NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Foremost Clean Energy Ltd. ( NASDAQ: FMST ) ( CSE: FAT ) (" Foremost " or the " Company "), an emerging North American uranium and lithium exploration company, is pleased to announce that it has completed its previously announced best efforts private placement (the " Offering ") for aggregate gross proceeds of C$10,500,250, which includes the full exercise of the agent's option. Under the Offering, the Company issued 1,473,000 units of the Company (the " Units ") at a price of C$3.00 per Unit (the " Unit Price "), 1,022,500 flow-through units of the Company (the " FT Units ") at a price of C$3.50 per FT Unit, and 550,000 FT Units sold to charitable purchasers (the " Charity FT Units ", and together with the Units and FT Units, the " Offered Securities ") at a price of C$4.55 per Charity FT Unit.
Each Unit consists of one common share of the Company (each, a " Unit Share ") and one common share purchase warrant (each, a " Warrant "). Each FT Unit and Charity FT Unit consists of one common share of the Company to be issued as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a " FT Share ") and one Warrant. Each Warrant shall entitle the holder to purchase one common share of the Company (each, a " Warrant Share ") at a price of C$4.00 at any time on or before that date which is 24 months after the closing date of the Offering.
Foremost's largest shareholder, Denison Mines Corp. (TSX:DML, NYSE American: DNN) (" Denison "), acquired 607,600 Units at the Unit Price for proceeds of C$1,822,800 under the Offering. Denison exercised its pro rata rights under the Option Agreement with Foremost announced on September 24, 2024 and maintained its common share ownership in Foremost of approximately 19.95% following the completion of the Offering. Denison is a leading Athabasca Basin-focused uranium mining, development, and exploration company with a market capitalization of approximately C$2.6 billion. Denison's current focus is advancing the development-stage Wheeler River project, which represents the largest undeveloped uranium mining project in the infrastructure rich eastern portion of the Athabasca Basin.
Under the Offering, Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents that included Cormark Securities Inc., SCP Resource Finance LP and Ventum Financial Corp. (collectively, the " Agents "). In consideration for their services, the Agents received an aggregate cash commission of C$570,015. Additionally, the Agents received, in aggregate, 162,730 non-transferable broker warrants (the " Broker Warrants "), with each such Broker Warrant exercisable for one common share of the Company at a price of C$3.00 per Common Share at any time on or before November 14, 2026.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 "), a total of 832,500 Units and 550,000 Charity FT Units (collectively, the " LIFE Securities "), representing gross proceeds of C$5,000,000, were sold to purchasers in the provinces of Alberta, British Columbia, and Ontario, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the " Listed Issuer Financing Exemption "). The Unit Shares, FT Shares and Warrant Shares issued pursuant to the sale of the LIFE Securities are immediately freely tradeable under applicable Canadian securities legislation.
640,500 Units and 1,022,500 FT Units (collectively, the " Non-LIFE Securities ") were issued by way of the "accredited investor" and "minimum amount investment" exemptions under NI 45-106 in Alberta, British Columbia, Ontario and Saskatchewan. The Unit Shares, FT Shares and Warrant Shares issuable pursuant to the sale of the Non-LIFE Securities are subject to a hold period ending on March 15, 2025 under applicable Canadian securities laws.
The Company intends to use the net proceeds from the Offering primarily for exploration expenditures on the Company's uranium properties in the Athabasca Basin in Saskatchewan as well as for working capital and general corporate purposes. The gross proceeds from the issuance of the FT Shares will be used for Canadian exploration expenses and will qualify, once renounced to a subscriber that is an individual (other than a trust), as "flow-through critical mineral mining expenditures", as defined in subsection 127(9) of the Income Tax Act (Canada) (the " Qualifying Expenditures "), which will be incurred on or before December 31, 2025 and renounced to the subscribers of the FT Units and Charity FT Units with an effective date no later than December 31, 2024 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Units and Charity FT Units for any additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures as agreed.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
About Foremost
Foremost Clean Energy (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is an emerging North American uranium and lithium exploration company with an option to earn up to a 70% interest in 10 prospective uranium properties (with the exception of the Hatchet Lake, where Foremost is able to earn up to 51%) spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin region of northern Saskatchewan. As the demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are poised for dynamic growth, playing an important role in the clean energy mix of the future. Foremost's uranium projects are at different stages of exploration, from grassroots to those with significant historical exploration and drill-ready targets. The Company's mission is to make significant discoveries, alongside and in collaboration with Denison (TSX:DML, NYSE American: DNN), through systematic and disciplined exploration programs.
Foremost also has a portfolio of lithium projects at varying stages of development, which are located across 55,000+ acres in Manitoba and Quebec. For further information please visit the company's website at www.foremostcleanenergy.com.
