"We invite all stakeholders to join us in our upcoming November 1, 2024, earnings call, details of which are below, to learn more about these exciting achievements."
Q3-2024 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
Capitalizing on Strong Uranium Pricing:
Rare Earth Element Production Milestones:
Heavy Mineral Sands:
Vanadium Highlights:
Medical Isotope Highlights:
Mr. Chalmers continued:
"During the quarter, we achieved numerous additional milestones to bring the Energy Fuels' vision to fruition for our innovative, low-cost, U.S.-centered critical mineral supply chain. As previously announced, shortly after the close of the quarter, we successfully completed our acquisition of Base Resources. This is a major piece of our strategic puzzle, bringing to the Company the Base Resources management and operations team and the world-class Toliara Project in Madagascar, which is considered by industry experts to be one of the best HMS projects in the world. With the Toliara Project, our joint venture on the Donald Project in Australia, and our 100% ownership of the Bahia Project, we have secured a leading position in the titanium and zirconium mineral industry, in addition to a low-cost source of REE feedstock that will be processed in the United States.
"These developments have the potential to transform Energy Fuels into a world leader in titanium, zirconium, and rare earth elements production, while maintaining our position as a U.S. leader in uranium and vanadium production. All these materials are critical to the global energy transition and to our vision of creating a leading diversified critical minerals company."
Conference Call and Webcast at 10:00 AM MT (12:00 pm ET) on November 1, 2024:
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
To view the webcast online:
Audience URL: https://app.webinar.net/5kM3dkJ6D4A
Conference Replay
The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar, on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.
Selected Summary Financial Information:
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, HMS, vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its heavy mineral sands operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates or quantities of production; any expectation as to costs of production or gross profits or gross margins; any expectation as to future sales or sales prices; any expectation that the Company will be profitable; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation with respect to the Company's planned exploration programs; any expectation that the Company will achieve its business objective of becoming a long-term, profitable U.S. critical minerals company; any expectation that Energy Fuels will be successful in expanding its U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise, including the timing of any facilities or other initiatives and the expected production capacity associated with any such production capabilities; any expectation that the Mill's REE products will meet commercial expectations or result in commercial offtake agreements; any expectation that the Company will update the Mill PFS to increase throughput of the planned Phase 2 separation circuit; any expectation that the Company's planned Phase 2 separation facility will complete engineering design and will receive all required permits and licenses on a timely basis or at all; any expectation that the Company is well-stocked to capture market opportunities; any expectation that the Bahia Project, Donald Project and/or Toliara Project will be low-cost sources of monazite feed for the Mill and/or also potentially produce significant standalone cashflow from the sale of ilmenite, rutile, zircon and other minerals; any expectation as to the exploration program to be conducted at the Bahia Project during 2024; any expectation that the Company will complete an S-K 1300 and NI 43-101 compliant mineral resource estimate for the Bahia Project during 2024, or otherwise; any expectation that a FID will be made on the Donald Project or that the Company will earn its full 49% interest in the Donald JV; any expectation that any production at the Bahia Project, Donald Project and/or Toliara Project or Mill will be world or globally competitive; any expectation that the Base Resources team will continue to have a successful track-record of designing, constructing, and profitably operating any of the Company's HMS projects; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara Project; any expectation that the current suspension relating to the Toliara Project will be lifted in the near future or at all; any expectation that the additional permits for the recovery of Monazite at the Toliara Project will be acquired on a timely basis or at all; any expectation that the Toliara Project will become a world-class HMS project; any expectation about the long-term opportunity in REEs; any expectation that the Company will be globally competitive in its markets; any expectation that the Company will complete engineering on its R&D pilot facility for the production of Ra-226 at the Mill, will set up the first stage of the pilot facility, and produce R&D quantities of Ra-226 at the Mill for testing by end-users of the product or at all; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; any expectation that the Company will be successful in completing any additional contracts for the sale of uranium to U.S. utilities on commercially reasonable terms or at all; and any expectation as to future uranium, vanadium, HMS or REE prices or market conditions. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Government of Madagascar to agree on fiscal terms for the Toliara Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara Project to be lifted on a timely basis or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Toliara Project; the failure of the Company to provide or obtain the necessary financing required to develop the Toliara Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
1 The information relating to the Donald Project's estimated monazite production is based on the Donald DFS prepared on June 27, 2023. This study constituted a "Feasibility Study" for the purposes of JORC, and the Ore Reserves underpinning this study were estimated in accordance with JORC. The results from this study may not be comparable to (as the case may be) data or estimates under either NI 43-101 or S-K 1300– see disclosure under "Technical Information."
Conference Call and Webcast at 10:00 AM MT on Friday November 1, 2024
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), an industry leader in the U.S. production of uranium and rare earth elements (" REE "), will hold a conference call on Friday, November 1 2024, at 10:00 AM Mountain Time to discuss its financial results for the third quarter ended September 30, 2024.
Financial results will be issued in a press release prior to the call.
Energy Fuels's management will host the conference call, followed by a question-and-answer session.
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
To view the webcast online:
Audience URL: https://app.webinar.net/5kM3dkJ6D4A
Conference Replay
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, HMS (titanium and zirconium minerals), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy, and owns and operates several conventional and in situ recovery uranium projects in the western United States . The Company also owns the White Mesa Mill in Utah , which is the only fully licensed and operating conventional uranium processing facility in the United States . At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar , the Bahia Project in Brazil , and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado , near Denver , with its heavy mineral sands operations managed from Perth, Australia . For more information on all we do, please visit http://www.energyfuels.com .
