Vancouver, Canada, January 19, 2022 CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has entered into Purchase Option Agreements ("POA") with Terra Uranium Limited ("Terra"), an Australian public limited corporation, and Terra's wholly-owned Canadian subsidiary Terra Uranium Canada Limited, to allow Terra to earn up to an 80% interest in CanAlaska's 100%-owned Waterbury East and McTavish projects. These projects total 4,202.21 hectares in the Eastern Athabasca Basin in Saskatchewan, Canada (the "Projects") (Figure 1). Read More >>
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Release - CanAlaska Partner to Spend AUD$5M for 60 of Two Uranium Projects in the Athabasca Basin
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CanAlaska Announces Senior Management Change
Misty Urbatsch, Vice-President Corporate Development, Resigns Position to Focus on Core Nickel Corp
Appointed to Advisory Board of CanAlaska
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is pleased to announce changes to the Company's senior management team and advisory board. Misty Urbatsch has resigned her position as Vice-President Corporate Development for the Company and has subsequently been appointed to the Advisory Board of the Company.
Misty brought a rare blend of experience in the mining industry. With a robust background in a major exploration, mining and marketing company, she has provided invaluable expertise to the Company including domestic and international uranium exploration and global uranium sales, marketing, and trading. In addition, Misty successfully led completion of the Core Nickel Corp. spin-out from CanAlaska in November.
To view an enhanced version of this graphic, please visit:
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The Company is pleased to add Misty to the Advisory Board of CanAlaska as we enter the next uranium bull market. Her incredible skillset developed over fifteen years at Cameco in uranium exploration and marketing departments will help CanAlaska and its shareholders maximize value in the near term and long term.
Through this management change, Misty will be able to focus her time as Chief Executive Officer, President and Director for newly formed Core Nickel Corp.
Core Nickel CEO, Misty Urbatsch, comments, "Working with the CanAlaska team over the past several months has been an absolute pleasure. Together, we have tackled various projects, including the spin-out of Core Nickel Corp. As I transition into my new role as an advisor to the Board of CanAlaska, I am thrilled to continue utilizing my many years of experience in the uranium sector to support the Company's growth and success."
CanAlaska CEO, Cory Belyk, comments, "Over the past several months, it has been a pleasure working closely with Misty to complete the Core Nickel spin-out transaction for our shareholders. Having her continue her journey as Core Nickel CEO will provide incredible opportunity for our shareholders to realize additional value from this nickel spin-out transaction. As a newly appointed advisor to the Board of CanAlaska, Misty will continue to help maximize growth potential for CanAlaska in the Athabasca Basin."
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately 350,000 hectares (865,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, and diamonds. For further information visit www.canalaska.com.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com
General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/189799
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CanAlaska Increases Private Placement Financing to $12 Million
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") announces that further to its news release of November 20, 2023, due to increased demand, it is increasing the total gross amount to be raised under its non-brokered private placement to $12 million (the "Offering"). The Offering will be comprised of a combination of: (i) non-flow-through units (the "NFT Units") to be sold at a price of $0.36 per NFT Unit; (ii) flow-through units of the Company (each, a "FT Unit") to be sold at a price of $0.425 per FT Unit; and (iii) flow-through units to be sold to charitable purchasers (each, a "Charity FT Unit") to be sold at a price of $0.5575 per Charity FT Unit.
Each NFT Unit will consist of one non-flow-though common share of the Company (each, a "NFT Share") and one common share purchase warrant (each, a "Warrant"). Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada), (each, a "FT Share") and one half (½) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Charity FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada), (each, a "FT Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of $0.56 at any time on or before that date which is 24 months after the closing date of the Offering. The exact number of NFT Units, FT Units and Charity FT Units sold will be determined at closing.
The gross proceeds received from the sale of the FT Units and the Charity Units will be used for work programs on the Company's exploration properties. The net proceeds received from the sale of the NFT Units will be used for general working capital.
The Company will pay finders' fees comprised of cash and non-transferable warrants in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. Red Cloud Securities Inc. is acting as a finder with respect to the Offering.
All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the Offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately 350,000 hectares (865,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com
General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188195
News Provided by Newsfile via QuoteMedia
CanAlaska Announces up to $7.5 Million Private Placement Financing
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") announces that it proposes to undertake a non-brokered private placement of securities to raise total gross proceeds of up to $7.5 million (the "Offering"). The Offering will be comprised of a combination of: (i) non-flow-through units (the "NFT Units") to be sold at a price of $0.36 per NFT Unit; (ii) flow-through units of the Company (each, a "FT Unit") to be sold at a price of $0.425 per FT Unit; and (iii) flow-through units to be sold to charitable purchasers (each, a "Charity FT Unit") to be sold at a price of $0.5575 per Charity FT Unit.
Each NFT Unit will consist of one non-flow-though common share of the Company (each, a "NFT Share") and one common share purchase warrant (each, a "Warrant"). Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada), (each, a "FT Share") and one half (½) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Charity FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada), (each, a "FT Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of $0.56 at any time on or before that date which is 24 months after the closing date of the Offering. The exact number of NFT Units, FT Units and Charity FT Units sold will be determined at closing.
The gross proceeds received from the sale of the FT Units and the Charity Units will be used for work programs on the Company's exploration properties. The net proceeds received from the sale of the NFT Units will be used for general working capital.
The Company will pay finders' fees comprised of cash and non-transferable warrants in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. Red Cloud Securities Inc. is acting as a finder with respect to the Offering.
All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the Offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately 350,000 hectares (865,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com
General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187989
News Provided by Newsfile via QuoteMedia
CanAlaska Reports Large Gravity Targets Identified at Geikie Project in Athabasca Basin
Airborne Gravity Survey Highlights Numerous Targets Coincident with Regional Fault Structures and Mineralization
Winter Drilling Program Planned for Q1 2024
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") is pleased to announce that it has received survey results from the fixed-wing Falcon Airborne Gravity Gradiometer (AGG) survey on it's Geikie uranium project (the "Project") near the Athabasca Basin margin (Figure 1). The purpose of the AGG survey was to identify potential target areas of enhanced basement alteration associated with previously interpreted and drill-defined structural corridors. The survey successfully identified multiple gravity low targets within the Project, interpreted to be related to alteration zones caused by fluids that are potentially related to mineralizing events. Significantly, a number of these gravity anomalies are coincident with drill and airborne survey defined structural corridors. These new targets, integrated with the existing airborne magnetic, radiometric, and electromagnetic data as well as drill information from the recently completed program, will be a focus of a drill program planned to commence Q1 2024.
Figure 1 – Geikie Project Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/187566_5befbe2224718a90_002full.jpg
CanAlaska contracted Xcalibur Multiphysics Group of Mississauga, Ontario to conduct a detailed fixed-wing Falcon AGG survey on the Geikie Project (Figure 2). The survey consisted of a total of 1,838 line kilometres at 200 m flight line spacing across the majority of the Geikie project. The purpose of the AGG survey, a demonstrated successful technique in identifying uranium alteration systems in the Athabasca Basin, was to identify potential target areas of enhanced basement alteration associated with previously interpreted and drill defined structural corridors. Gravity low features are interpreted to represent low-density rocks with indications of clay alteration caused by intensified fluid movement along fault zones, potentially related to uranium mineralizing systems in the Athabasca Basin.
Figure 2 – AGG Survey Results with 2023 Drill Program Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2864/187566_5befbe2224718a90_004full.jpg
The 2023 summer drill program was focused on a 15-kilometre-long conductive structural corridor where drillholes intersected graphitic host rocks, showing evidence of multiple post-Athabasca structural reactivation events along north-south and northwest trending faults, hydrothermal alteration, and uranium mineralization up to 0.27% U3O8 over 0.5 metres from 185.0 metres in GKI002 (see news release dated September 27, 2023). Uranium enrichment was present in several other drillholes. Results from the program, specifically on the Preston Creek and Aero Lake targets, confirmed the presence of hydrothermal alteration systems hosted within a complex structural framework, which are leading indicators in the formation of basement-hosted high-grade uranium deposits.
The AGG survey successfully outlined multiple gravity low features across the Project (Figure 2). Most notably, the survey highlighted gravity lows coincident with key magnetic structures, gravity lows at the intersection point of several key magnetic structural features, gravity lows marginal to an electromagnetic conductor often coincident with one or more key magnetic structures, and isolated gravity low features.
In the Aero Lake target area, the survey highlighted several high-priority gravity anomalies adjacent to GKI002 where the highest uranium value of the 2023 drill program was intersected (0.27% U3O8 over 0.5 metres starting from 185 metres in GKI002). The anomalies identified adjacent to Aero Lake are interpreted to be related to the wide hydrothermal alteration zones intersected in drillhole GKI002. The survey highlighted key target areas extending along the structural corridor up to 8 kilometres to the south of GKI002 and approximately 3 kilometres to the north.
