TISDALE CLEAN ENERGY CORP. (“ Tisdale ” or the “ Company ”) (TSXV:TCEC ) , ( OTC: TCEFF ) , ( FSE: T1KC ) , is pleased to provide an update on the phase one diamond drill program recently conducted at the South Falcon East Uranium Project, which hosts the Fraser Lakes B uranium deposit.
The 12,464-ha South Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km east of the Key Lake uranium mill and former mine (Figure 1). Tisdale Clean Energy Corp entered into an option agreement with Skyharbour Resources Ltd in October of 2022 whereby the company can earn up to a 75% interest in the South Falcon East property.
This initial 2024 program is scheduled to complete up to 1500m of drilling in two phases, with the priority being the confirmation of existing mineralization. Follow-up drill programs will then be pursued to both facilitate expansion of the known Fraser Lake B deposit and to test multiple additional high-priority exploration targets at South Falcon East (Figure 2).
Phase one included 442m drilled in the first two drill holes. Hole SF-0059 was completed to a depth of 221m and intersected multiple zones of uranium mineralization over 13.5m, confirming the presence of mineralization in the vicinity of historical hole FP-15-05 (see below). Mineralization occurs within altered pelitic gneiss containing granitic pegmatites, overlying graphitic pelitic gneiss.
Highlights include:
The second drill hole of the program, SF-0060, was targeted to test for an extension of the mineralization in FP-15-05 along strike 25m to the Northeast of the mineralized intercept of FP-15-05. Hole SF-0060 was completed to a depth of 221m. Several zones of mineralization were also encountered, below 132m, with the best intersection occurring within altered pelitic gneiss containing graphite and granitic pegmatites.
This zone is highlighted by:
“We’re pleased to see uranium values comparable to the grades of the known resource in the first drill two drill holes completed on the property in nearly a decade,” said Alex Klenman, CEO. “This is what we need to see as we confirm then pursue expansion. We are starting with a historical resource of nearly 7 million pounds of uranium contained in a shallow deposit. The opportunity we have here is exceptional, certainly unique for a company with our market cap, and we believe we’re just scratching the surface in terms of what can be achieved at South Falcon East,” continued Mr. Klenman.
“We are encouraged to be intersecting the expected mineralization near the previous drilling at South Falcon East,” commented Trevor Perkins, Consulting Geologist for Tisdale. “This confirmation of existing mineralization is a necessary first step to expanding the Fraser Lakes B @hUranium Deposit,” continued Mr. Perkins.
Samples of the mineralized intervals within the drill core have been collected and shipped for analysis at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan. The Company will provide more detailed results once geochemical analysis of the collected drill core samples is completed, reviewed, and confirmed.
The results of these two drill holes confirm the presence of mineralized pegmatites and pelitic paragneiss within the deposit and project area. Graphitic pelitic paragneiss are the key lithology associated with uranium deposits within the eastern Athabasca Basin and are a good indication that additional pegmatite deposits as well as basement hosted unconformity related uranium deposits may be present along the Way Lake Conductor, within the South Falcon East claim boundaries.
Drilling at South Falcon East is scheduled to resume later this spring. The Company will release details on the dates of mobilization and drill commencement once they are confirmed. Phase two drilling will again be conducted by Terralogic Exploration Inc. under the supervision of Laura Tennent, Project Manager with TerraLogic Exploration, and C. Trevor Perkins, lead geologist for Tisdale. The drill program is operating out of Skyharbour’s McGowan Lake Camp with helicopter support for the daily drilling operations.
Historical Drill Hole FP-15-05
Historical diamond drill hole FP-15-05 was drilled by Skyharbour Resources in 2015 and returned multiple zones of mineralization over a 14m interval, including 6m of .10% U308 (including a 2m interval of 0.165% U3O8 (from 135m) and 2.5m of 0.172% U3O8 (from 145m). This is the best intersection to date on the property and along the Way Lake conductive trend.
This hole, it should be noted, had to be abandoned due to equipment issues at 165m within the mineralized zone, leaving steel drill rods throughout the hole. Tisdale’s initial drill hole, SF-0059, was planned to twin historical hole FP-15-05. Modifications were made to accommodate the presence of the material left behind in the hole and adjustments made to mitigate a lack of precision in tracing of FP-105-05, as no downhole orientation surveys were able to be completed, and any potential downhole deviation was unable to be determined. As a result, a larger separation and step forward was required, as well as the use of non-magnetic downhole orientation survey equipment. SF-0059 was therefore located 2.0m forward (in front, up-dip) of FP-15-05 to ensure no interference.
Figure 1: South Falcon East Project Location – Eastern Athabasca Basin, Saskatchewan, Canada
Use of Radiometric Equivalent Grades
Drillholes are logged for in-situ radioactivity using a calibrated Mount Sopris Triple Gamma probe which collects continuous readings along the length of the drillhole. The probe records the amount of radioactivity present in the rock adjacent to the probe as it moves up and down the hole. Preliminary radiometric equivalent grades (% eU3O8) are then calculated from the downhole radiometric results using an algorithm derived from the calibration of the downhole probe equipment. The Triple Gamma probe was calibrated prior to the commencement of the current drill program at the Saskatchewan Research Council test pit facility in Saskatoon, Saskatchewan.
Using down-hole probes to calculate radiometric equivalent grades is a common practice used by uranium exploration and mining companies in the Athabasca Basin. Tisdale will report radiometric equivalent grades as a preliminary result indicative of intersected mineralization pending the receipt of definitive assay grades once geochemical analysis of collected drill core samples from the mineralized intervals are complete. The samples will be analyzed at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan.
Figure 2: 2024 Drill Target areas at the south Falcon East Uranium Project
Figure 3: 2024 Drill location map in relation to FP-15-05 and the Way Lake Conductor.
About the South Falcon East Project
The South Falcon East Project is a uranium exploration project in the southeast Athabasca Basin and represents a portion of Skyharbour Resources Ltd.’s existing South Falcon Project. The project covers approximately 12,464 hectares and lies 18 kilometers outside the Athabasca Basin, approximately 50 kilometers east of the Key Lake Mine.
The South Falcon East Project contains the Fraser Lakes B Uranium/Thorium Deposit with a historic mineral resource* of 6.9 Mlbs U3O8 inferred at a grade of 0.03% U3O8 and 5.3 Mlbs ThO2 inferred at a grade of 0.023 % ThO2. Uranium and thorium mineralization discovered to date is shallow classic Athabasca-style basement mineralization associated with well-developed EM conductors. The exploration potential of the Fraser Lakes target area is considered exceptional, including the historical resource expansion potential of the current deposit at Zone B.
About Tisdale Clean Energy Corp.
