Energy stocks, as measured by the XLE Energy Index, began the quarter on a high note outperforming the overall market. As we entered the second half of the quarter, however, energy stocks leveled off while the overall market continued to rise. For the quarter ended December 31, 2021, the XLE rose almost 6% while the S&P 500 Index rose some 10%. Oil prices have been on a tear this year including a sharp increase in October reaching a peak price of $84.65/bbl on October 21. Prices cooled off a bit since then, but remain above $75/bbl. OPEC has been somewhat quiet this quarter. More surprisingly, domestic production has also been slow to respond to higher prices. High oil prices, combined with improved operating efficiencies, mean that production companies are facing very favorable returns on their investment. We look for companies to continue reporting strong positive cash flow and to use cash flow to increase drilling and improve balance sheets. Natural gas prices have also been exceptionally strong early in the quarter climbing above $6/mcf. entering the heating season. Mild weather in November and December have tempered the sharp rise but prices remain above $3.50/mcf, a very profitable level for natural gas producers. Storage levels, which were running high most of 2020, have returned to historical levels. Energy industry fundamentals remain strong. Energy prices are high and show no sign of decreasing. Past concerns of industry-wide reductions in lifting costs or a fundamental shift away from carbon-based fuels have gone to the wayside due to a lack of supply response to higher prices. Read More >>
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Industry Report - Energy stocks level out but pricing is still attractive
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Energy Fuels to Host Conference Call on Acquisition of Base Resources
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in the U.S. production of uranium and rare earth elements ("REE"), will hold a conference call on Monday, October 7, 2024, at 9:00 AM Eastern Time to discuss its recently completed acquisition of Base Resources Limited.
Details of the acquisition were distributed in a previous press release available on the company's website on the investor section.
Energy Fuels' President and CEO, Mark Chalmers and Managing Director Base Resources Tim Carstens, will host the conference call, followed by a question-and-answer session.
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
- Rapid Connect URL: https://emportal.ink/4gRVM9h
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
- North American Toll Free: 1-888-699-1199
To view the webcast online:
Audience URL: https://app.webinar.net/MdbnyLZJk7L
Conference Replay
- Conference Replay Toronto: 1-289-819-1450
- Conference Replay North American Toll Free: 1-888-660-6345
- Conference Replay Entry Code: 95890 #
- Conference Replay Expiration Date: 10/14/2024
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, 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 heavy mineral sands operations managed from Perth, Australia. For more information on all we do, please visit http://www.energyfuels.com.
US Rare Earth and Critical Mineral Supply Security Significantly Boosted as Energy Fuels Closes Acquisition of Australia's Base Resources
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in the U.S. production of uranium and rare earth elements ("REE"), today announced that it has completed the acquisition of Base Resources Limited ("Base"), an established heavy mineral sands ("HMS") and critical mineral company, headquartered in Perth, Australia, in consideration of the issuance of Energy Fuels shares totaling approximately US$178.4 million in value1. The financial terms and details of the transaction can be found here.
- Energy Fuels is restoring essential U.S. critical mineral supply chains and processing capabilities that are key to clean energy, economic security, and national defense.
- Acquisition of Base Resources secures the world-class Toliara Project in Madagascar, which Energy Fuels believes is the best critical mineral development project in the world.
- The Toliara Project is a new large-scale and low-cost source of rare earth minerals that Energy Fuels plans to develop and process into advanced rare earth products at the Company's existing facility in Utah.
- Rare earths are key ingredients in various clean energy technologies, including electric vehicles (EVs), Plug-In Hybrid Electric Vehicles (PHEVs), and direct-drive wind energy, along with critical national defense technologies.
- Acquisition positions Energy Fuels to become a globally significant producer of titanium and zirconium minerals in the future, while also maintaining its current position as a leading U.S. producer of uranium.
- Acquisition also secures Base Resources' mine development and operations team, who have a successful track-record of designing, constructing, and profitably operating the Kwale Project, a world-class heavy mineral sands operation in Africa.
"With Energy Fuels' acquisition of Base Resources and its Toliara Project in Madagascar, we have now acquired the raw materials that, when developed, will enable us to become one of the world's leading suppliers of advanced rare earth products and titanium and zirconium minerals, while also maintaining our current position as a leading producer of uranium in the United States," said Mark Chalmers, President and CEO of Energy Fuels Inc.
Chalmers continued:"We have been putting together the missing pieces of the REE supply chain over the past two years, as we create a large-scale and low-cost critical mineral company based in the United States that produces uranium, rare earth elements, vanadium and soon medical isotopes on American soil, along with titanium and zirconium minerals at our mines in the Southern Hemishere. The 'common thread' connecting these products is that they are produced from, or associated with, ores that contain uranium, an integral part of our story over many years. We are able to process these ores at our facility in Utah and recover these elements in addition to the contained uranium."
The Base acquisition is one of the most important pieces in Energy Fuels' REE plan, as the development of the Toliara Project is expected to greatly increase Energy Fuels' supply of raw materials and help the Company control its internal supply chain and costs. "We are working to bring rare earth processing capabilities back to the United States, while also mining and processing to the highest global standards for protection of human health, human rights and the environment," Chalmers remarked. "This is great news for America's clean energy, economic, and national security."
Energy Fuels has now assembled a world-class and low-cost REE and critical mineral supply chain, where a suite of HMS projects in the Southern Hemisphere are expected to be developed in the coming years and produce large quantities of REE-bearing mineral product ("Monazite") from Base's Toliara Project in Madagascar, the Company's 100% owned Bahia Project in Brazil, and the Company's planned interest in the Donald Project joint venture ("JV") in Australia for which a joint venture agreement was recently entered into with Astron Corporation Limited. Monazite contains the minerals "monazite" and "xenotime," which have excellent grades and distributions of both "light" and "heavy" REEs.
The Company plans to develop and import Monazite from these HMS projects (and potentially others) into the United States where it will be processed into advanced REE products at the Company's White Mesa Mill, located near Blanding, Utah (the "Mill"). Earlier this year, Energy Fuels demonstrated its ability to process Monazite and refine the material into separated neodymium-praseodymium ("NdPr") at commercial scale. Monazite also contains material quantities of natural uranium, which Energy Fuels plans to recover for sale to nuclear utilities who will process it further to be used as fuel to produce carbon-free electricity.
