Saga Metals Corp. (the “Company” or “Saga”), a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce that Saga’s exploration team has completed a two-week field program at the Radar Titanium-Vanadium (Ti-V) project just south of the town of Cartwright on the coast of Labrador. This program was designed to bring the exploration team together in Labrador to advance the understanding of the Radar Ti-V project through the necessary claim’s maintenance spend required on an annual basis. Meanwhile also coordinating and organizing the logistics, including the helicopter, fuel cache and fuel supply needed for mobilization to the Double Mer Uranium project in a week’s time.
The Company’s Radar Ti-V Project encompasses 17,250 hectares and is located with road access due south of Cartwright in Labrador, Canada. The project currently boasts a 3.5km by 500m zone of mineral enrichment from which the Company has collected grab samples containing over 6% titanium and up to 3,670ppm vanadium known as the Hawkeye zone1.
Hawkeye Zone and Corresponding Geophysics prior to the 2024 Field Program
The 2024 field program on the Radar Ti-V project concentrated on surface geochemistry over the geophysical anomalies which were uncovered this past winter through historical geophysics done by local prospector, Cameron Martin. Magnetic and conductive targets were combined with regional geophysical data to create analytical anomalies revealing two pronounced NW striking trends. The first of these zones; The Hawkeye zone was previously sampled and tested in July of 2023 yielding the Radar projects first promising glimpse of prospective Ti-V targets.
The second target unknown to the team in 2023 has been named the Trapper zone in honour of the Cartwright locals who, in the spring of this year, cut over 16 km of cutlines and access trails over these anomalies. These anomalies, in the snow-covered months, were so strongly magnetized that the Company’s field crew’s compasses were unable to function. Guided by analytical geophysics, the team was able to target more effectively on the property. Despite the geophysics being incomplete it was proven to correlate very accurately with what was observed on the ground. Both the Hawkeye zone and the Trapper zone run NW, parallel with each other. Additionally, the zones reflect regional evidence of NW dextral movement. It is still unknown what the link is between these zones; however, it is likely that these zones have a shared genetic lineage. Future work will look to verify the geochemical link between these zones in both locality and geochemical genesis.
Hawkeye and Trapper Zone with Corresponding Geophysics post 2024 Field Program
The Hawkeye zone yielded several surface outcrops including an impressive 4-meter outcrop containing 16 individual magnetite layers of varying size from centimeter scale to 0.3 meters width within a Gabbro-Norite/ Leuco-Gabbronorite host. Several outcrops in the Hawkeye zone were discovered for the first time with massive magnetite layers and richly disseminated magnetite groundmass within the host Gabbronorite units.
Outcrop within the Hawkeye Zone
The two-week field program yielded 211 rock samples with 557 soil samples across the property. Soil grids were laid over top both the northern half of the Hawkeye zone and the entirety of the Trapper Zone. Rock samples were taken from the two identified zones as well as additional targeted areas throughout the property to the north and northeast.
From the 211 rock samples taken, the team was able to sample all of the property’s targets (both the strong and weak magnetic anomalies), successfully discovering magnetite bearing samples over all of the anomalies with some of the samples reaching as high as 80% visually estimated magnetite in the Hawkeye zone. Future exploration at the Radar Ti-V project will likely include follow up prospecting, mapping, backpack drilling and channel saw sampling on identified outcrops uncovered during the 2024 field program in order to begin calculating surface width of the magnetite zones.
Saga’s Exploration Team Completing the Radar Program and Mobilizing to the Double Mer Uranium Project
With the completion of the Radar field program, rock and soil samples will be delivered to Activation Laboratories while the field team makes the final preparations to mobilize to the Double Mer Uranium project.
Regional map of the Double Mer Uranium Project in Labrador, Canada
Saga’s Double Mer Uranium Project is a core focus of the Company, including 1,024 claims spanning 25,600 hectares located in the eastern central region of Labrador, Canada approximately 90 km northeast of Happy Valley, Goose Bay. With considerable capital deployed in historical work on the Double Mer property, the Company has evaluated reports identifying a 14 km trend of highly prospective uranium oxide (U3O8) including anomalous rock samples with results up to 4,280 ppm of U3O8 and upwards of 21,000 cps (counts per second) from the scintillometer.
With a 30–45-day program planned, a portion of the exploration team’s focus will be on filling in the radiometric signature with higher density samples and counts per second (cps) readings along the linear trend. Other members of the team, including Saga’s Senior Geologist Len Gal, will be focused on mapping and understanding the properties structural complexity to prepare for the maiden drill program this fall and winter.
“We put together an exceptional, young, and enthusiastic field team this year with half the team from Cartwright itself. I’m looking forward to what we’ll be able to accomplish this summer,” stated Michael Garagan, Chief Geological Officer and Director of Saga. “We are very fortunate here in Cartwright with infrastructure that leads right into our highest mineralized zone at the Radar Ti-V project as well as a very supportive and welcoming community. The claims maintenance expenditure is necessary to maintain ownership; however, our dollar goes much further having road access and therefore able to garner a higher degree of information at a lower cost. I’m looking forward to mobilizing to the Double Mer Uranium project and to finalize the remaining preparations for our maiden drill program.”
Per news released on July 17, 2024, Saga has filed and obtained a receipt for its final long form prospectus dated July 11, 2024 (the “Prospectus”), in respect of its initial public offering (“IPO”) from the securities regulatory authorities in British Columbia, Alberta and Ontario. See full details of the news release here.
The Offering is being made on a best-efforts basis led by Research Capital Corporation, as sole agent and bookrunner. Interested parties who wish to participate in the Offering should ask their investment advisor to contact the Agent below for more information about the Offering and selling group participation at:
Jovan Stupar
email: jstupar@researchcapital.com;
phone: 604-662-1808
Savio Chiu
email: schiu@researchcapital.com;
phone: 778-373-4088
In connection with the Offering, SAGA has received conditional approval from the TSX Venture Exchange (the “TSXV”) for listing of the Company’s common shares subject, to the fulfillment of the TSXV’s final listing requirements. Once final approval is received, the Common Shares will commence trading under the symbol “SAGA”.
The Company anticipates closing of the Offering to occur in the month of August, subject to satisfaction of certain closing conditions, including, but not limited to satisfaction of the approval conditions of the TSXV for the listing of the common shares, among other things.
A Media Snippet accompanying this announcement is available by clicking on this link
To learn more about the Company’s projects visit the projects page here and corporate video here.
To access the company’s corporate presentation, select here.
1. Source: These results were obtained in the summer of 2023 by Saga’s exploration team. To view a summary of the results please visit the Company’s corporate presentation.
About Saga Metals Corp.
SAGA Metals Corp. is a North American mining company specializing in the exploration and discovery of critical minerals to advance the global green energy transition. The company's flagship asset is the Double Mer Uranium project, covering 25,600 hectares on the east coast of Labrador, Canada. Uranium radiometrics reveal an 18 km east-west linear trend averaging approximately 500 meters in width, with a confirmed 14 km section containing samples up to 4,281 ppm U3O8 and readings of 21,000 cps on a spectrometer.
SAGA Metals' primary additional asset is the Legacy Lithium Property located in Quebec's Eeyou Istchee James Bay region. This property is part of a partnership with Rio Tinto and includes the acquisition of the Amirault Lithium project. Together, these projects cover 65,849.20 hectares and share geological continuity with Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium in the La Grande sub-province.
The company also holds two secondary assets focused on titanium, vanadium, and iron ore discovery in Newfoundland and Labrador, Canada.
For further information, please contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Radar Ti-V and Double Mer Uranium Projects disclosed in this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the prospective nature of the Radar Ti-V project and proposed exploration of the Double Mer Uranium Project. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company’s Prospectus filed under its profile at www.sedarplus.ca and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
A diversified critical minerals exploration company backed by a significant partnership with Rio Tinto (NYSE:RIO) paving the way for strategic exploration of both uranium and lithium, Saga Metals offers a compelling investment opportunity in the global green energy transition.
Saga Metals (TSXV:SAGA, OTCQB:SAGMF, FSE:20H) is a mineral exploration company focused on the acquisition and exploration of mineral assets in Canada. It explores for uranium, lithium, titanium-vanadium and high purity iron ore deposits. The company completed its initial public offering on September 23, 2024 with a subsequent listing on the TSX Venture Exchange.
Saga Metals has five fully owned exploration assets in top-tier mining jurisdictions in Canada. Its primary projects, Double Mer and Legacy are prospective for uranium and lithium, respectively. Its secondary assets are Radar (titanium-vanadium) and North Wind (iron ore).
Uranium ore from the Double Mer uranium project
The Legacy lithium project in James Bay, Quebec, is the subject of a CAD $44M joint venture option agreement with Rio Tinto Exploration Canada, signed in June 2024. Under the agreement, Rio Tinto will act as a project manager for the exploration of Legacy, with the option to acquire an initial 51 percent interest in Legacy over a period of four years.
This JV allows Saga Metals to focus on its other primary asset, the Double Mer Uranium project, a 25,600-hectare property located 90km Northeast of Goose Bay in Labrador.
The Double Mer uranium project is a 1,024 claim spanning 25,600 hectares in eastern central Labrador, 90 km north east of Happy Valley, Goose Bay. The property lies between Lake Melville and Double Mer, both inlets off the Labrador Sea. The project has seen millions of dollars worth of exploration from 1970 to 2008, and features a 10-person winterized camp. A detailed geophysical and radiometric survey, which was supported by field work, demonstrates the Double Mer property extends beyond 14 km of strike, with elevated uranium samples and CPS readings. Longer term plans include developing the project for the potential takeover by a major, similar to the recent acquisition of Fission Uranium by Paladin Energy for $1.2 billion.