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
info@foremostcleanenergy.com
Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
FMST@mzgroup.us
www.mzgroup.us
Follow Us Or Contact Us On Social Media:
X: @fmstcleanenergy
Linkedin: https://www.linkedin.com/company/foremostcleanenergy/
Facebook: https://www.facebook.com/ForemostCleanEnergy/
Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute "forward-looking statements" as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward looking statements. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning; the Company's business strategies, expectations, planned operations and future actions and the Company's expectations with respect to the Offering, including the use of proceeds of the Offering at projected timelines. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect," "is expected," "anticipates" or "does not anticipate," "plans," "estimates" or "intends," or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others that the use of proceeds under the Offering is different than as anticipated; the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of Offered Securities; actual results of the Company's current proposed exploration activities; commodity price fluctuations and cycles; potential defects in the title of the Company's properties; geopolitical risks; price volatility of publicly traded securities; risks and uncertainties associated with the environment; and delays in obtaining governmental approvals, permits or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. and information. Please refer to the Company's most recent filings under its profile at on Sedar+ at www.sedarplus.ca and on Edgar at www.sec.gov for further information respecting the risks affecting the Company and its business.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
News Provided by GlobeNewswire via QuoteMedia
Highlights:
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 further results following the conclusion of the 2024 drilling campaign at the Westmoreland Uranium Project in Queensland, Australia ( "Westmoreland" ). The current batch of assays include the first results for the Huarabagoo and Junnagunna targets.
Results demonstrate that uranium mineralisation is continuous along strike, and potentially joins the two deposits of Huarabagoo and Junnagunna. These infill drilling results include 4 holes (of 17) at Huarabagoo and 12 holes (of 27) in the Linking Zone between the Huarabagoo and Junnagunna deposits.
Commenting on the results, Laramide's Vice-President of Exploration, Rhys Davies said:
"The initial batch of results from the Huarbagoo-Junnagunna link zone underscores the potential for substantial growth of the mineral resources. The shallow, broad mineralized zones identified here, some with impressively higher grades, further validate the characteristics that we are observing across the whole Westmoreland system.
" Infill drilling at Huarabagoo has improved our confidence in our geological models as well, the emerging gold results are also compelling. We are investigating how the gold may enhance the economics of the deposit as we prepare to advance the project to a prefeasibility study."
Drilling across the broader Westmoreland Project was completed on the 4th of November and has comprised of 106 holes (includes 60 RC and 46 DD) for 11,263 meters, across multiple targets. Core processing continues, with assay results expected to be announced throughout Q4 2024 and into Q1 2025.
An updated Westmoreland Mineral Resource Estimate, which will include all results and a Maiden Resource Estimate for Long Pocket, remains on track for early 2025.
Huarabagoo
The Huarabagoo deposit is located in the structural corridor between Redtree and Junnagunna and is included in the restated 2016 Westmoreland Mineral Resource Estimate[1]. Seventeen diamond drill holes for a total of 1,827.16m , were completed in 2024. Laramide designed this program to test the extents of modelled mineralisation for both uranium and the gold associated with the intrusive dolerite dyke. In the drill programs completed prior to Laramide's acquisition of the project, assaying for gold had been inconsistent, however, Laramide's 2012[2] drilling at Huarabagoo included:
Initial results from the 2024 drilling confirms that both uranium and gold mineralisation are peripheral to dyke margins (Figure 1) and along fault extensions, with multiple zones intersecting a similarly variable hematite-silicate-sericite altered sandstone.
Huarabagoo-Junnagunna Link Zone
Drilling in the Huarabagoo-Junnagunna structural corridor is designed to test the mineralisation continuity between the two deposits with the intent to further increase the overall size of the resource. The program drill tested a system analogous to the Redtree Dyke system, and comprised of 21 RC holes for 3,096m , and 8 diamond drillholes for 1,124.10m , totaling 29 holes for 4,220.10m . The program was designed with three phases starting with an initial RC component (HJ24RC001 to HJ24RC013) to target the spatial extents for the Dolerite Dyke. The subsequent phases consisted of step out diamond drilling (HJ24DD014-HJ24DD021) to understand structural controls and orientation of mineralisation relative to the dolerite dyke system. The final phase consisted of RC drilling (HJ24RC014-HJ24RC021) to follow up on substantial downhole gamma results identified from the initial RC portion of drilling at the start of this campaign.
Results from the first phase of RC drilling returned substantial intercepts including:
Importantly, this drilling campaign has successfully intersected the dolerite dyke system (under alluvial cover) and the associated mineralisation across the 2km strike length of the link zone. This data is valuable for deposit modelling in the link zone and will help guide future infill 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 mineralization 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" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. 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
About Laramide Resources Ltd.
Laramide is focused on exploring and developing high-quality uranium assets in Tier-1 uranium jurisdictions of Australia and 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.
Forward-looking Statements and Cautionary Language
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 the 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 addresses 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.
