(TheNewswire)
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
TISDALE CLEAN ENERGY CORP. (“ Tisdale ” or the “ Company ”) (TSXV:TCEC ) ( OTC: TCEFF ) ( FSE: T1KC ) , is pleased to confirm that crew and equipment has begun mobilization for its upcoming work program at the South Falcon East Uranium Project which hosts the Fraser Lakes B uranium deposit. The 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.
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.
The initial phase one program will consist of up to approximately 1,500 meters of drilling. The priority will be to confirm and expand the existing mineralization associated with the Fraser Lakes B Uranium Deposit (Figure 2). Infill drilling will confirm the presence and continuity of existing mineralization in preparation for a current updated resource estimate and 3D model in the future. Step out drilling will endeavor to expand the footprint of the deposit, as the current mineralization is open in all directions. Initial focus will be in extending mineralization along strike and down dip into the basement.
A secondary priority will be to begin regional exploration by following up promising anomalies located in the T-Bone Lake area (Figure 2). Regional drilling will focus on the effort to add additional mineralized zones and deposits along the folded structural package that hosts the Fraser Lakes B Deposit.
“We are happy to finally be getting on the ground at South Falcon East,” commented Trevor Perkins, Consulting Geologist for Tisdale. “This program will be the first step to confirming and expanding the Fraser Lakes B Uranium Deposit. We believe that the size and grade of the existing deposit can be increased and are confident we can discover new deposits in the vicinity. We anticipate several exciting years ahead as we advance the South Falcon East Project,” continued Mr. Perkins.
The field program is anticipated to commence within days and will be executed by Terralogic Exploration Inc. under the supervision of Laura Tennent, Project Manager with TerraLogic Exploration, and C. Trevor Perkins, consulting geologist for Tisdale. The drill program will be operating out of Skyharbour’s McGowan Lake Camp with helicopter support for the daily drilling operations. The expected budget for the initial phase one program is anticipated to be $1.25 million.
Figure 1: South Falcon East Project Location – Eastern Athabasca Basin, Saskatchewan, Canada
Figure 2: 2024 Drill Target areas at the south Falcon East Uranium Project
Figure 3: South Falcon East Project – Camp and drilling location Map
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.
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., a Consulting 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
Tisdale Clean Energy (CSE:TCEC) is a Canadian company focused on uranium exploration and development. The company is currently focused on the South Falcon East uranium project that spans over 12,000 hectares in the Athabasca Basin in Saskatchewan, Canada, and is home to the Fraser Lakes B uranium and thorium deposits.
The Athabasca Basin hosts several high-grade uranium deposits that provide over 20 percent of the world’s supply. Most of these deposits reside within the basin and are often found under deep sandstone cover.
In October 2022, Tisdale entered into an agreement with Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF, FWB:SC1P) to acquire up to 75 percent interest in the South Falcon East project.The project enjoys access to excellent infrastructure and has geological characteristics similar to several other high-grade deposits in the basin, such as the Eagle Point, Millennium, P-Patch and Roughrider. Historical exploration at the South Falcon East project, comprising 25 holes totaling 4,603 meters, discovered multiple-stacked uranium, thorium and REE mineralization at the Fraser Lakes Zone B deposit with an NI 43-101 mineral resource estimate of 6.9 million pounds (Mlbs) triuranium octoxide at 0.03 percent, and 5.3 Mlb thorium oxide at 0.023 percent. The Fraser Lakes target area has exceptional exploitation potential, including the historical resource expansion potential of the current deposit at Zone B.
From 2008 to 2011, outcrop grab samples from South Falcon East returned between 0.04 percent and 0.45 percent triuranium octoxide, and drill core samples returned mineralized sections with values from 0.01 percent to 0.55 percent triuranium octoxide.
In 2015, Skyharbour Resources drilled five holes (1,278 meters) testing various targets. Multiple intervals of uranium mineralization were intersected in several drill holes during the winter program. This mineralization is accompanied by local thorium enrichment and anomalous levels of pathfinder elements such as copper, nickel, vanadium and lead. Hole FP-15-03 returned a 3-meter interval of .08 percent triuranium octoxide, including 2 meters of .10 percent triuranium octoxide (at 295-meter depth). The best intersections occur in drill hole FP-15-05, which was drilled within the main mineralized Fraser Lakes conductive corridor. Hole FP-15-05 returned multiple mineralized intervals over a 14-meter down hole length, including 6 meters of .10 percent triuranium octoxide (including a 2-meter interval of 0.17 percent triuranium octoxide (at 135-meter depth), and a 2.5-meter interval of 0.172 percent triuranium octoxide (at 145-meter depth).
Uranium is currently in the spotlight, having crossed the US$100 per lb mark and is trading at 16-year high levels. These high uranium prices are a function of both demand and supply dynamics. From the demand perspective, there is increased focus on nuclear energy driven by global climate change mitigation efforts. On the other hand, there is a shortage of uranium supply. A US legislation that passed in December 2023 banning uranium imports from Russia also contributed to the rally. Tisdale Clean Energy offers investors an opportunity to participate in the uranium upswing and profit from higher prices.
The company benefits from the presence of senior geologist Trevor Perkins, who brings more than two decades of experience discovering large uranium deposits in the Athabasca Basin and other areas. He discovered the McArthur River North Extension zones (110 Mlbs triuranium octoxide) and the Angulari uranium deposit (20 Mlbs triuranium octoxide).
Tisdale's presence in a favorable mining jurisdiction and its drill-ready South Falcon East uranium project position it to benefit from improving uranium market fundamentals.
