UUUU reports financial results. As expected, Energy Fuels completed another year of limited production and sales due to depressed uranium prices. On a positive note, losses decreased due to cost reductions and there are signs that uranium prices may be improving. The operating loss for the year was $24.6 million vs. $40.6 million and $34.0 million expected, and EPS was $(0.23) vs. $(0.40) and $(0.28) expected. Call on Tuesday at 4:00 pm ET (888-664-6392). The company shored up its balance sheet and appears ready to expand. Management took advantage of share price strength to raise $30.4 million on its ATM program pushing working capital to $40.2 million ($22.4 million cash/mkt sec). The company has no debt. Both numbers are up sharply from last year and leave Energy Fuels in a good position to weather another year of operating losses if uranium prices do not improve. Management is prepared to forego sales at current prices and build up its inventory. The company has no remaining uranium contracts and all inventory and future production is unhedged. Uranium producers and purchasers seem to be at a standstill with producers unwilling to sell at prices below $40/lb and purchasers unwilling to sign contracts at prices above the current spot price of $27/lb. Nuclear plants have been meeting supply through international purchases (cheap sources are running out), depleting inventory, uranium underfeeding and weapons degrading — all short-term strategies. Meanwhile, UUUU is planning on expanding inventories in anticipation of a price rise possibly enhanced by the creation of a national uranium reserve ($75 million approved in the last budget for reserve). Keep an eye on Vanadium and Rare Earth Element (REE) developments. The company has accelerated the mining of Vanadium, which is seeing prices rise, and the production of REE. Mark Chalmers (P & CEO) referred to REE at the best resource opportunity in his 45-year mining career. At this point, we view Vanadium and REE as wild cards that are not significant contributors to results, but could become significant in the future. We continue to rate the shares of UUUU as Market Perform with the stock trading near our fair value estimate, which does not include value for Vanadium or REE.Read More >>
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Energy Fuels - Energy Fuels Restocks its Balance Sheet and Inventories
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Denison Announces Signing of Sustainable Communities Investment Agreement
Denison Mines Corp. ("Denison") (TSX: DML) (NYSE American: DNN) is proud to announce the signing of a Sustainable Communities Investment Agreement (the "Agreement") with the municipalities of the Northern Village of Beauval the Northern Village of Île-à-la Crosse, the Northern Hamlet of Jans Bay and the Northern Hamlet of Cole Bay (the "Communities"). View PDF version
The Agreement acknowledges that the municipalities are located in northern Saskatchewan and have a desire to work together to develop a regional approach that enables social, economic and cultural revitalization. Denison is focused on developing its flagship Wheeler River project (the "Project") in a sustainable manner that (i) supports Community-led objectives and initiatives and (ii) empowers the Communities to develop their capacity to take advantage of development opportunities and create a positive legacy beyond the lifespan of the Project.
Mayor of Beauval , Nick Daigneault , stated, " The Communities are very excited to enter into the Agreement with Denison, who fully understands our need to sustain our municipalities in Northern Saskatchewan for many years to come. Each of our communities have limited pools of money to tap into and there is only so much tax revenue our communities can garner to tackle both the communities' aging infrastructure as well as important community needs. By partnering with industry, our communities will be able to develop an additional fund that will grow over time and provide us with much needed financial support to see community projects become a reality. Denison has stepped-up to support our communities and I'm hopeful that the Agreement will lead the way as a shining example of how industry can work with our Northern Saskatchewan municipalities. We are grateful for the discussions we have had with Denison's leadership team and the fact that they share, and are excited about, our vision for prosperous and sustainable communities. "
David Cates , President & CEO of Denison, further added, " This Agreement builds upon a foundation of trust and respect established between Denison and the municipalities of Beauval and Île-à-la Crosse with the signing of a Memorandum of Understanding in 2018 and 2017, respectively. As Wheeler River has progressed over the last several years, we have listened to, understood, and responded to the interests of the Communities. This Agreement uniquely reflects the Communities' own vision for industry to support a positive legacy of sustainable northern communities. We thank the Communities' leaders and constituents for their support and trust in Denison, and we look forward to a long and mutually beneficial relationship ."
The Agreement with the Communities establishes commitments for funding to support community development initiatives, with consideration towards contributing to the current and future economic prosperity and sustainability of the Communities by promoting economic development and investments in capital projects, job creation and training, housing, education, and other initiatives. The parties to the Agreement also acknowledge a common goal of facilitating qualified businesses and workers in benefitting from opportunities associated with the Project.
In consideration for contributions to the Communities' initiatives, the Communities have provided their consent and support for the Project and have committed, amongst other things, to support all regulatory approvals issued for the Project related to exploration, evaluation, development, operation, reclamation, and closure activities.
