
June 18, 2024
GTI Energy Ltd (GTI or Company) is pleased to advise it has received firm commitments to raise A$2,250,000 via the issue of 500,000,000 new shares at A$0.0045 per share (Placement) together with one (1) free attaching option for every three (3) Placement Shares subscribed for (Placement Options).
Highlights
- Firm commitments received for $2.25m via the placement of 500 million new shares to existing and new institutional and sophisticated investors
- Placement shares to be issued at $0.0045 per share with 1 free attaching option for every 3 Placement Shares subscribed for, with an exercise price of 1¢ per share & expiring 4 years from the date of issue
- Placement will be used to fund resource drilling and advancement towards a scoping study at GTI’s Lo Herma project and to advance exploration at the Company’s Green Mountain & Utah projects
- GTI intends to offer existing shareholders the opportunity to participate in a non- renounceable pro-rata rights entitlement offer – details to follow
- CPS Capital intends to underwrite the non-renounceable pro-rata rights entitlement offer subject to an underwriting agreement
- The Company also intends to conduct a Priority Option Issue to existing GTRO option holders with details to follow
GTI also plans to undertake a rights entitlement issue (Rights Issue) on similar terms to the Placement. CPS Capital Group Pty Ltd (CPS) intends to underwrite the Rights Issue subject to a separate Underwriting Agreement. The Rights Issue terms including timing have not been confirmed and are subject to change however the record date for the rights issue is anticipated to be after the issue date for placement shares.
The Company also intends to conduct a Priority Option Issue to existing GTRO option holders with details to follow.
The funds raised from the Capital Raising will be used will be used to fund July resource drilling and advancement towards a scoping study at GTI’s Lo Herma project and to advance exploration at the Company’s Green Mountain & Utah projects, pay costs of the Capital Raising and for working capital.
GTI Executive Director Bruce Lane commented “we are very pleased to have received support in this placement from both existing and new sophisticated investors. We look forward to our July resource drilling campaign knowing that we will be well funded to advance the Company’s flagship Lo Herma project towards an expanded resource and a scoping study. We look forward to being able to offer all shareholders the opportunity to participate in our planned rights issue on the same terms as the Placement.”
The Placement Shares will be issued in one tranche pursuant to ASX listing Rules 7.1 (295,000,291 Placement Shares) and 7.1A (204,994,709 Placement Shares). The Placement Options will be issued subject to shareholder approval and will have an exercise price of 1¢ expiring four years from the date of issue. GTR intends to use its best endeavours to list the Placement Options on ASX.
CPS acted as lead manager and arranger to the Placement and will receive a management fee of 2% of the total gross proceeds of the Placement for managing the Placement, and CPS or its nominees will receive a placing fee of 4% of the total gross proceeds of the Placement, and, subject to shareholder approval, will be issued 206,666,667 options (Lead Manager Options) on the same terms as the Placement Options and will be issued at $0.00001 per option (Capital Raising Fee). CPS will also receive a one-off completion fee of $20,000 (ex GST).
A notice of meeting seeking approval for, amongst other things, the issue of the Placement Options and Lead Manager Options will be provided to shareholders in the coming weeks.
LO HERMA PROJECT: DRILLING SCHEDULED FOR JULY 2024
As previously advised on 2 May 2024, GTI has contracted its preferred Wyoming-based exploration drilling contractor for its July drill program at Lo Herma.
The planned 2024 drilling program at Lo Herma includes 71 drill hole locations and construction of up to 5 groundwater monitoring wells. This next phase of exploration will be focused on expanding the resource areas and where possible, upgrading the current mineral resource classification. Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.
A drilling permit has been lodged and is progressing with the State of Wyoming’s Land Quality Division (LQD) review as expected. GTI intends to mobilise drilling rigs to Lo Herma as soon as the activity is fully permitted, and environmental clearances are finalised. At this time, GTI continues to anticipate that drilling will commence at Lo Herma during July 2024.
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. The most recent drill results from Lo Herma and a summary of the project geology can be found in the Company’s news release from 20 December 2023.
Click here for the full ASX Release
This article includes content from GTI Energy, 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.
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27 July
American Uranium
Investor Insight
American Uranium presents an intriguing opportunity for investors seeking exposure to the uranium sector, given its focus on ISR projects in the US aligning well with macro trends in the nuclear energy industry and geopolitical shifts favouring domestic uranium production.