REEs are used in a wide variety of clean energy and advanced technologies, including EVs, PHEVs, direct-drive wind energy, magnets, and a number of other energy transition and defense-related technologies. Over the next 2 to 4 years, the Company plans to develop and put the Toliara, Bahia, and Donald projects into production, which have the combined ability to produce up to 43,000 metric tons ("tonnes") of Monazite per year. The Monazite produced from these projects, along with Monazite that may be acquired from other parties, is expected to provide sufficient raw materials for Energy Fuels to produce roughly 4,000 – 6,000 tonnes of separated NdPr per year, along with roughly 200 – 300 tonnes of separated dysprosium ("Dy") and terbium ("Tb") per year. Energy Fuels is currently in the process of designing and licensing the expansion of its REE separation capabilities at the Mill. Commissioning of the expansion is expected to roughly coincide with the timing of when these mines complete development and begin production of Monazite.
Once developed, Energy Fuels' HMS projects are also expected to produce significant quantities of traditional HMS product lines, including titanium and zirconium minerals, which are expected to generate significant additional cash flow for the Company. As a result, Energy Fuels also expects to become a significant global supplier of, not only REEs, but also titanium and zirconium minerals. At the same time, the Company is currently ramping-up uranium production at its mines and the Mill in the United States and expects to maintain its position as a leading U.S. uranium producer.
The Toliara Project is considered by the Company to be one of the best HMS and critical mineral development projects in the world, due to the high-grade and high-quality of the titanium, zirconium and REE minerals, and its long mine life. The definitive feasibility study for titanium and zirconium minerals, along with the prefeasibility study for the addition of the Monazite stream, showing attractive project economics is available here. The Toliara and Donald Projects are currently in the development phase and the Bahia project is currently in the exploration and permitting phase. In addition, 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 project will be lifted and development may continue.
Chalmers concluded: "I am also honored and excited to welcome Base's highly successful management and employees to the Energy Fuels' team, which I am confident will elevate our competitive advantages from day one. A key benefit to Energy Fuels from this acquisition is that Base brings to the Company an experienced and highly regarded management and operations team with a proven track record of safe, efficient, and profitable operations at heavy mineral sands operations in Africa. I would also like to welcome Mr. Michael Stirzaker to Energy Fuels' Board of Directors. Mr. Stirzaker was Base's Non-Executive Chair, and his many years of experience in mining finance and investment will be a valuable addition to the Company."
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, 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 heavy mineral sands operations managed from Perth, Australia. For more information on all we do, please visithttp://www.energyfuels.com.
Note 1: The transaction value is US$178,438,295, which is based on the issuance of 31,920,983 common shares of Energy Fuels and assuming a share price of US$5.59 (the closing share price for Energy Fuels on the NYSE American as of October 1, 2024).
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Toliara, Bahia and Donald Projects will be successfully developed; any expectation as to production levels or timing or duration of production from the Toliara Project or any of the Company's other mines or projects; any expectations as to costs of production at the Toliara Project, the Mill or any of the Company's mines or other projects; any expectations as to future cash flows; any expectation that any production at the Toliara Project or Mill will be world or globally competitive; any expectation that the acquisition may position Energy Fuels to become a globally significant producer of titanium and zirconium minerals; any expectation that the Company will be successful in acquiring any additional sources of Monazite; any expectation that Energy Fuels will be successful in designing and licensing the expansion of REE separation capabilities at the Mill; any expectation that Energy Fuels will be successful in agreeing to acceptable fiscal terms with the Government of Madagascar or in achieving and maintaining sufficient fiscal and legal stability; 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 Company will successfully continue to operate to the highest global standards for the protection of human health, human rights and the environment; and any expectation that the Toliara Project will become a world-class heavy mineral sands project. 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 Government of Madagascar to agree fiscal terms or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara Project to be lifted on a timely basis or at all; the failure of the Company to provide or obtain the necessary financing required to develop any or all of its Projects; market factors, including future demand for rare earth elements; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; 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.
US Rare Earth and Critical Mineral Supply Security Significantly Boosted as Energy Fuels Closes Acquisition of Australia's Base Resources
- Energy Fuels is restoring essential U.S. critical mineral supply chains and processing capabilities that are key to clean energy, economic security, and national defense.
- Acquisition of Base Resources secures the world-class Toliara Project in Madagascar , which Energy Fuels believes is the best critical mineral development project in the world.
- The Toliara Project is a new large-scale and low-cost source of rare earth minerals that Energy Fuels plans to develop and process into advanced rare earth products at the Company's existing facility in Utah .
- Rare earths are key ingredients in various clean energy technologies, including electric vehicles (EVs), Plug-In Hybrid Electric Vehicles (PHEVs), and direct-drive wind energy, along with critical national defense technologies.
- Acquisition positions Energy Fuels to become a globally significant producer of titanium and zirconium minerals in the future, while also maintaining its current position as a leading U.S. producer of uranium.
- Acquisition also secures Base Resources' mine development and operations team, who have a successful track-record of designing, constructing, and profitably operating the Kwale Project, a world-class heavy mineral sands operation in Africa .
Denver-based Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), an industry leader in the U.S. production of uranium and rare earth elements (" REE "), today announced that it has completed the acquisition of Base Resources Limited (" Base "), an established heavy mineral sands (" HMS ") and critical mineral company, headquartered in Perth, Australia in consideration of the issuance of Energy Fuels shares totaling approximately US$178 .4 million in value 1 . The financial terms and details of the transaction can be found here .
"With Energy Fuels' acquisition of Base Resources and its Toliara Project in Madagascar , we have now acquired the raw materials that, when developed, will enable us to become one of the world's leading suppliers of advanced rare earth products and titanium and zirconium minerals, while also maintaining our current position as a leading producer of uranium in the United States ," said Mark Chalmers , President and CEO of Energy Fuels Inc.