Tisdale Clean Energy is a Canadian-based uranium exploration and development company. The Company is currently developing the South Falcon East uranium project, which holds a 6.96M pound inferred uranium resource within the Fraser Lakes B uranium/thorium deposit, located in the Athabasca Basin region, Saskatchewan, Canada.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., Lead Geologist for the Company, and a Qualified Person as defined by National Instrument 43-101.
* The historical resource is described in the Technical Report on the South Falcon East Property, filed on sedar.com on February 9, 2023. The Company is not treating the resource as current and has not completed sufficient work to classify the resource as a current mineral resource. While the Company is not treating the historical resource as current, it does believe the work conducted is reliable and the information may be of assistance to readers.
ON BEHALF OF THE BOARD OF TISDALE CLEAN ENERGY CORP.
“Alex Klenman”
Alex Klenman, CEO
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.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
For further information please contact:
Alex Klenman, CEO
Tel: 604-970-4330
Tisdale Clean Energy Corp
Suite 2200, HSBC Building, 885 West Georgia St.
Vancouver, BC V6C 3E8 Canada
Terra Clean Energy Corp. has announced a consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidated common share for every four (4) pre-consolidated common shares.
As a result, the outstanding shares of the company have been reduced to approximately 9,922,436 common shares.
The name and symbol will not change.
Please note that all open orders will be canceled at the close of business on December 3, 2024. Dealers are reminded to re-enter their orders taking into account the share consolidation.
_________________________________
Terra Clean Energy Corp. a annoncé une consolidation de ses actions ordinaires émises et en circulation sur la base d'une (1) action ordinaire post-consolidée pour quatre (4) actions ordinaires pré-consolidées.
En conséquence, le nombre d'actions en circulation de la société a été réduit à environ 9 922 436 actions ordinaires.
Le nom et le symbole ne changeront pas.
Veuillez noter que toutes les commandes ouvertes seront annulées à la fermeture des bureaux le 3 décembre 2024. Il est rappelé aux concessionnaires de ré-saisir leurs commandes en tenant compte de la consolidation des actions.
| Trading on a Consolidated Basis/Négociation sur une Base Consolidée : | le 4 DEC 2024 |
| Record Date/Date d'Enregistrement : | le 4 DEC 2024 |
| Anticipated Payment Date/Date de Paiement Prévue : | le 4 DEC 2024 |
| Symbol/Symbole : | TCEC |
| NEW/NOUVEAU CUSIP : | 88100M 20 4 |
| NEW/NOUVEAU ISIN : | CA 88100M 20 4 0 |
| Old/Vieux CUSIP & ISIN : | 88100M105/CA88100M1059 |
If you have any questions or require further information please contact Listings at (416) 367-7340 or E-mail: Listings@thecse.com
Pour toute question ou information complémentaire, veuillez contacter Listings au 416 367-7340 ou par courriel à: Listings@thecse.com
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Tisdale Clean Energy Corp. has announced a name change to Terra Clean Energy Corp.
Shares will begin trading under the new name and with a new CUSIP number on October 3, 2024.
The symbol will remain the same.
Disclosure documents are available at www.thecse.com.
Please note that all open orders will be canceled at the end of business on October 2, 2024. Dealers are reminded to re-enter their orders.
_________________________________
Tisdale Clean Energy Corp. a annoncé un changement de nom Terra Clean Energy Corp.
Les actions commenceront à être négociées sous le nouveau nom et avec un nouveau numéro CUSIP le 3 octobre 2024
Le symbole restera le même.
Les documents d'information sont disponibles sur www.thecse.com.
Veuillez noter que toutes les commandes ouvertes seront annulées à la fin des activités le 2 octobre 2024. Les concessionnaires sont priés de saisir à nouveau leurs commandes.
| Effective Date/ Date Effective : | le 3 OCT 2024 |
| Symbol/ Symbole : | TCEC |
| New CUSIP/ Nouveau CUSIP : | 88100M 10 5 |
| New ISIN/ Nouveau ISIN : | CA 88100M 10 5 9 |
| Old/Vieux CUSIP & ISIN : | 88825J106/CA88825J1066 |
If you have any questions or require further information, please contact Listings at (416) 367-7340 or E-mail: Listings@thecse.com
Pour toute question, pour obtenir de l'information supplémentaire veuillez communiquer avec le service des inscriptions au 416 367-7340 ou par courriel à l'adresse: Listings@thecse.com
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Tisdale Clean Energy Corp. (CSE: TCEC) is pleased to announce that the company is presenting a live virtual corporate update hosted by Red Cloud Financial Services on May 6th, 2024 at 2pm ET.
We invite our shareholders, and all interested parties to register for the webinar and participate in the live Q&A session at the end of the presentation moderated by Red Cloud.
The replay will be emailed out to all webinar registrants proceeding the event and will also be available on the Red Cloud website.
For more information and to register: https://redcloudfs.com/events/rcwebinar-tcec/.
Learn about an undervalued microcap explorer developing a near-surface uranium deposit within a larger, highly prospective exploration opportunity in the Athabasca Basin.
Commodities to be covered: Uranium
About Tisdale Clean Energy Corp.
Tisdale Clean Energy is a uranium exploration and development company developing the Fraser Lakes B Uranium Deposit within the larger South Falcon East project, Athabasca Basin, Saskatchewan.
About Red Cloud Securities Inc.
Red Cloud Securities Inc. is an IIROC-regulated investment dealer focused on providing a full range of brokerage services to all investor types focused in the junior resource sector. Our services include Investment Banking, Research, Institutional and Retail Trading, Institutional Sales, and Retail Investment Advisory services.
About Red Cloud Financial Services Inc.
Red Cloud Financial Services Inc. is a globally focused capital markets advisory firm that provides a full range of executive strategy, media, marketing, and corporate access services. Our breadth of services combines with our significant knowledge of the junior mining industry combine for unique product offering. The company was founded by capital markets professionals with extensive experience in the junior mining industry.
For further information:
Tisdale Clean Energy Corp.
Alex Klenman, CEO
6049704330
aklenman@tisdalecleanenergy.com
For additional information contact marketing@redcloudfs.com or visit:
www.redcloudfs.com
www.facebook.com/RedCloudFinancialServices
www.twitter.com/RedCloudFS
www.linkedin.com/company/red-cloud-financial-services-inc
www.youtube.com/c/RedCloudFinancialServicesInc
www.instagram.com/redcloudfs
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Tisdale Clean Energy Corp. ("Tisdale" or the "Company") (CSE:TCEC ) ( OTC:TCEFF ) ( FSE:T1KC), is pleased to invite investors and other interested parties to attend an upcoming interview with Market Radius Research
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Tisdale Clean Energy Corp. (the " Company " or " Tisdale ") (CSE:TCEC ) ( OTC:TCEFF ) ( FSE:T1KC ) is pleased to announce that it has closed a further non-brokered private placement (the " Offering ") and has issued 2,179,500 units (each, a " Unit ") at a price of $0.18 per Unit for gross proceeds of $392,310. Each "Unit" issued in the Offering consists of one common share of the Company and one share purchase warrant exercisable at a price of $0.30 until February 29, 2026
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Highlights:
Laramide Resources Ltd. ( "Laramide" or the "Company" ) (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant projects in the United States Australia and Kazakhstan is pleased to report a summary of the 2024 drilling campaign completed at the Westmoreland Uranium Project in Queensland, Australia ( "Westmoreland" ). The 2024 drill program has concluded with successful results confirming the high-quality of the Westmoreland uranium deposit and supporting a Global Mineral Resource Estimate Update expected by the end of Q1 2025.
