
- WORLD EDITIONAustraliaNorth AmericaWorld
February 13, 2023
Aura Energy Limited (ASX:AEE, AIM:AURA) is pleased to announce that the Resource Upgrade program undertaken in 2022 has increased the Measured and Indicated (M&I) Resources at the Tiris Project (“Tiris or the “Project”) from 19.5 Mlbs to 29.6 Mlbs, 62.2Mt at 216ppm U3O8 at a 100ppm cut-off.
KEY POINTS:
- 52% increase in Measured and Indicated Resources to 29.6 Mlbs U3O8, 62.1Mt at 216 ppm U3O8 at a 100ppm grade cut-off.
- Global Mineral Resource Estimate (MRE) of 58.9 Mlbs U3O8, 113Mt at 236 ppm U3O8 at a 100ppm grade cut-off.
- Near-term exploration targets identified to further grow the Tiris resource.
- Tiris Reserves estimate with the updated expanded Feasibility imminent
The significance of the Resource upgrade is that it enables Aura to update the 2019 Tiris Definitive Feasibility Study (DFS)1 project work, assessing the potential to increase the production rate based on the increased M&I resource. This work is expected to be released before the end of Q1 2023.
Aura’s Tiris Project differs from other near-term projects in that the carnotite is mostly ultrafine, micron scale in grain size enabling the separation of the uranium without crushing and grinding as demonstrated in the 2019 DFS1. In the DFS1 production averaged 800,000 lbs U3O8 per year with a capital cost of USD 74.8 million and C1 costs of USD 25.43/lb U3O8. Aura is confident that our existing fast-to-market development strategy will be accentuated in the updated DFS as a result of the economies of scale on the capital and operating costs using a modular expansion of the Tiris Project.
Commenting on the increased MRE, Aura Energy Managing Director Dave Woodall said:
“The significant increase of our M&I resources confirms our confidence that the Tiris province which we believe has great expansion potential. Our immediate focus is now to work with our Mauritanian stakeholders, offtake providers, investors and financing partners to progress towards a decision to Mine in Q3 CY2023, a target construction timeline of Q4 CY2023, and first production expected in late 2024 or early 2025.
“Our exploration success is creating a strong platform for growth for Aura’s shareholders and our Mauritanian partners, and an exciting new zero-carbon energy source for an increasingly energy-hungry world.”
Figure 1 - Location of the Tiris Project Global Mineral Resource
Upgraded Measured and Indicated Resource
The program successfully delivered an additional Measured and Indicated resource of 23.0Mt at 200ppm U3O8 containing 10.1Mlb U3O8 at 100ppm U3O8 cut-off grade. The detail of the upgraded resource across the project areas and the previous resources are shown in Tables 1 and 2. The drilling program completed in 2022 comprised 1,746 holes (1,680 air-core and 66 diamond-core holes) at an average depth of 7m, from 11,600m of drilling.
Click here for the full ASX Release
This article includes content from Aura 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.
AEE:AU
The Conversation (0)
02 June 2023
Aura Energy
Overview
With a mission to responsibly produce low-cost uranium to meet the growing demand for decarbonized energy, Aura Energy (ASX:AEE, AIM:AURA) is focused on rapidly advancing its Tiris Uranium Project in Mauritania, as it continues to transition from explorer to producer.
Uranium is the essential fuel for nuclear power, a sustainable, low-carbon alternative to fossil fuels. Nuclear Power is one of the only scalable providers of baseload electrical supply as the world moves toward decarbonization, and will be vital in the future. In fact, growing support for nuclear power and diminishing uranium supply prompted the Bank of America to forecast spot prices to rise to US$70 per pound by 2023, adding that a loss of Russian supplies would make its forecast even more bullish. Additionally, the European Union has stated that nuclear power now qualifies as a green investment.
Aura Energy’s flagship Tiris Uranium Project in Mauritania is well-positioned to achieve near-term production and has continued to meet development milestones. Supported by a stable jurisdiction and a mining-friendly government, the company recently released an updated enhanced feasibility study (EFS). The EFS confirmed that increased steady-state production to 2.0 million pounds (Mlbs) per annum U3O8 is possible based on upgraded mineral resource estimates. This increased production strengthens the financial metrics and demonstrates robust returns for shareholders over the life of the project. The exceptional economics of the Tiris Project deliver a post-tax NPV of US$226 million and a post-tax IRR of 28 percent.