In the Preston Creek target area, the survey highlighted several high-priority anomalies coincident with a north striking Tabbernor fault that transects the regional basement conductor trend. Drill holes GKI004, GKI005, and GKI008 were completed at a bend in the conductor's axis where the electromagnetic data identified potential fault splays. Zones of hydrothermal alteration were encountered in these drillholes, commonly observed within or at the periphery of major structures. A gravity low anomaly of approximately 800 metre strike length was highlighted near GKI-005 that follows a north-northwest trending magnetic structure that has been confirmed by drilling. Gravity anomalies are also present in the footwall of the graphitic conductor tested by drillholes GKI-004, GKI-005, GKI-007, and GKI-008.
Next Steps
The Company is currently undertaking 3D inversion of the priority gravity anomalies associated with key structures identified during the survey. This modelling, integrated with the existing airborne magnetic, radiometric, and electromagnetic data, as well as drilling information from the recently completed program, will form the basis for a drill program planned to commence Q1 2024.
The Geikie project is currently being sole-funded by Basin Energy Limited (ASX: BSN) under an option earn-in agreement with the Company.
CanAlaska CEO, Cory Belyk, comments, "This gravity survey has highlighted new target areas on the Geikie project that correlate with targets derived from other datasets, and importantly, the uranium mineralization encountered in the second ever drillhole completed on the project. It is anticipated these new targets will be a focus of the drilling program that will begin in Q1 of next year led by our partner, Basin Energy. We look forward to getting back on the ground with the drill and testing these high value targets with the drill-bit."
Other News
CanAlaska will be attending the 121 Mining Investment event in London on November 20th and 21st. Visit our team and learn more about our high-grade uranium discovery and our 2024 exploration plans. 121 Mining Investment London
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately 350,000 hectares (865,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com
General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187566
News Provided by Newsfile via QuoteMedia
CanAlaska Uranium Ltd. and Core Nickel Corp. Announce Closing of Spin-Out Plan of Arrangement
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") and Core Nickel Corp. ("Core Nickel") are pleased to announce that further to CanAlaska's press releases dated September 5, 2023 and October 26, 2023, the plan of arrangement spin-out transaction (the "Arrangement") has closed effective November 10, 2023 (the "Effective Date").
Completion of the Arrangement, as set forth in the arrangement agreement dated September 1, 2023 (the "Arrangement Agreement"), entered into between the CanAlaska and Core Nickel, was approved by the shareholders of CanAlaska (the "CanAlaska Shareholders") on October 25, 2023; by a Final Order granted by the Supreme Court of British Columbia on October 31, 2023, in accordance with Part 9 of the Business Corporations Act (British Columbia), and accepted by the TSX Venture Exchange (the "TSXV").
Pursuant to the Arrangement Agreement, on the Effective Date:
CanAlaska transferred the following assets to Core Nickel in consideration for 24,997,844 common shares of Core Nickel (the "Core Nickel Shares"):
five (5) mineral properties commonly referred to as the Halfway Lake, Resting Lake, Hunter, Mel and Odei River properties; and
$1,000,000 cash;
the existing common shares of CanAlaska Creek were re-designated as CanAlaska Class A Shares (the "CanAlaska Class A Shares") and CanAlaska created a new class of common shares known as the "New CanAlaska Common Shares";
each CanAlaska Class A Share issued and outstanding as of the close of business on November 9, 2023, was exchanged for one New CanAlaska Common Share and 0.19987 of one Core Nickel Share and thereafter the CanAlaska Class A Shares were cancelled;
all outstanding CanAlaska warrants issued and outstanding as of the close of business on November 9, 2023, were adjusted to allow holders to acquire, upon exercise, one New CanAlaska Common Share and 0.19987 of one Core Nickel Share, such that up to an aggregate of 6,137,012 Core Nickel Shares may be issued if all outstanding warrants are exercised;
all holders of CanAlaska options outstanding as of the close of business on November 9, 2023, received 0.19987 of one Core Nickel option with each whole option entitling the holder therefore to purchase one Core Nickel Share, such that up to an aggregate of 2,497,334 Core Nickel Shares may be issued if all such options are exercised;
Core Nickel became a reporting issuer in British Columbia, Alberta, Ontario and Newfoundland and Labrador; and
CanAlaska retained its interests in all other properties in its portfolio and remains listed on the TSXV and continues to trade under the trading symbol "CVV" as a junior resource company.
As of the Effective Date, the board of directors, officers and audit committee members of Core Nickel are as follows:
Name of Director or Officer: | Position(s) with Core Nickel. |
Misty Urbatsch | CEO, President, Director & member of audit committee |
Harry Chan | CFO & Corporate Secretary |
Shane Shircliff | Director & chair of audit committee |
Karen Lloyd | Director & member of audit committee |
Cory Belyk | Director |
Core Nickel has received conditional approval to list the Core Nickel Shares on the Canadian Securities Exchange ("CSE"). Final listing approval will be subject to Core Nickel satisfying all of the listing conditions of the CSE. Core Nickel will announce by way of a further press release the date on which trading of the Core Nickel Shares will commence, which is expected to be in the next couple of weeks. The trading symbol for the Core Nickel Shares will be "CNCO". Further details regarding Core Nickel will be contained in Core Nickel's CSE Form 2A Listing Statement, which will be made available under Core Nickel's profile on SEDAR+ at www.sedarplus.ca and under Core Nickel's profile on the CSE's website at www.thecse.com on or immediately prior to the listing date.
The existing common shares of CanAlaska are expected to be delisted from the TSXV as of the close of business on November 13, 2023. The New CanAlaska Shares are expected to commence trading on the TSXV at the market opening on November 14, 2023. The CUSIP numbers for the New CanAlaska Shares and the Core Nickel Shares will be 13709C100 and 21873D101, respectively.
Olympia Trust Company ("Olympia Trust") will forward replacement certificates or DRS Advice Statements to each CanAlaska shareholder that is entitled to receive certificates or DRS Advice Statements, representing their allotted number of New CanAlaska Shares and Core Nickel Shares in accordance with the Arrangement. Letters of transmittal have been mailed to registered holders of common shares of CanAlaska, which must be completed and returned to Olympia Trust together with certificates representing their shares of CanAlaska at the address specified in the letter of transmittal, in order for CanAlaska shareholders to receive New CanAlaska Shares and Core Nickel Shares following the Effective Date. A copy of the letter of transmittal is also available under the Company's profile on SEDAR+ at www.sedarplus.ca.
For more information on the Arrangement, see the Company's management information circular dated September 13, 2023, filed under the Company's profile on SEDAR+ at www.sedarplus.ca on October 2, 2023.
Misty Urbatsch, Chief Executive Officer and President of Core Nickel stated the following: "It has been an absolute pleasure working closely with the CanAlaska team to spin out Core Nickel into its own company. CanAlaska shareholders now have a solid investment in a new clean vehicle focused on growing and developing the tier-one nickel assets CanAlaska has assembled in the prolific Thompson Nickel Belt, which includes the Mel deposit that has a historical NI43-101 compliant Indicated nickel resource of 82,000,000 pounds. By passing the baton onto the Core Nickel management team, CanAlaska is providing us with a fantastic opportunity to build something remarkable for Core Nickel's newly acquired shareholders. Core Nickel is excited to embark on the journey of exploring our 100% owned tier-one nickel assets with an innovative exploration strategy driven by sound science focused on discovery. By unlocking the potential of our nickel asset, Core Nickel aims to support the ongoing efforts to increase the supply of responsibly sourced nickel, contributing to a net-zero future."
Cory Belyk, Chief Executive Officer and President of CanAlaska stated the following: "This is another significant milestone achieved for CanAlaska and Core Nickel. CanAlaska shareholders will now have shares in a new company focussed on discovery of a nickel deposit in one of the best districts to find nickel in North America. This is the culmination of years of work by CanAlaska to assemble this portfolio of projects which include a substantial historical NI43-101 compliant Indicated nickel resource on which Core Nickel can build upon with further expansion and discoveries. It is rare to have a well-structured new company with in-ground resources defined next to world-class production centres like Vale's Thompson operation in Manitoba, Canada."
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in approximately 350,000 hectares (865,000 acres), in Canada's Athabasca Basin – the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com
General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187038
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3rd Quarter Activities and Appendix 5B
Gladiator Resources Ltd (ASX: GLA) (Gladiator or the Company) is pleased to provide shareholders with the Company’s Activities and Appendix 5B Report for the quarter ending 31 March 2024.
HIGHLIGHTS
The Company raised $4M at $0.03 per share from a consortium of private investors led by Mr Ian Stalker, with funds to be used toward the Company’s exploration and drilling program at the Mkuju Uranium Project in Tanzania.
Preparations for drilling at the Mkuju Project in southern Tanzania commenced, with drilling expected to commence in May to test the Southwest Corner target and test potential extensions to the Mtonya and Likuyu North deposits.
