Uranium Sector Expected to See a Run as Positive Momentum and Demand Builds

FN Media Group News Commentary - An article from REUTERS on the Uranium markets earlier this year painted a prosperous picture for the global Uranium. The report said: "Investment banks Goldman Sachs and Macquarie as well as some hedge funds are positioning themselves to reap the benefits of a newly buoyant uranium sector as prices of the nuclear fuel ingredient spike. While many other investment banks are still avoiding uranium, Goldman and Macquarie are boosting trading in physical uranium and in Goldman's case trading its options as well, five industry and hedge fund sources with knowledge of the deals said. The heightened activity comes as utilities seek new supplies amid shortfalls that have lifted prices to 16-year highs ." It continued: "A few hedge funds are also stepping up involvement in both equities and physical uranium, a sign that the metal is starting to broaden its appeal to financial institutions after a decade in the doldrums following the Fukushima nuclear disaster. With the headlines and positive momentum in nuclear more generally, hedge funds and other commodity investors are back in the (uranium) sector. A lot of it is done via physical funds, the easiest way to get exposure to uranium prices," said Bram Vanderelst at trading firm Curzon Uranium. The metal has captured investors' attention after prices doubled over the past year to $102 a pound as top producers Kazatomprom and Cameco cut production guidance because reopened mines that had been mothballed struggled to ramp up production to meet renewed demand." Active mining companies in the markets this week include Stallion Uranium Corp. (OTCQB: STLNF) (TSX-V: STUD) (, enCore Energy Corp. (NASDAQ: EU), Forum Energy Metals Corp. (OTCQB: FDCFF) (TSX-V: FMC), Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), Ur-Energy Inc. (NYSE American: URG).

"It also comes with the revival of nuclear energy to help countries cut their carbon emissions, which was highlighted in the December 2023 Group of Seven most industrialized nations' statement that envisioned tripling nuclear energy capacity from 2020 to 2050." Goldman Sachs has started writing options on physical uranium for hedge funds , the first time it has created a derivative for the metal." It concluded: ""Goldman has been increasing their visibility, they've been increasing their book steadily," a source who dealt with the bank said, declining to give details of the transactions because they are confidential. Goldman is largely dealing with financial clients like hedge funds while Macquarie's main focus is boosting trading and marketing output from miners, another source who dealt with both banks said, also declining to elaborate because the data is confidential."

Stallion Uranium ($STUD.V $STLNF) Intersects Significant Conductive Structure - Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) ( FSE: HM40) is proud to announce the successful completion of their inaugural winter 2024 diamond drilling program on its 100% owned Coffer Project situated in the prolific Southwestern Athabasca Basin in Saskatchewan, Canada. This milestone initiative was successful in encountering anomalous radioactivity in all three drill holes and culminated with the discovery of a large, deep-rooted conductive structure intersected on the final drill hole CF24-003 giving the target area the characteristics needed to host a large uranium deposit.

Highlights

Three diamond drill holes totaling 2,798.2m were completed at the Appaloosa target area (Figure 4).
Hole CF24-003 intersected the unconformity at 720 m and was completed at a depth of 1055 m.
CF24-003 is located 700 m west along strike from CF24-002, and 1.4km west of CF24-001.
Anomalous radioactivity was encountered at the unconformity in all three holes.
A total of 282 whole rock samples were obtained for assay, including interval and selective samples.
A deep-rooted conductive structure, spanning 94.7 meters in down-hole thickness, was encountered in hole CF24-003 highlighting the significant size of the structure.
Strong clay and chlorite alteration which is known be is associated with uranium mineralization was encountered.
Stallion holds a 100% ownership of the project.

"Stallion's winter 2024 drilling program at the Coffer project has yielded remarkable results, identifying a large conductive structure and 1.4 km of anomalous radioactivity at the unconformity across all three drill holes. The third hole intersected significant alteration and structure, and given the size of those intersections, indicate that the Appaloosa target possesses the characteristics capable of hosting a substantial uranium deposit. Further processing and modeling of the data collected will provide enhanced targeting capabilities, greatly increasing the probability for discovery on a future program," commented Darren Slugoski, Vice President Exploration, Canada.

Winter Drill Program Summary - Stallion's maiden drill program commenced on March 6, 2024, to drill test geophysical targets derived from both regional and advanced ground surveys. A total 2,798.2m of diamond drilling was completed over 3 holes, all of which were successful in encountering anomalous radioactivity at or above the unconformity. The final hole targeted and intersected the conductive structure, with an intercept of over 94m, highlighting the size and ability of the structure in transporting uranium bearing fluids. The significant size of the structure adds to Stallion's view that not only is the structure fertile for a uranium deposit but has the potential to host a large deposit.