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SOURCE Energy Fuels Inc.
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Conference Call at 9:00 AM (Eastern) on Monday, October 7, 2024
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), an industry leader in the U.S. production of uranium and rare earth elements (" REE "), will hold a conference call on Monday, October 7, 2024 at 9:00 AM Eastern Time to discuss its recently completed acquisition of Base Resources Limited.
Details of the acquisition were distributed in a previous press release available on the company's website on the investor section .
Energy Fuels' President and CEO, Mark Chalmers and Managing Director Base Resources Tim Carstens, will host the conference call, followed by a question-and-answer session.
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
To view the webcast online:
Audience URL: https://app.webinar.net/MdbnyLZJk7L
Conference Replay
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, HMS, vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy, and owns and operates several conventional and in situ recovery uranium projects in the western United States . The Company also owns the White Mesa Mill in Utah , which is the only fully licensed and operating conventional uranium processing facility in the United States . At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar , the Bahia Project in Brazil , and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado , near Denver , with its heavy mineral sands operations managed from Perth, Australia . For more information on all we do, please visit http://www.energyfuels.com .
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SOURCE Energy Fuels Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2024/04/c6599.html
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HIGHLIGHTS
The Company’s geology team is already established on site with the impending initial diamond drilling program commencing shortly at its Ulytau tenement (#1860-EL) and will simultaneously commence airborne geophysics programs on Ulytau and the southern tenement (#2786-EL). Refer Figure 1 for Ulytau Uranium Project Tenement locations and geophysical survey flight lines.
The Category 4 approval has been granted in rapid time and once again demonstrates the efficiency of the Kazakhstan regulators and the respected relationship that C29 Metals has established at all levels of government and regulators.
The Company anticipates that the drilling contractor will commence mobilisation to site for the initial diamond drilling program at the Ulytau tenement by the end of this week.
Exploration activities on the Company’s northern tenement (#2826-EL) are scheduled for Q1 of CY2025.
C29 Metals Managing Director, Mr Shannon Green, commented:
“It is very exciting to have the Category four (4) exploration approval granted enabling our geology team to immediately commence both boots on ground and airborne field works. This once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying”.
Airborne Geophysical survey
The airborne geophysical survey is a helicopter borne electromagnetic survey over EL1860 and EL2786. Refer Figure 1 for Ulytau Uranium Project Tenement locations and geophysical survey flight lines.
Figure 1 - Ulytau project tenement locations & geophysical survey flight lines
The survey will acquire electromagnetics, magnetics and radiometrics. Modern advancements in processing of electromagnetic surveys allow a much more sophisticated interpretation. To this end, Intrepid geophysics based in Melbourne, Victoria have been engaged to oversee survey design and processing. The processing will be completed using the proprietary “Moksha” 2.5D inversion technique detailed In Paterson, 2021 “2.5D Airborne Electromagnetic inversion: A review of the benefits of moving to a higher dimension”.
Click here for the full ASX Release
This article includes content from C29 Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
All amounts in Canadian dollars unless specified otherwise
Cameco( TSX: CCO; NYSE: CCJ) reported today that it filed a technical report for the Inkai operation on a voluntary basis under National Instrument 43-101 Standards of Disclosure of Mineral Projects ("NI 43-101"). The technical report is being filed to provide updated information relating to the Inkai operation and not as a result of a requirement under NI 43-101. The technical report has been posted on our website and SEDAR+ at www.sedarplus.ca and on EDGAR on the SEC website at www.sec.gov . Our website, SEDAR+ and EDGAR are not part of this press release and are not incorporated by reference herein. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions therein.
Additionally, Cameco filed a short form base shelf prospectus dated November 12, 2024 (the "Base Shelf Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada, and a corresponding shelf registration statement on Form F-10 with the United States Securities and Exchange Commission under the Multijurisdictional Disclosure System (File No. 333-283140) (the "U.S. Registration Statement"). These filings allow Cameco to make offerings of common shares, preferred shares, warrants, subscription receipts, debt securities and units or any combination thereof, having an aggregate offering price of up to $2 billion (US) (or its equivalent in another currency) during the next 25 months in Canada and the United States. The specific terms of any offering of securities will be set forth in a shelf prospectus supplement.
In addition, Cameco has entered into an equity distribution agreement (the "Distribution Agreement") dated November 12, 2024 with TD Securities Inc., CIBC World Markets Inc. and Scotia Capital Inc., as Canadian agents, and TD Securities (USA) LLC, CIBC World Markets Corp. and Scotia Capital (USA) Inc., as U.S. agents, to establish an at-the-market equity program (the "ATM Program") that allows Cameco to issue, at its discretion, up to $500 million (US) (or its Canadian dollar equivalent) of common shares from treasury to the public from time to time. The ATM Program is established pursuant to a prospectus supplement to the Base Shelf Prospectus (the "Canadian ATM Supplement"), and a corresponding prospectus supplement to the U.S. Registration Statement (the "U.S. ATM Supplement"). The ATM Program will be effective until December 12, 2026, unless fully utilized or terminated before such date in accordance with the terms of the Distribution Agreement.
Subject to the terms of the Distribution Agreement, the volume and timing of distributions under the ATM Program, if any, will be determined at Cameco's sole discretion. As common shares sold in the ATM Program will be distributed at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of the distribution. Any common shares sold in the ATM Program will be sold in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 - Shelf Distributions, through the Toronto Stock Exchange, the NYSE or by any other method permitted by law, at the prevailing market price at the time of sale.
