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27 July
American Uranium
Investor Insight
American Uranium presents an intriguing opportunity for investors seeking exposure to the uranium sector, given its focus on ISR projects in the US aligning well with macro trends in the nuclear energy industry and geopolitical shifts favouring domestic uranium production.
Overview
American Uranium Limited (ASX:AMU) is an Australia-based uranium exploration and development company focused on uranium projects in Wyoming, USA, that are amenable for in-situ recovery (ISR). In uranium mining, ISR is the lowest cost and least environmentally damaging form of uranium recovery, especially when alkaline leach and ion exchange processes are utilised.
The company’s flagship Lo Herma project in the Powder River Basin is a sandstone-hosted roll front uranium deposit, which contains a recently updated mineral resource of 8.57 million pounds (Mlbs) of U₃O₈ at an average grade of 630 parts per million (JORC 2012 compliant), with a substantial additional exploration target in the range of 6 to 11 Mlbs –American Uranium recently completed an interim Scoping Study on this project.American Uranium also holds projects in the Great Divide Basin (inferred resource of 1.66 Mlbs) and Green Mountain areas of Wyoming, as well as earlier-stage conventional uranium/vanadium assets in Utah. As of the latest update, American Uranium has delineated total combined uranium resources of 10.23 Mlbs (indicated and inferred) and combined exploration targets ranging from 12.14 to 15.21 million tonnes across its Wyoming projects.
Wyoming’s ISR uranium processing assets and American Uranium project locations
American Uranium is positioning itself to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States. The US remains the world’s largest consumer of uranium but imports over 95 percent of its supply. American Uranium’s strategy centres on developing low-cost ISR uranium projects in Wyoming – historically one of the most productive uranium regions in the US – with established infrastructure, regulatory support, and proximity to existing ISR processing facilities.
The uranium market is experiencing a serious supply deficit and a significant resurgence in demand driven by several factors:
- Supply constraints following decades of underinvestment and an overreliance on Russian and Kazakh supply chains;
- Rapid growth in global electricity demand and recognition of nuclear energy as a clean baseload source aligned with decarbonization targets;
- Geopolitical realignment leading to a bifurcated uranium market, with the US banning imports of Russian nuclear fuel as of August 2024, intensifying the urgency for domestic supply security;
- Accelerating momentum for SMRs (Small Modular Reactors), nuclear restarts, and new gigawatt-scale builds in the US and abroad.
In the United States specifically, there is bipartisan policy support for revitalising the domestic uranium industry. Key initiatives include the formation of a strategic uranium reserve, over US$6 billion in grants for existing nuclear facilities, and tax incentives for new builds under the Inflation Reduction Act. Additionally, the US Department of Energy has called for tripling US nuclear capacity to 300 gigawatts by 2050. Demand signals are also coming from private sector growth, particularly AI-driven data centre development and long-term net-zero pledges by institutional investors and banks.
American Uranium's project strategy
In the longer term, American Uranium recognises the value potential of consolidation within the fragmented US uranium sector. The company remains open to strategic partnerships, joint ventures or merger and acquisition opportunities that could accelerate its development timeline, enhance scale, and unlock synergies. Such initiatives could ultimately strengthen American Uranium’s path to production and improve its overall value proposition to shareholders.
Company Highlights
- American Uranium is focused on ISR-amenable uranium projects in Wyoming, USA.
- American Uranium has completed an interim Scoping Study on its flagship Lo Herma project in the Powder River Basin which contains a recently updated mineral resource of 8.57 Mlbs of U₃O₈ at average grade of 630 ppm.
- American Uranium also holds drill permitted projects with defined resources and exploration targets in the Great Divide Basin and Green Mountain areas in Wyoming, and uranium-vanadium assets with significant recent exploration data in Utah.
- To date, American Uranium has delineated total combined uranium resources of 10.23 Mlbs (indicated and inferred) and substantial combined exploration targets in the range 12 to 20 Mlbs across its Wyoming projects.
- Wyoming is a historically significant uranium producing region with existing infrastructure and a supportive regulatory environment.
- American Uranium is well-placed to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States, the world’s largest consumer of uranium.
Key Projects
Wyoming Uranium Projects
American Uranium's focus on Wyoming ISR projects positions it well to capitalize on trends in the uranium sector. ISR mining is generally faster to build, lower cost, and more environmentally friendly than conventional mining methods. Wyoming has a long history of uranium production and hosts current producers and several additional permitted processing facilities, potentially allowing for rapid development of new projects.
The Wyoming projects – comprising the Lo Herma, Great Divide Basin, and Green Mountain projects – are located in the Powder River and Great Divide Basins.
JORC Resources and Exploration Targets
Lo Herma
The company’s exploration work is currently centered on advancing its 100 percent owned flagship Lo Herma project, where drilling in 2023 and 2024 successfully verified and expanded the historical drill hole database. As of December 2024, the project hosts a JORC-compliant mineral resource estimate of 8.57 Mlbs of U₃O₈ at an average grade of 630 ppm, comprising 2.78 Mlbs indicated and 5.79 Mlbs inferred.
The Lo Herma project is located just 10 miles from Cameco's Smith Ranch-Highland facility – the largest ISR uranium plant in the United States – and is ideally situated for potential future production synergies. In addition to the current resource, the company has defined an exploration target of 6 to 11 Mlbs, with over 950 drill holes completed across the project area.
American Uranium completed hydrogeologic field testing and metallurgical leach studies during the March 2025 quarter. Results demonstrated that Lo Herma mineralisation is amenable to alkaline ISR recovery with uranium recoveries averaging 75 percent, consistent with other ISR operations in the district.
Following the successful completion of these studies, American Uranium delivered an interim scoping study in Q2 2025, managed by BRS Engineering. The study confirmed the project’s potential viability and outlined attractive baseline economics for both central processing and satellite mining development options. The company is now finalising plans for a follow-up drilling campaign in H2 2025. This next phase will include infill and step-out drilling to increase overall mineral resources and upgrade resource classification, while collecting further hydrogeological and metallurgical data.
Great Divide Basin and Green Mountain
The company continues to progress its additional Wyoming projects, including the Great Divide Basin and Green Mountain areas. Drilling is permitted for 2025, positioning American Uranium to unlock further value across these strategic tenements.
The Great Divide Basin project includes the Thor, Logray, Loki, Odin, Teebo and Wicket claims. It holds a JORC inferred mineral resource of 1.66 Mlbs of U₃O₈ at 570 ppm, and a defined exploration target of 6.55 to 8.11 million tonnes grading 420 to 530 ppm. The area benefits from significant historical exploration data and proximity to major uranium infrastructure, including Ur-Energy’s Lost Creek plant and Rio Tinto’s Sweetwater Mill.