The South Falcon East is the company’s flagship uranium project. It spans over 12,234 hectares and is located 18 kilometers southeast of the Athabasca Basin and 55 kilometers east of the Key Lake mine. The project area enjoys excellent infrastructure, including two highways and access to electricity.
The project has geological characteristics similar to high-grade basement-hosted deposits in the Athabasca Basin, such as Millennium, Eagle Point, Roughrider and P-Patch. Historical exploration at the South Falcon East project led to the discovery of the Fraser Lakes Zone B deposit in 2008. The Zone B deposit is located within the broader 6-kilometer by 7-kilometer Fraser Lakes target area that is considered to have exceptional resource potential along strike and at depth.
The Fraser Lakes Zone B deposit comprises multiple-stacked uranium, thorium and REE mineralization with an NI 43-101 mineral resource estimate of 6.9 Mlb triuranium octoxide at 0.03, and 5.3 Mlb thorium oxide at 0.023 percent within 10.3 million tons (Mt) of material using a cut-off grade of 0.01 percent triuranium octoxide.
Tisdale intends to initiate a comprehensive initial drill program in 2024, totaling nearly 2,000 meters. The main objective of the drilling program is to validate and expand the current mineralization linked to the Fraser Lakes Zone B uranium deposit. The infill drilling aims to verify the presence and consistency of the existing mineralization, laying the groundwork for future resource updates. Additionally, the company will carry step-out drilling to enlarge the deposit’s footprint, given that the current mineralization is open in all directions.
A second priority involves initiating regional exploration by investigating potential anomalies identified in the T-Bone Lake area. Regional drilling will concentrate on uncovering additional mineralized zones and deposits within the folded structural package hosting the Fraser Lakes B deposit.
Tisdale has raised nearly C$1.9 million in private placement over two tranches (one in December 2023 and the other in February 2024). The money will be used to advance the 2024 drilling program. Management is confident of increasing the size and grade of the resource base. The project is well positioned to ride the current optimism in the sector.
Alex Klenman has over three decades of rich experience in the private and public sectors in various domains, including marketing, business development, media, finance and corporate communications. Over the last ten years, he has held senior leadership roles at Leocor Gold, Cross River Ventures, Manning Ventures and Nexus Gold. Moreover, as a consultant, he has worked with Roxgold, Forum Uranium, Midnight Sun Mining, Integra Gold and others.
C. Trevor Perkins is a geologist with over 25 years of experience planning and executing mineral exploration projects and leading exploration teams. He has worked with Rio Tinto, Cameco Corporation, and UEX Corporation. He has led teams that have made significant uranium deposit discoveries.
Brian Shin is a chartered professional accountant in British Columbia and has over 15 years of experience in various roles, including CFO, controller, consultant and auditor.
Mark Ferguson has over 25 years of experience in the trust and finance sector, and has held senior leadership roles at several public and private companies. Previously, he worked with Scotia Bank, Montreal Trust and Computershare Trust Company.
Allan Larmour has been CEO and director of several companies in the mining and technology sectors, and has been associated with Norsemont Mining and Cloud Nine Web3 Technologies. He has consulted several start-ups in various areas, including raising capital, sales and marketing.
Andrew Brown has over 12 years of experience, having served in senior roles at companies listed on TSX Venture and CSE in various sectors, including agriculture, technology, mining and resources.
This article was written in collaboration with Couloir Capital.
(TheNewswire)
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
Martin Gagel of Market Radius Research , Tisdale CEO Alex Klenman, and lead geologist C. Trevor Perkins, will discuss Tisdale's South Falcon East uranium project which contains the Fraser Lake B uranium deposit, and the Company's earn-in agreement with Skyharbour Resources to explore and develop the project.
The webinar will be a live, interactive online event where attendees are invited to ask the Company questions in real-time following the interview. An archived webcast will be made available for those who cannot join the event live on the day of the webinar.
Event: Radius Research Pitch, Deep Dive, and Q&A with Tisdale Clean Energy Corp.
Presentation Date & Time: Thursday, March 7th at 1:00 PM ET / 10:00 AM PT
Webcast Registration Link:
https://us02web.zoom.us/webinar/register/2117092235396/WN_YyE5G8neTXC8FvDlz9TaGg
Market Radius Research gives individual investors access to in-depth CEO interviews with deep-dive institutional level discussion and Q&A. Market Radius is hosted by Martin Gagel, former top-ranked technology analyst. By registering for this webinar, you agree to receive email communications from Market Radius Capital, Inc. and from the presenting company (with unsubscribe). Your email will not be further shared. Martin Gagel and Market Radius Capital, Inc. are not registered or licensed to provide investment advice and may own shares in mentioned companies and may be compensated for these services. Content is for information purposes only and is not advice or recommendations and may include incomplete or incorrect information. Investing entails a high degree of risk. This is a production of Market Radius Capital, Inc.
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, a 12,770-hectare project located in the Athabasca Basin region, Saskatchewan, Canada, which contains the Fraser Lakes B uranium/thorium deposit.
For further information, contact Alex Klenman at info@tisdalecleanenergy.com or 604.970.4330 .
ON BEHALF OF THE BOARD OF Tisdale Clean Energy Corp.
"Alex Klenman"
Alex Klenman, Chief Executive Officer
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. These forward-looking statements or information may relate to the anticipated use of proceeds from the Offering and other factors 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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
In connection with completion of the Offering, the Company paid $20,720 and issued 115,115 share purchase warrants (each, a " Brokers Warrant ") to certain arms-length brokerage firms who assisted in introducing subscribers to the Offering. Each Brokers Warrant is exercisable at a price of $0.30 until February 29, 2026. All securities issued in connection with closing of the Offering are subject to restrictions on resale until June 30, 2024, in accordance with applicable securities laws.
