said. She added that the news highlights the US' commitment to remaining a global leader in nuclear energy in the years to come.
Ali Zaidi, assistant to the president and national climate advisor, emphasized the importance of transitioning away from fossil fuels, saying, "Under President Biden’s leadership, we have spurred an unprecedented expansion in clean energy production, which is creating good-paying union jobs and putting us on a path to greater energy security."
The DOE plans to acquire LEU generated by new or expanded domestic enrichment facilities. The intention is to sell this LEU to utilities operating US reactors, supporting clean energy generation and cutting reliance on Russian imports.
Contracts awarded through this initiative will last up to 10 years, with proposals due by August 26, 2024.
The DOE's actions align with its Pathways to Advanced Nuclear Commercial Liftoff report, which supports the advancement of technologies that can help the US achieve net-zero emissions by 2050. Moreover, its Advanced Reactor Demonstration Program is geared at supporting nuclear demonstration and risk reduction projects.
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.
Latest News
GTI Energy Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.