The 2024 Drill program was designed to improve the Westmoreland Mineral Resource through extensional and infill drilling of uranium mineralisation and to gain a deeper understanding of the potential for gold mineralisation within the system. As well, following up on Laramide's past campaigns, targets were identified to explore satellite uranium deposits with long-term outlook for sustained project growth. And finally, to advance on-ground access logistics and targeting within the Murphy Project in the Northern Territory (see Figure 1 for scope of the project area).
Significantly, results from the 2024 drilling program returned broad mineralisation from each prospect area. Notably, many of these wide intercepts envelope narrow high-grade intercepts found across the Westmoreland project area (see Figure 2).
Results for eleven holes from infill drilling at Junnagunna, three holes drilled at Amphitheatre, and two exploration holes from the Southern Comfort-Mageera Trend in the Northern Territory have recently been received. Receipt of these results conclude a successful program. The 2024 drilling campaign across the broader Westmoreland Project was completed on the 4th of November and comprised 106 holes (includes 60 RC and 46 DD) for 11,263 meters, across multiple targets.
Commenting on the results, Laramide's Vice-President of Exploration Rhys Davies said:
"The 2024 Drill Campaign represents Laramide's most ambitious effort to date, with 106 holes for over 11,000 metres drilled across the Westmoreland Project. This aggressive approach was designed to demonstrate the scalability and quality of the Westmoreland asset, reinforcing our commitment to advancing to its full potential."
Figure 2: Map showing examples of broad mineralised intercepts from 2024 drilling at key Resource Target areas Huarabagoo, Junnagunna and the link zone (note: JG24DD010 results recently received, all other results previously announced 1 )
______________________________ |
Junnagunna
The Junnagunna deposit, located in the structural Redtree corridor, is included in the restated 2016 Westmoreland Mineral Resource Estimate 2 .
The 2024 drilling at Junnagunna was designed to extend and infill data gaps within the deposit (Figure 3). The reported results continue to support the model and confirm lateral continuity but also vertical continuity, reflecting narrow higher grading intercepts within broad mineralizing envelopes.
JG24DD003 confirms continuity of mineralisation intersected in historical drilling along strike to the north-east. JG24DD008 intersected the dyke feeder system however JG24DD009 and JG24DD010 (drilled along the fence line to the north – see Figure 3) intersected notable mineralization but did not intersect the dyke. Mineralisation remains open to the north-east and future exploration drilling could delineate the extents.
____________________________ |
Amphitheatre
Drilling in 2024 comprised a total of 8 diamond holes ( 1,334.55m ). Initial 5 holes (AMD008-AMD012 previously reported) targeted extensions to uranium mineralisation both laterally and down dip and successfully identified new zones for follow up. The final holes (AMD013-AMD015) followed up on potential blind mineralisation continuing to the north, obscured by cover.
Drilling successfully intersected mineralisation near surface and at depth and indicates potential for broad mineralizing zones to the north of Amphitheatre.
Importantly, AMD014 intercepted 10 discrete zones of sandstone hosted uranium mineralisation 3 O 8 (Table 2 and Figure 4) located 500 meters to the north of AMD013 presenting a significant exploration target, buried under alluvial cover, which will be subject to more exploration drilling in 2025.
Southern Comfort/Mageera
Two holes totaling 303.55 m were completed at the Northern Territory "Southern Comfort" prospect which is situated at the base of a northeast trending fault, known as the JN Fault, and is the focal feature of the Mageera Zone. The geological setting is analogous to the Westmoreland Uranium Deposit. Offset to the southwest of the JN fault is the Southern Comfort Lineament ("SCL"). Historical drilling has lightly tested this region, however limited modern exploration has occurred since.
The drill program sought to delineate the SCL extensions and test the conformity related uranium, vanadium and REE potential of the Seigal Volcanics-Westmoreland Conglomerate.
SC24DD001 peaked at 260.04 ppm at U 3 O 8 & 1,082.19 ppm V 2 O 5 from 8.00m along the faulted contact between Seigal Volcanics-Westmoreland Conglomerate faulted contact.
SC24DD002 was funded by the Northern Territory Geological Survey as part of the Geophysical and Drilling Collaboration program. Samples were subject to multi-element analysis for uranium and other critical minerals such as vanadium and rare earth elements (REEs) that might be associated with the Southern Comfort-Mageera trend. Drilling intersected an overlying Seigal Volcanics in faulted contact with the Westmoreland Conglomerate, hosting a dolerite dyke. Uranium, minor gold and moderate vanadium confirms enrichment at this contact, successfully testing the geological concept ( 0.4m @ 346.68ppm U 3 O 8 and 1238.93ppm V 2 O 5 from 20.4m depth). No Rare Earth anomalism was noted.
Results from both holes are considered a technical success in identifying anomalism along the conformity and further work is planned at Southern Comfort and the Mageera Zone in 2025.
Qualified/Competent Person
The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies , a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Follow us on Twitter @LaramideRes
About Laramide Resources Ltd.
Laramide is focused on exploring and developing high-quality uranium assets in Tier-1 uranium jurisdictions. The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size and production potential, and the two large development projects are considered to be late-stage, low-technical risk projects. As well, Laramide has expanded its pipeline with strategic exploration in Kazakhstan where the company is exploring over 5,500 km 2 of the prolific Chu-Sarysu Basin for world class roll-front deposits which are amenable to in-situ recovery.
