
October 30, 2024
Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to provide the following review of activities for the three month period ended 30 September 2024.
Highlights
Wiluna Uranium Project
- Re-estimation of the Lake Maitland uranium (as U3O8) and vanadium (as V2O5) resources completed within a lower grade U3O8 resource envelope (see details below) to allow for the resources of Lake Maitland to be stated at a 100ppm U3O8 and V2O5 cut-off grade.
- As a result the Lake Maitland Uranium-Vanadium resource can now be stated at a 100ppm U3O8 and V2O5 cut-off grade in alignment with the other deposits of the Wiluna Uranium Project.
- This expands the Lake Maitland stated U3O8 resource by approximately 12% or 3.2Mlbs to 29.6Mlbs contained U3O8, with a reduction in average grade to 403ppm U3O8 (at a 100ppm U3O8 cut-off).
- The stated Lake Maitland V2O5 resource expands by approximately 74% or 13.4Mlbs to 31.4Mlbs contained V2O5, with a reduction in average grade to 285ppm V2O5 (at a 100ppm V2O5 cut-off).
- All of the Wiluna Uranium Project resources can now be stated at a 100ppm cut-off, resulting in an approximate 17% expansion of the U3O8 resources for the Project to 73.6Mlbs from the previous 62.7Mlbs, with a reduction in average grade to 381ppm U3O8.
- Design phase for pilot plant commissioned by Toro for the Wiluna Uranium project nearing completion, to text the improved beneficiation and hydrometallurgical circuit developed by Toro at closer to production scale.
- Pilot plant will test potential ore from all three uranium deposits (Lake Maitland, Lake Way and Centipede-Millipede) which could potentially underpin an expanded Lake Maitland operation.
- Integration of re-estimated Lake Maitland vanadium resource into Lake Maitland uranium resource block model commenced after the end of the quarter, which is the start of preparations for a new scoping study update for a stand-alone uranium-vanadium mining and processing operation at Lake Maitland.
Corporate
- Cash and liquid financial assets valued at approximately $11.2 million as at the quarter end.
URANIUM PORTFOLIO SUMMARY
Wiluna Uranium Project, Western Australia
Toro’s 100%-owned Wiluna Uranium Project is located near Wiluna on the Goldfields Highway, some 750km NE of Perth in Western Australia.
The Wiluna Project consists of the Lake Maitland, Lake Way, and Centipede- Millipede Deposits (see Figure 1). Together, these deposits of the Wiluna Uranium Project contain some 87.8 Mt grading 381ppm U3O8 for 73.6 Mlbs of contained U3O8 at a 100ppm U3O8 cut-off (JORC 2012 – refer to ASX announcements of 15 October 2015, 1 February 2016, 21 October 2019 and 30 November 2021).
This is in addition to the vanadium resource of 141.8Mt grading 286ppm V2O5 for 89.3Mlbs of contained V2O5 at a 100ppm V2O5 cut-off (inside the U3O8 resource envelope) as referred to above (JORC2012 – Inferred – refer to the Company’s ASX announcement of 21 October 2019).
Click here for the full ASX Release
This article includes content from Toro 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.
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The Conversation (0)
14 April
Toro Energy
Investor Insight
Toro Energy’s significant uranium resource in a tier 1 jurisdiction places the company in a compelling position to leverage a bullish uranium market and the mineral’s strategic role in global decarbonization.
Overview
Australia is the world’s third-largest uranium producer (12 percent) next to Kazakhstan (43 percent) and Canada (13 percent). It is home to the Wiluna Uranium Project, the flagship asset of Toro Energy (ASX:TOE), a uranium exploration and development company also exploring value in other commodities.
The 100-percent-owned Wiluna uranium project includes three key deposits – Lake Maitland, Centipede-Millipede and Lake Way – and offers significant uranium exposure of 87.8 million tons (Mt) at 381 ppm for 73.6 Mlbs U3O8 at 100 ppm cut-off (JORC 2012). It is located only 30 kilometers southeast of Wiluna in Central Western Australia.
The Wiluna uranium project has received state and federal approval (subject to required amendments) and has been granted mining leases.
Considerable research over recent years has identified processing redesign opportunities from unique geological attributes within the uranium deposits, but particularly at Lake Maitland, as well as the ability to extract the inherent vanadium held within the uranium ‘ore’ for a vanadium by-product.
Within the uranium mineralization envelope, the Wiluna project is estimated to contain 141.8 Mt vanadium oxide (V2O5) at 286 ppm for 89.3 Mlbs of V2O5 at 100 ppm V2O5 cut-off (JORC 2012), as of September 24, 2024.
The scoping study for the stand-alone Lake Maitland uranium-vanadium operation option shows potential for exceptional financial returns with a pre-tax NPV of AU$832.8 million, a short payback period of 2.5 years, 48 percent internal rate of return, and low capex of AU$291 million (US$203 million), based on price assumption of US$85/lb U3O8, US$5.67/lb V2O5 and a 70 cents US$:AU$ exchange rate.