Overview
American Uranium Limited (ASX:AMU) is an Australia-based uranium exploration and development company focused on uranium projects in Wyoming, USA, that are amenable for in-situ recovery (ISR). In uranium mining, ISR is the lowest cost and least environmentally damaging form of uranium recovery, especially when alkaline leach and ion exchange processes are utilised.
The company’s flagship Lo Herma project in the Powder River Basin is a sandstone-hosted roll front uranium deposit, which contains a recently updated mineral resource of 8.57 million pounds (Mlbs) of U₃O₈ at an average grade of 630 parts per million (JORC 2012 compliant), with a substantial additional exploration target in the range of 6 to 11 Mlbs –American Uranium recently completed an interim Scoping Study on this project.American Uranium also holds projects in the Great Divide Basin (inferred resource of 1.66 Mlbs) and Green Mountain areas of Wyoming, as well as earlier-stage conventional uranium/vanadium assets in Utah. As of the latest update, American Uranium has delineated total combined uranium resources of 10.23 Mlbs (indicated and inferred) and combined exploration targets ranging from 12.14 to 15.21 million tonnes across its Wyoming projects.
Wyoming’s ISR uranium processing assets and American Uranium project locations
American Uranium is positioning itself to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States. The US remains the world’s largest consumer of uranium but imports over 95 percent of its supply. American Uranium’s strategy centres on developing low-cost ISR uranium projects in Wyoming – historically one of the most productive uranium regions in the US – with established infrastructure, regulatory support, and proximity to existing ISR processing facilities.
The uranium market is experiencing a serious supply deficit and a significant resurgence in demand driven by several factors:
- Supply constraints following decades of underinvestment and an overreliance on Russian and Kazakh supply chains;
- Rapid growth in global electricity demand and recognition of nuclear energy as a clean baseload source aligned with decarbonization targets;
- Geopolitical realignment leading to a bifurcated uranium market, with the US banning imports of Russian nuclear fuel as of August 2024, intensifying the urgency for domestic supply security;
- Accelerating momentum for SMRs (Small Modular Reactors), nuclear restarts, and new gigawatt-scale builds in the US and abroad.
In the United States specifically, there is bipartisan policy support for revitalising the domestic uranium industry. Key initiatives include the formation of a strategic uranium reserve, over US$6 billion in grants for existing nuclear facilities, and tax incentives for new builds under the Inflation Reduction Act. Additionally, the US Department of Energy has called for tripling US nuclear capacity to 300 gigawatts by 2050. Demand signals are also coming from private sector growth, particularly AI-driven data centre development and long-term net-zero pledges by institutional investors and banks.
American Uranium's project strategy
In the longer term, American Uranium recognises the value potential of consolidation within the fragmented US uranium sector. The company remains open to strategic partnerships, joint ventures or merger and acquisition opportunities that could accelerate its development timeline, enhance scale, and unlock synergies. Such initiatives could ultimately strengthen American Uranium’s path to production and improve its overall value proposition to shareholders.
Company Highlights
- American Uranium is focused on ISR-amenable uranium projects in Wyoming, USA.
- American Uranium has completed an interim Scoping Study on its flagship Lo Herma project in the Powder River Basin which contains a recently updated mineral resource of 8.57 Mlbs of U₃O₈ at average grade of 630 ppm.
- American Uranium also holds drill permitted projects with defined resources and exploration targets in the Great Divide Basin and Green Mountain areas in Wyoming, and uranium-vanadium assets with significant recent exploration data in Utah.
- To date, American Uranium has delineated total combined uranium resources of 10.23 Mlbs (indicated and inferred) and substantial combined exploration targets in the range 12 to 20 Mlbs across its Wyoming projects.
- Wyoming is a historically significant uranium producing region with existing infrastructure and a supportive regulatory environment.
- American Uranium is well-placed to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States, the world’s largest consumer of uranium.
Key Projects
Wyoming Uranium Projects
American Uranium's focus on Wyoming ISR projects positions it well to capitalize on trends in the uranium sector. ISR mining is generally faster to build, lower cost, and more environmentally friendly than conventional mining methods. Wyoming has a long history of uranium production and hosts current producers and several additional permitted processing facilities, potentially allowing for rapid development of new projects.