Forward-looking Statements and Cautionary Language
This release includes certain statements that may be deemed to be "forward-looking statements." All statements in this release, other than statements of historical facts, that address events or developments that the management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
Table 1: Drill Collar Details | ||||||||||
Prospect | Hole ID | GDA_Easting | GDA_Northing | RL (m) | Depth (m) | Grid Azi | Dip | Hole type | Drilling | Drilling completed |
AMPHITHEATRE | AMD008 | 209879 | 8074908 | 93 | 241.6 | 90 | -60 | DD | 01/07/2024 | 09/07/2024 |
AMPHITHEATRE | AMD009 | 209928 | 8074816 | 90 | 202.9 | 270 | -80 | DD | 10/07/2024 | 15/07/2024 |
AMPHITHEATRE | AMD010 | 209954 | 8074725 | 90 | 203.4 | 90 | -60 | DD | 15/07/2024 | 26/07/2024 |
AMPHITHEATRE | AMD011 | 209958 | 8074620 | 99 | 200.3 | 90 | -60 | DD | 26/07/2024 | 02/08/2024 |
AMPHITHEATRE | AMD012 | 209928 | 8074820 | 90 | 84.5 | 90 | -55 | DD | 03/08/2024 | 05/08/2024 |
AMPHITHEATRE | AMD013 | 209700 | 8074902 | 94 | 150.55 | 90 | -50 | DD | 29/10/2024 | 31/10/2024 |
AMPHITHEATRE | AMD014 | 209906 | 8075341 | 68 | 125.65 | 80 | -50 | DD | 01/11/2024 | 02/11/2024 |
AMPHITHEATRE | AMD015 | 209428 | 8075270 | 67 | 125.65 | 94 | -50 | DD | 02/11/2024 | 04/11/2024 |
JUNNAGUNNA | JG24DD001 | 197607 | 8066711 | 78 | 158.05 | 135 | -50 | DD | 02/10/2024 | 05/10/2024 |
JUNNAGUNNA | JG24DD002 | 197299 | 8066964 | 77 | 98.6 | 139 | -50 | DD | 03/10/2024 | 05/10/2024 |
JUNNAGUNNA | JG24DD003 | 197120 | 8067186 | 77 | 104.6 | 135 | -50 | DD | 06/10/2024 | 13/10/2024 |
JUNNAGUNNA | JG24DD004 | 196897 | 8066059 | 78 | 114.4 | 135 | -55 | DD | 08/10/2024 | 11/10/2024 |
JUNNAGUNNA | JG24DD005 | 196932 | 8066142 | 78 | 117.5 | 135 | -55 | DD | 12/10/2024 | 14/10/2024 |
JUNNAGUNNA | JG24DD006 | 196946 | 8066019 | 78 | 120.1 | 135 | -55 | DD | 13/10/2024 | 16/10/2024 |
JUNNAGUNNA | JG24DD007 | 196977 | 8066091 | 80 | 114.3 | 131 | -55 | DD | 15/10/2024 | 18/10/2024 |
JUNNAGUNNA | JG24DD008 | 197030 | 8066051 | 81 | 120.7 | 135 | -55 | DD | 19/10/2024 | 21/10/2024 |
JUNNAGUNNA | JG24DD009 | 197127 | 8066101 | 78 | 131.7 | 135 | -55 | DD | 18/10/2024 | 20/10/2024 |
JUNNAGUNNA | JG24DD010 | 197019 | 8066195 | 78 | 120.1 | 135 | -55 | DD | 17/10/2024 | 18/10/2024 |
JUNNAGUNNA | JG24DD011 | 197089 | 8065993 | 79 | 126.4 | 135 | -55 | DD | 22/10/2024 | 25/10/2024 |
JUNNAGUNNA | JG24RC001 | 196986 | 8065965 | 77 | 114 | 317 | -75 | RC | 01/09/2024 | 01/10/2024 |
SOUTHERN COMFORT | SC24DD001* | 817207 | 8058777 | 112 | 101.65 | 140 | -60 | DD | 23/10/2024 | 24/10/2024 |
SOUTHERN COMFORT | SC24DD002* | 816005 | 8058560 | 119 | 201.9 | 144 | -55 | DD | 24/10/2024 | 27/10/2024 |
* drill collar co-ordinates are in GDA94 Zone 53 | ||||||||||
Table 2: Significant intercepts >100ppm U 3 O 8 | |||||
Hole | From | To | Length (m) | U 3 0 8 ppm | Au g/t |
JG24DD001 | 38 | 39.3 | 1.3 | 303.05 | 0.01 |
JG24DD002 | No Significant Intercepts | ||||
JG24DD003 | 16 | 17 | 1 | 137.97 | 0.03 |
JG24DD003 | 50 | 51 | 1 | 153.30 | 0.01 |
JG24DD004 | 26 | 34 | 8 | 325.61 | 0.01 |
including | 28 | 29 | 1 | 1297.12 | 0.01 |
JG24DD005 | 24.25 | 28 | 3.75 | 491.22 | 0.01 |
JG24DD006 | 35 | 36 | 1 | 127.94 | 0.01 |
JG24DD006 | 41 | 44 | 3 | 1192.17 | 0.01 |
including | 43 | 44 | 1 | 2606.03 | 0.01 |
JG24DD007 | 20 | 22 | 2 | 136.79 | 0.01 |
JG24DD007 | 25 | 28 | 3 | 1773.91 | 0.05 |
including | 27 | 28 | 1 | 4610.67 | 0.12 |
JG24DD008 | 42 | 43 | 1 | 265.32 | 0.01 |
JG24DD008 | 65 | 66 | 1 | 707.52 | 0.01 |
JG24DD008 | 69 | 73 | 4 | 255.13 | 0.01 |
JG24DD008 | 77 | 78 | 1 | 449.81 | 0.01 |
JG24DD008 | 89 | 95 | 6 | 394.93 | 0.01 |
JG24DD009 | 30 | 32 | 2 | 392.67 | 0.03 |
JG24DD009 | 53 | 54 | 1 | 136.79 | 0.01 |
JG24DD010 | 32 | 42 | 10 | 693.90 | 0.01 |
including | 33 | 35 | 2 | 2617.82 | 0.01 |
JG24DD010 | 45 | 46 | 1 | 103.42 | 0.01 |
JG24DD010 | 78 | 80 | 2 | 3177.94 | 0.01 |
JG24DD011 | No Significant Intercepts | ||||
JG24RC001 | No Significant Intercepts | ||||
AMD013 | 4 | 5 | 1 | 126.17 | 0.01 |
AMD013 | 47 | 52 | 5 | 152.31 | 0.01 |
AMD013 | 85 | 90 | 5 | 148.08 | 0.01 |
AMD013 | 103 | 104 | 1 | 159.19 | 0.01 |
AMD013 | 112 | 115 | 3 | 853.74 | 0.15 |
including | 114 | 115 | 1 | 1450.42 | 0.38 |
AMD014 | 19 | 21 | 2 | 153.00 | 0.02 |
AMD014 | 37 | 38 | 1 | 101.76 | 0.005 |
AMD014 | 48 | 50 | 2 | 143.57 | 0.055 |
AMD014 | 66 | 68 | 2 | 209.90 | 0.005 |
AMD014 | 75 | 77 | 2 | 234.07 | 0.055 |
AMD014 | 80 | 82 | 2 | 267.68 | 0.02 |
AMD014 | 87 | 88 | 1 | 103.42 | 0.005 |
AMD014 | 93 | 94 | 1 | 110.49 | 0.005 |
AMD014 | 103 | 104 | 1 | 108.13 | 0 |
AMD014 | 118 | 119 | 1 | 114.85 | 0.005 |
AMD015 | 32 | 33 | 1 | 237.02 | 0.01 |
AMD015 | 71 | 72 | 1 | 172.16 | 0.01 |
AMD015 | 109 | 111 | 2 | 122.99 | 0.03 |
AMD015 | 118 | 119 | 1 | 212.85 | 0.02 |
SC24DD001 | No Significant Intercepts | ||||
SC24DD002 | 20.4 | 23 | 2.6 | 280.76 | 0.11 |
* Included intercepts are above >1000 ppm U 3 O 8 # intercept is above >1% U 3 O 8 | |||||
Table 3: Significant intercepts >0.1 g/t Au | |||||
Hole | From | To | Length (m) | U 3 0 8 ppm | Au g/t |
JG24DD005 | 57 | 60 | 3 | 14.66 | 0.13 |
JG24DD005 | 103 | 104.35 | 1.35 | 4.60 | 0.30 |
JG24DD007 | 27 | 28 | 1 | 4610.67 | 0.12 |
JG24DD007 | 85 | 88 | 3 | 1.38 | 0.37 |
including | 86 | 87 | 1 | 1.42 | 0.73 |
JG24DD007 | 91 | 92 | 1 | 1.30 | 0.40 |
JG24DD008 | 117 | 118 | 1 | 13.56 | 0.20 |
JG24DD011 | 9 | 10 | 1 | 2.36 | 0.19 |
SC24DD002 | 22.1 | 23 | 0.9 | 217.56 | 0.19 |
AMD013 | 97 | 98 | 1 | 49.05 | 0.11 |
AMD013 | 114 | 115 | 1 | 1450.42 | 0.38 |
AMD015 | 85 | 86 | 1 | 8.73 | 0.27 |
* Included intercepts are above >0.5g/t Au; with intercepts above >1g/t Au | |||||
Table 4: Significant intercepts >200 ppm V | |||||
Hole | From | To | Length (m) | U 3 0 8 ppm | V 2 O 5 ppm |
SC24DD001 | 0 | 9 | 9 | 34.28 | 437.02 |
including | 4 | 5 | 1 | 3.89 | 578.40 |
And | 8 | 9 | 1 | 260.04 | 1082.19 |
SC24DD002 | 0 | 22.1 | 22.1 | 30.26 | 373.51 |