Net proceeds of the ATM Program, if any, are expected to fund development opportunities, future acquisitions, repayment of indebtedness, and/or other general corporate purposes.
"Today, our balance sheet is strong, and with the return to our tier-one production run rate and cost basis, we expect continued strong cash flow generation," said Grant Isaac, Cameco's Executive Vice-President and CFO. "And, we are adding to the tools we have available to fund future capital requirements, which include our operating cash flow, our existing credit facilities, new credit facilities, and additional capital raised through debt or equity financings. We believe having all these financial tools in place is prudent, providing us with added flexibility to support our strategy and to self-manage risk into the future."
Cameco has filed the Base Shelf Prospectus and the Canadian ATM Supplement with the securities regulatory authorities in each of the provinces and territories of Canada, and has filed the U.S. Registration Statement and the U.S. ATM Supplement with the United States Securities and Exchange Commission (the "SEC"). Before you invest, you should read these documents and other documents Cameco has filed with the securities regulatory authorities in each of the provinces and territories of Canada or the SEC, as applicable, for more complete information about Cameco and the ATM Program. Copies of the Base Shelf Prospectus, the Canadian ATM Supplement and the Distribution Agreement are available free of charge on SEDAR+ at www.sedarplus.ca , and copies of the U.S. Registration Statement, the U.S. ATM Supplement and the Distribution Agreement are available free of charge on EDGAR on the SEC website at www.sec.gov .
You may also obtain copies of the Base Shelf Prospectus and the Canadian ATM Supplement in Canada from: TD Securities Inc., 1625 Tech Avenue, Mississauga, Ontario, L4W 5P5, Attention: Symcor, NPM, or by telephone at 289-360-2009 or by email at sdcconfirms@td.com ; CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.CanadianProspectus@cibc.com ; or Scotia Capital Inc., 40 Temperance Street, 6th Floor, Toronto, Ontario M5H 0B4, Attention: Equity Capital Markets, or by telephone at 416-863-7704, or by email at equityprospectus@scotiabank.com . You may also obtain copies of the U.S. Registration Statement and the U.S. ATM Supplement in the United States from: TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, Attention: Equity Capital Markets or by email at TD.ECM_Prospectus@tdsecurities.com ; CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.USProspectus@cibc.com ; or Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, NY 10281, Attention: Equity Capital Markets or by telephone at 212-255-6854 or by email at us.ecm@scotiabank.com .
No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities in any province, territory, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, territory, state or jurisdiction.
Caution about forward-looking information
Certain information in this news release, including statements regarding potential sales of common shares through the ATM Program, the anticipated use of the net proceeds of the ATM Program and expected continued strong cash flows, constitutes "forward-looking information" within the meaning of applicable securities laws in Canada and the United States, including the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking information and statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by them. Sentences and phrases containing words such as "believe", "estimate", "anticipate", "plan", "will", "intend", "predict", "outlook", "goal", "target", "forecast", "project", "scheduled", "proposed", "expect", "potential", "strategy", and the negative of any of these words, or variations of them, or comparable terminology that does not relate strictly to current or historical facts, are all indicative of forward-looking information or statements.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Cameco as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of Cameco's current annual information form, the Canadian ATM Supplement, the U.S. ATM Supplement and in Cameco's other materials filed with the Canadian securities regulatory authorities and the SEC from time to time, available at www.sedarplus.ca and www.sec.gov , respectively. These factors are not intended to represent a complete list of the factors that could affect Cameco; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Cameco expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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.
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Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
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NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is proud to announce the completion of its 2024 drilling campaign at Patterson Corridor East (PCE) that included more than 34,000 m across a total of 46 drillholes. Upon initial discovery of intense uranium mineralization at PCE ( see March 11 News Release ), the Company directed all drilling activity to focus exclusively on PCE, whereby 19 of 30 holes intersected mineralization. Bold and systematic spacing of drillhole intercepts have quickly grown the discovery from a single hole to a broad and continuous new uranium discovery. Real-time evaluation of results throughout the duration of the program focused on determining the overall outer extents of the mineralized zone and in parallel, precisely targeting high-grade sub-domains (Figures 1 and 2, Table 1).
In late October, a high-grade portion has presented itself within the overall mineralized zone with upgraded intensity of mineralization in the now best hole to date, RK-24-222 (Figure 3). A 17.0 m wide vein with multiple occurrences of off-scale (>61,000 cps) mineralization (Table1, Figure 3). In addition, RK-24-220 and -223 intersected strong mineralization up to 41,000 cps and 40,000 cps, respectively including multiple intercepts of >10,000 cps. System strength is confirmed by these zones characterized by semi-massive to massive replacement by uraninite. A high-grade sub-domain of the mineralized footprint now covers 100 m of strike and 170 m of depth extent with potential growth in all directions (Figure 2). The high-grade intersection in RK-24-222 represents the fifth drillhole at PCE to return off-scale (>61,000 cps) mineralization, joining previous significant intersections in RK-24-183, -197, -202, and -207.
Leigh Curyer, Chief Executive Officer, commented: "This focused effort has elevated the materiality of PCE and today's results highlight the increasing potential of the PCE system with RK-24-222. With 600 m of strike length and 600 m of depth extent, this new zone located entirely within competent basement rock only 3.5 km from the flagship world-class Arrow deposit has emerged as a compelling and prospective addition to NexGen's dominant portfolio in the south western section of the Athabasca Basin.