Chalmers continued: "We have been putting together the missing pieces of the REE supply chain over the past two years, as we create a large-scale and low-cost critical mineral company based in the United States that produces uranium, rare earth elements, vanadium and soon medical isotopes on American soil, along with titanium and zirconium minerals at our mines in the Southern Hemishere. The 'common thread' connecting these products is that they are produced from, or associated with, ores that contain uranium, an integral part of our story over many years. We are able to process these ores at our facility in Utah and recover these elements in addition to the contained uranium."
The Base acquisition is one of the most important pieces in Energy Fuels' REE plan, as the development of the Toliara Project is expected to greatly increase Energy Fuels' supply of raw materials and help the Company control its internal supply chain and costs. "We are working to bring rare earth processing capabilities back to the United States , while also mining and processing to the highest global standards for protection of human health, human rights and the environment," Chalmers remarked. "This is great news for America's clean energy, economic, and national security."
Energy Fuels has now assembled a world-class and low-cost REE and critical mineral supply chain, where a suite of HMS projects in the Southern Hemisphere are expected to be developed in the coming years and produce large quantities of REE-bearing mineral product (" Monazite ") from Base's Toliara Project in Madagascar , the Company's 100% owned Bahia Project in Brazil , and the Company's planned interest in the Donald Project joint venture (" JV ") in Australia for which a joint venture agreement was recently entered into with Astron Corporation Limited. Monazite contains the minerals "monazite" and "xenotime," which have excellent grades and distributions of both "light" and "heavy" REEs.
The Company plans to develop and import Monazite from these HMS projects (and potentially others) into the United States where it will be processed into advanced REE products at the Company's White Mesa Mill, located near Blanding, Utah (the " Mill "). Earlier this year, Energy Fuels demonstrated its ability to process Monazite and refine the material into separated neodymium-praseodymium (" NdPr ") at commercial scale. Monazite also contains material quantities of natural uranium, which Energy Fuels plans to recover for sale to nuclear utilities who will process it further to be used as fuel to produce carbon-free electricity.
REEs are used in a wide variety of clean energy and advanced technologies, including EVs, PHEVs, direct-drive wind energy, magnets, and a number of other energy transition and defense-related technologies. Over the next 2 to 4 years, the Company plans to develop and put the Toliara, Bahia, and Donald projects into production, which have the combined ability to produce up to 43,000 metric tons (" tonnes ") of Monazite per year. The Monazite produced from these projects, along with Monazite that may be acquired from other parties, is expected to provide sufficient raw materials for Energy Fuels to produce roughly 4,000 – 6,000 tonnes of separated NdPr per year, along with roughly 200 – 300 tonnes of separated dysprosium (" Dy ") and terbium (" Tb ") per year. Energy Fuels is currently in the process of designing and licensing the expansion of its REE separation capabilities at the Mill. Commissioning of the expansion is expected to roughly coincide with the timing of when these mines complete development and begin production of Monazite.
Once developed, Energy Fuels' HMS projects are also expected to produce significant quantities of traditional HMS product lines, including titanium and zirconium minerals, which are expected to generate significant additional cash flow for the Company. As a result, Energy Fuels also expects to become a significant global supplier of, not only REEs, but also titanium and zirconium minerals. At the same time, the Company is currently ramping-up uranium production at its mines and the Mill in the United States and expects to maintain its position as a leading U.S. uranium producer.
The Toliara Project is considered by the Company to be one of the best HMS and critical mineral development projects in the world, due to the high-grade and high-quality of the titanium, zirconium and REE minerals, and its long mine life. The definitive feasibility study for titanium and zirconium minerals, along with the prefeasibility study for the addition of the Monazite stream, showing attractive project economics is available here . The Toliara and Donald Projects are currently in the development phase and the Bahia project is currently in the exploration and permitting phase. In addition, 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 project will be lifted and development may continue.
Chalmers concluded: "I am also honored and excited to welcome Base's highly successful management and employees to the Energy Fuels' team, which I am confident will elevate our competitive advantages from day one. A key benefit to Energy Fuels from this acquisition is that Base brings to the Company an experienced and highly regarded management and operations team with a proven track record of safe, efficient, and profitable operations at heavy mineral sands operations in Africa . I would also like to welcome Mr. Michael Stirzaker to Energy Fuels' Board of Directors. Mr. Stirzaker was Base's Non-Executive Chair, and his many years of experience in mining finance and investment will be a valuable addition to the Company."
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, 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 heavy mineral sands operations managed from Perth, Australia . For more information on all we do, please visit http://www.energyfuels.com .
Note 1 : The transaction value is US$178,438,295 , which is based on the issuance of 31,920,983 common shares of Energy Fuels and assuming a share price of US$5.59 (the closing share price for Energy Fuels on the NYSE American as of October 1, 2024 ).
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Toliara, Bahia and Donald Projects will be successfully developed; any expectation as to production levels or timing or duration of production from the Toliara Project or any of the Company's other mines or projects; any expectations as to costs of production at the Toliara Project, the Mill or any of the Company's mines or other projects; any expectations as to future cash flows; any expectation that any production at the Toliara Project or Mill will be world or globally competitive; any expectation that the acquisition may position Energy Fuels to become a globally significant producer of titanium and zirconium minerals; any expectation that the Company will be successful in acquiring any additional sources of Monazite; any expectation that Energy Fuels will be successful in designing and licensing the expansion of REE separation capabilities at the Mill; any expectation that Energy Fuels will be successful in agreeing to acceptable fiscal terms with the Government of Madagascar or in achieving and maintaining sufficient fiscal and legal stability; 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 Company will successfully continue to operate to the highest global standards for the protection of human health, human rights and the environment; and any expectation that the Toliara Project will become a world-class heavy mineral sands project. 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 Government of Madagascar to agree fiscal terms or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara Project to be lifted on a timely basis or at all; the failure of the Company to provide or obtain the necessary financing required to develop any or all of its Projects; market factors, including future demand for rare earth elements; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
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Federal Court of Australia Approves Transformational Acquisition of Base Resources
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.
Federal Court of Australia Approves Transformational Acquisition of Base Resources
Combination expected to close on October 2, 2024
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 U 3 O 8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects 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.
