Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") a leading U.S.-based critical minerals company, announces the results of the election of directors at its annual and special meeting of shareholders (the " Meeting ") held virtually on June 11, 2024 .
The ten (10) nominees proposed by management for election as directors were elected by the shareholders of the Company, through a combination of votes by proxy and electronic poll, as follows:
Nominee | Votes For | % For | Votes Withheld or | % Withheld or |
J. Birks Bovaird | 45,321,752 | 91.23 % | 4,358,256 | 8.77 % |
Mark S. Chalmers | 47,226,027 | 95.06 % | 2,453,981 | 4.94 % |
Benjamin Eshleman III | 47,674,386 | 95.96 % | 2,005,622 | 4.04 % |
Ivy V. Estabrooke | 47,119,198 | 94.85 % | 2,560,810 | 5.15 % |
Barbara A. Filas | 46,967,300 | 94.54 % | 2,712,708 | 5.46 % |
Bruce D. Hansen | 47,922,396 | 96.46 % | 1,757,612 | 3.54 % |
Jaqueline Herrera | 46,948,646 | 94.50 % | 2,731,362 | 5.50 % |
Dennis L. Higgs | 48,312,025 | 97.25 % | 1,367,983 | 2.75 % |
Robert W. Kirkwood | 47,763,461 | 96.14 % | 1,916,547 | 3.86 % |
Alexander G. Morrison | 48,511,981 | 97.65 % | 1,168,027 | 2.35 % |
About Energy Fuels : Energy Fuels is a leading U.S.-based uranium and critical minerals company. The Company, as a leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (" REE ") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver , and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming . The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia , each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects in production, on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .
View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-announces-election-of-directors-302171431.html
SOURCE Energy Fuels Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2024/12/c0233.html
News Provided by Canada Newswire via QuoteMedia
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ), a leading U.S. producer of uranium, rare earth elements (" REEs "), and vanadium, is pleased to announce that it has achieved commercial production of separated neodymium-praseodymium (" NdPr ") at its White Mesa Mill in Utah (the " Mill "). Critically, the NdPr produced by Energy Fuels' meets the applicable product specifications of REE metal-makers, who specialize in the manufacture of REE-based alloys required for the permanent magnets widely used for electric motors in both battery powered electric vehicles (" EVs ") and dual power hybrids. Further, this 'on-spec' NdPr is now able to be produced by Energy Fuels at the full design capacity of its new Phase 1 REE separation circuit (850 to 1,000 metric tons (" tonnes ") of NdPr per year). The Company expects to have commercial quantities of separated NdPr available for shipment by the end of June 2024 . Energy Fuels believes this is the first time in several decades that a U.S. company has produced on-spec separated REE's from monazite on a commercial scale.
The Company is extracting, refining and separating the NdPr from monazite produced by The Chemours Company (" Chemours ") at its heavy mineral sand (" HMS ") operations in Florida and Georgia . Energy Fuels began piloting REE separations in 2021, and later performed partial REE separations in 2022 and 2023. The Company used this experience, having compiled several years of real-time data, to custom design and construct its new Phase 1 REE separation circuit at the Mill, which is now operating as designed. The Company would also like to highlight both the speed at which the circuit has reached full design capacity, and the fact that it has not experienced complications with start-up, which are so typical with the commissioning of new equipment and processes. Energy Fuels also completed construction of its Phase 1 REE Separation Circuit in Q1-2024 for a total cost of only about $16 million, which was significantly under the original budget of $25 million and a further testament to the capabilities of the Mill and the years of solvent extraction (" SX ") experience and technical expertise of Mill personnel. Also of note, the addition of REE separation processes has not hindered the ability or capacity of the Company to produce uranium at the Mill, and preparations are being made to commence a uranium ore and alternate feed uranium-bearing material processing campaign in Q3-2024.
During Q2-2024, the Company expects to produce about 25 to 35 tonnes of on-spec, separated NdPr from the monazite Energy Fuels has in inventory at this time. From the new circuit, Energy Fuels also expects to produce a samarium-plus (" Sm+ "), "heavy" REE concentrate, while also recovering the contained uranium from the monazite feed stocks. The Company expects to utilize this Sm+ concentrate to continue pilot-scale dysprosium (" Dy ") and terbium (" Tb ") separation and to design SX circuits at the Mill able to produce these "heavy" REE products in separated individual forms at the specifications required for metal and alloy making. Currently, there is no company in the Western Hemisphere capable of commercially producing separated, on-spec Dy, Tb, or other "heavy" REE products. NdPr, Dy, and Tb are known as the "magnet" REE's, as they are key and necessary ingredients in the powerful magnets used in the most efficient EVs, dual power hybrid vehicles, direct-drive wind energy, military and defense technologies, and other clean energy applications.
Following completion of NdPr production at the Mill in Q2-2004, the Company expects to begin processing uranium ore and alternate feed materials from our current stockpiles, resulting in the expected production of 150,000 to 500,000 pounds of U 3 O 8 during 2024, with production ramping up further in 2025. As previously announced, Energy Fuels has also acquired, or is in the process of acquiring, several HMS projects to secure monazite, which we believe will be globally cost-competitive, to supply future REE separation at the Mill. This includes the Bahia Project in Brazil that the Company acquired in February 2023 , the Donald Project joint venture that the Company announced on June 3, 2024 , and the pending acquisition of Base Resources and the Toliara Project in Madagascar , which in aggregate have the potential to make Energy Fuels one of the largest separated REE producers in the world. The Company expects to receive material quantities of monazite from these projects commencing as early as 2026. In the meantime, the Company plans to focus operations on an aggressive campaign of uranium production during the second half of 2024, all of 2025, and thereafter to supply U.S. uranium into the Company's portfolio of uranium contracts with U.S. nuclear utilities, in addition to additional spot and contract sales into uranium market strength.
MARK S. CHALMERS , PRESIDENT AND CEO OF ENERGY FUELS STATED:
"We have achieved a significant milestone for the Energy Fuels, for Utah , and for the United States : the commercial production of separated rare earths that meet applicable product specifications, while simultaneously ramping up domestic uranium production aggressively. I wish to congratulate the entire team at the White Mesa Mill for bringing commercial rare earth separation capabilities and expertise back to the United States , and for achieving this major accomplishment ahead of schedule and under budget. With this announcement, Energy Fuels can confirm the return of separated rare earth production from monazite back to the United States after a multi-decade absence, in addition to the return of technological know-how and expertise in this extremely important field that is critical to national and economic security.