The Legacy lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region of Quebec. The property is subject to the Rio Tinto partnership and the Amirault lithium property acquisition. The projects span over 65,849 hectares and hosts the same geological setting along strike from Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium in the La Grande sub-province. James Bay is within Quebec’s Plan Du Nord, which earmarks millions of dollars for development of Quebec’s northern infrastructure.
Legacy is the subject of a joint option agreement between Saga Metals and Rio Tinto, under which Rio Tinto will act as project manager during the first and second option period. The optioned property contains 663 claims spanning 34,243 hectares hosting 100 km of striking paragneiss.
Saga Metals CEO Mike Stier cited the agreement as a “significant milestone in the company’s development,” providing the necessary capital for the exploration of the Legacy lithium project.
Saga Metals owns 100 percent of this 17,250 hectare land package with road access, only 10 km away from the coastal city of Cartwright, Labrador. The Radar project is prospective for titanium and vanadium, both critical minerals. Saga Metals is planning a $172,500 work program this field season to increase confidence in the identified mineralized zone as well as explore new prospective areas of the property.
Located in west central Labrador, 16 km southwest of Schefferville, Quebec within the Labrador Trough, the North Wind iron project consists of 255 claim blocks under a single license. The mineral license comprises 6,375 hectares and contains eight historical drill holes which formed part of New Millennium Iron’s resource estimate 43-101 in 2013. The average grade of the drill holes, which now sit within the North Wind Iron property, was 21 percent iron over the complete eight drill holes that totaled 590 meters. Saga Metals is conducting a small boots-on-the-ground program, which it plans to progress into a drill program after confirmation of structural measurements of a prospective deposit.
Educated in business management and finance, Michael Stier has spent the past 15 years focused on and building expertise in capital markets. Experienced in corporate structure, finance, business development, IPOs, M&A and wealth management, Stier served as a CIBC IIROC licensed senior financial advisor, senior analyst for a private equity company and more recently holds executive and directorship roles with private companies and publicly listed issuers. He has consulted in industries including mining, oil & gas, fintech, VR, eSports, health, life sciences and biotech. In addition to Saga, Stier has acted for several public entities and currently sits on the board of Rektron Group Inc, LaFleur Minerals Inc, GoldHaven Resources Corp.
Terence Lee is a CPA with over nine years of finance experience in reporting under International Financial Reporting Standards. Lee has worked in financial planning, analysis and reporting for companies across various industries including mining, technology, real estate, life sciences, education and private healthcare. Lee graduated with a BA from Simon Fraser University, a Diploma of Accounting from UBC’s Sauder School of Business and articled with BDO LLP. Lee is CFO of various private and publicly listed companies.
With a Bachelor of Science in Geology, Michael Garagan has 15 years of experience in the exploration industry with projects across the world including Africa, Asia, North and South America. He encountered a diverse experience of deposit styles from gold to base metals in porphyry, orogenic, epithermal and VMS deposits to uranium and lithium pegmatites. Notable projects include B2 Gold’s Otjikoto project in Namibia, Night Hawk’s Colomac project in NWT, Unigold’s Neita project in the Dominican Republic, as well as Hudbay’s Lalor Mine in Snowlake, Manitoba.
Michael Waldkirch is a CPA and CGA with over 25 years of professional experience. Since 1998, he has led the accounting firm of Michael Waldkirch & Company, specializing in accounting, tax and business consultancy services to a wide variety of public and private companies. He has represented a wide variety of public corporations including mining, oil and gas and technology companies listed on the TSX, TSXV, NYSE-American, NASDAQ and OTC-BB. He has served as CFO of numerous Canadian and US publicly listed companies, including Gold Standard Ventures and Barksdale Resources and is currently an independent board member of US Gold Corp. (NASDAQ:USAU).
Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the official commencement of the maiden drill program at the Company's Radar Titanium-Vanadium (Ti-V) Project.
Drilling Commenced at Radar Titanium-Vanadium (Ti-V) Project in Labrador, Canada:
The Radar drill program is advancing at a strong pace as the team is currently drilling the 5 th of 7 planned drill holes in the Hawkeye zone. To date, the team has drilled over 1,000 meters of rock through the magnetic anomaly as identified the geophysical survey completed in Q4 2024 (see Figure 5 below).
Gladiator Drilling has been moving efficiently and effectively, not only through the rock with several 100+m of core drilled in a single shift, but also with well executed and clean drill moves.
"The rock has been great to drill through. The shear amount of magnetite in the rock has made for soft yet highly competent rock, with very high core recovery," stated Josh Blundell, Owner & Operator of Gladiator Drilling.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: " The magnetic inversions have been amazingly accurate. Our first hole was plotted to start right in the center of the magnetic anomaly, and I've been able to predict our intercepts with 10-20m accuracy based upon the inversion and surface structural measurements. The only surprise the team has had is with just how much magnetite is present in the system, both as groundmass and layering. I was expecting more silica rich/magnetite depleted zones between each geophysical high but what we have found is that the whole thing is full of magnetite. Its pretty remarkable. Additionally, our biggest intercept of magnetite layering was 150m long, with the most impressive being a 25m section containing at least 62 individual magnetite bands varying from 3 to 10 inches in width. It's easy to get excited when you see something like that, especially when you have both the geochemical and petrographic evidence that both the titanium and vanadium are hosted in the magnetite."
Figure 1: Magnet pen standing straight up on core from SAGA's Radar Titanium-Vanadium project demonstrating its highly magnetic composition
Figure 2: Newfoundland Helicopters slings in the floor of Gladiator's diamond drill
Figure 3: Gladiator Drilling and SAGA finalize drill setup in the Hawkeye zone at Radar and commence drilling
Figure 4: Gladiator Drilling and SAGA finalize drill setup in the Hawkeye zone at Radar and commence drilling
Key Maiden Drill Program Highlights:
Radar Ti-V Project – Labrador, Canada
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development. Radar's Hawkeye zone is the most prospective target on the property with detailed geophysics and surface samples completed to date. Results include 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 and are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Figure 5: Magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Radar Ti-V Project disclosed in this news release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the final in-province preparations for the Company's maiden drill programs at the Double Mer Uranium and Radar Ti-V projects in Labrador, Canada.
Final Preparations at Double Mer Uranium Project in Labrador, Canada:
On January 19, SAGA's exploration team including Michael Garagan, CGO & Director of SAGA, landed in Labrador. After retrieving equipment from SAGA's storage facility, the team was able to complete orientations and briefed Air Tunilik, Newfoundland Helicopters and other supportive members on the project plans and objectives.
On January 22, the first winter flight into the Double Mer camp was completed to confirm thickness of the lake ice to ensure Air Tunilik can land its twin otter float plane retrofitted with skis. After confirming the average thickness is 22", well above the required 19", the team cleared and organized the camp, preparing for the arrival of equipment and supplies.
The approved landing then allowed SAGA's crew and Air Tunilik to complete the first Twin Otter flight into the Double Mer camp, offloading supplies and grooming the lake via snowmobile and groomer for future supply runs.
In the early part of the week ahead, SAGA will fly in the remaining camp materials including lumber, piping, generators, stoves, and other required gear. Geominex has been engaged to complete the remainder of the camp refurbishment in preparations for the maiden uranium drill program.
Final Preparations at Radar Titanium-Vanadium Project in Labrador, Canada:
In Cartwright, experienced local heavy equipment operators cleared and prepared the drillers lay down near the targeted Hawkeye zone. As fuel arrived in Goose Bay, a portion was offloaded and stored for transport into the Double Mer camp and the rest was shipped into Cartwright and stored in the Company's permitted fuel cache.
Heading into Friday, January 24 and over the weekend, SAGA's team commenced clearing and preparing the drill pads, conducting trail maintenance and reconnaissance over the Hawkeye zone as well as setting up the core shack.
In addition, Gladiator Drilling is due to arrive in Cartwright and will begin the maiden drill program at the Radar Ti-V project.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: "As the final touches are added to the Double Mer camp and Radar's drill site, it's clear the only thing more exciting than the maiden drill programs is the team's sprit. We are fortunate to have an exceptional team and supportive service providers with SAGA this winter. The journey of hard work has led us to this moment—our maiden drill programs! We are all looking forward to getting our hands on the core and seeing the potential of what lies beneath the surface."
Figure 1: Simeon Alexander and Air Tunilik make first landing on the lake at Double Mer Camp in Labrador
Key Maiden Drill Program Highlights:
Double Mer Uranium Project – Labrador, Canada
The Double Mer Uranium Project is Saga Metals' flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador. Leveraging significant historical exploration, SAGA's exploration team validated key data and built upon the Company's understanding of the project's uranium potential. More recently, SAGA confirmed the presence of uraninite and the genetic leakage between pegmatites along the 18km trend . The Double Mer project boasts surface samples showing uranium oxide (U3O8) concentrations as high as 0.428% U 3 O 8 and scintillometer readings up to 27,000 cps .
Figure 2: Map of the Double Mer Uranium Project highlight the 18km trend verified through surface sample and uranium count radiometrics
Radar Ti-V Project – Labrador, Canada
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development. Radar's Hawkeye zone is the most prospective target on the property with detailed geophysics and surface samples completed to date. Results include 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 and are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Figure 3: Magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Double Mer Uranium and Radar Ti-V Projects disclosed in this news release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the completion of an initial petrographic petrological analysis, confirming the presence of uraninite, a key uranium mineral, hosted within the pegmatites identified along the 18km trend; verified through uranium count radiometrics and surface sampling at the Double Mer Uranium project in Labrador, Canada.