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SOURCE Energy Fuels Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2024/12/c0114.html
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Cosmos Reports Assays from Nut Lake South Uranium Project in Thelon Basin
Uranium-focused Cosmos Exploration (ASX:C1X) announced the assay results from its maiden rock sampling program at the Nut Lake South project in Thelon Basin, Nunavut, Canada.
A total of 16 rock chips returned uranium results above 0.3 percent U3O8 along with associated metals. The samples were gathered from three prospects: the new Gyrfalcon and Snow Goose prospects and Tundra Swan.
High-grade mineralisation was seen at Gyrfalcon, with grades up to 1.2 percent uranium, 1.0 percent molybdenum, 31 grams per tonne silver, 0.4 percent lead and 487 parts per million copper.
Snow Goose results also included high grades, assaying up to 1.1 percent uranium, 0.3 percent molybdenum, 4.8 grams per tonne silver, 0.4 percent lead and 509 parts per million copper.
“It is good to see we have generated significant rock chip results soon after acquiring these projects within the last few months,” commented Jeremy Robinson, executive chairman of Cosmos.
Cosmos said that the rock sampling also confirmed radioactivity at the project. It added that uranium mineralisation at the three prospects “exhibits a polymetallic mineral signature analogous to ... the Angilak deposit, with anomalous to high concentrations of molybdenum, lead, silver, and copper.”
The Angilak property is owned by Canadian mineral company Atha Energy (TSXV:SASK) and is among the projects driving growing interest in the Thelon Basin.
“The project’s close lithological and geochemical associations with the Angilak deposit support the exploration model for further work on the project,” the release states.
Cosmos confirmed its 100 percent acquisition of the Nut Lake South and Angilak West projects in June, following its agreement with Northex Capital Partners to acquire 80 percent of the Fenix uranium project in the Basin in May.
The company's top priority is advancing its portfolio of deposits in Thelon Basin.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Official Opening of Alta Mesa Uranium Project, Texas
Boss Energy Limited (ASX: BOE|OTCQX: BQSSF) is pleased to announce that its 30 per cent-owned Alta Mesa ISR Uranium Project in South Texas has been officially opened.
Boss attaches the Opening Announcement released by Alta Mesa’s 70 per cent owner enCore Energy Corp (NASDAQ:EU|TSXV: EU).
Please refer to enCore’s announcement dated October 8, 2024 for further information.1
This ASX announcement was approved and authorised by the Board of Boss Energy Limited.
For further information, contact:
Duncan Craib
Chief Executive Officer P: +61 (8) 6263 4494
E: boss@bossenergy.com
For media enquiries, contact:
Paul Armstrong Read Corporate
P: +61 (8) 9388 1474
Click here for the full ASX Release
This article includes content from Boss Energy, 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.
Resource Upgrade Marks New Phase of Growth for Koppies Uranium Project
Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTC:ELVUF) is pleased to announce an upgrade of the Koppies Deposit JORC Mineral Resource Estimate (“MRE”) from Inferred to the Indicated status, with 78% of the resource now in the Indicated category. The Koppies deposit is part of the Koppies Uranium Project and is wholly owned by Elevate Uranium.
- Koppies Uranium Project Mineral Resource base increased to 66.1 Mlb U3O8.
- 78% of the Koppies Resource is now in the Indicated category.
- Maiden Inferred Mineral Resource for the Hirabeb Deposit of 10.2 Mlb U3O8.
- Hirabeb has significant upside potential with the mineralisation open in multiple directions.
- Total Namibian Mineral Resource increased to 112.1 Mlb U3O8 and global resource increased to 160.5 Mlb U3O8.
- Metallurgical bench-scale testwork on Koppies bulk samples using U-pgradeTMprocess is underway.
- Results of the bench-scale testwork will inform further technical studies and subsequently a Koppies U-pgradeTMdemonstration plant.
In conjunction with the Koppies resource upgrade the Company is also pleased to announce a 10.2 Mlb U3O8 maiden MRE at the Hirabeb deposit which is located south of the Koppies Resource. This maiden resource increases the Koppies Uranium Project resource to 66.1 Mlb U3O8, and brings the total Namibian resource base to 112.1 Mlb U3O8 and the Company’s global resource base to 160.5 Mlb U3O8.
Elevate Uranium’s Managing Director, Murray Hill, commented:
“The Koppies Uranium Project continues to mature with 78% of the Koppies Resource upgraded to JORC Indicated category. This is an important step in derisking the project, along with undertaking an U-pgradeTMmetallurgical testwork program on mineralised samples from the resource. Results from the testwork program, which is in progress, will inform further technical studies and subsequent construction and operation of an U-pgradeTMdemonstration plant at Koppies to confirm the potential value of the process at scale. The total Koppies Project Mineral Resource is now 66 Mlb U3O8.
We have also estimated a maiden resource at the nearby Hirabeb deposit, which added another 10.2
Mlb U3O8 to the Koppies Project. The success at Hirabeb highlights the project area’s potential as we continue to explore the ground and target further expansion of the resource base.
The Company continues substantial exploration drilling programs at Hirabeb and several other projects. The geological knowledge gained at Koppies and, in particular, the understanding that uranium mineralisation extends into weathered basement adjacent to the paleochannels, means that we consider
it likely that we will encounter previously unidentified mineralisation in areas where historical exploration has occurred or indeed, where drilling has not been carried out because targeting has been based on alternate geological models. This knowledge drives us to explore in the likelihood of identifying additional uranium mineralisation.
Our Namibian Mineral Resource has increased to 112.1 Mlb U3O8 while the global Mineral Resource has increased to 160.5 Mlb U3O8.”
Click here for the full ASX Release
This article includes content from Elevate Uranium, 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.
Global Atomic Announces Public Offering Increased to C$35 Million
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated December 5, 2023 to its short form base shelf prospectus dated November 21, 2023
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO) (FRANKFURT: G12) is pleased to announce that due to significant investor demand, it has entered into an amended and restated underwriting agreement with Red Cloud Securities Inc., as lead underwriter and sole bookrunner, and Canaccord Genuity Corp. (collectively, the " Underwriters ") to increase the size of its previously announced public offering (the " Offering "). Under the revised Offering, the Company will sell to the Underwriters for resale 29,167,000 units of the Company (the " Units ") at a price of C$1.20 per Unit for aggregate gross proceeds of C$35,000,400 .