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 |
HUARABAGOO | HB24DD001 | 194116 | 8062630 | 86 | 110.8 | 133 | -60 | DD | 08/08/2024 | 13/08/2024 |
HUARABAGOO | HB24DD002 | 194186 | 8062731 | 85 | 37.8 | 134 | -50 | DD | 13/08/2024 | 14/08/2024 |
HUARABAGOO | HB24DD003 | 194185 | 8062731 | 85 | 117.9 | 134 | -50 | DD | 20/08/2024 | 23/08/2024 |
HUARABAGOO | HB24DD004 | 194110 | 8062675 | 90 | 116.1 | 134 | -50 | DD | 23/08/2024 | 27/08/2024 |
HUARABAGOO | HB24DD005 | 194211 | 8062632 | 86 | 137.8 | 314 | -50 | DD | 27/08/2024 | 30/08/2024 |
HUARABAGOO | HB24DD006 | 194234 | 8062667 | 85 | 122.8 | 314 | -50 | DD | 30/08/2024 | 01/09/2024 |
HUARABAGOO | HB24DD007 | 193970 | 8062353 | 95 | 88.3 | 314 | -50 | DD | 01/09/2024 | 03/09/2024 |
HUARABAGOO | HB24DD008 | 193974 | 8062381 | 94 | 117.3 | 314 | -60 | DD | 03/09/2024 | 06/09/2024 |
HUARABAGOO | HB24DD009 | 194171 | 8062573 | 88 | 119.6 | 314 | -50 | DD | 06/09/2024 | 07/09/2024 |
HUARABAGOO | HB24DD010 | 194283 | 8062835 | 84 | 95.1 | 134 | -50 | DD | 07/09/2024 | 09/09/2024 |
HUARABAGOO | HB24DD011 | 194303 | 8062858 | 84 | 90.1 | 134 | -60 | DD | 09/09/2024 | 10/09/2024 |
HUARABAGOO | HB24DD012 | 194573 | 8063195 | 84 | 102.2 | 134 | -70 | DD | 16/09/2024 | 18/09/2024 |
HUARABAGOO | HB24DD013 | 194573 | 8063195 | 84 | 81.5 | 134 | -50 | DD | 18/09/2024 | 19/09/2024 |
HUARABAGOO | HB24DD014 | 194567 | 8063202 | 82 | 101.3 | 315 | -55 | DD | 19/09/2024 | 24/09/2024 |
HUARABAGOO | HB24DD015 | 194660 | 8063383 | 81 | 107.0 | 314 | -60 | DD | 24/09/2024 | 25/09/2024 |
HUARABAGOO | HB24DD016 | 194764 | 8063486 | 81 | 141.1 | 134 | -60 | DD | 26/09/2024 | 27/09/2024 |
HUARABAGOO | HB24DD017 | 194724 | 8063527 | 80 | 140.7 | 134 | -60 | DD | 28/09/2024 | 29/09/2024 |
HJ Link Zone | HJ24RC001 | 195002 | 8063617 | 81 | 150.0 | 315 | -60 | RC | 17/08/2024 | 18/08/2024 |
HJ Link Zone | HJ24RC002 | 195064 | 8063844 | 79 | 150.0 | 135 | -60 | RC | 19/08/2024 | 19/08/2024 |
HJ Link Zone | HJ24RC003 | 195275 | 8063908 | 79 | 150.0 | 315 | -60 | RC | 20/08/2024 | 21/08/2024 |
HJ Link Zone | HJ24RC004 | 195141 | 8064040 | 79 | 150.0 | 135 | -60 | RC | 21/08/2024 | 22/08/2024 |
HJ Link Zone | HJ24RC005 | 195346 | 8064256 | 78 | 168.0 | 135 | -60 | RC | 22/08/2024 | 24/08/2024 |
HJ Link Zone | HJ24RC006 | 195559 | 8064345 | 77 | 90.0 | 315 | -60 | RC | 24/08/2024 | 25/08/2024 |
HJ Link Zone | HJ24RC007 | 195448 | 8064447 | 77 | 150.0 | 135 | -60 | RC | 25/08/2024 | 26/08/2024 |
HJ Link Zone | HJ24RC008 | 195634 | 8064542 | 78 | 150.0 | 135 | -60 | RC | 27/08/2024 | 28/08/2024 |
HJ Link Zone | HJ24RC009 | 195838 | 8064619 | 78 | 150.0 | 315 | -60 | RC | 28/08/2024 | 29/08/2024 |
HJ Link Zone | HJ24RC010 | 195932 | 8064814 | 77 | 150.0 | 135 | -60 | RC | 29/08/2024 | 30/08/2024 |
HJ Link Zone | HJ24RC011 | 196114 | 8064909 | 77 | 150.0 | 315 | -60 | RC | 30/08/2024 | 31/08/2024 |
HJ Link Zone | HJ24RC012 | 196208 | 8065094 | 77 | 150.0 | 135 | -60 | RC | 01/09/2024 | 02/09/2024 |
HJ Link Zone | HJ24RC013 | 195362 | 8064519 | 77 | 150.0 | 315 | -55 | RC | 02/09/2024 | 03/09/2024 |
HJ Link Zone | HJ24RC014 | 194937 | 8063686 | 79 | 150.0 | 135 | -60 | RC | 25/09/2024 | 26/09/2024 |
HJ Link Zone | HJ24RC015 | 194872 | 8063736 | 80 | 150.0 | 135 | -60 | RC | 26/09/2024 | 27/09/2024 |
HJ Link Zone | HJ24RC016 | 195131 | 8063771 | 80 | 162.0 | 315 | -55 | RC | 27/09/2024 | 27/09/2024 |
HJ Link Zone | HJ24RC017 | 195006 | 8063894 | 78 | 150.0 | 135 | -60 | RC | 28/09/2024 | 29/09/2024 |
HJ Link Zone | HJ24RC018 | 196158 | 8065142 | 79 | 150.0 | 135 | -60 | RC | 02/10/2024 | 03/10/2024 |