In September 2024, the Lake Maitland deposit has been re-estimated using a resource envelope more in line with the other Wiluna uranium deposits; allowed the lowering of the cut-off grade to 100ppm U3O8, expanding Lake Maitland resources by 12 percent and that of the entire Wiluna project by 17 percent (when the expansions at Lake Way and Centipede-Millipede are also included).
The design phase of Toro Energy’s beneficiation and hydrometallurgical pilot plant is on track and in line with plans to finalise construction. The pilot plant will test the improved beneficiation and hydrometallurgical circuit developed by Toro from bench scale research at a closer-to-production scale and as single streams. It will also test potential ore from the three uranium-vanadium deposits that Toro believes will make up an extended Lake Maitland operation – these include Lake Maitland, Lake Way and Centipede-Millipede.
The Lake Maitland deposit is part of a joint venture partnership with two reputable Japanese corporations, Japan Australia Uranium Resource Development. (JAURD) and Itochu.
Toro has been actively evaluating the prospectivity of its Wiluna asset portfolio for minerals other than uranium, including nickel and gold.
The Lake Maitland mining pit re-optimization which incorporated the latest resource estimates and updated financial data has been completed. Mine scheduling is currently underway in preparation for the upcoming scoping study update.
Toro’s Dusty nickel project is located on the northern, eastern and southern shores of Lake Maitland and the Lake Maitland uranium deposit and is focused on two main target areas: Dusty and Yandal One. These properties will be the subject of a proposed demerger, following Toro’s recent strategic review of its non-core assets and future plans to solely focus on its uranium development opportunities and its flagship Wiluna project.
Toro Energy’s management team and board of directors have extensive experience in the mining industry, with combined expertise that includes working at major mining houses, exploration companies, uranium mining operations, corporate financing and government and community relations.
Company Highlights
- Toro Energy is a well-established uranium exploration and development company based in Western Australia, with a strong focus on unlocking value from additional commodities within its highly prospective landholdings.
- The company holds JORC-compliant uranium resources totaling 112.7 million pounds (Mlbs) of uranium oxide (U₃O₈) across its Western Australian projects.
- Toro’s 100%-owned flagship Wiluna Uranium Project, located 30 km southeast of Wiluna in Central Western Australia, hosts a total resource of 87.8 million tonnes (Mt) at 331 ppm for 73.6 Mlbs U₃O₈ at a 100 ppm cut-off. The project encompasses three key deposits: Lake Maitland, Centipede-Millipede, and Lake Way.
- Within the uranium mineralization envelope, Toro has also defined a maiden vanadium resource of 89.3 Mlbs V₂O₅ at a 100 ppm cut-off. A scoping study for a stand-alone Lake Maitland uranium-vanadium operation indicates the potential for exceptional financial returns.
- Beyond uranium, strategic exploration within the Lake Maitland tenure has led to the discovery of massive nickel sulphide and vein-hosted gold deposits, including the Dusty Nickel Project and the Yandal Gold Project.
- Following a recent strategic review, Toro is evaluating a renewed focus on uranium development and is considering the demerger of non-core assets, including its nickel, gold, and base metal projects in Western Australia.
- Toro is led by a highly experienced management team and board of directors, with deep expertise in uranium exploration, mining, and base metal exploration.
Key Projects
Wiluna Uranium Project
Location of the Lake Maitland Uranium and Vanadium Deposit within Toro’s portfolio of Uranium-Vanadium Deposits that make up the company’s Wiluna Uranium-Vanadium Project
Toro Energy’s flagship asset is located only 30 kilometers from the town of Wiluna in the northern goldfields region within central Western Australia. The Wiluna project contains 87.8 Mt at 381 ppm for 73.6 Mlbs U 3O8 at 100 ppm cut-off over three deposits: Centipede-Millipede, Lake Way and Lake Maitland. The asset has been de-risked and optimized to improve yield and has successfully incorporated the processing of a vanadium resource as a by-product. A scoping study was completed for a stand-alone Lake Maitland uranium-vanadium operation.
Project Highlights:
- De-risked Uranium Project: Toro Energy has de-risked the Wiluna uranium asset by securing state and federal approvals, mining leases, and a simplified mining process. Further approvals are needed due to project enhancements. Extensive lab testing has also validated an efficient beneficiation and processing technique, enabling vanadium extraction as a valuable by-product.
- Uranium Exploration assets: Toro also owns 100 percent of three other exploration projects in Western Australia that have a total uranium resource of 39.1 Mlbs Nowthanna (200ppm U3O8 cut-off), Dawson Hinkler (100ppm U3O8 cut-off) and Theseus (200ppm U3O8 cut-off).