The Wyoming projects – comprising the Lo Herma, Great Divide Basin, and Green Mountain projects – are located in the Powder River and Great Divide Basins.
JORC Resources and Exploration Targets
Lo Herma
The company’s exploration work is currently centered on advancing its 100 percent owned flagship Lo Herma project, where drilling in 2023 and 2024 successfully verified and expanded the historical drill hole database. As of December 2024, the project hosts a JORC-compliant mineral resource estimate of 8.57 Mlbs of U₃O₈ at an average grade of 630 ppm, comprising 2.78 Mlbs indicated and 5.79 Mlbs inferred.
The Lo Herma project is located just 10 miles from Cameco's Smith Ranch-Highland facility – the largest ISR uranium plant in the United States – and is ideally situated for potential future production synergies. In addition to the current resource, the company has defined an exploration target of 6 to 11 Mlbs, with over 950 drill holes completed across the project area.
American Uranium completed hydrogeologic field testing and metallurgical leach studies during the March 2025 quarter. Results demonstrated that Lo Herma mineralisation is amenable to alkaline ISR recovery with uranium recoveries averaging 75 percent, consistent with other ISR operations in the district.
Following the successful completion of these studies, American Uranium delivered an interim scoping study in Q2 2025, managed by BRS Engineering. The study confirmed the project’s potential viability and outlined attractive baseline economics for both central processing and satellite mining development options. The company is now finalising plans for a follow-up drilling campaign in H2 2025. This next phase will include infill and step-out drilling to increase overall mineral resources and upgrade resource classification, while collecting further hydrogeological and metallurgical data.
Great Divide Basin and Green Mountain
The company continues to progress its additional Wyoming projects, including the Great Divide Basin and Green Mountain areas. Drilling is permitted for 2025, positioning American Uranium to unlock further value across these strategic tenements.
The Great Divide Basin project includes the Thor, Logray, Loki, Odin, Teebo and Wicket claims. It holds a JORC inferred mineral resource of 1.66 Mlbs of U₃O₈ at 570 ppm, and a defined exploration target of 6.55 to 8.11 million tonnes grading 420 to 530 ppm. The area benefits from significant historical exploration data and proximity to major uranium infrastructure, including Ur-Energy’s Lost Creek plant and Rio Tinto’s Sweetwater Mill.
American Uranium ’s footprint in this region was expanded by acquiring the Green Mountain project, which includes 5,585 hectares of contiguous claims directly adjoining Rio Tinto’s tenements. Historical drilling and geophysical surveys confirm the presence of uranium mineralisation in sandstone-hosted roll fronts within the Battle Springs formation.
Green Mountain lies adjacent to notable regional projects including Energy Fuels’ Sheep Mountain (30 Mlbs), Ur-Energy’s Lost Soldier, and UEC’s Antelope deposits, positioning American Uranium near major development and production infrastructure in the basin.
Utah
Henry Mountains Uranium Project
American Uranium’s Henry Mountains project in Utah is a brownfields uranium-vanadium opportunity located within the prolific Colorado Plateau uranium province. Exploration has focused on a 5 km mineralised trend between the Rat Nest and Jeffrey claim groups, including the Section 36 state lease.
Uranium and vanadium mineralisation in this area is shallow – typically 20 to 30 metres deep – and has historically supported significant production. Since 1904, the district has yielded more than 92 Mlbs of U₃O₈ and 482 Mlbs of V₂O₅ from sandstone-hosted ores. The project remains a strategic asset with future development or transactional optionality as American Uranium advances its Wyoming portfolio.
Management Team
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 20 years, most notably with ASX listed companies Atom Energy, Stonehenge Metals and Fenix Resources (FEX).
Matt Hartmann - Director
ISR uranium specialist 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 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).
Simon Williamson - Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia.
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.
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Disrupting the uranium supply chain through highly prospective ISR projects in Wyoming
11 August
Snow Lake Completes Due Diligence and Confirms Placement
28 July
Quarterly Activities/Appendix 5B Cash Flow Report
23 July
Lo Herma Drilling Permit & Contract Confirmed
14 July
Company Update - Name Change to 'American Uranium Limited'
10 July
Placement Shares Issued & Drilling Approval Expected August
16h
Mart Wolbert: Uranium Prices, Supply, Demand — What's Next as Mindset Shifts
Mart Wolbert, analyst at Contrarian Codex, is seeing a uranium mindset shift as more investors take stock of the growing supply/demand imbalance in the market.