American Uranium ’s footprint in this region was expanded by acquiring the Green Mountain project, which includes 5,585 hectares of contiguous claims directly adjoining Rio Tinto’s tenements. Historical drilling and geophysical surveys confirm the presence of uranium mineralisation in sandstone-hosted roll fronts within the Battle Springs formation.
Green Mountain lies adjacent to notable regional projects including Energy Fuels’ Sheep Mountain (30 Mlbs), Ur-Energy’s Lost Soldier, and UEC’s Antelope deposits, positioning American Uranium near major development and production infrastructure in the basin.
Utah
Henry Mountains Uranium Project
American Uranium’s Henry Mountains project in Utah is a brownfields uranium-vanadium opportunity located within the prolific Colorado Plateau uranium province. Exploration has focused on a 5 km mineralised trend between the Rat Nest and Jeffrey claim groups, including the Section 36 state lease.
Uranium and vanadium mineralisation in this area is shallow – typically 20 to 30 metres deep – and has historically supported significant production. Since 1904, the district has yielded more than 92 Mlbs of U₃O₈ and 482 Mlbs of V₂O₅ from sandstone-hosted ores. The project remains a strategic asset with future development or transactional optionality as American Uranium advances its Wyoming portfolio.
Management Team
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 20 years, most notably with ASX listed companies Atom Energy, Stonehenge Metals and Fenix Resources (FEX).
Matt Hartmann - Director
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Simon Williamson - Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia.
James (Jim) Baughman - Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
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Disrupting the uranium supply chain through highly prospective ISR projects in Wyoming
28 July
Quarterly Activities/Appendix 5B Cash Flow Report
23 July
Lo Herma Drilling Permit & Contract Confirmed
14 July
Company Update - Name Change to 'American Uranium Limited'
10 July
Placement Shares Issued & Drilling Approval Expected August
29 June
A$4.5M Placement to Underpin Resource Growth Strategy
16h
Basin Energy
Investor Insight
Basin Energy offers uranium and rare earth exposure through high conviction exploration projects within tier-1 jurisdictions.
The group’s primary focus is the testing of district scale uranium and rare earth potential at the Sybella Barkly project, located directly west of the prolific mining town of Mount Isa, in northwest Queensland. These projects are deemed prospective for roll-front uranium, shear hosted hard rock uranium, sediment/ionic clay hosted rare earth elements and for hard rock rare earths. Evidence in support of this comes from the direct proximity and geological analogies to both ASX Paladin Energy’s Valhalla uranium deposit and its uranium source, the Sybella Batholith and for rare earth potential adjacent to ASX Red Metal’s Sybella Discovery.
The company also provides strategic exposure to three projects in Canada’s Athabasca Basin, the heartland of uranium exploration, where it is partnered with TSXV CanAlaska uranium and has a strategic early mover position in the emerging energy metals districts of Sweden and Finland ranked 6 and 1, respectively on the Fraser index in 2024.
With a technically driven exploration focus for uranium and rare earth minerals within tier-one jurisdictions, Basin Energy is well-positioned to capitalize on the global push for clean energy.
Overview
District Scale Uranium and Rare Earths Opportunity – Queensland Australia
Basin holds 5,958 sq km of exploration tenure in the Mount Isa district of northwest Queensland. The projects provide compelling walk-up drill targets that can be rapidly and cost-effectively tested using air core and reverse circulation (RC) drilling.
The drill-ready, district scale opportunity includes:
- Paleochannel roll front uranium
- Sediment and ionic clay hosted rare earth elements
- Hard rock, granite hosted rare earth elements
In addition to these three district-scale targets, the project area contains multiple shear-hosted Valhalla-style uranium targets defined for immediate assessment.
Project location map
The primary model is based on mineralisation sourced from the various granites of the Sybella Batholith, a large north-south trending igneous body containing zones enriched in rare earth elements. This includes the Red Metal (ASX:RDM) giant Sybella Discovery. Several granites from the Sybella are also uranium rich, potentially being the source of Paladin Energy’s (ASX:PDN) Valhalla deposits.
The projects cover an extensive portion of the Sybella Batholith, deemed prospective for granite-hosted REEs, as well as a significant landholding west of the Sybella, known as the Barkly Tablelands. The Barkly Tablelands are regarded as prospective for sediment-hosted mineralisation and was surveyed with airborne electromagnetics (AEM) by Summit Resources in February 2007, prior to its acquisition by Paladin Energy. Whilst numerous targets were identified, no drilling was completed at the time. Importantly, past exploration focused mainly on base metals, phosphate and water bores, meaning the uranium and rare earth potential remains virtually untouched.
Prospective target concepts
Paleochannel Roll-Front Uranium Potential – District Scale Target 1
The Summit Resources AEM survey identified an extensive network of paleochannels within the Barkly Tablelands, fed from the uranium-rich Sybella Batholith. This network trends south beyond the limits of existing survey data, suggesting even further potential remains to be identified.
Historical drilling in the area noted geological features typically associated with uranium deposits, such as redox fronts, sandstone channels and impermeable cap rocks. However, no uranium assays were conducted at the time.
Given the Sybella granites are considered the potential source of Paladin’s nearby Valhalla uranium deposits, Basin believes significant uranium will have also been transported into these paleochannels through erosion and chemical leaching processes. Previous work by Summit Resources and Furgo has already prioritised several high-potential targets. Basin plans to complete a first pass aircore drilling program to delineate this potential in Q4 2025.
Ternary radiometrics and AEM conductivity depth slice (paleochannels are projected to surface)
Sediment and Ionic Clay Hosted REE Potential – District Scale Target 2
Surface and auger geochemistry sampling across the Barkly Tablelands has confirmed significant REE enrichment, with multiple results exceeding 600 ppm TREO. The sediments are directly sourced from the Sybella Batholith with the highest of these values located directly down drainage catchments linked to Red Metals Sybella Discovery.
Sediment-hosted REEs and target zones
Previous AEM surveys also revealed a broad conductive layer within the Barkly Tablelands sediments, approximately 12 metres thick at shallow depths between 20-32 metres, and covering a footprint of over 1,000 sq km. This layer is interpreted to represent a clay-rich unit capable of hosting ionic clay REE deposits.