Saga Metals flagship Double Mer Uranium Project – Labrador, Canada
The Double Mer Uranium Project is Saga Metals' flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration, SAGA's exploration team validated key data and built upon the Company's understanding of the project's uranium potential. This work has refined the understanding of the uranium targets within the zone, specifically supporting the decision to initiate a 1500-2500m drill program at the Luivik zone .
SAGA sees the Double Mer Uranium Project as a promising addition to the significant uranium projects already established in Labrador's Central Mineral Belt (CMB) , including Paladin Energy's Michelin and Atha Energy's CMB discovery. With encouraging surface samples and geophysical data, SAGA believes Double Mer could offer comparable large-tonnage uranium potential.
Figure 1: Regional map of the Double Mer Uranium Project in Labrador, Canada
Drilling set for Double Mer Uranium Project's Luivik zone:
The Luivik zone has been prioritized for drilling due to its anomalous uranium (U 3 O 8 %) geochemistry, along with clear signs of alteration and fluid enrichment. This zone exhibits Iron phase IOCG (Iron Oxide Copper Gold) fluid characteristics, such as high concentrations of smoky quartz and iron carbonate staining, which are indicators of late fluid flow. These characteristics will be carefully monitored as it can have the potential to enrich uraniferous units and mark the highest-grade intercepts. Consistent CPS (counts per second) readings further highlight the Luivik zone's uranium potential, making it a top target for exploration.
The Luivik zone boasts a width of 300 meters between samples with a cut-off of 0.015% U 3 O 8 and anomalous grades over 0.11% U 3 O 8 to a high of 0.3692% U 3 O 8 in a single sample. The uranium count radiometrics suggest that the anomalous pegmatites which predominantly hosts the Luivik zone may extend upwards of 1km or greater.
The zone's favorable mineralogy is complemented by logistical advantages. Located just 1km from Double Mer's main camp, the Luivik zone offers easy access for drilling teams, with snowmobile trails in place to support active drilling operations, ensuring both practical and cost-effective program execution.
Figure 2: The Luivik zone in the west of the Double Mer Uranium Property. Mapped pegmatites with amphibolite mafic rocks which sit in place with much of the mineralized trends.
Petrographic and Petrologic Conclusions at the Double Mer Uranium Project:
Selected samples from the Double Mer Uranium project were collected by SAGA's exploration team during 2024's surface program for the purposes of petrography, mineralogical and petrochemical interpretations. These results help understand the genesis of the uriniferous pegmatites, guiding 2025's drill programs, and further surface exploration work across the 25,600-hectare property.
The pegmatites can be subdivided into two subgroups based on radioelement and rare earth-bearing minerals in association with the mafic mineral abundance of biotite. The radioelement-bearing pegmatite is characterized by aggregates of black biotite interstitial to feldspars and quartz. The biotite aggregates are the loci for very fine-grained euhedral uraninite crystals. The second pegmatite subgroup contains more sparsely distributed plates and discontinuous stringers of black biotite interstitial to feldspars and quartz. Euhedral allanite crystals are sparsely distributed interstitial to feldspars and quartz. This Allanite is a light rare element-bearing (lanthanum and cerium) with very fine-grained disseminated thorite through the allanite.
Both pegmatite subgroups occur in close spatial association at the outcrop-scale. Analyzing and interpreting the 53-element geochemical database derived from 289 samples collected during the 2024 exploration program has shown unequivocally that both pegmatite subgroups are genetically related and belong to the same magmatic event. Further studies will be conducted in the future to determine the evolutionary timing of each subtype.
Since the Double Mer Uranium property covers an 18km long radiometrically anomalous pegmatite domain, the exploration significance of these petrographic-petrochemical findings with interpretations are: pegmatites with aggregated biotite represent a first-order lithology to sample for uranium mineralization and a thorium + rare earth-enriched pegmatite may indicate the presence of additional nearby uranium-bearing pegmatite.
Petrographic work and analysis completed by Dr. Al Miller:
With an Honours B.Sc. and Ph.D., Dr. Miller brings over 25 years of consultancy experience in mineral deposits and previously worked for 25 years with the Geological Survey of Canada, where he specialized in large-scale mapping and deposit evaluation. His expertise covers a wide range of minerals, including uranium, gold, nickel-copper-platinum group elements (Ni-Cu-PGE), and copper-gold porphyry. He has also contributed to global exploration efforts across Canada, the Americas, China, and Russia. With numerous publications to his name, his extensive industry experience includes roles as a Director, Chief Geologist, VP of Exploration, and Head of Technical Teams for several exploration companies.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: "We are very encouraged by these petrographic results. Not only does this confirm the presence of uraninite in the pegmatites but the fact they are genetically related along an 18km trend is very encouraging. The team has since arrived in Labrador preparing for the drill program at the Radar Ti-V project while coordinating the final setup at the Double Mer camp. This is a busy and exciting time for SAGA and sets the tone for lots of catalysts in 2025."
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Double Mer Uranium Project disclosed in this news release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the petrographic and petrological analysis as well as the Company's plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to provide a complete overview of the Radar Titanium-Vanadium (Ti-V) Project as equipment, fuel, diamond drill and personnel begin to arrive in Labrador for the maiden drill program set to commence in a weeks time.
Radar Titanium-Vanadium (Ti-V) Project – Labrador, Canada
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development.
Radar's Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
SAGA aims to complete a 1,500m drill program at the Hawkeye zone over the area encompassing the anomalous TiO2 and V2O5 surface samples.
Radar Project Surface Assay Highlights Include:
Radar Project Target Zones:
Radar Project and corresponding geophysics highlight multiple anomalies across the property
Assay results have confirmed the magnetic anomalies within both the Hawkeye and Trapper zones are mineralized, establishing a combined strike of just over 8km in length between the two zones. Preliminary indications suggest a possible connection between the trends through a transitional zone, which increases the mineralized strike to ~ 9.5km through verified samples.
Maiden Drill Program Q1 2025: Drilling is scheduled to commence this month with a minimum 1,500m program at the Radar Ti-V Projects. The Hawkeye zone is the most advanced zone with both surface samples and detailed geophysics creating clear drill targets. Assays have returned consistent values between 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 , confirming the presence of high-grade titanium & vanadium across a potential 1km wide and 4km long trend further confirmed with geophysics.
Recent Geophysics of the Hawkeye Zone Highlights:
Saga Metals successfully completed a detailed magnetic and electromagnetic (EM) survey over the northwest section of the Hawkeye Zone at the Radar Project. Utilizing ground-based equipment on a tightly spaced grid, with 25 meters between stations and 50-meter line spacing, the survey delivered high-resolution magnetic and conductivity data. This effort has proven highly effective in mapping magnetite-rich zones within the Gabbro Norite host rock, a key indicator of titanium (TiO₂) and vanadium (V₂O₅) mineralization.
The magnetic survey was so successful that the high-resolution imagery combined with sample assays and field observations can be used to map some of the most distinguishing features of the system throughout this zone.
Spanning nearly 1km in width with a near-vertical orientation the Hawkeye zone is the most prospective target on the property with geophysics now defining the phases of a layered mafic intrusion sampled in the 2023-2024 field programs. The results of this survey provide exceptional clarity, combining high-definition imagery with sample assays and field observations to identify distinct geological phases within the Hawkeye Zone. The eastern portion of the zone is characterized by alternating silica-rich (magnetite-depleted) bands and high-grade magnetite layers, with titanium and vanadium grades ranging from 5 to 11% TiO₂ and 0.3 to 0.66% V₂O₅. Moving westward, the system transitions into gabbro norite rocks containing disseminated magnetite. These rocks exhibit consistent but lower grades, averaging 3 to 5% TiO₂ and 0.1 to 0.2% V₂O₅.
Geophysics completed over a targeted area within the Hawkeye Zone increasing width to 1km and a projected 4km strike
Magnetic Inversion Interpretation:
SAGA continued to update its geophysics with the magnetic inversions of the Hawkeye zone. Completed by Chris and David Mark of Geotronics, the magnetic inversions can project, with a high degree of certainty up to 400 meters in depth, what the mineralized magnetic body looks like beneath the surface.
Magnetic inversion of the Hawkeye zone looking north-northeast. Range of > 0.02 susceptibility cut off.
Same magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
Petrographic Analysis at the Radar Ti-V Project:
Recent petrographic work completed by Dr. Al Miller on rock samples from the Hawkeye zone have increased the understanding of the mineralogical host of titanium and vanadium mineralization at the Radar project. This sets the foundation for the metallurgical work the team hopes to be able to build on during the 2025 drill programs.
First look at the petrography of the Hawkeye zone reveals more than one composition of magnetite; evidence which contributes to the hypothesis of multiphase mineralization events. Additionally, petrographic evidence reveals that much of the titanium and vanadium mineralization occurs within magnetite with a lack of ilmenite in many of the layers. This is key to understanding how these elements are locked up together and ultimately how they'll separate during extraction. These layers have assayed high TiO2% and V2O5% leading to the use of Vanadium Titanomagnetite (VTM) classification of several mineralized layers of the Hawkeye zone. Ilmenite with exsolution lamellae of the magnetite was observed but only in a few cases. This has contributed to what can be called differential compositional layering and multiple mineralization magmatic layering events.
VTM's are a mineralization style that has not received much attention in North America but is a pivotal piece of China's iron, titanium and vanadium mining and production industry.
Trapper Zone Shows Promising Titanium and Vanadium Anomalies Despite Limited Exposure:
The Trapper Zone spans a strike length of ~ 4.3km , slightly longer than the Hawkeye Zone, though it has significantly less surface exposure. The lack of outcrop and subcrop initially posed challenges for the exploration team; however, the implementation of an extensive soil grid successfully yielded the first geochemical confirmation of the Trapper Zone's correlation with previously identified geophysical anomalies.