"Due to the overwhelming success of Energy Fuels' Phase 1 REE separation project, Energy Fuels can now continue to advance its rare earth initiatives with an extremely high degree of confidence. This includes a potential expansion of standalone rare earth separation capabilities at the Mill to 4,000 to 6,000 tonnes of NdPr per year, along with 150 to 225 tonnes of Dy, and 50 to 75 tonnes of Tb, through development of our planned Phase 2 and Phase 3 REE separation circuits. While our recently commissioned Phase 1 Separation circuit is globally significant and would rank the Company as one of the leading producers of separated REEs in the world outside of China , our planned Phase 2 and Phase 3 Separation Circuits would truly be world-class. In addition, we are building a world-class portfolio of heavy mineral sand assets to control our supply of low-cost monazite. We are also ramping-up pilot testing on 'heavy' rare earth separation, with a focus on Dy and Tb. Due to knowledge gained from NdPr, we are confident we will be able to produce on-spec Dy, Tb, and any other separated rare earth products and to design, engineer, permit, construct and commission our Phase 2 and Phase 3 REE separation circuits within budget and time-frame expectations. Our capital investments in the planned Phase 2 and Phase 3 REE separation circuits will be conditional on receipt of suitable customer and/or government backing in the form of supply agreements, offtake agreements and/or financial support. We believe we are in an enviable position to secure this support, based on our proven rare earth processing, refining and separation capabilities and the world-class monazite supply chain we have secured and are securing. I am very pleased that all things are coming together and that we are emerging as a leading U.S. rare earth producer, in addition to advancing our position as a U.S-leading producer of uranium and vanadium.
"Once we conclude this run of separated NdPr, we plan to focus on the processing of our substantial stockpiled uranium ore and alternate feed material inventories at the Mill and the continued ramp-up of our uranium mining, production and sales. At the same time, we plan to design and permit a world-class expansion of REE separation at the Mill -- which is only about four to six times greater than what we have already achieved. Importantly, we will also continue to market our REE products to customers and evaluate government funding collaborations."
Energy Fuels is a leading US-based uranium and critical minerals company. The Company, as a leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced REE materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver , and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming . The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia , each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects in production, on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation as to production levels or timing or duration of production from the Bahia Project, the Donald Project, the Toliara Project or any of the Company's other mines or projects; any expectation as to costs of production at the Bahia Project, the Donald Project, the Toliara Project or any of the Company's other mines or projects, or that the Company will secure monazite at globally competitive costs; any expectation that the Company may be successful in entering the REE metal, alloy, and/or magnet-making space; any expectation that the addition of REE production will not diminish in any way the Company's U.S. leading uranium production capabilities; any expectation that any ore reserves estimated to date will accurately reflect actual reserves or resources; any expectation that the Company will be successful in advancing its REE initiatives or that it will be successful in installing REE production capacity at the Mill and the timing of installation of any such production capacity; any expectation that the Company's REE and other products will and will continue to meet commercial specifications; any expectation as to when the Company will have commercial quantities of separated NdPr available for shipment; any expectation that the Company's planned Phase 2 and Phase 3 separation circuits will be developed and if developed would be world-class; any expectation that the Company's planned Phase 2 and Phase 3 separation circuits if developed, would be developed within budget and time-frame expectations; any expectation as to the success of the Company's permitting programs; any expectation that the Company's proposed acquisition of Base Resources and the Toliara project will be completed or if completed, completed on the terms and time proposed; any expectation that the Company will be able to secure commitments for satisfactory offtake and/or sales agreements for REEs produced from monazite at the Mill; any expectation that Energy Fuels will be successful in obtaining suitable supply agreements, offtake agreements and/or financial support from customers and/or governments, to justify development of the planned Phase 2 and Phase 3 separation circuits, or at all; any expectation that the Company is emerging as a leading U.S. rare earth producer, in addition to advancing its position as a U.S-leading producer of uranium and vanadium; any expectation that the Bahia Project and Donald Project will be developed and proceed to production; and any expectation that the Company will be successful in acquiring Base Resources or that the Toliara Project will be developed and proceed to production. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Bahia Project, the Donald Project, the Toliara project or any of the Company's other projects or initiatives; available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth elements or other rare earth element products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for uranium, rare earth elements and heavy mineral sands; the ability of the Mill to be able to separate radium or other radioisotopes for cancer treatments at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
SOURCE Energy Fuels Inc.
View original content: http://www.newswire.ca/en/releases/archive/June2024/10/c4592.html
News Provided by Canada Newswire via QuoteMedia
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ), a leading U.S. producer of uranium, REEs, and vanadium, is pleased to announce that it has executed binding agreements with Astron Corporation Limited (" Astron ") creating a joint venture (the " Venture ") to develop and operate the Donald Rare Earth and Mineral Sands Project, located in the Wimmera Region of the State of Victoria, Australia (the " Donald Project "). All references to dollars or $ in this news release are references to US$ unless otherwise indicated.
The Donald Project is a world-class, world scale, REE and heavy mineral sand (" HMS ") deposit that has the potential to provide Energy Fuels with a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate (" REEC ") that would be transported to the Company's Mill in Utah, USA for processing into REE oxides and other advanced REE materials to fuel the clean energy transition and meet critical U.S. national security needs.
With most licenses and permits in place (or at an advanced stage of completion), the Donald Project is expected to provide Energy Fuels with approximately 7,000 to 8,000 metric tons (" tonnes ") of REEC per year (" Donald – Phase 1 "), commencing as early as 2026. 8,000 tonnes of REEC from the Donald Project would contain approximately 4,700 tonnes of total REE oxides (" TREO "), including roughly 990 tonnes of neodymium-praseodymium (" NdPr ") oxide, 84 tonnes of dysprosium (" Dy ") oxide, and 14 tonnes of terbium oxide(" Tb ").
Following the construction and commissioning of Donald – Phase 1, Energy Fuels and Astron will evaluate increasing production from the Donald Project to 13,000 to 14,000 tonnes of REEC per year (" Donald – Phase 2 "), all of which would be delivered to the Mill for processing into REE oxides by Energy Fuels. 14,000 tonnes of REEC from the Donald Project would contain up to 8,200 tonnes of TREO per year, including 1,700 tonnes of NdPr oxide, 140 tonnes of Dy oxide and 25 tonnes of Tb oxide, providing a rich source of critical rare earth elements necessary to meet the demand for electric vehicles, clean energy and national security technologies.
NdPr, Dy, and Tb are known as the "magnet rare earths," as they are key ingredients in powerful permanent REE magnets used in the most efficient electric vehicles (" EVs "), hybrids, wind generators, and other defense-related and advanced technologies. Monazite concentrates typically have superior grades and distributions of the "magnet" REEs compared to other REE-bearing minerals.
For context, REEs provide significantly greater power and range for EVs and hybrid vehicles, with the typical REE-powered vehicle using about one kilogram (" kg ") of NdPr oxide, along with roughly 50 grams of Dy and/or Tb oxide. Therefore, the Donald Project alone could supply enough of each of these critical elements for up to 1.7 million EVs per year during Donald – Phase 2.
