- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Ora Gold Limited
Boss Energy Limited
Tartana Minerals
Quantum 1 Cannabis
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Okapi Receives Approval to Drill at its Middle Lake Uranium Project in the Athabasca Basin
Okapi Resources Limited (ASX: OKR) (Okapi or the Company) is pleased to announce that its wholly owned subsidiary Okapi Resources Canada Ltd. has received from the Ministry of Environment, Government of Saskatchewan (GoS), a Crown Resource Land Work Authorization, an Aquatic Habitat Protection Permit, a Temporary Work Camp Permit, and Forest Product Permit; together these permits will allow Okapi to drill up to 10,000m in 24 drill holes as well as conduct ground based geophysical surveys of up to 100 line kilometers. The permit is valid through to October 2023.
Key Points
- Okapi Resources receives permits to drill at its Middle Lake Uranium Project
- Extensive historically data at Middle Lake, including high grade surface samples, drilling data and geophysics indicate strong potential for economic mineralisation
- Diamond core drilling program is being planned in the North America winter (Q1 2023)
- Permits allows for up to 10,000m of drilling in 24 drill holes
Okapi’s Managing Director, Mr Andrew Ferrier said:
“This is an important milestone for Okapi, as the Company continues to progress and advance its uranium projects in North America. Obtaining a permit to drill at our 80% owned Middle Lake Project in the Athabasca Basin, the world’s premier uranium district, provides the opportunity for the company to start exploration work on our highly prospective exploration properties located only 4km from the past producing Cluff Lake Mine which produced approximately 64 million pounds of uranium.
The proposed exploration program will focus on prioritising drill targets by reinterpreting the historic geochemistry, geophysics and drill data, combined with satellite imaging (currently underway) which will provide a structural framework. The highest priority drill targets will then be followed by a potential diamond core drilling program, that is likely to be conducted in the North America winter of Q1 2023.
Proposed Exploration Program
The Middle Lake Uranium Project has had a long history of exploration work completed with the last drill program occurring in the winter of 2015 comprising 17 shallow drill holes for a total of 1,851 meters of drilling. The drilling revealed areas of anomalous radioactivity and uranium concentrations associated with graphitic schist and mylonite; the exploration is consistent of that for unconformity style uranium deposits in areas adjacent to the contact between the underlying Archean Basement and Athabasca Group rocks.
Okapi’s immediate aim is to take the historic data and reinterpret and remodel the historic surface and drill data, geochemistry and geophysics to provide targets for drill testing. This will be combined with new remote sensing image interpretation currently underway that, when integrated with the historic, existing geophysical survey results, will provide a structural framework that can be incorporated into the geologic modelling. The application of multi-spectral satellite imaging to exploration at Middle Lake, and the enhanced software capacity now available, can readily detect areas of alteration associated with Uranium mineralisation.
The targets generated from the geologic model will then be followed by a potential diamond core drilling program that is likely to be conducted in the North America winter of Q1 2023. The drill permits will allow Okapi to drill up to 10,000m in 24 drill holes.
Click here for the full ASX Release
This article includes content from Okapi Resources Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Okapi Acquires Maybell Uranium Project in Colorado, USA
Okapi Resources Limited (ASX: OKR) (Okapi or the Company) is pleased to announce that it has completed the staking of 468 federal unpatented mining claims covering 3,600 ha to acquire the Maybell Uranium Project in Colorado, USA. Okapi has secured a significant portion of the Maybell mineralised trend, which includes the area of historical production and other known mineralised occurrences and prospects. Based on the historical production and exploration data there is significant potential for the further delineation and discovery of near surface uranium resources at the Maybell Uranium Project.
Highlights
- Okapi staked 468 claims covering 3,600 ha to acquire the Maybell Uranium Project in Colorado,USA
- The Maybell district has historical production of 5.3 Mlb of U3O8 at an average grade of 1,300ppm1
- Maybell is amenable to heap leach extraction and potentially in-situ recovery(ISR)
- Okapi is in the process of data accumulation and compilation and planning future exploration to determine the potential of developing shallow open pit ore bodies
Okapi’s Managing Director, Mr Andrew Ferrier said:
“WeareexcitedbytheopportunitytoacquiretheMaybellUraniumProjectinColorado,USA.Thisaddsanother uraniumassettoOkapi’sNorthAmericanportfolio.CompletingtheMaybellUraniumProjectacquisitionclearly exhibits the strength of the management team to identify and acquire highly prospective uranium projects in the USA.