He explains how he's approaching uranium stocks and shares his price outlook.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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09 September
From Nuclear to Blockchain: How xU3O8 is Reimagining Uranium Ownership
xU3O8 has reached a key milestone with the listing of its uranium-backed token across major crypto exchanges, opening the door for investors to gain direct exposure to uranium at a time when demand is accelerating, said Arthur Breitman, co-founder of Tezos, which provides the blockchain platform for xU3O8.
“xU3O8 is a tokenized asset. It represents tokenized beneficial ownership in uranium oxide,” Breitman explained. “And the platform uranium.io allows people to come in and then buy this tokenized ownership in uranium, which can be interesting for people interested in owning the commodity.”
Breitman also explained the advantages of buying tokenized uranium versus investing in uranium stocks or uranium funds.
“If you're talking about (investing in) a uranium mine, for example, you will carry idiosyncratic risk, which is tied to this company … And then there are also (other) products around uranium, like the spot trade ... But these are funds; you're not buying uranium, you're buying a share in a fund.
“With xU3O8, you do not have this issue, because you have convertibility with the physical uranium behind it,” Breitman said.
Watch the full interview with xU3O8 co-founder Arthur Breitman above.
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04 September
Term Sheet to Treat Colorado Project Uranium Waste Dumps and Gross Revenue Sharing Agreement with DISA Technologies
Pathway for Thor Energy PLC to potentially generate revenue from US Uranium and Critical Minerals Production
Thor Energy plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to announce the signing of a term sheet ("Term Sheet") with DISA Technologies, Inc. ("DISA") to seek to evaluate and if successful, treat historically abandoned uranium mine waste dumps ("Waste") and recover saleable uranium and other critical minerals concentrates at Thor's Colorado uranium claims. Thor holds 25% ownership rights to uranium minerals on U.S. Bureau of Land Management ("BLM") via its US subsidiary Standard Minerals Inc. ("Standard") that holds the projects (the "Colorado Projects") in Colorado in the United States, along with the 75% holder, London-listed Metals One PLC (AIM: Met1).
Highlights:
- Standard to be paid a Gross Revenue Share of any saleable uranium and other critical mineral concentrates recovered from waste at its Colorado Projects via deployment of DISA's modular mobile plants utilising the patented High-Pressure Slurry Ablation ("HPSA") system.
- No capital expenditure or operating expenditure is payable by Standard or Thor.
- Thirteen separate prospective waste dumps have been ground surveyed at Standard's Colorado Projects; others may be added to this inventory over time.
- Standard to receive a percentage of gross product sale revenue stream, minus certain post-treatment allowable costs. A sliding scale with a base rate of 2.5%, through to 4.0% in certain metals pricing environments.
- DISA will be the operator of the Colorado Projects and to pay all associated costs of economic evaluation, permitting, treatment and ongoing remediation.
Advantages of HPSA:
- The High-Pressure Slurry Ablation ("HPSA") process treats surface dumps of previously partially mined and aggregated material.
- DISA has been working with the U.S. Nuclear Regulatory Commission (NRC) since 2021 on a robust licensing process, which is expected to conclude soon. This would make DISA the first company to receive a Service Providers License (SPL) to remediate abandoned uranium mine waste.
- Aside from extracting valuable uranium and critical minerals, the process delivers significant improvements to the local environment and watersheds by removing, on average, 90% of the uranium and radium-226 content from the waste, as evidenced by a treatability study DISA completed with the U.S. Environmental Protection Agency1.· Strong US Government support for domestic recovery of uranium and critical minerals from legacy mine waste. This activity is directly in line with the recent Secretarial Order from the Department of the Interior (Order No. 3436: Unlocking Critical and Strategic Minerals from Mine Waste, Cutting Red Tape, and Restoring American Dominance in Strategic Mineral Production).
Next Steps:
- Characterisation program with a combination of assay and gamma probe to determine likely quantities of uranium and other recoverable minerals present in the waste dumps and economic evaluation.
- Application and completion of all requisite permits needed to commence treatment of waste and recovery of payable concentrates using HPSA technology.