NexGen's disciplined dual focus on the advancement of the Rook I Project and the expanded exploration at PCE demonstrates the Company's commitment to unlocking the full potential of this major uranium district at a time where the need for clean affordable safe baseload energy has never been more evident. With the world's leading tech companies all committing to nuclear power in recent month's the outlook is incredibly exciting in the nuclear fuel space."
Assays from disclosed intersections are expected in Q4 2024 and Q1 2025, with reporting to follow. Exploration activity will resume in January 2025 with planning underway for a significant drill program at PCE where the prospectivity for material growth is clearly evident.
Table 1: 2024 Spectrometer results since previous release on August 8, 2024
Drillhole | Unconformity | Handheld Spectrometer Results (RS-125) | ||||||
Hole ID | Azimuth | Dip | Total | From | To (m) | Width | CPS Range | |
RK-24-208 | 310 | -70 | 756 | 104.3 | 435 | 435.5 | 0.5 | |
435.5 | 436 | 0.5 | ||||||
522 | 522.5 | 0.5 | ||||||
523 | 523.5 | 0.5 | ||||||
655 | 655.5 | 0.5 | ||||||
655.5 | 656 | 0.5 | ||||||
657.5 | 658 | 0.5 | ||||||
658.5 | 659 | 0.5 | ||||||
665.5 | 666 | 0.5 | ||||||
666 | 666.5 | 0.5 | ||||||
669.5 | 670.5 | 1 | ||||||
670.5 | 671 | 0.5 | 560 - 950 | |||||
671 | 671.5 | 0.5 | 1400 - 3560 | |||||
673 | 673.5 | 0.5 | ||||||
673.5 | 674 | 0.5 | 500 - 1140 | |||||
674 | 675 | 1 | ||||||
680 | 681 | 1 | ||||||
685.5 | 686 | 0.5 | ||||||
686.5 | 687 | 0.5 | 600 - 800 | |||||
687 | 687.5 | 0.5 | 900 - 3000 | |||||
687.5 | 688 | 0.5 | ||||||
689 | 689.5 | 0.5 | ||||||
689.5 | 690 | 0.5 | 1300 - 5700 | |||||
690 | 690.5 | 0.5 | ||||||
690.5 | 691 | 0.5 | ||||||
691.5 | 692 | 0.5 | ||||||
692 | 692.5 | 0.5 | ||||||
692.5 | 693 | 0.5 | ||||||
693 | 693.5 | 0.5 | ||||||
693.5 | 694 | 0.5 | ||||||
694 | 694.5 | 0.5 | ||||||
694.5 | 695 | 0.5 | ||||||
695 | 695.5 | 0.5 | 550 - 1500 | |||||
695.5 | 696 | 0.5 | ||||||
696 | 696.5 | 0.5 | ||||||
697.5 | 698.5 | 1 | ||||||
RK-24-209 | 310 | -70 | 840 | 110.7 | 395 | 396 | 1 | |
627.5 | 628 | 0.5 | ||||||
695 | 695.5 | 0.5 | ||||||
759 | 759.5 | 0.5 | ||||||
RK-24-210 | 310 | -70 | 1095 | 102.4 | 639 | 639.5 | 0.5 | |
639.5 | 640 | 0.5 | ||||||
640 | 640.5 | 0.5 | ||||||
854 | 854.5 | 0.5 | ||||||
854.5 | 855 | 0.5 | ||||||
855.5 | 856 | 0.5 | ||||||
856 | 856.5 | 0.5 | ||||||
857.5 | 858 | 0.5 | ||||||
858 | 858.5 | 0.5 | ||||||
862 | 862.5 | 0.5 | ||||||
863.5 | 864 | 0.5 | ||||||
869 | 869.5 | 0.5 | ||||||
869.5 | 870 | 0.5 | ||||||
874.5 | 875 | 0.5 | ||||||
875.5 | 876 | 0.5 | ||||||
876 | 876.5 | 0.5 | 2700 - 6500 | |||||
876.5 | 877 | 0.5 | ||||||
877 | 879 | 2 | ||||||
879 | 879.5 | 0.5 | ||||||
879.5 | 880 | 0.5 | ||||||
880 | 880.5 | 0.5 | ||||||
880.5 | 881 | 0.5 | 600 - 1200 | |||||
881 | 881.5 | 0.5 | ||||||
881.5 | 882 | 0.5 | ||||||
882 | 882.5 | 0.5 | ||||||
882.5 | 883 | 0.5 | 800 - 3400 | |||||
883 | 883.5 | 0.5 | ||||||
884.5 | 885 | 0.5 | ||||||
885.5 | 886 | 0.5 | ||||||
886 | 886.5 | 0.5 | ||||||
886.5 | 887 | 0.5 | ||||||
888 | 888.5 | 0.5 | ||||||
888.5 | 889 | 0.5 | ||||||
915.5 | 916.5 | 1 | ||||||
920 | 920.5 | 0.5 | ||||||
921 | 921.5 | 0.5 | ||||||
921.5 | 922 | 0.5 | ||||||
RK-24-211 | 310 | -70 | 1302 | 103.1 | 776.5 | 777 | 0.5 | |
784 | 784.5 | 0.5 | ||||||
1116.5 | 1117 | 0.5 | ||||||
RK-24-212 | 315 | -70 | 137 | 121 | No Significant Intersections | |||
RK-24-213 | 310 | -70 | 936 | 87 | No Significant Intersections | |||
RK-24-214 | 310 | -70 | 989 | 111.6 | 463 | 463.5 | 0.5 | |
466.5 | 467 | 0.5 | ||||||
859.5 | 860 | 0.5 | ||||||
862.5 | 863.5 | 1 | ||||||
863.5 | 864 | 0.5 | ||||||
865 | 865.5 | 0.5 | ||||||
865.5 | 866 | 0.5 | ||||||
866 | 866.5 | 0.5 | ||||||
867.5 | 868 | 0.5 | ||||||
868 | 868.5 | 0.5 | ||||||
868.5 | 869 | 0.5 | ||||||
869.5 | 870 | 0.5 | ||||||