- Lake Maitland Pit Expansion: A 2022 pit expansion for a stand-alone Lake Maitland mining and processing operation, based on an updated uranium price, the inclusion of vanadium as a by-product, revised OPEX based on a the new beneficiation and processing flow sheet, increased the potential volume of uranium ore
- Initial Scoping study at proposed Lake Maitland Uranium-Vanadium Operation: Initial scoping study results following the 2022 pit expansion highlight the project’s potential for robust financial returns, increasing the asset to US$608 million in potential gross product value (assumes a US$70/lb U3O8, US$5.67/lb V2O5 price and a US$: AU$0.70 exchange rate).
- 2024 Scoping Study Financial Metrics Update: A refresh of the scoping study on the stand-alone Lake Maitland operation which incorporates current financial metrics and improved uranium pricing has been recently completed resulting an increase in pre-tax NPV to $832.8 million and 48 percent IRR (assumes a US$85/lb U3O8, US$5.67/lb V2O5 price and a US$: AU$0.70 exchange rate).
- Expanded Resource: Reducing the U₃O₈ and V₂O₅ cut-off grade to 100 ppm has significantly expanded resources across all three uranium-vanadium deposits:
- Lake Maitland:
- U₃O₈: +12 percent (3.2 Mlbs) to 29.6 Mlbs, average grade 403 ppm
- V₂O₅: +74 percent (13.4 Mlbs) to 31.4 Mlbs, average grade 285 ppm
- Centipede-Millipede:
- U₃O₈: +25 percent (5.98 Mlbs) to 29.95 Mlbs, average grade 351 ppm
- V₂O₅: +17% (6.6 Mlbs) to 45.2 Mlbs, average grade 281 ppm
- Lake Way:
- U₃O₈: +15 percent (1.79 Mlbs) to 14.12 Mlbs, average grade 406 ppm
- V₂O₅: +9.5 percent (1.1 Mlbs) to 12.7 Mlbs, average grade 307 ppm
- Lake Maitland:
- Pilot Plant Design Commissioned: A detailed pilot plant design is being undertaken to further assess the new processing flowsheet for Lake Maitland at a closer to ‘operational’ scale. The pilot plant design is on track incorporating all aspects of both uranium and vanadium production. A sonic core drilling program will commence to deliver potential ore to the pilot plant currently in design for Wiluna.
- Robust Local Infrastructure: The assets are within an established mining center, which means much of the required infrastructure is readily available. The project has access to power and water, which reduces initial development costs.
- Joint Venture Partnership: Toro Energy has entered into a joint venture partnership with JAURD and Itochu for its Lake Maitland deposit. Both corporations have the right, but not the obligation, to earn a combined 35 percent interest in the project upon contributing US$39.6 million, and an additional proportionate share of expenditure thereafter, once a positive final investment decision has been made based on a definitive feasibility study.
The Dusty Nickel Project – Discoveries of Massive Nickel Sulphide
Toro’s Lake Maitland tenure is located in the Yandal Greenstone Belt within the Yilgarn Craton of Western Australia, a gold district within a world-class gold and nickel province. With little exploration for non-uranium minerals ever conducted on the properties, Toro considers the project area highly prospective for nickel, gold and base metals.
Exploration and diamond drilling have identified four massive/semi-massive nickel sulphide zones within just 4.5 km of a 7.5 km komatiite magnetic trend. Limited testing has been conducted across a 15 km strike of known komatiite-ultramafic target rock. With minimal drilling at Lake Maitland, the full extent of prospective nickel sulphide mineralization remains unknown.
Project Highlights:
- Four zones of massive nickel sulphide discovered: Toro has discovered four zones of massive and semi-massive nickel sulphides: Dusty, Houli Dooley, Jumping Jack and Dimma.
- Yandal OneTarget Area: The Yandal One Target Area is located some 17 kilometers south of the Dusty discoveries and with limited drilling, Toro has proven the existence of another komatiite with the potential to host massive nickel sulphide.
Toro Yandal Gold Project
The Lake Maitland tenure is located only 20 kilometers northeast of the world-class Bronzewing and Mt McClure gold mines within the same Greenstone Belt, the Yandal, within one of the most famous gold provinces in the world, the Yilgarn Craton.
Early exploration by Toro at the Golden Ways target area in the north of the project has uncovered surface rock chip samples of up to 70 g/t gold and significant drilling results, including:
- 5 meters at 4.4 g/t from 22 meters (TERC24)
- Including 2 meters at 9.93 g/t from 22 meters
- 4 meters at 3.3 g/t from 28 meters (TERC25)
- Including 1 meter at 10.9 g/t from 28 meters
- 2 meters at 3.79 g/t from 10 meters (TERC38)
- Including 1 meters at 7.33 g/t from 10 meters
- 3 meters at 1.41 g/t from 9 meters (TERC36)
- Including 1 meters at 2.76 g/t from 10 meters
Management Team
Richard Homsany - Executive Chairman
Richard Homsany has extensive experience in the resources industry, having been the executive vice-president for Australia of TSX-listed Mega Uranium since April 2010. He has worked for North Ltd, an ASX top 50-listed internationally diversified resources company in operations, risk management and corporate, before its takeover by Rio Tinto.