- Future potential sale of metals concentrates and payment of gross revenue to Thor via Standard.
- Parties will immediately move to finalise and execute a more detailed binding agreement and complete any outstanding conditions precedent to the transaction.
Alastair Clayton, Chairman, commented:
"We are pleased to announce the Term Sheet executed with DISA today to help facilitate Thor potentially becoming revenue-generating from US uranium and critical metals production. Moving our US uranium projects forward in a non-dilutionary manner has been a priority for some time. DISA is a world leader in its materials upgrading technology, and its patented HSPA process is considered a revolutionary, non-chemical technology.
"Importantly, DISA's NRC licensing process is expected to conclude soon. This would make DISA the first company to receive a Service Providers License to remediate abandoned uranium mine waste, a hugely appealing regulatory framework. A major benefit is that the process does more than just extract value, it also leaves behind a substantially improved local environment by remediating these historic legacy sites. Thor looks forward to working with DISA going forward as we move towards generating revenue from these recycled materials."
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Figure 1 - Example of Gen B modular HPSA components - Source: DISA
The Board of Thor Energy Plc has approved this announcement and authorised its release.
For further information on the Company, please visit the website or please contact the following:
Thor Energy PLC
Andrew Hume, Managing Director
Alastair Clayton, Non-Executive Chairman
Rowan Harland, Company Secretary
Tel: +61 (8) 6555 2950
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Antonio Bossi / Darshan Patel / Gabriella Zwarts
Tel: +44 (0) 203 829 5000
SI Capital Limited (Joint Broker)
Nick Emerson
Tel: +44 (0) 1483 413 500
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah / Bessie Elliot
thor@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
Competent Person Statement
The information in this report that relates to exploration results and exploration targets is based on information compiled by Andrew Hume, who holds a BSc in Geology (Hons). Mr Hume is an employee of Thor Energy PLC. He 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 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and is a qualified person under AIM Rules. Andrew Hume consents to the inclusion in the report of the matters based on his formation in the form and context in which it appears.
About Thor Energy Plc
The Company is focused on Hydrogen and Helium exploration which are crucial in the shift to a clean energy economy, with a portfolio that also includes uranium, and other energy metals. For further information on Thor Energy and to see an overview of its projects, please visit the Company's website at https://thorenergyplc.com/.
About DISA Technologies
Founded in 2018, DISA Technologies is revolutionizing mineral recovery with our patented High-Pressure Slurry Ablation (HPSA) technology-an innovative solution that upgrades critical minerals from mined ore and legacy waste. Serving both the mining and remediation sectors, we recover valuable resources that power industry, strengthen energy independence and restore contaminated sites to productive use. DISA's technology unlocks economic and environmental value, transforming how the world processes, remediates and recycles essential mineral assets. DISA is headquartered in Casper, Wyoming, with a satellite office in Westminster, Colorado.
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03 September
Saga Metals
Investor Insight
A diversified critical minerals exploration company driving value from a world-class titanium-vanadium-iron discovery at its Radar project in Labrador, while developing high-potential uranium and lithium assets in Canada’s top jurisdictions. A partnership with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) further strengthens Saga’s position in the global green energy transition.
Overview
Saga Metals (TSXV:SAGA,OTCQB:SAGMF,FSE:20H) is a Canadian mineral exploration company with a diversified portfolio of critical minerals assets in top-tier mining jurisdictions. The company’s flagship Radar titanium-vanadium-iron project in Labrador recently delivered significant drill results setting the stage for what could become a globally significant vanadiferous titanomagnetite (VTM) opportunity.
Early drilling has confirmed thick, high-grade layers of mineralization containing titanium, vanadium and iron — three metals essential to steelmaking, aerospace, defense and new energy storage technologies. The project covers the entire Dykes River intrusion, a large mineral system on par with some of the world’s best-known titanium-vanadium operations, such as Panzhihua in China and Tellnes in Norway. Geophysical surveys and drilling suggest that only a fraction of the 20-kilometre mineralized trend has been tested so far, leaving huge upside for further growth.
While Radar is currently the primary focus, Saga also maintains exposure to uranium and lithium through the Double Mer uranium property in Labrador and the Legacy lithium JV with Rio Tinto in Quebec. This balanced portfolio positions Saga to benefit from multiple high-demand supply chains supporting the global energy transition.