including | 14 | 15 | 1 | 2.59 | 526.63 |
and | 20.4 | 20.8 | 0.4 | 346.68 | 1238.93 |
* Included intercepts are above >500 ppm V 2 O 5 | |||||
SOURCE Laramide Resources Ltd.
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Cameco( TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2024, in accordance with International Financial Reporting Standards (IFRS).
�Our 2024 full-year financial performance benefitted from strong fourth quarter results delivered by our uranium and Westinghouse segments," said Tim Gitzel, Cameco's president and CEO. "Although both net earnings and adjusted net earnings in 2024 were lower than in 2023 primarily due to the impact of purchase accounting related to the Westinghouse acquisition, our other key financial metrics improved significantly. We expect our strong financial performance to continue in 2025, driven by the supportive market conditions we are seeing throughout the fuel cycle and across the nuclear sector, and through the continued benefits flowing from our investment in Westinghouse. Over the coming year, we expect to continue investing to help ensure reliability and sustainability of our existing operations, while positioning ourselves for future production flexibility and growth growth that will be strategic, deliberate, disciplined, and with a focus on generating full-cycle value.
"It was another positive year for the nuclear industry, with support for both existing nuclear reactors and nuclear new build continuing to grow. In fact, we believe the outlook for nuclear power and nuclear fuel fundamentals is more favourable than it has been for decades. Continued global geopolitical uncertainty is bringing energy security and national security into focus, which puts nuclear in what we believe is a durable growth mode, and as we see that growth translate into demand and a cycle of replacement rate contracting, we too expect to be back in durable growth mode. We believe the risks to uranium and nuclear fuel supplies and services are greater than the risks to demand, and we expect that will create a renewed focus on ensuring long-term availability of nuclear fuel supplies.
"This past year in our uranium segment, despite relatively muted long-term contracting volumes as utilities focused first on securing enrichment and conversion services, we continued to negotiate off-market contracts and selectively add to our long-term portfolio, which now totals approximately 220 million pounds. That only represents about a quarter of our current reserve and resource base, meaning we can be strategically patient in our contracting discussions, and we are retaining exposure to the improving demand from our customers. We continue to have a large and growing pipeline of uranium business under negotiation and our focus remains on obtaining market-related pricing mechanisms that benefit from a constructive price environment, while also providing adequate downside protection. In addition, strong demand driving prices to historic highs in the conversion market is being captured in additional long-term contracts in our fuel services segment, with total contracted volumes of approximately 85 million kgU of UF 6 supporting our fuel services operations for years to come.
"We have more than 35 years of experience operating across the fuel cycle, and we have designed our strategy of full-cycle value capture to be resilient. Given the nature of nuclear fuel contracting and our long-term contract book, we have good visibility into when and where we need to deliver material, allowing us to carefully plan and prudently invest in our existing and potential supply sources, well into the future. When we consider the supply tools and flexibility we have in place to self-manage risk and to work with our customers to satisfy their ongoing fuel requirements, we can be selective and opportunistic with our sourcing of supply, including spot market purchases, and we can be disciplined when considering future investments in our primary supply pipeline.
"The positive market conditions that we expect to benefit our core uranium and fuel services businesses are also presenting significant future growth opportunities for Westinghouse, which we own with our partner Brookfield. In 2024, we saw continued interest in AP1000 ® new build opportunities in Poland, Bulgaria, Ukraine and Slovenia. In early 2025, Westinghouse announced a settlement agreement in its technology and export dispute with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co., Ltd., which resolves the dispute and establishes a framework for additional deployments outside of South Korea, to the mutual and material benefit of Westinghouse, KEPCO and KHNP.
"Cameco will continue to align our production with our contract portfolio and market opportunities, demonstrating that we continue to responsibly manage our supply in accordance with our customers' needs. We will continue to look for opportunities to improve operational effectiveness, improve our safety performance and reduce our impact on the environment, including through the use of digital and automation technologies to allow us to operate our assets with more flexibility and efficiency. Thanks to our disciplined strategy, our balance sheet is strong, and we expect it will enable us to continue executing our strategy while self-managing risk, including risks related to global macro-economic uncertainty and volatility, and uncertain trade policy decisions.
"We are a responsible, commercial supplier with long-lived, tier-one assets, and a proven operating track record. We are invested across the nuclear fuel cycle and believe we have the right strategy to help achieve a secure energy future in a manner that reflects our values. Embedded in our decisions is a commitment to address the risks and opportunities that we believe will make our business sustainable over the long term."