The Municipality of Beauval - " Beautiful Valley " - is located in Northern Saskatchewan overlooking the lovely Beaver River Valley providing a striking view of the river and surrounding nature. The Beaver River offers world-class pickerel fishing, and nearby lakes stocked with abundant Trout and Northern Pike makes Beauval an ideal destination for anglers. The community has a proud history of culture, language, and heritage. In history, Beauval was a trading post location along the Churchill River trade route for the Hudson's Bay Company, this route is still travelled via canoe by history buffs and avid outdoors people for the pristine scenes and memorable nature experience with historic influence .
The Northern Village of Île-à-la Crosse is located in north-central Saskatchewan at the base of a peninsula extending into Lac Île-à-la Crosse. The village is the second oldest community in northern Saskatchewan , established in 1776. In 1846, Roman Catholic Missionaries arrived and constructed the Chateau St. Jean Mission and a neighbouring school. The Sisters of Charity of the Roman Catholic Church was initiated soon after and still plays a prominent role within the community. This community is the birthplace of Louis Riel Sr. and was home to Sister Margaret Riel , sister of Louis Riel . The Village has a population of 1,425 (2021 Census) and prominent Aboriginal architect Douglas Cardinal designed Rossignol Elementary School .
The Northern Hamlet of Jans Bay is located in northwest Saskatchewan along the southeast shore of Canoe Lake. Situated west of Beauval on Hwy 965, the community is within close proximity to its sister communities of Cole Bay and Canoe Narrows . This friendly community is surrounded by forest, lakes, and wildlife.
The Northern Hamlet of Cole Bay is located 60 km west of Beauval on the southwest shore of Canoe Lake at the junction of Highway 903 and 965 , and is within close proximity to Jans Bay and Canoe Narrows .
Wheeler River is the largest undeveloped uranium project in the infrastructure - rich eastern portion of the Athabasca Basin region, in northern Saskatchewan . The project is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90% and operator) and JCU ( Canada ) Exploration Company Limited ( " JCU " , 10%). In August 2023 , Denison filed a technical report summarizing the results of (i) the feasibility study completed for In-Situ Recovery ("ISR") mining of the high-grade Phoenix uranium deposit and (ii) a cost update to the 2018 Pre-Feasibility Study for conventional underground mining of the basement-hosted Gryphon uranium deposit. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and have advanced significantly, with licensing in progress and a draft Environmental Impact Statement submitted for regulatory and public review in October 2022. More information is available in the technical report titled "NI 43-101 Technical Report on the Wheeler River Project Athabasca Basin, Saskatchewan, Canada " dated August 8, 2023 with an effective date of June 23, 2023 , a copy of which is available on Denison ' s website and under its profile on SEDAR + at www.sedar plus.ca and on EDGAR at www.sec.gov/edgar.shtml .
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada . In addition to Denison's effective 95% interest in its flagship Wheeler River Uranium Project, Denison's interests in Saskatchewan include a 22.5% ownership interest in the McClean Lake Joint Venture, which comprises several uranium deposits and the McClean Lake uranium mill that is contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits and a 69.35% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill.
Through its 50% ownership of JCU, Denison holds additional interests in various uranium project joint ventures in Canada , including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).
Denison's exploration portfolio includes further interests in properties covering ~385,000 hectares in the Athabasca Basin region.
Certain information contained in this press release constitutes "forward-looking information", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or the negatives and / or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to".
In particular, this press release contains forward-looking information pertaining to Denison's current intentions and objectives with respect to, and commitments set forth in, the Agreement; the results of, and estimates, assumptions and projections provided in, the technical report for Wheeler River and the interpretations and expectations with respect thereto; development and expansion plans and objectives for the Project; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners and third parties.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, Denison may decide or otherwise be required to discontinue work at the Project if it is unable to maintain or otherwise secure the necessary resources (such as capital funding, regulatory approvals, etc.) and this could impact Denison's ability to meet the objectives stated in this press release, or the objectives of Denison and any one of the Communities could become misaligned. Denison believes that the expectations reflected in this forward-looking information are reasonable but there can be no assurance that such statements will prove to be accurate and may differ materially from those anticipated in this forward looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the "Risk Factors" in Denison's Management's Discussion & Analysis dated February 29, 2024 available under its profile at www.sedarplus.ca and under Form 6-K available at www.sec.gov/edgar.shtml . These factors are not, and should not be construed as, being exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in its expectations except as otherwise required by applicable legislation.
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SOURCE Denison Mines Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/27/c6186.html
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Uranium Night at PDAC Raises $10,000 for Charity
At this year’s Uranium Night at the Prospectors & Developers Association of Canada (PDAC) convention, the event's sponsors secured a $10,000 donation for the charity Haven Family Connections.