Company Highlights
- Globally Significant Titanium-Vanadium-Iron Project: Newly confirmed high-grade titanomagnetite discovery at Radar project with an inferred 20 km oxide layering strike within the Dykes River intrusion.
- Drill intercepts at Radar include up to 43 percent iron, 9.4 percent titanium dioxide (TiO₂) and 0.66 percent vanadium oxide (V₂O₅).Claims have been expanded to secure the entire titanomagnetite-bearing intrusion.
- Rio Tinto JV: A C$44 million option agreement with Rio Tinto Exploration Canada to advance the Legacy lithium project in James Bay, Quebec, part of North America’s newest lithium district.
- Double Mer Uranium Project: Drill-ready 25,600-hectare project covering an 18 km uranium-rich trend, with U₃O₈ grades up to 0.43 percent and scintillometer readings up to 27,000 cps.
- Diversified pipeline: Additional North Wind iron ore property in the Labrador Trough with historical grades up to 75 percent iron oxide (Fe₂O₃) in surface samples.
- Strong leadership with a track record across mining, exploration and capital markets.
Key Projects
Radar Titanium-Vanadium-Iron Project (Flagship)
The Radar project is Saga’s current flagship asset located ~10 km from Cartwright, Labrador. With the potential to become a globally significant VTM discovery, the project covers 24,175 hectares over the Dykes River intrusion, a billion-year-old layered mafic complex comparable in scale to Greenland’s Skaergaard intrusion and analogous to globally recognized VTM systems at Panzhihua (China) and Tellnes (Norway).
Project Highlights:
- 2025 maiden drill program confirmed continuous titanomagnetite layers with intercepts grading up to 43 percent iron, 9.4 percent TiO₂ and 0.66 percent V₂O₅. Titanomagnetite-rich intercepts averaged 20 to 40 percent, with massive layers exceeding 60 percent.
- Expanded claims now secure the entire 160 sq km titanomagnetite-bearing intrusion.
- Geophysical work linked the oxide-rich layering over >20-km strike with magnetic high anomalies, ground-truthed by drilling and mapping.
- Winter 2025 drilling in the Hawkeye Zone, guided by 3D magnetic inversion and VLF-EM, intersected a 300- to 400-m thick titanomagnetite-rich sequence. The highest V₂O₅ assays correlate with these thicker bands, pointing to a major magmatic pulse.
- At the Trapper Zone, summer geophysics revealed a 3-km continuous anomaly with magnetic readings up to 115,500 nT, among the highest recorded, highlighting exceptional mineralization potential.
- Mineralogical studies confirm ilmenite inclusions within magnetite, suggesting metallurgical simplicity and potential for a combined vanadium-titanium-iron concentrate, echoing vertically integrated operations like Panzhihua.
- Supported by excellent infrastructure, including road access, deep-water port, hydroelectric power and an airstrip near Cartwright, Labrador.
- Strong community collaboration, with the Mayor of Cartwright issuing a formal letter of support, and local workers engaged in field programs.
- Comprehensive 2024–2025 work programs integrated geophysics, drilling, petrography, geological mapping, and infrastructure upgrades, rapidly advancing project understanding.
Double Mer Uranium Project
The Double Mer uranium project is located in eastern central Labrador, 90 km northeast of Happy Valley, Goose Bay. The property lies between Lake Melville and Double Mer, both inlets off the Labrador Sea, and covers three high-priority uranium zones – Luivik, Nanuk and Katjuk – along an 18-kilometre mineralized trend.
Regional map of the Double Mer uranium project in Labrador, Canada
Project Highlights:
- 1,024 claims spanning 25,600 hectares in eastern Labrador, covering the Luivik, Nanuk and Katjuk zones along an 18-km uranium trend.
- Rock sampling returned up to 0.428 percent U₃O₈ with scintillometer readings as high as 27,000 cps.
- Geological parallels to Labrador’s Central Mineral Belt (CMB), home to Paladin Energy’s Michelin deposit.
Legacy Lithium
The Legacy lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region of Quebec. The projects span over 65,849 hectares and hosts the same geological setting along strike from Rio Tinto, Winsome Resources, Azimut Exploration and Loyal Lithium in the La Grande sub-province.