Staking the Maybell Uranium Project is directly on strategy for Okapi who are looking to acquire assets in the right circumstances with the aim of expanding the portfolio and providing shareholders with a diversified exposure to uranium in North America. We continue to believe that the uranium space is in an upward trend andOkapiiscurrentlyassemblinganddevelopingtherightportfolioofassetstocreatevalueforshareholders.”
Click here for the full ASX Release
This article includes content from Okapi Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Moab Minerals Limited (ASX: MOM) – Trading Halt
Description
The securities of Moab Minerals Limited (‘MOM’) will be placed in trading halt at the request of MOM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 9 July 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from MOAB Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top 5 ASX Uranium Stocks of 2024
Uranium has broken out, with the spot price rising to a 16 year high of US$106 per pound in early 2024. Despite a pullback to about US$85, prices were still nearly 55 percent higher than this time in July last year.
Although the market's turnaround has taken time, experts are predicting a bright future as countries around the world pursue clean energy goals. Against that backdrop, ASX-listed uranium companies have been making moves in 2024.
Below the Investing News Network has listed the best uranium stocks on the ASX by year-to-date gains. Data was gathered using TradingView's stock screener on July 2, 2024, and all companies included had market caps above AU$50 million at the time. Read on to learn more about these firms and what they've been up to so far this year.
1. Paladin Energy (ASX:PDN)
Year-to-date gain: 26.43 percent; market cap: AU$3.74 billion; share price: AU$12.39
Paladin Energy owns a 75 percent stake in the active Langer Heinrich uranium mine in Namibia, and also has an exploration portfolio that spans both Canada and Australia.
First brought into production in 2006, operations at Langer Heinrich were suspended in 2018 as ultra-low uranium prices averaging US$24 made the mine uneconomical. The dramatic rebound in the uranium market over the past year prompted Paladin to return Langer Heinrich to commercial production in April. First customer shipments are expected this monty of July.
Paladin is set to acquire Canadian explorer and developer Fission Uranium (TSX:FCU,OTCQX:FCUUF, FSE:2FU) and its Patterson Lake South project in the Athabasca Basin in Saskatchewan, Canada, by this September.
Shares of the company reached AU$17.80, their highest point of 2024 so far, on May 21. At that time, they were up more than 76 percent since the start of the year.
2. Deep Yellow (ASX:DYL)
Year-to-date gain: 23.47 percent; market cap: AU$1.29 billion; share price: AU$1.315
Deep Yellow's portfolio of uranium assets spans Namibia and Australia, with its two most advanced projects being Tumas and Mulga Rock. The former is located in Namibia, while the latter is in Western Australia; according to the company, together they have a potential production capacity of over 7 million pounds per year of U3O8.
Deep Yellow released a definitive feasibility study (DFS) for Tumas in early February 2023, outlining uranium output of 3.6 million pounds of U3O8 annually and vanadium output of 1.15 million pounds of V2O5. The property's mine life is set at 22.25 years, but additional resources could increase it to over 30 years.
In December 2023, Deep Yellow did a review of the DFS, updating costs and forecast financial outcomes to reflect the more settled economic environment. Tumas received a mining licence from the Namibian government that same month. The company is targeting late Q4 2024 for a final investment decision, and as of July 1 is on track for first production in Q3 2026.
In terms of Mulga Rock, Deep Yellow has been working on an evaluation program geared at boosting the project's value by looking at its critical minerals potential. In late February, the company updated the mineral resource estimate for the Ambassador and Princess deposits, resulting in a 26 percent increase in the project's total contained uranium. Deep Yellow is currently advancing through an update to its DFS for Mulga Rock with the new data.
Shares of Deep Yellow reached their 2024 peak on May 22, coming in at AU$1.80.
3. Bannerman Energy (ASX:BMN)
Year-to-date gain: 16.48 percent; market cap: AU$496.75 million; share price: AU$3.11
Uranium development company Bannerman Energy has honed its efforts on its Namibia-based Etango uranium project, which it says is one of the world’s largest undeveloped uranium assets. The company has been moving forward at Etango for 15 years and is currently targeting a final investment decision for this year.
Bannerman's latest news on its progress at Etango came on June 10 with the announcement that the company has completed front-end engineering and design and control budget estimate processes, effectively refining the DFS completed in December 2022. In addition, the company is currently advancing early works construction, offtake marketing and strategic financing work streams.
Bannerman's share price reached AU$4.74, its highest point of 2024 so far, on May 21.
4. Lotus Resources (ASX:LOT)
Year-to-date gain: 12.07 percent; market cap: AU$604.30 million; share price: AU$0.325
Lotus Resources is an ASX-listed uranium company that's working to revive operations at a former mine. Its flagship asset is the Kayelekera uranium mine in Malawi, which it acquired from Paladin Energy in 2020.