Summary of Q4 and 2024 results and developments:
Consolidated financial results
THREE MONTHS ENDED | YEAR ENDED | |||
CONSOLIDATED HIGHLIGHTS | DECEMBER 31 | DECEMBER 31 | ||
($ MILLIONS EXCEPT WHERE INDICATED) | 2024 | 2023 | 2024 | 2023 |
Revenue | 1,183 | 844 | 3,136 | 2,588 |
Gross profit | 250 | 133 | 783 | 562 |
Net earnings attributable to equity holders | 135 | 80 | 172 | 361 |
$ per common share (basic) | 0.31 | 0.18 | 0.40 | 0.83 |
$ per common share (diluted) | 0.31 | 0.18 | 0.39 | 0.83 |
Adjusted net earnings (non-IFRS) 1 | 157 | 108 | 292 | 383 |
$ per common share (adjusted and diluted) | 0.36 | 0.25 | 0.67 | 0.88 |
Adjusted EBITDA (non-IFRS) | 524 | 336 | 1,531 | 884 |
Cash provided by operations | 530 | 201 | 905 | 688 |
1 In 2024, we revised our calculation of adjusted net earnings to adjust for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance. We restated comparative periods to reflect this change. |
The 2024 annual financial statements have been audited; however, the 2023 fourth quarter and 2024 fourth quarter financial information presented is unaudited. You can find a copy of our 2024 annual MD&A and our 2024 audited financial statements on our website at cameco.com.
NET EARNINGS
The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure) in the three months and year ended December 31, 2024, compared to the same period in 2023.
CHANGES IN EARNINGS | THREE MONTHS ENDED | YEAR ENDED | |||||||
($ MILLIONS) | DECEMBER 31 | DECEMBER 31 | |||||||
IFRS | ADJUSTED | IFRS | ADJUSTED | ||||||
Net earnings - 2023 | 80 | 108 | 361 | 383 | |||||
Change in gross profit by segment | |||||||||
(we calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A), net of hedging benefits) | |||||||||
Uranium | Impact from sales volume changes | 29 | 29 | 22 | 22 | ||||
Higher realized prices ($US) | 107 | 107 | 390 | 390 | |||||
Foreign exchange impact on realized prices | 11 | 11 | 26 | 26 | |||||
Higher costs | (30 | ) | (30 | ) | (203 | ) | (203 | ) | |
change – uranium | 117 | 117 | 235 | 235 | |||||
Fuel services | Impact from sales volume changes | - | - | 2 | 2 | ||||
Higher realized prices ($Cdn) | 13 | 13 | 27 | 27 | |||||
Higher costs | (16 | ) | (16 | ) | (47 | ) | (47 | ) | |
change – fuel services | (3 | ) | (3 | ) | (18 | ) | (18 | ) | |
Other changes | |||||||||
Higher administration expenditures | (18 | ) | (18 | ) | (7 | ) | (7 | ) | |
Higher exploration expenditures | (7 | ) | (7 | ) | (17 | ) | (17 | ) | |
Change in reclamation provisions | 70 | 7 | 30 | (3 | ) | ||||
Change in gains on derivatives | (198 | ) | (6 | ) | (221 | ) | (10 | ) | |
Change in unrealized foreign exchange gains or losses | 50 | (5 | ) | 50 | (6 | ) | |||
Change in earnings from equity-accounted investees | 10 | (32 | ) | (165 | ) | (122 | ) | ||
Change in share-based compensation | - | 5 | - | (19 | ) | ||||
Lower finance income | (16 | ) | (16 | ) | (91 | ) | (91 | ) | |
Higher finance costs | 16 | 16 | (31 | ) | (31 | ) | |||
Change in income tax recovery or expense | 29 | (14 | ) | 41 | (7 | ) | |||
Other | 5 | 5 | 5 | 5 | |||||
Net earnings - 2024 | 135 | 157 | 172 | 292 | |||||
Non-IFRS measures
The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore unlikely to be comparable to similarly-titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items, which could significantly impact our IFRS results. The following are the non-IFRS measures used in this document.
ADJUSTED NET EARNINGS
Adjusted net earnings (ANE) is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives, unrealized foreign exchange gains and losses, share-based compensation, and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. In 2024, we revised our calculation of adjusted net earnings to adjust for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance. We have restated comparative periods to reflect this change. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results in our 2024 annual MD&A).
In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange in our 2024 annual MD&A for more information.
We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to our asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as "other operating expense (income)". See note 16 of our annual financial statements for more information. This amount has been excluded from our ANE measure.
As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse's inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse's cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 12 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.
Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity accounted investees and recorded in other expenses in the investee information (see note 12 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.
The following table reconciles adjusted net earnings with our net earnings for the three months and years ended December 31, 2024, and 2023.
THREE MONTHS ENDED | YEAR ENDED | |||||||
DECEMBER 31 | DECEMBER 31 | |||||||
($ MILLIONS) | 2024 | 2023 | 2024 | 2023 | ||||
Net earnings attributable to equity holders | 135 | 80 | 172 | 361 | ||||
Adjustments | ||||||||
Adjustments on derivatives | 133 | (59 | ) | 152 | (59 | ) | ||
Unrealized foreign exchange gains | (56 | ) | (1 | ) | (66 | ) | (10 | ) |
Share-based compensation | 17 | 12 | 44 | 63 | ||||
Adjustments on other operating expense (income) | (23 | ) | 40 | (35 | ) | (2 | ) | |
Income taxes on adjustments | (37 | ) | 6 | (46 | ) | 2 | ||
Adjustments on equity investees (net of tax): | ||||||||
Inventory purchase accounting | 3 | 20 | 53 | 20 | ||||
Acquisition-related transition costs | - | - | 22 | - | ||||
Unrealized foreign exchange losses (gains) | (16 | ) | 10 | (7 | ) | 8 | ||
Long-term incentive plan | 1 | - | 3 | - | ||||
Adjusted net earnings | 157 | 108 | 292 | 383 | ||||
EBITDA
EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company's capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and income taxes.
ADJUSTED EBITDA
Adjusted EBITDA is defined as EBITDA, as further adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of the underlying business performance or that impact the ability to assess the operating performance of the business. These adjustments include the amounts noted in the adjusted net earnings definition.
In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees. These items are reported as part of marketing, administrative and general expenses within the investee financial information and are not representative of the underlying operations. These include gain/loss on undesignated hedges, transaction costs related to acquisitions and gain/loss on disposition of a business.
We also adjust for the unwinding of the effect of purchase accounting on the sale of inventories which is included in our share of earnings from equity-accounted investee and recorded in the cost of products and services sold in the investee information (see note 12 to the financial statements).