With the uranium sector having its hottest season in years, there was much to celebrate at the event, which was held on March 4 at the Lucky Clover Irish Pub in Toronto. Early in the year, the uranium spot price broke through the US$100 per pound level for the first time since 2007, rising to a 16 year high of US$106 as demand continued to outpace supply.
Although the price has since pulled back to the US$90 level, industry experts still predict a bright future for the energy commodity as countries around the world pursue nuclear power as a strategy for meeting clean energy goals.
No surprise then that attendees' faces were glowing at Uranium Night — and so were the drinks.
Radiating positive vibes, more than 500 attendees — including industry insiders, investors, brokers and analysts — enjoyed creative cocktails with names such as "Blue Reactor," "Yellowcake" and "Nuclear Negroni."
But it was IsoEnergy's (TSXV:ISO,OTCQX:ISENF) "Old Fashion Hurricane" that won the night for the company's chosen charity, Haven Family Connections. Focusing on children’s rights and preventing family breakup, the organization helps families stay together, keeps children safe and reduces the need for child-protective services and crisis intervention.
In addition to IsoEnergy, this year's Uranium Night included several longtime sponsors of the event:
- Purepoint Uranium (TSXV:PTU,OTCQB:PTUUF) — Saskatoon Community Fund for Reconciliation
- ALX Resources (TSXV:AL,OTC Pink: ALXEF) — HeadsUpGuys
- Denison Mines (TSX:DML,NYSEAMERICAN:DNN) — Saskatchewan Mining Association Educational Outreach Program
- Skyharbour Resource (TSXV:SYH,OTCQB:SYHBF) — Canadian Cancer Society
Also on deck were a number of other important players in this sector:
- enCore Energy (TSXV:EU,NASDAQ:EU) — BC SPCA and Ontario SPCA
- Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) — San Juan County Clean Energy Foundation
- F3 Uranium (TSV:FUU,OTCQB:FUUFF) — Cops for Kids
- Forum Energy Metals (TSXV:FMC,OTCQB:FDCFF) — Abluqta Society
- NewFields — Crocus Co-Operative
- Nuclear Fuels (CSE:NF,OTCQX:NFUNF) — Johnson County Search and Rescue
The Investing News Network (INN) was this year’s media sponsor, and together the companies above matched INN’s $5,000 sponsorship of Uranium Night for a total $10,000 donation to Haven Family Connections.
The event brought together industry leaders, from major producers Cameco (TSX:CCO,NYSE:CCJ), Orano and Kazatomprom (LSE:59OT,OTC Pink:NATKY) to uranium price provider TradeTech. Representatives from players like Uranium Energy (NYSEAMERICAN:UEC), Uranium Royalty (NASDAQ:UROY), Fission Uranium (TSX:FCU,OTCQX:FCUUF), Peninsula Energy (ASX:PEN,OTCQB:PENMF) and Boss Energy (ASX:BOE) were also present.
Other notable Uranium Night attendees were Jim Reiter, Saskatchewan’s energy and resources minister; Jodi Banks, Saskatchewan’s trade and export development deputy minister; and Paul Bukewitsch, Nunavut’s manager of mineral resources with the Department of Economic Development.
Newsletter writers Lobo Tiggre of IndependentSpeculator.com, John Kaiser of Kaiser Research and Matt Gordon of Crux Investor were also in attendance. INN spoke with Tiggre at PDAC about why uranium stocks are on his shopping list.
To see the rest of INN's PDAC content, click here.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Purepoint Uranium, ALX Resources, Skyharbour Resources, Energy Fuels, Forum Energy Metals and Nuclear Fuels are clients of the Investing News Network. This article is not paid-for content.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Laramide Outlines 2024 Australian Exploration Plans
Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce 2024 work plans for Australia which include a large drill campaign of up to 12,000m across multiple targets at the Westmoreland Uranium Project in NW Queensland and into the Murphy Uranium Project in the Northern Territory. Two drill rigs have been secured and logistical plans are well advanced for a campaign that will build on last year's successful exploration effort which saw 40 holes completed across 4,000 cumulative meters. Drilling is expected to commence in approximately 6-8 weeks' time at the conclusion of the current wet season.
The Westmoreland Uranium Project in Australia is considered one the world's best development stage uranium deposits not under control of a major mining company. The current JORC and NI 43-101 resource model defines 51.9Mlb U 3 O 8 1 across three deposits: Redtree, Huarabagoo and Junnagunna. Internal review of the historical data, which was further encouraged by 2023 drilling, has determined that there is potential to significantly increase the size of the deposit at minimal expense due to the shallow nature of the mineralization.