Construction and development of the Donald Project could begin as soon as 2025, subject to a unanimous final investment decision (" FID ") of both Energy Fuels and Astron. A positive FID would generally require Energy Fuels to have secured commitments for satisfactory offtake and/or sales agreements for the REE oxides expected to be produced from REEC at the Mill, Astron having secured commitments for satisfactory offtake and/or sales agreements for ilmenite and zircon expected to be produced from heavy mineral sand concentrates (" HMC ") from the project, and the Venture having secured commitments for non-recourse and/or government-backed debt financing for the project. Energy Fuels expects to spend approximately $10.6 million to advance the Donald Project in 2024, which is expected to be funded from the Company's working capital (approximately $225 million as of March 31, 2024 ).
THE DONALD PROJECT
The Donald Project is a world-class, advanced-stage, large-scale critical mineral deposit underpinned by the Ilmenite, zircon and monazite-rich Donald deposit in the Wimmera region of Victoria, Australia .
On June 27, 2023 , Astron released the outcomes of its Phase 2 Pre-Feasibility study (the " 2023 PFS "), which expands upon its April 26, 2023 Definitive Feasibility Study (the " 2023 DFS ") (see Note 1) for the Donald Project. This combined, updated study estimates Donald – Phase 1 and 2 production of 200,000 – 500,000 tonnes per year HMC and 7,000 – 14,000 tonnes per year of REEC, and forecasts total funding expenditures of AUD$392 million to achieve first production. An additional AUD$431 million in capital would be required in 2029 or 2030 for the construction of Donald – Phase 2. According to the 2023 PFS, the Donald deposit's estimated ore reserves of 825 million tonnes at 4.5% heavy mineral, are sufficient to support an initial 58-year mine life at Donald – Phase 2 production rates of approximately 13,000 to 14,000 tonnes of REEC per year (See Note 2). Astron and the Company intend to update the 2023 DFS prior to the Donald – Phase 1 FID, to take into account the most current information and to conform the report to the standards of NI 43-101 and S-K 1300, as well as update the 2023 PFS to a DFS standard post- Donald – Phase 1 production.
The Donald Project is expected to provide a long-term and large-scale supply of REEC to the Mill for processing into REE oxides and other advanced REE materials. As the REEC will be a byproduct of the Donald Project's ilmenite and zircon production, the total cost of production of REE oxides at the Mill is expected to be low-cost and globally competitive.
THE DONALD PROJECT JOINT VENTURE
Under the Venture, Energy Fuels has the right to invest AUD$183 million (approximately $122 million at current exchange rates) to earn up to a 49% interest in the Venture. Of this amount, Energy Fuels expects to invest approximately $10.6 million in 2024 from its existing working capital (approximately $225 million as of March 31, 2024 ), to be used by the Venture to update and expand the 2023 DFS and to otherwise prepare the Venture to make a FID to proceed with the development of Donald – Phase 1. In addition, Energy Fuels will issue to Astron Energy Fuels common shares having a total value of $17.5 million , of which $3.5 million in shares will be issued to Astron or its subsidiaries on the date that all conditions precedent to formation of the Venture are satisfied (the " Commencement Date "), which is expected to be in Q3 or Q4 2024, and the remaining $14.0 million in Energy Fuels shares will be issued to Astron or its subsidiaries on a positive FID.
If a positive FID is made by the Venturers within three years from the Commencement Date, then Energy Fuels will proceed to expend the remaining balance of its AUD$183 million cash expenditure required to earn into a 49% interest in the Venture plus issue the remaining $14.0 million in Energy Fuels common shares to Astron or its subsidiaries at the time of the positive FID. If a positive FID is not made unanimously within three years after the Commencement Date, but Astron has voted in favor of the FID then Astron would have the right to buy out Energy Fuels for the fair market value of Energy Fuels' interest in the Venture as at that date. If Astron does not exercise this option, or if there is otherwise no unanimous positive FID within three years after the Commencement Date, Energy Fuels will remain a minority member of the Venture (receiving a percentage interest based on the amount funded by Energy Fuels to that date) and all future funding will be made by the Joint Venturers pro-rata in accordance with their percentage interests in the Venture.
If a positive FID is made, Energy Fuels' investment of AUD$183 million is expected to satisfy most of the equity capital requirements for the construction of Donald – Phase 1. Any additional equity required post-project financing will be shared by the Joint Venturers on a pro-rata basis.
Astron is the Manager and Operator of the Venture, with specified major decisions subject to approval of both parties. After Energy Fuels has completed its investment of AUD$183 million, further Venture expenditures for the development of Donald – Phase 1 and the development of Donald – Phase 2, would be funded by Energy Fuels and Astron on a pro-rata basis.
Under the Venture, Energy Fuels has entered into an offtake agreement for 100% of the Donald Project's future Phase 1 and Phase 2 REEC production based on market prices of the contained REE oxides, subject to a floor price below which Energy Fuels would not be obligated to purchase REEC from the Venture. The Venture will sell its HMC product to global customers, subject to Astron having the right, but not the obligation, to enter into an offtake agreement with the Venture for up to 100% of the HMC product at market prices. Following payment of all joint venture expenses, all profits from the Venture will be distributed to Energy Fuels and Astron, pro-rata according to their respective ownership percentages. The REEC offtake agreement may be terminated in certain circumstances by the Venture including if Energy Fuels remains a minority member where Astron does not exercise the option to buy out Energy Fuels or if there is otherwise no unanimous positive FID within three years after the Commencement Date, both as described above.
As soon as practicable after commencing Donald – Phase 1 commercial production, the Venture would expect to evaluate constructing Donald – Phase 2 which would be expected to double ore production to 15 million tonnes per year to produce approximately 400,000 to 500,000 tonnes per year of HMC and approximately 13,000 to 14,000 tonnes per year of REEC, providing a consistent and significant feed for decades to come. Capital expenditures for Donald – Phase 2 would be made pro-rata by the Joint Venturers in accordance with their percentage interests in the Venture. The FID for Donald – Phase 2 would be made by the agreement of both Joint Venturers.
The Venture agreements also grant Energy Fuels a first right of refusal over participation in the development of Astron's Jackson Deposit, which is contained in the tenement RL2003 and adjoins the Donald Deposit to the south-west, should Astron plan to pursue such development with a third party.
REE SEPARATION AT THE WHITE MESA MILL
Energy Fuels is rapidly creating a significant new REE supply chain of world significance that can reduce America's reliance on REE's from China . The Company is actively securing long-term and large-scale sources of monazite sands to provide the raw materials needed to produce advanced REE materials at the Mill through offtake (Chemours), joint venture (the Donald Project in Australia ), and direct ownership (the Bahia Mineral Sand Project in Brazil and the previously announced proposed acquisition of Base Resources and the Toliara Mineral Sand Project in Madagascar ). Through these assets, Energy Fuels is building a world material REE oxide supply chain that the Company believes will be attractive to automotive, clean energy, and government customers.
