Energy Fuels reported 2021-2Q revenue, losses and loss per share of $0.8 million, $10.8 million, and $0.15 per share. Results were below our expectations due to higher costs associated with Rare Earth Elements (REE) and a later-than-expected first shipment of REE (first shipment was July 7th with revenues falling outside of the quarter). The company continues to idle uranium production and vanadium sales at current prices. Investor focus is justifiably more centered on corporate developments than near-term results. The Balance Sheet is getting strong. Energy Fuels has $98.8 million of working capital including $79.4 million of cash, ahead of our forecasts. Rising inventories are the reason for higher working capital. In addition, the company has reached an agreement to sell non-core uranium assets for $24 million, which will further boost its cash and working capital position. A strong balance sheet leaves the company well positioned to expand uranium and vanadium production, or enter into REE separation, should pricing justify such investments. Uranium, vanadium and REE prices are rising and approaching a point where UUUU could begin production. Uranium prices have risen 7% ytd, vanadium prices have risen 83% ytd, and REE prices have risen 48%. Energy Fuels has ample inventory of uranium and vanadium and is ramping up REE carbonate production. We probably do not give the company enough credit for the optionality it has to shift focus on the three minerals as prices dictates. In addition, the company has signed an agreement to evaluate the recovery of thorium and potentially radium, further expanding its optionality. REE processing set back by Monazite sand delays. Management now expects to recover 700-1,100 tonnes of RE Carbonate in 2021, down from a previous estimate of 2,000-3,000 tonnes. The company cited a short-term delay in the supply of monazite sands to the mill for reduction. The news is disappointing but we remain confident that the company will be able to ensure adequate future supply Rating remains Outperform with a $9 price target. Reported results were below expectations and we are disappointed in REE delays. However, we believe the overall story remains in tact and believe we are starting to see the initial signs of an expected improvement in prices. Management will host a webcast on August 3 at 4:00 EST (888-664-6392). Read More >>
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Energy Fuels - 2021-2Q Results Impacted By Rising Costs Production Delays
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Laramide's Exploration Drilling at Amphitheatre Intercepts High-Grade Uranium; Points to a Developing Satellite Deposit
Highlights:
- Drilling at Amphitheatre Prospect returns high-grade uranium intercepts in AMD009
- Mineralization at Amphitheatre shows a relationship with mafic intrusive units sharing potential genetic similarities with the nearby Westmoreland uranium deposit
- Significant intersection within AMD009:
- Broad zone of 11.3m @ 0.23% U 3 O 8
- Including 4.0m @ 0.52% U 3 O 8 from 38.0m
- Also including within 1.0m @1.00% U 3 O 8 from 40.0m
- AMD009 is the first hole to have successfully intersected an apparent feeder mafic dyke system at approximately 190m downhole. This dyke is considered to be a key driver for mineralisation
- Multiple zones of uranium mineralisation also noted within AMD008
- Gold mineralisation co-incident with uranium within the system:
- AMD009 - 2.90 m @ 1.52 g/t Au from 39.10m down dip
Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia is pleased to announce the first assay results from the 2024 drilling activities at the Westmoreland Uranium Project in Queensland, Australia ("Westmoreland").
As reported on June 20, 2024 1 , this season's exploration drilling campaign at Westmoreland commenced at the Amphitheatre prospect approximately 16km northeast of the Junnagunna deposit, a deposit which is included in the 2016 PEA study 2 . Assays have been received from the first two holes drilled and include zones of shallow, high-grade uranium mineralisation including 4.0m @ 0.52% U 3 O 8 (and including within 1.0m @ 1.00% U 3 O 8 ) within a broader zone of 11.3m @ 0.23% U 3 O 8.
Furthermore, there is gold mineralisation associated with the system, including 2.90m @1.52 g/t Au from 39.1m (AMD009).
Commenting on the exploration results, Laramide's Vice-President of Exploration Rhys Davies said:
"The Westmoreland Uranium Project is a premier high-quality uranium asset with enviable characteristics including shallow depth, good grade, simple metallurgy and growth potential. The high-grade uranium intercepts that are being found at shallow depths at the Amphitheatre prospect, which is still at an early exploration stage, are very promising. Importantly, the tenor of the grades seen at Amphitheatre highlight the significant prospectivity of the broader district of Westmoreland and supports Laramide's focused attention on proving out the expansion potential towards increasing the mineable resources and improving the economics of a future mine. We look forward to updating investors as more assay results are received over the coming weeks and months."