The proceeds from the Offering will be used for general working capital purposes and for carrying out exploration programs at the South Falcon East uranium project.
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, a 12,770 hectare project located in the Athabasca Basin region, Saskatchewan, Canada, which contains the Fraser Lakes B uranium/thorium deposit.
For further information, contact Alex Klenman at info@tisdalecleanenergy.com or 604.970.4330 .
ON BEHALF OF THE BOARD OF Tisdale Clean Energy Corp.
"Alex Klenman"
Alex Klenman, Chief Executive Officer
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. These forward-looking statements or information may relate to the anticipated use of proceeds from the Offering and other factors 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
Tisdale Clean Energy Corp. (" Tisdale " or the " Company ") (TSXV:TCEC ) ( OTC: TCEFF ) ( FSE: T1KC ) is pleased to confirm its upcoming work program at the South Falcon East Uranium Project which hosts the Fraser Lakes B uranium deposit. The 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
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.
The Company is set to begin a preliminary phase one drill program for late winter 2024. The initial phase one program will consist of up to approximately 1,500 meters of drilling. The priority will be to confirm and expand the existing mineralization associated with the Fraser Lakes B Uranium Deposit (Figure 2). Infill drilling will confirm the presence and continuity of existing mineralization in preparation for a current updated resource estimate and 3D model in the future. Step out drilling will endeavor to expand the footprint of the deposit, as the current mineralization is open in all directions. Initial focus will be in extending mineralization along strike and down dip into the basement.
A secondary priority will be to begin regional exploration by following up promising anomalies located in the T-Bone Lake area (Figure 2). Regional drilling will focus on the effort to add additional mineralized zones and deposits along the folded structural package that hosts the Fraser Lakes B Deposit.
"The commencement of drilling is a milestone in terms of our ability to unlock the value contained at South Falcon," said Alex Klenman, CEO. "Right now, nobody is getting much credit for those pounds in the ground. This will begin to change as we drill and earn our interest in the project. The initial phase one plan allows us to meet the early obligations of the earn-in with Skyharbour. We are hopeful our valuation will grow as a result, therefore reducing the barrier to entry for institutional support and giving us the opportunity to implement larger drill programs moving forward through 2024 and beyond.
"We believe very strongly that both the size and average grade of the resource can be increased. The last holes drilled in 2015 generated U308 values of .172% and .165% over intervals of two meters or more. These results established that higher grade uranium exists within the deposit. We have a very compelling exploration narrative, and one we feel confident in pursuing. No doubt the first steps are the hardest, and we're pleased we're able to begin to execute on the plan," continued Mr. Klenman.
"We are thrilled to have Tisdale commence their inaugural drill program at South Falcon East," said Jordan Trimble, CEO of Skyharbour Resources. "The project is an advanced-stage exploration asset that hosts a near-surface uranium resource with strong expansion potential as well as robust discovery upside potential regionally on the property. We are confident that this winter drill program will unlock further value for both companies' shareholders with the uranium price trading near sixteen-year highs," continued Mr. Trimble.
The field program is anticipated to commence in late February and will be executed by Terralogic Exploration Inc. under the supervision of Laura Tennent, Project Manager with TerraLogic Exploration, and C. Trevor Perkins, consulting geologist for Tisdale. The drill program will be operating out of Skyharbour's McGowan Lake Camp with helicopter support for the daily drilling operations. The expected budget for the initial phase one program is anticipated to be $1.25 million.
Figure 1: South Falcon East Project Location – Eastern Athabasca Basin, Saskatchewan, Canada
Figure 2: 2024 Drill Target areas at the south Falcon East Uranium Project
Figure 3: South Falcon East Project – Camp and drilling location Map
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.
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., a Consulting 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
www.tisdalecleanenergy.com
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
Vancouver, B.C. TheNewswire - February 1, 2024 Tisdale Clean Energy Corp. (the " Company " or " Tisdale ") (CSE:TCEC ) ( OTC:TCEFF ) ( FSE:T1KC ) is pleased to announce that it has closed a second tranche of its non-brokered private placement (the " Offering ") and has issued a further 6,362,216 units (each, a " Unit ") at a price of $0.18 per Unit for gross proceeds of $1,145,199. Each "Unit" issued in the second tranche of the Offering consists of one common share of the Company and one share purchase warrant exercisable at a price of $0.30 until February 1, 2026.
In connection with completion of the second tranche of the Offering, the Company paid $17,500 and issued 97,222 share purchase warrants (each, a " Brokers Warrant ") to certain arms-length brokerage firms who assisted in introducing subscribers to the Offering. Each Brokers Warrant is exercisable at a price of $0.30 until February 1, 2026. All securities issued in connection with the second tranche of the Offering are subject to restrictions on resale until June 2, 2024, in accordance with applicable securities laws.
When combined with the first tranche of the Offering, the Company has raised gross proceeds of $1,920,199 through the issuance of 10,667,772 Units. Due to strong market interest, the Company has elected to increase the size of the Offering by 5,405,405 Units for a total of 16,666,667 Units, which if fully subscribed would increase total gross proceeds to $3,000,000. The Company anticipates completing the final tranche of the Offering in the next two weeks.
Completion of a final tranche of the Offering remains subject to any required regulatory approvals. The proceeds from the Offering will be used for general working capital purposes and for carrying out exploration programs at the South Falcon East uranium project.