Samples from shallow reconnaissance pits at Minjingu Project in northern Tanzania returned results of 202ppm and 269ppm U3O8.
URANIUM PROJECTS - TANZANIA
Figure 1. Map showing Gladiators Uranium Projects in Tanzania
MKUJU URANIUM PROJECT
The Prospecting Licenses (PLs) of the Mkuju Project cover 725 km2 as shown in Figure 2 and include two existing uranium deposits and several exploration prospects. The area is 20-30 km south of the Nyota deposit. Nyota hosts a Measured and Indicated Mineral Resource Estimate of 187 Mt at 306 ppm U3O8 containing 124.6 Mlbs U3O8. Nyota is being developed by global uranium company Uranium One. The Nyota deposit and the deposits and prospects on the Mkuju Project are underlain by continental sediments of Triassic aged sediments of the Karoo Supergroup which are considered highly prospective for uranium.
During the quarter no fieldwork was carried out as access to the area is extremely difficult during Tanzania’s wet season which typically lasts from November/December until early May. During the quarter significant progress was made in preparation for an initial 2000m drilling program planned to commence during May, to test the Southwest Corner target and test potential extensions to the Mtonya and Likuyu North deposits, summarised below with further details found in the Company’s recent ASX announcements.
- At Southwest Corner, the drilling is to test the potential for down-dip extension of the recently trenched high-grade surface uranium (refer announcement dated 10 Jan 2024).
- At Mtonya holes to follow up on excellent uranium intersections not followed up by previous explorers in 2012 (refer announcement dated 10 October 2023).
- At Likuyu North the drilling will test for potential new zones that if present would add to the existing 4.6 Mlb U3O8 (JORC) Resource.
Figure 2: GLA’s uranium deposits and target trends within the Mkuju Project
Click here for the full ASX Release
This article includes content from Gladiator 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.
Highly successful quarter sees Boss make pivotal transition to global uranium producer
Production and cashflow ramp-up underway at Honeymoon; Commissioning proceeding to plan at Alta Mesa with production set to start in May
Boss Energy Limited (ASX: BOE; OTCQX: BQSSF; the “Company”; “Boss”) is pleased to provide its first quarterly report as a fully-fledged uranium producer.
Highlights
Honeymoon Uranium Project, South Australia
- Successful commissioning at Honeymoon, culminating in Boss producing its first drum of uranium
- Ramp-up to steady-state production rate of 2.45Mlb of U3O8 per annum now underway
- Honeymoon is already exceeding feasibility study forecasts, with uranium-rich lixiviant from the wellfields and recoveries of loaded resin in the IX column producing concentrated highgrade eluate in excess of the study estimates
- This shows that the new processing technology adopted by Boss at Honeymoon, which is central to the project’s operating and financial success, as well as its strong organic growth outlook, is meeting or exceeding the Company’s expectations.
- Boss is now executing plans to increase the production rate and mine life at Honeymoon. The current mine plan utilises only 36Mlb of the project’s total 71.6Mlb JORC Resource; Boss also has a valid Uranium Mineral Export Permission for 3.3Mlb a year
- Boss will become a multi-mine uranium producer in 1H 2024, with the Honeymoon and Alta Mesa Projects
Alta Mesa, US (Boss 30%)
- Commissioning advancing to plan; First production expected within weeks
- At steady-state operations, Boss’ share of production will be 500,000lb a year
- Alta Mesa has significant potential for further resource growth and drying capacity to expand the 1.5Mlb capacity plant
Corporate
- Boss continues to strengthen its senior management team in line with the Company’s growing status as a global uranium producer; Highly experienced financial executive Justin Laird was appointed CFO and well-regarded mine production executive Robert Gordon was appointed General Manager Honeymoon
- As at 31 March 2024, Boss held cash and cash equivalents of A$100M; The Company also holds a strategic inventory of 1.25Mlb of U3O8, which has a current spot market value of A$169M; Boss has no debt
The Company’s new status as a global uranium producer follows a highly successful quarter during which Boss undertook commissioning at its Honeymoon project in South Australia.
This culminated in Boss producing its first drum of uranium shortly after the end of the March quarter.
Boss Managing Director Duncan Craib said:“Production of the first drum of uranium was a major milestone in the growth of Boss and reflects the incredible amount of hard work, technical skill and vision contributed by so many people since our Company acquired the project at the end of 2015.
“As well as being the culmination of this journey, the first drum marks the start of Boss’ next phase, which we believe will be notable for the growth we will generate in our inventory, mine life, production rates and cashflow.
“We are just weeks away from first production at our 30 per cent-owned Alta Mesa uranium project in Texas. The commissioning at Alta is proceeding well and our share of production will be 500,000lb a year once steady-state operations are in place.
“With production at Honeymoon now underway, we have established that the ion-exchange processing route we put in place is extremely effective. In light of this huge success, we are accelerating plans to unlock the vast inventory which sits outside the mine plan at Honeymoon.
“We aim to utilise this additional inventory, much of which is already covered by a Mining Licence, and the additional capacity we have under our existing uranium export permit, to expand the project’s production rate and cashflow.
“This organic growth strategy will enable us to leverage the infrastructure, the inventory and the vast intellectual property we have established at Honeymoon. Growth of this nature delivers superior financial returns rather than merely growing production or resource size for the sake of it.
“As we ramp up production at Honeymoon towards our current target of 2.45Mlbs a year, this organic growth strategy will move into sharp focus.
“This will ensure that Boss increases its exposure to what is a very bullish uranium market, capitalising on what is an exceptional opportunity, while delivering superior financial returns in the process”.
Click here for the full ASX Release
NexGen Announces Upsized C$224 Million CDI Offering in Australia
NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce that it has entered into an amended and restated placement agreement dated April 30, 2024 (the " Placement Agreement ") with a lead manager and bookrunner in Australia Aitken Mount Capital Partners (the " Lead Manager ") to upsize its previously announced Australian offering to be 20,161,290 common shares (the " Shares ") of the Company, at a price of C$11.11 per Share (based on the daily average exchange rate of A$1.00 = C$0.8963 published by the Bank of Canada on April 29, 2024 ) for aggregate gross proceeds of approximately C$224 million (the " Offering "). Canaccord Genuity acted as Lead Co-Manager to the Offering.
The Offering will be marketed to Australian investors to enhance the liquidity, trading volumes and market capitalization of the Company's CHESS Depositary Interests (" CDIs ") listed on the ASX and will be done in accordance with the terms of the Placement Agreement. The net proceeds of the Offering will be used to fund the continued development and further exploration of the Company's mineral properties, and for general corporate purposes.
Closing of the Offering is expected to occur on or about May 15, 2024 , with settlement to occur through newly-issued CDIs listed on the ASX. The ASX uses an uncertificated electronic system called CHESS for the electronic clearance and settlement of trades on the ASX in depositary instruments know as CDIs. CDIs represent the beneficial interest in an underlying Share, which are traded in a manner similar to shares in an Australian company listed on ASX. Each CDI represents a unit of beneficial ownership in one underlying Share.
The Shares will be issued pursuant to a prospectus supplement (the " Prospectus Supplement ") to the Company's final short form base shelf prospectus to be filed in all provinces and territories of Canada dated December 8, 2023 (the " Base Shelf Prospectus "). The CDIs will not be qualified by the Prospectus Supplement or the Base Shelf Prospectus, and may not be offered or sold in Canada . Resales of CDIs in Canada will be restricted under applicable Canadian securities laws. The CDIs and underlying Shares have not been registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from the registration requirements thereof.
Issuance of the Shares is subject to a number of conditions, including receipt of customary TSX and NYSE approvals. The Lead Manager may terminate its obligations under the Placement Agreement, at its discretion, on the basis of certain "market out", "disaster out", and "regulatory out" conditions, in addition to the occurrence of certain stated events.
To create room for the Shares to be distributed under the Base Shelf Prospectus, the Company, Virtu Canada Corp., as Canadian agent, and Virtu Americas, LLC, as U.S. agent (together, the " Agents ") have agreed to amend the Company's previously announced at-the-market program (the " ATM Program ") by reducing the aggregate value of common shares that may be offered and sold from up to C$500,000,000 to up to C$275,925,000 in common shares by amending, as of April 29, 2024 , the equity distribution agreement dated December 11, 2023 between the Company and the Agents (the " Amended Sales Agreement "). The volume and timing of sales under the ATM Program, if any, will be determined in the Company's sole discretion, and at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. To date, an aggregate of 13,000,800 common shares of the Company have been distributed under the ATM Program, for aggregate gross proceeds of C$134,948,304 (the " Prior Sales ").