_______________________________ |
1 Laramide Commences 2024 Australian Drilling Campaign (Press Release dated June 20, 2024) |
2 Westmoreland Uranium Project Technical Report https://laramide.com/projects/westmoreland-uranium-project/ |
Amphitheatre Uranium Prospect
The Amphitheatre uranium prospect is located 16km northeast of the Junnagunna uranium deposit and expresses as a strong 400m x 300m airborne radiometric anomaly. The area was subject to historical exploration in the late 1960s and early 1970s 3 with Laramide rediscovering its potential in the 2022 and 2023 drill programs.
Drilling in 2024 comprised 5 diamond holes ( 932.7m ), which targeted extensions to uranium mineralisation both laterally and down dip and successfully identified new zones for follow up. Initial composite downhole assay results from AMD009 include 4.0m @ 0.52% U 3 O 8 (including within 1.0m @ 1.00% U 3 O 8 ) within a broader zone of 11.30m @ 0.23% U 3 O 8 from 38m downhole (Table 2).
The Amphitheatre Prospect geology consists of the Cliffdale Volcanics and Westmorland Conglomerate and is predominantly situated within a stratigraphic basal pebble conglomerate (Ptw1). An interpreted north-south trending fault bounds stratigraphy to the east with a massive, medium sandstone and scattered quartz pebbles (Ptw2). Mineralisation is interpreted to be structurally and stratigraphically controlled, displaying an eastern downthrow with no apparent lateral movement (Ptw2 expressing to the east and Ptw1 to the west). Drilling in 2022 and 2023 indicated extensive remobilisation had occurred with secondary mineralisation (observed as carnotite, autunite, torbernite) 4 to the west of the north-south fault, whereas mineralisation to the east of the fault comprises of both primary and secondary mineralisation.
AMD009 intersected high-grade uranium mineralisation predominately observed as disseminated uraninite and torbernite within fracture fill and is variably associated with hematite alteration and silicification. A network of quartz veining with epithermal textures is also noted in zones which have returned substantial Au results.
AMD009 is the first hole to have successfully intersected an apparent feeder mafic dyke system at approximately 190m downhole. This dyke is considered a key driver for mineralisation.
Initial interpretation suggests that mineralisation may continue to the north but under alluvial cover, which obscures any surface radiometric response. Follow up holes to test this region are being planned for the end of the 2024 drilling campaign.
____________________________ |
3 Page 6.2 - Westmoreland Uranium Project Technical Report https://laramide.com/projects/westmoreland-uranium-project/ |
Table 1: Drill Collar Details | ||||||||||
Prospect | Hole ID | GDA_Easting | GDA_Northing | RL (m) | Depth (m) | Grid Azi | Dip | Hole type | Drilling started | Drilling completed |
AMPHITHEATRE | AMD008 | 209879 | 8074908 | 93 | 241.6 | 90 | -60 | DD | 01/07/2024 | 09/07/2024 |
AMPHITHEATRE | AMD009 | 209928 | 8074816 | 90 | 202.9 | 270 | -80 | DD | 10/07/2024 | 15/07/2024 |
AMPHITHEATRE | AMD010 | 209954 | 8074725 | 90 | 203.4 | 90 | -60 | DD | 15/07/2024 | 26/07/2024 |
AMPHITHEATRE | AMD011 | 209958 | 8074620 | 99 | 200.3 | 90 | -60 | DD | 26/07/2024 | 02/08/2024 |
AMPHITHEATRE | AMD012 | 209928 | 8074820 | 90 | 84.5 | 90 | -55 | DD | 03/08/2024 | 05/08/2024 |
Table 2: Significant intercepts >100ppm U 3 O 8 | |||||
Hole | From | To | Length | U 3 O 8 ppm | Au g/t |
AMD008 | 29.00 | 30.00 | 1.00 | 148.58 | 0.01 |
AMD008 | 56.00 | 58.00 | 2.00 | 305.41 | 0.03 |
AMD008 | 63.00 | 64.00 | 1.00 | 155.65 | 0.01 |
AMD008 | 70.00 | 71.00 | 1.00 | 298.34 | 0.04 |
AMD008 | 74.00 | 75.00 | 1.00 | 170.98 | 0.01 |
AMD008 | 84.00 | 85.00 | 1.00 | 146.81 | 0.02 |
AMD008 | 96.00 | 101.00 | 5.00 | 142.21 | 0.01 |
AMD008 | 143.00 | 144.00 | 1.00 | 474.04 | 0.02 |