Further, Energy Fuels has demonstrated its ability to process monazite at its U.S. White Mesa Mill, providing mixed REE carbonate to the market since 2022, and is currently commissioning an REE separation facility at the Mill which will allow for commercial scale REE separation in the United States .
Energy Fuels completed construction of its Phase 1 REE Separation Circuit at the Mill in Q1-2024 for a total cost of approximately $16 million , which has a current installed capacity to process up to 10,000 tonnes of REEC per year and produce up to 1,000 tonnes of NdPr oxide per year along with a samarium plus (" Sm+ ") heavy mixed REE carbonate containing Dy and Tb. Final commissioning is expected by June 30, 2024 , at which time the Phase 1 – REE Separation Circuit is expected to be fully operational and available to process the Donald – Phase 1 REEC production, which is expected to commence in 2026 and total 7,000 to 8,000 tonnes of REEC per year. Energy Fuels does not need to finance or construct further expansions of its Phase 1 – REE Separation Circuit to accommodate REEC from Donald – Phase 1.
The Company is also in the process of designing its Phase 2 REE Separation and Phase 3 REE Separation Circuits at the Mill. The Phase 2 REE Separation Circuit, which is currently expected to be completed in 2027, subject to receipt of any required regulatory approvals and the Company securing sufficient supplies of monazite sands, will consist of expanding NdPr oxide capacity to process 40,000 to 60,000 tonnes of monazite sands per year and produce approximately 4,000 to 6,000 tonnes of NdPr oxide per year. The Company also plans to construct a dedicated "crack-and-leach" circuit in conjunction with its Phase 2 Separation Circuit, in order to allow the Mill to simultaneously process conventional uranium ore and monazite sands independently, thereby allowing for more efficient utilization of Mill capacity. The Phase 3 REE Separation Circuit, which is currently expected to be completed in 2028, subject to receipt of any required regulatory approvals, will consist of installing the capacity to produce "heavy" REE oxides, including Dy, Tb, and potentially other oxides.
The Phase 2 REE Separation Circuit is expected to be completed in time to process the expected Donald – Phase 2 production of approximately 13,000 to 14,000 tonnes of REEC per year, which could be available by as early as 2029/2030 depending on market conditions, final design and permitting. The Phase 2 REE Separation Circuit would also accommodate monazite production from the Company's Bahia Project in Brazil , which is currently in the exploration and permitting phase and which could be producing 3,000 – 10,000 tonnes of monazite per year as early as 2026; the Company's planned acquisition of Base Resources Limited and its Toliara heavy mineral sands project, if that acquisition is successful, which could add an average of approximately 22,000 tonnes of monazite per year, subject to successful negotiation of an investment agreement with the Madagascar government, the lifting of the current suspension relating to the Toliara project, the receipt of additional permits for the recovery of Monazite at the Toliara project, and other factors.
The Sm+ mixed heavy REE carbonate will either be sold in the international market as a mixed Sm+ REE carbonate or stockpiled at the Mill for processing into Dy and Tb oxides and potentially other heavy REE oxides once the Phase 3 REE Separation Circuit is fully commissioned.
The Company also continues to evaluate opportunities to enter the REE metal, alloy, and magnet-making space, in order to fully-integrate the entire REE magnet supply chain.
ENERGY FUELS' CONTINUED URANIUM PRODUCTION RAMP-UP:
Once the Phase 1 REE Separation Circuit commissioning is complete, which is expected by the end of Q2, 2024, the Company expects to begin processing stockpiled uranium ore from its three currently operating U.S. mines and alternate feed materials for the remainder of 2024 and thereafter, from which the Company expects to produce approximately 150,000 to 500,000 pounds of U 3 O 8 in 2024, ramping up to mining at a run rate of approximately 1.1 million to 1.4 million pounds of U 3 O 8 per year later this year from those three mines. The Company expects to potentially increase its uranium production to a mining run rate of approximately 2 million pounds of U 3 O 8 per year by bringing two additional mines into operation as early as 2025, and to a mining run rate of up to approximately 5 million pounds of U 3 O 8 per year over the coming years by bringing our additional longer-term projects into operation, if uranium market conditions continue to be strong, as expected.
The Company's REE initiatives will not diminish in any way the Company's U.S. leading uranium production capabilities.
MARK S. CHALMERS , PRESIDENT AND CEO OF ENERGY FUELS STATED:
"Energy Fuels is truly excited to embark on this joint venture with Astron on the development and operation of the Donald Project in Australia . We have enjoyed working with the Astron team, and we look forward to making this world-class rare earth and critical mineral deposit a reality in Australia , which is one of the closest allies of the U.S.
"I'll add that the sequencing of our uranium, rare earth and mineral sand production ramp-ups is proceeding extremely well in relation to commodity markets, while maximizing operating capacity and workforce allocation at our White Mesa Mill. Uranium markets are currently gaining strength, and we have long-term supply contracts to fulfill, so 2024 is a good year to ramp-up our low-cost uranium production. At the same time, rare earth markets are currently soft. Therefore, 2024 is a good year to install and commission REE processing capacity, design and plan additional REE processing capacity, and secure mineral positions in this critical industry, such as through our Donald Project joint venture with Astron and proposed acquisition of Base Resources. Assuming heavy mineral sand markets remain strong, and we are able to secure satisfactory offtake agreements and financing, we look forward to beginning development of the Donald Project as soon as 2025. We believe the Donald Project will be a 'flagship' mining project for Australia and the State of Victoria , producing many of the raw materials needed for the energy transition."
Note 1
The financial information relating to the Donald deposit's mineral sands is based on the 2023 PFS and 2023 DFS. These studies constituted a "Pre-Feasibility Study" and a "Feasibility Study," respectively, for the purposes of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (" JORC ") and the ore reserves underpinning these studies were estimated in accordance with JORC. The results from these studies and the estimated ore reserves may not be comparable to (as the case may be) data or estimates under either National Instrument 43-101 (" NI 43-101 ") or Subpart 1300 of Regulation S-K (" S-K 1300 ")– see disclosure below under "Qualified Person".
NOTE 2
The JORC estimate of ore reserves is presented for informational purposes only. A qualified person has not done sufficient work to classify these estimates as current NI 43-101 or S-K 1300 estimates of mineral resources, mineral reserves, or exploration results. Energy Fuels is not treating these estimates as a current estimate of mineral resources, mineral reserves, or exploration results – see note below under "Qualified Person".