HJ Link Zone | HJ24RC019 | 195999 | 8065017 | 77 | 126.0 | 135 | -60 | RC | 03/10/2024 | 05/10/2024 |
HJ Link Zone | HJ24RC020 | 195731 | 8064722 | 77 | 150.0 | 135 | -60 | RC | 05/10/2024 | 06/10/2024 |
HJ Link Zone | HJ24RC021 | 195372 | 8064237 | 79 | 150.0 | 246 | -55 | RC | 06/10/2024 | 07/10/2024 |
HJ Link Zone | HJ24DD014 | 195202 | 8063980 | 78 | 150.3 | 315 | -60 | DD | 04/09/2024 | 06/09/2024 |
HJ Link Zone | HJ24DD015 | 195400 | 8064216 | 79 | 150.3 | 135 | -50 | DD | 06/09/2024 | 08/09/2024 |
HJ Link Zone | HJ24DD016 | 195533 | 8064369 | 77 | 132.5 | 315 | -70 | DD | 08/09/2024 | 10/09/2024 |
HJ Link Zone | HJ24DD017 | 195789 | 8064673 | 78 | 132.3 | 135 | -60 | DD | 11/09/2024 | 12/09/2024 |
HJ Link Zone | HJ24DD018 | 195591 | 8064583 | 77 | 138.3 | 135 | -60 | DD | 13/09/2024 | 14/09/2024 |
HJ Link Zone | HJ24DD019 | 196051 | 8064970 | 77 | 135.3 | 135 | -60 | DD | 15/09/2024 | 16/09/2024 |
HJ Link Zone | HJ24DD020 | 196267 | 8065043 | 77 | 135.0 | 315 | -50 | DD | 16/09/2024 | 19/09/2024 |
HJ Link Zone | HJ24DD021 | 195533 | 8064369 | 77 | 150.2 | 315 | -55 | DD | 20/09/2024 | 24/09/2024 |
Table 2: Significant intercepts >100ppm U 3 O 8 | |||||
Hole | From | To | Length (m) | U 3 0 8 ppm | Au g/t |
HB24DD001 | 5 | 6 | 1 | 123.23 | 0.17 |
HB24DD001 | 9 | 10 | 1 | 100.23 | 0.23 |
HB24DD001 | 13 | 15 | 2 | 547.74 | 0.67 |
HB24DD001 | 28 | 29 | 1 | 148.58 | 0.04 |
HB24DD001 | 42 | 44.45 | 2.45 | 393.68 | 0.11 |
HB24DD001 | 56 | 57 | 1 | 235.25 | 0.03 |
HB24DD001 | 74 | 76 | 2 | 194.86 | 0.01 |
HB24DD001 | 95 | 97 | 2 | 145.93 | 0.01 |
HB24DD002 | No reportable results # | ||||
HB24DD003 | 11.3 | 14 | 2.7 | 233.57 | 0.09 |
HB24DD003 | 20 | 21 | 1 | 192.80 | 0.10 |
HB24DD003 | 35 | 36 | 1 | 123.82 | 0.01 |
HB24DD003 | 75 | 76 | 1 | 132.66 | 0.03 |
HB24DD003 | 90 | 92.55 | 2.55 | 993.19 | 0.06 |
Including | 91 | 91.75 | 0.75 | 2452.74 | 0.15 |
HB24DD004 | 0 | 4 | 4 | 819.40 | 0.02 |
Including | 1 | 2 | 1 | 2234.58 | 0.03 |
HB24DD004 | 37 | 43 | 6 | 217.83 | 0.64 |
Including | 37 | 38 | 1 | 112.73 | 3.01 |
HB24DD004 | 63 | 65.2 | 2.2 | 2675.18 | 1.51 |
Including | 64 | 65.2 | 1.2 | 4091.82 | 2.00 |
HB24DD004 | 101.75 | 104 | 2.25 | 309.61 | 0.01 |
HB24DD004 | 108 | 109 | 1 | 123.23 | 0.01 |
HJ24RC001 | 22 | 24 | 2 | 132.37 | 0.01 |
HJ24RC001 | 30 | 36 | 6 | 206.65 | 0.01 |
HJ24RC001 | 74 | 76 | 2 | 126.76 | 0.01 |
HJ24RC002 | 39 | 40 | 1 | 116.39 | 0.01 |
HJ24RC002 | 47 | 48 | 1 | 252.35 | 0.01 |
HJ24RC002 | 63 | 66 | 3 | 1394.40 | 0.01 |
Including | 63 | 64 | 1 | 3655.52 | 0.01 |
HJ24RC002 | 71 | 72 | 1 | 145.63 | 0.01 |
HJ24RC003 | 33 | 34 | 1 | 389.14 | 0.01 |
HJ24RC004 | 23 | 24 | 1 | 246.45 | 0.02 |
HJ24RC004 | 46 | 51 | 5 | 611.65 | 0.01 |
Including | 48 | 49 | 1 | 1586.02 | 0.01 |
HJ24RC004 | 54 | 71 | 17 | 469.17 | 0.01 |
Including | 60 | 63 | 3 | 1374.16 | 0.03 |
HJ24RC004 | 126 | 128 | 2 | 110.02 | 0.01 |
HJ24RC005 | 111 | 112 | 1 | 108.13 | 0.01 |
HJ24RC005 | 145 | 151 | 6 | 167.58 | 0.01 |
HJ24RC005 | 154 | 156 | 2 | 248.52 | 0.01 |
HJ24RC006 | 55 | 59 | 4 | 113.41 | 0.01 |
HJ24RC006 | 73 | 74 | 1 | 123.82 | 0.01 |
HJ24RC006 | 77 | 79 | 2 | 260.19 | 1.28 |
Including | 78 | 79 | 1 | 415.08 | 2.54 |
HJ24RC007 | 120 | 122 | 2 | 583.11 | 0.01 |
HJ24RC008 | 138 | 139 | 1 | 150.35 | 0.01 |
HJ24RC008 | 140 | 141 | 1 | 120.87 | 0.01 |
HJ24RC009 | 51 | 53 | 2 | 145.93 | 0.03 |
HJ24RC009 | 64 | 65 | 1 | 199.28 | 0.01 |
HJ24RC009 | 69 | 78 | 9 | 173.72 | 0.01 |
HJ24RC010 | 59 | 60 | 1 | 224.64 | 0.08 |
HJ24RC011 | 16 | 17 | 1 | 138.56 | 0.15 |
HJ24RC011 | 28 | 31 | 3 | 424.32 | 0.13 |
