Uranium futures are having their best week since early October. This is the result of protests in Kazakhstan that began Monday over an increase in natural gas. Natural gas powers most cars in the country of 19 million. The protests are important to investors globally as Kazakhstan is a large energy producer, including 40% of the world's uranium production. The country also has an abundance of other natural resources, including oil, gas, copper, and coal. Kazakhstan also is a popular center for Bitcoin mining. Read More >>
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Will the Jump in Uranium Prices Impacting Mining Stocks
News Provided by Channelchek via QuoteMedia
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.
"We invite all stakeholders to join us in our upcoming November 1, 2024, earnings call, details of which are below, to learn more about these exciting achievements."
Q3-2024 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
- Robust Balance Sheet with Over $180 million of Liquidity and No Debt: As of September 30, 2024, the Company had $183.16 million of working capital including $47.46 million of cash and cash equivalents, $101.15 million of marketable securities (interest-bearing securities and uranium stocks), $35.91 million of inventory, and no debt.
- Over $10 Million of Additional Liquidity from Market Value of Inventory: At October 28, 2024 commodity prices, the Company's product inventory has a market value of approximately $23.79 million, while the balance sheet reflects product inventory carried at cost of $13.38 million.
- Incurred Net Loss of $12 Million: During the three months ended September 30, 2024, the Company incurred a net loss of $12.08 million, or $0.07 per common share, primarily due to transaction and integrations costs related to the Donald Project joint venture (described below), the acquisition of Base Resources (described below) and recurring operating expenses, partially offset by sales of natural uranium concentrates ("U3O8").
- Uranium Continues to Drive Revenue: The Company sold 50,000 pounds of U3O8 on the spot market at a realized sales price of $80.00 per pound of U3O8 for total proceeds of $4.00 million, which resulted in a gross profit of $2.15 million and a gross margin of 54%.
- New Long-Term Uranium Sales Contract with U.S. Utility: The Company added a fourth long-term uranium sales contract to its existing portfolio. Under the contract, the Company expects to deliver a total of 270,000 to 330,000 pounds of uranium between 2026 and 2027, and potentially an additional 180,000 to 220,000 pounds until 2029, under a "hybrid" pricing formula, subject to floor and ceiling prices, that maintains exposure to further uranium market upside and protection from inflation.
- "Phase 1" REE Separation Circuit Successfully Commissioned: Final commissioning of the Phase 1 REE separation circuit at the Company's White Mesa Mill (the "Mill") was successfully completed during the quarter resulting in the production of approximately 38 tonnes of 'on-spec' separated NdPr.
- Samples of NdPr Actively Being Qualified by Potential Customers: NdPr produced at the Mill is currently being qualified with permanent magnet manufacturers and other potential customers to set the stage for potential offtake in the future.
- Well-Stocked to Capture Market Opportunities: As of September 30, 2024, the Company held 235,000 pounds of finished U3O8 and 805,000 pounds of U3O8 in ore and raw materials and work-in-progress inventory for a total of 1,040,000 pounds of U3O8 in inventory. This inventory increased from last quarter due to Pinyon Plain, La Sal and Pandora mine ore production and additional alternate feed materials received, partially offset by our spot sale during Q3-2024. The Company expects these uranium inventories to continue increasing as we continue to mine additional ore. The Company also held 905,000 pounds of finished vanadium ("V2O5"), 38 tonnes of finished separated neodymium praseodymium ("NdPr") and 9 tonnes of finished high purity, partially separated mixed rare earth carbonate ("RE Carbonate") in inventory.
Capitalizing on Strong Uranium Pricing:
- Due to uranium market tailwinds and upcoming commitments in long-term contracts with U.S. nuclear utilities, the Company is currently mining and stockpiling uranium ore from its Pinyon Plain, La Sal and Pandora mines and plans to ramp up to a production run-rate of approximately 1.1 to 1.4 million pounds of U3O8 per year by late-2024.