QUALIFIED PERSON
The technical information in this press release has been prepared in accordance with both U.S. and Canadian requirements set out in S-K 1300 and NI 43-101 and reviewed on behalf of the Company by Dan Kapostasy , VP, Technical Services of the Company, a Qualified Person under both S-K 1300 and NI 43-101 regulations. The JORC compliant Mineral Reserves contained herein were disclosed by Astron on 27 June 2023 . The Company has not completed the necessary due diligence on the Mineral Reserves to disclose them as current Mineral Reserves. Therefore, the Company is treating the contained tables as historical in nature as a Qualified Person has not done sufficient work to classify the Mineral Reserves as current under S-K 1300 or NI 43-101. These historical Mineral Reserves are relevant to this disclosure, as they provide information on the potential size and scale of MIN5532 and RL2002. The method used to estimate the in-situ resources was ordinary kriging utilizing octant and ellipsoid search parameters. The mineralized zone was domained into three zones: low grade, medium grade (>3% & 5%) heavy mineral. The block model used a 100 m x 200 m x 1 m block, which is approximately half the drillhole spacing in the well drilled areas. The model was visually verified against drillholes, SWATH plots were used to check average grade trends, and the current estimate is similar to previous estimates. To convert the Mineral Resources to Mineral Reserves, modifying factors including mining methods (dry mining), metallurgical testwork (including processing size assumptions, >38 µm size fraction) producing both a heavy mineral concentrate (Ti and Zr minerals) and a rare earth mineral concentrate (monazite + xenotime), capital cost, operating costs, and environmental factors. Additional details regarding the historical Mineral Reserves are available in the Astron press release dated 27 June, 2023 :
https://www.astronlimited.com.au/wp-content/uploads/2023/06/20230627-Phase-2-Ore-Reserve-Update.pdf
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based uranium and critical minerals company. The Company, as a leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced REE materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides commencing in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver , and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming . The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil , which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects in production, on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .
ABOUT ASTRON
Astron Corporation Limited (ASX: ATR) is an Australian-based company listed on the ASX. With over 35 years of operating history, Astron has been involved in mineral sands processing, downstream product development, as well as the marketing and sales of zirconium and titanium related products. Astron's prime focus is on the development of its large, long-life Donald Rare Earths and Mineral Sands Project in regional Victoria, Australia . Astron's website is www.astronlimited.com.au .
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation as to production levels or timing or duration of production from the Donald Project or any of the Company's other mines or projects; any expectations as to costs of production at the Donald Project or any of the Company's mines or other projects; any expectation that the Company will be successful in creating a new REE supply chain that can reduce America's reliance on China ; any expectation that the Company will be successful in entering the REE metal, alloy, and magnet-making space, in order to fully-integrate the entire REE magnet supply chain; any expectation that the addition of REE production will not diminish in any way the Company's U.S. leading uranium production capabilities; any expectation that the Donald Project is a world-class, world scale, REE and HMS deposit; any expectation that any ore reserves estimated to date will accurately reflect actual reserves or resources; any expectation that Astron and the Company will update the 2023 DFS prior to the Phase 1 FID, to take into account the most current information and to conform the report to the standards of NI 43-101 and S-K 1300, or at all; any expectation that the Company will update the 2023 PFS to a DFS standard post- Donald – Phase 1 production, or at all; any expectation that the Company's AUD$183 million investment in the Venture will satisfy most of the equity capital requirements for the construction of Donald – Phase 1; any expectation that the Company will be successful in securing any additional low-cost monazite concentrates globally, or at all; any expectation that the Company will be successful in advancing its REE initiatives or that it will be successful in installing REE production capacity at the Mill and the timing of installation of any such production capacity; any expectation as to the success of the Company's permitting programs; any expectation that the Company's proposed acquisition of Base Resources and the Toliara project will be completed or if completed, completed on the terms and time proposed; any expectation that the Company will be able to secure commitments for satisfactory offtake and/or sales agreements for REE oxides produced from monazite at the Mill, that Astron will be able to secure commitments for satisfactory offtake and/or sales agreements for ilmenite and zircon produced from HMC from the project, or that any such commitments obtained would support non-recourse and/or government-backed debt financing for the Donald Project; any expectation that Energy Fuels will be successful in obtaining any grants, low-interest debt, non- or limited-recourse debt, loan guarantees, or other support vehicles from any government agencies or offices, or at all; any expectation that a positive Donald – Phase 1 FID or Donald Phase 2 FID will be made; any expectation that an investment agreement relating to the Toliara project will be negotiated with the Madagascar government on suitable terms or at all; any expectation that the current suspension relating to the Toliara project will be lifted by the Madagascar government in the near future or at all; and any expectation that the additional permits for the recovery of Monazite at the Donald Project or Toliara project will be acquired on a timely basis or at all . Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Government of Madagascar to agree on fiscal terms or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara project to be lifted by the Madagascar government on a timely basis or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Toliara project or Donald Project; the failure of the Company to provide or obtain the necessary financing required to develop the Donald Project, the Toliara project or any of the Company's other projects or initiatives; available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth element oxides or other rare earth element products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for uranium, rare earth elements and HMC; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves: Certain technical disclosure contained in this news release has been prepared in accordance with the JORC Code . The JORC Code differs from the requirements of the U.S. Securities and Exchange Commission (" SEC "), and resource information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.
View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-and-astron-corporation-limited-execute-definitive-agreements-to-jointly-develop-the-donald-rare-earth-and-mineral-sands-project-in-australia-uranium-production-from-the-companys-us-mines-and-alternate-feed-materia-302162578.html
SOURCE Energy Fuels Inc.
News Provided by PR Newswire via QuoteMedia
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Clean Energy and Precious Metals Hybrid Virtual Investor Conference held May 23 rd are now available for online viewing.
REGISTER NOW AT : https://bit.ly/4bNF5Zi
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.