Each Unit will consist of one common share of the Company (each, a " Common Share ") and one Common Share purchase warrant (each, a " Warrant "). Each Warrant will be exercisable for one Common Share (each, a " Warrant Share ") at a price of C$1.50 per Warrant Share at any time for a period of 36 months following the closing of the Offering.
The Company has granted the Underwriters an option, exercisable in whole or in part, at the sole discretion of the Underwriters, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company for resale up to an additional 4,375,050 Units representing up to 15% of the number of Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes (the " Over-Allotment Option "). In the event the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to the Company will be C$40,250,460 .
The Offering is being made by way of a prospectus supplement (the " Prospectus Supplement ") to the short form base shelf prospectus of the Company dated November 21, 2023 (the " Base Shelf Prospectus ") in all of the provinces and territories of Canada , except for Québec.
The Company intends to use the net proceeds raised from the Offering for development of its Dasa Project located in Niger and for working capital and general corporate purposes.
The Company and the Underwriters do not anticipate any further increase to the aggregate gross proceeds under the Offering. The Offering is scheduled to close on or around October 16, 2024 , or such other date as the Company and the Underwriters may agree. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the filing of the Prospectus Supplement and the receipt of all necessary regulatory approvals, including the approval of the securities regulatory authorities and the Toronto Stock Exchange. The Prospectus Supplement (together with the related Base Shelf Prospectus) will be made available on SEDAR+ at www.sedarplus.ca . Electronic or paper copies of the Base Shelf Prospectus and Prospectus Supplement may be obtained upon request to the Company through the contact information below.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States . The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and may not be offered or sold to or for the account or benefit of persons in the "United States " or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022 , and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
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Global Atomic Announces Pricing of C$25 Million Public Offering of Units
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated December 5, 2023 to its short form base shelf prospectus dated November 21, 2023
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO) (FRANKFURT: G12) today announced the size and pricing of its previously announced overnight marketed public offering (the " Offering "). The Company has entered into an underwriting agreement with Red Cloud Securities Inc., as lead underwriter and sole bookrunner, and Canaccord Genuity Corp. (collectively, the " Underwriters ") for the sale of 20,834,000 units of the Company (the " Units ") at a price of C$1.20 per Unit for aggregate gross proceeds of C$25,000,800 .
Each Unit will consist of one common share of the Company (each, a " Common Share ") and one Common Share purchase warrant (each, a " Warrant "). Each Warrant will be exercisable for one Common Share (each, a " Warrant Share ") at a price of C$1.50 per Warrant Share at any time for a period of 36 months following the closing of the Offering.
The Company has granted the Underwriters an option, exercisable in whole or in part, at the sole discretion of the Underwriters, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company for resale up to an additional 3,125,100 Units representing up to 15% of the number of Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes (the " Over-Allotment Option "). In the event the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to the Company will be C$28,750,920 .
The Offering is being made by way of a prospectus supplement (the " Prospectus Supplement ") to the short form base shelf prospectus of the Company dated November 21, 2023 (the " Base Shelf Prospectus ") in all of the provinces and territories of Canada , except for Québec.
The Company intends to use the net proceeds raised from the Offering for development of its Dasa Project located in Niger and for working capital and general corporate purposes.
The Offering is scheduled to close on or around October 16, 2024 , or such other date as the Company and the Underwriters may agree. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the filing of the Prospectus Supplement, the execution of an underwriting agreement and the receipt of all necessary regulatory approvals, including the approval of the securities regulatory authorities and the Toronto Stock Exchange. The Prospectus Supplement (together with the related Base Shelf Prospectus) will be made available on SEDAR+ at www.sedarplus.ca . Electronic or paper copies of the Base Shelf Prospectus and Prospectus Supplement may be obtained upon request to the Company through the contact information below.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States . The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and may not be offered or sold to or for the account or benefit of persons in the "United States " or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022 , and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
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Skyharbour Resources
Investor Insight
In the current strong market dynamic for uranium, Skyharbour Resources is a compelling investment opportunity driven by its large portfolio of exploration assets in Canada’s most prolific uranium district in the Athabasca Basin.
Overview
Nuclear energy is a critical component in the transition to net zero. There's a growing acknowledgment of the pivotal role nuclear power can play in meeting decarbonization objectives, thanks to its clean emissions profile, dependable baseload capabilities, and secure operation.
Global electricity demand is set to grow 50 percent by 2040 and nuclear energy will play an integral role in meeting this demand. This is evident in the recently released World Energy Outlook 2023 published by the International Energy Agency (IEA) which highlighted the role that nuclear energy can play in making the journey towards net-zero faster, more secure, and more affordable. With 439 reactors operating globally, about 61 reactors under construction in 15 countries and a further 400 that are either ordered, planned or proposed, the IEA anticipates a substantial growth of over 43 percent in installed nuclear capacity from 2020 to 2050Uranium prices have been the highest since 2008 at over US$80/lb. Prices are expected to remain strong due to the ongoing tightness in the uranium supply/demand balance. As mentioned earlier, this tightness is likely to intensify over the next 24 months as demand continues to rise, new supply remains restricted, and inventories/stockpiles continue to diminish. The risks to the supply side far outweigh risks to the demand side given that more than 50 percent of global uranium production comes from countries with significant geopolitical risk.
This is where companies such as Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF,FWB:SC1P), with a presence in jurisdictions such as the Athabasca Basin in Canada, stand out for its geopolitical stability. The Athabasca Basin is the world’s most prolific uranium jurisdiction, boasting uranium grades averaging over ten to twenty times higher than those found elsewhere, with levels at 3.95 percent U3O8 in contrast to the global average of 0.15 percent.