AMD008 | 150.00 | 160.00 | 10.00 | 260.10 | 0.01 |
AMD008 | 165.00 | 167.00 | 2.00 | 124.41 | 0.01 |
AMD008 | 171.00 | 172.00 | 1.00 | 123.82 | 0.01 |
AMD008 | 173.00 | 174.00 | 1.00 | 104.24 | 0.01 |
AMD008 | 232.00 | 233.00 | 1.00 | 116.86 | 0.01 |
AMD009 | 20.00 | 21.00 | 1.00 | 112.02 | 0.01 |
AMD009 | 36.70 | 48.00 | 11.30 | 2274.26 | 0.46 |
Including* | 38.00 | 42.00 | 4.00 | 5230.49 | 1.12 |
Which | 40.00 | 41.00 | 1.00 | 9960.00 | 2.10 |
And* | 46.70 | 48.00 | 1.30 | 2334.82 | 0.05 |
AMD009 | 52.00 | 54.00 | 2.00 | 171.43 | 0.03 |
AMD009 | 69.00 | 71.00 | 2.00 | 267.97 | 0.09 |
AMD009 | 137.00 | 138.00 | 1.00 | 106.72 | 0.01 |
AMD009 | 141.00 | 142.00 | 1.00 | 209.90 | 0.01 |
*included intercepts are above >1000 ppm U 3 O 8 . |
The 2024 Westmoreland drilling campaign is continuing with two rigs currently operating at the Junnagunna and Huarabagoo deposits.
________________________________ |
5 Westmoreland Mineral Resource Estimates include an Indicated Mineral Resource totalling 36.0 million pounds of uranium contained in 18.7 million tonnes at an average grade of 0.089% U 3 O 8 and an Inferred Mineral Resource totalling 15.9 million pounds of uranium contained in 9.0 million tonnes at an average grade of 0.083% U 3 O 8 |
6 The May 2009 Mineral Resource Estimates for Westmoreland has been reviewed to ensure compliance with JORC 2012 and is restated as the 2016 Mineral Resource. All material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. |
Qualified/Competent Person
The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies , a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a Qualified Person under the guidelines of the National Instrument 43-101. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. All material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed pursuant to Listing Rule 5.23.
Follow us on Twitter @LaramideRes
About Laramide Resources Ltd.:
Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western United States . The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size, production potential, and the two large projects are considered to be late-stage, low-technical risk projects.
The Westmoreland project in Queensland, Australia , is one of the largest uranium development assets held by a junior mining company. This project has a PEA that describes an economically robust, open-pit mining project with a mine life of 13 years. Additionally, the adjacent Murphy Project in the Northern Territory of Australia is a greenfield asset that Laramide strategically acquired to control the majority of the mineralized system along the Westmoreland trend.
In the United States , Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium Project. An NI 43-101 PEA study completed in 2023 has described an in-situ recovery ("ISR") production methodology. The Company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and an underground project, called La Sal, in Lisbon Valley, Utah.
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
SOURCE Laramide Resources Ltd.
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AuKing Mining: Advancing Uranium, and Critical and Base Metals Assets in Australia, Tanzania and Canada
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio focused on uranium, copper and critical minerals in Western Australia, Tanzania and British Columbia, Canada. AuKing Mining aims to become a mid-tier producer with assets including the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju.
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
Company Highlights
- AuKing Mining is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals.
- The company holds a diverse portfolio of advanced exploration assets in Western (Koongie Park), Tanzania (Mkuju) and British Columbia, Canada (Myoff Creek)
- Koongie Park has a mineral resource estimate totalling 21.1 Mt across three well-explored deposits - Onedin, Sandiego and Emull.
- AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.
This AuKing Mining profile is part of a paid investor education campaign.*
Click here to connect with AuKing Mining (ASX:AKN) to receive an Investor Presentation
AuKing Mining
Investor Insight
With a portfolio of advanced stage exploration assets in the uranium, critical minerals and base metals space, AuKing Mining is poised to execute and accomplish its goals of becoming a mid-tier producer, creating significant shareholder value.
Overview
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals, in Western Australia, Tanzania and British Columbia, Canada. The company aims to become a mid-tier copper, uranium and critical metals producer through the acquisition and development of near-term production assets.
AuKing’s portfolio of assets includes the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
The Company is led by an experienced management and board of directors supporting and executing on the company’s strategic goals of becoming a mid-tier producer through its diverse project portfolio.
Company Highlights
- AuKing Mining is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals.
- The company holds a diverse portfolio of advanced exploration assets in Western (Koongie Park), Tanzania (Mkuju) and British Columbia, Canada (Myoff Creek)
- Koongie Park has a mineral resource estimate totalling 21.1 Mt across three well-explored deposits - Onedin, Sandiego and Emull.
- AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.
Key Projects
Mkuju Uranium Project (Tanzania)
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources Limited (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju. Results included:
Auger drilling:
MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8
MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8
Soil samples:
MKGS006 510ppm U3O8
MKGS017 8,800ppm U3O8
MKGS056 960ppm U3O8
Rock chip samples:
MKGS056 2,250ppm
MKGS057 800ppm U3O8Mkuju project location
Myoff Creek Niobium-REE Project (British Columbia, Canada)
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
There is significant potential to expand the current target area as it remains open at depth and along strike.
HERE AuKing’s exploration team has completed a recent site visit to Myoff Creek and have identified the need for a detailed airborne radiometric survey to be undertaken across the tenure area. This survey is expected to commence in Q4 of 2024 and will include coverage of the area where historical drilling identified significant niobium/REE results – thereby providing a “marker” for potential mineralization across the rest of the Myoff Creek area.
Koongie Park Copper-Zinc Project
Koongie Park project lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
AuKing owns 100 percent interest (subject to a 1 percent net smelter royalty) in Koongie Park and has received significant historical exploration and drilling since the 1970s. The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.Koongie Park and neighboring project holdings
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
Board and Management Team
Peter Tighe – Non-executive Chairman
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Tighe (with his wife Patty) owns Magic Bloodstock Racing (MBR), a thoroughbred horse racing and breeding company. MBR has acquired many horses which are trained and raced across Australia and around the world including “Winx”, one of the greatest thoroughbreds of all time winning more than $26 million in prize money.
Paul Williams – Managing Director
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
ShiZhou Yin – Non-executive Director
ShiZhou Yin holds a Master of Professional Accounting degree and is a Chinese-certified public accountant and a senior accountant. From September 1994 to September 2010, Yin served successively as accountant of Beijing No. 2 Water Pipe Factory, audit manager and audit partner of Yuehua Certified Public Accountants Firm, and senior partner of Zhongrui Yuehua Certified Public Accountants Co.
From April 2017 to the present time, Yin has been vice-president, chief financial officer and secretary of the board of JCHX Group Co..
Yin has also been the chairman of the board of supervisors of JCHX Mining Management Co. (Shanghai Stock Exchange Code: 603979) since May 2017. JCHX Mining Management is one of China’s largest mining services companies with operations around the world and has a share market capitalization of approx. US$5 billion.
Chris Bittar – Exploration Manager (MGeoSc, MComm (Finance), BMSc)
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman.
Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
Paul Marshall – Chief Financial Officer and Company Secretary
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
ASX Uranium Stocks: 5 Biggest Companies in 2024
Uranium has thrived in recent years, gaining traction in 2020 and 2021 while most of the world was at a standstill due to COVID-19. Prices for the energy fuel have continued to climb since then, sparking optimism for the future.
In 2022, the uranium price began spiking early in the year, reaching US$64.50 per pound in mid-April. This positive trend continued through 2023, when prices rose 87 percent to reach US$90.27 by the end of the year.