- The Company expects to produce a total of 150,000 to 200,000 pounds of finished U3O8 during 2024 from stockpiled alternate feed materials and newly mined ore, which is at the lower end of our previous guidance of 150,000 to 500,000 pounds of finished U3O8 during 2024, due to delays in transporting ore from the Pinyon Plain mine to the White Mesa Mill, which is expected to be resolved in Q4-2024. Mining continues at the Pinyon Plain mine, with mined ore being stockpiled at the mine site, containing approximately 180,000 pounds of U3O8 at September 30, 2024, which is expected to be processed at the Mill later in 2024 or in early 2025.
- During Q3-2024, the Company received positive results from drill holes during ongoing preparations at its Nichols Ranchin situ recovery ("ISR") Project in Wyoming. Both the Nichols Ranch Project and Whirlwind Mine in Colorado are being prepared for production and are within one year of a "go" decision, as market conditions warrant. Production from these mines, when combined with alternate feed materials, uranium from monazite, and 3rd party uranium ore purchases, would be expected to increase the Company's production run-rate to roughly two million pounds per year by as early as 2026.
- The Company continued advancing permitting and other pre-development activities on its large-scale Roca Honda, and Bullfrog uranium projects in Q3-2024, which together with its Sheep Mountain Project, have the potential to expand the Company's uranium production to a run-rate of up to five million pounds of U3O8 per year in the coming years.
- As of October 28, 2024, the spot price of U3O8 was $81.00 per pound and the long-term price of U3O8 was $82.00 per pound, according to data from TradeTech.
Rare Earth Element Production Milestones:
- The Company produced about 38 tonnes of separated NdPr from its newly commissioned Phase 1 REE separation circuit at the Mill in Q2- and Q3-2024.
- Samples of the Company's NdPr product have been sent to permanent magnet and other companies around the world for product qualification, and initial testing responses have been positive.
- The Company is currently in the process of updating the White Mesa Mill's AACE International ("AACE") Class 4 Pre-Feasibility Study (not a Pre-Feasibility Study subject to or intended to be compliant with NI 43-101 or S-K 1300), originally released in Q2-2024 to increase throughput to a total of 60,000 tpa of monazite, producing roughly 6,000 tpa of NdPr, 150 to 225 tpa of Dy, and 50 to 75 tpa of Tb, of which the existing commissioned Phase 1 circuit will constitute about 17% of this amount (10,000 tpa of monazite). The Mill PFS referenced above can be viewed on the Company's website, www.energyfuels.com.
Heavy Mineral Sands:
- On October 2, 2024, the Company announced it completed its previously announced acquisition of all the issued and outstanding shares of Base Resources Ltd. ("Base Resources"), which is expected to transform the Company into a global leader in critical minerals production, including HMS (titanium and zirconium), REEs and uranium. The acquisition of Base includes the advanced, world-class Toliara HMS project in Madagascar. In addition to its stand-alone, ilmenite, rutile (titanium) and zircon (zirconium) production capability, the Toliara Project also contains a long-life, high-value and low-cost monazite (REEs) stream, produced as a byproduct of primary titanium and zirconium production. Toliara's monazite is expected to be processed at the Mill into separated REE products, along with uranium, at globally competitive capital and operating costs. The Toliara Project is subject to negotiation of fiscal terms with the Madagascar government and the receipt of certain Madagascar government approvals and actions before a current suspension on activities at the Toliara Project will be lifted and development may occur. The transaction also includes Base's management, mine development and operations teams, who have a successful track-record of designing, constructing, and profitably operating a world-class HMS operation in Kenya.
- The Company continued to advance the Donald Project (the "Donald Project"), a large monazite-rich HMS project in Australia, pursuant to its joint venture with Astron Corporation limited, announced in Q2-2024. The Company expects that a final investment decision ("FID") will be made on the Donald Project as early as 2025.
- During Q3-2024, the Company also continued to advance its wholly owned Bahia HMS project in Brazil (the "Bahia Project") with its Phase 2 drilling campaign, which is expected to continue through the rest of the year. Additionally, the Company completed bulk test work on a 2.5 tonne sample in March 2024, and recently shipped a larger 15 tonne sample to the U.S. for additional process test work. The Company expects to complete a U.S. Subpart 1300 of Regulation S-K ("S-K 1300") and Canadian National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate on the Bahia Project during 2024.
