ValOre Metals (TSX:VO) focuses on high-quality metals and projects. The company's flagship uranium asset Angilak is located in Nunavut, Canada, covers 59,583 hectares, and has district-scale potential for uranium along with precious and base metals. The company is also exploring its Brazilian project targeting PGEs and gold.
The Angilak project has significant upside potential due to its land area and deposits. The area represents Canada’s highest grade uranium resource outside Saskatchewan and one of the highest grade uranium resources on a global basis, according to ValOre VP of exploration Colin Smith.
ValOre Metals is also exploring its Pedra Branca PGE project in northeastern Brazil. As another district-scale mining project, the asset covers 56,852 hectares with multiple PGE and gold deposits. Ownership of the asset gives ValOre control of an entire PGE belt. The company has three additional projects for future exploration: Hatchet Lake, Baffin Gold and Genesis.
The company a member of the Discovery Group, an alliance of nine publicly traded companies with a track record of successfully increasing shareholder value, often through tactful exits via mergers and acquisitions.
This ValOre Metals profile is part of a paid investor education campaign.*
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Sprott Asset Management CEO John Ciampaglia has called 2022 a “Dawn of a New Nuclear Renaissance” as governments worldwide strive to reduce emissions and realize they won’t likely meet their targets with wind and solar power alone. Nuclear energy currently supplies 10 percent of the world’s electricity, and as more nuclear power plants remain in operation and new ones come online, demand for uranium, a crucial element used to produce nuclear energy, will continue to rise.
In fact, in Q3 2022, uranium price reached a yearly high of US$52.27, a US$10 increase from January 2022. Based on the projected demand increase and a dwindling supply, some analysts anticipate the spot price for uranium to double to US107.70 by 2030. Investors can capitalize on this potential growth through commodity investing, energy ETFs or stocks of miners targeting uranium. When investing in a miner, investors benefit from both market trends and the company’s growth and successes.
ValOre Metals (TSX:VO) is a Canadian exploration mining company focusing on high-quality metals and projects. Angilak, the company’s flagship uranium asset located in Nunavut, Canada, covers 59,583 hectares and has district-scale potential for uranium along with precious and base metals. The company is also exploring its Brazilian project targeting PGEs and gold.
ValOre is a member of the Discovery Group, an alliance of nine publicly traded companies with a track record of successfully increasing shareholder value, often through tactful exits via mergers and acquisitions. An experienced management team leads the company toward its goal of improving shareholder value at every opportunity.
Discovery Group’s track record of value creation includes over US$2.4 billion through mergers and acquisitions since 2016. The company’s track record includes Great Bear acquired by Kinross Gold for US$1.8 billion, Kaminak Gold acquired by Gold Corp for US$520 million and Northern Empire acquired by Coeur Mining for US$117 million. ValOre’s directors were involved in many of Discovery Group’s successes, including the Kaminak and Northern Empire acquisitions.
ValOre’s Angilak project has significant upside potential due to its land area and deposits. The area represents Canada’s highest grade uranium resource outside Saskatchewan and one of the highest grade uranium resources on a global basis, according to ValOre VP of exploration Colin Smith.
ValOre Metals is also exploring its Pedra Branca PGE project in northeastern Brazil. As another district-scale mining project, the asset covers 56,852 hectares with multiple PGE and gold deposits. Ownership of the asset gives ValOre control of an entire PGE belt. The company has three additional projects for future exploration: Hatchet Lake, Baffin Gold and Genesis.
An experienced management team leads ValOre towards creating shareholder value as it continues to explore its significant assets. The team’s expertise includes mineral exploration, corporate administration, and international finance. Combined with added support from the Discovery Group, ValOre is poised to continually increase shareholder value through the exploration of its district-scale assets.
The Angilak project covers 59,583 hectares within Canada’s Nunavut Territory. The project contains the highest-grade uranium resource of scale outside of the Athabasca Basin. ValOre recently commenced an C$11 million exploration campaign throughout the project focusing on high-priority targets.
Project Highlights:
The Pedra Branca project in northeast Brazil covers 56,852 hectares, including over 70 kilometers of a prospective Archean mafic-ultramafic “Troia Unit.” The district-scale asset gives ValOre complete control of the entire PGE belt. ValOre is presently compiling and reviewing historical data, conducting geological mapping, and conducting Trado auger drilling/trenching.