Key findings from the Trapper Zone include:
Although only 30 rock samples were collected due to limited exposure and ground cover, the consistent anomalies found in both soil and rock samples provide compelling evidence to justify targeted exploration in this zone.
Further work, including additional surface sampling, trenching, and geophysical surveys, is planned to unlock the full potential of the Trapper Zone in 2025.
Transition Zone Presents Key Opportunity for Further Understanding of Radar Ti-V System:
A possible third, transitional zone, located between the Hawkeye and Trapper zones, presents a significant opportunity for further exploration. While its relationship to either zone remains unclear, this transitional area could help determine whether the Hawkeye and Trapper zones are folded limbs of the same system or represent different phases of a multi-phase, complex layered mafic intrusion.
Comparable Projects in the Grenville Geological Province:
A Map of the Grenville Geological Province
The Grenville Geological Province is known for its significant deposits of iron, titanium, vanadium (Fe-Ti-V), and Platinum Group Metals (PGM). A key comparison point is North America's largest titanium-vanadium project, located at Lac Tio in Quebec, just southwest of SAGA's Radar Project. Notably, both projects share the same rich geological setting.
Strategic Resources is a Montreal-based development company focused on vanadium, high-purity iron ore and titanium with their BlackRock project located in Quebec west of Lac Tio right on the Grenville Front (as seen in the map above).
Like, the Radar Ti-V project, these projects all have basement rock dated over 1 billion years old, and all share components of the deep-rooted mafic rock of the Grenville Province.
Strategic Resources completed an amended feasibility study 1 on March 26, 2024, on the Southwest deposit hosted within the BlackRock project confirming a proven and probably reserve of 127.8Mt with 0.46% V2O5, 40.2% Fe2O3 and 7.8% TiO2. The Southwest deposit spans 2.5km in length and averaging 110m in mineralized thickness with a projected mine life of 39 years. The projected financial outcome of the mine estimates after-tax cashflows of C$12.055 billion with a 5.4-year payback period including an after-tax net-present-value (8%) of C$1.932 billion and an 18.2% after-tax internal rate of return.
Michael Garagan, CGO & Director of Saga Metals Corp. commented: "All the final preparations are underway in Labrador. Equipment and fuel have been shipped and will arrive any day. Core logging and on-site lay down areas are being prepared. Our team, including myself, and the drilling contractors are all set to arrive early next week with our first diamond drill turning shortly thereafter. This project is a testament to our corporate mandate of completing the necessary due diligence and robust investigation to find exploration worthy grass roots projects. Radar has the potential of unlocking value with our first zone; one of potentially multiple zones on our property confirming high-grade mineralization at surface in a 1km by 4km area and potentially over 600m at depth. Needless to say, we are very excited to commence drilling on two projects in Q1."
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 0.4281% U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Radar Ti-V Project disclosed in this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's petrographic and geophysics results as well as plans and objectives in respect of the planned drill programs. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the completion of an initial petrographic petrological analysis and geophysical analysis, improving the geological understanding of the drill ready Radar Titanium-Vanadium (Ti-V) project in Labrador, Canada.
Michael Garagan, CGO & Director of Saga Metals Corp. comments: "This data couldn't have come at a better time as we head into the mobilization of our maiden drill program at the Radar project. These magnetic inverse sections are going to help enormously in our drill targeting throughout the 2025 program. As you can see in Figure 3 below, the main anomalous zone is between 200-400 meters depth, but we can still see the high- grade potential in this model at 600+ meters below the surface. Ultimately the model is most accurate in the first 200 meters where the magnetics are still strong enough to give a robust signature. We know this system is vertical, so I would like to see the system remaining robust as we increase in depth. The projection of the model below 200-400 meters is encouraging because it's based off the presence of magnetite, which we have picked up in our surveys. This interpretation suggests impressive width throughout the structure and our drill program will start to better define the nature of this zone. We now have a much better understanding of this Vanadium titanomagnetite structure and we are excited to build upon this knowledge as we continue our metallurgical analysis throughout drilling, keeping the economic viability of our projects at the forefront to ensure value creation for our shareholders."
Radar Titanium & Vanadium Project – Labrador, Canada
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development.
Figure 1: Regional map of the Radar Ti-V project highlighting the Hawkeye, Trapper and third transitional zone and the projects proximity to the town of Cartwright, Labrador
The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide and 4km long. The geophysics completed show very detailed correlation to the rock samples and observed phase changes with the potential for multiple parallel systems.
Geophysics Completed with Inverse Interpretation:
Saga Metals has successfully completed a detailed magnetic and electromagnetic (EM) survey over the northwest section of the Hawkeye Zone at the Radar Project. Utilizing ground-based equipment on a tightly spaced grid, with 25 meters between stations and 50-meter line spacing, the survey delivered high-resolution magnetic and conductivity data. This effort has proven highly effective in mapping magnetite-rich zones within the Gabbro Norite host rock, a key indicator of titanium (TiO₂) and vanadium (V₂O₅) mineralization.
The magnetic survey was so successful that the high-resolution imagery combined with sample assays and field observations can be used to map some of the most distinguishing features of the system throughout this zone.
SAGA continued to update its geophysics with the magnetic inversions of the Hawkeye zone. Completed by Chris and David Mark of Geotronics, the magnetic inversions can project, with a high degree of certainty up to 400 meters in depth, what the mineralized magnetic body looks like beneath the surface.
Figure 2: Magnetic inversion of the Hawkeye zone looking north-northeast. Range of > 0.02 susceptibility cut off.
Figure 3: Same magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
Petrographic Analysis at the Radar Ti-V Project:
Recent petrographic work completed by Dr. Al Miller on rock samples from the Hawkeye zone have increased our understanding of the mineralogical host of Titanium and Vanadium mineralization at the Radar project. This sets the foundation for the metallurgical work the team hopes to be able to build on during the 2025 drill programs.
First look at the petrography of the Hawkeye zone reveals more than one composition of magnetite; evidence which contributes to the hypothesis of multiphase mineralization events. Additionally, petrographic evidence reveals that much of the titanium and vanadium mineralization occurs within magnetite with a lack of ilmenite in many of the layers. This is key to understanding how these elements are locked up together and ultimately how they'll separate during extraction. These layers have assayed high TiO2% and V2O5% leading to the use of Vanadium Titanomagnetite (VTM) classification of several mineralized layers of the Hawkeye zone. Ilmenite with exsolution lamellae of the magnetite was observed but only in a few cases. This has contributed to what can be called differential compositional layering and multiple mineralization magmatic layering events.
Michael Garagan, CGO & Director of Saga Metals Corp. stated: "The results of the work completed to date suggests that there were several pulses of magma and multiple phases of deposition. Magnetite was the dominant mineral in the identified layers but differs slightly, representing a different genesis. The observed differences show multiple phases of titanium and vanadium locked up in the magnetite. One phase shows magnetite with minor amounts of ilmenite, which likely formed at its own chemical expense and likely taking Ti and V to form that mineral. The second phase has no ilmenite present and can be called Titanomagnetite. These different magnetite phases can be found in very different layers from each other. This suggests a mineralizing system that was active for a long period of time and the possibility of more mineralization over a broader area."
Figure 4 : Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with a Hornblende (Hb), Diopside/ Orthopyroxene (Di) and Plagioclase groundmass.
VTM's are a mineralization style that has not received much attention in North America but is a pivotal piece of China's iron, titanium and vanadium mining and production industry.
"Vanadium titanomagnetite (VTM), which contains valuable elements such as iron, vanadium, and titanium, has an extremely high potential value. VTM resources in the PanXi regions of China are estimated at up to 10 Gt (billion tons), and account for 93% and 63% of the country's titanium and vanadium resources respectively. The exploitation of VTMs has thus received much attention.
Traditionally VTM have been considered difficult to treat and separate metallurgically but due to their importance within countries like China, new research and separation methods are proving that this is no longer the case. Recent efforts of VTM recovery methods succeeded in achieving: Recoveries of up to 80.08% for titanium, 95.07% for iron, and 71.60% for vanadium were achieved." (Barksdale, 1966; Chen et al., 2011)
Michael Garagan, CGO & Director of Saga Metals Corp. comments : "These results are very promising for the future of the Radar project. To expedite the economic viability of multiple projects within our portfolio we felt it necessary to begin this mineralogical and early metallurgical work. Encouragingly, these results are exactly what we hoped to see from the rock as they highlight a favourable mineralogical genesis for a competitive Vanadium Titanomagnetite deposit."
Figure 5: Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with weathered Pyrrhotite (Po) crystals
Petrographic work and analysis completed by Dr. Al Miller:
With an Honours B.Sc. and Ph.D., Dr. Miller brings over 25 years of consultancy experience in mineral deposits and previously worked for 25 years with the Geological Survey of Canada, where he specialized in large-scale mapping and deposit evaluation. His expertise covers a wide range of minerals, including uranium, gold, nickel-copper-platinum group elements (Ni-Cu-PGE), and copper-gold porphyry. He has also contributed to global exploration efforts across Canada, the Americas, China, and Russia. With numerous publications to his name, his extensive industry experience includes roles as a Director, Chief Geologist, VP of Exploration, and Head of Technical Teams for several exploration companies.
Market opportunity for Titanium and Vanadium:
"As of June 2023, the market value of titanium was projected to grow to nearly 31 billion U.S. dollars. The titanium market size is forecast to grow over the coming years, to nearly 52 billion U.S. dollars in 2030." ( M. Jaganmohan , 2025).