Kayelekera has been on care and maintenance since 2014 due to the years-long low price environment for the nuclear fuel. In August 2022, Lotus completed a definitive feasibility study for restarting the mine, setting a target of Q4 2025.
Last November, Lotus completed a merger with A-Cap Energy, adding the Letlhakane uranium project in Botswana to its portfolio. The company’s plans for the project in 2024 include fast tracking delivery of a scoping study through the completion of infill drilling aimed at optimising the mine plan and upgrading the mineral resource estimate (MRE).
The MRE revision was completed in May, resulting in 155.3 metric tonne at 345ppm U3O8 for 118.2 million pounds U3O8, including 34.4 million pounds of Indicated Resources. Infill drilling is currently underway to further define resources and produce a fully updated MRE.
Shares of Lotus Resources reached a year-to-date high of AU$0.49 on May 21.
5. Laramide Resources (TSX:LAM)
Year-to-date gain: 6.76 percent; market cap: AU$195.84 million; share price: AU$0.79
Uranium exploration and development company Laramide Resources has a portfolio of advanced projects in Australia and the United States. The company’s Australian assets are the adjacent Westmoreland project and Murphy greenfield project, which are located along the border in Queensland and the Northern Territory respectively.
Its US assets are the Crownpoint-Churchrock in-situ recovery uranium project and the La Jara Mesa project in New Mexico, and the La Sal underground project in Utah.
Laramide kicked off 2024 with the publication of a completed preliminary economic assessment (PEA) for Churchrock, which didn't include resources from Crownpoint. The PEA shows 31 year life of mine with total production of 31 million pounds over that period.
Shortly after, shares in Laramide hit their year-to-date peak of AU$0.92 on February 8.
Also in February, the company announced that last year’s drill campaign at Westmoreland in Queensland confirmed the high-grade uranium expansion potential at the project. In June, Laramide commenced its 2024 drill campaign in Australia to include up to 12,000 meters over 100 drill holes across multiple targets at Westmoreland and in the Murphy project, which is also along the Westmoreland trend.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Boss Set to Ship First U308 from Honeymoon
Ramp-up running ahead of Feasibility Study schedule, with more than 57,000lbs of uranium produced to date; Construction of NIMCIX columns 2 and 3 almost complete, paving way for ongoing production increases
Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is pleased to report strong progress in the commissioning and ramp up at its Honeymoon uranium mine in South Australia, with a total of 57,364lbs of U308 produced by June 30, 2024.
Highlights
- Startup production exceeding ramp-up schedule per the feasibility study (FS) estimates
- NIMCIX columns 2 and 3 on target for commissioning in Q3 and Q4, respectively in 2024
- Commissioning continues to advance, with key metrics remaining ahead of FS estimates:
- oWellfields continue to average 80 - 100mg/L vs FS estimate of 47mg/L (~100% uplift)
- oIon Exchange loaded resin recoverability remains at 100%
- oResin loading normalising at FS estimate of 27 g/L
- oElution performance exceeding FS estimate at 7 – 9 g/L
- First uranium sale to occur with revenue being received this quarter
- Boss remains highly leveraged to rising uranium price
Boss will now make its first delivery to European nuclear utilities under its existing sales contracts, with revenue to be received in the current quarter.
With NIMCIX Column 1 performing to expectations and construction of Columns 2 and 3 on track for completion in the September and December quarters, 2024 respectively, Boss expects production to total at least ~850,000lbs of U308 by June 30, 2025, in line with its Feasibility Study schedule1.
Boss Managing Director Duncan Craib said:“The start-up phase at Honeymoon is proceeding comfortably to plan, with all the key metrics running in line with, or exceeding, the forecasts contained in the Feasibility Study schedule.
“Construction of the second and third columns is also advancing well, ensuring we are on track to continue increasing our production rates. Total production in FY26 is set to meet or exceed our feasibility study forecasts at 1.63Mlb. The addition of columns 4, 5 and 6 are forecast to further increase the production rate to nameplate capacity of 2.45Mlb/annum by year three.”
Figure 1: Drummed uranium ready for first shipment
Figure 2: Construction of columns 2 and 3 nearing completion to increase Honeymoon's production profile
Production update
Operational focus over the coming months remains on optimisation of the ion exchange, elution, precipitation and drying and packing processes.
Wellfield performance continues to impress, with tenors from individual wellfields into the PLS averaging 80 - 100 mg/L. Honeymoon’s feasibility study assumed PLS grade of 47 mg/L based on results from the project’s previous operation. Boss is managing the grade of uranium being leached to maximise wellfield recoveries.