The company may realize similar gains or incur similar expenditures in the future.
ADJUSTED EBITDA MARGIN
Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.
EBITDA, adjusted EBITDA, and adjusted EBITDA margin are measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure. To facilitate a better understanding of these measures, the table below reconciles earnings before income taxes with EBITDA and adjusted EBITDA for the fourth quarters and years ended 2024 and 2023.
For the year ended December 31, 2024:
FUEL | |||||||||
($ MILLIONS) | URANIUM 1 | SERVICES | WESTINGHOUSE | OTHER | TOTAL | ||||
Net earnings (loss) attributable to equity holders | 904 | 108 | (218 | ) | (622 | ) | 172 | ||
Depreciation and amortization | 239 | 37 | - | 5 | 281 | ||||
Finance income | - | - | - | (21 | ) | (21 | ) | ||
Finance costs | - | - | - | 147 | 147 | ||||
Income taxes | - | - | - | 85 | 85 | ||||
1,143 | 145 | (218 | ) | (406 | ) | 664 | |||
Adjustments on equity investees | |||||||||
Depreciation and amortization | 23 | - | 357 | - | 380 | ||||
Finance income | (1 | ) | - | (4 | ) | - | (5 | ) | |
Finance expense | - | - | 225 | - | 225 | ||||
Income taxes | 58 | - | (61 | ) | - | (3 | ) | ||
Net adjustments on equity investees | 80 | - | 517 | - | 597 | ||||
EBITDA | 1,223 | 145 | 299 | (406 | ) | 1,261 | |||
Gain on derivatives | - | - | - | 152 | 152 | ||||
Other operating income | (35 | ) | - | - | - | (35 | ) | ||
Share-based compensation | - | - | - | 44 | 44 | ||||
Unrealized foreign exchange gains | - | - | - | (66 | ) | (66 | ) | ||
(35 | ) | - | - | 130 | 95 | ||||
Adjustments on equity investees | |||||||||
Inventory purchase accounting | - | - | 71 | - | 71 | ||||
Acquisition-related transition costs | - | - | 29 | - | 29 | ||||
Other expenses | - | - | 78 | - | 78 | ||||
Foreign exchange gains | (9 | ) | - | 2 | - | (7 | ) | ||
Net adjustments on equity investees | (9 | ) | - | 184 | - | 175 | |||
Adjusted EBITDA | 1,179 | 145 | 483 | (276 | ) | 1,531 | |||
1 JV Inkai EBITDA is included in the uranium segment. See Financial results by segment – Uranium in our 2024 annual MD&A. |
For the year ended December 31, 2023:
FUEL | |||||||||
($ MILLIONS) | URANIUM 1 | SERVICES | WESTINGHOUSE | OTHER | TOTAL | ||||
Net earnings (loss) attributable to equity holders | 606 | 129 | (24 | ) | (350 | ) | 361 | ||
Depreciation and amortization | 175 | 35 | - | 10 | 220 | ||||
Finance income | - | - | - | (112 | ) | (112 | ) | ||
Finance costs | - | - | - | 116 | 116 | ||||
Income taxes | - | - | - | 126 | 126 | ||||
781 | 164 | (24 | ) | (210 | ) | 711 | |||
Adjustments on equity investees | |||||||||
Depreciation and amortization | 14 | - | 61 | - | 75 | ||||
Finance income | - | - | (2 | ) | - | (2 | ) | ||
Finance expense | - | - | 30 | - | 30 | ||||
Income taxes | 42 | - | (7 | ) | - | 35 | |||
Net adjustments on equity investees | 56 | - | 82 | - | 138 | ||||
EBITDA | 837 | 164 | 58 | (210 | ) | 849 | |||
Loss on derivatives | - | - | - | (59 | ) | (59 | ) | ||
Other operating income | (2 | ) | - | - | - | (2 | ) | ||
Share-based compensation | - | - | - | 63 | 63 | ||||
Unrealized foreign exchange gains | - | - | - | (10 | ) | (10 | ) | ||
(2 | ) | - | - | (6 | ) | (8 | ) | ||
Adjustments on equity investees | |||||||||
Inventory purchase accounting | - | - | 27 | - | 27 | ||||
Other expenses | - | - | 8 | - | 8 | ||||
Foreign exchange gains | - | - | 8 | - | 8 | ||||
Net adjustments on equity investees | - | - | 43 | - | 43 | ||||
Adjusted EBITDA | 835 | 164 | 101 | (216 | ) | 884 | |||
1 JV Inkai EBITDA is included in the uranium segment. See Financial results by segment - Uranium in our 2024 annual MD&A. |
The following Westinghouse financial outlook for 2025 is reported in Canadian dollars and prepared in accordance with IFRS and reflects Cameco's 49% ownership share. It reconciles the Westinghouse outlook for net earnings with EBITDA and adjusted EBITDA.
$USD | ||
CAMECO SHARE (49%) | MILLIONS | |
Net loss | (20-70) | |
Depreciation and amortization | 260-275 | |
Finance income | (1-2) | |
Finance costs | 120-135 | |
Income tax expense (recovery) | 5-(10) | |
EBITDA | 320-370 | |
Inventory purchase accounting | 1-5 | |
Restructuring costs | 15-30 | |
Other expenses | 10-25 | |
Adjusted EBITDA | 355-405 |
The outlook for adjusted EBITDA from Westinghouse for 2025 and its growth over the next five years are based on the following assumptions:
Selected segmented highlights
THREE MONTHS ENDED | YEAR ENDED | |||||||
DECEMBER 31 | DECEMBER 31 | |||||||
HIGHLIGHTS | 2024 | 2023 | CHANGE | 2024 | 2023 | CHANGE | ||
Uranium | Production volume (million lbs) | 6.1 | 5.7 | 7% | 23.4 | 17.6 | 33% | |
Sales volume (million lbs) | 12.8 | 9.8 | 30% | 33.6 | 32.0 | 5% | ||
Average realized price 1 | ($US/lb) | 58.45 | 52.35 | 12% | 58.34 | 49.76 | 17% | |
($Cdn/lb) | 80.90 | 71.65 | 13% | 79.70 | 67.31 | 18% | ||
Revenue ($ millions) | 1,035 | 700 | 48% | 2,677 | 2,153 | 24% | ||
Gross profit ($ millions) | 213 | 96 | >100% | 681 | 445 | 53% | ||
Earnings before income taxes | 289 | 122 | >100% | 904 | 606 | 49% | ||
Adjusted EBITDA 2 | 391 | 231 | 70% | 1,179 | 835 | 41% | ||
Fuel services | Production volume (million kgU) | 3.6 | 3.7 | (3)% | 13.5 | 13.3 | 2% | |
Sales volume (million kgU) | 4.2 | 4.2 | - | 12.1 | 12.0 | 1% | ||
Average realized price 3 | ($Cdn/kgU) | 35.41 | 32.19 | 10% | 37.87 | 35.61 | 6% | |
Revenue ($ millions) | 148 | 134 | 10% | 459 | 426 | 8% | ||
Earnings before income taxes | 37 | 40 | (8)% | 108 | 129 | (16)% | ||
Adjusted EBITDA 2 | 49 | 51 | (4)% | 145 | 164 | (12)% | ||
Adjusted EBITDA margin (%) 2 | 33 | 38 | (13)% | 32 | 38 | (16)% | ||
Westinghouse | Revenue | 841 | 521 | 61% | 2,892 | 521 | >100% | |
(our share) | Net earnings (loss) | 9 | (24) | >(100%) | (218) | (24) | >100% | |
Adjusted EBITDA 2 | 162 | 101 | 60% | 483 | 101 | >100% | ||
1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold. |
2 Non-IFRS measure. |
3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold. |
Management's discussion and analysis (MD&A) and financial statements
The 2024 annual MD&A and consolidated financial statements provide a detailed explanation of our operating results for the three and twelve months ended December 31, 2024, as compared to the same periods last year, and our outlook for 2025. This news release should be read in conjunction with these documents, as well as our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR+ at www.sedarplus.com , and on EDGAR at sec.gov/edgar.shtml.