May 23 rd
| Presentation | Ticker(s) |
| Viva Gold Corp. | OTCQB: VAUCF | TSXV: VAU |
| Relevant Gold Corp. | OTCQB: RGCCF | TSXV: RGC |
| StrikePoint Gold, Inc. | OTCQB: STKXF | TSXV: SKP |
| Aftermath Silver Ltd. | OTCQX: AAGFF | TSXV: AAG |
| Reyna Silver Corp. | OTCQX: RSNVF | TSXV: RSLV |
| Fathom Nickel Inc. | OTCQB: FNICF | CSE: FNI |
| Intrepid Metals Corp. | OTCQB: IMTCF | TSXV: INTR |
Keynote Presentation: Critical Minerals Institute - "What are the critical Critical Metals?" Jack Lifton, Co-Chairman | |
| Energy Fuels Inc. | NYSE American: UUUU | TSX: EFR |
| Appia Rare Earths & Uranium Corp. | OTCQX: APAAF | CSE: API |
| Elevate Uranium Ltd. | OTCQX: ELVUF | ASX: EL8 |
| Barksdale Resources Corp. | OTCQX: BRKCF | TSXV: BRO |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Victory Battery Metals CORP. (CSE:VR)(OTC PINK:VRCFF)(FRA:VR6) is pleased to announce that it has significantly expanded it's focus on uranium, with the acquisition of the Yellow Chief uranium property in Utah, and a portfolio of four uranium properties in Saskatchewan. When combined with the previously announced Chariot River property in Saskatchewan, the companies holdings comprise 3,643 hectres
Terms of the Option Agreement are:
The Option Agreement dated June 26, 2024, subject to CSE approval, provides Victory the sole exclusive right to acquire 100% interest in the Property in accordance with the following terms: by making aggregate cash payments of $200,000 to Yellow Chief, issuing an aggregate of 16,000,000 common shares to Yellow Chief and incurring aggregate exploration expenditures of $500,000 on the Property as follows:
(a) Paying $200,000 in cash to Yellow Chief as follows: |
(i) $100,000 within 14 days of signature; |
(ii) $50,000 on the first anniversary of the initial payment; |
(iii) $50,000 on the second anniversary date; |
(b) Issuing 16,000,000 common shares of Victory Battery Metals Corp as follows: |
(i) 8,000,000 common shares upon signature of the Agreement; |
(ii) 4,000,000 common shares on or before the 1st anniversary of the Effective Date; |
(iii) 4,000,000 common shares of on or before the 2nd anniversary of the Effective Date; |
c) Incurring aggregate exploration expenditures of $600,000 on the Property as follows |
(i) $100,000 on or before the first anniversary date of the Agreement |
(ii) an aggregate of $200,000 on or before the second anniversary date of the Agreement |
(iii) an aggregate of $300,000 on or before the third anniversary date of the Agreement. |
YELLOW CHIEF URANIUM PROPERTY - Located in mining-friendly Juab County in western Utah, the Yellow Chief property comprises 28 claims covering 130 hectares. Juab county is an active exploration and mining area, with beryllium produced by Materion from the Spor Mountain mine, gold exploration and production at the Tintic mine by Osisko Development Corp, and drilling and exploration at the Tintic project by Ivanhoe Electric (Utah Geological Survey Circular 134, 37 pages).
The property covers the northern portion of the past producing open pit, and prospective volcanic tuff units trending to the northeast of the pit. The Yellow Chief Mine was developed from 1959 to 1962 as an open pit,
" …..which reached horizontal dimensions of 1,200 by 300-500 feet (366 m by 91-152 m) and a depth of 100-150 feet (30-46 m). Approximately 100,000 tons (90,700 metric tons) of 0.20-0.23 percent uranium ore was produced from the deposit (Bowyer, 1963)." * |
* As reported in; (URANIUM MINERALIZATION IN FLUORINE-ENRICHED VOLCANIC ROCKS, Burt, D. M. et. Al, 1980, prepared for the U. S. Department of Energy. Subcontract No. 79-270-E)
"Uranium mineralization at the Yellow Chief mine occurs as lenses of disseminated secondary uranium minerals (mostly beta-uranophane) in a 100-to 120-foot (30-37 m) thick sequence of conglomerate and tuffaceous sandstone that directly underlies the "beryllium tuff member" of the Spor Mountain Formation." ** |
** As reported in; (URANIUM POTENTIAL IN UTAH, Gloyn, R. W. and Krahulec, K, 2004, UTAH GEOLOGICAL SURVEY)
The Yellow Chief uranium mine is only 6 kilometers east of Materion Corp.'s open pit operations for beryllium (Be) ore. Beryllium is a high-value, essential, light metal with wide applications in the aerospace, computer, telecommunications, electronics, medical, satellite and defence sectors. The Spor Mountain operations are the largest source of beryllium in the United States, accounting for approximately 63 per cent of the world's annual production in 2020.
Little information is available regarding previous exploration programs in the area. The Company will conduct mapping and sampling of the open pit sites, with a focus on planning a drill program to test for the favorable uranium (+/- Be) units, North and Northeast of a mapped East to North-East trending fault mapped in the pit.
PK Property - The PK property covers 1 claim comprising 1090.0 hectares located northeast of the Athabasca Basin, within the Charlebois-Higginson uranium district. Also known as the "Pinkham East" property, the claims were last explored in the late 1970's. Assessment reports indicate the PK property high (to 100 times background) radioactivity in pegmatite. Radioactivity is reported to be associated with a coarse-grained, off-white leucocratic pegmatite. This rock contains white feldspar and local large biotite books. The pegmatite may extend along strike more than 1700 m. Only limited sampling (3 samples) was completed with uranium values of up to 0.035% U3O8.
Fine-grained, reddish brown sandstone boulders cover the grid area of the PK property with boulders reported up 1 metre in diameter and friable, that are unlikely to have survive glacial ice transport over large distances. It was interpreted that they may be sourced from an outlier of the Athabasca Formation. If found insitu, this would be the furthest north occurrence of Athabasca Formation and the unconformity would be an attractive target for uranium mineralization.
Mozzie Halo East and Mozzie Halo West Properties - This package comprises three blocks of claims, located around the core Mozzie East and West Properties. The Mozzie East and West Properties are held by other land owners. Combined the Company's three properties total 445 hectares with two blocks adjacent to the Mozzie West property, and one claim adjacent to the Mozzie East property. The Mozzie West and East properties were previously held by Pegasus Resources Ltd. (refer to Pegasus Press Release, October 20, 2021):
"The Mozzie Lake property consists of two claim blocks that are situated approximately 25 and 40 km northeast of the edge of the Athabasca basin. It is located within the Charlebois-Higgingson Lake uranium district. Highlights: - Historical resource estimate at the 20A zone with 204,200 tons at 0.119 per cent triuranium octoxidem at an average width of 15.8 feet (4.8 metres), containing 535,718 pounds of uranium*; |
The mineralization is hosted within pegmatite intrusions. The pegmatite deposits of the Charlebois-Higgingson Lake uranium district have remained largely dormant since it was first explored in the 1940s to 1960s era. There are historical references to rare-earth-element-(REE)-bearing minerals in the region, including at the Pinkham Lake prospects on the Mozzie Lake property. The company believes that a re-evaluation of the district with respect to REE mineralization should be conducted to potentially bolster the uranium potential of the project(s). |
*The historical resource estimate was completed by Trigg, Woollett & Associates Ltd. on behalf of King Resources Company in 1968 (Sask. assessment report 74P07-0043). The historical mineral resource estimates listed above either use categories that are not compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and cannot be compared to NI 43-101 categories, or are not current estimates as prescribed by NI 43-101, and therefore should not be relied upon. A qualified person has not done sufficient work to classify the estimates as current resources and Pegasus is not treating the estimates as a current resource estimate." |
Mr. Mark Ireton, Victory President and CEO noted "Victory is pleased to advise having enhanced the property portfolio with the addition of these uranium properties bringing total uranium holdings to 12,815 Ha including Sept Ilse Uranium, Quebec with 9,042 Ha, 130 Ha in Juab County, Utah and 3,643 Ha in Saskatchewan. Uranium focus comes with geographic diversity and encouraging property advancement potential given results, features and findings from past work programs on all properties prior to their acquisition by Victory."