Homsany is an experienced corporate lawyer and certified practicing accountant (CPA) advising numerous clients in the energy and resources sector, including publicly listed companies. He was corporate partner at international law firm DLA Phillips Fox (now DLA Piper), where he advised clients on a range of transactions and matters including capital raising, IPOs, stock exchange listing, mergers and acquisitions, finance, joint ventures, divestments and governance.
Michel Marier - Non-executive Director
Michel Marier joined Sentient in 2009 as an investment manager. Before joining Sentient, Marier worked eight years in the private equity division of la Caisse de dépôt et placement du Québec. Marier holds a master’s degree in finance from HEC Montreal and is a CFA charter holder.
Richard Patricio - Non-executive Director
Richard Patricio is the CEO and president of Mega Uranium, a uranium-focused investment and development company with assets in Canada and Australia. Patricio has built a number of mining companies with global operations. He holds senior officer and director positions in several junior mining companies listed on the TSX, TSX Venture, AIM and NASDAQ exchanges. He is currently also a director of NexGen Energy (TSE:NXE, Mkt Cap. C$2.7 billion). He previously practiced law at a top-tier law firm in Toronto and worked as an in-house general counsel for a senior TSX-listed company. He received his law degree from Osgoode Hall and was called to the Ontario bar in 2000.
Dr. Greg Shirtliff – Geology Manager
Dr. Greg Shirtliff, with a PhD in mine-related geology and geochemistry from ANU, has 20+ years of experience across environmental, mine geology, resource development, exploration, and management. His career includes roles at ERA-Rio Tinto’s Ranger Uranium Mine, Cameco Australasia, and currently as Lead Geologist & Technical Manager at Toro Energy. He oversees uranium and mineral resource development, directs exploration strategy, supports EPA approvals, and guides engineering and metallurgical assessments.
Katherine Garvey - Legal Counsel and Company Secretary
Katherine Garvey is a corporate lawyer who has significant experience in the resources sector. Garvey advises public (both listed and unlisted) and proprietary companies on a variety of corporate and commercial matters including capital raising, finance, acquisitions and disposals, Corporations Act and ASX Listing Rule compliance, corporate governance and company secretarial issues. She has extensive experience drafting and negotiating various corporate and commercial agreements including farm-in agreements, joint ventures, shareholders’ agreements, and business and share sale and purchase agreements.
Marc Boudames - Financial Controller
Marc Boudames is experienced in statutory financial reporting, taxation, ERP systems, business analytics, corporate transactions, due diligence, mergers & acquisitions, finance, joint ventures and divestments. He previously worked at RSM Bird Cameron, as general manager –finance & administration for ASX-listed Redport Ltd and Mega Uranium (Australia), a Canadian TSX-listed mining and equity investment company focused on global uranium properties and multi-mineral exploration. He has worked for multiple companies across various industries, including listed and public companies associated with the mining and oil and gas sectors, such as WesTrac, CB&I and Spotless Group.
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18h
13 Uranium Companies Exploring Canada's Athabasca Basin
Uranium market watchers know that Canada’s Athabasca Basin is among the world’s richest uranium jurisdictions and hosts several of the highest-grade uranium deposits on the planet.
Spanning close to 100,000 square kilometers of the Canadian Shield of Northern Saskatchewan and Alberta, the Athabasca Basin is a major contributor to Canada’s status as the second largest uranium producer and the third largest country by uranium reserves.
Unsurprisingly, the region is home to the world’s largest uranium mine, Cigar Lake. The mine reports average grades of 14.69 percent U3O8 and accounts for 14 percent of global uranium production.
First commissioned in 2014, Cigar Lake is operated by uranium major Cameco (TSX:CCO,NYSE:CCJ), which holds a 54.547 percent stake in the mine, as part of a joint venture with Orano Canada at 40.453 percent and TEPCO Resources at 5 percent. Ore from the underground mine property is processed at Orano’s McClean Lake mill, located 70 kilometers from the mine.
Uranium was first discovered in the Athabasca Basin in 1934, and today the region remains a major hot spot for uranium exploration. In recent years, a number of Athabasca Basin uranium companies have made exciting new discoveries, sparking a staking rush by others looking to get in on the action.
Athabasca Basin uranium exploration companies
With that in mind, the Investing News Network has put together this list of uranium companies with exploration and development stage projects in the Athabasca Basin. The companies are listed below in alphabetical order. The information about their projects and assets was current as of June 9, 2025.
1. ATHA Energy (TSXV:SASK,OTCQB:SASKF)
ATHA Energy has an extensive uranium exploration pipeline across Canada, including in Saskatchewan’s Athabasca Basin. At 3.8 million acres, ATHA’s land package in the Athabasca Basin includes the Gemini project, a basement-hosted near-surface uranium deposit with uranium intercepts of between 6,190 and 96,600 parts per million.