Plans for 2024 include returning to the Murphy Project in the Northern Territory to investigate drilling completed in 2007 2. A 1,500m drill program will revisit the areas of interest identified in Laramide's 2006-2007 exploration program and includes Mageera (formerly called NE Westmoreland , see Figure 1,) which appears to be a geological analogue of Westmoreland .
Commenting on the 2024 work plans, Laramide's President and CEO, Marc Henderson said:
"The Westmoreland Uranium Project is a Tier 1 asset that is likely to become increasingly more important as the world looks for new sources of uranium supply. While the current resource is substantial, we see the potential for significant growth that could serve to increase the attractiveness of the deposit, both economically and for the potential future benefit of western nuclear utilities and Queensland stakeholders. 2024 is an election year for Queensland and we are encouraged by recent political developments that suggest a change in government – or government policy – is a distinct possibility."
Currently mineral resources are defined across three deposits: Redtree, Huarabagoo and Junnagunna. These zones follow the Redtree dyke zone (approximately 10 km) on a NW trend as discrete ore bodies. The 2016 PEA 3 optimized pit designs and labelled them as South, Central and North Pits respectively. However, the mineralisation in the 2.5km corridor between the deposits, which is hosted in the coarse-grained to granular Westmoreland conglomerate and includes higher grades (>0.1%) associated with the fractured footwall contact of intrusive dolerite dykes, remains sparsely drill tested. The goal is to investigate whether the three known deposits can be linked and if so, whether this could substantially increase the deposit size.
Accordingly, the Company plans to test the linking zone (JG-HB, Link see Figure 1) by drilling northern extensions to the high-grade Huarabagoo 4 northeast toward Junnagunna. The Company is encouraged by a zone of mineralisation existing halfway between the deposits as reported in 2013 drill program (WDD12-152 – 11m @0.13% U 3 O 8 ) 5 that remains open to the NE and SW.
Further resource growth is targeted through northern extensions to the 11Mlb U 3 O 8 Junnagunna deposit. The northern extensions of the dyke are sparsely drill tested between Junnagunna and the Wanigarango uranium prospect 1.5km to the northeast (Figure 1).
Long Pocket is located 7km to the east of Junnagunna (Figure 1). In-house modelling of the Long Pocket deposit has highlighted zones where infill drilling will support a maiden mineral resource estimation. Accordingly, the Company has planned up to 1,000m drilling to ensure drill spacing is appropriate to show continuity of mineralisation. It is anticipated that the addition of Long Pocket, which is shallow and easily accessed, to the Westmoreland Resource base would enhance the economics of the project or contribute to an extended mine life profile.
Black Hills
The Black Hills prospect is located 1.5km northeast of the Long Pocket prospect and presents as a broad 1.5 x 1km east-west airborne radiometric anomaly (see Figure 1). Recent exploration drilling at the Black Hills target has discovered multiple zones of mineralisation in previously undrilled zones at the project's southern end with results including BH23DD003 - 3.0m @ 1844ppm (0.18%) U 3 O 8 from 88m 6 .
Those results, combined with a review of historical data from the 1970s, promote Black Hills to one of Laramide's priority exploration targets for the 2024 field season and will include validation and qualification of historical work.
U-Valley
U-Valley presents an interesting greenfield target about 1.5km south of Long Pocket with previously reported "off-scale" radiometric anomalism. Four in-situ, rock chips samples taken during reconnaissance work in 2023 returned significant uranium mineralisation grading up to 1.49% U 3 O 8 over a broad area 7 .
Amphitheatre
Located 16km NE of the Junnagunna deposit, exploration drilling at Amphitheatre will focus on building upon the 2022 and 2023 exploration results by testing interpreted northern extensions to mineralisation under cover. Potential for discovery where alluvial cover obscures the radiometric response is supported by historical drilling results approximately 300m north of the Amphitheatre prospect however validation drilling is required.
Mageera
The Mageera Prospect (formerly NE Westmoreland "NEWM", see Figure 1) represents a geological analogue to the Westmoreland system. Mineralization is associated with a 10km NE trending mafic dyke which truncates the Westmoreland conglomerate and Siegal volcanic package under variable depths of alluvial cover. Historical reports suggest uranium is hosted at dyke margins and the adjacent sandstones, but also at the unconformable contact between the Westmoreland Conglomerate and Seigal Volcanics.
In 2006-2007, reconnaissance drilling at Mageera returned encouraging results including, drillhole NEWM204 intercepting 4m @ 0.42% U 3 O 8 8 . This year, plans include up to 1,000m follow-up drilling.
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.