Project Highlights:
In addition to the Angilak and Pedra Branca projects, ValOre also owns three additional projects with tremendous potential for future exploration.
Project Highlights:
Jim Patterson is a principal of Discovery Group and has been actively involved in marketing and corporate development activities for the group of companies since 2002. Paterson has 23 years of industry experience, including capital raises, acquisitions, joint-ventures, spin-outs, RTOs, and IPOs. He is the chairman and CEO of Valore Metals Corp. and was a driving force behind more than $60 million in equity financings for ValOre that lead to multiple discoveries and a 200 percent increase in mineral resources at ValOre’s Angilak uranium project.
Paterson was a long-standing and active director of Kaminak Gold Corp. (acquired by Goldcorp.) and founding director of Northern Empire Resources Corp. (acquired by Coeur Mining). In 2007, He founded Corsa Capital Ltd. Corsa’s 2008 IPO led to a 2010 transaction which created a leading U.S. metallurgical coal producer with a C$250 million market capitalization.
Paterson is a director of Great Bear Royalties Corp., and Strategic Advisor to Great Bear Resources Ltd., Genesis Metals Corp., Kodiak Copper Corp., and Ethos Gold Corp.
Dale Wallster is a geologist and a prospector with over 40 years experience, focused on targeting and discovery of unconformity-related uranium, structurally-controlled gold, and VMS deposits.
He was president and founder of Roughrider Uranium Corp., a company acquired by Hathor Exploration Limited. Wallster and his team are widely credited in the mineral exploration sector for the discovery of Hathor's Roughrider deposit. In January 2012, Hathor became a wholly owned subsidiary of Rio Tinto as part of a C$650 million acquisition.
Jim Malone was chairman of the WNA's Fuel Technology Working Group, widely recognized as a nuclear industry and nuclear fuel expert, with more than 50 years of experience in the downstream business. He was the chairman of Hathor Exploration at the time of Rio Tinto’s acquisition for $650 million, and senior vice-president at Lightbridge Corporation.
Garth Kirkham has over 30 years of experience in 3D geoscience computer modeling. He is currently heading Kirkham Geosystems Ltd., which provides consulting services to the environmental, mining, geotech and oil & gas industries.
He obtained a bachelor's degree in science from the University of Alberta in 1983, completing his degree with majors in geophysics, geology and mathematics, and is a registered professional geoscientist in Alberta, Northwest Territories, BC, Ontario and Manitoba.
Darren Klinck is an accomplished mining executive with a wide range of management experience working throughout Australasia & The Americas. He was president & CEO of Bluestone Resources following the acquisition of the Cerro Blanco gold project in Guatemala in 2017, where he led the team that financed and advanced the project through resource expansion, feasibility and engineering phases of the project development. Prior to that, he spent more than ten years with OceanaGold as a member of the executive committee that achieved significant growth and business expansion to become a multi-mine, international gold mining company growing from a sub-C$100 million market capitalization to greater than C$3 billion market capitalization.
Over the past 20 years, Klinck has been instrumental in negotiating both equity and debt financing packages totaling more than $800 million and has significant experience leading teams in emerging markets with a strong focus on corporate social responsibility and community engagement programs, as well as extensive government relations activities.
Robert Scott, CPA, CA, CFA brings more than 20 years of professional experience in accounting, corporate finance, and merchant and commercial banking and has served on the management teams and boards of a number of Canadian publicly traded companies. He is a founder and president of Corex Management Inc., a private company providing accounting, administration and corporate compliance services to privately held and publicly traded companies. Scott currently holds senior management and board positions with a number of TSX Venture Exchange issuers including Riverside Resources Inc., Great Bear Resources Ltd. and Northern Empire Resources Corp.
Colin Smith is a registered professional geologist (P.Geo.) in British Columbia, Saskatchewan, Nunavut and the Northwest Territories with over 16 years experience developing, executing and managing exploration campaigns in North and South America, ranging from early-stage project generation to near-mine resource delineation. Smith’s passion for exploration and discovery has garnered him technical expertise with structurally hosted gold, ultramafic-associated PGEs, porphyry copper-gold, diamonds, unconformity-related uranium and coal. Smith started with ValOre in August 2018, overseeing new project review for the company. This followed his role as senior exploration geologist with SSR Mining Inc. at the Seabee Gold Operation in northern Saskatchewan, where he designed and implemented all Seabee-based exploration activities, resulting in multiple auriferous discoveries and resource delineation. Smith holds a B.Sc. in geology from the University of British Columbia (2007), and an M.Sc. in economic geology from the University of Victoria (2012).