Skyharbour Resources possesses a broad portfolio of uranium exploration projects within the Athabasca Basin and is strategically positioned to capitalize on the improving fundamentals of the uranium market. The company follows a dual strategy of mineral exploration at its core projects (Russell and Moore) while utilizing the prospect generator model to advance its secondary projects with strategic partners. Employing the prospect generator model provides advantages to Skyharbour as partner firms finance exploration and development activities, as well as making cash and stock payments directly to Skyharbour Resources as they earn in on the projects. The model allows Skyharbour to retain upside exposure through minority interests and royalties at the partner projects while limiting equity dilution and ensuring that partner companies fund the majority of exploration costs.
The company has eight partner companies: Orano Canada, Azincourt Energy, Thunderbird Resources (previously Valor), Basin Uranium Corp, Medaro Mining, Terra Clean Energy (previously Tisdale), North Shore Uranium, and UraEx Resources. Skyharbour’s option agreements total over C$38 million in exploration expenditures, with more than C$29 million in stock being issued and over C$21 million in cash payments potentially coming into Skyharbour.
The company has recently entered into a property purchase and sale agreement with Cosa Resources wherein Skyharbour will sell two mineral claims to Cosa, comprising approximately 6,049 hectares. These two claims represent a small portion of Skyharbour's Karin Property and are located in Saskatchewan about 22 km south of the Key Lake Mill. Skyharbour originally acquired the claims through low-cost, online staking. The company retains ownership in five other adjacent claims constituting the new Karin Project which is now 19,116 hectares.
In October 2024, Skyharbour entered into an option agreement with UraEx Resources for its South Dufferin and Bolt uranium projects, which will allow UraEx to acquire up to 100 percent interest in the properties, which comprise 12 mineral claims spanning approximately 18,000 hectares. Under the agreement, UraEx can earn an initial 51 percent in the projects through C$4.6 million in combined project consideration, and up to 100 percent through C$9.8 million in combined project consideration consisting of cash and share payments as well as exploration expenditures over a five-year period.
Company Highlights
- Skyharbour Resources is a junior mining company with an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin. They comprise 29 uranium projects, 10 of which are drill-ready, totaling over 580,000 hectares.
- The Athabasca Basin is the world’s most prolific uranium jurisdiction, boasting uranium grades averaging over 10-20 times higher than those found elsewhere.
- The company employs a multi-faceted strategy of focused mineral exploration at its core projects (Russell and Moore) while utilizing the prospect generator model to advance its secondary projects with strategic partners.
- The company’s co-flagship Moore project is an advanced-stage uranium exploration asset featuring high-grade uranium mineralization at the Maverick Zone. Previous drilling has returned results of 6 percent U3O8 over 5.9 meters, with a notable intercept of 20.8 percent U3O8 over 1.5 meters, at a vertical depth of 265 meters.
- Adjacent to the Moore project is Skyharbour’s second core project, the Russell Lake uranium project, wherein Skyharbour has the option to acquire an initial 51 percent interest from Rio Tinto. The Russell Lake uranium project is a large, advanced-stage uranium exploration property totaling 73,294 hectares.
- The 2024 winter drill program at the Russell Lake uranium project led to a new discovery of high-grade, sandstone-hosted mineralization up to 2.99 percent U3O8 intersected over 0.5 meters.
- Management intends to continue building the prospect generator business by offering projects to partners who will fund the exploration and provide cash/stock to Skyharbour for an ownership interest in the projects; Skyharbour typically retains minority interests in the projects and equity holdings in the partners.
- The increasing focus on nuclear energy by governments globally to achieve decarbonization goals bodes well for uranium prices. Skyharbour, with key uranium assets in a top mining jurisdiction, stands to benefit from this shift in the global energy mix.
Flagship Projects
The Moore Project
This project covers an area of 35,705 hectares, located in the eastern Athabasca Basin near existing infrastructure with known high-grade uranium mineralization and significant discovery potential. Skyharbour acquired the project from Denison Mines (TSX:DML), a large strategic shareholder of the company. The project can be easily accessed year-round via winter and ice roads, streamlining logistics and reducing expenses. During the summer months, a significant portion of the property remains accessible as well. The property has been the subject of extensive historic exploration with over $50 million in expenditures, and over 140,000 meters of diamond drilling completed historically.
Moore hosts high-grade uranium mineralization at the Maverick zones. Over the past few years, Skyharbour Resources has conducted diamond drilling programs, resulting in the intersection of high-grade uranium mineralization in numerous drill holes along the 4.7-kilometer-long Maverick structural corridor. Some of the high-grade intercepts include:
- Hole ML-199 which intersected 20.8 percent U3O8 over 1.5 meters at 264 meters,
- Hole ML-202 from the Maverick East Zone which intersected 9.12 percent U3O8 over 1.4 meters at 278 meters.
- Hole ML20-09 which intersected 0.72 percent U3O8 over 17.5 meters from 271.5 meters to 289.0 meters, including 1 percent U3O8 over 10.0 meters represents the longest continuous drill intercept of uranium mineralization discovered to date at the project.
- Drill hole ML-61 returned 4.03 percent eU3O8 over 10 meters;
- Drill hole ML -55 encountered high-grade mineralization, returning 5.14 percent U3O8 over 6.2 meters
- Drill hole ML -47 intersected 4.01 percent U3O8 over 4.7 meters
Merely 50 percent of the total 4.7-kilometer promising Maverick corridor has undergone systematic drilling, indicating significant discovery potential both along its length and within the underlying basement rocks at depth. Skyharbour recently completed a winter drill program which consisted of 2,800m of drilling at the project which focused on infill/expansion drilling at the Main Maverick Zone.Assay results from the program intersected 5 metres of 4.61 percent U3O8 from a relatively shallow downhole depth of 265.5 metres to 270.5 metres including 10.19 percent U3O8 over 1 metre at the Main Maverick Zone from hole ML24-08. Skyharbour will continue to advance Moore through a 2,500 metre summer drill program.
Apart from the Maverick Zone, diamond drilling in various other target areas has encountered multiple conductors linked with notable structural disturbances, robust alteration, and anomalous concentrations of uranium and associated pathfinder elements.
Russell Lake Uranium Project
The Russell Lake project is a large, advanced-stage uranium exploration property spanning 73,294 hectares, strategically positioned between Cameco’s Key Lake and McArthur River projects. Skyharbour entered into an option agreement with Rio Tinto which gives it the right to acquire an initial 51 percent. Skyharbour can earn an initial 51 percent by paying C$508,200 in cash, issuing 3,584,014 shares to Rio Tinto, and funding C$5,717,250 in exploration on the Russell Lake project, over three years.