"The global vanadium market size was valued at USD 4.28 billion in 2023 and is projected to grow from USD 3.46 billion in 2024 to USD 4.89 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period. Asia Pacific dominated the vanadium market with a market share of 72.9% in 2023." ( Fortune Business , 2024)
Drilling Upcoming at the Radar Titanium & Vanadium Project:
The Company has received drill permits from the Newfoundland & Labrador government to commence drilling at Radar Titanium-Vanadium (Ti-V) project.
Highlights heading into the drilling programs include:
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 0.4281% U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Radar Ti-V Project disclosed in this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's petrographic and geophysics results as well as plans and objectives in respect of the planned drill programs. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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Highlights:
Laramide Resources Ltd. ( "Laramide" or the "Company" ) (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant projects in the United States Australia and Kazakhstan is pleased to report a summary of the 2024 drilling campaign completed at the Westmoreland Uranium Project in Queensland, Australia ( "Westmoreland" ). The 2024 drill program has concluded with successful results confirming the high-quality of the Westmoreland uranium deposit and supporting a Global Mineral Resource Estimate Update expected by the end of Q1 2025.
The 2024 Drill program was designed to improve the Westmoreland Mineral Resource through extensional and infill drilling of uranium mineralisation and to gain a deeper understanding of the potential for gold mineralisation within the system. As well, following up on Laramide's past campaigns, targets were identified to explore satellite uranium deposits with long-term outlook for sustained project growth. And finally, to advance on-ground access logistics and targeting within the Murphy Project in the Northern Territory (see Figure 1 for scope of the project area).
Significantly, results from the 2024 drilling program returned broad mineralisation from each prospect area. Notably, many of these wide intercepts envelope narrow high-grade intercepts found across the Westmoreland project area (see Figure 2).
Results for eleven holes from infill drilling at Junnagunna, three holes drilled at Amphitheatre, and two exploration holes from the Southern Comfort-Mageera Trend in the Northern Territory have recently been received. Receipt of these results conclude a successful program. The 2024 drilling campaign across the broader Westmoreland Project was completed on the 4th of November and comprised 106 holes (includes 60 RC and 46 DD) for 11,263 meters, across multiple targets.
Commenting on the results, Laramide's Vice-President of Exploration Rhys Davies said:
"The 2024 Drill Campaign represents Laramide's most ambitious effort to date, with 106 holes for over 11,000 metres drilled across the Westmoreland Project. This aggressive approach was designed to demonstrate the scalability and quality of the Westmoreland asset, reinforcing our commitment to advancing to its full potential."
Figure 2: Map showing examples of broad mineralised intercepts from 2024 drilling at key Resource Target areas Huarabagoo, Junnagunna and the link zone (note: JG24DD010 results recently received, all other results previously announced 1 )
______________________________ |
Junnagunna
The Junnagunna deposit, located in the structural Redtree corridor, is included in the restated 2016 Westmoreland Mineral Resource Estimate 2 .
The 2024 drilling at Junnagunna was designed to extend and infill data gaps within the deposit (Figure 3). The reported results continue to support the model and confirm lateral continuity but also vertical continuity, reflecting narrow higher grading intercepts within broad mineralizing envelopes.
JG24DD003 confirms continuity of mineralisation intersected in historical drilling along strike to the north-east. JG24DD008 intersected the dyke feeder system however JG24DD009 and JG24DD010 (drilled along the fence line to the north – see Figure 3) intersected notable mineralization but did not intersect the dyke. Mineralisation remains open to the north-east and future exploration drilling could delineate the extents.
____________________________ |
Amphitheatre
Drilling in 2024 comprised a total of 8 diamond holes ( 1,334.55m ). Initial 5 holes (AMD008-AMD012 previously reported) targeted extensions to uranium mineralisation both laterally and down dip and successfully identified new zones for follow up. The final holes (AMD013-AMD015) followed up on potential blind mineralisation continuing to the north, obscured by cover.
Drilling successfully intersected mineralisation near surface and at depth and indicates potential for broad mineralizing zones to the north of Amphitheatre.
Importantly, AMD014 intercepted 10 discrete zones of sandstone hosted uranium mineralisation 3 O 8 (Table 2 and Figure 4) located 500 meters to the north of AMD013 presenting a significant exploration target, buried under alluvial cover, which will be subject to more exploration drilling in 2025.
Southern Comfort/Mageera
Two holes totaling 303.55 m were completed at the Northern Territory "Southern Comfort" prospect which is situated at the base of a northeast trending fault, known as the JN Fault, and is the focal feature of the Mageera Zone. The geological setting is analogous to the Westmoreland Uranium Deposit. Offset to the southwest of the JN fault is the Southern Comfort Lineament ("SCL"). Historical drilling has lightly tested this region, however limited modern exploration has occurred since.
The drill program sought to delineate the SCL extensions and test the conformity related uranium, vanadium and REE potential of the Seigal Volcanics-Westmoreland Conglomerate.
SC24DD001 peaked at 260.04 ppm at U 3 O 8 & 1,082.19 ppm V 2 O 5 from 8.00m along the faulted contact between Seigal Volcanics-Westmoreland Conglomerate faulted contact.
SC24DD002 was funded by the Northern Territory Geological Survey as part of the Geophysical and Drilling Collaboration program. Samples were subject to multi-element analysis for uranium and other critical minerals such as vanadium and rare earth elements (REEs) that might be associated with the Southern Comfort-Mageera trend. Drilling intersected an overlying Seigal Volcanics in faulted contact with the Westmoreland Conglomerate, hosting a dolerite dyke. Uranium, minor gold and moderate vanadium confirms enrichment at this contact, successfully testing the geological concept ( 0.4m @ 346.68ppm U 3 O 8 and 1238.93ppm V 2 O 5 from 20.4m depth). No Rare Earth anomalism was noted.
Results from both holes are considered a technical success in identifying anomalism along the conformity and further work is planned at Southern Comfort and the Mageera Zone in 2025.
Qualified/Competent Person
The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies , a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
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About Laramide Resources Ltd.
Laramide is focused on exploring and developing high-quality uranium assets in Tier-1 uranium jurisdictions. The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size and production potential, and the two large development projects are considered to be late-stage, low-technical risk projects. As well, Laramide has expanded its pipeline with strategic exploration in Kazakhstan where the company is exploring over 5,500 km 2 of the prolific Chu-Sarysu Basin for world class roll-front deposits which are amenable to in-situ recovery.
Forward-looking Statements and Cautionary Language
This release includes certain statements that may be deemed to be "forward-looking statements." All statements in this release, other than statements of historical facts, that address events or developments that the management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
Table 1: Drill Collar Details | ||||||||||
Prospect | Hole ID | GDA_Easting | GDA_Northing | RL (m) | Depth (m) | Grid Azi | Dip | Hole type | Drilling | Drilling completed |
AMPHITHEATRE | AMD008 | 209879 | 8074908 | 93 | 241.6 | 90 | -60 | DD | 01/07/2024 | 09/07/2024 |
AMPHITHEATRE | AMD009 | 209928 | 8074816 | 90 | 202.9 | 270 | -80 | DD | 10/07/2024 | 15/07/2024 |
AMPHITHEATRE | AMD010 | 209954 | 8074725 | 90 | 203.4 | 90 | -60 | DD | 15/07/2024 | 26/07/2024 |
AMPHITHEATRE | AMD011 | 209958 | 8074620 | 99 | 200.3 | 90 | -60 | DD | 26/07/2024 | 02/08/2024 |
AMPHITHEATRE | AMD012 | 209928 | 8074820 | 90 | 84.5 | 90 | -55 | DD | 03/08/2024 | 05/08/2024 |
AMPHITHEATRE | AMD013 | 209700 | 8074902 | 94 | 150.55 | 90 | -50 | DD | 29/10/2024 | 31/10/2024 |