AEM outlining laterally extensive conductive sediment target
Granite Hosted REE Potential – District Scale Target 3
The various granites that make up the Sybella contain zones of enriched REEs, including the Red Metal (ASX:RDM) owned Sybella Discovery.
Basin’s ground includes several prospects (Newsmans Bore, Eight Mile and Threeways) where a shallow proof of concept auger drilling program returned highly encouraging results in 2023.
The most encouraging results from the auger drilling at Newmans Bore reported at over 0.5 m at >1000 ppm TREO, including:
- SYAH23-020 – 5.0 m @ 1,951 ppm TREO with 578 ppm Nd+Pr oxide combined (including 3 m @ 705 ppm) from 4 m to end of hole
- SYAH23-006 – 2.5 m @ 1,343 ppm TREO with 248 ppm Nd+Pr oxide combined from 5 m to end of hole
- SYAH23-018 – 0.5 m @ 1,996 ppm TREO with 465 ppm Nd+Pr oxide combined from 2 m to end of hole
- SYAH23-131 – 2.6 m @ 1,535 ppm TREO with 329 ppm Nd+Pr oxide combined from 3 m to end of hole
These results are very significant, as mineralisation continued to the end of hole and closely mirrors the geochemical patterns seen by Red Metal prior to their Sybella discovery.
Auger drilling completed by NeoDys, with highlights from Newmans Bore
Red Metals Discovery REE anomaly
Red Metal utilised RC drilling beneath this anomaly and identified broad zones of rare earth anomalism, which led to the Sybella discovery. NeoDys’ auger drilling across Basin’s project has outlined similar levels and scale of rare earth anomalism, demonstrating strong potential for comparable discoveries. See figure below.
Stylised section of NeoDys Newmans Bore auger drilling
The next phase for Basin will be to conduct deeper RC drilling to test potential continuity of these anomalies. Drilling is proposed for Q4 2025.
Hard Rock Shear-Hosted Uranium Valhalla Style Targets
In addition to the three district scale targets, Basin also sees strong potential for Valhalla-style shear zone uranium mineralisation within the North section of the license. Airborne radiometric data highlights several anomalies crossing both the Sybella granite and the Cromwell metabasalt, features consistent with the alternation patterns seen at other uranium deposits in the region. The scale and geological setting of these radiometric anomalies draws comparison to Paladin Energy’s Mount Isa (Valhalla) project, which contains 148.4 Mlbs of U3O8 at 728 ppm, and a combined 116 Mlbs within the Valhalla, Odin and Skal resources located just 7 km east of Basin’s license
Filtered airborne radiometric data (isolating high-U, low-K rocks) highlighting several potential Valhalla-style shear zone targets in the Cromwell Metabasalt and the adjacent Sybella Batholith
Company Highlights
- Strategic exposure to district-scale opportunities with the potential to transform into world-class discoveries, delivering exceptional leverage on exploration success
- Drill-ready Queensland projects positioned for rapid advancement, leveraging low-cost exploration techniques to deliver high-impact results.
- Pure uranium exposure to the Athabasca Basin through partnership with CanAlaska Uranium, fresh off discovery success at West McArthur.
- Early mover position in the Nordics ready to capitalise as Sweden reverses its uranium mining moratorium (effective Jan 1, 2026), unlocking access to Europe’s largest uranium endowment and elevating Nordic exploration upside.
- Exposure to uranium (supply shortfall + nuclear demand growth) and rare earths (critical to EVs and renewables, with limited global supply), both sectors positioned for sustained upside.
- Exploration leverage in globally ranked, mining-friendly jurisdictions Finland, Saskatchewan, Sweden, and Queensland minimizing geopolitical risk while maximizing discovery upside.
- Experienced Team: Leadership includes veterans of uranium discovery and development, with direct experience in Athabasca Basin and international uranium markets.
Key Projects
Strategic Global Uranium Exposure
Basin holds interests in three projects, in partnership with TSX-V CanAlaska within the heartland of the world class Athabasca Basin uranium district. The company’s primary focus here is on the Geikie project where early drilling has identified a significant alteration system with analogies to major basement hosted uranium deposits of the district such as Nexgen energy’s prolific Arrow discovery. The company is actively seeking partnerships for the Marshall and North Millennium projects, which are prospective for unconformity style mineralisation with walk up drill ready targets.
Canada - Athabasca Basin
Geikie Project
The Geikie Project spans 351 sq km on the eastern margin of the Athabasca Basin and benefits from excellent access, with Highway 905 just 10 km to the east.
This underexplored region is considered highly prospective for shallow, basement-hosted uranium mineralisation. Historically overlooked in past exploration campaigns, the area has seen renewed interest following recent basement-style uranium discoveries elsewhere in the district.
Project Highlights:
- Drilling Results & Exploration Potential
- Uranium intersected in 6 of 16 holes including 0.27 percent U₃O₈ over 0.5 m at Aero Lake and 263 ppm U₃O₈ over 9 m at Preston Creek
- Pathfinder elements (notably lead isotope anomalies) were identified in 10 of 16 holes
- Structural & Geological Highlights
- Large-scale structural corridors identified—capable of transporting and hosting high-grade uranium
- Extensive hydrothermal alteration confirms a robust, active fluid system
- Uranium assays validate the mineralised system
- Targeting & Exploration Potential: Multiple near-surface drill targets defined using geological data from 2023–2024 drilling and integrated airborne and ground geophysical datasets.
- High-resolution airborne gravity surveys have successfully mapped basement-hosted alteration systems, identified intense gravity lows aligned with structural corridors and enhanced targeting confidence on the outer edge of the Athabasca Basin.
In 2025, Basin Energy addedtwo new claims to the Geikie uranium project, consisting of 22.3 sq km, bringing the total project area to 373.1 sq km. Mineral claims MC00022218 and MC00022219 are contiguous to the Preston Creek prospect, where 2024 drilling outlined a large-scale hydrothermal system within a complex structural corridor with uranium anomalism.
Scandinavia - Sweden and Finland
Basin has secured 100 percent ownership of multiple reservations and licences across Sweden and Finland, prospective for uranium and critical green energy metals. This portfolio targets shear-hosted and intrusive-related mineralisation and consists of five exploration licenses within Sweden and five reservations in Finland. In 2025, Basin Energy announced theapproval for the Trollberget project application located in Northern Sweden, between the Björkberget and Rävaberget projects within the Arvidsjaur-Arjeplog uranium district. The project added 116 sq km of exploration land, increasing Basin Energy’s total holding to 219 sq km within this highly prospective uranium and green energy metals district.