Project Highlights:
- Subject of a C$44.4 million JV option with Rio Tinto Exploration Canada, under which Rio Tinto acts as operator and can earn up to 75 percent.
- 100+ documented pegmatite outcrops with multiple prospective lithium-bearing zones for follow-up in 2025.
- Benefits from Quebec’s Plan du Nord infrastructure development program.
North Wind
The North Wind project is located in west central Labrador, 16 km southwest of Schefferville, Quebec within the Labrador Trough.
Project Highlights:
- Covers 6,375 hectares and 255 claims.
- Historical drilling averaged 21 percent iron across eight holes, including intercepts from the Lower Red Green Chert unit with grades up to 75 percent Fe₂O₃.
- 2024 fieldwork confirmed a 4-km NW-SE mineralization trend, reinforcing the project’s scale and grade potential.
Management Team
Michael Stier – Chief Executive Officer and Director
Educated in business management and finance, Michael Stier has spent the past 15 years focused on and building expertise in capital markets. Experienced in corporate structure, finance, business development, IPOs, M&A and wealth management, Stier served as a CIBC IIROC licensed senior financial advisor, senior analyst for a private equity company and more recently holds executive and directorship roles with private companies and publicly listed issuers. He has consulted in industries including mining, oil & gas, fintech, VR, eSports, health, life sciences and biotech. In addition to Saga, Stier has acted for several public entities and currently sits on the board of GoldHaven Resources.
Terence Lee – Chief Financial Officer
Terence Lee is a CPA with over nine years of finance experience in reporting under International Financial Reporting Standards. Lee has worked in financial planning, analysis and reporting for companies across various industries including mining, technology, real estate, life sciences, education and private healthcare. Lee graduated with a BA from Simon Fraser University, a Diploma of Accounting from UBC’s Sauder School of Business and articled with BDO LLP. Lee is CFO of various private and publicly listed companies.
Michael Garagan – Chief Geological Officer
With a Bachelor of Science in Geology, Michael Garagan has 15 years of experience in the exploration industry with projects across the world including Africa, Asia, North and South America. He encountered a diverse experience of deposit styles from gold to base metals in porphyry, orogenic, epithermal and VMS deposits to uranium and lithium pegmatites. Notable projects include B2 Gold’s Otjikoto project in Namibia, Night Hawk’s Colomac project in NWT, Unigold’s Neita project in the Dominican Republic, as well as Hudbay’s Lalor Mine in Snowlake, Manitoba.
Michael Waldkirch – Independent Director
Michael Waldkirch is a CPA and CGA with over 25 years of professional experience. Since 1998, he has led the accounting firm of Michael Waldkirch & Company, specializing in accounting, tax and business consultancy services to a wide variety of public and private companies. He has represented a wide variety of public corporations including mining, oil and gas and technology companies listed on the TSX, TSXV, NYSE-American, NASDAQ and OTC-BB. He has served as CFO of numerous Canadian and US publicly listed companies, including Gold Standard Ventures and Barksdale Resources and is currently an independent board member of US Gold Corp. (NASDAQ:USAU).
Harrison Pokrandt - Independent Director
With 7 years of experience in mineral exploration, Harrison Pokrandt has worked on multiple styles of geology including porphyry, VMS, orogenic, Epithermal, and Carlin-style deposits throughout countries such as Canada, Nevada, Uzbekistan, Finland, Japan, and Mali. Primarily working in gold in multiple districts, Pokrandt has experience in exploration projects and mines within all stages of project development from grassroots to development projects as well as active mines. Some flagship projects he has experience with include B2Gold’s Fekola, Skeena Resources’s Eskay Creek, as well as B2Gold’s Back River Project. Pokrandt studied earth science at Carleton University and is currently employed at Scorpio Gold Corporation as VP of Exploration.
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03 September
Sweden Moves to Lift Uranium Mining Ban Through Legislative Proposal
Sweden has announced plans to lift its seven-year ban on uranium mining, with a proposal to amend the Environmental Code and Minerals Act expected in parliament later this year. If approved, the changes would take effect on January 1, 2026.
The proposal follows the conclusions of a government inquiry completed in December 2024, which recommended that uranium be treated under the same legal framework as other concession minerals.