The company also holds a 10 percent carried interest in exploration projects operated by NexGen Energy (TSX:NXE,NYSE:NXE) and IsoEnergy (TSX:ISO).
2. Azincourt Energy (TSXV:AAZ,OTCQB:AZURF)
Azincourt Energy has two uranium projects in Canada, one of which is its East Preston joint venture project near the southern edge of the Western Athabasca Basin. Azincourt has an 86.5 percent interest, with the remainder held by Skyharbour Resources. The 20,647 hectare property is adjacent to Skyharbour's minority-owned Preston project.
Azincourt says it is targeting basement-hosted unconformity-related uranium deposits in two prospective conductive, low-magnetic-signature corridors. The company is planning for a fall 2025 geophysics exploration program at East Preston in preparation for a potential winter 2026 diamond drill program.
3. Baselode Energy (TSXV:FIND)
Baselode Energy's strategy is developing assets near the Athabasca Basin with similar geology. Its ACKIO near-surface uranium discovery at its Hook project is located directly adjacent to the Athabascan Basin. First discovered by the company in September 2021, the ACKIO near-surface uranium prospect is more than 375 meters along strike, and more than 150 meters wide.
Baselode has identified at least nine separate uranium pods, or small bodies of mineralization, on the project. Drill results from its summer 2024 exploration program were released in May 2025, demonstrating the potential for further expansion of the known uranium mineralization at ACKIO.
4. CanAlaska Uranium (TSXV:CVV)
CanAlaska Uranium is a project generator with interests in a portfolio of assets in the Athabasca Basin covering 1.24 million acres. The company is advancing its West McArthur joint venture with Cameco, which is situated near the McArthur River mine in the Eastern Athabasca Basin. CanAlaska owns 85 percent of the project.
CanAlaska’s 2025 C$12.5 million drill program at West McArthur is aimed at expanding and delineating the high-grade Pike Zone uranium discovery.
Earlier this year, the company completed the first drilling in over 10 years at its wholly owned Cree East deposit in the south-eastern portion of the Basin. The drill program was fully funded by Nexus Uranium (CSE:NEXU,OTCQB:GIDMF) as part of an option earn-in agreement to earn up to 75 percent interest in the project.
5. Denison Mines (TSX:DML)
Uranium miner Denison Mines’ direct ownership interests in the Athabasca Basin region covers approximately 384,000 hectares. The company has a 22.25 percent stake in the McClean Lake mine and mill joint venture project operated by Orano Canada.
Denison’s flagship project in the region is Wheeler River, considered the largest undeveloped uranium project in the eastern region of the Athabasca Basin. Wheeler River hosts the high-grade Phoenix and Gryphon deposits.
According to a 2023 feasibility study, Phoenix hosts a proven and probable resource of 219,000 metric tons at an average grade of 11.7 percent uranium for 53.3 million pounds. The company plans to develop the deposit as an in-situ recovery operation.
The Canadian Nuclear Safety Commission is slated to conduct hearings for the project’s environmental assessment and license on October 8 and December 8 to 12, 2025. If approval is granted, the company is looking to break ground in early 2026 and commence production by the first half of 2028.
As for the Gryphon deposit, Denison has evaluated it as a conventional mine in a pre-feasibility study. The company conducted a field program in the first quarter 2025 that may be used for a future feasibility study.
6. F3 Uranium (TSXV:FUU,OTCQB:FUUFF)
F3 Uranium has three exploration properties in the western region of the Athabasca Basin: the advanced-stage Patterson Lake North project, which hosts the JR discovery, as well as the early-stage Minto and Broach projects.
In February 2025, the company launched a drill campaign at its Patterson Lake North project followed by ground geophysical exploration programs at its Broach and Minto projects. F3 Uranium raised C$7 million in flow-through shares in May 2025, which will go towards further exploration of its uranium projects.
7. Forum Energy Metals (TSXV:FMC,OTCQB:FDCFF)
Forum Energy Metals has numerous wholly owned and joint venture projects hosting new discoveries of high-grade unconformity-related uranium deposits in the Athabasca Basin. So far in 2025, the company’s focus has been on the Northwest Athabasca (NWA) project, a joint venture between Forum at 45.4 percent, NexGen Energy at 25.3 percent, Cameco at 18 percent and Orano Canada at 11.3 percent.
Early in the year, Forum announced an option agreement allowing Global Uranium (CSE:GURN,OTCQB:GURFF) to earn up to 75 percent of Forum’s stake in the property by spending C$20 million in exploration expenditures at NWA.
In April, Global Uranium completed a diamond drilling program and ground geophysical surveys on the project, which intersected elevated radioactivity and alteration systems distinct to unconformity-type uranium mineralization.