The drill program successfully identified the key characteristics of a uranium bearing system and the promising findings validate Stallion's geological model, allowing for building confidence in the target area. The structural elements and scale encountered, along with anomalous radioactivity throughout, are strong indicators the Appaloosa target has the potential to host a significant uranium discovery. The winter drill program only tested 1.4km of the extensive 3.5-kilometre-long conductive zone, giving the target area further size and exploration potential.

The company is currently in the process of compiling and analyzing all data acquired during the drilling program. Stallion will leverage this comprehensive analysis to inform future exploration efforts and guide the development of an optimized exploration strategy for the target area moving forward.

"Our maiden drill program was a game-changing moment for Stallion, as we not only uncovered radioactivity in every hole, but also struck a massive conductor that unveiled the size of the structure at Appaloosa. Our confidence in the Appaloosa target's potential continues to grow given the results of the drill program, providing us with the information needed to vector towards a discovery ," declared Drew Zimmerman, CEO. "Our drill program proved to be a resounding success, showcasing our ability to swiftly navigate from greenfield to drill testing in just 14 months. This achievement highlights our strategic approach to uncovering the next major uranium discovery. By systematically uncovering high-potential targets within our extensive portfolio of conductive corridors, we are maximizing the probability of success in all future exploration endeavors." #stallionuranium #uranium - CONTINUED … Read these full press releases and more news for Stallion Uranium at: https://stallionuranium.com/news/press-releases/

Other recent developments in the mining industry of note include:

enCore Energy Corp. (NASDAQ: EU), a domestic uranium producer, recently published its 2023 Annual Report, which is now available on the enCore Energy website at https://encoreuranium.com/investors/annual-report/ . The Annual Report outlines enCore's business plan, the corporate objectives for 2024 and evaluates the Company's success in meeting its 2023 objectives.

William M. Sheriff, Executive Chairman, commented: "enCore has made substantial progress throughout 2023 and I am proud of the dedication and work by our team to achieve all our objectives, specifically our highest priority 2023 objective to advance the Rosita Uranium Central Processing Plant into production. And now, within our 2024 objectives, we remain focused on commencing production at the Alta Mesa Uranium Central Processing Plant. I want to extend a large thank you to our dedicated staff, esteemed shareholders, capable management team, and valued board of directors. It's through your collaboration and shared vision that we've made significant strides forward. As we move forward in 2024 and beyond, we continue to strive to set high goals, achieve them, and continue to conduct ourselves as an industry leader as America's Clean Energy Company™."

Forum Energy Metals Corp. (OTCQB: FDCFF) (TSX-V: FMC) has recently reviewed initial data processed from its Ambient Noise Tomography (ANT) survey conducted over the Tatiggaq anomaly during the summer of 2023, The survey successfully established new drill targets over a one plus kilometer east-northeast extension along the Tatiggaq fault zone, which hosts the high-grade Tatiggaq uranium discovery at Forum's 100% owned Aberdeen Project in the Thelon Basin, Nunavut. The Aberdeen project comprises 95,500 hectares and is located adjacent to Orano's 133 million pound Kiggavik uranium project.

Dr. Rebecca Hunter, Forum's VP, Exploration commented, "The ANT survey may be a game-changing geophysical method for targeting unconformity systems in the northeast Thelon Basin. By measuring the velocity change interfaces throughout our anomalies, we can potentially image the faults that host the mineralization and the location of the mineralized bodies themselves. The survey results obtained suggest we will be able to target our drilling with a much higher degree of precision than what could be done in the past. I am very excited to resume on our Aberdeen Project in 2024."

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) recently reported its financial results for the quarter ended March 31, 2024. The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.gov/edgar , on the System for Electronic Data Analysis and Retrieval + (" SEDAR+ ") at www.sedarplus.ca , and on the Company's website at www.energyfuels.com .

"Energy Fuels maintained our momentum from 2023, by reporting continued profitability in Q1-2024, driven mainly by uranium. We also continued to make extraordinary progress diversifying into the complementary HMS and rare earth oxide businesses.

"During the quarter, we made profitable uranium sales into our portfolio of long-term utility contracts, and we completed two opportunistic spot sales averaging nearly $103 per pound of U ₃ O ₈ , enabled by our significant uranium inventories backed by our near-term low-cost uranium production capacity. From these sales, we maintained high gross margins, averaging roughly 56%, contributed to in large part by our low-cost alternate feed material and other historic uranium production which we have maintained in inventory pending increased uranium prices such as we see today.

Ur-Energy Inc. (NYSE American: URG) recently invited visitors to attend its 2024 Q1 webcast/teleconference on May 8, 2024. Ur-Energy management will provide a review of our 2024 Q1 operations and results. A Q&A session will follow the presentation. The webcast and teleconference will be held Wednesday, May 8, 2024 at 8:00 a.m. MT / 10:00 a.m. ET. Please join us by phone or online as follows:

Toll Free Number: 888-506-0062
International Number: 973-528-0011

Provide event code 756904 or ask to join the Ur-Energy call.