Consumption of reagents in the wellfields of sulphuric acid and ferric (pH and Eh) are normalising as per FS expectations. The lixiviant chemistry, as proved during the field leach trial, continues to demonstrate superior performance at commercial throughput rates. The increased leach efficiency leads to a more efficient loading on the ion exchange resin, effectively lowering operating costs as less reagents and power are required per drum of uranium.
Stripping of uranium from the loaded resin continues to be virtually 100%, also demonstrating that the ion exchange process is working as designed, resulting in a high-grade concentrated eluate greater than 7-9 g/L.
Click here for the full ASX Release
Lo Herma ISR Uranium Project, Resource Drilling Funded
Following the recently completed placement to sophisticated and institutional shareholders, GTI Energy Ltd (GTI or Company) is pleased to provide an update on the upcoming resource expansion drilling program at the Lo Herma ISR uranium project in Wyoming’s Powder River Basin (PRB). In advance of further news related to progress of the planned drill program at Lo Herma, the following provides a summary of the resource expansion potential and objectives of the 2024 Phase II drilling.
HIGHLIGHTS
- Upcoming Q3 resource drilling is fully funded
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm
- Drilling to commence in the coming weeks - starting late July or early August
- Planned rights entitlement offer to all shareholders on the same terms as the recent placement - details to be provided in due course
Following completion of the 2024 drill program at Lo Herma, GTI intends to publish an updated mineral resource estimate and exploration target range for the project. The Company expects that the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project.
GTI Executive Director Bruce Lane commented, “We are pleased and excited to have received investor support and funding to continue moving forward with our planned resource expansion drilling at Lo Herma. Matt and the team in Wyoming have put us in a great position to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling. This work prepares GTI for a potential Lo Herma scoping study which we hope to commence later this year on the basis that we can significantly grow the uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at Ur-Energy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”
FIGURE 1. GTI WYOMING PROJECT LOCATIONS
LO HERMA GEOLOGIC SUMMARY
The Lo Herma project is located on the southern end of the west flank of the Powder River Basin (PRB), a regional asymmetric synclinal basin hosting a sedimentary rock sequence of about 15,000 feet in the deeper portions of the basin. The basin is bounded by the Bighorn Mountains on the west, the Black Hills to the east, and the Casper Arch, Laramie Mountains, and Hartville Uplift along the southern margin. Along the edges of the basin, progressively older sedimentary units outcrop at the surface as you move away from the synclinal axis of the basin.
The target host geology for Lo Herma project is located in and around the contact of the Eocene Wasatch Formation (Wasatch) and the Paleocene Fort Union Formation (Fort Union).
Click here for the full ASX Release
US to Spend US$2.7 Billion on Low-enriched Uranium from Domestic Sources
The US Department of Energy (DOE) said it plans to invest up to US$2.7 billion to strengthen the domestic nuclear fuel supply chain as part of President Joe Biden's Investing in America agenda.
In a request for proposals issued on June 27, the DOE said it is looking to buy low-enriched uranium (LEU) from domestic sources in order to enhance national energy security and create new jobs in the nuclear industry.
The DOE also wants to stimulate the development of uranium enrichment capacity in the US, and believes that this initiative will promote the safe and responsible buildout of facilities designed for this purpose.
The initiative comes after Biden signed the Prohibiting Russian Uranium Imports Act into law on May 13, effectively establishing a ban on the import of LEU from Russia. The ban received is set to take effect 90 days post-enactment.
“DOE is helping jumpstart uranium enrichment capacity here in the United States, which is critical to strengthening our national security and growing our domestic nuclear industry,” Secretary of Energy Jennifer M. Granholm said. She added that the news highlights the US' commitment to remaining a global leader in nuclear energy in the years to come.
Ali Zaidi, assistant to the president and national climate advisor, emphasized the importance of transitioning away from fossil fuels, saying, "Under President Biden’s leadership, we have spurred an unprecedented expansion in clean energy production, which is creating good-paying union jobs and putting us on a path to greater energy security."
The DOE plans to acquire LEU generated by new or expanded domestic enrichment facilities. The intention is to sell this LEU to utilities operating US reactors, supporting clean energy generation and cutting reliance on Russian imports.
Contracts awarded through this initiative will last up to 10 years, with proposals due by August 26, 2024.
The DOE's actions align with its Pathways to Advanced Nuclear Commercial Liftoff report, which supports the advancement of technologies that can help the US achieve net-zero emissions by 2050. Moreover, its Advanced Reactor Demonstration Program is geared at supporting nuclear demonstration and risk reduction projects.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Latest News
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.