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, a 12,770-hectare project located in the Athabasca Basin region, Saskatchewan, Canada, which contains the Fraser Lakes B uranium/thorium deposit.
For further information, contact Alex Klenman at info@tisdalecleanenergy.com or 604.970.4330 .
ON BEHALF OF THE BOARD OF TISDALE CLEAN ENERGY CORP.
Alex Klenman, Chief Executive Officer
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. These forward-looking statements or information may relate to the anticipated use of proceeds from the Offering and other factors 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
GTI Energy Ltd (ASX: GTR) (GTI or Company) is pleased to report on its activities during the March quarter 2024.
LO HERMA ISR PROJECT
During the quarter the Company advised that planning for the 2024 field season in Wyoming has progressed well and permitting is on track to facilitate drilling during Q3.
The Lo Herma ISR Uranium Project (Lo Herma) is located in Converse County, Powder River Basin (PRB), Wyoming (WY). The Project lies approximately 15 miles north of the town of Glenrock and within ~60 miles of five (5) permitted ISR uranium production facilities. Facilities include UEC’s Willow Creek (Irigaray & Christensen Ranch) & Reno Creek ISR plants, Cameco’s Smith Ranch-Highland ISR facilities & Energy Fuels Nichols Ranch ISR plant. The PRB has extensive ISR production history with numerous ISR uranium resources, central processing plants (CPP) & satellite deposits (Figure 1).
42 drill holes remain permitted and undrilled at Lo Herma, however a review of the drilling conducted during December 2023 has helped the Company to refine and expand the planned 2024 drilling program to include 76 drill hole locations and construction of up to 5 groundwater monitoring wells. The total estimated drill footage for this updated program is 57,000 ft (17,000 m).
This next phase of exploration at Lo Herma will be focused on expanding the resource areas and upgrading the current mineral resource classification. Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.
GTI intends to mobilise drilling rigs to Lo Herma as soon as the activity is fully permitted, and seasonal restrictions on exploration operations, due to wildlife activity, are lifted at the end of June. At this time, GTI anticipates that drilling will commence at Lo Herma during July 2024. Following completion of the 2024 drill program at Lo Herma, GTI intends to publish an updated mineral resource estimate and exploration target range for the project. The Company expects that the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project. The most recent drill results from Lo Herma and a summary of the project geology can be found in the Company’s 20 December 2023 news release.
Click here for the full ASX Release
This article includes content from GTI Energy, 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.
Ur-Energy Inc. (NYSE American:URG)(TSX:URE) ("Ur-Energy" or the "Company") provides the following updates on 2024 Q1 operations, adjustment to our production guidance for the year, and the early repayment of our State Bond Loan
John Cash, Ur-Energy Chairman and CEO, said of 2024 Q1, "This year has started with a great number of advances in the growth of Ur-Energy, demonstrating a focus on our future in a strengthening market for nuclear energy including our own uranium production at the front-end of the fuel cycle. We were pleased to announce our decision to build our second ISR uranium facility at Shirley Basin, the birthplace of ISR uranium in the 1960s, and related activities have commenced. We anticipate production at Shirley Basin to begin in 2026.
"Meanwhile, ramp-up continues at Lost Creek with additional development and production leading to another shipment of yellowcake being made this month. We continue to overcome ramp-up challenges. Due to those challenges, we are updating and reducing our 2024 production guidance to 550,000 - 650,000 pounds captured."
Lost Creek Production Operations
Ramp-up continues at Lost Creek, with two additional header houses (HH 2-6 and 2-7) coming online in 2024. During Q1, we captured approximately 38,221 pounds, dried and packaged approximately 39,229 pounds, and shipped 35,445 pounds U3O8. At quarter end, our in-process inventory was approximately 80,465 pounds, our drummed inventory was approximately 26,062 pounds, and our finished inventory at the conversion facility was approximately 79,235 pounds U3O8.
While we have experienced some additional equipment and operational challenges, we are seeing more consistent drying and packaging, with 19,331 pounds U3O8 packaged since quarter end and dryer operations keeping pace with wellfield production. We have 13 drill rigs onsite, with an additional rig scheduled to commence work in early May. Drilling has advanced into HH 2-11 with completion work nearly finished in HH 2-8. Fabrication of HH 2-8 and 2-9 is complete, and work on HH 2-10 and 2-11 is advancing in our Casper construction shop. HH 2-8 is expected to come online in May.
Shirley Basin Development
We were pleased to announce our decision in Q1 to proceed with the buildout of a satellite facility at our wholly owned, fully permitted and licensed Shirley Basin Project in Carbon County, Wyoming. The decision will nearly double our annual permitted mine production to 2.2 million pounds U3O8 while diversifying our supply.
The satellite plant will be a relatively low-cost facility consisting of ion exchange, wastewater, and groundwater restoration circuits. The ion exchange resin at Shirley Basin will be loaded with uranium from the mine and shipped to our Lost Creek ISR facility for processing before being recycled back into operations at Shirley Basin. This satellite approach will help minimize initial facility capital costs to approximately $24.4 million and pre-operational wellfield development costs to $16.3 million.
The satellite plant will be designed with a flow rate of up to 6,000 gallons per minute and capacity to produce up to 1.0 million pounds of U3O8 per year. Our permits and license allow for the construction of the elution, precipitation and drying circuits should it become economically advantageous. No amendments to the existing permits or licenses would be required.