Qualified persons
The technical and scientific information discussed in this document for our material properties McArthur River/Key Lake, Cigar Lake and Inkai was approved by the following individuals who are qualified persons for the purposes of NI 43-101:
MCARTHUR RIVER/KEY LAKE | CIGAR LAKE | ||||
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INKAI | |||||
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Caution about forward-looking information
This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect.
Examples of forward-looking information in this news release include: our views regarding the outlook for nuclear energy and nuclear fuel fundamentals never having been more favourable; our expectation of strong financial performance and cash flow generation in 2025 driven by market conditions and through the continued benefits of our investment in Westinghouse, including our belief that Westinghouse is well-positioned for long-term growth, and our expected share of its adjusted EBITDA for 2025 and growth over the next five years; our expectation that Westinghouse's investments in new technologies will be made in accordance with Westinghouse's current business plan and our expectations regarding the effects on Westinghouse's adjusted EBITDA; our expectation to continue investing to help ensure reliability and sustainability of our existing operations, while positioning us for future production flexibility and growth; our views regarding supply and demand for nuclear power, that the risks to uranium and nuclear fuel supplies and services are greater than the risk to demand, and our expectation of a renewed focus on ensuring long-term availability of nuclear fuel supplies; our ability to operate our assets sustainably, and our expectations regarding the value they will generate for us; our views regarding the impact on the nuclear power industry of geopolitical events; our ability to invest in our existing and potential supply sources; the durability of the nuclear industry and our growth, and our ability to pursue growth and generate full-cycle value; our contract portfolio strategy and pipeline of business; our supply plans, including production levels at McArthur River/Key Lake, Cigar Lake and Inkai, as well as at our fuel services segment; our capital projects plans; our ability to continue to be resilient and to position ourselves for future production flexibility; our belief that we have the right strategy to help achieve a secure energy future in a manner that reflects our values; our views regarding the long-term sustainability of our business and our ability to self-manage risk; our expectations for dividend payments in 2025 and 2026; and the expected date for announcement of our 2025 first quarter results.
Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term contracting, and prices; changes in consumer demand for nuclear power and uranium as a result of changing societal views and objectives regarding nuclear power, electrification and decarbonization; risks to Westinghouse's business associated with potential production disruptions, the implementation of its business objectives, compliance with licensing or quality assurance requirements, or otherwise be unable to achieve expected growth; the risk that we may not be able to implement changes to future operating and production levels for Cigar Lake and McArthur River/Key Lake and Inkai, or at our fuel services segment, to the planned levels within the expected timeframes, or that the costs involved in doing so, exceed our expectations; the risk that our revenues and cash flows may not achieve the levels expected; the risk of Inkai shipment delays due to the continuation or outcome of the conflict between Ukraine and Russia; the risk that we may not be able to meet sales commitments for any reason; the risk that we may not be able to continue to be resilient or continue to improve our financial performance; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty and political volatility; risks associated with the application of, or developments in, laws or regulations that affect us or any of our joint ventures, including mining regulations, taxes, tariffs and sanctions; the risk that we may not be able to implement our business objectives in a manner consistent with our values; the risk that any of the strategies that we or any of our joint ventures are pursuing may prove unsuccessful, or that that may not be executed successfully; and the risk that we may be delayed in announcing our future financial results.
In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts; the success of our plans and strategies, including planned operating and production changes; assumptions about Westinghouse's production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the absence of new and adverse government regulations, policies or decisions, including the application of, or developments in, laws that may adversely affect us, such as mining regulations, taxes, tariffs and sanctions; that there will not be any significant unanticipated adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, and economic or political uncertainty and volatility; and our ability to announce future financial results when expected.
Please also review the discussion in our 2024 annual MD&A and most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. Forward-looking information is designed to help you understand management's current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.
Conference call
We invite you to join our fourth quarter conference call on Thursday, February 20, 2025, at 8:00 a.m. Eastern.
The call will be open to all investors and the media. To join the call, please dial (844) 763-8274 (Canada and US) or (647) 484-8814. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.
A recorded version of the proceedings will be available:
2025 first quarter report release date
We plan to announce our 2025 first quarter results before markets open on May 1, 2025.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219674310/en/
Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
639-994-0079
veronica_baker@cameco.com
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Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on recent activities at the Company and the Dasa Uranium Project in the Republic of Niger .
NIGER UPDATE
At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa , promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.
In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada , the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.
The Company held additional meetings in Cape Town , including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.
PROJECT DEVELOPMENT
The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.
Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.
FINANCING
Since the inauguration of President Trump in the United States of America , the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA . However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U 3 O 8 over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.
Stephen Roman , President & CEO of Global Atomic, stated, " By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."
A recent video of our progress in Niger is available at https://www.youtube.com/watch?v=ITl8r104-MA .
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022 , and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/12/c0271.html
News Provided by Canada Newswire via QuoteMedia
Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on recent activities at the Company and the Dasa Uranium Project in the Republic of Niger .
NIGER UPDATE
At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa , promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.
In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada , the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.
The Company held additional meetings in Cape Town , including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.
PROJECT DEVELOPMENT
The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.
Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.
FINANCING
Since the inauguration of President Trump in the United States of America , the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA . However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U 3 O 8 over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.
Stephen Roman , President & CEO of Global Atomic, stated, " By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."
A recent video of our progress in Niger is available at https://www.youtube.com/watch?v=ITl8r104-MA .
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022 , and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/12/c0271.html
News Provided by Canada Newswire via QuoteMedia