The updated mineral resource estimate includes 113.0 Mt @ 236 ppm containing 58.9 Mlbs U3O8. The asset’s shallow, flat-lying surface mineralization and simple extraction method allow for low capital and operational costs.
In Europe, the company’s 100-per cent-owned Häggån Vanadium Project aims to support Sweden’s and Europe’s green energy transition. The asset has an inferred resource estimate of 15.1 billion lbs of vanadium and 800 Mlbs of uranium. Vanadium is primarily used in the steel industry, as an additive to make steel stronger and wear-resistant, and also plays a key role in an emerging new energy storage technology called vanadium redox flow batteries (VRFB), which are typically used in grid-scale storage systems.
An experienced management team leads Aura Energy with expertise throughout the natural resources sector, including uranium project development, business development, international corporate finance and metallurgy. The team’s expertise supports the company’s near-term production and long-term growth goals.
Company Highlights
- Aura Energy aims to be a responsible global producer of commodities supporting a clean, decarbonised energy future.
- The flagship Tiris Uranium Project in Mauritania is poised for near-term production, with a recently released enhanced feasibility study (EFS) outlining low capital and operating costs, supported by a stable and mining-friendly jurisdiction.
- The EFS confirms an increase in forecast steady-state production to 2.0 million pounds (Mlbs) per annum U3O8 and strong financial metrics and robust returns for shareholders over the life of the project.
- The exceptional economics of the Tiris Project deliver post-tax net present value (NPV) of US$226 million and post-tax internal rate of return (IRR) of 28 percent
- Tiris mineralization occurs at surface, can be accessed with free-digging open pit mining and simple beneficiation feed grade upgrades the ore to greater than 2,000 ppm U3O8 prior to leaching. All these characteristics contribute to the low capital and operating costs.
- The Company has a strong relationship with the Government of Mauritania who hold a 15 percent shareholding) and has been granted a 30-year mining convention to operate.
- Management plans have been submitted to the Mauritanian authorities as an important step towards the production and export of uranium oxide concentrates from Mauritania.
- Updated mineral resource estimate of 113 Mt @ 236 parts per million (ppm) containing 58.9 Mlbs U3O8
- This mineral resource estimate supports an initial 16-year project life
- Initial capital cost of US$87.9 million, and cost-efficient scalability for additional capital of US$90.3 million can deliver a 150-percent increase in production to 2.0 Mlbs per annum U3O8.
- Aura Energy’s 100-percent-owned Häggån Vanadium Project contains significant vanadium deposits, an essential mineral for the steel industry as well as for the development of vanadium redox flow battery (VRFB) to support renewable energy technologies.
- An experienced management team with expertise throughout the mining industry is leading Aura toward its goals.
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Fast-tracking the Tiris Uranium Project to support a clean, decarbonized future
12h
xU3O8 (uranium.io)
Investor Insight
Purpose-built for today’s energy transition, xU3O8 sits at the intersection of technology, finance, and nuclear energy, offering a simplified and transparent alternative to legacy uranium investments amid surging global demand. The xU3O8 token, now accessible on leading global exchanges, is a groundbreaking digital asset that provides direct, efficient exposure to the uranium market.
Overview
Uranium.io is a next-generation platform revolutionizing how investors access and trade physical uranium (U3O8). By leveraging blockchain technology, it enables individuals and institutions to directly own and trade uranium, bypassing many of the inefficiencies, opacity and high costs traditionally associated with uranium exposure. Each xU3O8 token represents real, physical uranium stored securely in a regulated depository operated by Cameco, with Archax, a UK-regulated digital asset firm, as the custodian for the physical uranium ensuring transparency and trust in asset backing.
The platform is designed to meet growing investor demand for exposure to uranium, a commodity that is a critical component of the global energy transition. As countries commit to reducing carbon emissions, nuclear energy is increasingly seen as a reliable and scalable source of low-carbon electricity. Governments across North America, Europe and Asia are ramping up their nuclear energy capacities, as part of their net-zero targets. This includes restarting idled reactors, constructing new reactors, and accelerating the development of small modular reactors.