Offers and sales under the ATM Program, if any, may be made on the TSX and/or the NYSE, and/or any other marketplace for the common shares in Canada or the United States as agreed to between the Agents and the Company, pursuant to a prospectus supplement dated December 11, 2023 (the " ATM Prospectus Supplement ") to the Company's Base Shelf Prospectus and a prospectus supplement (the " U.S. ATM Prospectus Supplement ") to the Company's U.S. Base Prospectus included in the Registration Statement filed with the United States Securities and Exchange Commission on December 8, 2023 (collectively, the ATM Prospectus Supplement, Base Shelf Prospectus, U.S. ATM Prospectus Supplement, the U.S. Base Prospectus and Registration Statement, the " ATM Offering Documents "). As a result of the Amended Sales Agreement and taking into account the Prior Sales, the maximum amount of sales remaining under the ATM Program will be C$140,976,696 .
As outlined in the ATM Offering Documents, the Company intends to use the net proceeds from the ATM Program, if any, to fund the continued development and further exploration of its mineral properties, and for general corporate purposes. The ATM Program will be effective until the earlier of (i) the sale of all of the common shares in the capital of the Company issuable pursuant to the ATM Program (as amended by the Amended Sales Agreement) and (ii) January 8, 2026 , unless terminated prior to such date by the Company or the Agents. The ATM Prospectus Supplement, the Base Shelf Prospectus and the Sales Agreement are available at www.sedarplus.ca and the U.S. ATM Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available at www.sec.gov . Alternatively, the Agents will send copies of the ATM Prospectus Supplement and the Base Shelf Prospectus or the U.S. ATM Prospectus Supplement and the U.S. Base Prospectus, as applicable, upon request by contacting: Virtu Canada Corp.; Attn Capital Markets; 222 Bay Street | Suite 1720 | Toronto, ON M5K 1B7; ATMCanada@Virtu.com or Virtu Americas, LLC; Attn Capital Markets; 1633 Broadway | New York, NY 10019; ATM@Virtu.Com .
Potential investors should read the ATM Offering Documents, Amended Sales Agreement and other documents the Company has filed publicly, available at www.sedarplus.ca and www.sec.gov , for more complete information about the Company and the ATM Program.
Farris LLP acted as legal counsel to the Company. Blake, Cassels & Graydon LLP (Canadian counsel) and Skadden, Arps, Slate, Meagher & Flom LLP (U.S. counsel) served as legal advisors to the Agents in connection with the ATM Program.
NexGen is a British Columbia corporation focused on the development of the Rook I Project located in the southwestern Athabasca Basin, Saskatchewan, Canada, into production.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Shares, or CDIs, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, anticipated sale and distribution of Common Shares under the Offering, the volume and timing of the sale and distribution of Common Shares under the Offering, the expected uses of the net proceeds from any sales of Common Shares, and the filing of the U.S Prospectus Supplement, and the Prospectus Supplement. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing; uncertainty of the availability of additional financing; price of uranium; the appeal of alternate sources of energy; exploration and development risks; uninsurable risks; reliance upon key management and other personnel; imprecision of mineral resource estimates; potential cost overruns on any development; pending assay results; changes in climate or increases in environmental regulation; aboriginal title and consultation issues; deficiencies in the Company's title to its properties; information security and cyber threats; failure to manage conflicts of interest; failure to obtain or maintain required permits and licenses; changes in laws, regulations and policy; changes in government policy; competition for resources and financing; volatility in market price of the Common Shares; potentially dilutive future financings; financial and uranium market reactions, as well as effects on individuals on which NexGen relies, as a result of global pandemics (including COVID-19); speculative nature of exploration and development projects; liquidity of securities of NexGen; dilution risks to existing securityholders; risks associated with the sale of securities of NexGen; inability to exploit, expand and replace mineral reserves and mineral resources, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces and territories of Canada and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE NexGen Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/April2024/30/c4988.html
News Provided by Canada Newswire via QuoteMedia
NexGen Announces Upsized C$224 Million CDI Offering in Australia
NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce that it has entered into an amended and restated placement agreement dated April 30, 2024 (the " Placement Agreement ") with a lead manager and bookrunner in Australia Aitken Mount Capital Partners (the " Lead Manager ") to upsize its previously announced Australian offering to be 20,161,290 common shares (the " Shares ") of the Company, at a price of C$11.11 per Share (based on the daily average exchange rate of A$1.00 = C$0.8963 published by the Bank of Canada on April 29, 2024 ) for aggregate gross proceeds of approximately C$224 million (the " Offering "). Canaccord Genuity acted as Lead Co-Manager to the Offering.
The Offering will be marketed to Australian investors to enhance the liquidity, trading volumes and market capitalization of the Company's CHESS Depositary Interests (" CDIs ") listed on the ASX and will be done in accordance with the terms of the Placement Agreement. The net proceeds of the Offering will be used to fund the continued development and further exploration of the Company's mineral properties, and for general corporate purposes.
Closing of the Offering is expected to occur on or about May 15, 2024 , with settlement to occur through newly-issued CDIs listed on the ASX. The ASX uses an uncertificated electronic system called CHESS for the electronic clearance and settlement of trades on the ASX in depositary instruments know as CDIs. CDIs represent the beneficial interest in an underlying Share, which are traded in a manner similar to shares in an Australian company listed on ASX. Each CDI represents a unit of beneficial ownership in one underlying Share.
The Shares will be issued pursuant to a prospectus supplement (the " Prospectus Supplement ") to the Company's final short form base shelf prospectus to be filed in all provinces and territories of Canada dated December 8, 2023 (the " Base Shelf Prospectus "). The CDIs will not be qualified by the Prospectus Supplement or the Base Shelf Prospectus, and may not be offered or sold in Canada . Resales of CDIs in Canada will be restricted under applicable Canadian securities laws. The CDIs and underlying Shares have not been registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from the registration requirements thereof.
Issuance of the Shares is subject to a number of conditions, including receipt of customary TSX and NYSE approvals. The Lead Manager may terminate its obligations under the Placement Agreement, at its discretion, on the basis of certain "market out", "disaster out", and "regulatory out" conditions, in addition to the occurrence of certain stated events.
To create room for the Shares to be distributed under the Base Shelf Prospectus, the Company, Virtu Canada Corp., as Canadian agent, and Virtu Americas, LLC, as U.S. agent (together, the " Agents ") have agreed to amend the Company's previously announced at-the-market program (the " ATM Program ") by reducing the aggregate value of common shares that may be offered and sold from up to C$500,000,000 to up to C$275,925,000 in common shares by amending, as of April 29, 2024 , the equity distribution agreement dated December 11, 2023 between the Company and the Agents (the " Amended Sales Agreement "). The volume and timing of sales under the ATM Program, if any, will be determined in the Company's sole discretion, and at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. To date, an aggregate of 13,000,800 common shares of the Company have been distributed under the ATM Program, for aggregate gross proceeds of C$134,948,304 (the " Prior Sales ").
Offers and sales under the ATM Program, if any, may be made on the TSX and/or the NYSE, and/or any other marketplace for the common shares in Canada or the United States as agreed to between the Agents and the Company, pursuant to a prospectus supplement dated December 11, 2023 (the " ATM Prospectus Supplement ") to the Company's Base Shelf Prospectus and a prospectus supplement (the " U.S. ATM Prospectus Supplement ") to the Company's U.S. Base Prospectus included in the Registration Statement filed with the United States Securities and Exchange Commission on December 8, 2023 (collectively, the ATM Prospectus Supplement, Base Shelf Prospectus, U.S. ATM Prospectus Supplement, the U.S. Base Prospectus and Registration Statement, the " ATM Offering Documents "). As a result of the Amended Sales Agreement and taking into account the Prior Sales, the maximum amount of sales remaining under the ATM Program will be C$140,976,696 .
As outlined in the ATM Offering Documents, the Company intends to use the net proceeds from the ATM Program, if any, to fund the continued development and further exploration of its mineral properties, and for general corporate purposes. The ATM Program will be effective until the earlier of (i) the sale of all of the common shares in the capital of the Company issuable pursuant to the ATM Program (as amended by the Amended Sales Agreement) and (ii) January 8, 2026 , unless terminated prior to such date by the Company or the Agents. The ATM Prospectus Supplement, the Base Shelf Prospectus and the Sales Agreement are available at www.sedarplus.ca and the U.S. ATM Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available at www.sec.gov . Alternatively, the Agents will send copies of the ATM Prospectus Supplement and the Base Shelf Prospectus or the U.S. ATM Prospectus Supplement and the U.S. Base Prospectus, as applicable, upon request by contacting: Virtu Canada Corp.; Attn Capital Markets; 222 Bay Street | Suite 1720 | Toronto, ON M5K 1B7; ATMCanada@Virtu.com or Virtu Americas, LLC; Attn Capital Markets; 1633 Broadway | New York, NY 10019; ATM@Virtu.Com .