Exploration Updates: Virka & Björkberget
- Structural Relogging Completed
- Detailed relogging of 48 historical drillholes completed across the Virka and Björkberget projects.
- Björkberget: Structural data now available for 28 priority holes; 137 samples submitted for multi-element analysis, with an additional 71 samples prepared for shipment.
- Virka: All historical core relogged; samples are awaiting shipment for lab preparation.
- Key mineralising structural trends identified in core, with associated alteration and mineral assemblages (pending results) to inform future drill targeting.
- High-Grade Surface Results Confirmed
Pulp re-analysis by fusion XRF of two surface samples initially above detection limits (>2.95 percent U₃O₈) confirmed exceptionally high uranium grades:- BJK004: >5.9 percent U₃O₈ from a granite boulder with visible yellow oxide staining at the base of an outcrop
- BJK008: 5.4 percent U₃O₈ from a rhyolitic/fine-grained granite boulder with visible mineralisation and yellow oxide staining
These results reinforce the high-grade uranium potential of Basin’s Scandinavian portfolio and will directly guide the next phase of drill targeting.
Management Team
Blake Steele - Non-executive Chairman
Blake Steele is an experienced metals and mining industry executive and director with extensive knowledge across public companies and capital markets. He was formerly president and chief executive officer of Azarga Uranium (Azarga), a US-focused integrated uranium exploration and development company. He led Azarga into an advanced stage multi- asset business, which was ultimately acquired by enCore Energy (TSXV:EU) for C$200 million in February 2022.
Pete Moorhouse - Managing Director
Pete Moorhouse has 18 years of mining and exploration geology experience with extensive experience in the junior uranium sector, having spent over 10 years with ASX-listed uranium explorer and developer Alligator Energy (ASX:AGE). He holds significant competencies in evaluating, exploring, resource drilling and feasibility studies across many global uranium and resource projects.
Cory Belyk - Non-executive Director
Cory Belyk holds 30 years’ experience in exploration and mining operations, project evaluation, business development and extensive global uranium experience most recently employed by Cameco in the Athabasca Basin. He was a member of the exploration management team that discovered Fox Lake & West McArthur uranium deposits. Currently CEO/VP of Canadian Athabasca uranium explorer and project generator, CanAlaska (TSXV:CVV).
Matthew O’Kane – Non-Executive Director
Matgthew O’Kane is an experienced executive and company director with over 25 years’ experience in the mining and mineral exploration, commodities, and automotive sectors. He has held senior leadership roles in Australia, Asia and North America, in both developed and emerging markets, from start-up companies through to multinational corporations. He has served on the Board of mining and mineral exploration companies in Canada, Hong Kong and Australia. He was a member of the Board of Azarga Uranium from 2013 until its sale to Encore Energy in February of 2022. He is currently a director of two ASX listed exploration and development companies.
Ben Donovan - Company Secretary
Ben Donovan has over 22 years of experience in the provision of corporate advisory and company secretary services. He holds extensive experience in ASX listing rules compliance and corporate governance and has served as a Senior Adviser to the ASX for nearly 3 years Currently CoSec to several ASX listed resource companies including M3 Mining (ASX:M3M), Magnetic Resources (ASX:MAU) and Legacy Iron Ore (ASX:LCY).
Odile Maufrais - Exploration Manager
Odile Maufrais is an exploration geologist with over 14 years of experience and has an extensive understanding of the uranium exploration and mining industry, having worked at ORANO, one of the largest global uranium producers, for 12 years on various assignments in Canada, Niger, and France. Maufrais has significant Athabasca Basin-specific experience, being involved in over 15 greenfield and brownfield uranium exploration projects located throughout the Basin. Her most recent roles for ORANO comprised leading various uranium exploration campaigns and being an active member of the ORANO research and development team, which involved working on trialing and implementing cost-effective and streamlined drilling techniques within the Athabasca Basin. She also played a key role in the update of the National Instrument 43-101 compliant mineral resource estimate for the Midwest Main and Midwest A deposits. Maufrais holds a Master of Science from Montpellier II University, France.
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29 August
Cameco, Kazatomprom Production Cuts Stoke Uranium Market Tightness
Shares of Cameco (TSX:CCO,NYSE:CCJ) were on the rise after the uranium major announced it is reducing its annual production guidance due to expansion delays at the McArthur mine in Saskatchewan, Canada.
Instead of the projected 18 million pounds of U3O8 the company was aiming for from its McArthur River joint venture with Orano, the revised output tally reduces 2025’s production total to between 14 million and 15 million pounds.
In January, Cameco warned that delays at McArthur River — including slower-than-expected ground freezing, development setbacks and labor constraints — could affect its 2025 production outlook.
“We have determined that we are unable to fully mitigate the expected impact of the delayed development and slower than anticipated ground freezing in the first half of 2025,” Cameco's statement notes.
Strong output from the Cigar Lake mine may help offset the McArthur River delays, the company said, adding that its diversified assets and risk management strategy position it to meet commitments and maintain long-term value.
In total, a strong performance at Cigar Lake could provide an additional 1 million pounds.
The uranium miner offered assurances that it will fulfill all delivery obligations with its customers.
“With favourable market prices for uranium today, we continue to have the option to buy in the spot market if it is advantageous for us to do so,” the company said, noting that it can source material through other means as well.
News of the shortfall sent shares of Cameco higher, with the company rising from C$105.91 on Thursday (August 28) to C$114 during after-trading hours. Values had pulled back to the C$105 range by midday on Friday (August 29).
Broader uranium market challenges
Cameco’s production cut is the second output reduction the sector has seen in as many weeks.
On August 22, Kazatomprom, Kazakhstan’s state-owned uranium producer, reported plans to lower output in 2026, saying that despite firm long-term prices, market conditions don’t support a return to full capacity.
In a corporate update, the company said its production will be about 10 percent lower compared to earlier targets, dropping from 32,777 metric tons of U3O8 to 29,697 metric tons. The reduction, equal to roughly 8 million pounds, or 5 percent of global supply, will largely stem from changes at its Budenovskoye joint venture.
After spiking to triple-digit levels unseen in more than a decade in early 2024, the spot price has been under pressure, falling as low as US$63.36 in March of this year. However, prices have steadily grown since then, reaching a second quarter high of US$79.01 on June 30 and currently holding at the US$75 mark. Kazatomprom notes that while the spot price remains volatile, the long-term uranium price has held steady at around US$80.