Nuclear power is also emerging as a stable and scalable option for supporting artificial intelligence (AI) data centers, which require massive amounts of electricity to operate. Industry leaders, including Microsoft, have announced nuclear energy investments, and several technology firms have secured long-term agreements for nuclear power.
Like gold and silver before it, uranium is entering a phase of financialization — with physical holding trusts, ETFs, and now platforms like uranium.io offering direct physical uranium ownership via xU3O8, making it more accessible to a wider set of investors.
As traditional financial markets converge with digital innovation, tokenized assets are becoming a preferred vehicle for commodities investing. Uranium.io’s use of the Etherlink blockchain ensures secure, real-time trading with minimal friction — a distinct advantage in an increasingly digitized investment landscape.
Development of the uranium.io platform is led by the team at London-based Trilitech, a group of entrepreneurs and technologists driving blockchain innovations.
With its emphasis on direct fractional ownership and 24/7 worldwide accessibility, xU3O8 is uniquely positioned to serve as the gateway to physical uranium exposure for a global investor base. Alignment with broader energy and digital asset trends makes it a compelling vehicle for those seeking to capitalize on uranium’s strong fundamentals and the disruptive power of decentralized finance.
In July 2025, the company launched its xU3O8 token on KuCoin, MEXC, and Gate.io — ushering in a new era of uranium investment. This simultaneous, multi-platform listing marks a major milestone in the evolution of real-world asset (RWA) tokenization, delivering institutional-grade exposure to uranium markets to a combined audience of over 115 million global traders.
By debuting across multiple top-tier platforms, xU3O8 ensures broad accessibility and liquidity for investors:
- KuCoin – With over 41 million users in 200+ countries, KuCoin offers a full suite of trading services—spot, margin, options, and futures. As a technology-first exchange focused on accessibility, KuCoin shares xU3O8’s mission to dismantle traditional investment barriers.
- MEXC – Founded in 2018, MEXC serves 36 million users globally and has seen explosive 2024 growth: 143 percent increase in spot trading and 118 percent in futures. Its intuitive platform makes crypto trading “simple, accessible, and rewarding,” mirroring xU3O8’s goal of democratizing uranium investment.
- Gate.io – Ranked among the top 3 global crypto exchanges by real trading volume, Gate.io boasts 32 million users and supports over 3,600 digital assets. With institutional-grade security and a commitment to 100 percent reserve holdings, Gate.io provides the infrastructure essential for tokenized commodity trading.
Each xU3O8 token represents fractional ownership of physical uranium ore concentrate (yellowcake) securely stored by Cameco in regulated facilities, eliminating the high barriers to entry that once restricted uranium investment to institutions and major corporations.
Company Highlights
- Uranium.io is a pioneering platform for buying and selling uranium, providing direct ownership of physical uranium via a blockchain-powered token xU3O8.
- Built on Etherlink, powered by Tezos technology, enabling transparency, low fees, energy efficiency and programmable compliance.
- FCA-regulated digital asset custodian, Archax, holds physical uranium in trust on behalf of token holders.
- Physical supply is brokered by Curzon Uranium, a trusted uranium trading and logistics partner with deep industry roots and over $1 billion in uranium trades.
- The uranium bought on the platform is physically stored at a regulated depository owned and operated by Cameco, one of the world’s leading global uranium providers/converters.
- Global 24/7 market access offering fractionalized and direct uranium exposure with real-time settlement and cross-border accessibility.
- Capitalizing on nuclear energy’s role in clean energy transition and the financialization of critical minerals.
- The company has launched the xU3O8 token across three of the world’s leading cryptocurrency exchanges: KuCoin, MEXC, and Gate.io.
- Uranium.io launches a near-real-time pricing oracle, disrupting uranium market opacity and delivering unmatched transparency and efficiency.