The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser:
https://www.webcaster4.com/Webcast/Page/2307/50540 . Following the webcast, a replay will be available at the same link.

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated twenty five hundred dollars for news coverage of the current press releases issued by Stallion Uranium Corp. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

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Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REE"), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the "MOU") with the Government of Madagascar (the "Government") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the "Toliara Project" or "Project"), located in southwestern Madagascar.

As previously announced, on November 28, 2024, the Madagascar Council of Ministers, as Chaired by the President of Madagascar, lifted the suspension on the Toliara Project, which was originally imposed in November 2019. The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision ("FID").

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Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .

As previously announced , on November 28, 2024 , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").

The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.

Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."

Key Terms and Conditions of the MOU

Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.

The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.

The Government has agreed in the MOU, among other things, to:

assist the Company with obtaining all necessary administrative authorizations for the purpose of adding REE-bearing monazite recovery to existing permits;
certify the Project as eligible under the LGIM (or amended LGIM, if applicable) as soon as the LGIM eligibility conditions are met; support the prompt development of the Toliara Project, including (without limitation) by causing all relevant State authorities to timely consider and grant all complete applications for permits, licenses or authorizations necessary or desirable for the development and operation of the Toliara Project in accordance with the laws of Madagascar ;
maintain the fiscal, legal and customs stability of the Toliara Project;
not, directly or indirectly, receive, take or have an interest (including an economic interest or form of production sharing arrangement, and whether carried or free-carried) in the Company or any of its assets, including the Toliara Project;
provide active and public support for the Toliara Project, including by publicly announcing the State's support for the Toliara Project and its development; and
undertake any LGIM amendments in consultation with relevant stakeholders, including the Company, to ensure that such amendments (or similar instruments with legislative force) provide the necessary certainty of financial and legal terms to address the reasonable financial, operational and legal requirements of large-scale mining projects, and otherwise supports the bankability of the Toliara Project and the ability of the Company to achieve a positive FID.

In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:

the terms of the Stability Mechanism being adopted in a form that is satisfactory to the Company;
Project Certification having been obtained; and
prior to Project Certification having been obtained, there being no change to the laws of Madagascar (as they apply to the Company and the Toliara Project as at the date of the MOU) that is adverse to the Company or the Toliara Project.

The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.

ABOUT Energy Fuels

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

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SOURCE Energy Fuels Inc.

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Madagascar Government Lifts Suspension on Energy Fuels' Toliara Critical Minerals Project

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REEs"), and critical minerals, is pleased to announce that today the Madagascar Council of Ministers, as Chaired by the President of the Republic of Madagascar, has lifted the suspension (the "Suspension") of the Company's 100%-owned Toliara critical minerals project (the "Toliara Project"). The Suspension was imposed by the Government in November 2019. In October 2024, Energy Fuels acquired Base Resources and the Toliara Project.

Mark S. Chalmers, President and CEO of Energy Fuels stated:

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Energy Fuels Announces Q3-2024 Results, Including Active Uranium Mining and Processing, Successful Rare Earth Production, and Continuing to Build a World-Scale Rare Earth Supply Chain Centered in the U.S.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements ("REE") production, today reported its financial results for the quarter ended September 30, 2024. The Company previously announced details for its upcoming November 1, 2024, earnings call, which are also included in this news release.

"Uranium drives our current financial outlook, while rare earth elements and heavy mineral sand products are significantly adding to our long-term value and growth strategy," said Mark Chalmers, Energy Fuels' President and Chief Executive Officer. "This quarter, we maintained our clean balance sheet while adding a new long-term U.S. utility customer, completing another spot sale of U₃O₈, and commencing processing of the large inventory stockpile of uranium feedstock at the White Mesa Mill, which is expected to continue well into 2025 and beyond. Uranium production is, and will remain, the core of the Energy Fuels' business, as we leverage our unique permits, facilities and expertise to process uranium-bearing materials to produce a variety of critical materials that advance the global energy transition through an American-based supply chain. We have long been a leading U.S. uranium producer, and we have now proven our ability to produce important rare earth materials at commercial scale with the completion and successful commissioning of our REE separation circuit this quarter. We are also aggressively moving forward with our plans to secure rare earth feedstocks globally and expand our processing capacity domestically in order to capture market share and achieve profitability. Our acquisition of Base Resources Limited and its world-class Toliara heavy mineral sands/monazite project in Madagascar on October 2, 2024 is an exciting step in achieving these objectives.

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Biden Admin Makes Big Angola Investment to Counter China’s Critical Minerals Dominance

US President Joe Biden directed an additional US$600 million to the Lobito Corridor project during a visit to Angola, reinforcing a commitment to enhancing critical minerals supply chains in the African region.