Thiago Diniz is an exploration geologist with over eight years of experience working on early- to advanced-stage fertilizer, base and precious metals projects, both in Brazil and Canada, including three world-class mineral deposits (Troilus Au-Cu, in Quebec, Canada; and Belo Sun – Au, and Brazil Potash, in Brazil). He is experienced in the development and management of large-scale drilling, field mapping and metallurgical programs. Diniz is a registered P.Geo. in Ontario and Quebec (Géo) and holds a B.Sc. in geology from Universidade Federal de Minas Gerais (2013) and a M.Sc. in economic geology from Queen’s University, Kingston (2019).
Jeff Dare has over ten years of professional experience managing external reporting and corporate compliance for TSX Venture Exchange and CSE listed issuers. He currently serves as the corporate secretary and advisor of a number of listed issuers, and works closely with external partners and service providers in the areas of legal, compliance, transfer agency, audit, banking and insurance. He obtained his BA from Simon Fraser University.
Valore Metals Corp. (TSXV: VO) is pleased to announce that the company will be presenting at Red Cloud's 2022 Fall Mining Showcase. We invite our shareholders and all interested parties to join us there.
The annual conference will be hosted in-person, at the Sheraton Centre Toronto Hotel from November 9-10, 2022.
Jim Paterson, CEO will be presenting on November 10th at 3:40pm Eastern Standard time.
For more information and/or to register for the conference please visit: https://redcloudfs.com/fallminingshowcase2022/.
We look forward to seeing you there.
For further information:
Valore Metals Corp.
Dustin Zinger
1.604.653.9464
contact@valoremetals.com
https://valoremetals.com/
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KEY POINTS:
A proportion of the production target for the 2023 EFS is based on Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.
Commenting on the updated DFS, Aura Energy Managing Director Dave Woodall said:
“The EFS confirms the strong financial case for the Tiris Uranium Project. The Tiris Project is unique with its low capital intensity, low operating costs, competitive all-in-sustaining cost and key regulatory approvals in place. With a relatively short timeline for commercial production, the focus is now on the consideration of a Final Investment Decision as early as Q4 2023, which would see commissioning in late 2024 for commercial production in early 2025.
“What differentiates Tiris is the ore quality that allows free-dig shallow open pit mining. Aura does not require expensive drill and blast operations or capital-hungry infrastructure for crushing and screening. Following simple scrubbing and screening the Project will have a leach feed grade of >2,000 ppm U3O8 resulting in a downsizing of the leaching circuit that drives competitive operating costs and creates a competitive advantage for Aura Energy in a strengthening uranium market.”
Enhanced Definitive Feasibility Study Highlights
The key highlights from the EFS are:
The Tiris Uranium Project is located in the Tiris Zemmour region, an emerging uranium province approximately 1,450 km from the Mauritanian capital of Nouakchott. The Project is owned by Aura Energy, through its 85% owned Tiris Resources with its Mauritanian Government partner, the National Agency for Geological Research and Mining Heritage (ANARPAM).
The key differentiating feature of the EFS, compared to the 2021 DFS is the increase in production. The Project now plans to deliver a life of mine production of 25.5 Mlbs U3O8, an increase of 110%, taking advantage of the recently announced 52% increase in Measured and Indicated Resources to 29.6 Mlbs U3O8, (62.1Mt at 216 ppm U3O8, at a 100ppm grade cut-off).
The effect of this increased production is enhanced project economics, delivering a Base Case NPV8 of US$226 million, and an exceptional Base Case IRR of 28%, with further capacity to improve as nearby Resource growth, is targeted.
Beyond this Base Case Scenario, a long-term Upside Side was calculated using the Trade Tech Forward Availability Model (FAM2) forecast pricing of US$79/lb U3O8. This Upside Case forms the second scenario illustrated in this EFS demonstrating the leverage to forecast growth in the global uranium market by the World Nuclear Association. With an Upside Case NPV8 of US$347 million and a remarkable Upside Case IRR of 35%, this second scenario indicates that the Tiris Project could be one of the most exciting conventional mining uranium projects in development.