AMPHITHEATRE | AMD014 | 209906 | 8075341 | 68 | 125.65 | 80 | -50 | DD | 01/11/2024 | 02/11/2024 |
AMPHITHEATRE | AMD015 | 209428 | 8075270 | 67 | 125.65 | 94 | -50 | DD | 02/11/2024 | 04/11/2024 |
JUNNAGUNNA | JG24DD001 | 197607 | 8066711 | 78 | 158.05 | 135 | -50 | DD | 02/10/2024 | 05/10/2024 |
JUNNAGUNNA | JG24DD002 | 197299 | 8066964 | 77 | 98.6 | 139 | -50 | DD | 03/10/2024 | 05/10/2024 |
JUNNAGUNNA | JG24DD003 | 197120 | 8067186 | 77 | 104.6 | 135 | -50 | DD | 06/10/2024 | 13/10/2024 |
JUNNAGUNNA | JG24DD004 | 196897 | 8066059 | 78 | 114.4 | 135 | -55 | DD | 08/10/2024 | 11/10/2024 |
JUNNAGUNNA | JG24DD005 | 196932 | 8066142 | 78 | 117.5 | 135 | -55 | DD | 12/10/2024 | 14/10/2024 |
JUNNAGUNNA | JG24DD006 | 196946 | 8066019 | 78 | 120.1 | 135 | -55 | DD | 13/10/2024 | 16/10/2024 |
JUNNAGUNNA | JG24DD007 | 196977 | 8066091 | 80 | 114.3 | 131 | -55 | DD | 15/10/2024 | 18/10/2024 |
JUNNAGUNNA | JG24DD008 | 197030 | 8066051 | 81 | 120.7 | 135 | -55 | DD | 19/10/2024 | 21/10/2024 |
JUNNAGUNNA | JG24DD009 | 197127 | 8066101 | 78 | 131.7 | 135 | -55 | DD | 18/10/2024 | 20/10/2024 |
JUNNAGUNNA | JG24DD010 | 197019 | 8066195 | 78 | 120.1 | 135 | -55 | DD | 17/10/2024 | 18/10/2024 |
JUNNAGUNNA | JG24DD011 | 197089 | 8065993 | 79 | 126.4 | 135 | -55 | DD | 22/10/2024 | 25/10/2024 |
JUNNAGUNNA | JG24RC001 | 196986 | 8065965 | 77 | 114 | 317 | -75 | RC | 01/09/2024 | 01/10/2024 |
SOUTHERN COMFORT | SC24DD001* | 817207 | 8058777 | 112 | 101.65 | 140 | -60 | DD | 23/10/2024 | 24/10/2024 |
SOUTHERN COMFORT | SC24DD002* | 816005 | 8058560 | 119 | 201.9 | 144 | -55 | DD | 24/10/2024 | 27/10/2024 |
* drill collar co-ordinates are in GDA94 Zone 53 | ||||||||||
Table 2: Significant intercepts >100ppm U 3 O 8 | |||||
Hole | From | To | Length (m) | U 3 0 8 ppm | Au g/t |
JG24DD001 | 38 | 39.3 | 1.3 | 303.05 | 0.01 |
JG24DD002 | No Significant Intercepts | ||||
JG24DD003 | 16 | 17 | 1 | 137.97 | 0.03 |
JG24DD003 | 50 | 51 | 1 | 153.30 | 0.01 |
JG24DD004 | 26 | 34 | 8 | 325.61 | 0.01 |
including | 28 | 29 | 1 | 1297.12 | 0.01 |
JG24DD005 | 24.25 | 28 | 3.75 | 491.22 | 0.01 |
JG24DD006 | 35 | 36 | 1 | 127.94 | 0.01 |
JG24DD006 | 41 | 44 | 3 | 1192.17 | 0.01 |
including | 43 | 44 | 1 | 2606.03 | 0.01 |
JG24DD007 | 20 | 22 | 2 | 136.79 | 0.01 |
JG24DD007 | 25 | 28 | 3 | 1773.91 | 0.05 |
including | 27 | 28 | 1 | 4610.67 | 0.12 |
JG24DD008 | 42 | 43 | 1 | 265.32 | 0.01 |
JG24DD008 | 65 | 66 | 1 | 707.52 | 0.01 |
JG24DD008 | 69 | 73 | 4 | 255.13 | 0.01 |
JG24DD008 | 77 | 78 | 1 | 449.81 | 0.01 |
JG24DD008 | 89 | 95 | 6 | 394.93 | 0.01 |
JG24DD009 | 30 | 32 | 2 | 392.67 | 0.03 |
JG24DD009 | 53 | 54 | 1 | 136.79 | 0.01 |
JG24DD010 | 32 | 42 | 10 | 693.90 | 0.01 |
including | 33 | 35 | 2 | 2617.82 | 0.01 |
JG24DD010 | 45 | 46 | 1 | 103.42 | 0.01 |
JG24DD010 | 78 | 80 | 2 | 3177.94 | 0.01 |
JG24DD011 | No Significant Intercepts | ||||
JG24RC001 | No Significant Intercepts | ||||
AMD013 | 4 | 5 | 1 | 126.17 | 0.01 |
AMD013 | 47 | 52 | 5 | 152.31 | 0.01 |
AMD013 | 85 | 90 | 5 | 148.08 | 0.01 |
AMD013 | 103 | 104 | 1 | 159.19 | 0.01 |
AMD013 | 112 | 115 | 3 | 853.74 | 0.15 |
including | 114 | 115 | 1 | 1450.42 | 0.38 |
AMD014 | 19 | 21 | 2 | 153.00 | 0.02 |
AMD014 | 37 | 38 | 1 | 101.76 | 0.005 |
AMD014 | 48 | 50 | 2 | 143.57 | 0.055 |
AMD014 | 66 | 68 | 2 | 209.90 | 0.005 |
AMD014 | 75 | 77 | 2 | 234.07 | 0.055 |
AMD014 | 80 | 82 | 2 | 267.68 | 0.02 |
AMD014 | 87 | 88 | 1 | 103.42 | 0.005 |
AMD014 | 93 | 94 | 1 | 110.49 | 0.005 |
AMD014 | 103 | 104 | 1 | 108.13 | 0 |
AMD014 | 118 | 119 | 1 | 114.85 | 0.005 |
AMD015 | 32 | 33 | 1 | 237.02 | 0.01 |
AMD015 | 71 | 72 | 1 | 172.16 | 0.01 |
AMD015 | 109 | 111 | 2 | 122.99 | 0.03 |
AMD015 | 118 | 119 | 1 | 212.85 | 0.02 |
SC24DD001 | No Significant Intercepts | ||||
SC24DD002 | 20.4 | 23 | 2.6 | 280.76 | 0.11 |
* Included intercepts are above >1000 ppm U 3 O 8 # intercept is above >1% U 3 O 8 | |||||
Table 3: Significant intercepts >0.1 g/t Au | |||||
Hole | From | To | Length (m) | U 3 0 8 ppm | Au g/t |
JG24DD005 | 57 | 60 | 3 | 14.66 | 0.13 |
JG24DD005 | 103 | 104.35 | 1.35 | 4.60 | 0.30 |
JG24DD007 | 27 | 28 | 1 | 4610.67 | 0.12 |
JG24DD007 | 85 | 88 | 3 | 1.38 | 0.37 |
including | 86 | 87 | 1 | 1.42 | 0.73 |
JG24DD007 | 91 | 92 | 1 | 1.30 | 0.40 |
JG24DD008 | 117 | 118 | 1 | 13.56 | 0.20 |
JG24DD011 | 9 | 10 | 1 | 2.36 | 0.19 |
SC24DD002 | 22.1 | 23 | 0.9 | 217.56 | 0.19 |
AMD013 | 97 | 98 | 1 | 49.05 | 0.11 |
AMD013 | 114 | 115 | 1 | 1450.42 | 0.38 |
AMD015 | 85 | 86 | 1 | 8.73 | 0.27 |
* Included intercepts are above >0.5g/t Au; with intercepts above >1g/t Au | |||||
Table 4: Significant intercepts >200 ppm V | |||||
Hole | From | To | Length (m) | U 3 0 8 ppm | V 2 O 5 ppm |
SC24DD001 | 0 | 9 | 9 | 34.28 | 437.02 |
including | 4 | 5 | 1 | 3.89 | 578.40 |
And | 8 | 9 | 1 | 260.04 | 1082.19 |
SC24DD002 | 0 | 22.1 | 22.1 | 30.26 | 373.51 |
including | 14 | 15 | 1 | 2.59 | 526.63 |
and | 20.4 | 20.8 | 0.4 | 346.68 | 1238.93 |
* Included intercepts are above >500 ppm V 2 O 5 | |||||
SOURCE Laramide Resources Ltd.
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Cameco( TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2024, in accordance with International Financial Reporting Standards (IFRS).
�Our 2024 full-year financial performance benefitted from strong fourth quarter results delivered by our uranium and Westinghouse segments," said Tim Gitzel, Cameco's president and CEO. "Although both net earnings and adjusted net earnings in 2024 were lower than in 2023 primarily due to the impact of purchase accounting related to the Westinghouse acquisition, our other key financial metrics improved significantly. We expect our strong financial performance to continue in 2025, driven by the supportive market conditions we are seeing throughout the fuel cycle and across the nuclear sector, and through the continued benefits flowing from our investment in Westinghouse. Over the coming year, we expect to continue investing to help ensure reliability and sustainability of our existing operations, while positioning ourselves for future production flexibility and growth growth that will be strategic, deliberate, disciplined, and with a focus on generating full-cycle value.
"It was another positive year for the nuclear industry, with support for both existing nuclear reactors and nuclear new build continuing to grow. In fact, we believe the outlook for nuclear power and nuclear fuel fundamentals is more favourable than it has been for decades. Continued global geopolitical uncertainty is bringing energy security and national security into focus, which puts nuclear in what we believe is a durable growth mode, and as we see that growth translate into demand and a cycle of replacement rate contracting, we too expect to be back in durable growth mode. We believe the risks to uranium and nuclear fuel supplies and services are greater than the risks to demand, and we expect that will create a renewed focus on ensuring long-term availability of nuclear fuel supplies.
"This past year in our uranium segment, despite relatively muted long-term contracting volumes as utilities focused first on securing enrichment and conversion services, we continued to negotiate off-market contracts and selectively add to our long-term portfolio, which now totals approximately 220 million pounds. That only represents about a quarter of our current reserve and resource base, meaning we can be strategically patient in our contracting discussions, and we are retaining exposure to the improving demand from our customers. We continue to have a large and growing pipeline of uranium business under negotiation and our focus remains on obtaining market-related pricing mechanisms that benefit from a constructive price environment, while also providing adequate downside protection. In addition, strong demand driving prices to historic highs in the conversion market is being captured in additional long-term contracts in our fuel services segment, with total contracted volumes of approximately 85 million kgU of UF 6 supporting our fuel services operations for years to come.
"We have more than 35 years of experience operating across the fuel cycle, and we have designed our strategy of full-cycle value capture to be resilient. Given the nature of nuclear fuel contracting and our long-term contract book, we have good visibility into when and where we need to deliver material, allowing us to carefully plan and prudently invest in our existing and potential supply sources, well into the future. When we consider the supply tools and flexibility we have in place to self-manage risk and to work with our customers to satisfy their ongoing fuel requirements, we can be selective and opportunistic with our sourcing of supply, including spot market purchases, and we can be disciplined when considering future investments in our primary supply pipeline.