RK-24-215 | 310 | -70 | 840 | 114.8 | 542 | 542.5 | 0.5 | 600 - 1300 |
542.5 | 543 | 0.5 | 2200 - 3200 | |||||
543 | 543.5 | 0.5 | 6000 - 11000 | |||||
543.5 | 544 | 0.5 | ||||||
544 | 544.5 | 0.5 | ||||||
544.5 | 545 | 0.5 | 600 - 3500 | |||||
545 | 545.5 | 0.5 | 500 - 1800 | |||||
545.5 | 546 | 0.5 | ||||||
546 | 546.5 | 0.5 | ||||||
546.5 | 547 | 0.5 | ||||||
547 | 547.5 | 0.5 | ||||||
551.5 | 552 | 0.5 | ||||||
552 | 553.5 | 1.5 | ||||||
564.5 | 565 | 0.5 | ||||||
570 | 570.5 | 0.5 | ||||||
570.5 | 571 | 0.5 | ||||||
571 | 571.5 | 0.5 | ||||||
571.5 | 572 | 0.5 | ||||||
572 | 572.5 | 0.5 | ||||||
583.5 | 584 | 0.5 | ||||||
584.5 | 585 | 0.5 | ||||||
585 | 585.5 | 0.5 | 600 - 1500 | |||||
585.5 | 586 | 0.5 | ||||||
586 | 586.5 | 0.5 | ||||||
586.5 | 587 | 0.5 | ||||||
587 | 588 | 1 | ||||||
588 | 588.5 | 0.5 | 600 - 2000 | |||||
588.5 | 589 | 0.5 | 700 - 2100 | |||||
589 | 589.5 | 0.5 | ||||||
589.5 | 590 | 0.5 | 1200 - 1500 | |||||
590.5 | 591 | 0.5 | ||||||
600 | 600.5 | 0.5 | ||||||
604.5 | 605 | 0.5 | ||||||
608.5 | 609 | 0.5 | ||||||
609 | 609.5 | 0.5 | 800 - 2850 | |||||
609.5 | 610 | 0.5 | ||||||
610 | 610.5 | 0.5 | ||||||
621.5 | 622 | 0.5 | ||||||
622 | 622.5 | 0.5 | ||||||
643 | 643.5 | 0.5 | ||||||
646 | 646.5 | 0.5 | ||||||
646.5 | 647 | 0.5 | ||||||
647 | 647.5 | 0.5 | ||||||
647.5 | 648 | 0.5 | ||||||
648 | 649 | 1 | ||||||
657 | 657.5 | 0.5 | ||||||
658 | 658.5 | 0.5 | ||||||
658.5 | 659 | 0.5 | ||||||
659 | 659.5 | 0.5 | ||||||
665.5 | 666 | 0.5 | ||||||
681 | 681.5 | 0.5 | ||||||
681.5 | 682 | 0.5 | ||||||
RK-24-216 | 310 | -70 | 1071 | 99.7 | 787 | 787.5 | 0.5 | |
787.5 | 788 | 0.5 | 1100 - 3700 | |||||
788 | 788.5 | 0.5 | 800 - 1200 | |||||
788.5 | 789 | 0.5 | ||||||
789.5 | 790 | 0.5 | ||||||
790 | 790.5 | 0.5 | ||||||
790.5 | 791 | 0.5 | ||||||
791.5 | 792 | 0.5 | ||||||
805 | 805.5 | 0.5 | ||||||
805.5 | 806 | 0.5 | ||||||
807.5 | 808.5 | 1 | ||||||
811.5 | 812 | 0.5 | ||||||
815 | 815.5 | 0.5 | ||||||
815.5 | 816 | 0.5 | ||||||
819 | 820 | 1 | ||||||
RK-24-217 | 310 | -70 | 1185 | 105.6 | 519 | 520 | 1 | |
528.5 | 529 | 0.5 | ||||||
709 | 710 | 1 | ||||||
RK-24-217a | 310 | -70 | 120 | 105.1 | No Significant Intersections | |||
RK-24-218 | 310 | -70 | 696 | 109.6 | 325.5 | 326 | 0.5 | |
424.5 | 425 | 0.5 | ||||||
425.5 | 426 | 0.5 | ||||||
463.5 | 464 | 0.5 | ||||||
494.5 | 495 | 0.5 | ||||||
515.5 | 516 | 0.5 | ||||||
516 | 516.5 | 0.5 | ||||||
516.5 | 517 | 0.5 | ||||||
517 | 517.5 | 0.5 | 500 - 4300 | |||||
517.5 | 518 | 0.5 | ||||||
518 | 518.5 | 0.5 | 1000 - 2000 | |||||
518.5 | 519 | 0.5 | ||||||
RK-24-219 | 310 | -70 | 1187 | 99.8 | 758.5 | 759 | 0.5 | |
759.5 | 760 | 0.5 | ||||||
897.5 | 898 | 0.5 | ||||||
982 | 982.5 | 0.5 | ||||||
RK-24-220 | 310 | -70 | 732 | 116 | 387 | 387.5 | 0.5 | |
445.5 | 446 | 0.5 | ||||||
446 | 446.5 | 0.5 | ||||||
446.5 | 447 | 0.5 | ||||||
452 | 452.5 | 0.5 | ||||||
452.5 | 453 | 0.5 | ||||||
453 | 454.5 | 1.5 | ||||||
454.5 | 455 | 0.5 | ||||||
455.5 | 456 | 0.5 | ||||||
456 | 456.5 | 0.5 | 600 - 1300 | |||||
456.5 | 457 | 0.5 | ||||||
457 | 457.5 | 0.5 | 700 - 27000 | |||||
457.5 | 458 | 0.5 | 1700 - 41000 | |||||
459.5 | 460 | 0.5 | ||||||
460 | 461 | 1 | ||||||
461 | 461.5 | 0.5 | ||||||
461.5 | 462 | 0.5 | ||||||
462 | 462.5 | 0.5 | 740 - 2000 | |||||
462.5 | 463 | 0.5 | 3500 - 4500 | |||||
463 | 463.5 | 0.5 | 1300 - 6000 | |||||
463.5 | 464 | 0.5 | 600 - 6500 | |||||
464 | 464.5 | 0.5 | 600 - 2000 | |||||
464.5 | 465 | 0.5 | 700 - 4000 | |||||
465 | 465.5 | 0.5 | ||||||
465.5 | 466 | 0.5 | 1200 - 8200 | |||||
466 | 466.5 | 0.5 | ||||||
477.5 | 478 | 0.5 | ||||||
478 | 478.5 | 0.5 | ||||||
479 | 479.5 | 0.5 | ||||||
479.5 | 480 | 0.5 | ||||||
480 | 480.5 | 0.5 | ||||||
480.5 | 481 | 0.5 | 680 - 1300 | |||||
481 | 481.5 | 0.5 | ||||||
481.5 | 482 | 0.5 | ||||||
482 | 482.5 | 0.5 | ||||||