The company plans to exercise its option to operate within a 20 percent deviation of its 2026 subsoil use production levels, with formal guidance to come later. The sector major also also reported stable sulfuric acid supply for 2026, easing concerns after last year’s shortages forced a sharp output downgrade. However, its new acid plant won’t be ready until at least 2026, and higher mineral extraction taxes are expected to weigh on costs.
The updates came alongside half-year results showing that net profit was down 54 percent to 263.2 billion tenge (US$489.5 million), while revenue was off 6 percent at 660.2 billion tenge, largely on weaker sales volumes.
Despite lower near-term output, Kazatomprom said it remains committed to exploration in order to replenish its reserves and maintain its dominance as the world’s top uranium supplier.
Beyond market headwinds, the company highlighted Kazakhstan’s nuclear ambitions, with proposals for three domestic reactors that would require about 1.04 million pounds of uranium each year.
Uranium supply shortage unavoidable?
With tightening margins between uranium demand and global mine supply, these latest announcements are likely to impact market sentiment and could push prices higher.
Taking to X, formerly known as Twitter, Uranium Insider's Justin Huhn posted an ominous message:
You don’t have to know exactly what will disrupt this market, only that the conditions are there for disruption
— Uranium Insider (@uraniuminsider) August 28, 2025
According to the World Nuclear Association, mine supply currently accounts for 90 percent of uranium demand, with the other 10 percent being fulfilled through secondary supply sources.
However, secondary supply is declining and mine supply has not grown to account for the discrepancy. This is likely to be further compounded by the addition of 70 new nuclear reactors that are currently in the construction phase.
Coupled with heightening energy demands from the artificial intelligence sector, analysts at FocusEconomics are projecting a higher spot price environment moving forward.
“The Consensus among our panelists is for uranium prices to remain well above the levels that prevailed in the 2010s for the rest of this decade, with prices forecast to hover between US$65 and US$80 per pound,” the firm wrote in an email. “That said, panelists don’t see a return to the highs of 2024, a period when the spot price likely got ahead of underlying market fundamentals due to investor exuberance.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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28 August
North Shore Closes $1.4 Million Non-brokered Private Placement & Enters Into Rio Puerco Option Agreement
North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to announce that it has closed the non-brokered private placement as previously announced on August 7, 2025 (the "Offering"), through the issuance of 24,055,000 non-flow-through units (the "NFT Units") at a purchase price of $0.05 per NFT Unit and 3,034,922 flow-through units (the "FT Units") at a purchase price of $0.065 per FT Unit for total aggregate gross proceeds of $1,400,020.
The Company also announces it has entered into a definitive option agreement (the "Option Agreement") with Resurrection Mining LLC ("Resurrection"), an arm's length party, to acquire up to 87.5% of the Rio Puerco uranium project ("Rio Puerco" or the "Project") located in northwestern New Mexico (the "Transaction"). The signing of a binding term sheet (the "Term Sheet") was announced on June 24, 2025.
Brooke Clements, President and CEO of North Shore stated: "This is a very exciting milestone for North Shore. The private placement was significantly oversubscribed and we would like to thank our existing shareholders and new shareholders for their support. The Rio Puerco project in New Mexico hosts a significant historical uranium resource and offers us exposure to a uranium project in the USA with excellent upside, at a time when the US government is increasing its support for the nuclear power and uranium mining sectors. The Company plans to work towards confirming and expanding upon previous work at Rio Puerco while further assessing the potential for in-situ uranium recovery. North Shore now has uranium exposure in two North American jurisdictions that have seen significant uranium production, the Grants Uranium District in New Mexico and the Athabasca Basin in Saskatchewan, at a time when the world is moving to increase its reliance on nuclear power."
$1.4 Million Private Placement
Each NFT Unit consists of one non-flow-through common share and one-half of one share purchase warrant (each whole share purchase warrant, a "Warrant"). Each FT Unit consists of one flow-through common share and one-half of one Warrant. Each Warrant entitles the holder to purchase one non-flow through common share (each a "Warrant Share") at a price of $0.10 per Warrant Share for a period of two years from the date of closing the Offering.
The net proceeds of the Offering will be used to complete the Transaction, exploration of the Project, continued exploration of the Company's Saskatchewan uranium properties, the costs of the Offering and for general working capital.
In connection with the Offering, the Company paid cash finder's fees of $13,500 and issued 228,462 non-transferable finder's warrants to certain arm's length finders. The non-transferable finder's warrant is exercisable to acquire one common share of the Company at a price of $0.10 per share for a period of two years from the date of closing the Offering.
All securities issued in connection with the Offering are subject to a four-month and one-day hold period from the date of closing the Offering. The Offering is subject to the final approval of the TSX Venture Exchange (the "Exchange").
The completion of the Offering satisfied a closing requirement of the Transaction which required the Company to complete a financing raising a minimum of $750,000.
Insider Participation
Brooke Clements, Director, President and CEO of the Company, James Arthur, a Director of the Company, and Doris Meyer, a Director of the Company, participated in the Offering. These purchases constitute as related party transactions pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). There has not been a material change in the percentage of the outstanding securities of the Company that are individually or beneficially owned by Messrs. Clements or Arthur, or Ms. Meyer as a result of their participation in the Offering. The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation of the insiders in the Offering in reliance of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the insider participation does not exceed 25% of the Company's market capitalization as determined in accordance with MI 61-101.
The Company obtained approval by the board of directors of the Company of the Offering, with Messrs. Clements and Arthur, and Ms. Meyer declaring and abstaining from voting on the resolutions approving the Offering with respect to their participation in the Offering. No materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.
Rio Puerco Option Agreement
Upon closing of the Offering, and thereby satisfying the financing requirement of the Transaction, the Company entered into the Option Agreement with Resurrection to acquire up to 87.5% of the Project. The terms of the Option Agreement are substantively the same as the terms of the Term Sheet which was announced on June 24, 2025.
Pursuant to the Option Agreement, the Company paid Resurrection a cash payment of $125,000 and issued Resurrection 7,483,000 common shares in the capital of the Company (the "Common Shares") at a deemed issue price of $0.05, so that Resurrection holds 9.99% of the Common Shares post-Offering, satisfying the Company's Milestone 1 obligations. The 7,483,000 Common Shares issued will bear a legend restricting trading for a period of two years from the date of issuance.
The remaining milestones and key terms of the Option Agreement are as follows:
- Milestone 2, to earn a 40% interest in the Project: on or before 18 months after completion of the Transaction, a $250,000 payment in cash or Common Shares, at the option of North Shore, and $750,000 in exploration expenditures.