Potential investors should read the ATM Offering Documents, Amended Sales Agreement and other documents the Company has filed publicly, available at www.sedarplus.ca and www.sec.gov , for more complete information about the Company and the ATM Program.
Farris LLP acted as legal counsel to the Company. Blake, Cassels & Graydon LLP (Canadian counsel) and Skadden, Arps, Slate, Meagher & Flom LLP (U.S. counsel) served as legal advisors to the Agents in connection with the ATM Program.
NexGen is a British Columbia corporation focused on the development of the Rook I Project located in the southwestern Athabasca Basin, Saskatchewan, Canada, into production.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Shares, or CDIs, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, anticipated sale and distribution of Common Shares under the Offering, the volume and timing of the sale and distribution of Common Shares under the Offering, the expected uses of the net proceeds from any sales of Common Shares, and the filing of the U.S Prospectus Supplement, and the Prospectus Supplement. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing; uncertainty of the availability of additional financing; price of uranium; the appeal of alternate sources of energy; exploration and development risks; uninsurable risks; reliance upon key management and other personnel; imprecision of mineral resource estimates; potential cost overruns on any development; pending assay results; changes in climate or increases in environmental regulation; aboriginal title and consultation issues; deficiencies in the Company's title to its properties; information security and cyber threats; failure to manage conflicts of interest; failure to obtain or maintain required permits and licenses; changes in laws, regulations and policy; changes in government policy; competition for resources and financing; volatility in market price of the Common Shares; potentially dilutive future financings; financial and uranium market reactions, as well as effects on individuals on which NexGen relies, as a result of global pandemics (including COVID-19); speculative nature of exploration and development projects; liquidity of securities of NexGen; dilution risks to existing securityholders; risks associated with the sale of securities of NexGen; inability to exploit, expand and replace mineral reserves and mineral resources, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces and territories of Canada and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE NexGen Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/April2024/30/c4988.html
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Cameco Reports Q1 Results: 2024 Outlook Remains Solid; Financial Discipline and Strong Cash Position Result in Focused Debt Reduction; Operationally, Segments Performing to Plan; Attributes of Baseload Nuclear Power Attracting Tech Sector Investment
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2024, in accordance with International Financial Reporting Standards (IFRS).
"In the first quarter operational performance was strong across our uranium, fuel services and Westinghouse segments. Financial results are in line with the 2024 outlook we provided, which has not changed, and are as expected, reflecting normal quarterly variability and the required purchase accounting and other non-operational acquisition-related costs for Westinghouse," said Tim Gitzel, Cameco's president and CEO.
"Our strategy continues to demonstrate the benefits of aligning our operational, marketing, and financially focused decisions in a market where we are seeing sustained, positive momentum for nuclear energy like never before. We remain in the enviable position of having what we believe are the world's premier, tier-one assets operating in stable geopolitical regions, along with our investments across the fuel cycle and reactor life cycle. That includes our investment in Westinghouse, where we are seeing its long-term business prospects continue to improve. With our position as a proven, reliable supplier operating across the nuclear fuel cycle, our customers recognize our deep understanding of how nuclear fuel markets work, and global policymakers are turning to us as thought leaders in the industry.
"Operationally, production results in the first quarter were strong and are on track with our 2024 plans, with production rates and total production costs in our uranium segment continuing to reflect the transition back to our tier-one cost structure. In the market, we continued to be selective in committing our unencumbered, tier-one, in-ground uranium inventory and UF 6 conversion capacity, building on a contract portfolio that spans more than a decade by successfully layering in additional long-term contracts, increasing our annual commitments to an average of about 28 million pounds per year from 2024 through 2028. Every contract we add reflects the sentiment and dynamics in the market at the time it is negotiated, allowing us to capture greater upside and creating value over the lifetime of the contract. From a risk-managed financial perspective, our resulting expectation of strong cash flow generation is guiding our conservative capital allocation priorities in 2024, with focused debt reduction and prudent refinancing plans.
"Full-cycle support for nuclear energy and the required uranium fuel continues to grow, with increasing public support, positive policy decisions, and market-based solutions underpinning the positive fundamentals and durable long-term demand story for nuclear. The inaugural Nuclear Energy Summit took place in Brussels in March, with representatives from 32 countries joining forces to back supportive measures in areas including financing, regulatory cooperation, technological innovation, and workforce training, enabling the expansion of nuclear power to help address climate change and boost energy security.
"The benefits of nuclear energy as a critical tool in the fight against climate change and the advantage nuclear provides in the context of energy security are not only being recognized and highlighted by governments around the world, but by energy-intensive industries that are advancing faster than policymakers to effectively transition to energy sources that provide clean, constant and reliable power. An increase in public support from tech sector leaders and announcements like the recent acquisition of a 960 MW data centre campus by Amazon Web Services, with a related long-term agreement to secure reliable power from Talen's Energy Corporation's Susquehanna nuclear power plant, are indicative of that industrial focus.
"The geopolitical events that have been amplifying global supply chain and transportation risks are continuing to have a significant impact on nuclear fuel customer procurement strategies. Utilities are adjusting their supply chains to ensure reliable supply, with increasing competition to secure long-term contracts for uranium products and services. We expect that Cameco and Westinghouse, as proven producers of uranium products and services and having demonstrated strong and sustainable performance, can be expected to benefit from the significant tailwinds associated with having licensed and permitted operations in geopolitically stable jurisdictions.
"We are a responsible, commercial supplier with a strong balance sheet, long-lived, tier-one assets, and a proven operating track record. We are invested across the nuclear fuel cycle and believe we have the right strategy to achieve our vision of ‘energizing a clean-air world' and do so in a manner that reflects our values. Embedded in our decisions is a commitment to address the risks and opportunities that we believe will make our business sustainable over the long term."
- 2024 outlook remains solid: We are tracking well towards achieving the 2024 outlook provided in our 2023 annual MD&A. We continue to expect strong cash flow generation, with estimated consolidated revenue of between about $2.9 billion and $3.0 billion. We maintain the outlook for our share of Westinghouse's 2024 adjusted EBITDA of between $445 million and $510 million. See Outlook for 2024 in our first quarter MD&A for more information. Adjusted EBITDA attributable to Westinghouse is a non-IFRS measure, see Non-IFRS measures below.
- Q1 net losses of $7 million; adjusted net earnings of $56 million; adjusted EBITDA $345 million: Results are driven by normal quarterly variations in contract deliveries in our uranium and fuel services segments, and the addition of Westinghouse. Performance in our core uranium segment was strong with net earnings up by 34% and adjusted EBITDA up by 16% compared to the same period in 2023 largely due to an increase of 27% in the Canadian dollar average realized price partially offset by the expected lower deliveries and higher cost of sales. See Financial results by segment – Uranium in our first quarter MD&A for more information. However, as indicated in our 2023 annual MD&A, Westinghouse is expected to generate a net loss of between $170 million and $230 million in 2024 due to the impact of the purchase accounting, which requires the revaluation of Westinghouse's inventory and other assets at the time of acquisition, and the expensing of some non-operating acquisition-related transition costs. Of the expected net loss for Westinghouse in 2024, $123 million was incurred in the first quarter due to normal variability in the timing of its customer requirements and delivery and outage schedules. Westinghouse's first quarter is typically its weakest, with stronger expected performance in the second half of the year, and higher expected cash flows in the fourth quarter. We do not believe the impact of the revaluation of Westinghouse's inventory and assets, or the non-operating acquisition-related transition costs reflect its underlying performance for the reporting period, therefore, we use adjusted EBITDA as a performance measure for Westinghouse, which was $77 million for the first quarter. See Our earnings from Westinghouse in our first quarter MD&A for more information. Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see Non-IFRS measures below.
- Strong production performance in the uranium segment: In our uranium segment we produced 5.8 million pounds (our share) during the quarter, an increase from the 4.5 million pounds (our share) of production in the same period of 2023. As a result of increased production, the unit cash cost of production was $19.52 per pound, a 16% reduction compared to the same period in 2023. The unit cost of sales was up 15% primarily due to the impact of higher cost purchases on the inventory value, including Inkai purchases. The cash impact of higher cost Inkai purchases on average unit cost of sales is partially offset by the dividends we receive from Joint Venture Inkai (JV Inkai). With our mining operations performing well and Key Lake running at planned production rates, we continue to expect 18 million pounds of production (100% basis) at each of McArthur River/Key Lake and Cigar Lake operations in 2024. See Our operations – uranium production overview in our first quarter MD&A for more information. We continue to plan our production to align with our contract portfolio and customer needs, as well as evaluate the optimal mix of production, inventory and purchases in order to retain the flexibility to deliver long-term value. Cash cost per pound is a non-IFRS measure, see Non-IFRS measures below.