482.5 | 483 | 0.5 | ||||||
483 | 483.5 | 0.5 | ||||||
483.5 | 484 | 0.5 | ||||||
484 | 484.5 | 0.5 | ||||||
484.5 | 485 | 0.5 | ||||||
485 | 485.5 | 0.5 | 3000 - 16000 | |||||
485.5 | 486 | 0.5 | ||||||
486 | 486.5 | 0.5 | ||||||
486.5 | 487 | 0.5 | ||||||
487 | 488 | 1 | ||||||
489 | 489.5 | 0.5 | ||||||
489.5 | 490 | 0.5 | ||||||
490 | 490.5 | 0.5 | ||||||
490.5 | 491 | 0.5 | ||||||
491 | 491.5 | 0.5 | ||||||
491.5 | 492 | 0.5 | ||||||
495 | 495.5 | 0.5 | ||||||
495.5 | 496 | 0.5 | ||||||
496 | 496.5 | 0.5 | ||||||
496.5 | 497 | 0.5 | ||||||
497 | 497.5 | 0.5 | 2600 - 2600 | |||||
497.5 | 498 | 0.5 | ||||||
498 | 498.5 | 0.5 | ||||||
498.5 | 499 | 0.5 | ||||||
503 | 503.5 | 0.5 | ||||||
503.5 | 504.5 | 1 | ||||||
525.5 | 526 | 0.5 | ||||||
539 | 539.5 | 0.5 | ||||||
539.5 | 540 | 0.5 | 540 - 7300 | |||||
570.5 | 571 | 0.5 | ||||||
579.5 | 580 | 0.5 | ||||||
580 | 580.5 | 0.5 | ||||||
580.5 | 581 | 0.5 | ||||||
583 | 583.5 | 0.5 | ||||||
583.5 | 584 | 0.5 | ||||||
584 | 584.5 | 0.5 | ||||||
596.5 | 597 | 0.5 | ||||||
597 | 597.5 | 0.5 | ||||||
599.5 | 600 | 0.5 | ||||||
RK-24-221 | 310 | -70 | 861.6 | 115.9 | 302 | 302.5 | 0.5 | |
302.5 | 303 | 0.5 | ||||||
303 | 303.5 | 0.5 | ||||||
594.5 | 595 | 0.5 | ||||||
595 | 595.5 | 0.5 | ||||||
597.5 | 598 | 0.5 | ||||||
599 | 599.5 | 0.5 | ||||||
642 | 642.5 | 0.5 | ||||||
642.5 | 643 | 0.5 | ||||||
643 | 643.5 | 0.5 | ||||||
644 | 644.5 | 0.5 | ||||||
650.5 | 651 | 0.5 | ||||||
697.5 | 698 | 0.5 | ||||||
698 | 698.5 | 0.5 | ||||||
RK-24-222 | 354 | -65 | 753 | 108.4 | 588 | 588.5 | 0.5 | 770 - 1200 |
598 | 599.5 | 1.5 | ||||||
602.5 | 603 | 0.5 | ||||||
603 | 603.5 | 0.5 | 640 - 2000 | |||||
603.5 | 604.5 | 1 | ||||||
604.5 | 605 | 0.5 | 3000 - 20000 | |||||
605 | 605.5 | 0.5 | 5800 - 17000 | |||||
605.5 | 605.6 | 0.1 | 18000 - 60000 | |||||
605.6 | 605.7 | 0.1 | >61000 | |||||
605.7 | 606 | 0.3 | 9000 - 60000 | |||||
606 | 606.5 | 0.5 | 1800 - 10000 | |||||
606.5 | 607 | 0.5 | ||||||
607 | 607.4 | 0.4 | 3000 - 60000 | |||||
607.4 | 607.8 | 0.4 | >61000 | |||||
607.8 | 608 | 0.2 | 5000 - 60000 | |||||
608 | 608.2 | 0.2 | 16000 - 60000 | |||||
608.2 | 608.4 | 0.2 | >61000 | |||||
608.4 | 608.5 | 0.1 | 10000 - 60000 | |||||
608.5 | 609 | 0.5 | 6400 - 42000 | |||||
609 | 609.5 | 0.5 | 10000 - 25000 | |||||
609.5 | 610 | 0.5 | 7000 - 25000 | |||||
610 | 610.5 | 0.5 | ||||||
610.5 | 610.9 | 0.4 | 7000 - 60000 | |||||
610.9 | 611 | 0.1 | >61000 | |||||
611 | 611.5 | 0.5 | 4000 - 26000 | |||||
611.5 | 612 | 0.5 | 3000 - 10000 | |||||
612 | 612.5 | 0.5 | 700 - 3000 | |||||
612.5 | 613 | 0.5 | 3000 - 7000 | |||||
613 | 613.5 | 0.5 | 700 - 6000 | |||||
613.5 | 614 | 0.5 | 2000 - 33000 | |||||
614 | 614.5 | 0.5 | 900 - 6000 | |||||
614.5 | 615 | 0.5 | 1900 - 39000 | |||||
615 | 615.5 | 0.5 | 580 - 15000 | |||||
615.5 | 616 | 0.5 | 500 - 5000 | |||||
616 | 616.5 | 0.5 | 900 - 7500 | |||||
616.5 | 617 | 0.5 | 900 - 25000 | |||||
617 | 617.5 | 0.5 | 2800 - 14000 | |||||
617.5 | 618 | 0.5 | 1100 - 3500 | |||||
618 | 618.4 | 0.4 | 1300 - 60000 | |||||
618.4 | 618.5 | 0.1 | >61000 | |||||
618.5 | 619 | 0.5 | 15000 - 31000 | |||||
619 | 619.5 | 0.5 | 9800 - 39000 | |||||
619.5 | 620 | 0.5 | 3400 - 14500 | |||||
620 | 620.5 | 0.5 | 1800 - 24000 | |||||
620.5 | 621 | 0.5 | 2500 - 25000 | |||||
621 | 621.5 | 0.5 | ||||||
622 | 622.5 | 0.5 | ||||||
622.5 | 623 | 0.5 | ||||||
623 | 623.5 | 0.5 | 550 - 18000 | |||||
623.5 | 624 | 0.5 | 500 - 1400 | |||||
624 | 624.5 | 0.5 | ||||||
624.5 | 625 | 0.5 | ||||||
625 | 625.4 | 0.4 | 500 - 60000 | |||||
625.4 | 625.5 | 0.1 | >61000 | |||||
625.5 | 626 | 0.5 | 700 - 40000 | |||||
627 | 627.5 | 0.5 | ||||||
629 | 629.5 | 0.5 | ||||||
640 | 640.5 | 0.5 | ||||||
640.5 | 641 | 0.5 | ||||||
649 | 649.5 | 0.5 | ||||||
658 | 658.5 | 0.5 | ||||||
658.5 | 659 | 0.5 | ||||||
665 | 665.5 | 0.5 | ||||||
668 | 668.5 | 0.5 | ||||||