HJ24RC011 | 61 | 76 | 15 | 380.17 | 0.02 |
Including | 63 | 64 | 1 | 1986.95 | 0.03 |
HJ24RC011 | 88 | 104 | 16 | 573.42 | 0.01 |
Including | 91 | 93 | 2 | 1712.79 | 0.01 |
HJ24RC012 | 80 | 81 | 1 | 108.60 | 0.01 |
HJ24RC012 | 83 | 84 | 1 | 122.05 | 0.01 |
HJ24RC012 | 89 | 99 | 10 | 119.46 | 0.01 |
HJ24RC013 | No reportable results | ||||
* Included intercepts are above >1000 ppm U 3 O 8 or > 0.1g /t Au # HB24DD002: incorrect dip – re-drilled as HB24DD003 | |||||
SOURCE Laramide Resources Ltd.
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In the current strong market dynamic for uranium, Skyharbour Resources is a compelling investment opportunity driven by its large portfolio of exploration assets in Canada’s most prolific uranium district in the Athabasca Basin.
Nuclear energy is a critical component in the transition to net zero. There's a growing acknowledgment of the pivotal role nuclear power can play in meeting decarbonization objectives, thanks to its clean emissions profile, dependable baseload capabilities, and secure operation.
Global electricity demand is set to grow 50 percent by 2040 and nuclear energy will play an integral role in meeting this demand. This is evident in the recently released World Energy Outlook 2023 published by the International Energy Agency (IEA) which highlighted the role that nuclear energy can play in making the journey towards net-zero faster, more secure, and more affordable. With 439 reactors operating globally, about 61 reactors under construction in 15 countries and a further 400 that are either ordered, planned or proposed, the IEA anticipates a substantial growth of over 43 percent in installed nuclear capacity from 2020 to 2050
Uranium prices have been the highest since 2008 at over US$80/lb. Prices are expected to remain strong due to the ongoing tightness in the uranium supply/demand balance. As mentioned earlier, this tightness is likely to intensify over the next 24 months as demand continues to rise, new supply remains restricted, and inventories/stockpiles continue to diminish. The risks to the supply side far outweigh risks to the demand side given that more than 50 percent of global uranium production comes from countries with significant geopolitical risk.
This is where companies such as Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF,FWB:SC1P), with a presence in jurisdictions such as the Athabasca Basin in Canada, stand out for its geopolitical stability. The Athabasca Basin is the world’s most prolific uranium jurisdiction, boasting uranium grades averaging over ten to twenty times higher than those found elsewhere, with levels at 3.95 percent U3O8 in contrast to the global average of 0.15 percent.
Skyharbour Resources possesses a broad portfolio of uranium exploration projects within the Athabasca Basin and is strategically positioned to capitalize on the improving fundamentals of the uranium market. The company follows a dual strategy of mineral exploration at its core projects (Russell and Moore) while utilizing the prospect generator model to advance its secondary projects with strategic partners. Employing the prospect generator model provides advantages to Skyharbour as partner firms finance exploration and development activities, as well as making cash and stock payments directly to Skyharbour Resources as they earn in on the projects. The model allows Skyharbour to retain upside exposure through minority interests and royalties at the partner projects while limiting equity dilution and ensuring that partner companies fund the majority of exploration costs.