Technology Platform
Uranium.io is built on a secure, decentralized technology stack that integrates blockchain infrastructure, digital asset custody, and real-world commodity supply — delivering unprecedented access and transparency to the uranium market. The platform bridges traditional commodities trading with Web3 innovation, allowing users to seamlessly acquire, hold and trade physical uranium via xU3O8 tokens.
Uranium.io unveiled the world's first uranium spot pricing oracle, aimed at addressing the price opacity issues in the uranium market. Unlike oil, gold, base metals, and agricultural commodities, uranium pricing has traditionally relied on fragmented, privately negotiated over-the-counter deals, leaving market participants in the dark and creating inefficiencies and uncertainty that limit broad participation.
Uranium.io’s oracle transforms this landscape with:
- Real-time pricing oracle: Launched to tackle uranium market opacity, providing near-instant spot price updates and boosting transparency and efficiency.
- Tokenized uranium trading: Investors can trade fractional shares of physical uranium, democratizing access to a traditionally restricted market.
- Market interest surging: Uranium-related financial instruments, including ETFs, have outperformed Bitcoin in 2025, reflecting growing investor demand.
- Data-driven insights: Aggregates dozens of sources—spot feeds, nuclear equities, commodity funds—and uses algorithms to mirror uranium’s complex market dynamics.
Blockchain Infrastructure: Etherlink, Powered by Tezos
At the heart of xU3O8’s digital asset engine is the Tezos blockchain, a highly secure, energy-efficient and self-amending Layer 1 protocol. Tezos is uniquely suited to power real-world asset tokenization due to its low transaction costs and energy efficiency; on-chain governance and smart contract flexibility; and enterprise-grade security and decentralization.
Tezos’ track record with real-world assets, including tokenized real estate and art, positions it as an ideal foundation for the secure, scalable digitization of uranium ownership.
Digital Custody: Archax
To ensure that each xU3O8 token is backed with physical uranium, uranium.io is supported by Archax, a London-based, digital asset custodian and exchange regulated by the Financial Conduct Authority. Archax provides regulated asset custody, KYC/AML-compliant onboarding, and real-time asset reconciliation.
Archax brings institutional-grade governance and accountability to the storage and oversight of physical uranium, ensuring that investor holdings are not just theoretical but physically secured.
Physical Supply: Curzon Uranium
Access to physical uranium is facilitated by its partnership with Curzon Uranium, a specialized uranium trading and logistics firm. Curzon acts as the platform’s uranium provider, sourcing, purchasing and delivering uranium from trusted upstream suppliers to secure storage.
Curzon’s decades of experience in uranium procurement adds physical credibility and market depth to the xU3O8 ecosystem — making the platform more than just a digital asset project, but a fully integrated uranium trading platform.
Physical uranium storage: Cameco
The physical uranium ore concentrate (U3O8) is securely stored at a regulated storage facility, operated by Cameco, one of the three globally recognized uranium conversion and storage providers. For transparency, Proof of Reserves is always available on the website and is updated with monthly statements from Cameco.
Together, Tezos, Archax and Curzon Uranium form the digital, custodial and physical backbone of the uranium.io platform. This trio of technologies and partnerships ensures a secure, compliant and efficient path for investors to gain physical uranium exposure — fractionalized, tokenized and tradable 24/7 on a global scale.
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12h
Trump Admin Pushes for Uranium Stockpile Boost to Secure Nuclear Power Future
The US is stepping up efforts to expand its strategic uranium stockpile as Washington looks to shield nuclear power from supply risks tied to Russia and bolster domestic output.
Secretary of Energy Chris Wright told Bloomberg on Monday (September 15) that the Trump administration is determined to reduce US dependence on Russian-enriched uranium. It still accounts for about a quarter of the fuel used in America’s 94 nuclear reactors, which generate roughly 20 percent of the nation’s electricity.
“We’re moving to a place — and we’re not there yet — to no longer use Russian enriched uranium,” he said. “We hope to see rapid growth in uranium consumption in the US from both large reactors and small modular reactors. The size of that right buffer would grow with time. We need a lot of domestic uranium and enrichment capacity.”
The concept of a federal uranium reserve is not new. The first Trump administration sought US$150 million in 2020 to begin direct purchases from US producers, though Congress approved only half the request.