The funding builds on the US$553 million committed earlier this year to the corridor, which connects the copper-rich Democratic Republic of Congo (DRC) and Zambia to Angola’s Atlantic coast.

The US has now invested more US$1.1 billion in the project, with the latest amount reportedly supporting related sectors as well, including agriculture, clean energy, health and digital access.

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Chinese flag over shipping containers and coins.

China Restricts Key Critical Minerals Exports in Response to US Chip Controls

China has set new US export restrictions on essential minerals, including gallium, germanium and antimony.

The measures, announced on Tuesday (December 3) are seen as a direct response to US export controls aimed at limiting China's access to advanced semiconductor technology.

Citing national security concerns, the US recently expanded its list of companies subject to export controls to include 140 Chinese entities connected to semiconductor development.

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First Helium Advances Licensing of Strategic 7-15 and 7-30 Leduc Wells Targeting Light Oil

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has completed surveying its proven undeveloped ("PUD") 7-30 location and is advancing through the licensing process for both the 7-30 and 7-15 locations, respectively. The 7-30 PUD well will be drilled on an existing surface location which will enable the Company to expedite drilling. The PUD well has been assigned proved plus probable undeveloped reserves of 196,700 barrels 2 by Sproule Associates Limited ("Sproule") 1 the Company's independent evaluator, and will be drilled in conjunction with the recently identified 7-15 Leduc anomaly.

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AI-generated image depicting various deep-sea mining tools.

Norway Suspends Deep-Sea Mining Plans as Environmental Concerns Rise

Norway suspended its plans to open vast areas of its seabed for deep-sea mining on Sunday (December 1), reacting to pressure from environmental groups and political negotiations.

The original proposal from the Norwegian government would have allowed companies to apply for licenses to mine around 280,000 square kilometers of seabed for minerals critical to modern technologies.

The plan, which targeted areas containing resources like cobalt, nickel and rare earth elements, faced strong opposition from conservation groups, researchers and multiple governments.

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Antimony periodic symbol under magnifying glass.

Madison Metals Secures Rights to Ontario Antimony-Gold Project

Madison Metals (CSE:GREN,OTCQB:MMTLF) has entered into binding letters of intent to acquire the Howells Lake antimony-gold project, a 13,990 hectare property in Ontario's Thunder Bay area.

A historic resource estimate suggests that the site contains approximately 1.7 million metric tons at 1.7 percent antimony, representing around 51 million pounds of contained antimony.

Chairman and CEO Duane Parnham underscored the project's strategic importance in a company release.

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2024 Hole ID	From (m)	To (m)	Width (m)	Au (g/t)1	Ag (g/t)2	Sb (%)1

DEM23-04 (fully sampled) – no significant assays (hole drilled above the zone?)

DEM23-05 (fully sampled) – strong intercept
	303.00	306.00	3.00	0.70	14	0.03
Including	303.50	304.00	0.50	2.19	50	0.11
Zone intercept – first occurrence of high-grade antimony to last	344.00	384.00	40.00	0.10	2	0.42
Including	344.00	345.00	1.00	0.18	7	0.74
And Including	350.00	351.00	1.00	0.63	3	0.03
And Including	354.00	356.00	2.00	0.80	10	0.09
Including	355.00	356.00	1.00	0.98	17	0.07
And Including	358.00	364.00	6.00	0.10	2	1.63
Including	360.00	362.50	2.50	0.06	1	3.60
Including	361.00	361.50	0.50	0.04	2	8.37
And Including	366.00	368.00	2.00	0.06	2	0.37
And Including	372.00	374.15	2.15	0.04	1	0.52
And Including	377.00	382.40	5.40	0.03	1	0.67
Including	379.00	380.00	1.00	0.03	1	2.42

Uranium Sector Expected to See a Run as Positive Momentum and Demand Builds

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Overview

Company Highlights

Key Projects

White Mesa Mill, Utah

Nichols Ranch, Wyoming

Pinyon Plain Project, Arizona

La Sal Complex, Utah

Sheep Mountain Project, Wyoming

Roca Honda Project, New Mexico

Bullfrog Project, Utah

Monazite Supply Chains

Bahia Project, - Brazil

Donald Project - Australia

Toliara Project – Madagascar

Management Team

Mark Chalmers – President and CEO

David Frydenlund - Executive Vice-president, Chief Legal Officer and Corporate Secretary

Curtis Moore – VP of Marketing & Corporate Development

J. Birks Bovaird – Chairman of the Board

China's restrictions seen as retaliatory

Supply chain resiliency in focus

Criticism of Norway's deep-sea mining plans

Global push for deep-sea critical minerals

Scientists warn against deep-sea mining

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