- Milestone 3, to earn an aggregate 65% interest in the Project: on or before 36 months after completion of the Transaction, a $375,000 payment in cash or Common Shares, at the option of North Shore, and $1,000,000 in additional exploration expenditures.
- Milestone 4, to earn an aggregate 87.5% interest in the Project: on or before 60 months after completion of the Transaction, a $500,000 payment in cash or Common Shares, at the option of North Shore, and $1,500,000 in additional exploration expenditures.
- North Shore may elect to not continue to sole-fund exploration expenditures at any time after earning a 40% interest in Rio Puerco at which time North Shore and Resurrection will enter into a joint venture agreement to govern the funding of Rio Puerco on a proportional basis.
- Carried interest: On completion of Milestone 4, North Shore will provide Resurrection with a 12.5% free-carried interest in the Project through completion of an NI 43-101-compliant Preliminary Economic Assessment at which time Resurrection can elect to form a participating joint venture or convert their interest into a 1.0% net smelter returns royalty. North Shore will be granted a right of first refusal on Resurrection's 12.5% interest.
- Bonus payments: For the 78-month period after completion of the Transaction, North Shore will pay Resurrection $100,000 or issue Common Shares of the same value as a bonus (the "Bonus Payment") for each million lbs. of uranium estimated in current resources defined by the Company above 5 million and up to 20 million lbs. in accordance with NI 43-101 standards, if and when such resources are defined.
- Other terms: Resurrection shall have a participation right to maintain its 9.99% interest in the Common Shares of North Shore for 5 years from completion of the Transaction and the right, but not the obligation, to appoint one nominee to the North Shore Board of Directors. All share issuances will be subject to Canadian and US securities law and will be priced in accordance with Exchange policies.
The Transaction constituted an "Expedited Acquisition" in accordance with Exchange policies. All Common Shares issued and issuable under the Option Agreement will be issued with a restrictive period of four months and one day. The minimum deemed share price of any Common Share issuance is $0.05 and will be priced in accordance with the Exchange policies. There were no finder's fees payable in connection with the Option Agreement.
Technical disclosure on the Property can be found in the Company's news release dated June 24, 2025.
Caution to US Investors
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.
ABOUT NORTH SHORE
The nuclear power industry is in growth mode as more nuclear power will be required to meet the world's ambitious CO2 emission-reduction goals and the needs of new power-intensive technologies like AI. In this environment, new discoveries of economic uranium deposits will be very valuable, especially in established uranium-producing jurisdictions like Saskatchewan and New Mexico. North Shore is well-positioned to become a major force in exploration for economic uranium deposits. The Company is working to achieve this goal by exploring its Falcon and West Bear properties at the eastern margin of the Athabasca Basin in Saskatchewan, expanding its exploration efforts to include the Grants Uranium District in New Mexico and by evaluating other quality opportunities in the United States and Canada to complement its portfolio of uranium properties. North Shore summarized its exploration efforts at its Falcon property in the Company's May 27, 2025 news release. For more information about the Rio Puerco property, see the Company's June 24, 2025 news release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "project", "appear", "interpret", "coincident", "potential", "confirm", "suggest", "evaluate", "encourage", "likely", "anomaly", "continuous" and variations of these words as well as other similar words or statements that certain events or conditions "could", "may", "should", "would" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the highly speculative nature of the Property given the early-stage nature of Rio Puerco; the ability of the Company to meet the Milestones; the ability of the Company to acquire up to 87.5% of the Project; the creation of a joint venture between the Company and Resurrection; the Bonus Payment to Resurrection; the actual results of current and planned exploration activities including the potential for the definition of a mineral deposit of potential economic value at the Company's Falcon property in Saskatchewan and Rio Puerco in New Mexico; that drilling results, geophysical survey results and/or interpretations thereof define potentially mineralized corridors; results from future exploration programs including drilling; interpretation and meaning of completed and future geophysical surveys; conclusions of future economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in grades of mineralization and/or future actual recovery rates; accidents, labour disputes and other risks of the mining industry; the availability of sufficient funding on terms acceptable to the Company to complete the planned work programs; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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27 August
AuKing Mining
Investor Insight
AuKing Mining is advancing the Cloncurry Gold Project in Queensland, with near-term production potential supported by a large land package with multiple drill targets already defined and its right to acquire 50 percent of Orion Resources through a AU$5 million earn-in. Backed by diversified copper, uranium, and critical metals assets, plus strategic partnerships, the company is positioning itself as a growth-focused, emerging mid-tier producer.
Overview
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of assets focused primarily on gold, but also uranium, copper, and critical minerals, across Australia, Tanzania, and Canada. The company aims to become a mid-tier producer through the acquisition and development of near-term production assets.
In February 2025, AuKing Mining entered into a strategic agreement with Gage Resources, an Australian subsidiary of Beijing-based Gage Capital Management. The agreement includes a $300,000 investment by Gage, resulting in a 10 percent stake in AuKing, and the sale of two non-core prospecting licenses in Tanzania to Gage for an additional $300,000. This partnership is expected to enhance AuKing's financial position and support its ongoing exploration and development activities.Aerial Image of Mt Freda Open Pit & Exploration Land Package
AuKing Mining further reported a major step forward for the Cloncurry Gold Project, with its partner Orion Resources signing a non-binding term sheet for US$5 million in project financing from a long-established North American lender. The facility, if completed, will support the acquisition of Cloncurry assets, feasibility and development work at the Tick Hill JV, mining at Mt Freda, and processing at the Lorena plant. This is a key milestone as it retains the right to acquire 50 percent of Orion by investing AU$5 million before June 2027, positioning the company to benefit directly from the restart of gold production and the advancement of multiple near-term development opportunities.
Company Highlights
- AuKing Mining is an exploration and development company with its primary focus being the Cloncurry Gold Project in north Queensland.
- The company also holds a diverse portfolio of exploration assets in Western Australia (Koongie Park), Tanzania (Mkuju), Canada (Myoff Creek in British Columbia and Grand Codroy in Newfoundland).
- Strategic Acquisitions and Partnerships:
- Entered an earn-in agreement to acquire a 50 percent interest in the Cloncurry Gold project.
- Entered a joint venture in February 2025 with ASX-listed Cobalt Blue Holdings (CBH) whereby CBH can earn up to a 75 percent interest in the Koongie Park project in Western Australia.
- Formed a strategic partnership with a large Beijing-based resources fund, Gage Capital, in February 2025.
- AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.