Former President Joe Biden later built on the plan, and in 2022 the Department of Energy awarded contracts to companies for hundreds of thousands of pounds of uranium.
Still, inventories of uranium remain thin by global standards.
US utilities hold an average of 14 months of uranium inventory, compared with 30 months in the EU and more than a decade’s worth in China, according to recent data from the International Atomic Energy Agency.
Wright said the department is “furiously at work” to rebuild supply chains and reduce exposure to Moscow, which in late 2024 briefly restricted uranium exports to the US in retaliation for sanctions.
A law signed in May 2024 requires US utilities to phase out Russian uranium by 2028. Wright did not specify how much additional material the reserve should hold, but suggested growth would be calibrated to reactor construction.
On the processing side, the US currently relies on just two commercial enrichment plants.
According to Bloomberg, the larger facility, operated by the Urenco Group consortium in New Mexico, provides fuel for traditional light-water reactors. In Ohio, Centrus Energy (NYSE:LEU) recently began producing high-assay low-enriched uranium, a material required for advanced reactors now under development.
Global competition for nuclear fuel
The US push comes as other major powers also move to secure uranium.
China recently announced the discovery of a large uranium deposit in the Tarim Basin at a depth of 1,820 meters, the deepest sandstone-type find on record for the country.
State-owned China National Nuclear said the deposit was identified through deep drilling and geological modeling, and will support Beijing’s effort to reduce imports as it builds out the world’s fastest-growing nuclear fleet.
Sandstone deposits are relatively cheap to exploit, making them attractive for fueling large-scale expansion.
China National Nuclear said the find strengthens its domestic resource base as China seeks to underpin an ambitious nuclear program designed to meet rising electricity demand and cut carbon emissions.
For the Trump administration, its uranium strategy is part of its effort to revive the domestic nuclear industry, which has struggled with high costs and competition from natural gas and renewables.
Recent executive orders from the White House call for strengthening domestic fuel supply chains and investing in workforce development to ensure the sector remains competitive.
While the US once dominated nuclear technology, years of underinvestment left fuel production concentrated in Russia and, to a lesser degree, Europe. Officials now see that dependence as a strategic liability at a time when energy security is increasingly bound up with geopolitical rivalry.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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13h
Laramide Identifies Targets for 15,000 Meter Drill Program at Kazakhstan Uranium Project
Laramide Resources (TSX:LAM,ASX:LAM,OTCQX:LMRXF) announced that it has identified multiple target areas for a 15,000 meter drill program at its Chu-Sarysu project in Kazakhstan.
Uranium remains the company's primary focus, but the asset is also prospective for rare earths and copper.
“This inaugural exploration program for Laramide in Kazakhstan is targeting high-grade, large-scale uranium deposits, amenable to cost-efficient and environmentally responsible in-situ recovery mining, and within a district that already hosts infrastructure and producing operations, which provides clear cost advantages,” said President and CEO Marc Henderson in a press release shared on Monday (September 15).
Situated in the Suzak District of the South Kazakhstan Oblast, Chu-Sarysu is located in one of Kazakhstan’s main uranium-producing basins. The country accounted for almost 40 percent of global U3O8 production in 2024, with the Chu-Sarsyu and neighboring Syr Darya basins contributing over 75 percent of the nation's output.
Chu-Sasryu is Laramide’s only asset outside the US and Australia, and forms part of Laramide’s three year option agreement to acquire shares of Kazakh company Aral Resources. The agreement closed in December 2024, and Laramide has the option to acquire all of Aral’s shares and gain full ownership of the project.
As part of its efforts, Laramide has compiled a large dataset from Kazakhstan’s state National Geological Services with assistance from local geological contractors over the past year.
“We have found the Kazakhstan Government to be supportive of mineral exploration with policies that encourage foreign investment and streamline permitting,” Henderson added. “This creates a favourable environment for advancing new discoveries that can ultimately contribute to the growing global demand for nuclear fuel.”
Laramide submitted the required exploration work plans to Kazakhstan's Ministry of Industry and Construction this year, and the remaining permits for drilling are currently being finalized.
Phase 1 of drilling is expected to begin toward the end of 2025.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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15h
Uranium.io Shakes Up Uranium Market With Launch of Real-Time Price Oracle
Uranium-related financial instruments, such as ETFs, have outperformed bitcoin this year.
The crypto industry is not just about ETFs and price surges; it's also about tackling real-world market inefficiencies. The launch of Uranium.io's near-real-time uranium pricing oracle is a prime example of that.
Uranium.io, a platform tokenizing Uranium, unveiled its pricing oracle on Tuesday, aimed at addressing the price opacity issues in the uranium market.
What to know:
- Uranium.io has launched a near-real-time pricing oracle to address price opacity in the uranium market, enhancing transparency and efficiency.
- The platform tokenizes uranium, allowing investors to trade fractional shares of physical uranium, democratizing access to a traditionally restricted market.
- Uranium-related financial instruments, such as ETFs, have outperformed bitcoin this year, highlighting growing investor interest in uranium assets.
Unlike oil, gold, base metals and agri commodities, uranium pricing has long relied on over-the-counter deals – privately negotiated and fragmented transactions that leave market participants in the dark. This absence of a reliable real-time market action gauge has bred inefficiencies and uncertainty, limiting broad-based participation in the market.
Uranium.io's oracle changes the game by aggregating data from dozens of market sources, including spot price feeds, nuclear-sector equities, commodity funds, and related assets.
The proprietary system uses sophisticated algorithms to update uranium spot price estimates every 60 seconds, providing an almost live pricing engine that mirrors the complex dynamics of uranium fluctuations.
"While uranium itself trades privately, its value is constantly being priced in public markets through related assets like uranium ETFs, mining stocks, and specialized funds. Our oracle uses statistical modeling to synthesize these pricing signals into a near-real-time uranium spot price estimate. It's similar to how other commodity benchmarks work, aggregating signals from related markets to create reliable price references," Ben Elvidge, Head of Commercial Applications at Trilitech and the Product Lead for Uranium.io, told CoinDesk.
Uranium.io is a blockchain-based project that aims to democratize the uranium market. The platform enables individual and institutional investors to trade and own fractional shares of physical uranium (U₃O₈), also known as "yellow cake," providing transparent access to a market traditionally dominated by large institutions.
Each xU308 token is backed by real, physical uranium stored in a regulated facility operated by Cameco, which is the world's largest publicly traded uranium company, based in Saskatoon, Saskatchewan, Canada.
The tokenization process begins once the physical uranium is verified and registered on the Tezos blockchain, including its physical properties, storage locations and regulatory approvals. A smart contract is then deployed to represent the uranium asset digitally on the blockchain, after which tokens are minted.
Arthur Breitman, co-founder of Tezos, stated that the pricing oracle will initiate the virtuous cycle of injecting efficient pricing information into the market, thereby enhancing liquidity and market efficiency.
"Price discovery for uranium isn't just happening in the uranium spot markets but across a wide array of economically related assets. The oracle starts a virtuous circle by injecting this information back into the uranium market, which in turn can improve its liquidity and foster better price discovery in the spot market," Brietman said in a press release shared with CoinDesk.
Spot Uranium ETF outshines BTC
While individual investors typically cannot own physical uranium, they have gained exposure through financial instruments such as uranium futures and exchange-traded funds (ETFs), which have provided significantly higher returns than bitcoin this year.
For instance, the Global Uranium ETF (URA) has surged by 71% this year, outperforming notable ETFs like BlackRock's bitcoin ETF, IBIT, which has gained 27%, showcasing the growing investor interest and strong performance potential in uranium-related assets.
The global uranium market has traditionally been fragmented and restricted, particularly for retail investors who face significant barriers to directly holding physical uranium.
This is largely due to uranium's association with nuclear weapons and strict regulatory controls. However, uranium remains a critical element at the heart of the clean energy transition, powering nuclear reactors that provide low-carbon electricity globally.
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11 September
North Shore Expands Land Position at Rio Puerco
North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to announce that it has staked 27 additional mining claims (the "New Claims") at its Rio Puerco uranium project in northwestern New Mexico ("Rio Puerco" or the "Project"). The Project now includes 64 adjoining Bureau of Land Management ("BLM") claims.
In 2009, a historical uranium resource estimate of 6.0 million tonnes at an average grade of 0.09% eU3O8 for 11.4 million pounds of U3O8 was reported for Rio Puerco (the "Historical Resource"). Initial review of the historical data suggests the potential for in-situ recovery ("ISR") mining, the lowest cost method for producing uranium. The entire Historical Resource is located on the original 37 Rio Puerco claims (the "Original Claims"). Previously completed exploration work suggests that there is potential to expand the reported uranium mineralization on both the Original Claims and the New Claims.
Brooke Clements, President and CEO of North Shore stated: "North Shore's Rio Puerco project in the Grants Uranium District of New Mexico, USA, hosts a significant historical uranium resource with excellent upside. The staking of 27 new claims complements the Company's strategy of confirming and expanding upon the scale of uranium mineralization found by previous work done at Rio Puerco while further assessing the potential for ISR uranium recovery."
RIO PUERCO WORK HISTORY AND HISTORICAL RESOURCE ESTIMATES
Uranium was first discovered at Rio Puerco in 1968. The claims covering the discovery were ultimately optioned to Kerr-McGee Corporation who drilled over 1,000 holes. Based on the results of that work, they began the development of the Rio Puerco Mine in the 1970s. The uranium mineralization is hosted in sandstone of the Jurassic-aged Morrison Formation, host to almost all of the significant uranium deposits in the Grants Uranium District, the largest historical uranium producing area in the United States. The mine was intended to be a room and pillar underground mine but was never put into production. Activity ceased after a short trial mining phase due to low uranium prices at the time. The underground mine infrastructure included a 260m vertical shaft, ventilation shafts, mining adits and support buildings. The mining shaft remains and road access to the site is excellent.
In 2009, Monaro Mining NL ("Monaro") commissioned an independent geological review and resource estimate for Rio Puerco using exploration data generated by Kerr-McGee in the 1960s and 1970s. The data used for the resource estimate consisted of historical maps and data from 764 drill holes including downhole gamma-ray data converted to percent equivalent U3O8 (eU3O8), geological logs and drillhole survey data. Monaro reported a JORC 2004-compliant inferred resource of 6.0 million tonnes at an average grade of 0.09% eU3O8 using a cutoff grade of 0.03% eU3O8 for 11.4 million pounds of contained U3O8 [1]. JORC is the Australian Joint Ore Reserves Committee, a professional code of practice that sets minimum standards for public reporting of Mineral Resources.
In 2011, Australian-American Mining Corporation Ltd. commissioned a technical report on Rio Puerco. This most recent report validated and confirmed the Historical Resource[2].
The Historical Resource outlined in this news release has not been verified and should not be relied upon. It is a historical estimate and not current and does not comply with Canadian NI 43-101 guidelines for the reporting of Mineral Resources. A qualified person has not verified the Historical Resource estimate on behalf of the Company and North Shore has completed no work programs at Rio Puerco. Though not current, the Company views the Historical Resource estimates as reliable and sufficient to justify the initiation of work programs aimed at validating and potentially expanding upon the estimates. There is no guarantee that the work programs envisioned by North Shore will ultimately result in the definition of NI 43-101 compliant resources.
The 27 new BLM claims are subject to the Rio Puerco Option Agreement under which North Shore has the right to acquire up to an 87.5% interest in Rio Puerco from Resurrection Mining LLC ("Resurrection"). Further information on Rio Puerco can be found in the Company's news releases dated June 24, 2025, and August 28, 2025.
The key assumptions, parameters, and methods used to prepare the Historical Resource estimate are described in the referenced technical reports.
EQUITY COMPENSATION
On September 10, 2025, the Board of Directors of the Company approved a grant of a total of 1,625,000 restricted share units ("RSUs") to directors, officers and consultants of the Company under the Company's shareholder approved Equity Incentive Plan. The RSUs will vest on the first anniversary of the grant date and will be settled in accordance with the Equity Incentive Plan.
In addition, a total of 2,075,000 stock options were granted pursuant to the Company's shareholder approved Stock Option Plan to directors, officers and consultants of the Company, and grant the holder the right to purchase one common share at a purchase price of $0.175 per common share for a period of five (5) years from the date of grant. The stock options will vest immediately upon grant.