The project is adjacent to Denison’s Wheeler River project and Skyharbour’s Moore uranium project. It is supported by excellent infrastructure in terms of highway access as well as high-voltage power lines. The project has undergone a significant amount of historical exploration which includes over 95,000 meters of drilling in over 220 drill holes. The exploration identified numerous prospective target areas and several high-grade uranium showings as well as drill hole intercepts.
The property hosts several noteworthy exploration targets, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. Skyharbour completed a 19-hole drilling program totaling 9,595 meters in three phases in 2023. The initial drilling phase encompassed 3,662 meters across eight completed holes at the Grayling Zone, followed by a second phase involving four holes totaling 2,730 meters drilled at the Fox Lake Trail Zone. The third drilling phase involved 3,203 meters across seven holes targeting additional areas within the Grayling Zone.
Drilling at Russell in 2024 was completed in two separate phases with a total of 3,094 metres drilled in six holes. Phase One of drilling resulted in the best intercept of uranium mineralization historically on the property from hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721 percent U3O8 at a relatively shallow depth of 338.1 metres, including 2.99 percent U3O8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. This high-grade intercept represents a discovery in a newly delineated target area and will be a top-priority target in the upcoming fully funded summer/fall drill program.
Secondary Projects
Falcon Uranium Project
This project comprises 11 claims covering 42,908 hectares located approximately 50 km east of the Key Lake mine. Skyharbour Resources has entered into an option agreement with North Shore Uranium which provides North Shore with an earn-in option to acquire an initial 80 percent interest and up to a 100 percent interest in the Falcon Property. North Shore can acquire an initial 80 percent interest in the claims within three years by meeting combined commitments of C$5.3 million in cash, share issuance, and exploration expenditures. Additionally, there's an option to buy the remaining 20 percent for an extra C$10 million in cash and shares.
North Shore has collected multiple samples from two of the first three uranium prospects drilled at its 55,699-hectare Falcon property in 2024. The samples returned anomalous uranium values of greater than 300 ppm U3O8 and up to a maximum of 572 ppm U3O8. An exploration permit has been secured for the project, which will allow North Shore to conduct exploration activities at the property, including prospecting and ground geophysics, trail and drill site clearing, line cutting, drilling of up to 75 exploration drill holes and storage of drill core.
South Falcon East
This project comprises 16 claims covering 12,234 hectares located approximately 55 km east of the Key Lake mine. Skyharbour has optioned up to a 75 percent interest in a portion of the project to Terra Clean Energy (previously Tisdale). Terra will issue Skyharbour Resources 1,111,111 shares upfront, fund exploration expenditures totaling C$10.5 million, and pay Skyharbour Resources C$11.1 million in cash of which C$6.5 million can be settled for shares over a five-year earn-in. Skyharbour Resources will retain a minority interest in the South Falcon East.
East Preston
This project comprises 20,674 hectares located on the west side of the Athabasca Basin. In March 2017, Skyharbour Resources signed an option agreement with Azincourt Uranium (TSXV:AAZ) to option 70 percent of a portion of the East Preston project to Azincourt. Since then, Azincourt earned a majority interest in the project which currently stands at 85.8 percent. Skyharbour retains 9.5 percent ownership and Dixie Gold owns the remaining 4.7 percent.
Azincourt completed a 2023 drill program comprising 3,066 meters in 13 drill holes. The company also completed the winter 2024 diamond drill program of 1,086 meters of drilling in four diamond drill holes and results indicated the following:
- Dravite and Kaolinite clay alteration zone expanded in K and H Zones
- Illite, Dravite and Kaolinite clay alteration identified in G Zone
- Illite and Kaolinite clay alteration identified in A Zone
Preston
This project comprises 49,635 hectares strategically located near Fission’s Triple R deposit and NexGen’s Arrow deposit. In March 2017, Skyharbour Resources signed an option agreement with Orano (formerly AREVA) Resources Canada to option a majority stake in the Preston project. Orano has fulfilled its first earn-in option interest for 51 percent in the project. Following this, Orano has formed a joint venture (JV) with Skyharbour and Dixie Gold for the advancement of the project. Orano holds 51 percent interest, and the remaining is split evenly (24.5 percent each) between Skyharbour and Dixie Gold.
Orano Canada has completed a geophysical programat the 49,635-hectare Preston uranium project which included a ground electromagnetic survey (ML-TEM) and a ground gravity survey. Orano is now preparing for a Spatiotemporal Geochemical Hydrocarbons (SGH) soil sampling program that will take place this summer at the project.
Hook Lake
This project comprises 16 claims covering 25,847 hectares on the east side of the Athabasca Basin. In February 2024, Thunderbird Resources (previously Valor) completed an earn-in for 80 percent interest and formed a JV partnership with Skyharbour which retains the remaining 20 percent interest.
Yurchison Lake
This project consists of 13 claims totaling 57,407 hectares in the Wollaston Domain. In November 2021, Medaro signed an agreement to acquire an initial 70 percent interest by spending C$5 million on exploration, C$800,000 in cash payments, and C$3 million in Medaro shares over 4 years. Medaro may acquire the 30 percent interest, within 30 business days of earning the initial 70 percent interest, by issuing C$7.5 million of shares and a cash payment of $7.5 million to Skyharbour.
Mann Lake
This project is strategically located on the east side of the Athabasca basin, 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco's Millennium uranium deposit. In October 2021, Basin Uranium signed an earn-in option to acquire a 75 percent interest in the project. Basin will pay a combination of cash and stocks over three years comprising C$4.85 million in cash plus exploration expenditure and C$1.75 million worth of shares.
South Dufferin and Bolt
The South Dufferin Project totals 13,205 hectares covering 10 claims and is located immediately south of the southern margin of the Athabasca Basin in northern Saskatchewan. The property covers the southern extension of the Virgin River Shear Zone, which hosts known high-grade uranium mineralization at Cameco Corp.'s Dufferin Lake zone approximately 13 kilometres to the north (highlight drill results of 1.73% U3O8 over 6.5 metres) and Cameco Corp.'s Centennial deposit approximately 25 kilometres to the north (includes drill intersections up to 8.78% U3O8 over 33.9 metres).