Scientific and technical information contained in this press release was reviewed and approved by Mr. Helgi Sigurgeirson (P.Geo. with EGBC) and a "qualified person" under NI 43-101 and Consultant to Victory Battery Metals Corp.
About Victory Battery Metals Corp.
Victory Battery Metals CORP. (CSE:VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.
For further information, please contact:
Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE:Victory Battery Metals Corp.
News Provided by ACCESSWIRE via QuoteMedia
Lithium ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: ZA4) ("ION" or the "Company") further to the announcement of March 13, 2024, confirms that it has completed debt settlement agreements with certain arm's length and non-arm's length creditors. Pursuant to the debt settlement agreements, the Company has settled an aggregate amount of $98,419 in debt, in consideration for which it will issue an aggregate of 393,675 common shares (the "Shares") of the Company at a deemed price of $0.25 per Share.
All Shares issued in relation to these debt settlements will be subject to a hold period expiring four months and one day after the date the Shares are issued, in accordance with applicable securities laws and the policies of the TSXV.
About Lithium ION Energy Ltd.
Lithium ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: Z4A) is committed to exploring and developing high quality lithium resources in strategic jurisdictions. ION's flagship, 65,000+ hectare Baavhai Uul lithium brine project represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 29,000+ hectare Urgakh Naran highly prospective lithium brine licence in Dorngovi Province in Mongolia. With the acquisition of the Bliss Lake and Little Nahani projects in NWT, Canada, ION has enhanced its lithium asset and jurisdiction profile. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR+ at www.sedarplus.ca.
For further information:
COMPANY CONTACT: Ali Haji, ali@ionenergy.ca, 647-871-4571
MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca, 416-432-4920
Neither the 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 news release.
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release contains forward‐looking statements. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, anticipated regulatory approvals and completion and timing of closing of the debt settlement. Important factors that could cause actual results to differ materially from Ion's expectations include, among others, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214955
News Provided by Newsfile via QuoteMedia
(TheNewswire)
 | |||||||||
 |  |  | |||||||
Vancouver, BC June 28, 2024 TheNewswire Coniagas Battery Metals Inc. (TSXV: COS) announces that it will effect a non-brokered private placement of a maximum of 5,000,000 units at a price of $0.12 per unit for maximum gross proceeds of $600,000. Each unit will be comprised of one common share and one-half of a common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share at a price of $0.15 for two years from the date of issuance.
News Provided by TheNewsWire via QuoteMedia
NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce an update on its global anode expansion strategy, including positive results of a technical and economic study (the "Study") for the construction of a proposed battery anode facility (BAF) located in the Kingdom of Saudi Arabia (KSA). The Company further announces it has launched a strategic partner process to consider expressions of interest it has received for funding the battery anode facilities both in the Middle East and globally
As announced in February 2023, NextSource plans to construct, in stages, multiple BAFs globally in key jurisdictions that would be capable of producing commercial scale graphite anode active material for lithium-ion batteries used in electric vehicle (EV) applications. This planned series of BAFs will leverage exclusive access to well-established proprietary anode processing technology currently supplying anode active material to major EV automotive companies (OEMs).
The key jurisdictions being evaluated for potential BAF expansions are Madagascar, the KSA, the United Arab Emirates, and North America.
Anode active material comprises a range of value-added graphite products including spheronized purified graphite (SPG) and coated SPG (CSPG).
Study Results for BAF in Kingdom of Saudi Arabia
Stantec, a global engineering service provider and partner firm with NextSource, has completed a conceptual design and an AACE Class 5 evaluation to develop Battery Anode Facilities in selected sites in the KSA. The KSA BAF will be capable of producing natural graphite anode active material for lithium-ion batteries used in EV applications.
Stantec has worked in conjunction with NextSource's technology partners to develop a Middle East compliant plant design, using proven process technology to reduce future qualification times. The Study included an assessment of the process design and equipment, an application of relevant design standards and codes, an analysis of future operational requirements, and an environmental permitting analysis.
The highlights of the Study are as follows:
The KSA has identified graphite and anode processing as a top priority critical battery material as part of Saudi Arabia's "Vision 2030" - a comprehensive blueprint for the country's economic and social transformation, aiming to reduce its dependence on oil revenue and diversify its economy.
The KSA offers very attractive funding and operating incentives to locate value-added processing facilities in-country with an accelerated permitting and development timeframe.
President and CEO, Craig Scherba, commented,
"NextSource's vision is to become a global supplier of critical battery materials. We are examining a number of potential locations to develop BAFs as part of our global expansion strategy, leveraging our exclusive access to established technology to create a diversified supply of anode active materials for EVs. Developing a BAF in Saudi Arabia would position us to capitalize on the Kingdom's robust infrastructure, strategic location along shipping routes, and highly supportive business environment. By aligning with Saudi Arabia's ambitious Vision 2030 plan, we can contribute meaningfully to the country's development while delivering value to our shareholders and stakeholders."
Battery Anode Facility Expansion Strategy
The construction of a proposed BAF in the KSA is part of the Company's global expansion strategy to construct BAFs in key geographic locations, each with modular production capacities, that can be expanded in lockstep with OEM demand. The Company has not made a final construction decision nor completed final site selection for the KSA BAF. The timing of a construction decision and determination of the production capacity of the KSA BAF will depend on completing site selection, executing binding offtakes for anode active material, securing project funding, and obtaining the necessary permits to initiate construction.
As previously announced, NextSource has exclusive partnership and technology licensing agreements (the "BAF Partnerships") to construct and operate value-added BAFs capable of producing natural graphite anode active material for use in EV lithium-ion batteries. NextSource's technology partners operate production facilities that produce anode active material for major EV battery manufacturers that supply international OEMs, such as Toyota and Tesla.
Saudi Arabia's Vision 2030
In 2016, the KSA launched Vision 2030 as a long-term three-pillar development plan to modernize its economy and society by transforming the country into a global investment powerhouse, and as an international processing and manufacturing hub connecting three continents: Africa, Asia, and Europe.
Vision 2030 spans multiple sectors but with a special emphasis on the mining sector, which is the third pillar in the strategic roadmap. The KSA has ambitions to create growth diversify from oil and gas by establishing itself as a global hub for battery material processing. Notably, the KSA has prioritized graphite and anode material as key components of this ambitious plan.
KSA Battery Anode Facility
Based on advanced discussions with major battery manufacturers and OEMs, the Company is evaluating the accelerated construction of a large-scale BAF in the KSA capable of producing 20,000 tpa of CSPG for international OEM customers as well as OEM's already operating in the KSA, which includes Lucid Motors, Ceer Motors and Hyundai Motors.