- Disciplined long-term contracting continues, maintaining exposure to higher prices: As of March 31, 2024, we had commitments requiring delivery of an average of about 28 million pounds per year from 2024 through 2028, with commitment levels in 2024 and 2025 higher than the average and in 2026 through 2028 lower than the average. As the market further improves, we expect to continue to layer in volumes capturing greater upside using market-related pricing mechanisms. We also have contracts in our uranium and fuel services segments that span more than a decade, and in our uranium segment, many of those contracts benefit from market-related pricing mechanisms. In addition, we have a large and growing pipeline of business under discussion, which we expect will help further build our long-term contract portfolio.
- Maintaining financial discipline and balanced liquidity to execute on strategy:
- Strong balance sheet: As of March 31, 2024, we had $323 million in cash and cash equivalents and $1.5 billion in total debt. In addition, we have a $1.0 billion undrawn credit facility which matures October 1, 2027. With improving prices under our long-term contract portfolio, the progress we are making in our uranium segment towards the return to our tier-one cost structure, and an expected increase in our UF 6 conversion production, we expect to see strong cash flow generation in 2024.
- Focused debt reduction: Thanks to our risk-managed financial discipline, and strong cash position, in the first quarter we prioritized the reduction of the $600 million (US) floating-rate term loan used to finance the Westinghouse acquisition, repaying $200 million (US) of the principal. We plan to continue to prioritize repayment of the remaining $400 million (US) outstanding principal on the term loan while balancing our liquidity and cash position.
- Prudent refinancing plans: Consistent with the conservative financial management we have demonstrated and our 2024 capital allocation priorities, in the second quarter, we expect to refinance the $500 million senior unsecured debenture we have maturing on June 24, 2024, prior to maturity or when it comes due.
- Received dividends from JV Inkai in April: Following the quarter end, we received a cash dividend of $129 million (US), net of withholdings, from JV Inkai based on its 2023 financial performance. From a cash flow perspective, we expect to realize the benefit from JV Inkai's 2024 financial performance in 2025 once the dividend for 2024 is declared and paid.
- JV Inkai shipments: The second shipment containing the remainder of our share of Inkai's 2023 production arrived in February 2024. We continue to work closely with JV Inkai and our joint venture partner, Kazatomprom, to receive our share of production via the Trans-Caspian International Transport Route, which does not rely on Russian rail lines or ports. We could experience delays to our expected Inkai deliveries this year if transportation using this shipping route takes longer than anticipated. Inkai production was 1.6 million pounds (100% basis) for the quarter, compared to 1.9 million pounds (100% basis) in the same period last year. Presently, JV Inkai is experiencing procurement and supply chain issues, most notably, related to the availability of sulfuric acid. JV Inkai's current production target for 2024 is 8.3 million pounds of U 3 O 8 (100% basis). However, this target is tentative and contingent upon receipt of sufficient volumes of sulfuric acid. Our allocation of the planned production from JV Inkai is currently under discussion. To mitigate the risk of transportation delays or production shortfalls, we have inventory, long-term purchase agreements and loan arrangements in place we can draw on.
Consolidated financial results
THREE MONTHS | ||||
HIGHLIGHTS | ENDED MARCH 31 | |||
($ MILLIONS EXCEPT WHERE INDICATED) | 2024 | 2023 | CHANGE | |
Revenue | 634 | 687 | (8)% | |
Gross profit | 187 | 167 | 12% | |
Net earnings (losses) attributable to equity holders | (7) | 119 | >(100)% | |
$ per common share (basic) | (0.02) | 0.27 | >(100)% | |
$ per common share (diluted) | (0.02) | 0.27 | >(100)% | |
Adjusted net earnings (ANE) (non-IFRS, see Non-IFRS measures below) | 56 | 115 | (51)% | |
$ per common share (adjusted and diluted) | 0.13 | 0.27 | (52)% | |
Adjusted EBITDA (non-IFRS, see Non-IFRS measures below) | 345 | 226 | 53% | |
Cash provided by operations (after working capital changes) | 63 | 215 | (71)% |
The financial information presented for the three months ended March 31, 2023, and March 31, 2024, is unaudited.
Selected segment highlights
THREE MONTHS | |||||
HIGHLIGHTS | ENDED MARCH 31 | ||||
($ MILLIONS EXCEPT WHERE INDICATED) | 2024 | 2023 | CHANGE | ||
Uranium | Production volume (million lbs) | 5.8 | 4.5 | 29% | |
Sales volume (million lbs) | 7.3 | 9.7 | (25)% | ||
Average realized price 1 | ($US/lb) | 57.57 | 45.35 | 27% | |
($Cdn/lb) | 77.33 | 60.98 | 27% | ||
Revenue | 561 | 595 | (6)% | ||
Gross profit | 169 | 137 | 23% | ||
Net earnings attributable to equity holders | 253 | 189 | 34% | ||
Adjusted EBITDA 2 | 303 | 261 | 16% | ||
Fuel services | Production volume (million kgU) | 3.7 | 4.1 | (10)% | |
Sales volume (million kgU) | 1.5 | 2.5 | (40)% | ||
Average realized price 3 | ($Cdn/kgU) | 48.36 | 37.66 | 28% | |
Revenue | 72 | 92 | (22)% | ||
Net earnings attributable to equity holders | 20 | 31 | (35)% | ||
Adjusted EBITDA 2 | 25 | 39 | (36)% | ||
Adjusted EBITDA margin (%) 2 | 35 | 42 | (17)% | ||
Westinghouse | Revenue | 656 | - | n/a | |
(our share) | Net loss | (123) | - | n/a | |
Adjusted EBITDA 2 | 77 | - | n/a | ||
1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold. | |||||
2 Non-IFRS measure, see Non-IFRS measures below. | |||||
3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold. |
The table below shows the costs of produced and purchased uranium incurred in the reporting periods (see Non-IFRS measures below). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.
THREE MONTHS | ||||
ENDED MARCH 31 | ||||
($CDN/LB) | 2024 | 2023 | CHANGE | |
Produced | ||||
Cash cost | 19.52 | 23.13 | (16)% | |
Non-cash cost | 9.79 | 10.82 | (10)% | |
Total production cost 1 | 29.31 | 33.95 | (14)% | |
Quantity produced (million lbs) 1 | 5.8 | 4.5 | 29% | |
Purchased | ||||
Cash cost 1 | 87.75 | 66.92 | 31% | |
Quantity purchased (million lbs) 1 | 2.6 | 0.4 | >100% | |
Totals | ||||
Produced and purchased costs | 47.40 | 36.64 | 29% | |
Quantities produced and purchased (million lbs) | 8.4 | 4.9 | 71% | |
1 Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters and timing of purchases will not match production. During the quarter, we purchased 1.1 million pounds from JV Inkai at a purchase price per pound of $129.96 ($96.88 (US)). There were no purchases from JV Inkai in the first quarter of 2023. |
Non-IFRS measures
The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore unlikely to be comparable to similarly-titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. The following are the non-IFRS measures used in this document.
ADJUSTED NET EARNINGS
Adjusted net earnings is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives and adjustments to reclamation provisions flowing through other operating expenses that we believe do not reflect the underlying financial performance for the reporting period. Other items may also be adjusted from time to time. We also adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results in our 2023 annual MD&A).
In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange in our 2023 annual MD&A for more information.
We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to our asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as "other operating expense (income)". See note 10 of our interim financial statements for more information. This amount has been excluded from our ANE measure.
As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse's inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse's cost of products and services sold reflect these market values, regardless of Westinghouse's historic costs. Our share of these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 7 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.
Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity-accounted investees and recorded in other expenses in the investee information (see note 7 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.
To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the first quarter of 2024 and compares it to the same period in 2023.
THREE MONTHS | |||
ENDED MARCH 31 | |||
($ MILLIONS) | 2024 | 2023 | |
Net earnings (losses) attributable to equity holders | (7) | 119 | |
Adjustments | |||
Adjustments on derivatives | 33 | (6) | |
Adjustments to earnings from equity-investees | |||
Inventory purchase accounting (net of tax) | 38 | - | |
Acquisition-related transition costs (net of tax) | 14 | - | |
Adjustments to other operating income | (15) | (2) | |
Income taxes on adjustments | (7) | 4 | |
Adjusted net earnings | 56 | 115 |
The following table shows the drivers of the change in adjusted net earnings (non-IFRS measure, see above) in the first quarter of 2024 compared to the same period in 2023.