The estimated time to finalize designs, order materials and construct the satellite plant and initial wellfield recovery area is approximately 24 months. Work has already been initiated on long-lead items, including detailed engineering and additional geologic pattern planning for the wellfield. Planning has been completed for the monitor well ring for the first mine unit, with plans to install approximately 120 wells in 2024 Q2 - Q3. This installation will enable hydrologic testing and baseline water quality analyses to proceed prior to the start of installation of production patterns in mid-2025. Significantly, the bid process and award for fabrication of IX columns has been completed. This procurement represents one of the longest lead items in the facility.
Sales and Prepayment of State Bond Loan
As previously announced, we completed two additional uranium sales agreements during 2024 Q1. Our fourth agreement calls for deliveries of a base annual quantity ranging from 100,000 to 350,000 pounds U3O8 from 2026 through 2030. The purchaser may flex the annual quantity up or down by as much as ten percent. This agreement provides in part for market-related pricing. Our fifth U3O8 sales agreement includes delivery commitments for five years beginning in 2026, with an initial delivery of 50,000 pounds U3O8 in 2026 and annual deliveries of 200,000 pounds U3O8 in 2027 through 2030. All sales under this agreement will be made at fixed prices, escalated from the agreed base price.
Subsequent to quarter end, we sold 75,000 pounds U3O8 for which we will receive $4.6 million in early May. In total, we anticipate selling 570,000 pounds U3O8, under two contracts secured in 2022.
As planned, on March 27, we completed the pre-payment of the remaining $4.4 million on our State Bond Loan and now are debt free. At March 31, 2024, we had cash and cash equivalents of $53.9 million.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.8 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy now has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is in the process of obtaining remaining amendments to Lost Creek authorizations for expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman, CEO & President
720-981-4588, ext. 303
John.Cash@Ur-Energy.com
Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., when ramp-up challenges will be overcome to reach steady-state production and our adjusted 2024 production guidance; the timing to complete ongoing development work to bring on header houses and recovery as currently projected; whether the current projections for the timing and ability to complete build out of Shirley Basin will be met; whether we will secure additional off-take sales agreements at advantageous pricing, and whether our current purchasers may exercise the flex option, up or down, in certain agreements) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, 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 any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
SOURCE: Ur-Energy Inc.
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Boss Energy (ASX:BOE,OTCQX:BQSSF) announced on Monday (April 22) that it has produced the first drum of uranium as part of the commissioning process at its Honeymoon project in South Australia.
“Processing the first drum of uranium is a major milestone,” said Managing Director Duncan Craib. “As well as marking the start of production and cashflow, it shows conclusively that our mining and processing strategy is highly effective.”
Boss said it's now looking to accelerate its plan to expand production and extend Honeymoon's life. According to the company, the current mine plan only uses 36 million pounds of the asset's total JORC resource of 71.6 million pounds.
The aim is for Honeymoon to scale up production to 2.45 million pounds of U3O8 annually.
As it moves forward at Honeymoon, Boss is also progressing at its South Texas-based Alta Mesa uranium project, where first production is expected "within weeks." The company holds a 30 percent stake in Alta Mesa, and once operations are running at a steady state Boss' share of production is anticipated to be 500,000 pounds of U308 per year.
Craib also highlighted the company's positive uranium outlook in Monday's release.
“Increased utilization of these highly valuable assets will enable us to further capitalize on the strong outlook for the uranium price while also ensuring we continue to drive superior financial returns," he said.
The company emphasised its strong financials as well, saying that as of March 31 it had no debt and held US$298 million in liquid assets. This reflects nearly 70 percent of funds raised since acquiring Honeymoon in December 2015.
Australia is an important player in the global uranium market. It produced 4,087 tonnes of the material in 2022, the most recent year for which data is available, making it the fourth largest global producer.
Meanwhile, the country's reserves are the biggest in the world at 1.68 million tonnes.
Major uranium mines in Australia include Olympic Dam and Four Mile, which have consistently contributed to strong production figures. The nation's uranium deposits are concentrated primarily in South Australia, Western Australia and the Northern Territory, and have attracted substantial investment from domestic and international stakeholders.
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Major milestone paves way for strong growth in production, cashflow and financial returns as Boss increases production rate by leveraging the infrastructure and extensive JORC Resource
Boss Energy Limited (Boss or the Company) is pleased to announce that it has produced the first drum of uranium at its 100 per cent-owned Honeymoon Uranium Project in South Australia.
This major milestone is part of the highly successful commissioning process at Honeymoon, which will see production ramp up to 2.45Mlb of U3O8 a year.
As well confirming the project’s technical and operational success, Boss has delivered exceptional shareholder returns. The Company has no debt and $298 million of liquid assets (being cash, equity investments and physical uranium) as at March 31, 2024. This is equal to almost 70 per cent of the funds Boss has raised since it acquired Honeymoon in December 2015. This reflects Boss’ focus on creating value for shareholders which has helped Boss grow its market capitalisation from $37M in December 2015 to almost $2B today.
Boss paid US$30.15/lb for its strategic inventory of 1.25Mlbs of U3O8 in March 2021 at a total cost of US$37.68M (A$49.69M). As at 31 March 2024 the inventory was valued at US$110M (A$169M) with the spot price of US$88/lb.
Importantly, Honeymoon is already exceeding feasibility study forecasts, with uranium-rich lixiviant from the wellfields and recoveries of loaded resin in the IX column producing concentrated high-grade eluate in excess of the study estimates.
This provides more firm evidence that the new processing technology adopted by Boss at Honeymoon, which is central to the project’s operating and financial success, as well as its strong organic growth outlook, is meeting or exceeding the Company’s expectations.