Vanadium Highlights:
- The Company chose not to execute any vanadium sales during Q3-2024 and holds about 905,000 pounds of V2O5 in inventory.
- As of October 28, 2024, the spot price of V2O5 was $5.25 per pound, according to data from Fastmarkets.
Medical Isotope Highlights:
- On August 19, 2024, the Company announced it acquired RadTran LLC ("RadTran"), a private company specializing in the separation of critical radioisotopes, to further the Company's plans for development and production of medical isotopes used in cancer treatments. RadTran's expertise includes separation of radium-226 ("Ra-226") and radium-228 ("Ra-228") from uranium and thorium process streams. This acquisition is expected to significantly enhance Energy Fuels' planned capabilities to address the global shortage of these essential isotopes used in emerging targeted alpha therapies ("TAT") for cancer treatment.
- The Company continues to utilize its research and development ("R&D") license for the recovery of R&D quantities of Ra-226 at the Mill. Activities to set up the pilot facility at the Mill continued in Q3-2024 and are expected to progress through the end of the year, with the goal of producing R&D quantities of Ra-226 for testing by end-users of the product in late 2024 or early 2025.
Mr. Chalmers continued:
"During the quarter, we achieved numerous additional milestones to bring the Energy Fuels' vision to fruition for our innovative, low-cost, U.S.-centered critical mineral supply chain. As previously announced, shortly after the close of the quarter, we successfully completed our acquisition of Base Resources. This is a major piece of our strategic puzzle, bringing to the Company the Base Resources management and operations team and the world-class Toliara Project in Madagascar, which is considered by industry experts to be one of the best HMS projects in the world. With the Toliara Project, our joint venture on the Donald Project in Australia, and our 100% ownership of the Bahia Project, we have secured a leading position in the titanium and zirconium mineral industry, in addition to a low-cost source of REE feedstock that will be processed in the United States.
"These developments have the potential to transform Energy Fuels into a world leader in titanium, zirconium, and rare earth elements production, while maintaining our position as a U.S. leader in uranium and vanadium production. All these materials are critical to the global energy transition and to our vision of creating a leading diversified critical minerals company."
Conference Call and Webcast at 10:00 AM MT (12:00 pm ET) on November 1, 2024:
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
- Rapid Connect URL: https://emportal.ink/3Xq8rHH
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
- North American Toll Free: 1-800-510-2154
To view the webcast online:
Audience URL: https://app.webinar.net/5kM3dkJ6D4A
Conference Replay
- Conference Replay Toronto: 1-289-819-1450
- Conference Replay North American Toll Free: 1-888-660-6345
- Conference Replay Entry Code: 53463 #
- Conference Replay Expiration Date: 11/15/2024
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. Unless noted otherwise, all dollar amounts are in U.S. dollars.
Selected Summary Financial Information:
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, 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 heavy mineral sands 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 Note 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 critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates or quantities of production; any expectation as to costs of production or gross profits or gross margins; any expectation as to future sales or sales prices; any expectation that the Company will be profitable; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation with respect to the Company's planned exploration programs; any expectation that the Company will achieve its business objective of becoming a long-term, profitable U.S. critical minerals company; any expectation that Energy Fuels will be successful in expanding its U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise, including the timing of any facilities or other initiatives and the expected production capacity associated with any such production capabilities; any expectation that the Mill's REE products will meet commercial expectations or result in commercial offtake agreements; any expectation that the Company will update the Mill PFS to increase throughput of the planned Phase 2 separation circuit; any expectation that the Company's planned Phase 2 separation facility will complete engineering design and will receive all required permits and licenses on a timely basis or at all; any expectation that the Company is well-stocked to capture market opportunities; any expectation that the Bahia Project, Donald Project and/or Toliara Project will be low-cost sources of monazite feed for the Mill and/or also potentially produce significant standalone cashflow from the sale of ilmenite, rutile, zircon and other minerals; any expectation as to the exploration program to be conducted at the Bahia Project during 2024; any expectation that the Company will complete an S-K 1300 and NI 43-101 compliant mineral resource estimate for the Bahia Project during 2024, or otherwise; any expectation that a FID will be made on the Donald Project or that the Company will earn its full 49% interest in the Donald JV; any expectation that any production at the Bahia Project, Donald Project and/or Toliara Project or Mill will be world or globally competitive; any expectation that the Base Resources team