THREE MONTHS | |||
ENDED MARCH 31 | |||
($ MILLIONS) | IFRS | ADJUSTED | |
Net earnings – 2023 | 119 | 115 | |
Change in gross profit by segment | |||
(We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A)) | |||
Uranium | Impact from sales volume changes | (35) | (35) |
Higher realized prices ($US) | 119 | 119 | |
Higher costs | (52) | (52) | |
Change – uranium | 32 | 32 | |
Fuel services | Impact from sales volume changes | (12) | (12) |
Higher realized prices ($Cdn) | 16 | 16 | |
Higher costs | (16) | (16) | |
Change – fuel services | (12) | (12) | |
Other changes | |||
Lower administration expenditures | 4 | 4 | |
Higher exploration expenditures | (1) | (1) | |
Change in reclamation provisions | 15 | 2 | |
Lower earnings from equity-accounted investees | (103) | (51) | |
Change in gains or losses on derivatives | (43) | (4) | |
Change in foreign exchange gains or losses | 19 | 19 | |
Lower finance income | (22) | (22) | |
Change in income tax recovery or expense | 5 | (6) | |
Other | (20) | (20) | |
Net earnings (losses) – 2024 | (7) | 56 |
EBITDA
EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company's capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and income taxes.
ADJUSTED EBITDA
Adjusted EBITDA is defined as EBITDA adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of the underlying business performance or that impact the ability to assess the operating performance of the business. These adjustments include the amounts noted in the ANE definition.
In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial information and are not representative of the underlying operations. These include gains/losses on undesignated hedges, transaction, integration and restructuring costs related to acquisitions and gains/losses on disposition of a business.
The company may realize similar gains or incur similar expenditures in the future.
ADJUSTED EBITDA MARGIN
Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.
EBITDA, adjusted EBITDA and adjusted EBITDA margin are non-IFRS measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure. To facilitate a better understanding of these measures, the table below reconciles earnings before income taxes with EBITDA and adjusted EBITDA for the first quarter of 2024 and 2023.
For the quarter ended March 31, 2024:
FUEL | |||||||||||||
($ MILLIONS) | URANIUM | SERVICES | WESTINGHOUSE | OTHER | TOTAL | ||||||||
Net earnings (loss) attributable to equity holders | 253 | 20 | (123 | ) | (157 | ) | (7 | ) | |||||
Depreciation and amortization | 37 | 5 | - | 1 | 43 | ||||||||
Finance income | - | - | - | (6 | ) | (6 | ) | ||||||
Finance costs | - | - | - | 38 | 38 | ||||||||
Income taxes | - | - | - | 31 | 31 | ||||||||
290 | 25 | (123 | ) | (93 | ) | 99 | |||||||
Adjustments on equity investees | |||||||||||||
Depreciation and amortization | 8 | - | 85 | - | |||||||||
Finance income | - | - | (2 | ) | - | ||||||||
Finance expense | - | - | 64 | - | |||||||||
Income taxes | 20 | - | (37 | ) | - | ||||||||
Net adjustments on equity investees | 28 | - | 110 | - | 138 | ||||||||
EBITDA | 318 | 25 | (13 | ) | (93 | ) | 237 | ||||||
Gain on derivatives | - | - | - | 33 | 33 | ||||||||
Other operating income | (15 | ) | - | - | - | (15 | ) | ||||||
303 | 25 | (13 | ) | (60 | ) | 255 | |||||||
Adjustments on equity investees | |||||||||||||
Inventory purchase accounting | - | - | 50 | - | |||||||||
Acquisition-related transition costs | - | - | 19 | - | |||||||||
Other expenses | - | - | 21 | - | |||||||||
Net adjustments on equity investees | - | - | 90 | - | 90 | ||||||||
Adjusted EBITDA | 303 | 25 | 77 | (60 | ) | 345 |
For the quarter ended March 31, 2023:
FUEL | |||||||||||
($ MILLIONS) | URANIUM | SERVICES | OTHER | TOTAL | |||||||
Net earnings (loss) attributable to equity holders | 189 | 31 | (101 | ) | 119 | ||||||
Depreciation and amortization | 68 | 8 | 1 | 77 | |||||||
Finance income | - | - | (28 | ) | (28 | ) | |||||
Finance costs | - | - | 24 | 24 | |||||||
Income taxes | - | - | 36 | 36 | |||||||
257 | 39 | (68 | ) | 228 | |||||||
Adjustments on equity investees | |||||||||||
Depreciation and amortization | 2 | - | - | - | |||||||
Income taxes | 4 | - | - | - | |||||||
Net adjustments on equity investees | 6 | - | - | 6 | |||||||
EBITDA | 263 | 39 | (68 | ) | 234 | ||||||
Loss on derivatives | - | - | (6 | ) | (6 | ) | |||||
Other operating income | (2 | ) | - | - | (2 | ) | |||||
Adjusted EBITDA | 261 | 39 | (74 | ) | 226 |
CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND PURCHASED URANIUM
Cash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium are non-IFRS measures. We use these measures in our assessment of the performance of our uranium business. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.
To facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and depreciation and amortization for the first quarter of 2024 and 2023.
THREE MONTHS | |||
ENDED MARCH 31 | |||
($ MILLIONS) | 2024 | 2023 | |
Cost of product sold | 355.9 | 390.0 | |
Add / (subtract) | |||
Royalties | (17.8) | (24.7) | |
Care and maintenance costs | (12.2) | (11.9) | |
Other selling costs | (4.9) | (2.7) | |
Change in inventories | 20.4 | (219.8) | |
Cash operating costs (a) | 341.4 | 130.9 | |
Add / (subtract) | |||
Depreciation and amortization | 36.7 | 67.9 | |
Care and maintenance costs | (0.2) | (1.6) | |
Change in inventories | 20.3 | (17.6) | |
Total operating costs (b) | 398.2 | 179.6 | |
Uranium produced & purchased (million lbs) (c) | 8.4 | 4.9 | |
Cash costs per pound (a ÷ c) | 40.64 | 26.71 | |
Total costs per pound (b ÷ c) | 47.40 | 36.64 |
Management's discussion and analysis (MD&A) and financial statements
The first quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three months ended March 31, 2024, as compared to the same period last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2023, and annual MD&A, and our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR+ at www.sedarplus.com , and on EDGAR at sec.gov/edgar.shtml.
Qualified persons
The technical and scientific information discussed in this document for our material properties McArthur River/Key Lake, Cigar Lake and Inkai was approved by the following individuals who are qualified persons for the purposes of NI 43-101:
MCARTHUR RIVER/KEY LAKE
- Greg Murdock, general manager, McArthur River, Cameco
- Daley McIntyre, general manager, Key Lake, Cameco
CIGAR LAKE
- Lloyd Rowson, vice-president, technical services, Cigar Lake, Cameco
INKAI
- Sergey Ivanov, deputy director general, technical services, Cameco Kazakhstan LLP
Caution about forward-looking information
This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: our views regarding the positive momentum for nuclear energy, its continuing full-cycle support, and the transitioning of industries to energy sources that provide clean, constant and reliable power; the impact of geopolitical events on nuclear fuel customer procurement strategies, and our expectation that Cameco and Westinghouse can benefit from having licensed and permitted operations in geopolitically stable jurisdictions; our contracting portfolio strategy, and our expectation of capturing greater upside, creating future value and strong cash flow generation through it and our growing pipeline of business under discussion; our vision of energizing a clean-air world and belief in our strategy for doing so in a manner that reflects our values; our commitment to address risks and opportunities that we believe will make our business sustainable over the longer term; our expectation of achieving the 2024 outlook provided in our 2023 annual MD&A, including expected strong cash flow generation, our estimated consolidated revenue and our share of Westinghouse's 2024 adjusted EBITDA and net loss; expected higher cost Inkai purchases, their cash impact on average unit cost of sales and our expectation of a partial offset through dividends we receive from JV Inkai; our 2024 production estimates at McArthur River/Key Lake and Cigar Lake; our expectations regarding a return to our tier-one cost structure with improving prices, our expected increase in UF 6 conversion production and our expectation for strong cash flow generation in 2024; our intention to prioritize repayment of the remaining outstanding principal of the term loan used to finance the Westinghouse acquisition; our plans to refinance our senior unsecured debenture maturing on June 24, 2024; our expectations regarding JV Inkai's 2024 financial performance and the benefit we would receive from future dividends; our expectations regarding receipt of Inkai deliveries this year, JV Inkai's production target, its ability to secure sufficient volumes of sulfuric acid, and our ability to draw on other sources of supply to mitigate the risk of production shortfalls or delays in expected Inkai deliveries; our view that the long-term business prospects for Westinghouse continue to improve; and the expected date for announcement of our 2024 second quarter results.
Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term contracting, and prices; changes in consumer demand for nuclear power and uranium as a result of changing societal views and objectives regarding nuclear power, electrification and decarbonization; the risk that our views regarding nuclear power, its growth profile, and benefits, may prove to be incorrect; the risk that we may not be able to achieve planned production levels for Cigar Lake and McArthur River/Key Lake within the expected timeframes, or that the costs involved in doing so exceed our expectations; the risk that the production levels at Inkai may not be at expected levels or that it may not be able to deliver its production; risks to Westinghouse's business associated with potential production disruptions, the implementation of its business objectives, compliance with licensing or quality assurance requirements, or that it may otherwise be unable to achieve expected growth; the risk that we may not be able to meet sales commitments for any reason; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations issues, and operating risks; the risk that we may not be able to implement our business objectives in a manner consistent with our environmental, social, governance and other values; the risk that the strategy we are pursuing may prove unsuccessful, or that we may not be able to execute it successfully; the risk that we may not realize the expected benefits from the Westinghouse acquisition; the risk that Westinghouse may not be able to implement its business objectives in a manner consistent with its or our environmental, social, governance and other values; and the risk that we may be delayed in announcing our future financial results.