The company entered into a property purchase and sale agreement with Cosa Resources wherein Skyharbour will sell two mineral claims to Cosa, comprising approximately 6,049 hectares. These two claims represent a small portion of Skyharbour's Karin Property and are located in Saskatchewan about 22 km south of the Key Lake Mill. Skyharbour originally acquired the claims through low-cost, online staking. The company retains ownership in five other adjacent claims constituting the new Karin Project which is now 19,116 hectares.
In October 2024, Skyharbour entered into an option agreement with UraEx Resources for its South Dufferin and Bolt uranium projects, which will allow UraEx to acquire up to 100 percent interest in the properties, which comprise 12 mineral claims spanning approximately 18,000 hectares. Under the agreement, UraEx can earn an initial 51 percent in the projects through C$4.6 million in combined project consideration, and up to 100 percent through C$9.8 million in combined project consideration consisting of cash and share payments as well as exploration expenditures over a five-year period.
Skyharbour also entered into an option agreement with Mustang Energy allowing Mustang to acquire a 75 percent interest in the company's 914W Uranium Project in the Athabasca Basin. , Northern Saskatchewan. Skyharbour now has ten partner companies advancing eleven projects in the portfolio as part of our prospect generator business.
This project covers an area of 35,705 hectares, located in the eastern Athabasca Basin near existing infrastructure with known high-grade uranium mineralization and significant discovery potential. Skyharbour acquired the project from Denison Mines (TSX:DML), a large strategic shareholder of the company. The project can be easily accessed year-round via winter and ice roads, streamlining logistics and reducing expenses. During the summer months, a significant portion of the property remains accessible as well. The property has been the subject of extensive historic exploration with over $50 million in expenditures, and over 140,000 meters of diamond drilling completed historically.
Moore hosts high-grade uranium mineralization at the Maverick zones. Over the past few years, Skyharbour Resources has conducted diamond drilling programs, resulting in the intersection of high-grade uranium mineralization in numerous drill holes along the 4.7-kilometer-long Maverick structural corridor. Some of the high-grade intercepts include:
Merely 50 percent of the total 4.7-kilometer promising Maverick corridor has undergone systematic drilling, indicating significant discovery potential both along its length and within the underlying basement rocks at depth. Skyharbour recently completed a winter drill program which consisted of 2,800m of drilling at the project which focused on infill/expansion drilling at the Main Maverick Zone.Assay results from the program intersected 5 metres of 4.61 percent U3O8 from a relatively shallow downhole depth of 265.5 metres to 270.5 metres including 10.19 percent U3O8 over 1 metre at the Main Maverick Zone from hole ML24-08. Skyharbour will continue to advance Moore through a 2,500 metre summer drill program.
Apart from the Maverick Zone, diamond drilling in various other target areas has encountered multiple conductors linked with notable structural disturbances, robust alteration, and anomalous concentrations of uranium and associated pathfinder elements.
The Russell Lake project is a large, advanced-stage uranium exploration property spanning 73,294 hectares, strategically positioned between Cameco’s Key Lake and McArthur River projects. Skyharbour has completed its earn-in requirements for an option agreement with Rio Tinto and has now acquired 51 percent ownership interest in the Russell Lake project. Skyharbour made a cash payment of C$508, 200, issued 3,584,014 common shares of the company to Rio Tinto and incurred an aggregate of $5,717,250 in exploration expenditures on the property over the 3-year term of the earn-in.
The project is adjacent to Denison’s Wheeler River project and Skyharbour’s Moore uranium project. It is supported by excellent infrastructure in terms of highway access as well as high-voltage power lines. The project has undergone a significant amount of historical exploration which includes over 95,000 meters of drilling in over 220 drill holes. The exploration identified numerous prospective target areas and several high-grade uranium showings as well as drill hole intercepts.
The property hosts several noteworthy exploration targets, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. Skyharbour completed a 19-hole drilling program totaling 9,595 meters in three phases in 2023. The initial drilling phase encompassed 3,662 meters across eight completed holes at the Grayling Zone, followed by a second phase involving four holes totaling 2,730 meters drilled at the Fox Lake Trail Zone. The third drilling phase involved 3,203 meters across seven holes targeting additional areas within the Grayling Zone.
Drilling at Russell in 2024 was completed in two separate phases with a total of 3,094 metres drilled in six holes. Phase One of drilling resulted in the best intercept of uranium mineralization historically on the property from hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721 percent U3O8 at a relatively shallow depth of 338.1 metres, including 2.99 percent U3O8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. This high-grade intercept represents a discovery in a newly delineated target area and will be a top-priority target in the upcoming fully funded summer/fall drill program.