The Bolt Project consists of two contiguous claims 100 percent owned by Skyharbour Resources Ltd. totalling 4,726 hectares and is located approximately 7 km west of the Highway 914 and about 32 km southwest of Cameco’s Key Lake Operation (which produced 209.8 million pounds of U3O8 at an average grade of 2.32 percent U3O8 from 2 deposits, where ore from the McArthur River mine is currently processed).
A definitive agreement was recently signed in October of 2024 with UraEx Resources to earn an initial 51 percent and up to 100 percent of both the South Dufferin and Bolt Projects, collectively. For an initial 51 percent, UraEx will issue common shares having an aggregate value of C$1.15 million, make total cash payments of $450,000, and incur $3 million in exploration expenditures on both the South Dufferin and Bolt properties over a 3 year period. UraEx has an option to acquire the remaining 100 percent by issuing common shares having an aggregate value of C$2.5 million, making cash payments of $1.2 million and incurring $1.5 million in exploration expenditures over an additional two-year period.
In addition to the projects being advanced by Skyharbour and its partners, the company has 18 additional 100 percent owned projects that they’re actively seeking to option out to potential new partners in the future to add to their growing prospect generator business. All in all, Skyharbour is very well positioned to benefit from an accelerating uranium bull market with increasing demand in the backdrop of a strained supply side.
Management Team
Jordan Trimble - President and CEO
With a background in entrepreneurship, Jordan Trimble has held various positions in the resource industry, focusing on management, corporate finance, strategy, shareholder communications, business development, and capital raising with multiple companies. Prior to his role at Skyharbour, he was the corporate development manager at Bayfield Ventures, a gold company with projects in Ontario. Bayfield Ventures was subsequently acquired by New Gold (TSX:NGD) in 2014. Throughout his career, Trimble has established and assisted in the management of numerous public and private enterprises. He has played a pivotal role in securing significant capital for mining companies, leveraging his extensive network of institutional and retail investors.
Jim Pettit – Chairman of the Board
Jim Pettit currently serves as a director on the boards of various public resource companies, drawing from over 30 years of experience in the industry. His expertise lies in finance, corporate governance, management and compliance, particularly in the early-stage development of both private and public enterprises. Over the past three decades, he has primarily focused on the resource sector. Previously, he served as chairman and CEO of Bayfield Ventures, which was acquired by New Gold in 2014.
David Cates - Director
David Cates currently serves as the president and CEO of Denison Mines (TSX:DML). Before assuming the role of president and CEO, Cates was the vice-president of finance, tax, and chief financial officer at Denison. In his capacity as CFO, he played a pivotal role in the company's mergers and acquisitions activities, including spearheading the acquisition of Rockgate Capital and International Enexco. Cates joined Denison in 2008, initially serving as director of taxation before he was appointed CFO. Prior to joining Denison, he held positions at Kinross Gold and PwC with a focus on the resource industry.
Joseph Gallucci - Director
Joseph Gallucci was previously a senior manager at a leading Canadian accounting firm. He possesses more than two decades of expertise in investment banking and equity research, specializing in mining, base metals, precious metals, and bulk commodities worldwide. He serves as a senior capital markets executive and corporate director. Presently, Gallucci is the managing director and head of investment banking at Laurentian Bank Securities, where he assumes responsibility for overseeing the entire investment banking practice.
Brady Rak - VP of Business Development
Brady Rak is a seasoned investment professional who has focussed on the Canadian capital markets over his 13-year career at several independent broker dealers including Ventum Financial, Salman Partners and Union Securities. As a registered investment advisor in the private client division of Ventum Financial, Brady has been involved in advising high-net-worth and corporate clients, structuring transactions, raising capital and navigating global market sentiment. Brady graduated from Northwood University with a BBA in Management and holds his Options license.
Serdar Donmez - Vice-president of Exploration
A recognized geoscientist with decades of experience in uranium exploration and development, Serdar Donmez has played an active role in numerous grassroots and advanced uranium exploration projects in northern Saskatchewan and Zambia. Donmez has an engineering degree in geology and is a registered professional geoscientist with the Association of Professional Engineers and Geoscientists of Saskatchewan. During his 17-year tenure at Denison Mines, Donmez was pivotal in advancing numerous uranium exploration and development projects. He was involved in various capacities with the Phoenix and Gryphon uranium deposits on Denison's Wheeler River project, from initial discovery to the completion of the feasibility study in 2023. As resource geology manager, he was integral to the development of mineral resource estimates and NI 43-101 technical reports for several advanced exploration projects in the Athabasca Basin. Additionally, he was part of a team exploring the application of in-situ recovery mining techniques for high-grade uranium deposits in the Athabasca Basin.
Dave Billard - Head Consulting Geologist
Dave Billard is a geologist with over 35 years of experience in exploration and development, focusing on uranium, gold and base metals in western Canada and the western US. He served as chief operating officer, vice-president of exploration, and director for JNR Resources before its acquisition by Denison Mines. He played a crucial role in the discovery of JNR’s Maverick and Fraser Lakes B zones. Earlier in his career, he contributed to the discovery and development of several significant gold deposits in northern Saskatchewan. Prior to joining JNR, Billard worked as a geological consultant specializing in uranium exploration in the Athabasca Basin. He also spent over 12 years with Cameco Corporation.
Christine McKechnie - Senior Project Geologist
Christine McKechnie is a geologist with a specialization in uranium deposits, particularly those hosted in the basement and associated with unconformities in the Athabasca Basin and its vicinity. Throughout her career, she has worked with various companies such as Claude Resources, JNR Resources, CanAlaska Uranium and Cameco, engaging in gold and uranium exploration activities. She completed her B.Sc. (High Honors) in 2008 from the University of Saskatchewan and completed a M.Sc. thesis on the Fraser Lakes Zone B deposit at the Falcon Point project. She also received the 2015 CIM Barlow Medal for Best Geological Paper.
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