The Company has commenced design work for the KSA BAF and is in the process of completing site selection in the Industrial City of Yanbu, strategically situated along major international shipping routes and supported by extensive infrastructure, including a deep-water port, industrial parks, and commercial zones. Sites under consideration are already home to a wide range of industries, including petrochemicals, refining, manufacturing, and logistics and its location offers easy access to raw materials, markets, and transportation networks, making them attractive locations for the Company to service domestic and international customers.
The KSA benefits from several strategic and economic advantages that include:
The next steps for the Company are to complete site selection and prepare a Feasibility Study, which will incorporate the front-end engineering and design (FEED) and the environmental and social impact assessment ("ESIA") permitting.
As part of the strategic partner process, the Company is in active discussions with offtake partners and several debt and equity financiers in the Middle East that have expressed interest in funding the construction of the KSA BAF. The Company has also begun the process to apply for various forms of funding available from various private and government funding institutions in the Middle East.
Subject to obtaining the necessary funding and completion of the ESIA process, the Company could conceivably achieve commercial production in 16 months from initiation of construction.
KSA BAF Study Economic Results
The Company has completed a technical study for a BAF plant located in the KSA with a production capacity of 20,000 tpa. Based on this work, Stantec estimatesthat capital costs and working capital investments at US$292.0 million. The post-tax economic results demonstrated an NPV of US$677.0 million using an 8% discount rate and an IRR of 20.3%. At full capacity, the KSA BAF annual revenues are estimated at $230.1 million with an EBITDA of $128.5 million.
The following presents the economic results of the KSA BAF with a production capacity of 20,000 tpa.
Economic Highlights | Post-Tax Results (US$) |
| Net Present Value ("NPV") (8% discount rate) (1)(2)(3)(4) | 677.0 million |
| Initial Capital Costs (2) | 280.0 million |
| Initial Working Capital (3) | 12.0 million |
| Sustaining and Rehabilitation Costs | 195.0 million |
| Life of Operation (LoO) | 30 years |
| Internal Rate of Return ("IRR") (1)(4) | 20.3% |
| Payback (1)(4) | 6.4 years |
| Annual Revenues (5) | 230.1 million |
| EBITDA (5) | 128.5 million |
Economic Operational Highlights | |
| Average Annual Production | |
Anode material (C/SPG) | 20,000 tpa |
By-products (fines) | 23,851 tpa |
| Average Sales Price Assumption (per tonne) | |
Anode material (7) | US$10,905 |
By-products (fines) | US$574 |
| Average Operating Costs (per tonne of CSPG) (4)(6) | US$4,571 |
Note: Unless otherwise noted, all monetary figures presented throughout this press release are expressed in US dollars (USD). Capital cost estimates were prepared by Stantec Inc. to a confidence level of +/- 20% to 50% and are preliminary in nature. These results should not be relied upon for investment decisions. The BAF Study is not a technical report for the purposes of National Instrument 43-101 but rather is a technical study relating to the design, construction, and operation of the KSA BAF.
The Company is designing the plant with the expectation of construction of an initial 20,000 tpa capacity followed by two expansions, resulting in a total production capacity of 100,000 tpa of CSPG material.
At a total nameplate capacity of 100,000 tpa and assuming sequential construction, the combined post-tax economic results estimated an NPV of US$3,322.6 million using an 8% discount rate and an IRR of 23.7% with a payback within 6.3 years. At full capacity, the annual revenues were estimated at US$1,085.3 million with an EBITDA of US$509.0 million. The incremental capital costs to reach 100,000 tpa is estimated to be $864.8 million.
About Stantec
Stantec is headquartered in Edmonton, AB, Canada and is a publicly traded engineering and design consultancy. With over 30,000 employees in 450 offices and across 6 continents, Stantec delivers sustainable and innovative design solutions for their customers. For more information visit www.stantec.com.
About NextSource Materials Inc.
NextSource Materials Inc. is a battery materials development company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.
The Company's Molo Graphite Mine in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo Graphite Mine has begun production, with Phase 1 mine operations currently undergoing ramp-up to reach its nameplate production capacity of 17,000 tpa of graphite concentrate.
The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, outside of existing Asian supply chains, in a fully transparent and traceable manner.
NextSource Materials is listed on the Toronto Stock Exchange under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".
For further information about NextSource Materials, please visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at brent@nextsourcematerials.com, Craig Scherba, President and CEO at craig@nextsourcematerials.com, or Aura Financial at nextsource@aura-financial.com.
Safe Harbour: This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", "expected" or "should" occur. Forward-looking statements include any statements regarding, among others, timing of construction and completion of the BAF and proposed timing of future locations of additional BAFs, timing and completion of front-end engineering and design and ESIA permitting, the economic results of the BAF Technical Study including capital costs estimates, operating costs estimates, payback, NPV, IRR, production, sales pricing and working capital estimates, the construction and potential expansion of the BAFs, expansion plans , as well as the Company's intent on becoming a fully integrated global supplier of critical battery and technology materials. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
SOURCE:NextSource Materials Inc.
News Provided by ACCESSWIRE via QuoteMedia
Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, announces the release of its fourth annual Sustainability Day. The video features Albemarle executives discussing key highlights from the company's 2023 Sustainability Report, All the Elements for a Better World .
"Sustainability is embedded in our purpose, strategy and value proposition," said Albemarle Chairman and CEO Kent Masters . "This year's Sustainability Day showcases the progress we've made and our ongoing commitment to build a more resilient world in collaboration with our global stakeholders."
Albemarle's annual Sustainability Day is part of the company's commitment to transparently report on how it chooses to operate sustainably, with people and planet in mind. In this year's video, the company's executive leadership share progress towards targets, innovative agreements with third-party partners and continued opportunities for advancement across environmental stewardship, social responsibility and governance.
Albemarle's Sustainability Day video is now available to view on the company's website . For more information about Albemarle's sustainability efforts and to access its 2023 Sustainability Report visit www.albemarle.com/sustainability .
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers.
Forward-Looking Statements
The 2023 Sustainability Report and our sustainability webpage contain statements relating to Albemarle's operations, growth strategies and sustainability plans that are based on our current expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as "anticipate," "believe," "estimate," "expect," "design," "target," "project," "commit," "aim," "intend," "may," "outlook," "scenario," "should," "would," and "will." Forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Albemarle undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Standards of measurement and performance made in reference to our environmental, social, governance and other sustainability plans and goals may be based on protocols, processes and assumptions that continue to evolve and are subject to change in the future, including due to the impact of future regulations. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in lithium market prices; production volume shortfalls; increased competition; changes in product demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; political unrest; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website at www.sec.gov .
Media Contact:
Hailey Quinn , +1 (980) 299-5640, Hailey.Quinn@albemarle.com
Investor Relations Contact:
Meredith Bandy , +1 (980) 999-5768, Meredith.Bandy@albemarle.com
View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarles-annual-sustainability-day-highlights-progress-toward-building-a-more-resilient-world-302183833.html
SOURCE Albemarle Corporation
News Provided by PR Newswire via QuoteMedia
View original content: