• Pre-income tax IRR of 116% and NPV of US$120.9 million
  • Post-income tax IRR of 101% and NPV of US$102.6 million
  • 6.5 million pounds of U3O8 production over 7 years; steady state production of 1.0 million pounds per year
  • Robust satellite project to Azarga Uranium's flagship Dewey Burdock ISR Uranium Project with low initial capital expenditures estimated at US$26.0 million
  • Direct cash operating costs estimated at US$11.52 per pound of production

Azarga Uranium CORP. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) ("Azarga Uranium" or the "Company") is pleased to announce the positive results of an independent Preliminary Economic Assessment ("PEA") on its Gas Hills In-situ Recovery Uranium Project in Wyoming, USA (the "Gas Hills Project") following an increased mineral resource estimate announced by the Company on 30 March 2021. The PEA has been prepared in accordance with the requirements of National Instrument 43-101 ("NI 43-101

Blake Steele, the Company's President and CEO commented: "We are extremely pleased with the results of our maiden in-situ recovery ("ISR") PEA for the Gas Hills Project. The PEA demonstrates robust economics and expands the future production profile of the Company into the state of Wyoming, which has a long history of successful ISR operations. The PEA results further validate our Company's strategy of developing low-cost ISR projects as we continue to progress our flagship Dewey Burdock Project towards construction. With uranium markets in a structural deficit, Azarga Uranium is exceptionally well positioned to capitalize on the anticipated recovery in the uranium price through its two tier one development stage ISR uranium projects in the USA."

Summary of Economics

The base case economic assessment results in a pre-income tax internal rate of return ("IRR") of 116% and a pre-income tax net present value ("NPV") of US$120.9 million when applying an eight percent discount rate. Using the same discount rate, the post-income tax IRR is 101% and the post-income tax NPV is US$102.6 million.

Life of Mine Cash Flow Line Items


Total or average

US$ per pound of production

Uranium production (U3O8)

Lbs ‘000s



Base case uranium price




Uranium gross revenue

US$ ‘000s



Less: surface and mineral royalties

US$ ‘000s



Taxable revenue

US$ ‘000s



Less: property, ad valorem and severance tax

US$ ‘000s



Net gross sales

US$ ‘000s



Less: plant and wellfield operating costs

Less: resin processing and transport costs

US$ ‘000s US$ ‘000s





Less: product conversion and shipping costs

US$ ‘000s

US$ ‘000s





Less: land and administrative support costs

Less: D&D and restoration costs

US$ ‘000s



Net operating cash flow

US$ ‘000s



Less: pre-production capital costs

US$ ‘000s



Less: plant development costs

US$ ‘000s



Less: wellfield capital development costs

Less: transfer pipeline costs

US$ ‘000s US$ ‘000s





Net pre-income tax cash flow

US$ ‘000s



Less: income taxes

US$ ‘000s



After tax cash flow

US$ ‘000s



The projected cash flows for the Gas Hills Project PEA are positive in the 1st year of production, two years after the commencement of construction. Initial capital expenditures are estimated at US$26.0 million.

Direct cash operating costs are estimated to be US$11.52 per pound of production, royalties and local taxes are estimated to be US$3.62 per pound of production and the total pre-income tax cost of uranium production is estimated to be US$28.20 per pound of production. Income taxes are estimated to be US$3.82 per pound of production and have been calculated on a project basis in accordance with NI 43-101 requirements; therefore, certain tax shelter balances, such as tax loss carry forwards available at the corporate level, have not been considered.

Pre-income tax NPV and IRR Sensitivity to Alternative Uranium Price Scenarios

Uranium price scenario















US$55/lb (base case)












Cautionary statement: The results of the Gas Hills Project PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The Gas Hills Project PEA is based on the Company's mineral resource estimate announced on 30 March 2021. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery (80%) used in the Gas Hills Project PEA is based on site-specific laboratory recovery data and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved. There is no certainty that the Gas Hills Project PEA will be realized.

Project Description

Between 1953 and 1988 many companies explored, developed, and produced uranium in the Gas Hills district, including on lands now controlled by Azarga Uranium. Three uranium mills have operated in the district and two other uranium mills, which operated nearby, were also fed by ore mined from the Gas Hills district. Cumulative production from the Gas Hills district is in excess of 100 million pounds of uranium, mainly from open-pit mining, but also from underground mining and ISR.

Data sources for the estimation of uranium mineral resources for the Gas Hills Project include radiometric equivalent data (eU3O8) for 4,569 drill holes, and eU3O8 and prompt fission neutron logging data for 272 drill holes. The intent of recent drilling between 2007 and 2013 included verification of earlier data for drill holes and exploration.

Metallurgical studies were completed on recovered materials including bulk samples from reverse circulation drilling and cored sections. Bottle roll and column leach tests indicate uranium recoveries of ~90% and sulfuric acid consumption of ~55 pounds per ton treated, which is consistent with past mining results.

The Gas Hills Project PEA contemplates a satellite plant development approach with final processing at a central processing facility to be constructed at Azarga Uranium's Dewey Burdock Project. Construction of the Gas Hills Project will consist primarily of wellfields in four separate resource areas connected by pipelines to a single satellite plant location containing ion exchange equipment used to extract uranium from produced wellfield fluids. Ion exchange resin will be shipped from the Gas Hills Project to the Dewey Burdock Project for uranium stripping and regeneration, with creation of a dried yellowcake product at Dewey Burdock. This concept has been used successfully for decades in numerous ISR uranium operations in Texas and Wyoming. Wellfield extraction methods will utilize a low-pH complexing solution consistent with other successfully licensed ISR uranium facilities in Wyoming and worldwide. Average project flow rate is estimated at 2,400 gallons per minute with an average head grade of 97 parts per million for an annual production capacity of 1.0 million pounds U3O8.

Qualified Person

The disclosure of a scientific and technical nature contained in this press release was approved by Ray Moores, P.E., and Steve Cutler, P.G., qualified persons ("QP") as that term is defined under NI 43-101.

The Gas Hills Project PEA has been prepared in accordance with the requirements of NI 43-101 by Western Water Consultants, Inc. dba WWC Engineering, Ray Moores, P.E., QP and Roughstock Mining Services, Steve Cutler, P.G., QP. The full technical report and PEA will be filed on SEDAR at and Azarga Uranium's website within 45 days of the issuance of this news release.

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America ("USA") (South Dakota, Wyoming, Utah and Colorado), with a primary focus of developing in-situ recovery uranium projects. The Dewey Burdock in-situ recovery uranium project in South Dakota, USA (the "Dewey Burdock Project"), which is the Company's initial development priority, has received its Nuclear Regulatory Commission License and Class III and Class V Underground Injection Control ("UIC") permits from the Environmental Protection Agency (the "EPA") and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project.

For more information, please visit

Follow us on Twitter at @AzargaUranium.

For further information, please contact:

Blake Steele, President and CEO
+1 605 662-8308

Disclaimer for Forward-Looking Information

Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to the Company's Gas Hills Project PEA, the future financial or operating performance of the Company and its mineral projects, the estimation of mineral resources, the timing and amount of estimated future production and capital, operating and exploration expenditures, the Company's future production profile expanding into the state of Wyoming, the Company being exceptionally well positioned to capitalize on the anticipated recovery in the uranium price, the Gas Hills Project PEA contemplating a satellite plant development approach with final processing at a central processing facility to be constructed at Azarga Uranium's Dewey Burdock Project, and the Company being in the process of completing regulatory permit approvals necessary for the construction of the Dewey Burdock Project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Azarga Uranium will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: the risk that the Gas Hills Project is not constructed and the estimated economics of the PEA are not realized, the risk that the estimated economics contained in the PEA do not reflect actual project economics, the risk that the Company's future production profile does not expand into the state of Wyoming, the risk that the Company is not exceptionally well positioned to capitalize on the anticipated recovery in the uranium price, the risk that a central processing facility is not constructed timely or ever at Azarga Uranium's Dewey Burdock Project and therefore the Gas Hills Project PEA cannot be realized, the risk that the Company does not complete regulatory permit approvals necessary for the construction of the Dewey Burdock or Gas Hills Project, the risk that such statements may prove to be inaccurate and other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Azarga Uranium assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the most recent AIF filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

SOURCE: Azarga Uranium Corp.

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Top Stories This Week: Gold Hits US$1,800, UEC and Denison Fight for UEX

Top Stories This Week: Gold Hits US$1,800, UEC and Denison Fight for

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Global Atomic Announces Q2 2022 Results

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the three and six months ended June 30, 2022 .


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Global Atomic Concludes Negotiations with the Government of Niger, forms Dasa Project Operating Company and appoints Board of Directors and Senior Management

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12), is pleased to announce the incorporation of Société Minière DASA S.A. or "SOMIDA", the Company's Niger mining subsidiary under which the Dasa Uranium Project will operate. SOMIDA will be governed by a Board of Directors comprised of six representatives from the Company and three representatives of the Government of Niger .