Further project optimisation will be investigated as part of the FEED study which has commenced using the outcomes of the EFS. Additional areas of optimisation within the recovery of the U3O8 are under investigation and require further engineering to optimise the production profile.
Click here for the full ASX Release
This article includes content from Aura 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.
Cameco (TSX: CCO; NYSE: CCJ) announced today that Canada Revenue Agency (CRA) has issued revised reassessments for the 2007 through 2013 tax years that will result in the company being refunded a total of approximately $300 million, consisting of $89 million in cash and $211 million in letters of credit, which we previously remitted to the Government of Canada based on prior reassessments CRA had issued in our long-standing tax dispute. Timing of the refund is yet to be determined.
A series of court decisions that were completely and unequivocally in Cameco's favour for the 2003, 2005 and 2006 tax years determined that the income earned by Cameco's foreign subsidiary from the sale of non-Canadian produced uranium was not taxable in Canada. In accordance with these decisions, CRA has issued reassessments reducing the proposed transfer pricing adjustment from $5.12 billion to $3.25 billion, resulting in a reduction of $1.87 billion in income taxable in Canada compared to the previous reassessments issued to Cameco for the 2007 through 2013 tax years. These revisions to income result in the refund of approximately $300 million described above.
While the pending return of $300 million in cash and security to Cameco is positive and certainly warranted, our broader tax dispute with CRA remains ongoing. CRA continues to hold a further $480 million, consisting of $206 million in cash and $274 million in letters of credit, that Cameco has remitted or secured to date, tying up a significant portion of our financial capacity.
The remaining transfer pricing adjustment of $3.25 billion for the 2007 to 2013 tax years relates to the sale of Canadian produced uranium by the foreign subsidiary. Cameco maintains that the clear and decisive court rulings already rendered in this dispute likewise apply to these amounts, and that CRA should fully reverse the remining transfer pricing adjustments for these years, return the full amount of cash and security being held, and bring this matter to an end once and for all.
In October 2021, due to a lack of significant progress on our points of contention, Cameco filed a notice of appeal with the Tax Court of Canada for the years 2007 through 2013. We are asking the Tax Court to order the complete reversal of CRA's transfer pricing adjustments for those years and the return of the remainder of our cash and letters of credit, with costs. In October 2022, we filed an appeal with the Tax Court for the years 2014 and 2015, and recently filed a notice of objection for 2016. The process to resolve these disputes continues.
Cameco will not be in a position to determine the definitive outcome of this dispute for any tax year other than 2003 through 2006 until such time as all reassessments have been issued advancing CRA's arguments and final resolution is reached for that particular year. CRA may also advance alternative reassessment methodologies for any tax year other than 2003 through 2006.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.
Caution Regarding Forward-Looking Information and Statements
This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include our expectation that we will be refunded cash and letters of credit in the amount of approximately $300 million in accordance with the revised reassessments issued by CRA for the 2007 through 2013 tax years; our position that CRA should fully reverse the remaining transfer pricing adjustments for those years and return the full amount of cash and security being held; the fact that we will not be in a position to determine the definitive outcome of the dispute for any tax year other than 2003 through 2006 until all reassessments have been issued by CRA; and the possibility that CRA may also advance alternative reassessment methodologies for any tax year other than 2003 through 2006. Material risks that could lead to different results include the possibility that we do not in fact receive the full amount, or any portion, of the expected refund of cash and letters of credit from CRA, or that those refunds are not made within a reasonable period of time; the risk that our position regarding remaining transfer pricing adjustments for the 2007 through 2013 tax years may not prevail, or that CRA may advance alternative reassessment methodologies that are adverse to us; and the risk that a definitive outcome of our dispute with CRA for all tax years may not be determined for some time. In presenting this forward-looking information, we have made assumptions which may prove incorrect about payment of the full expected refund of cash and letters of credit by CRA, and the correctness of our position regarding remaining transfer pricing adjustments. Forward-looking information is designed to help you understand management's current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230326005071/en/
Investor inquiries:
Rachelle Girard
306-956-6403
rachelle_girard@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
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