With the first drum of uranium successfully processed, Boss will accelerate plans to increase the production rate and mine life at Honeymoon. The current mine plan utilises 36Mlb of the project’s total 71.6Mlb JORC Resource. Half of this Resource is already covered by the existing Mining Licence. Boss also has a valid Uranium Mineral Export Permission for 3.3Mlb a year.
Boss is also set to continue driving growth and superior returns with first production expected within weeks at its 30 per cent-owned Alta Mesa Uranium Project in South Texas. When Alta Mesa reaches steady-state operations, Boss’ share of production will be 500,000lb a year. Alta Mesa has significant potential for further resource growth and drying capacity to expand the 1.5Mlb capacity plant after the resumption of production, which is expected in 1H 2024.
Boss Managing Director Duncan Craib said: “Processing the first drum of uranium is a major milestone. As well as marking the start of production and cashflow, it shows conclusively that our mining and processing strategy is highly effective.
“This is pivotal because it paves the way for strong organic production growth by unlocking the value of our large Resource and leveraging the infrastructure we have in place. We have also made extensive provision in the Honeymoon plant for increased throughput.
“Increased utilisation of these highly valuable assets will enable us to further capitalise on the strong outlook for the uranium price while also ensuring we continue to drive superior financial returns.
“We are now accelerating this growth strategy, with geologists already in the field defining the mineral resources at the Gould’s Dam and Jason’s satellite deposits.
“On behalf of the Board, I sincerely thank our employees, contractors and service providers for their skill and hard work in achieving today’s milestone for Boss. We are also grateful to the governments of Australia and South Australia, Minerals Council of Australia and South Australian Chamber of Mines and Energy, our local communities, and shareholders for their unwavering support to enable Honeymoon to resume production”.
Click here for the full ASX Release
This article includes content from Boss Energy 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.
Forum Energy Metals (TSXV: FMC, OTCQB: FDCFF) is an established uranium explorer searching for high-grade deposits in Saskatchewan’s Athabasca Basin and Nunavut’s Thelon Basin. In 2024, the company’s primary focus will be to continue exploring the Aberdeen project in Nunavut, where successful drilling confirmed and expanded high-grade uranium mineralization over significant widths. Nunavut’s underexplored Thelon Basin may be the most prospective region for discovering new, high-grade uranium deposits outside Saskatchewan. With a strong local and regional presence in Saskatchewan, Forum took advantage of weak metals markets to broaden its commodity exposure by adding a diverse portfolio of energy metals exploration projects in the copper, cobalt and nickel space.
Saskatchewan (Athabasca Basin) and Nunavut (Thelon Basin) Uranium Projects
The Thelon Basin may be the most prospective region in the world for discovering new high-grade uranium deposits outside Saskatchewan’s Athabasca Basin. Both basins exhibit similar geological characteristics.
Forum’s Aberdeen Maiden Drill Program Intersects High-grade Uranium
Nunavut Uranium: Forum’s Aberdeen project claims comprise ground formerly held by Cameco with discoveries made at Tatiggaq, Qavvik and Ayra. The claims surround Orano’s mining lease, which hosts the Kiggavik uranium deposit.
Previously explored by Cameco between 2005 and 2012, this prospective ground hosts two uranium discoveries made by former Cameco geologist Dr. Rebecca Hunter, who now leads Forum’s team as VP exploration.
Cameco abandoned the claims due to the decade-long period of low uranium prices during the post-Fukushima period, which were later acquired by Forum. Renamed the Aberdeen project, Forum’s claims surround Orano Canada-Denison-UEC’s 133-million-lb Kiggavik uranium deposit.
Dr. Rebecca Hunter spotting drill hole locations. As Forum’s VP exploration, Hunter is managing the Aberdeen uranium exploration project.
Cameco completed 36,000 meters of drilling in 135 drill holes. After reviewing Cameco’s data, Forum’s technical team determined the Tatiggaq deposit to be the primary exploration target. Tatiggaq is found within a large gravity anomaly that remains open along strike for 1.5 kilometers and at depth. Previous drilling by Cameco identified results as high as 2.69 percent U3O8 over 7.9 meters, including 24.8 percent U3O8 over 0.4 meters at a depth of approximately 200 meters.
Examining drill core in the field at the Nunavut camp, August 2023
Forum’s maiden drill program, completed in August 2023, successfully confirmed and expanded high-grade uranium mineralization at the Tatiggaq and West Zones. At Tatiggaq, drilling intersected high-grade near-surface uranium mineralization with TAT23-002 (Main Zone) intersecting 2.25 percent U3O8 over 11.1 meters, while TAT23-003 a 200-meter step-out at the West Zone) intersected 0.40 percent U3O8 over 12.8 meters.
Results from the Ned anomaly, one of over 20 high-grade unconformity-type targets, identified elevated uranium, boron, silver and nickel.Forum’s Summer 2023 maiden drilling focused on the primary Tatiggaq deposit. Forum has since established new drill targets over a more than one kilometer east-northeast extension along the Tatiggaq fault zone following the processing of geophysical data from its recent ambient noise tomography survey. An extensive 10,000-meter summer 2024 drilling program has been announced.
The property is located within 10 kilometers of Cameco’s Rabbit Lake uranium mill and 30 kilometers of Orano/Denison’s McClean Lake uranium mill. Its successful winter 2022 drilling program discovered anomalous uranium in all four holes at the Gizmo target. Forum recently received results of an airborne electromagnetic (EM) and magnetic survey to augment structural interpretations and precisely locate the EM conductors. The following maps show these results and identify new target areas for diamond drilling.