Key Projects
Cloncurry Gold Project (Queensland, Australia)
In November 2024, AuKing Mining entered into an earn-in agreement with Orion Resources for the Cloncurry gold project in northern Queensland. This agreement allows AuKing to increase its stake in the project to 50 percent by investing AU$5 million in project funding by June 2027.
Orion’s Cloncurry Project interests, including the Mt Freda/Golden Mill mining leases. [Note the nearby Wynberg and Wallace/Wallace South gold projects are not assets being acquired by Orion]
A key component of this project is the Tick Hill Gold Joint Venture, involving AuKing, Orion Resources, and Tick Hill Mining, the current owner of the Tick Hill gold mine. The JV aims to establish a processing operation at Tick Hill, focusing initially on reprocessing the existing tailings stockpiles. A pre-feasibility study completed in 2020 outlined a processing capacity of 474,200 tonnes at 2 g/t gold over 13 months, yielding approximately 27,300 ounces of gold at an all-in sustaining cost (AISC) of AU$1,493 per ounce.
In March 2025, the JV partners signed a memorandum of understanding (MoU) to assess the viability of processing Tick Hill's tailings and other ore materials at the Lorena processing plant, located 15 km east of Cloncurry. This initiative aims to expedite the re-commencement of gold production in the region.
The JV also plans to evaluate the feasibility of reopening the historical open pit mine at Tick Hill, with the goal of extending the project's life and enhancing gold production. An independent preliminary economic assessment has concluded that the proposed tailings retreatment plan is both technically and financially viable, recommending progression to a final feasibility study.
Through these strategic initiatives, AuKing Mining is actively advancing the Cloncurry gold project, aiming to unlock significant value and establish a sustainable gold production operation in the Cloncurry region.
The Mt Freda Complex, covering an area of no more than 6 sq kms, looking from north-west to the south-east, 30 kms south of the Lorena plant.
The Mt Freda Mining Complex is a key element in the proposed restart of mining operations at the Cloncurry Gold Project in northern Queensland. A comprehensive drilling program, consisting of an estimated 10,000 meters of combined diamond and reverse circulation (RC) drilling, is planned at Mt Freda to support the project’s development.
Myoff Creek
The Myoff Creek project, located in southeastern British Columbia, is a 100 percent-owned niobium and REE exploration asset held by AuKing Mining. It covers approximately 800 hectares across eight mineral claims. Historical work identified significant near-surface carbonatite mineralization spanning about 1.4 km by 0.4 km, with impressive intercepts of 0.93 percent niobium (Nb) and 2.06 percent total rare earth oxides (TREO). The zone remains open both at depth and laterally, and elevated niobium and cerium have been detected in rock chips nearly 2 km from the known mineralization, hinting at substantial upside. Positioned within a well-known mining region and easily accessible via established roads, the project is now primed for modern exploration, starting with a helicopter-borne aeromagnetic and radiometric survey to pinpoint new targets for drilling.
Project Highlights
- Full Ownership: AuKing holds a 100 percent stake in the Myoff Creek project—covering ~800 hectares across eight contiguous claims.
- Strong Historical Mineralization: Near-surface carbonatite zone (~1.4 km × 0.4 km) with high-grade intercepts: 0.93 percent Nb and 2.06 percent TREO.
- Open Mineralization: Zones remain open at depth and along strike; rock chips ~2 km from drilled area show elevated Nb and Ce.
- Strategic Location: Situated in a mining-friendly region, close to major operations like Highland Valley and Copper Mountain Mines
- Good Access: The site benefits from well-maintained infrastructure and road networks
- Current Exploration Underway: A helicopter-borne aeromagnetic and radiometric survey (covering 70 line-km over the tenure, potentially expanding to 7 km strike) is planned to define new drill targets
- High Potential Upside: Thick, low-impurity carbonatites (up to 200 m thick) in a critical mineral belt provide a compelling foundation for resource expansion
Halls Creek Project (Koongie Park Copper-Zinc Project - Western Australia)
The Halls Creek project, also known as the Koongie Park Project, is located 25 km southwest of Halls Creek in Western Australia’s highly mineralized Halls Creek Mobile Belt. It hosts three significant deposits—Onedin, Sandiego, and Emull—with established resources in copper, zinc, gold, silver, and lead. Backed by a 2025 earn-in agreement with Cobalt Blue (ASX:COB), which can acquire up to 75 percent of the project, Halls Creek offers strong development economics, value-engineering upside, and exploration growth potential in one of Australia’s most prospective mining regions.
Project Highlights
- Strategic location in WA’s Halls Creek Mobile Belt, near Savannah, Copernicus and Nicolsons operations.
- Key Deposits:
- Onedin – 4.8 Mt Cu-Zn-Au-Ag-Pb resource; silver credits identified as potential economic enhancer.
- Sandiego – 4.1 Mt Cu-Zn-Au-Ag-Pb resource; scoping study (2023) shows 11-year mine life, 750 ktpa throughput, $135 million capex, $177 million pre-tax NPV, and 40 percent IRR.
- Emull – 12.2 Mt Cu-Zn-Pb-Ag maiden resource with significant expansion potential.
- Value-Engineering Upside: Cobalt Blue’s review highlights cobalt inclusion at Sandiego and a centralized processing hub concept to improve margins, extend mine life, and reduce capital intensity.
- Exploration Growth: New targets such as Sandiego North show strong copper anomalies and early drill success, offering resource growth potential.
- Earn-in Partnership: Agreement with Cobalt Blue allows it to earn up to 75 percent interest, bringing technical and financial capability to fast-track development.
Mkuju Uranium Project (Tanzania)
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a 11,000 m drilling program.
Management Team
Peter Tighe – Non-executive Chairman
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Paul Williams – Managing Director
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
Mark Fisher – Non-executive Director
Mark Fisher is a seasoned resources executive with more than 35 years of global experience in the mining industry. His expertise spans strategic business planning, feasibility, project management, mine engineering, and operational leadership. Fisher has a proven record of delivering profitable and sustainable outcomes that enhance shareholder value, even in complex operating environments. He held senior leadership roles with Placer Dome and Barrick Gold Corporation, including president of Barrick’s Global Copper division. In that role, he led the development strategy for a portfolio of major copper assets across South America, Africa, the Middle East, and Asia.