"The positive market conditions that we expect to benefit our core uranium and fuel services businesses are also presenting significant future growth opportunities for Westinghouse, which we own with our partner Brookfield. In 2024, we saw continued interest in AP1000 ® new build opportunities in Poland, Bulgaria, Ukraine and Slovenia. In early 2025, Westinghouse announced a settlement agreement in its technology and export dispute with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co., Ltd., which resolves the dispute and establishes a framework for additional deployments outside of South Korea, to the mutual and material benefit of Westinghouse, KEPCO and KHNP.
"Cameco will continue to align our production with our contract portfolio and market opportunities, demonstrating that we continue to responsibly manage our supply in accordance with our customers' needs. We will continue to look for opportunities to improve operational effectiveness, improve our safety performance and reduce our impact on the environment, including through the use of digital and automation technologies to allow us to operate our assets with more flexibility and efficiency. Thanks to our disciplined strategy, our balance sheet is strong, and we expect it will enable us to continue executing our strategy while self-managing risk, including risks related to global macro-economic uncertainty and volatility, and uncertain trade policy decisions.
"We are a responsible, commercial supplier with 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 help achieve a secure energy future 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."
Summary of Q4 and 2024 results and developments:
Consolidated financial results
THREE MONTHS ENDED | YEAR ENDED | |||
CONSOLIDATED HIGHLIGHTS | DECEMBER 31 | DECEMBER 31 | ||
($ MILLIONS EXCEPT WHERE INDICATED) | 2024 | 2023 | 2024 | 2023 |
Revenue | 1,183 | 844 | 3,136 | 2,588 |
Gross profit | 250 | 133 | 783 | 562 |
Net earnings attributable to equity holders | 135 | 80 | 172 | 361 |
$ per common share (basic) | 0.31 | 0.18 | 0.40 | 0.83 |
$ per common share (diluted) | 0.31 | 0.18 | 0.39 | 0.83 |
Adjusted net earnings (non-IFRS) 1 | 157 | 108 | 292 | 383 |
$ per common share (adjusted and diluted) | 0.36 | 0.25 | 0.67 | 0.88 |
Adjusted EBITDA (non-IFRS) | 524 | 336 | 1,531 | 884 |
Cash provided by operations | 530 | 201 | 905 | 688 |
1 In 2024, we revised our calculation of adjusted net earnings to adjust for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance. We restated comparative periods to reflect this change. |
The 2024 annual financial statements have been audited; however, the 2023 fourth quarter and 2024 fourth quarter financial information presented is unaudited. You can find a copy of our 2024 annual MD&A and our 2024 audited financial statements on our website at cameco.com.
NET EARNINGS
The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure) in the three months and year ended December 31, 2024, compared to the same period in 2023.
CHANGES IN EARNINGS | THREE MONTHS ENDED | YEAR ENDED | |||||||
($ MILLIONS) | DECEMBER 31 | DECEMBER 31 | |||||||
IFRS | ADJUSTED | IFRS | ADJUSTED | ||||||
Net earnings - 2023 | 80 | 108 | 361 | 383 | |||||
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), net of hedging benefits) | |||||||||
Uranium | Impact from sales volume changes | 29 | 29 | 22 | 22 | ||||
Higher realized prices ($US) | 107 | 107 | 390 | 390 | |||||
Foreign exchange impact on realized prices | 11 | 11 | 26 | 26 | |||||
Higher costs | (30 | ) | (30 | ) | (203 | ) | (203 | ) | |
change – uranium | 117 | 117 | 235 | 235 | |||||
Fuel services | Impact from sales volume changes | - | - | 2 | 2 | ||||
Higher realized prices ($Cdn) | 13 | 13 | 27 | 27 | |||||
Higher costs | (16 | ) | (16 | ) | (47 | ) | (47 | ) | |
change – fuel services | (3 | ) | (3 | ) | (18 | ) | (18 | ) | |
Other changes | |||||||||
Higher administration expenditures | (18 | ) | (18 | ) | (7 | ) | (7 | ) | |
Higher exploration expenditures | (7 | ) | (7 | ) | (17 | ) | (17 | ) | |
Change in reclamation provisions | 70 | 7 | 30 | (3 | ) | ||||
Change in gains on derivatives | (198 | ) | (6 | ) | (221 | ) | (10 | ) | |
Change in unrealized foreign exchange gains or losses | 50 | (5 | ) | 50 | (6 | ) | |||
Change in earnings from equity-accounted investees | 10 | (32 | ) | (165 | ) | (122 | ) | ||
Change in share-based compensation | - | 5 | - | (19 | ) | ||||
Lower finance income | (16 | ) | (16 | ) | (91 | ) | (91 | ) | |
Higher finance costs | 16 | 16 | (31 | ) | (31 | ) | |||
Change in income tax recovery or expense | 29 | (14 | ) | 41 | (7 | ) | |||
Other | 5 | 5 | 5 | 5 | |||||
Net earnings - 2024 | 135 | 157 | 172 | 292 | |||||
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 supplemental 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. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items, which could significantly impact our IFRS results. The following are the non-IFRS measures used in this document.
ADJUSTED NET EARNINGS
Adjusted net earnings (ANE) is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives, unrealized foreign exchange gains and losses, share-based compensation, and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. In 2024, we revised our calculation of adjusted net earnings to adjust for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance. We have restated comparative periods to reflect this change. Other items may also be adjusted from time to time. We 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 2024 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 2024 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 16 of our annual 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 their 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 12 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 12 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.
The following table reconciles adjusted net earnings with our net earnings for the three months and years ended December 31, 2024, and 2023.
THREE MONTHS ENDED | YEAR ENDED | |||||||
DECEMBER 31 | DECEMBER 31 | |||||||
($ MILLIONS) | 2024 | 2023 | 2024 | 2023 | ||||
Net earnings attributable to equity holders | 135 | 80 | 172 | 361 | ||||
Adjustments | ||||||||
Adjustments on derivatives | 133 | (59 | ) | 152 | (59 | ) | ||
Unrealized foreign exchange gains | (56 | ) | (1 | ) | (66 | ) | (10 | ) |
Share-based compensation | 17 | 12 | 44 | 63 | ||||
Adjustments on other operating expense (income) | (23 | ) | 40 | (35 | ) | (2 | ) | |
Income taxes on adjustments | (37 | ) | 6 | (46 | ) | 2 | ||
Adjustments on equity investees (net of tax): | ||||||||
Inventory purchase accounting | 3 | 20 | 53 | 20 | ||||
Acquisition-related transition costs | - | - | 22 | - | ||||
Unrealized foreign exchange losses (gains) | (16 | ) | 10 | (7 | ) | 8 | ||
Long-term incentive plan | 1 | - | 3 | - | ||||
Adjusted net earnings | 157 | 108 | 292 | 383 | ||||
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, as further 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 adjusted net earnings definition.
In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees. These items are reported as part of marketing, administrative and general expenses within the investee financial information and are not representative of the underlying operations. These include gain/loss on undesignated hedges, transaction costs related to acquisitions and gain/loss on disposition of a business.
We also adjust for the unwinding of the effect of purchase accounting on the sale of inventories which is included in our share of earnings from equity-accounted investee and recorded in the cost of products and services sold in the investee information (see note 12 to the financial statements).
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 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 fourth quarters and years ended 2024 and 2023.
For the year ended December 31, 2024:
FUEL | |||||||||
($ MILLIONS) | URANIUM 1 | SERVICES | WESTINGHOUSE | OTHER | TOTAL | ||||
Net earnings (loss) attributable to equity holders | 904 | 108 | (218 | ) | (622 | ) | 172 | ||
Depreciation and amortization | 239 | 37 | - | 5 | 281 | ||||
Finance income | - | - | - | (21 | ) | (21 | ) | ||
Finance costs | - | - | - | 147 | 147 | ||||
Income taxes | - | - | - | 85 | 85 | ||||
1,143 | 145 | (218 | ) | (406 | ) | 664 | |||
Adjustments on equity investees | |||||||||
Depreciation and amortization | 23 | - | 357 | - | 380 | ||||
Finance income | (1 | ) | - | (4 | ) | - | (5 | ) | |
Finance expense | - | - | 225 | - | 225 | ||||
Income taxes | 58 | - | (61 | ) | - | (3 | ) | ||
Net adjustments on equity investees | 80 | - | 517 | - | 597 | ||||
EBITDA | 1,223 | 145 | 299 | (406 | ) | 1,261 | |||
Gain on derivatives | - | - | - | 152 | 152 | ||||
Other operating income | (35 | ) | - | - | - | (35 | ) | ||
Share-based compensation | - | - | - | 44 | 44 | ||||
Unrealized foreign exchange gains | - | - | - | (66 | ) | (66 | ) | ||
(35 | ) | - | - | 130 | 95 | ||||
Adjustments on equity investees | |||||||||
Inventory purchase accounting | - | - | 71 | - | 71 | ||||
Acquisition-related transition costs | - | - | 29 | - | 29 | ||||
Other expenses | - | - | 78 | - | 78 | ||||
Foreign exchange gains | (9 | ) | - | 2 | - | (7 | ) | ||
Net adjustments on equity investees | (9 | ) | - | 184 | - | 175 | |||
Adjusted EBITDA | 1,179 | 145 | 483 | (276 | ) | 1,531 | |||
1 JV Inkai EBITDA is included in the uranium segment. See Financial results by segment – Uranium in our 2024 annual MD&A. |
For the year ended December 31, 2023:
FUEL | |||||||||
($ MILLIONS) | URANIUM 1 | SERVICES | WESTINGHOUSE | OTHER | TOTAL | ||||
Net earnings (loss) attributable to equity holders | 606 | 129 | (24 | ) | (350 | ) | 361 | ||
Depreciation and amortization | 175 | 35 | - | 10 | 220 | ||||
Finance income | - | - | - | (112 | ) | (112 | ) | ||
Finance costs | - | - | - | 116 | 116 | ||||
Income taxes | - | - | - | 126 | 126 | ||||
781 | 164 | (24 | ) | (210 | ) | 711 | |||
Adjustments on equity investees | |||||||||
Depreciation and amortization | 14 | - | 61 | - | 75 | ||||
Finance income | - | - | (2 | ) | - | (2 | ) | ||
Finance expense | - | - | 30 | - | 30 | ||||
Income taxes | 42 | - | (7 | ) | - | 35 | |||
Net adjustments on equity investees | 56 | - | 82 | - | 138 | ||||
EBITDA | 837 | 164 | 58 | (210 | ) | 849 | |||
Loss on derivatives | - | - | - | (59 | ) | (59 | ) | ||
Other operating income | (2 | ) | - | - | - | (2 | ) | ||
Share-based compensation | - | - | - | 63 | 63 | ||||
Unrealized foreign exchange gains | - | - | - | (10 | ) | (10 | ) | ||
(2 | ) | - | - | (6 | ) | (8 | ) | ||
Adjustments on equity investees | |||||||||
Inventory purchase accounting | - | - | 27 | - | 27 | ||||
Other expenses | - | - | 8 | - | 8 | ||||
Foreign exchange gains | - | - | 8 | - | 8 | ||||
Net adjustments on equity investees | - | - | 43 | - | 43 | ||||
Adjusted EBITDA | 835 | 164 | 101 | (216 | ) | 884 | |||
1 JV Inkai EBITDA is included in the uranium segment. See Financial results by segment - Uranium in our 2024 annual MD&A. |
The following Westinghouse financial outlook for 2025 is reported in Canadian dollars and prepared in accordance with IFRS and reflects Cameco's 49% ownership share. It reconciles the Westinghouse outlook for net earnings with EBITDA and adjusted EBITDA.