will continue to have a successful track-record of designing, constructing, and profitably operating any of the Company's HMS projects; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara Project; any expectation that the current suspension relating to the Toliara Project will be lifted in the near future or at all; any expectation that the additional permits for the recovery of Monazite at the Toliara Project will be acquired on a timely basis or at all; any expectation that the Toliara Project will become a world-class HMS project; any expectation about the long-term opportunity in REEs; any expectation that the Company will be globally competitive in its markets; any expectation that the Company will complete engineering on its R&D pilot facility for the production of Ra-226 at the Mill, will set up the first stage of the pilot facility, and produce R&D quantities of Ra-226 at the Mill for testing by end-users of the product or at all; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; any expectation that the Company will be successful in completing any additional contracts for the sale of uranium to U.S. utilities on commercially reasonable terms or at all; and any expectation as to future uranium, vanadium, HMS or REE prices or market conditions. 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; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Government of Madagascar to agree on fiscal terms for the Toliara Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara Project to be lifted on a timely basis or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Toliara Project; the failure of the Company to provide or obtain the necessary financing required to develop the Toliara Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; 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, on SEDAR+ at www.sedarplus.ca, 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.
1 The information relating to the Donald Project's estimated monazite production is based on the Donald DFS prepared on June 27, 2023. This study constituted a "Feasibility Study" for the purposes of JORC, and the Ore Reserves underpinning this study were estimated in accordance with JORC. The results from this study may not be comparable to (as the case may be) data or estimates under either NI 43-101 or S-K 1300– see disclosure under "Technical Information."
Energy Fuels Announces Q3-2024 Earnings Call Details
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), an industry leader in the U.S. production of uranium and rare earth elements ("REE"), will hold a conference call on Friday, November 1, 2024, at 10:00 AM Mountain Time to discuss its financial results for the third quarter ended September 30, 2024.
Financial results will be issued in a press release prior to the call.
Energy Fuels's management will host the conference call, followed by a question-and-answer session.
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
- Rapid Connect URL: https://emportal.ink/3Xq8rHH
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
- North American Toll Free: 1-888-510-2154
To view the webcast online:
Audience URL: https://app.webinar.net/5kM3dkJ6D4A
Conference Replay
- Conference Replay Toronto: 1-289-819-1450
- Conference Replay North American Toll Free: 1-888-660-6345
- Conference Replay Entry Code: 53463 #
- Conference Replay Expiration Date: 11/15/2024
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, HMS (titanium and zirconium minerals), 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 heavy mineral sands operations managed from Perth, Australia. For more information on all we do, please visithttp://www.energyfuels.com.
Energy Fuels Announces Q3-2024 Earnings Call Details
Conference Call and Webcast at 10:00 AM MT on Friday November 1, 2024
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), an industry leader in the U.S. production of uranium and rare earth elements (" REE "), will hold a conference call on Friday, November 1 2024, at 10:00 AM Mountain Time to discuss its financial results for the third quarter ended September 30, 2024.
Financial results will be issued in a press release prior to the call.
Energy Fuels's management will host the conference call, followed by a question-and-answer session.
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
- Rapid Connect URL: https://emportal.ink/3Xq8rHH
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
- North American Toll Free: 1-888-510-2154
To view the webcast online:
Audience URL: https://app.webinar.net/5kM3dkJ6D4A
Conference Replay
- Conference Replay Toronto: 1-289-819-1450
- Conference Replay North American Toll Free: 1-888-660-6345
- Conference Replay Entry Code: 53463 #
- Conference Replay Expiration Date: 11/15/2024
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, HMS (titanium and zirconium minerals), 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 heavy mineral sands operations managed from Perth, Australia . For more information on all we do, please visit http://www.energyfuels.com .
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SOURCE Energy Fuels Inc.
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News Provided by Canada Newswire via QuoteMedia
Energy Fuels to Host Conference Call on Acquisition of Base Resources
Conference Call at 9:00 AM (Eastern) on Monday, October 7, 2024
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), an industry leader in the U.S. production of uranium and rare earth elements (" REE "), will hold a conference call on Monday, October 7, 2024 at 9:00 AM Eastern Time to discuss its recently completed acquisition of Base Resources Limited.