Uranium reached its highest level in nearly two decades when values surpassed the US$100 level in February 2024. Since then, prices have contracted, but remain historically high. As of mid-August, values were holding in the US$80.50 range.
Looking at tight supply and strong demand, experts say the future of uranium is bright. With hopes high for the commodity, those looking to capitalise on uranium stocks have a lot of upside to bolster their investment case.
To help interested investors, the Investing News Network has compiled a list of the biggest ASX uranium stocks by market cap. Data was gathered on August 21, 2024, using TradingView's stock screener. All data was current at that time.
1. Paladin Energy (ASX:PDN)
Market cap: AU$3.06 billion; share price: AU$10.10
Based out of Western Australia, Paladin Energy's goal is to be a reliable supplier of clean energy for the future. Its main focus is uranium mining, and it currently has one active mine: Langer Heinrich in Namibia, of which it owns 75 percent. The company also has an exploration portfolio that spans both Canada and Australia.
Paladin's operations were paused in 2018 due to continued low uranium prices. However, in 2022, the company began the process of restarting operations at Langer Heinrich and saw a more-than-successful share purchase plan completed in May of that year.
Langer Heinrich ultimately restarted commercial uranium production on March 30, 2024, meeting both the company's scheduled timeline and its capital cost estimate of US$125 million. With production now underway, Paladin is working to ramp up output and build inventory for upcoming customer shipments.
On June 24, Paladin announced plans to acquire Fission Uranium (TSX:FCU,OTCQX:FCUUF).
2. Boss Energy (ASX:BOE)
Market cap: AU$1.19 billion; share price: AU$2.95
Boss Energy is ramping up production at both its Honeymoon and Alta Mesa uranium assets.
Located in South Australia, the Honeymoon mine is licenced and permitted for the production, storage and export of uranium. With a strategically designed processing plant, the property has a small footprint and upholds the Heritage and Native Title mining agreements on the land. Since it acquired Honeymoon in December 2015, Boss Energy has developed the project's JORC resource from 16.6 million pounds to 71.6 million pounds.
In April of this year, Boss Energy achieved a significant milestone at Honeymoon, announcing production of the mine's first drum of uranium as part of the commissioning process. The operations are using Boss' lixiviant chemistry and ion exchange technology.
Then, in early June, the companystarted production at the Alta Mesa central processing uranium plant and wellfields in South Texas. Boss Energy holds a 30 percent stake in the Alta Mesa project, with the remaining 70 percent owned by enCore Energy (TSXV:EU,NASDAQ:EU).
In late July the company released drill results from work at Gould’s Dam, which is a satellite deposit located 80 kilometers from the Honeymoon mine. The strong drilling results support its plan to use the deposit to boost Honeymoon’s production from 2.45 million to 3.3 million pounds annually and/or extend the mine’s life, according to the company.
Boss’ most recent quarterly activities report noted production of 57,364 pounds of uranium in the June quarter and said it is on track to meet production goals of 850,000 pounds of U3O8 in its fiscal year 2025.
3. Deep Yellow (ASX:DYL)
Market cap: AU$1.01 billion; share price: AU$1.05
Deep Yellow is committed to developing a high-output, cost-effective, tier-one uranium company. Its portfolio consists of six assets over two countries, Namibia and Australia. Its Namibian projects are the Tumas and Omahola projects, as well as the Nova and Yellow Dune joint ventures. In Australia, the company has its Mulga Rock and Alligator River projects.
Tumas and Mulga Rock are Deep Yellow's most advanced assets, and it plans to make a final investment decision for Tumas late in Q3 of this year. A February placement of AU$220 million is helping to progress this work.
Also in February, Deep Yellow released an updated resource estimate for Mulga Rock's Ambassador and Princess deposits, together known as the Mulga Rock East deposits. The company reported a 26 percent increase in total contained uranium, raising the amount from 56.7 million pounds of U3O8 to 71.2 million pounds of U3O8 at a cut-off grade of 100 parts per million. Eighty-six percent of the Mulga Rock East uranium resource is now classified as measured and indicated using the same cut-off grade.
In the most recent quarterly results for the June quarter, Deep Yellow noted that Ausenco Services has been selected as the EPCM contractor for its Tumas project, which is set for commissioning in Q3 2026. Additionally, Deep Yellow completed resource upgrade drilling at Tumas 3 during the quarter and plans to release an updated mineral resource estimate. The company also commenced hydrological drilling at its Mulga Rock project, and raised AU$250 million, boosting its cash reserves to AU$257.5 million.
4. Lotus Resources (ASX:LOT)
Market cap: AU$430.46 million; share price: AU$0.23
Lotus Resources' flagship asset is the Kayelekera uranium mine in Malawi, which it acquired from Paladin Energy in 2020. Lotus currently has 85 percent ownership of the project, and the remaining 15 percent is owned by the Malawi government. The mine has been on care and maintenance since 2014 due to a prolonged lull in uranium prices.
Now that prices for uranium have recovered, the company is interested in restarting production at Kayelekera. In August 2022, Lotus completed a restart definitive feasibility study to test the mine's potential — encouragingly, the study showed Kayelekera is a low-cost operation with the potential to begin production in 2024 or 2025. It is estimated to have a 10 year mine life, with 19.3 million pounds of uranium expected to be mined over that period.
Last July, the company announced a merger plan with A-Cap Energy, an Australian resource company focused on the development of its Letlhakane uranium project in Botswana. The deal closed at the end of November.
This past May, Lotus Resources released a revised resource estimate for its Letlhakane uranium project in Botswana. It identifies indicated and inferred resources of 155.3 million tonnes at 345 parts per million U3O8 for 118.2 million pounds of U3O8 at a cut-off grade of 200 parts per million; that includes 34.4 million pounds in the indicated category. The estimate will be used to support upcoming mining studies, with a scoping study expected in Q4.
In late July, Lotus signed a Mine Development Agreement with the Government of Malawi for its Kayelekera uranium mine that guarantees a 10 year stability period. According to the company, the agreement ensures the mine will operate under a stable fiscal regime.
5. Bannerman Energy (ASX:BMN)
Market cap: AU$423.29 million; share price: AU$2.37
Bannerman Energy is a uranium development company headquartered in Perth. Its primary focus is its Etango uranium project in Namibia, for which it has developed a base-case development plan using an 8 million tonne per year throughput rate; the company has dubbed this Etango-8.
Etango is located on one of the world’s largest untapped uranium resources within Namibia’s established uranium-mining district, and the Etango-8 mine life would be 15 years. Earlier in the year, in mid-March, the company released a scoping study that looks at higher throughput and operating life options for Etango. However, it currently remains committed to the Etango-8 scenario.
In mid-June, Bannerman announced the completion of front-end engineering design and control budget estimate processes for Etango-8. It is now undertaking early works construction activities for the asset, as well as working on offtake marketing and strategic financing workstreams. Detailed design works are also taking place.
The company also raised AU$85 million in new equity to fund early works and long-lead items. Bannerman expects to make a final investment decision for the project during the second half of 2024.
FAQs for ASX uranium stocks
Is there a uranium ETF in Australia?
There are currently two uranium-focused exchange-traded funds (ETFs) listed on the ASX.
The Global X Uranium ETF (ASX:ATOM) offers investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those involved in the extraction, refining, exploration and manufacturing of equipment for the uranium and nuclear industries.
Meanwhile, the Betashares Global Uranium ETF (ASX:URNM) aims to track the performance of an index (before fees and expenses) that provides exposure to a portfolio of leading companies in the global uranium industry.
Article by Georgia Willians; FAQs by Melissa Pistilli.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: Georgia Williams and Melissa Pistilli hold no direct investment interest in any company mentioned in this article.
Exploration Plans for Myoff Creek Niobium/REE project in British Colombia, Canada
AuKing Mining Limited (ASX: AKN) is pleased to provide details of its exploration plans for the balance of the year for its now 100% owned Myoff Creek Niobium/REE project in British Colombia, Canada.
HIGHLIGHTS
- Carbonatite Mineralisation: Near-surface carbonatite mineralisation spans an extensive area based on historical exploration – proposed airborne survey to test a 6km long by 1.5km wide zone.
- High Grade Intercepts: Notable high-grade intercepts include 0.93% niobium (Nb) and 2.06% total rare earth oxides (TREO). (See ASX release 22 July 2024).
- Significant Exploration Potential: The mineralisation remains open (subject to verification) at depth and along strike, indicating significant potential for further mineral discovery and expansion. Maximum detection limits of Nb and Ce were detected in rock chips ~2km away from the historically drilled zone.
- Strategic Location: The claims are strategically situated in the South-Central mining region of British Columbia, known for its rich mineral deposits.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
AuKing’s Managing Director, Mr Paul Williams, said that with the strong levels of market interest in the exploration and development of niobium/rare earth elements (REE) the Company was keen to get some exploration activities underway at the recently-acquired Myoff Creek project. The Company’s Exploration Manager (Mr Chris Bittar) has just recently returned from a visit to site with the local consultants and an initial exploration program has been established.
“Myoff Creek is situated in south-eastern British Colombia and has been the subject of exploration activities for 40 years. Previous exploration activities (including drilling programs) have identified a 1.4km by 0.4km area of near-surface Nb-REE bearing carbonatite hosted mineralization. This work was focused on the northern area of the tenure package. We intend to use that historical exploration background to carry out a combination of airborne radiometric surveys and rock chip/soil sampling across the entire tenure area over the next few months,” Mr Williams said.
Background
Niobium is a vital element used to create nanocrystalline materials, which are a new generation of advanced soft magnetic alloys that are used to control and convert electricity. By adding niobium to the alloys, the materials can have a crystal size of <10 nanometers. That means high permeability and a high heat tolerance – perfect for making miniature and lightweight materials that advanced technology is increasingly seeking.
Most of the world’s niobium (Nb) production (around 82%) derives from the largely Chinese- owned CBMM mine in Brazil. Just 8% of production comes from outside South America at IAMGOLD Corp’s Niobec mine in Quebec, Canada.
The West Arunta region of eastern Western Australian has also become the focus of a substantial amount of activity largely off the back of WA1’s major 200Mt Luni discovery which has seen that company achieve a share market capitalization of more than $1Bn.
Myoff Creek Location
The Myoff Creek Nb-REE project is located in the northern Monashee Mountains of south- eastern BC, Canada.
Figure 1 – Myoff Creek Project location
The nearest township is Seymour Arm which is accessed by 41km of private logging roads from Anglemont which is serviced by 53km of paved road connecting with the Trans Canada Highway, 10km east of the town Chase. Kamloops (pop. 108,000) is the major commercial centre in the region, approximately 200km away from the Myoff Creek project.
The Myoff Creek property is mountainous and locally rugged with elevations ranging from 1,250 to 1,700m above sea level. Vegetation is mostly second-growth pine forest and sub- alpine shrubbery. The climate is typical of southern BC interior mountain ranges with cold moist winters and warm dry summers. Snow falls from October to April but mostly between November and February. The community of Seymour has accommodation and logistical support and the nearest hospital is at Salmon Arm. Both Salmon Arm and Kamloops have numerous resources such as equipment and professional services for mining and exploration activities.
Click here for the full ASX Release
This article includes content from AuKing Mining, 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.
Ur-Energy to Hold 2024 Q2 Webcast and Teleconference
Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") invites you to attend its 2024 Q2 webcastteleconference on Tuesday, August 27, 2024
Ur-Energy management will provide a review of our 2024 Q2 operations and results.
A Q&A session will follow the presentation. Please submit a question prior to the webcast here as we will be responding to questions from the online webcast conference facility.
The webcast and teleconference will be held Tuesday, August 27, 2024 at 9:00 a.m. MT / 11:00 a.m. ET. Please join us by phone or online as follows:
Toll Free Number: 888-506-0062
International Number: 973-528-0011
Provide event code 594865 or ask to join the Ur-Energy call.
The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser: https://www.webcaster4.com/Webcast/Page/2307/51194.
Following the webcast, a replay will be available at the same link.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.7 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 ‘go' decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman and CEO
1-720‐981‐4588 (ext 303)
John.Cash@Ur-Energy.com
SOURCE: Ur-Energy Inc.
View the original press release on accesswire.com
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