$USD | ||
CAMECO SHARE (49%) | MILLIONS | |
Net loss | (20-70) | |
Depreciation and amortization | 260-275 | |
Finance income | (1-2) | |
Finance costs | 120-135 | |
Income tax expense (recovery) | 5-(10) | |
EBITDA | 320-370 | |
Inventory purchase accounting | 1-5 | |
Restructuring costs | 15-30 | |
Other expenses | 10-25 | |
Adjusted EBITDA | 355-405 |
The outlook for adjusted EBITDA from Westinghouse for 2025 and its growth over the next five years are based on the following assumptions:
Selected segmented highlights
THREE MONTHS ENDED | YEAR ENDED | |||||||
DECEMBER 31 | DECEMBER 31 | |||||||
HIGHLIGHTS | 2024 | 2023 | CHANGE | 2024 | 2023 | CHANGE | ||
Uranium | Production volume (million lbs) | 6.1 | 5.7 | 7% | 23.4 | 17.6 | 33% | |
Sales volume (million lbs) | 12.8 | 9.8 | 30% | 33.6 | 32.0 | 5% | ||
Average realized price 1 | ($US/lb) | 58.45 | 52.35 | 12% | 58.34 | 49.76 | 17% | |
($Cdn/lb) | 80.90 | 71.65 | 13% | 79.70 | 67.31 | 18% | ||
Revenue ($ millions) | 1,035 | 700 | 48% | 2,677 | 2,153 | 24% | ||
Gross profit ($ millions) | 213 | 96 | >100% | 681 | 445 | 53% | ||
Earnings before income taxes | 289 | 122 | >100% | 904 | 606 | 49% | ||
Adjusted EBITDA 2 | 391 | 231 | 70% | 1,179 | 835 | 41% | ||
Fuel services | Production volume (million kgU) | 3.6 | 3.7 | (3)% | 13.5 | 13.3 | 2% | |
Sales volume (million kgU) | 4.2 | 4.2 | - | 12.1 | 12.0 | 1% | ||
Average realized price 3 | ($Cdn/kgU) | 35.41 | 32.19 | 10% | 37.87 | 35.61 | 6% | |
Revenue ($ millions) | 148 | 134 | 10% | 459 | 426 | 8% | ||
Earnings before income taxes | 37 | 40 | (8)% | 108 | 129 | (16)% | ||
Adjusted EBITDA 2 | 49 | 51 | (4)% | 145 | 164 | (12)% | ||
Adjusted EBITDA margin (%) 2 | 33 | 38 | (13)% | 32 | 38 | (16)% | ||
Westinghouse | Revenue | 841 | 521 | 61% | 2,892 | 521 | >100% | |
(our share) | Net earnings (loss) | 9 | (24) | >(100%) | (218) | (24) | >100% | |
Adjusted EBITDA 2 | 162 | 101 | 60% | 483 | 101 | >100% | ||
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. |
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. |
Management's discussion and analysis (MD&A) and financial statements
The 2024 annual MD&A and consolidated financial statements provide a detailed explanation of our operating results for the three and twelve months ended December 31, 2024, as compared to the same periods last year, and our outlook for 2025. This news release should be read in conjunction with these documents, as well as 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 | CIGAR LAKE | ||||
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INKAI | |||||
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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 outlook for nuclear energy and nuclear fuel fundamentals never having been more favourable; our expectation of strong financial performance and cash flow generation in 2025 driven by market conditions and through the continued benefits of our investment in Westinghouse, including our belief that Westinghouse is well-positioned for long-term growth, and our expected share of its adjusted EBITDA for 2025 and growth over the next five years; our expectation that Westinghouse's investments in new technologies will be made in accordance with Westinghouse's current business plan and our expectations regarding the effects on Westinghouse's adjusted EBITDA; our expectation to continue investing to help ensure reliability and sustainability of our existing operations, while positioning us for future production flexibility and growth; our views regarding supply and demand for nuclear power, that the risks to uranium and nuclear fuel supplies and services are greater than the risk to demand, and our expectation of a renewed focus on ensuring long-term availability of nuclear fuel supplies; our ability to operate our assets sustainably, and our expectations regarding the value they will generate for us; our views regarding the impact on the nuclear power industry of geopolitical events; our ability to invest in our existing and potential supply sources; the durability of the nuclear industry and our growth, and our ability to pursue growth and generate full-cycle value; our contract portfolio strategy and pipeline of business; our supply plans, including production levels at McArthur River/Key Lake, Cigar Lake and Inkai, as well as at our fuel services segment; our capital projects plans; our ability to continue to be resilient and to position ourselves for future production flexibility; our belief that we have the right strategy to help achieve a secure energy future in a manner that reflects our values; our views regarding the long-term sustainability of our business and our ability to self-manage risk; our expectations for dividend payments in 2025 and 2026; and the expected date for announcement of our 2025 first 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; risks to Westinghouse's business associated with potential production disruptions, the implementation of its business objectives, compliance with licensing or quality assurance requirements, or otherwise be unable to achieve expected growth; the risk that we may not be able to implement changes to future operating and production levels for Cigar Lake and McArthur River/Key Lake and Inkai, or at our fuel services segment, to the planned levels within the expected timeframes, or that the costs involved in doing so, exceed our expectations; the risk that our revenues and cash flows may not achieve the levels expected; the risk of Inkai shipment delays due to the continuation or outcome of the conflict between Ukraine and Russia; the risk that we may not be able to meet sales commitments for any reason; the risk that we may not be able to continue to be resilient or continue to improve our financial performance; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty and political volatility; risks associated with the application of, or developments in, laws or regulations that affect us or any of our joint ventures, including mining regulations, taxes, tariffs and sanctions; the risk that we may not be able to implement our business objectives in a manner consistent with our values; the risk that any of the strategies that we or any of our joint ventures are pursuing may prove unsuccessful, or that that may not be executed successfully; 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; the success of our plans and strategies, including planned operating and production changes; assumptions about Westinghouse's production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the absence of new and adverse government regulations, policies or decisions, including the application of, or developments in, laws that may adversely affect us, such as mining regulations, taxes, tariffs and sanctions; that there will not be any significant unanticipated adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, and economic or political uncertainty and volatility; and our ability to announce future financial results when expected.
Please also review the discussion in our 2024 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 fourth quarter conference call on Thursday, February 20, 2025, at 8:00 a.m. Eastern.
The call will be open to all investors and the media. To join the call, please dial (844) 763-8274 (Canada and US) or (647) 484-8814. 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:
2025 first quarter report release date
We plan to announce our 2025 first quarter results before markets open on May 1, 2025.
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/20250219674310/en/
Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
639-994-0079
veronica_baker@cameco.com
News Provided by Business Wire via QuoteMedia
Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on recent activities at the Company and the Dasa Uranium Project in the Republic of Niger .
NIGER UPDATE
At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa , promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.
In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada , the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.
The Company held additional meetings in Cape Town , including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.
PROJECT DEVELOPMENT
The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.
Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.
FINANCING
Since the inauguration of President Trump in the United States of America , the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA . However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U 3 O 8 over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.
Stephen Roman , President & CEO of Global Atomic, stated, " By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."
A recent video of our progress in Niger is available at https://www.youtube.com/watch?v=ITl8r104-MA .
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022 , and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/12/c0271.html
News Provided by Canada Newswire via QuoteMedia
Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on recent activities at the Company and the Dasa Uranium Project in the Republic of Niger .
NIGER UPDATE
At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa , promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.
In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada , the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.
The Company held additional meetings in Cape Town , including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.
PROJECT DEVELOPMENT
The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.
Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.
FINANCING
Since the inauguration of President Trump in the United States of America , the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA . However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U 3 O 8 over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.
Stephen Roman , President & CEO of Global Atomic, stated, " By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."
A recent video of our progress in Niger is available at https://www.youtube.com/watch?v=ITl8r104-MA .
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022 , and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
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