To learn more about Laramide, please visit the Company's website at www.laramide.com
Follow us on Twitter @LaramideRes
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 release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
________________________________________
1 https://laramide.com/projects/westmoreland-uranium-project/ |
2 20 th May 2020 - Independent Technical Report on the Murphy Project, Northern Territory, Australia (wp-laramide-2023.s3.ca-central-1.amazonaws.com) |
3 ASX: Laramide Announces positive results from the updated PEA on the Westmoreland Uranium Project, Australia (22 April 2016) |
4 ASX: Laramide Confirms Uranium Expansion Potential, Westmoreland (21 February 2024) |
5 TSX: Laramide Continues to Expand New Zone of Mineralization at Westmoreland High grade gold also drilled at Huarabagoo (January 9 th , 2013) |
6 ASX: Laramide assays results from Long Pocket and Black Hills prospects support expansion potential at Westmoreland (09 February 2024) |
7 Press release, October 31, 2023 https://laramide.com/laramide-updates-progress-on-2023-drilling-program-and-makes-new-discovery-with-off-scale-radioactivity-reading-from-surface-reconnaissance/ |
8 20th May 2020 INDEPENDENT TECHNICAL REPORT ON THE MURPHY PROJECT, NORTHERN TERRITORY, AUSTRALIA (wp-laramide-2023.s3.ca-central-1.amazonaws.com) |
SOURCE Laramide Resources Ltd.
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C29 Acquires Transformative High-Grade Uranium Project
C29 Metals Limited (ASX:C29) (C29, or the Company) is pleased to announce it has entered into a binding share sale and purchase agreement (Acquisition Agreement) with CA Metals Pty Ltd (CA Metals) and Ulytau Resources Ltd (Ulytau Resources) to acquire a 100% legal and beneficial interest in a granted exploration licence located in Kazakhstan (Ulytau Uranium Project).
INVESTMENT HIGHLIGHTS
- Transformative transaction to acquire a 100% interest in the high grade Jusandalinskoye (Ulytau) Uranium Project located in Kazakhstan with all due diligence having been completed.
- The Ulytau Uranium Project contains a Non-JORC foreign estimate of 9.85M/lbs Uranium @ 2,790ppm. *
- Multiple Non-JORC foreign drill intersects greater than 40m and above 6,000ppm U308 from 3m below surface have been recorded. *
- Independent Geology report confirms that the foreign estimate appears open in most directions offering significant future foreign estimate upgrade potential.
- Kazakhstan is the largest and lowest cost Uranium producer globally producing approximately 43% of the global supply1.
- Experienced mining executive, Shannon Green, joins the Company as the Managing Director.
- C29 has received firm commitments for a placement to raise $3m (before costs), which will be completed in two tranches.
*Cautionary statement: The foreign estimates and foreign exploration results in this announcement are not reported in accordance with the JORC code 2012. A competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource, or disclose the foreign exploration results, in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work the foreign estimate will be able to be reported in accordance with the JORC Code 2012, and it is possible that following further evaluation and/or exploration work that the confidence in the prior reported foreign exploration results may be reduced when reported under the JORC Code 2012. Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the foreign exploration results, but the Company has not independently validated the foreign exploration results and therefore is not to be regarded as reporting, adopting or endorsing the foreign exploration results.
Project Location
Ulytau is located near Lake Balkhash in South Kazakhstan and situated 15 km south of Bota- Burum mine, one of the largest uranium deposits mined in the former Soviet Union. Geological surveying and prospecting works have been carried out in the Bota-Burum mineralisation field since 1957.1
Figure 1: Ulytau Uranium Project Location Map
Foreign Estimate & Drilling
The foreign estimate of mineralisation in respect to the Ulytau Uranium Project reported in this announcement are “foreign estimates” for the purposes of the ASX Listing Rules. The foreign estimate is not reported in accordance with the JORC code 2012.
Table 1 below presents the foreign estimate.
Non-JORC Foreign Estimate
Table 1 – Non-JORC Foreign Estimate
- * Grade conversion factor Uranium (1) to Uranium Oxide (1.1792)
- ** Mlbs conversion factor 1kt @0.1% U3O8 = 0.002205 Mlbs or 1kt @ 1% = 0.02205Mlbs
Table 2 below presents some examples of the Non-JORC foreign high grade drill intersections.
Non-JORC Foreign High-Grade Drill Intersects
Table 2 – Non-JORC Foreign High-Grade Drill Intersects
Project Geology
The Ulytau discovery is a part of a larger Bota-Burum uranium mineralisation district, with the mineralised section covering the eastern contact of the Dzhusandalinsky granitoid massif. The contact is located 1 km east, with the enclosing effusive-sedimentary formations of Lower- Middle Devonian age. From the surface, the massif is represented by leucocratic (alaskite) granites of the Bota-Burum intrusive complex of Upper Devonian age, containing large (up to 100m-1500m in diameter) remnant xenoliths host rocks.
Ulytau mineralisation consists of two echelon zones - Southern and Northern, confined to the intersection of tectonic faults of the Dzhusandala and Dyke fault zones. Each zone consists of a series of individual mineralisation areas with complex stockwork. These mineralisation areas are steeply dipping lenses, confined by tectonic faults and dyke contacts within albitization zones. Mineralisation is widespread almost from the surface to a depth of 660 m. The sizes of individual mineralised areas vary in thickness from 0.5m to 30m–40 m, with a strike and dip length of 80m–350m. The uranium content varies from 0.03% to 1.4%, the average for the deposit is 0.239%. Uranium mineralisation is developed in the form of metasomatic segregations in the zones of granite albitization.
The southern part of the field as well as east and west of known mineralisation remain underexplored with potential significant upside.
Figure 2 below shows a plan view of the location of the foreign estimate in relation to the tenement boundaries and demonstrates that the mineralisation appears open in most directions offering significant future mineralisation upgrade potential.
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GTI Energy
Overview
Wyoming has the largest uranium reserves of all the US states and is the home of in-situ recovery (ISR) uranium mining, with experimental ISR mining during the early 1960s and commercial ISR mining starting in 1974. The state is an energy powerhouse in the US, second only to Texas in energy production and accounting for more than 80 percent of the country’s uranium production. It has a production history that dates back to the late 1940s. With a soaring uranium price that passed $90 by the end of 2023, many analysts believe the price will remain on the higher end for years to come.
GTI Energy (ASX:GTR, OTCQB:GTRIF) is a mineral exploration company focused on developing a portfolio of attractive uranium projects in the United States. The company now boasts approximately 42,000 acres in the prolific Great Divide and Powder River Basins, which are low-cost ISR uranium-producing districts within 100 miles of each other.In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
The company has also commenced work at its Green Mountain ISR uranium project next to Rio Tinto’s (ASX:RIO) uranium deposits. GTI has historical drill data confirming the presence of uranium mineralised roll fronts on the properties.
The company is led by a highly experienced management and exploration team with an extensive track record in the mineral exploration industry. GTI’s operational team has proven development and engineering expertise with a history of success in ISR uranium deposit discovery in Wyoming.
GTI’s acquisition of Branka Minerals in November 2021 gave the company control of the largest non-US or Canadian-owned uranium exploration landholding in the Great Divide Basin, with approximately 19,500 acres. The landholding included underexplored and highly prospective sandstone-hosted uranium properties which are the company’s Wyoming projects today. This holding then grew with the purchase of the 13,800-acre Green Mountain project in 2022.
The company further expanded its ISR uranium portfolio in 2023 by acquiring the Lo Herma Project in Wyoming’s prolific Powder River Basin uranium district. The newly staked 13,300 acres of claims are located within 16 kilometers of Cameco’s Smith Ranch-Highland ISR uranium production plant – the largest production site in Wyoming
GTI Energy leverages the strategic positioning of its Wyoming projects, which are located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant and the now-rehabilitated historic Rio Tinto Kennecott Sweetwater Mill. The Lost Creek plant is claimed by Ur Energy to be the lowest-cost ISR uranium production plant outside of Kazakhstan.
GTI is committed to strong environmental, social and governance (ESG) initiatives to support the clean energy transition. In November 2021, the company adopted an internationally recognized Environmental, Social and Governance Stakeholder Capitalism Metrics framework, with 21 core metrics and disclosures.
In December 2021, GTI Energy announced it would be transitioning to carbon-neutral operations. The company has subsequently received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
GTI Energy is positioned for growth with the pursuit of ISR mining on its Wyoming projects, presenting an opportunity for low operating expenses and capital expenditures with low environmental impact compared to conventional mining. ISR mining supports the company’s goal of low-impact mining and carbon neutrality on its Wyoming projects.
In 2021, the company completed field exploration on its Henry Mountains project in Utah. In the same year, GTI Energy also began a 15,000-meter drill program on its Wyoming projects, concluding the program in early 2022. The drilling confirmed that the targeted ISR-amenable uranium mineralization was present at the Thor project. In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Basin to 7.5 miles.
Company Highlights
- GTI Energy owns multiple promising assets in Wyoming’s prolific and in-situ recovery (ISR) uranium-producing Great Divide and Powder River Basins. Wyoming is the leading US uranium production state and is “uranium-friendly”.