In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts; our contract pipeline discussions; our ability to mitigate adverse consequences of delays in the shipment of our share of Inkai production; assumptions about Westinghouse's production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the success of our plans and strategies, including planned production; the absence of new and adverse government regulations, policies or decisions; that there will not be any significant adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, economic or political uncertainty and volatility, labour relation issues, aging infrastructure, and operating risks; the assumptions relating to growth in Westinghouse adjusted EBITDA; and our ability to announce future financial results when expected.
Please also review the discussion in our 2023 annual MD&A and most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. Forward-looking information is designed to help you understand management's current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.
Conference call
We invite you to join our first quarter conference call on Tuesday, April 30, 2024, from 8:00 a.m. until 9:00 am Eastern.
The call will be open to all investors and the media. To join the call, please dial (800) 319-4610 (Canada and US) or (604) 638-5340. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.
A recorded version of the proceedings will be available:
- on our website, cameco.com, shortly after the call
- on post view until midnight, Eastern, May 30, 2024, by calling (855) 669-9658 (Canada and US) or (604) 674-8052 (Passcode 0802#)
2024 second quarter report release date
We plan to announce our 2024 second quarter results before markets open on Wednesday, July 31, 2024.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429417611/en/
Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
News Provided by Business Wire via QuoteMedia
NexGen Announces C$180 Million CDI Offering in Australia
NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce that it has entered into a placement agreement dated April 30, 2024 (the " Placement Agreement ") with a lead manager and bookrunner in Australia Aitken Mount Capital Partners (the " Lead Manager "), to arrange and manage, and to provide settlement support for, an offering of 16,129,032 common shares (the " Shares ") of the Company, at a price of C$11.11 per Share (based on the daily average exchange rate of C$1.00 = A$0.8963 published by the Bank of Canada on April 29, 2024 ), for aggregate gross proceeds of approximately C$180 million (the " Offering "). Canaccord Genuity acted as Lead Co-Manager to the Offering.
The Offering will be marketed to Australian investors to enhance the liquidity, trading volumes and market capitalization of the Company's CHESS Depositary Interests (" CDIs ") listed on the ASX and will be done in accordance with the terms of the Placement Agreement. The net proceeds of the Offering will be used to fund the continued development and further exploration of the Company's mineral properties, and for general corporate purposes.
Closing of the Offering is expected to occur on or about May 15, 2024 , with settlement to occur through newly-issued CDIs listed on the ASX. The ASX uses an uncertificated electronic system called CHESS for the electronic clearance and settlement of trades on the ASX in depositary instruments know as CDIs. CDIs represent the beneficial interest in an underlying Share, which are traded in a manner similar to shares in an Australian company listed on ASX. Each CDI represents a unit of beneficial ownership in one underlying Share.
The Shares will be issued pursuant to a prospectus supplement (the " Prospectus Supplement ") to the Company's final short form base shelf prospectus to be filed in all provinces and territories of Canada dated December 8, 2023 (the " Base Shelf Prospectus "). The CDIs will not be qualified by the Prospectus Supplement or the Base Shelf Prospectus, and may not be offered or sold in Canada . Resales of CDIs in Canada will be restricted under applicable Canadian securities laws. The CDIs and underlying Shares have not been registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from the registration requirements thereof.
Issuance of the Shares is subject to a number of conditions, including receipt of customary TSX and NYSE approvals. The Lead Manager may terminate its obligations under the Placement Agreement, at its discretion, on the basis of certain "market out", "disaster out", and "regulatory out" conditions, in addition to the occurrence of certain stated events.
To create room for the Shares to be distributed under the Base Shelf Prospectus, the Company, Virtu Canada Corp., as Canadian agent, and Virtu Americas, LLC, as U.S. agent (together, the " Agents ") have agreed to amend the Company's previously announced at-the-market program (the " ATM Program ") by reducing the aggregate value of common shares that may be offered and sold from up to C$500,000,000 to up to C$315,000,000 in common shares by amending, as of April 29 , 2024, the equity distribution agreement dated December 11, 2023 between the Company and the Agents (the " Amended Sales Agreement "). The volume and timing of sales under the ATM Program, if any, will be determined in the Company's sole discretion, and at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. To date, an aggregate of 13,000,800 common shares of the Company have been distributed under the ATM Program, for aggregate gross proceeds of C$134,948,304 (the " Prior Sales ").
Offers and sales under the ATM Program, if any, may be made on the TSX and/or the NYSE, and/or any other marketplace for the common shares in Canada or the United States as agreed to between the Agents and the Company, pursuant to a prospectus supplement dated December 11, 2023 (the " ATM Prospectus Supplement ") to the Company's Base Shelf Prospectus and a prospectus supplement (the " U.S. ATM Prospectus Supplement ") to the Company's U.S. Base Prospectus included in the Registration Statement filed with the United States Securities and Exchange Commission on December 8, 2023 (collectively, the ATM Prospectus Supplement, Base Shelf Prospectus, U.S. ATM Prospectus Supplement, the U.S. Base Prospectus and Registration Statement, the " ATM Offering Documents "). As a result of the Amended Sales Agreement and taking into account the Prior Sales, the maximum amount of sales remaining under the ATM Program will be C$180,051,696 .
As outlined in the ATM Offering Documents, the Company intends to use the net proceeds from the ATM Program, if any, to fund the continued development and further exploration of its mineral properties, and for general corporate purposes. The ATM Program will be effective until the earlier of (i) the sale of all of the common shares in the capital of the Company issuable pursuant to the ATM Program (as amended by the Amended Sales Agreement) and (ii) January 8, 2026 , unless terminated prior to such date by the Company or the Agents. The ATM Prospectus Supplement, the Base Shelf Prospectus and the Sales Agreement are available at www.sedarplus.ca and the U.S. ATM Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available at www.sec.gov . Alternatively, the Agents will send copies of the ATM Prospectus Supplement and the Base Shelf Prospectus or the U.S. ATM Prospectus Supplement and the U.S. Base Prospectus, as applicable, upon request by contacting: Virtu Canada Corp.; Attn Capital Markets; 222 Bay Street | Suite 1720 | Toronto, ON M5K 1B7; ATMCanada@Virtu.com or Virtu Americas, LLC; Attn Capital Markets; 1633 Broadway | New York, NY 10019; ATM@Virtu.Com .
Potential investors should read the ATM Offering Documents, Amended Sales Agreement and other documents the Company has filed publicly, available at www.sedarplus.ca and www.sec.gov , for more complete information about the Company and the ATM Program.
Farris LLP acted as legal counsel to the Company. Blake, Cassels & Graydon LLP (Canadian counsel) and Skadden, Arps, Slate, Meagher & Flom LLP (U.S. counsel) served as legal advisors to the Agents in connection with the ATM Program.
NexGen is a British Columbia corporation focused on the development of the Rook I Project located in the southwestern Athabasca Basin, Saskatchewan, Canada, into production.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Shares, or CDIs, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, anticipated sale and distribution of Common Shares under the Offering, the volume and timing of the sale and distribution of Common Shares under the Offering, the expected uses of the net proceeds from any sales of Common Shares, and the filing of the U.S Prospectus Supplement, and the Prospectus Supplement. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing; uncertainty of the availability of additional financing; price of uranium; the appeal of alternate sources of energy; exploration and development risks; uninsurable risks; reliance upon key management and other personnel; imprecision of mineral resource estimates; potential cost overruns on any development; pending assay results; changes in climate or increases in environmental regulation; aboriginal title and consultation issues; deficiencies in the Company's title to its properties; information security and cyber threats; failure to manage conflicts of interest; failure to obtain or maintain required permits and licenses; changes in laws, regulations and policy; changes in government policy; competition for resources and financing; volatility in market price of the Common Shares; potentially dilutive future financings; financial and uranium market reactions, as well as effects on individuals on which NexGen relies, as a result of global pandemics (including COVID-19); speculative nature of exploration and development projects; liquidity of securities of NexGen; dilution risks to existing securityholders; risks associated with the sale of securities of NexGen; inability to exploit, expand and replace mineral reserves and mineral resources, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces and territories of Canada and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
View original content to download multimedia: https://www.prnewswire.com/news-releases/nexgen-announces-c180-million-cdi-offering-in-australia-302131468.html
SOURCE NexGen Energy Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/30/c8702.html
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