Global Atomic Corporation Logo (CNW Group/Global Atomic Corporation)

  • Share ownership of SOMIDA will be 80% Global Atomic and 20% Government of Niger , including the 10% carried interest provided under the Niger Mining Code
  • The Niger Government will own 20% of the shares of SOMIDA and receive dividend income when paid
  • The Niger Government is obligated to contribute 10% of all capital and operating costs over the life of the mine
  • Moussa Souley, the former Managing Director of Orano's COMINAK Mine, has been appointed Managing Director of SOMIDA
  • Robert Parr , Mining Engineer, MBA, has been appointed Project Manager for Dasa

"Global Atomic Corporation would like to thank His Excellency, President Mohamed Bazoum and Madame Hadizatou Ousseini Yacouba, Minister of Mines of the Republic of Niger , for their support of the Dasa Project. We look forward to a long-term partnership in the development and operation of our outstanding new uranium mine which will benefit all Nigeriens", said Stephen G. Roman , Global Atomic's President & CEO.

"The Niger Government's decision to acquire and fund an additional 10% interest in the Dasa Project reflects their confidence in the quality of the deposit and longevity of the mine.  Uranium mining plays an important social-economic role in Niger , providing steady long-term employment and associated economic benefits including royalty payments, tax revenue at the local, regional and national levels, foreign exchange earnings and funds for regional development and local communities."

"This agreement demonstrates the Niger Government's commitment to support the Dasa Project, which will be viewed positively by our Banking Syndicate, who are currently conducting their Due Diligence review. We are now constructing the Dasa mining camp to house employees during construction and early-stage mine development. The Mine Site infrastructure is currently well advanced, with completion timed to coincide with commencement of mining operations and the collaring of the Portal, scheduled for November, 2022."

About Moussa Souley

Moussa Souley, is a Nigerien mining engineer, who from 2016 to 2021 was the Managing Director of the COMINAK Underground Mine a subsidiary of the French nuclear energy company Orano Group, located 100 kms north of the Dasa Project.  The Cominak Mine employed over 1,000 people and shut down after 50 years of mining in March 2021 .

Starting in December 2002 , Mr. Souley held several management positions with Orano (previously AREVA) in Niger and France.  Prior to that Mr. Souley worked as a mining engineer for Noranda in Canada , where he also studied mining and mineral processing engineering and received his Masters Degree in Mineral Economics from the University of Montreal .  Mr. Souley has also lectured and designed workshops at the Engineering School of Mines, Industry and Geology in Niamey, Niger .  Mr Souley speaks French and English.

About Robert Parr

Robert Parr is a mining engineer with more than 25 years' operational and technical experience across both underground and open pit operating environments.  He brings valuable and extensive experience from the significant time he has spent on Australian and international projects ( Africa , South America , Asia and Scandinavia).  Mr. Parr has recently held the roles of Chief Operating Officer for both a leading African mining contractor (SFTP Mining) and a large Colombian gold miner ( Caldas Gold ).  Prior to that he was the Project Director for constructing Sissingue Gold Mine in Ivory Coast .  He also has mine construction experience with Ranger Uranium (Rio Tinto, Australia ), Hecla Mining (San Isidora, Venezuela ), Barrick Gold (Bulyanhulu, Tanzania ) and Porgera Joint Venture (Barrick, Nui Guini ).  Mr. Parr speaks native English, conversational French and Spanish, and beginner Arabic.  He is a member of AusIMM and qualifies as a Competent Person for evaluating mining reserves.

About Global Atomic

Global Atomic Corporation ( ) 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 includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration.  With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger , the Dasa Project is fully permitted for commercial production.  The Phase 1 Dasa Feasibility Study filed December 2021 represents approximately 20% of the current resource and estimates 45.4 million pounds U 3 O 8 production over a 12-year period to commence by the end of 2024.  Mine excavation began in Q1 2022.

Global Atomics' Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Turkey . 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") listed on the Frankfurt exchange under 'BFSA', holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .

The information in this release may contain forward-looking information under applicable securities laws.  Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks.  Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and  phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved".  All information contained in this news release, other than statements of current or historical fact, is forward-looking information.  Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made.  Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance upon forward-looking statements.  Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law.  Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

SOURCE Global Atomic Corporation

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Saskatoon, Saskatchewan TheNewswire - August 9, 2022 UEX Corporation (TSX:UEX) (OTC:UEXCF) (" UEX " or the " Company ") announces that the Board of Directors of the Company (the " Board ") has unanimously determined, after consultation with its financial and legal advisors, that the unsolicited non-binding proposal that was received by the Company from Denison Mines Corp. (" Denison ") on August 8, 2022 (the " Denison Offer ") for the acquisition of all of the issued and outstanding common shares of UEX (" UEX Shares ") in consideration for common shares of Denison (" Denison Shares ") constitutes a "Superior Proposal" under the arrangement agreement dated June 13, 2022, as amended June 23, 2022 and August 5, 2022, among UEX, Uranium Energy Corp. (" UEC ") and UEC 2022 Acquisition Corp. (the " UEC Arrangement Agreement ").

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Denison Mines logo (CNW Group/Denison Mines Corp.)

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