This project comprises 11 claims covering 42,908 hectares located approximately 50 km east of the Key Lake mine. Skyharbour Resources has entered into an option agreement with North Shore Uranium which provides North Shore with an earn-in option to acquire an initial 80 percent interest and up to a 100 percent interest in the Falcon Property. North Shore can acquire an initial 80 percent interest in the claims within three years by meeting combined commitments of C$5.3 million in cash, share issuance, and exploration expenditures. Additionally, there's an option to buy the remaining 20 percent for an extra C$10 million in cash and shares.
North Shore has collected multiple samples from two of the first three uranium prospects drilled at its 55,699-hectare Falcon property in 2024. The samples returned anomalous uranium values of greater than 300 ppm U3O8 and up to a maximum of 572 ppm U3O8. An exploration permit has been secured for the project, which will allow North Shore to conduct exploration activities at the property, including prospecting and ground geophysics, trail and drill site clearing, line cutting, drilling of up to 75 exploration drill holes and storage of drill core.
This project comprises 16 claims covering 12,234 hectares located approximately 55 km east of the Key Lake mine. Skyharbour has optioned up to a 75 percent interest in a portion of the project to Terra Clean Energy (previously Tisdale). Terra will issue Skyharbour Resources 1,111,111 shares upfront, fund exploration expenditures totaling C$10.5 million, and pay Skyharbour Resources C$11.1 million in cash of which C$6.5 million can be settled for shares over a five-year earn-in. Skyharbour Resources will retain a minority interest in the South Falcon East.
This project comprises 20,674 hectares located on the west side of the Athabasca Basin. In March 2017, Skyharbour Resources signed an option agreement with Azincourt Uranium (TSXV:AAZ) to option 70 percent of a portion of the East Preston project to Azincourt. Since then, Azincourt earned a majority interest in the project which currently stands at 85.8 percent. Skyharbour retains 9.5 percent ownership and Dixie Gold owns the remaining 4.7 percent.
Azincourt completed a 2023 drill program comprising 3,066 meters in 13 drill holes. The company also completed the winter 2024 diamond drill program of 1,086 meters of drilling in four diamond drill holes and results indicated the following:
This project comprises 49,635 hectares strategically located near Fission’s Triple R deposit and NexGen’s Arrow deposit. In March 2017, Skyharbour Resources signed an option agreement with Orano (formerly AREVA) Resources Canada to option a majority stake in the Preston project. Orano has fulfilled its first earn-in option interest for 51 percent in the project. Following this, Orano has formed a joint venture (JV) with Skyharbour and Dixie Gold for the advancement of the project. Orano holds 51 percent interest, and the remaining is split evenly (24.5 percent each) between Skyharbour and Dixie Gold.
Orano Canada has completed a geophysical programat the 49,635-hectare Preston uranium project which included a ground electromagnetic survey (ML-TEM) and a ground gravity survey. Orano is now preparing for a Spatiotemporal Geochemical Hydrocarbons (SGH) soil sampling program that will take place this summer at the project.
This project comprises 16 claims covering 25,847 hectares on the east side of the Athabasca Basin. In February 2024, Thunderbird Resources (previously Valor) completed an earn-in for 80 percent interest and formed a JV partnership with Skyharbour which retains the remaining 20 percent interest.
This project consists of 13 claims totaling 57,407 hectares in the Wollaston Domain. In November 2021, Medaro signed an agreement to acquire an initial 70 percent interest by spending C$5 million on exploration, C$800,000 in cash payments, and C$3 million in Medaro shares over 4 years. Medaro may acquire the 30 percent interest, within 30 business days of earning the initial 70 percent interest, by issuing C$7.5 million of shares and a cash payment of $7.5 million to Skyharbour.
This project is strategically located on the east side of the Athabasca basin, 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco's Millennium uranium deposit. In October 2021, Basin Uranium signed an earn-in option to acquire a 75 percent interest in the project. Basin will pay a combination of cash and stocks over three years comprising C$4.85 million in cash plus exploration expenditure and C$1.75 million worth of shares.
The South Dufferin Project totals 13,205 hectares covering 10 claims and is located immediately south of the southern margin of the Athabasca Basin in northern Saskatchewan. The property covers the southern extension of the Virgin River Shear Zone, which hosts known high-grade uranium mineralization at Cameco Corp.'s Dufferin Lake zone approximately 13 kilometres to the north (highlight drill results of 1.73% U3O8 over 6.5 metres) and Cameco Corp.'s Centennial deposit approximately 25 kilometres to the north (includes drill intersections up to 8.78% U3O8 over 33.9 metres).
The Bolt Project consists of two contiguous claims 100 percent owned by Skyharbour Resources Ltd. totalling 4,726 hectares and is located approximately 7 km west of the Highway 914 and about 32 km southwest of Cameco’s Key Lake Operation (which produced 209.8 million pounds of U3O8 at an average grade of 2.32 percent U3O8 from 2 deposits, where ore from the McArthur River mine is currently processed).