Dr Kylie Prendergast – Non-executive Director
Dr Kylie Prendergast is a geologist and technical leader with over 25 years’ international experience in exploration, project evaluation, and commercial management across multiple jurisdictions. She is currently a non-executive director of Helix Resources and has held senior leadership roles including managing director of Felix Gold and Mining Associates, GM exploration and business development at Mawarid Mining (Oman), and senior positions with Batu Mining (Mongolia), Gold Fields, BHP Billiton, Ivanhoe Mines, and North Limited. She brings a strong track record of advancing exploration assets and creating value through both technical expertise and strategic leadership.
Nick Harding – Non-Executive Director
Nick Harding is an FCPA with over 35 years’ experience in finance, corporate governance, and company administration across the resources and agribusiness sectors. For the past 16 years, he has acted as executive director, CFO, and company secretary for multiple ASX-listed junior explorers, guiding several from early-stage exploration through to development and production. Earlier in his career, Nick held senior finance roles with WMC Resources, Normandy Mining/Newmont Australia, and Beach Energy, gaining broad exposure across gold, copper, nickel, uranium, industrial minerals, and oil and gas.
Lincoln Ho - Non-executive Director
Lincoln Ho brings over eight years of ASX-listed directorship experience, with a strong background in corporate strategy, mining exploration, and administration across both Australian and international jurisdictions. He has played a key role in guiding companies through transactions in local and overseas markets, working closely with corporate financiers in the emerging companies space. He is currently a non-executive director of Askari Metals and has previously served on the boards of Aldoro Resources, Redcastle Resources, and Red Mountain Mining.
Chris Bittar – Exploration Manager
Chris Bittar is an experienced geologist with a strong background in advancing projects from greenfield exploration through to mine-ready feasibility studies. He most recently served as senior project geologist at Pantoro Limited’s Norseman Project, overseeing near-mine exploration and resource development programs as part of the Definitive Feasibility Study. Prior to that, he held senior geology roles with Millennium Minerals (Nullagine Gold Project) and Pilbara Minerals (Pilgangoora Lithium Project), as well as exploration roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project). His expertise includes managing drilling campaigns, geological interpretation, data management, and project reporting. Throughout his career, Bittar has maintained a strong commitment to workplace safety and best practice standards.
Paul Marshall – Chief Financial Officer and Company Secretary
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies, mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
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27 August
Acquires Extensive Uranium and Rare Earth Portfolio
25 August
Kazatomprom Cuts 2026 Uranium Output as Market Tightens, Demand Seen Rising
Kazatomprom, Kazakhstan’s state-owned uranium giant, said it will scale back production in 2026, noting that current supply and demand dynamics do not justify a return to full capacity even as long-term prices hold firm.
The company, which accounts for more than one-fifth of the world’s primary uranium output, said in an August 22 release that it expects to lower production by roughly 10 percent next year compared to earlier targets.
It will reduce its nominal output level from 32,777 metric tons of U3O8 to 29,697 metric tons.
That equates to a drop of around 8 million pounds of uranium, or about 5 percent of global supply. Most of the reduction will come from adjustments at Kazatomprom's Budenovskoye joint venture.
“As the world’s largest producer and seller of natural uranium, Kazatomprom fully recognises the critical role the Company has in supporting the global energy transition,” Chief Executive Meirzhan Yussupov commented.
Kazatomprom said the present environment does not warrant lifting production to the 100 percent level. The long-term uranium price is currently stable at around US$80 per pound, despite volatility in the spot market.
Instead, the company said it plans to “exercise its downflex opportunity within the acceptable 20 percent deviation under the updated 2026 Subsoil Use production levels.” Actual guidance for the 2026 output will be released later.
The company further added that supplies of sulfuric acid, a critical reagent for the in-situ recovery mining method used across its operations, are expected to be stable in 2026.
Kazatomprom also pointed to Kazakhstan’s own nuclear energy ambitions. The government has floated plans for three nuclear power plants, each of which would require about 400 metric tons (1.04 million pounds) of uranium annually.
The company's updates came as part of its half-year results. Kazatomprom reported a 54 percent fall in net profit to 263.2 billion Kazakhstani tenge (around US$489.5 million) in the first six months of 2025, compared with the same period a year earlier. Revenue slipped 6 percent to 660.2 billion tenge due to lower sales volumes.
In August 2024, the company cut its 2025 uranium output forecast by 12 to 17 percent amid a sulfuric acid shortage.
Its new acid plant won’t be ready until at least 2026, while higher mineral extraction taxes, which commenced earlier this year, are set to raise costs and erode its traditional competitive edge. But even as it trims output targets, Kazatomprom stressed that it is pushing ahead with large-scale exploration programs across Kazakhstan. The initiatives are aimed at replenishing reserves and safeguarding the company’s status as the leading global supplier of nuclear fuel.
“Kazatomprom is currently undertaking a large-scale exploration in Kazakhstan, which is a top priority for replenishing its resource base and maintaining its leading position as a global nuclear fuel supplier,” Yussupov said.
Potential uranium market deficit ahead
Although Kazatomprom has seen a decline in profits, uranium sector major Cameco (TSX:CCO,NYSE:CCJ) registered growth in Q2 of this year, and is anticipating a broad uptick in global demand.
“We believe that supportive government policies, the tangible actions of energy-intensive industries, and positive public conversations are all pointing to a global convergence: nuclear energy is a critical solution for providing clean, constant, secure and reliable power to electrify global economies," wrote President and CEO Tim Gitzel in July.
Given uranium's key role in clean energy, FocusEconomics analysts are forecasting that prices will stay well above 2010 levels through the decade, with price sprojected in the US$65 to US$80 range.
The World Nuclear Association (WNA) projects that uranium demand will rise 28 percent by 2030, outpacing an 18 percent supply increase, driven by emerging market growth, artificial intelligence-related power needs, modular reactor adoption and energy security concerns. Primary uranium production from mines, conversion plants and enrichment plants meets most global reactor demand, with secondary supply helping bridge short-term gaps.
"However, secondary supply is projected to have a gradually diminishing role in the world market, decreasing from the current level in supplying 11-14 percent of reactor uranium requirements to 4-11 percent in 2050," the WNA states.
Despite the looming shortfall in the uranium sector, FocusEconomics analysts don’t anticipate a return to 2024’s highs, when prices overshot fundamentals amid investor exuberance.
“Supply/demand dynamics are supportive of higher uranium prices: We forecast a structural supply deficit of ~20 million pounds in 2025 to grow to ~130 million pounds by 2040, or representing 40 percent-45 percent undersupply," the firm states. "This view is supported by increasing demand for uranium as the global nuclear fleet expands to support growing power needs amid a lack of meaningful potential supply to come online.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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