668.5 | 669 | 0.5 | ||||||
671 | 671.5 | 0.5 | ||||||
687 | 687.5 | 0.5 | ||||||
RK-24-223 | 345 | -66 | TBD | 106.8 | 336 | 336.5 | 0.5 | |
633 | 633.5 | 0.5 | ||||||
633.5 | 634 | 0.5 | ||||||
634 | 634.5 | 0.5 | ||||||
634.5 | 635 | 0.5 | ||||||
635 | 635.5 | 0.5 | ||||||
645.5 | 646 | 0.5 | ||||||
646 | 646.5 | 0.5 | 2100 - 10000 | |||||
646.5 | 647 | 0.5 | 7500 - 24000 | |||||
647 | 647.5 | 0.5 | 1000 - 24000 | |||||
675 | 675.5 | 0.5 | 500 - 4200 | |||||
675.5 | 676 | 0.5 | 1200 - 7200 | |||||
676 | 676.5 | 0.5 | ||||||
678 | 678.5 | 0.5 | ||||||
678.5 | 679 | 0.5 | ||||||
679.5 | 680 | 0.5 | ||||||
689.5 | 690 | 0.5 | ||||||
690 | 690.5 | 0.5 | 5000 - 14000 | |||||
690.5 | 691 | 0.5 | 4000 - 12000 | |||||
691 | 691.5 | 0.5 | ||||||
691.5 | 692 | 0.5 | 3000 - 12000 | |||||
692 | 692.5 | 0.5 | 5000 - 14000 | |||||
692.5 | 693 | 0.5 | ||||||
695.5 | 696 | 0.5 | ||||||
696 | 696.5 | 0.5 | ||||||
696.5 | 697 | 0.5 | ||||||
702.5 | 703.5 | 1 | ||||||
704.5 | 705 | 0.5 | ||||||
713.5 | 714 | 0.5 | ||||||
714.5 | 715 | 0.5 | ||||||
715 | 715.5 | 0.5 | ||||||
716 | 716.5 | 0.5 | 1200 - 1800 | |||||
716.5 | 717 | 0.5 | ||||||
717 | 717.5 | 0.5 | 1500 - 2200 | |||||
717.5 | 718 | 0.5 | ||||||
718 | 718.5 | 0.5 | ||||||
720.5 | 721 | 0.5 | ||||||
721 | 721.5 | 0.5 | ||||||
722 | 722.5 | 0.5 | 1100 - 12000 | |||||
722.5 | 723 | 0.5 | 1500 - 23000 | |||||
723 | 723.5 | 0.5 | 3500 - 37000 | |||||
726 | 726.5 | 0.5 | ||||||
726.5 | 727 | 0.5 | 3000 - 12000 | |||||
727 | 727.5 | 0.5 | ||||||
737.5 | 738 | 0.5 | ||||||
738 | 738.5 | 0.5 | ||||||
743 | 743.5 | 0.5 | ||||||
749 | 750 | 1 | ||||||
756.5 | 757 | 0.5 | ||||||
757.5 | 758 | 0.5 | ||||||
758.5 | 759 | 0.5 | ||||||
759 | 759.5 | 0.5 | ||||||
760 | 760.5 | 0.5 | ||||||
763.5 | 764 | 0.5 | ||||||
764.5 | 765.5 | 1 | ||||||
765.5 | 766 | 0.5 | 900 - 3700 | |||||
766 | 766.5 | 0.5 | 800 - 15000 | |||||
766.5 | 767 | 0.5 | 800 - 25000 | |||||
767 | 767.5 | 0.5 | 1000 - 11000 | |||||
767.5 | 768 | 0.5 | ||||||
772 | 772.5 | 0.5 | ||||||
772.5 | 773 | 0.5 | ||||||
773.5 | 774 | 0.5 | ||||||
774 | 774.5 | 0.5 | ||||||
775 | 775.5 | 0.5 | ||||||
RK-24-224 | 310 | -70 | TBD | 115.8 | TBD | |||
About NexGen
NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations, and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically, and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.
NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol "NXE" and on the Australian Securities Exchange under the ticker symbol "NXG" providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon, Saskatchewan .
Technical Disclosure*
All technical information in this news release has been reviewed and approved by Jason Craven, NexGen's Manager, Exploration, a qualified person under National Instrument 43-101.
Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.
A technical report in respect of the FS is filed on SEDAR ( www.sedar.com ) and EDGAR ( www.sec.gov/edgar.shtml ) and is available for review on NexGen Energy's website ( www.nexgenenergy.ca ).
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission ("SEC") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company's title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedar.com and Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws .
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SOURCE NexGen Energy Ltd.
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With a portfolio of advanced stage exploration assets in the uranium, critical minerals and base metals space, AuKing Mining is poised to execute and accomplish its goals of becoming a mid-tier producer, creating significant shareholder value.
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals, in Western Australia, Tanzania and British Columbia, Canada. The company aims to become a mid-tier copper, uranium and critical metals producer through the acquisition and development of near-term production assets.