A definitive agreement was recently signed in October of 2024 with UraEx Resources to earn an initial 51 percent and up to 100 percent of both the South Dufferin and Bolt Projects, collectively. For an initial 51 percent, UraEx will issue common shares having an aggregate value of C$1.15 million, make total cash payments of $450,000, and incur $3 million in exploration expenditures on both the South Dufferin and Bolt properties over a 3 year period. UraEx has an option to acquire the remaining 100 percent by issuing common shares having an aggregate value of C$2.5 million, making cash payments of $1.2 million and incurring $1.5 million in exploration expenditures over an additional two-year period.
In addition to the projects being advanced by Skyharbour and its partners, the company has 18 additional 100 percent owned projects that they’re actively seeking to option out to potential new partners in the future to add to their growing prospect generator business. All in all, Skyharbour is very well positioned to benefit from an accelerating uranium bull market with increasing demand in the backdrop of a strained supply side.
With a background in entrepreneurship, Jordan Trimble has held various positions in the resource industry, focusing on management, corporate finance, strategy, shareholder communications, business development, and capital raising with multiple companies. Prior to his role at Skyharbour, he was the corporate development manager at Bayfield Ventures, a gold company with projects in Ontario. Bayfield Ventures was subsequently acquired by New Gold (TSX:NGD) in 2014. Throughout his career, Trimble has established and assisted in the management of numerous public and private enterprises. He has played a pivotal role in securing significant capital for mining companies, leveraging his extensive network of institutional and retail investors.
Jim Pettit currently serves as a director on the boards of various public resource companies, drawing from over 30 years of experience in the industry. His expertise lies in finance, corporate governance, management and compliance, particularly in the early-stage development of both private and public enterprises. Over the past three decades, he has primarily focused on the resource sector. Previously, he served as chairman and CEO of Bayfield Ventures, which was acquired by New Gold in 2014.
David Cates currently serves as the president and CEO of Denison Mines (TSX:DML). Before assuming the role of president and CEO, Cates was the vice-president of finance, tax, and chief financial officer at Denison. In his capacity as CFO, he played a pivotal role in the company's mergers and acquisitions activities, including spearheading the acquisition of Rockgate Capital and International Enexco. Cates joined Denison in 2008, initially serving as director of taxation before he was appointed CFO. Prior to joining Denison, he held positions at Kinross Gold and PwC with a focus on the resource industry.
Joseph Gallucci was previously a senior manager at a leading Canadian accounting firm. He possesses more than two decades of expertise in investment banking and equity research, specializing in mining, base metals, precious metals, and bulk commodities worldwide. He serves as a senior capital markets executive and corporate director. Presently, Gallucci is the managing director and head of investment banking at Laurentian Bank Securities, where he assumes responsibility for overseeing the entire investment banking practice.
Brady Rak is a seasoned investment professional who has focussed on the Canadian capital markets over his 13-year career at several independent broker dealers including Ventum Financial, Salman Partners and Union Securities. As a registered investment advisor in the private client division of Ventum Financial, Brady has been involved in advising high-net-worth and corporate clients, structuring transactions, raising capital and navigating global market sentiment. Brady graduated from Northwood University with a BBA in Management and holds his Options license.
A recognized geoscientist with decades of experience in uranium exploration and development, Serdar Donmez has played an active role in numerous grassroots and advanced uranium exploration projects in northern Saskatchewan and Zambia. Donmez has an engineering degree in geology and is a registered professional geoscientist with the Association of Professional Engineers and Geoscientists of Saskatchewan. During his 17-year tenure at Denison Mines, Donmez was pivotal in advancing numerous uranium exploration and development projects. He was involved in various capacities with the Phoenix and Gryphon uranium deposits on Denison's Wheeler River project, from initial discovery to the completion of the feasibility study in 2023. As resource geology manager, he was integral to the development of mineral resource estimates and NI 43-101 technical reports for several advanced exploration projects in the Athabasca Basin. Additionally, he was part of a team exploring the application of in-situ recovery mining techniques for high-grade uranium deposits in the Athabasca Basin.
Dave Billard is a geologist with over 35 years of experience in exploration and development, focusing on uranium, gold and base metals in western Canada and the western US. He served as chief operating officer, vice-president of exploration, and director for JNR Resources before its acquisition by Denison Mines. He played a crucial role in the discovery of JNR’s Maverick and Fraser Lakes B zones. Earlier in his career, he contributed to the discovery and development of several significant gold deposits in northern Saskatchewan. Prior to joining JNR, Billard worked as a geological consultant specializing in uranium exploration in the Athabasca Basin. He also spent over 12 years with Cameco Corporation.
Christine McKechnie is a geologist with a specialization in uranium deposits, particularly those hosted in the basement and associated with unconformities in the Athabasca Basin and its vicinity. Throughout her career, she has worked with various companies such as Claude Resources, JNR Resources, CanAlaska Uranium and Cameco, engaging in gold and uranium exploration activities. She completed her B.Sc. (High Honors) in 2008 from the University of Saskatchewan and completed a M.Sc. thesis on the Fraser Lakes Zone B deposit at the Falcon Point project. She also received the 2015 CIM Barlow Medal for Best Geological Paper.