That recommendation was reviewed by the Council on Legislation in June 2025, clearing the way for parliament to consider a repeal.
Enacted in 2018, the ban prevented the issue of any new permits for uranium exploration or mining and halted development of projects despite Sweden’s significant uranium potential.
Climate and Environment Minister Romina Pourmokhtari said in February last year that the prohibition had become an obstacle to both Sweden’s mining sector and its energy transition.
“It must be legal to take care of the Swedish uranium that is already out of the ground; it is completely incomprehensible that the miners had to treat it as waste,” Pourmokhtari remarked.
If lawmakers approve the amendments, uranium would once again qualify as a concession mineral under the Minerals Act. This would allow companies to apply for exploration permits and processing concessions, provided they meet the same regulatory conditions that apply to other metals and minerals.
Industry officials and politicians have argued that removing the ban will also help unlock deposits of critical minerals that often occur alongside uranium.
Mats Green, group leader in the Moderate Party’s economic affairs committee, welcomed the move, calling the prohibition misguided from the start.
“The ban on uranium mining was wrong when it was introduced – the fact that we are now removing it is positive for Sweden as an industrial and mining nation,” he said.
The policy shift comes as Sweden pursues a broader revival of nuclear power.
In November 2023, parliament removed a longstanding cap on the number of nuclear reactors and authorized construction on new sites.
Today, six reactors supply about one-third of Sweden’s electricity, with the country importing nearly all of its nuclear fuel.
The possibility of renewed uranium development has drawn interest from international companies.
In June, Australian firms Aura Energy (ASX:AEE, AIM:AURA,OTC Pink:AUEEF) and Neu Horizon Uranium announced plans to collaborate on Swedish uranium projects should the ban be lifted.
Aura Energy controls the Häggån deposit in Jämtland, described as one of the world’s largest undeveloped uranium resources with an inferred 800 million pounds of contained U3O8. Neu Horizon Uranium holds a portfolio of projects in key mineralized regions of the country.
District Metals (TSXV:DMX), a Canadian company with major exploration holdings in Sweden, also welcomed the government’s announcement.
Garrett Ainsworth, District’s chief executive officer, said in a statement: “We are pleased to see that the Swedish government is moving forward with the removal of the uranium ban. It is obvious that the Swedish government’s ambition is to create a regulatory framework where uranium is treated in the same fashion as other metals and minerals and with the same permitting requirements.”
District holds the Viken Energy Metals deposit, located in central Sweden, which it describes as the largest undeveloped mineral resource estimate of uranium in the world. The deposit also contains significant quantities of vanadium, molybdenum, nickel, copper, zinc, and other critical raw materials.
While approval is not guaranteed, the government holds momentum after its earlier success in overturning restrictions on nuclear reactor construction. If passed, the new law would mark the first time since 2018 that companies could apply for uranium exploration permits in Sweden.
The legislative proposal is expected to reach parliament before the end of 2025.
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.
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02 September
Basin Energy Shifts Focus to Uranium Assets with District-scale Potential in Queensland
Basin Energy’s (ASX:BSN) recent acquisition of a significant landholding in the Mount Isa region of Northwest Queensland has propelled the company into Australia's uranium and rare earths exploration landscape, giving investors exposure to a cost-effective, district-scale opportunity, according to the company’s managing director, Pete Moorhouse.
“The Queensland opportunity provides direct exposure for district-scale wins from first-pass drilling with reverse circulation and aircore, so this is relatively cheap drilling on district-scale opportunities. Northwest Queensland, from the jurisdiction (perspective), is a real prime opportunity for critical minerals,” said Moorhouse.
The Basin Energy executive also noted that there are significant government initiatives in place at both the federal and state level to support the region’s growth, as well as recent M&A activity in the uranium space.
“From a uranium perspective, we look at the work that Laramide Resources (TSX:LAM,OTCQX:LMRXF) has been doing in Northwest Queensland at the West Moreland deposit, and we see that the spotlight is being brought back into uranium in Queensland. Perhaps that's underpinned, notably, by the 20 percent investment recently by Boss Energy (ASX:BOE,OTCQX:BQSSF),” he said.
Basin Energy is currently gearing up to begin exploration work at the property, following the completion of a AU$1.25 million capital raise.
Watch the full interview with Basin Energy Managing Director Pete Moorhouse above.
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