8. IsoEnergy (TSX:ISO)
IsoEnergy has a portfolio of projects and joint ventures in the Eastern Athabasca Basin, and its main focus is the Hurricane deposit at its wholly owned Larocque East uranium property.
The company discovered Hurricane in 2018 and it now stands as the world's highest-grade indicated resource of uranium. A 2022 resource estimate reported an indicated high-grade resource of 63,800 metric tons grading 34.5 percent uranium for 48.61 million pounds of contained uranium.
IsoEnergy's summer exploration program will include drilling to test potential resource expansion at Larocque East as well as exploration at its other Athabasca Basin projects.
9. NexGen Energy (TSX:NXE,NYSE:NXE)
NexGen is another uranium mining company with a large land package in the basin, including its development-stage Rook I project.
Rook I has a measured and indicated resource estimate of 256.7 million pounds contained uranium from ore grading an average of 3.1 percent U3O8. The 2021 feasibility study outlines an 11.5 year initial mine life with up to 29.2 million pounds of U3O8 production per year for the first five years.
The Federal Environmental Impact Statement for Rook I was accepted in January 2025, and the Canadian Nuclear Safety Commission has proposed hearing dates for the project on November 19, 2025, and February 9 to 13, 2026. NexGen plans to immediately begin construction activities following final federal approval.
10.Paladin Energy (TSX:PDN)
Paladin Energy's Patterson Lake South (PLS) project hosts the large, high-grade and near-surface Triple R deposit, which has the potential to produce both uranium and gold. The company acquired it as part of its acquisition of Fission Uranium in 2024. Paladin also holds six early-stage uranium projects in the basin.
PLS's mineral reserve estimate includes probable reserves of 93.7 million pounds from 3 million metric tons of ore at an average grade of 1.41 percent U3O8. The 2023 feasibility study demonstrates life of mine production of approximately 9 million pounds U3O8 per year over a 10 year mine life.
The company released positive drill results from its winter drill program on the Saloon East zone in June 2025 showing the potential to further grow the resource base of the property outside of the Triple R deposit. The project is advancing through the environmental permitting process.
11. Purepoint Uranium (TSXV:PTU)
Purepoint Uranium has an extensive uranium portfolio, including six joint ventures and five wholly owned projects all located in the Athabasca Basin.
Purepoint has a significant joint venture relationship with IsoEnergy (TSX:ISO) that includes a 50/50 joint venture agreement to explore 10 uranium projects across 98,000 hectares in the eastern portion of the Athabasca Basin. The partners launched a 2025 drill campaign in May at the Dorado project, which will include approximately 5,400 meters across 18 holes, targeting high-priority electromagnetic conductors for uranium mineralization.
Its joint ventures also include the Hook Lake uranium project in the Patterson region, in which it owns a 21 percent interest alongside Cameco and Orano Canada, which both hold 39.5 percent.
12. Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF)
Skyharbour Resources is another junior mining company with an extensive portfolio of uranium exploration projects in the Athabasca Basin, comprising 36 uranium projects over 614,000 hectares. The company's core projects include its 57.7 percent owned Russell Lake project — a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) — and its wholly owned Moore project.
Skyharbour’s 49,635 hectare Preston uranium project in the western portion of the Athabasca Basin is the subject of a 7,000 meter 2025 summer drill campaign being conducted by its joint venture partner, Orano Canada. Orano is the majority owner and operator at the project at 53.4 percent, while Skyharbour owns a minority interest of approximately 25.6 percent. The remainder is held by Dixie Gold.
13. Standard Uranium (TSXV:STND,OTCQB:STTDF)
Standard Uranium is an emerging project generator that holds interest in over 94,476 hectares in the Athabasca Basin, including its flagship Davidson River project in the southwest region of the basin.
In spring 2025, Standard Uranium partnered with Fleet Space Technologies Canada on three ExoSphere Multiphysics survey grids across the Warrior, Bronco and Thunderbird conductors at Davidson River. The surveys will provide important data for upgrading drill targets across the property through imaging of density anomalies in the basement rock.
This is an updated version of an article first published by the Investing News Network in 2015.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Baselode Energy, PurePoint Uranium and SkyHarbour Resources are clients of the Investing News Network. This article is not paid-for content.
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18h
Terra Clean Energy: Advancing an Expansive Uranium Landholding in the Prolific Athabasca Basin
Terra Clean Energy (CSE:TCEC,OTCQB:TCEFF,FSE:C9O0) is advancing its 100 percent-owned South Falcon East Project, strategically located in the southeastern Athabasca Basin, Saskatchewan — one of the world’s premier uranium districts. The project stands out among uranium juniors for its shallow mineralization, strong discovery potential, and proximity to established infrastructure.