New Gravity Trends and Future Target Areas
Forum’s uranium and energy metal projects in northern Saskatchewan
Richard Mazur is an executive and geoscientist with over 45 years of Canadian and international experience in the exploration and mining industry as a project geologist, financial analyst and senior executive on uranium, gold, diamonds, base metals and industrial minerals projects. Rick founded Forum in 2004. He is also a director of Big Ridge Gold, Impact Silver and Midnight Sun Mining. Mazur graduated with a B.Sc. in geology from the University of Toronto in 1975 and obtained an MBA from Queen’s University in 1985.
Dr. Rebecca Hunter has over 15 years of experience as a uranium exploration geologist in Saskatchewan and Nunavut. As a project geologist for Cameco from 2005 to 2016, Hunter led the Turaqvik-Aberdeen exploration project, where the high-grade Tatiggaq and Qavvik uranium deposits were discovered nearby to the west of Orano’s (formerly AREVA) Kiggavik uranium project in Nunavut. Hunter completed her PhD at Laurentian University, which focused on the litho-geochemistry, structural geology and uranium mineralization systems of the Tatiggaq-Qavvik uranium trend in the Thelon Basin. She was recently appointed VP Exploration and will continue her work as the lead member of Forum’s Aberdeen uranium project exploration team in the Thelon Basin, a geologic analogue to the prolific Athabasca Basin.
Allison Rippin Armstrong is a biologist and environmental scientist with over 25 years experience specializing in Environmental, Social and Governance (ESG) practices across Canada and internationally. Allison’s accomplishments over the years have been recognized on a number of occasions, including being awarded the 2009 Kivalliq Inuit Association Expert Counsel Award and the 2011 Mike Hine Award for her contributions to the mining industry in Nunavut. A long-standing board member of Yukon Women in Mining, past member of the NWT & Nunavut Chamber of Mines, and founding member of the Yukon University Foundation Board, she is also the Board Chair of Tectonic Metals Inc.
As VP Nunavut Affairs, Allison’s focus will be in community, regulatory and government relations in Nunavut Territory.
Dan O’Brien is a member of the Institute of Chartered Professional Accountants of British Columbia and has over 15 years experience working with public companies in the resource industry. O’Brien is the chief financial officer for a number of publicly listed exploration companies trading on the TSX and TSXV exchanges and was previously a senior manager at a leading Canadian accounting firm where he specialized in the audit of public companies in the mining and resource sector.
Anthony Balme is the managing director of Carter Capital and Lymington Underwriting, two private UK investment funds, where he is an active participant in several global base and precious metals resource ventures in North America, Sweden and the DRC.
Paul Dennison worked for 27 years in the front end of three leading investment banks: Credit Suisse, Merrill Lynch & Deutsche Bank. His focus was capital markets origination, underwriting, sales and trading in all regions outside the Americas. Thereafter, Dennison managed his own asset management company for 12 years, which was licensed in Singapore, Switzerland and the United States. He is currently based in Zurich and Singapore with his own firm, specializing as an introducing broker, sourcing international investment capital for clients.
Janet Meiklejohn is the principal of Emerald Capital, a consulting company providing CFO, strategic, valuation, corporate governance and marketing services to high-growth companies. She was formerly VP of institutional equity sales focused on the mining sector with several Canadian investment banks including Desjardins Securities, National Bank, Salman Partners and Macquarie Capital from 1997 to 2015. Meiklejohn grew up in Saskatchewan and has a close personal interest in the development of the uranium industry in the province.
Larry Okada is a member of both the Canadian Chartered Professional Accountants and the Washington State Certified Public Accountants Association with over 45 years of experience in providing financial management services to publicly traded companies, with emphasis on junior mineral exploration companies. He holds a B.A. in economics and was in public practice with his own firm of Staley, Okada and Partners and PricewaterhouseCoopers LLP. Okada also serves as chairman of Forum’s Audit Committee.
Michael A. Steeves has been involved in the mining industry for over 50 years. He has previously held executive positions with Zazu Metals, Glamis Gold, Coeur D’Alene Mines, Homestake Mining and Pegasus Gold. Steeves also worked for several years as a mining analyst. He holds a Master of Science degree in earth sciences from the University of Manitoba and is also a chartered financial analyst.
Brian Christie’s professional career spans over 45 years as a geologist, securities analyst, and investor relations executive. During his tenure as vice-president investor relations at Agnico Eagle Mines from 2012 to 2022, Agnico Eagle was consistently recognized as having one of the top investor relations programs in Canada. Christie is currently retained by Agnico Eagle as a senior advisor, investor relations. Prior to joining Agnico Eagle, he worked for over 17 years as a precious and base metals analyst with Desjardins Securities, National Bank Financial, Canaccord Capital, and HSBC Securities, in addition to 13 years as a geologist with several mining companies including Homestake, Billiton, Falconbridge Copper, and Newmont. Christie holds a BSc. in geology (University of Toronto) and an MSc. in geology (Queen’s University). He is also a member of the Canadian Investor Relations Institute (CIRI) and the National Investor Relations Institute (NIRI).
Uranium has broken out, with the spot price rising to a 16-year high of US$106 per pound in early 2024. Despite a pullback, uranium prices in April still remain 30 percent higher than last year's average.
Although the market's turnaround has taken time, experts are predicting a bright future as countries around the world pursue clean energy goals. Against that backdrop, some ASX-listed uranium companies have been making moves in 2024.