The securities issued pursuant to the equity grants described herein are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange. The equity grants described herein remain subject to the approval of the TSX Venture Exchange.
ABOUT NORTH SHORE
The nuclear power industry is in growth mode as more nuclear power will be required to meet the world's ambitious CO2 emission-reduction goals and the needs of new power-intensive technologies like AI. In this environment, new discoveries of economic uranium deposits will be very valuable, especially in established uranium-producing jurisdictions like Saskatchewan and New Mexico. North Shore is well-positioned to become a major force in exploration for economic uranium deposits. The Company is working to achieve this goal by exploring Rio Puerco in the Grants Uranium District of New Mexico and its Falcon and West Bear properties at the eastern margin of the Athabasca Basin in Saskatchewan. In addition, the Company continues to evaluate quality opportunities in the United States and Canada to complement its portfolio of uranium properties.
QUALIFIED PERSON
Mr. Brooke Clements, MSc, P.Geol., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and the President and CEO of North Shore, has reviewed and approved the scientific and technical disclosure in this press release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future are forward-looking statements. These statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause actual results to differ materially from those discussed in the forward-looking statements. Forward-looking statements in this release include, but are not limited to: the Company's plans to confirm and expand upon the scale of uranium mineralization at the Rio Puerco project; the potential for in-situ recovery (ISR) mining at Rio Puerco; the initiation and results of work programs aimed at validating and potentially expanding upon historical resource estimates; the Company's ability to acquire up to an 87.5% interest in the Rio Puerco project and to create a joint venture with Resurrection Mining LLC; the grant, vesting, and settlement of restricted share units and stock options under the Company's equity incentive plans; the Company's ability to attract and retain directors, officers, and consultants through equity compensation; the Company's strategy to become a major force in uranium exploration and to evaluate additional opportunities in the United States and Canada; the actual results of current and planned exploration activities, including the potential for the definition of a mineral deposit of potential economic value at the Company's Falcon property in Saskatchewan and Rio Puerco in New Mexico; the ability of the Company to meet milestones and make bonus payments to Resurrection; the interpretation and meaning of completed and future geophysical surveys, drilling results, and economic evaluations; the availability of sufficient funding on terms acceptable to the Company to complete planned work programs; the timing and receipt of required regulatory and governmental approvals; and other statements that are not historical facts. Forward-looking statements are frequently characterized by words such as "plan", "project", "appear", "interpret", "coincident", "potential", "confirm", "suggest", "evaluate", "encourage", "likely", "anomaly", "continuous" and variations of these words as well as other similar words or statements that certain events or conditions "could", "may", "should", "would" or "will" occur. These statements are subject to various risks and uncertainties that may cause actual results to differ materially from those anticipated or implied, including, but not limited to: the speculative nature of mineral exploration and development projects; the ability to obtain necessary permits and approvals; changes in project plans and parameters; variations in mineral grades and recovery rates; accidents, labour disputes and other risks of the mining industry; the availability of funding on terms acceptable to the Company; delays in obtaining governmental approvals or financing; fluctuations in metal prices; and other factors described in the Company's public disclosure documents. There may be other factors that cause actual results, performance, or achievements to differ materially from those anticipated or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
[1] Monaro Mining NL, 2009, 250% increase in uranium resource inventory at Rio Puerco deposit, New Mexico USA: Monaro Mining NL ASX news release: (link)
[2] Boyer, D. and Ostensoe, E., 2011, NI 43-101 technical report, Rio Puerco deposit, Sandoval county, New Mexico, USA: Independent report commissioned by Australian-American Mining Corporation Ltd.: (link)
Click here to connect with North Shore Uranium Ltd. (TSXV:NSU) to receive an Investor Presentation
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10 September
Mart Wolbert: Uranium Prices, Supply, Demand — What's Next as Mindset Shifts
Mart Wolbert, analyst at Contrarian Codex, is seeing a uranium mindset shift as more investors take stock of the growing supply/demand imbalance in the market.
He explains how he's approaching uranium stocks and shares his price outlook.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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