AuKing’s portfolio of assets includes the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
AuKing has acquired the uranium bearing mineral claim known as the Grand Codroy uranium project approximately 50 km north of Port aux Basque, Newfoundland. Grand Cordroy spans 2,200 hectares and hosts several documented uranium occurrences located along a major radiometric high.
The company is led by an experienced management and board of directors supporting and executing on the company’s strategic goals of becoming a mid-tier producer through its diverse project portfolio.
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 Limited (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 proposed 11,000m drilling program that is about to commence at Mkuju. Results included:
Auger drilling:
MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8
MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8
Soil samples:
MKGS006 510ppm U3O8
MKGS017 8,800ppm U3O8
MKGS056 960ppm U3O8
Rock chip samples:
MKGS056 2,250ppm
MKGS057 800ppm U3O8
Mkuju project location
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
There is significant potential to expand the current target area as it remains open at depth and along strike.
HERE AuKing’s exploration team has completed a recent site visit to Myoff Creek and have identified the need for a detailed airborne radiometric survey to be undertaken across the tenure area. This survey is expected to commence in Q4 of 2024 and will include coverage of the area where historical drilling identified significant niobium/REE results – thereby providing a “marker” for potential mineralization across the rest of the Myoff Creek area.
Koongie Park project lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
AuKing owns 100 percent interest (subject to a 1 percent net smelter royalty) in Koongie Park and has received significant historical exploration and drilling since the 1970s. The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.
Koongie Park and neighboring project holdings
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
The Grand Codroy uranium project covers 2,200 hectares with the presence of several documented uranium occurrences located along a major radiometric high. The property is approximately 50 km north of Port aux Basque, Newfoundland.
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.
Tighe (with his wife Patty) owns Magic Bloodstock Racing (MBR), a thoroughbred horse racing and breeding company. MBR has acquired many horses which are trained and raced across Australia and around the world including “Winx”, one of the greatest thoroughbreds of all time winning more than $26 million in prize money.
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.
ShiZhou Yin holds a Master of Professional Accounting degree and is a Chinese-certified public accountant and a senior accountant. From September 1994 to September 2010, Yin served successively as accountant of Beijing No. 2 Water Pipe Factory, audit manager and audit partner of Yuehua Certified Public Accountants Firm, and senior partner of Zhongrui Yuehua Certified Public Accountants Co.
From April 2017 to the present time, Yin has been vice-president, chief financial officer and secretary of the board of JCHX Group Co..
Yin has also been the chairman of the board of supervisors of JCHX Mining Management Co. (Shanghai Stock Exchange Code: 603979) since May 2017. JCHX Mining Management is one of China’s largest mining services companies with operations around the world and has a share market capitalization of approx. US$5 billion.
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman.
Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
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.