- GTI’s flagship Lo Herma project comprises 13,300 acres of ground in Wyoming within circa 16 kilometers of Cameco’s $16-billion ISR uranium plant (the largest permitted ISR production facility in Wyoming) and 80 kilometers of five permitted ISR uranium production facilities, including UEC’s Christensen Ranch (due to restart in August 2024) and Peninsula Energy’s (ASX:PEN) Lance Project (due to recommence production in late 2024).
- GTI’s Great Divide Basin projects are strategically located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant which has re-commenced production.
- Maiden uranium resource and updated exploration target at the Lo Herma ISR project delivered an inferred mineral resource estimate of 5.71 Mlbs uranium oxide at an average 630 ppm plus an exploration target of an additional 5.87 to 10.26 Mlbs potential at average grade of 500 to 700 ppm.
- Updated total resources across its Wyoming projects of 7.37 Mlbs plus an exploration target of an additional 11.97 to 19.79 Mlbs potential at average grade of 500 – 700 ppm.
- In early 2022, the company completed a further 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
- In late 2023, GTI completed 26 holes at Lo Herma to verify the historical data base & confirm exploration potential along trend & at depth.
- GTI acquired a 1,771 drill hole data set over Lo Herma with a replacement value of AU$15 million.
- GTI received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
- GTI aims to utilize ISR mining at its Wyoming projects, which offers lower environmental impact, lower opex and capex than conventional mining.
- GTI Energy has a highly experienced exploration team including the recent appointment of ISR specialist, Matt Hartmann, with a history of successful uranium discovery in Wyoming.
Key Projects
Wyoming Projects
The Wyoming projects are located in the Powder River & Great Divide Basins in Wyoming and the Henry Mountains (Colorado Plateau) Utah, United States. The Greta Divide Basin projects consist of the Thor, Logray, Loki, Odin, Teebo, Wicket and Green Mountain claims. The approximately 13,000 hectare group of projects is prospective for ISR-amenable sandstone-hosted roll-front uranium. The Wyoming projects are situated 5 to 30 kilometers from Ur-Energy’s Lost Creek ISR plant. The projects are also located near Rio Tinto’s Sweetwater/Kennecott Mill.
GTI Energy’s land holding in the Great Divide Basin was bolstered by the acquisition of the Green Mountain project comprising 5,585 hectares of contiguous ISR uranium exploration claims which abuts the Rio Tinto claims at Green Mountain. Historical drill data and geophysics confirms the presence of major uranium mineralisation at the projects.
Initial drilling at Lo Herma commenced in November 2023 and was completed in December with 26 drill holes successfully verifying the historical Lo Herma drill hole database. A drilling permit amendment is currently in progress aiming to optimise follow-up drilling, increase the total number of drill holes, and construct monitoring wells for groundwater data collection. Drilling is expected to resume by July 2024 with an enlarged program, and the mineral resource estimate and exploration targets are expected to be updated in the fourth quarter of 2024.
The company began initial exploration on Thor in 2021, and in 2022, it completed an additional 103 mud rotary exploration drill holes. The drilling of 70 holes was previously reported at the Thor prospect and an additional 33 holes combined have now been completed at the Odin, Teebo and Loki prospects. These 33 holes have discovered an additional combined 4.26 kilometers of ISR amenable uranium mineralised roll front trends increasing the total trend length for GTI’s projects in the Basin to 12.07 kilometers.
In February 2023, GTI Energy secured, by staking, approximately 3,500 hectares of unpatented mineral lode claims known as the Lo Herma project, about 16 kilometers from Cameco’s Smith Ranch-Highland ISR Uranium facility and Energy Fuels Nichols Ranch ISR plant. Lo Herma also lies within 97 kilometers of the companies leading the restart of uranium production in the USA, including Uranium Energy, Ur-Energy, Energy Fuels, Encore Energy and Peninsula Energy.
The company subsequently, secured a material historical data package for the project, which allowed GTI Energy to report a maiden uranium resource and exploration target update at the Lo Herma ISR project, including a cut-off grade of 200 parts per million (ppm) uranium oxide and a minimum grade thickness (GT) of 0.2 per mineralised horizon as 4.12 million tonnes of mineralisation at an average grade of 630 ppm uranium oxide for 5.71 million pounds (Mlbs) of uranium oxide contained metal. The inferred mineral resource estimate is 5.71 Mlbs uranium oxide at an average of 630 ppm.
The company also completed collection of aerial geophysical data at its Lo Herma, Green Mountain and Loki West ISR uranium exploration projects in Wyoming. The survey was conducted using a twin-engine aircraft loaded with a suite of sensors that provide detailed radiometric, magnetic and electromagnetic data, allowing for correlation between the three products.