Below the Investing News Network has listed the top uranium stocks on the ASX by year-to-date gains. Data was gathered using TradingView's stock screener on April 10, 2024, and all companies included had market caps above AU$50 million at the time. Read on to learn more about these firms and what they've been up to so far this year.
Year-to-date gain: 56.12 percent; market cap: AU$4.54 billion; current share price: AU$1.53
Paladin Energy owns a 75 percent stake in the active Langer Heinrich uranium mine in Namibia, and also has an exploration portfolio that spans both Canada and Australia.
First brought into production in 2006, operations at Langer Heinrich were suspended in 2018 as ultra-low uranium prices averaging US$24 per pound U3O8 made the mine uneconomical. The dramatic rebound in the uranium market over the past year prompted Paladin to return Langer Heinrich to commercial production in April 2024.
Shares in company reached AU$1.53, its highest point of 2024 so far, on April 9. This is up by more than 56 percent since the start of the year, and up nearly 300 percent since hitting a yearly low of AU$0.515 in May 2023.
Year-to-date gain: gain 45.95 percent; market cap: AU$1.24 billion; current share price: AU$0.42
Lotus Resources is another ASX-listed uranium miner working to revive operations at a former mine. The company’s flagship asset is the Kayelekera uranium mine in Malawi, which it acquired from Paladin Energy in 2020.
Kayelekera has been on care and maintenance since 2014 due to the years-long low price environment for the nuclear fuel. In August 2022, Lotus completed a definitive feasibility study for restarting the mine, which it is targeting for Q4 2025.
Last November, Lotus completed a merger with A-Cap Energy, adding the Letlhakane uranium project in Botswana to its portfolio. The company’s plans for the project in 2024 include fast-tracking delivery of a scoping study through the completion of infill drilling aimed at optimizing the mine plan and upgrading the mineral resource estimate.
Shares of Lotus Resources reached a year-to-date high of AU$0.44 on March 21.
Year-to-date gain: 44.19 percent; market cap: AU$596.08 million; current share price: AU$3.85
Uranium development company Bannerman Energy has honed its efforts on its Namibia-based Etango uranium project, which it says is one of the world’s largest undeveloped uranium assets. The company has been moving forward at Etango for 15 years and is currently targeting a final investment decision for this year.
Bannerman's latest news on its progress at Etango came on March 18 with the announcement that the company has completed a scoping study on the viability of expanding or extending the base case 8 million tonnes per annum of production outlined in the definitive feasibility study completed in December 2022. In addition, the company is currently advancing Front End Engineering and Design, offtake marketing and strategic financing workstreams.
Bannerman's share price reached AU$4.00, its highest point of 2024 so far, on April 8.
Year-to-date gain: 31.46 percent; market cap: AU$1.22 billion; current share price: AU$1.40
Deep Yellow's portfolio of uranium assets spans Namibia and Australia, with its two most advanced projects being Tumas and Mulga Rock. The former is located in Namibia, while the latter is in Western Australia; according to the company, together they have a potential production capacity of over 7 million pounds per year of U3O8.
Deep Yellow released a definitive feasibility study (DFS) for Tumas in early February 2023, outlining output of 3.6 million pounds of U3O8 annually along with 1.15 million pounds of V2O5. The property's mine life is set at 22.25 years, but additional resources could increase it to over 30 years. In December, Deep Yellow did a review of the DFS, updating costs and forecast financial outcomes to reflect the more settled economic environment. Tumas received a mining licence from the Namibian government that same month. The company is targeting late Q3 2024 for a final investment decision.
In terms of Mulga Rock, the company has been working on an evaluation program geared at boosting the project's value by looking at its critical minerals potential. In late February 2024, the company updated the mineral resource estimate for the Ambassador and Princess deposits, resulting in a 26 percent increase in the project's total contained uranium and justifying an update to the DFS. Deep Yellow expects to start a revised DFS for Mulga Rock in Q2 2024.
Shares of Deep Yellow reached their 2024 peak on February 2, coming in at AU$1.76.
Year-to-date gain: 20.1 percent; market cap: AU$2.01 billion; current share price: AU$4.84
Boss Energy is focused on restarting its fully permitted Honeymoon uranium mine in South Australia. Production at the asset was suspended in 2013 due to low prices, but the company is now looking to bring it back online to take advantage of uranium's move upward. A JORC-compliant resource for the Honeymoon restart area stands at 36 million pounds of U3O8, and the property's mine life is estimated at over 10 years with output of 2.45 million pounds of U3O8 annually.
News throughout the past year was focused on activities geared at bringing Honeymoon back online, and Boss ultimately started mining operations at Honeymoon back up again in mid-October 2023. The same month, Boss and Coda Minerals (ASX:COD) were awarded four exploration tenements under a mineral rights sharing arrangement. The tenements make up the Kinloch project, which is located 130 kilometres south of Honeymoon.
Boss signed its first binding sales contract for production from Honeymoon in late December 2023. It will sell 1 million pounds of uranium to a US utility for seven years starting in 2025 and ending in 2031.
Then, in late February of this year, Boss announced the completion of a transaction that it said will make it a multi-mine uranium producer in the first half of 2024 — it entered into an agreement to acquire a 30 percent stake in enCore Energy's (TSXV:EU,NASDAQ:EU) Alta Mesa in-situ recovery project in Texas. In mid-March enCore announced its highest grade drill results to date at Alta Mesa, and reported that "at the Alta Mesa Uranium CPP, enCore has met most of the key objectives for the refurbishment of the processing circuits necessary for the planned early 2024 restart."
Boss Energy's share price reached its highest point of the year so far on February 2, when it hit AU$6.11.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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