Anchored by a historical resource of nearly 7 million pounds (Mlbs) U₃O₈ at the Fraser Lakes Zone B, the project also hosts multiple zones of confirmed mineralization and structural alteration. Terra is advancing toward a NI 43-101-compliant resource update in 2025, with the goal of materially expanding its resource base. Situated along the highly prospective Way Lake Conductor — a folded, uranium-enriched corridor — the project offers significant upside for new discoveries beyond the existing resource.
South Falcon East, Terra Clean Energy’s flagship project, spans 12,234 hectares on the southeastern margin of the Athabasca Basin, Saskatchewan, just 55 km east of the historic Key Lake uranium mill. The project hosts the Fraser Lakes Zone B deposit, with a historical inferred resource of 6.96 Mlbs U₃O₈ at 0.03% and 5.34 Mlbs ThO₂ at 0.023 percent, contained within 10.35 Mt using a 0.01 percent U₃O₈ cutoff. While not yet classified under NI 43-101, Terra considers the resource data reliable and a strong foundation for future exploration and growth.
Company Highlights
- Unique, Shallow Uranium System: Only micro-cap in the Athabasca Basin advancing a near-surface uranium deposit, with significantly reduced exploration and potential development costs.
- Pounds-in-the-ground Upside: Historical resource of 6.96 Mlbs U₃O₈ and 5.34 Mlbs ThO₂, with considerable expansion potential from historical and recent drilling.
- Prime Location: Situated 55 km east of the Key Lake Mill within the prolific Athabasca Basin – home to the world’s highest-grade uranium deposits.
- Strong Technical Leadership: Led by a team with extensive uranium exploration and capital markets experience, including veterans from Skyharbour Resources and Azincourt Energy.
- Resource Update Underway: 2024–25 infill and step-out drilling will support an NI 43-101 compliant mineral resource estimate, incorporating higher-grade intercepts from Terra’s 2024 campaign.
- Re-rating Potential: Market cap under $5 million despite having a historical uranium resource, confirmed mineralized zones, and near-term catalysts.
This Terra Clean Energy profile is part of a paid investor education campaign.*
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19h
Terra Clean Energy
Investor Insight
With a clear, discovery-focused strategy, Terra Clean Energy is advancing one of the most unique near-surface uranium opportunities in the Athabasca Basin, targeting rapid resource growth and re-rating potential through continuous exploration, aggressive drilling, and disciplined capital deployment.
Overview
Terra Clean Energy (CSE:TCEC,OTCQB:TCEFF,FSE:C9O0) is unlocking value from its wholly owned South Falcon East project, located in the southeastern Athabasca Basin in Saskatchewan, Canada. The project uniquely positions Terra among uranium juniors due to its shallow mineralization and proximity to world-class infrastructure.With a historical uranium resource of nearly 7 million lbs (Mlbs) U₃O₈ at Fraser Lakes Zone B, and multiple zones of confirmed mineralization and structural alteration, Terra is targeting an updated NI 43-101 resource in 2025, aiming to significantly grow its asset base. The project’s location along the Way Lake Conductor – a folded, fertile corridor – offers blue-sky potential for additional discoveries.
As global demand for uranium surges due to energy security concerns and the electrification boom (AI, EVs, nuclear baseload), Terra offers investors a rare combination of historical resource foundation, shallow mineralization, and transformational growth potential at a micro-cap valuation.
Company Highlights
- Unique, Shallow Uranium System: Only micro-cap in the Athabasca Basin advancing a near-surface uranium deposit, with significantly reduced exploration and potential development costs.
- Pounds-in-the-ground Upside: Historical resource of 6.96 Mlbs U₃O₈ and 5.34 Mlbs ThO₂, with considerable expansion potential from historical and recent drilling.
- Prime Location: Situated 55 km east of the Key Lake Mill within the prolific Athabasca Basin – home to the world’s highest-grade uranium deposits.
- Strong Technical Leadership: Led by a team with extensive uranium exploration and capital markets experience, including veterans from Skyharbour Resources and Azincourt Energy.
- Resource Update Underway: 2024–25 infill and step-out drilling will support an NI 43-101 compliant mineral resource estimate, incorporating higher-grade intercepts from Terra’s 2024 campaign.
- Re-rating Potential: Market cap under $5 million despite having a historical uranium resource, confirmed mineralized zones, and near-term catalysts.
Key Project
South Falcon East – Fraser Lakes B Deposit
Located in the southeastern margin of the Athabasca Basin, Saskatchewan, South Falcon East is Terra Clean Energy’s flagship project, covering approximately 12,234 hectares of prospective uranium ground. The property lies 55 km east of the historic Key Lake uranium mill and hosts the Fraser Lakes B deposit, which hosts an inferred historical resource of 6.96 Mlb U₃O₈ at 0.03 percent and 5.34 Mlb thorium dioxide (ThO₂) at 0.023 percent, within 10.35 Mt of material using a 0.01 percent U₃O₈ cutoff grade. While this resource is not currently classified under NI 43-101, Terra believes the data is reliable and serves as a robust foundation for continued exploration.