The airborne geophysical survey at its Green Mountain project consequently updated its drill plan with 16 potential drill holes. The permit application process is underway for the 2024 drill program which aims to test the validity of the historical Kerr McGee drill hole maps, as well as the interpreted mineralised regions as determined from the airborne geophysical survey.
Henry Mountains Uranium Project
GTI’s uranium/vanadium projects in Utah are considered suitable for conventional mining and are located on the east flank of the Henry Mountains, covering 3,860 acres. The permits host historical production, open underground workings and have an exploration permit in place. The projects saw significant work from 2019 to 2021 including two drill programs totaling 52 drill holes and geophysical logging of an additional 76 historical drill holes. GTI subsequently elected to prioritise work at its newly acquired Wyoming ISR projects until such time as activity and investment in the region improves. The company’s projects lie within ~100 miles of Energy Fuels’ (NYSE American: UUUU) (TSX: EFR) White Mesa Mill and within a few miles of Anfield Energy’s (TSX.V: AEC) Shootaring (Ticaboo) mill site. The owners of both of these mills are actively pursuing mill re-starts.
In addition, Western Uranium & Vanadium (CSE:WUC) (OTCQX:WSTRF) has announced the purchase of a mill site in Green River Utah and work to design and permit the facility for processing uranium and vanadium. The plant, which will be located ~80 miles from GTI’s projects, is intended to process feed from Western's recently restarted Sunday Mine Complex over 160 miles away. Western advised of a mine operations restart at Sunday in February 2024. Western stated its new "mineral processing plant" will recover uranium, vanadium and cobalt from ore from Western's mines and that produced by other miners. Western said, on February 13, 2024, it expects the plant to be licensed and constructed for annual production of 1 million pounds U3O8 and 6 million pounds of V2O5, with initial production in 2025.
Based on the renewed interest in exploration, mining, and processing of uranium ore in this region, GTI is currently evaluating potential paths for further exploration, resource development, or other value creating activities with its Utah projects.
Management Team
Nathan Lude - Non-executive Chairman
Nathan Lude has broad experience working in the asset and fund management, mining, and energy industries. Lude is the founding director of Advantage Management, a corporate advisory firm. Lude has previously held directorships with ASX-listed mining companies.
Currently, he is the executive director of ASX-listed Hartshead Resources (ASX:ANA). Lude has grown a large business network across Australia and Asia, establishing strong ties with Australian broking firms, institutions, and Asian investors.
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 15 years most notably with ASX listed companies Atom Energy Ltd & Stonehenge Metals Ltd & Fenix Resources Ltd (FEX).
James (Jim) Baughman - Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
Matt Hartmann - President of US Operations
Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered into the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Matthew Foy - Company Secretary
Matthew Foy is an active member of the WA State Governance Council of the Governance Institute Australia. Foy has more than 14 years of experience in facilitating ASX-listing rule compliance. His core competencies are in the secretarial, operational, and governance disciplines for publicly listed companies. Foy has a working knowledge of the Australian Securities and Investments Commission and Australia Stock Exchange reporting. He has document drafting skills that provide the basis for valuable contributions to the boards on which he serves.
Energy Fuels: Uranium's Moment Has Arrived, Now it's Time to Capitalize
Speaking at the Prospectors & Developers Association of Canada (PDAC) convention, Curtis Moore of Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) weighed in on uranium market dynamics, from supply and demand to prices.
He also discussed how Energy Fuels is navigating the sector given today's much-improved dynamics.
"These are great (price) levels for us as a uranium producer. We can profitably produce uranium at these levels," he said. "And so again, this is something we've been waiting for for a long time now. It's time to capitalize."
At the end of 2023, Energy Fuels started production at three of its uranium mines in Arizona and Utah, and is currently preparing an additional two mines in Colorado and Wyoming with the goal of starting production there within a year.
"Ultimately the reason we brought these mines back into production was price," Moore said. He added that while it's impossible to know where uranium's top will be, he sees many reasons for prices to move higher.
Although uranium is Energy Fuels' focus, it is also taking the opportunity to further develop its rare earths business while prices in the sector are depressed. Moore spoke about the company's recent non-binding memorandum of understanding to develop the Australia-based Donald rare earths and mineral sands project with Astron.
"Our source of our feed is a by-product of other mining — it's a by-product of titanium mining primarily," he said. "This monazite sand just occurs as a by-product, and so your cost to produce monazite sand at a mineral sand operation is very low ... what we've been doing is getting involved in some mineral sand projects with the idea that we'll get the low-cost monazite product — a very low-cost feed, possibly even free feed in some instances."
Watch the interview above for more of Moore's thoughts on the uranium and rare earths sectors, plus the path forward for Energy Fuels. You can also click here for the Investing News Network's full PDAC playlist on YouTube.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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