The mineralization is hosted in fractured and altered pegmatites and graphitic pelitic paragneiss, with the uranium accompanied by thorium and elevated concentrations of copper, nickel, vanadium, zinc, bismuth, molybdenum, lead and cobalt. Alteration assemblages include illite, dickite, kaolinite, chlorite, fluorite and hematite; these are classic markers of basement-hosted unconformity uranium systems. This setting, along with widespread clay alteration and structural disruption, mirrors some of the most prolific uranium systems in the basin, including Eagle Point, Millennium and Roughrider.
Fraser Lakes B sits on the central limb of the Way Lake Conductor, a folded EM corridor extending more than 25 km across the project area. This conductor hosts three major fold limbs (West, Central, and East), but only the central limb, where Fraser Lakes B is located, has been materially drilled. The deposit currently exhibits a strike length of approximately 1,400 meters, dipping northwest, and remains open in all directions. A north-northeast-trending fault, known as the T-Bone Lineament, intersects the deposit’s eastern margin, suggesting additional structural complexity and potential uranium conduits along strike.
Historic drilling from 2008 to 2015 by Skyharbour Resources and JNR Resources identified numerous mineralized intervals. Highlights include:
- 0.165 percent U₃O₈ over 2 m (within a broader 6 m grading 0.103 percent U₃O₈) in FP-15-05.
- 0.183 percent U₃O₈ over 1 m in WYL-50.
- 0.242 percent U₃O₈ over 0.5 m in WYL-61.
- 0.057 percent U₃O₈ over 5.5 m in the same hole.
These results demonstrate multiple stacked mineralized horizons over widths up to 65 m, open to depth and laterally.
In early 2024, Terra’s Phase 1 drill program confirmed the presence of uranium-bearing pegmatites in close proximity to historical intercepts. Hole SF-0059 intersected 13.5 m of mineralization, including 0.07 percent eU₃O₈ over 1.1 m, while SF-0060 returned intervals such as 0.02 percent eU₃O₈ over 1.3 m at 142.15 m. These intercepts confirm the extension of mineralization along strike and at depth from FP-15-05 and support the hypothesis of lateral continuity and stacked mineralized bodies.
Planning for an extensive summer 2025 drill program is underway, which consists of approximately 2,500 meters. The program will test areas identified during the winter 2024 program, where it is interpreted that a north-northwest trending brittle structure, a north dipping structure with strong clay alteration, and mineralized pegmatites with hydrothermal hematite alteration hosted in graphitic pelitic gneiss all intersect.In addition to Fraser Lakes B, the company is evaluating regional targets such as T-Bone Lake, which has returned values up to 0.055 percent U₃O₈ over 0.9 m and features promising clay alteration and structural complexity similar to known high-grade deposits.
The overarching exploration thesis is that the Way Lake Conductor may host a clustered uranium system, with multiple deposits along its folded structure. Very little drilling has been conducted outside the current Fraser Lakes B footprint, giving Terra significant discovery potential across the entire 25 km strike length.
Management Team
Greg Cameron – President, CEO and Director
A seasoned capital markets professional, Greg Cameron has two decades of experience in business development, strategy and M&A. He is a former senior banker at Canaccord Genuity and Macquarie, and managing director at Colby Capital. He brings transactional and restructuring expertise critical to junior exploration growth.
C. Trevor Perkins – VP, Exploration
A professional geologist, C. Trevor Perkins has a track record in uranium exploration, including major results in the Athabasca Basin. He also serves as VP exploration for Azincourt Energy and has led exploration strategy and drill execution across multiple high-impact programs.
Alex Klenman – Director
Alex Klenman is a veteran junior mining executive with 30+ years’ experience, including uranium-specific roles. He is the CEO and director of Azincourt Energy, and has raised more than $18 million for Athabasca exploration. Klenman brings deep investor relations and financing expertise.
Tony Wonnacott – Director
Tony Wonnacott is a Toronto-based securities lawyer with more than 25 years of experience in capital markets. Instrumental in multiple successful listings and over $1 billion in financings and M&A transactions.
Brian Shin – CFO
Brian Shine is a chartered professional accountant with 15 years’ experience across roles in public companies. He specializes in reporting, risk management and corporate finance.
Jordan Trimble – Technical Advisor
Jordan Trimble is the CEO of Skyharbour Resources and a leading voice in the uranium investment community. He brings global capital markets insight and technical expertise, enhancing Terra’s industry reach and credibility.
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John Ciampaglia: Uranium Turnaround? Spot Price Pop, Stocks and SPUT Raise
John Ciampaglia, CEO of Sprott Asset Management, discusses uranium supply, demand and pricing, also sharing details on the Sprott Physical Uranium Trust's (TSX:U.U,OTCQX:SRUUF) recently closed US$200 million bought-deal financing.
"It's clearly acted as a very positive catalyst — the spot price has popped, a lot of the equities have popped on this," he said about the agreement.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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