Details of the acquisition were distributed in a previous press release available on the company's website on the investor section .
Energy Fuels' President and CEO, Mark Chalmers and Managing Director Base Resources Tim Carstens, will host the conference call, followed by a question-and-answer session.
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
- Rapid Connect URL: https://emportal.ink/4gRVM9h
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
- North American Toll Free: 1-888-699-1199
To view the webcast online:
Audience URL: https://app.webinar.net/MdbnyLZJk7L
Conference Replay
- Conference Replay Toronto: 1-289-819-1450
- Conference Replay North American Toll Free: 1-888-660-6345
- Conference Replay Entry Code: 95890 #
- Conference Replay Expiration Date: 10/14/2024
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, 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 heavy mineral sands operations managed from Perth, Australia . For more information on all we do, please visit http://www.energyfuels.com .
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Energy Fuels to Host Conference Call on Acquisition of Base Resources
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in the U.S. production of uranium and rare earth elements ("REE"), will hold a conference call on Monday, October 7, 2024, at 9:00 AM Eastern Time to discuss its recently completed acquisition of Base Resources Limited.
Details of the acquisition were distributed in a previous press release available on the company's website on the investor section.
Energy Fuels' President and CEO, Mark Chalmers and Managing Director Base Resources Tim Carstens, will host the conference call, followed by a question-and-answer session.
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
- Rapid Connect URL: https://emportal.ink/4gRVM9h
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
- North American Toll Free: 1-888-699-1199
To view the webcast online:
Audience URL: https://app.webinar.net/MdbnyLZJk7L
Conference Replay
- Conference Replay Toronto: 1-289-819-1450
- Conference Replay North American Toll Free: 1-888-660-6345
- Conference Replay Entry Code: 95890 #
- Conference Replay Expiration Date: 10/14/2024
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, 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 heavy mineral sands operations managed from Perth, Australia. For more information on all we do, please visit http://www.energyfuels.com.
Fission Uranium Grows Athabasca Basin Portfolio by Staking New Assets
Fission Uranium (TSX:FCU,OTCQX:FCUUF) has expanded its uranium exploration portfolio in and around Northern Saskatchewan's Athabasca Basin by staking four additional properties.
According to the company's Thursday (October 31) press release, the new sites, called Typhoon, Corsair, Merlin and Seahawk, encompass thousands of hectares and are situated near established uranium-producing areas and deposits.
Typhoon, which is located approximately 20 kilometers south of Fission's flagship Patterson Lake South (PLS) project, covers 3,867 hectares. Geological surveys from past decades, including a 1969 airborne radiometric survey and a 2013 electromagnetic survey, revealed conductors suggesting possible graphitic fault zones.
These zones, common hosts for uranium mineralization, have yet to be drilled. Given Typhoon’s similar geological structure to PLS and its unexplored potential, Fission considers it a promising site for high-grade uranium.
The Corsair property, located 110 kilometers east-southeast of the PLS project, spans 3,481 hectares across three non-contiguous claims. Situated close to Cameco’s (TSX:CCO,NYSE:CCJ) Centennial uranium deposit and near significant fault zones, the Fission team believes Corsair benefits from a favorable geological position.
Historic exploration identified electromagnetic conductors associated with graphitic faults. Although earlier work focused on larger fault zones, Fission intends to evaluate the potential in areas overlooked in previous drilling campaigns.
Merlin, the smallest of the newly staked properties, covers 808 hectares and is located 36 kilometers from Cameco’s Key Lake uranium mill. Previous drilling near the site in 1981 uncovered anomalous uranium concentrations, though additional exploration has been limited. Fission’s preliminary assessment indicates that more focused drilling could yield further insights into Merlin’s resource potential, as the initial results suggest uranium presence in conductive fault zones.
Seahawk, at 6,293 hectares, is the largest of the four properties and lies about 33 kilometers southeast of the Athabasca Basin. It covers a 29 kilometer section of the Needle Falls shear zone, which Fission said is known for rock formations that often host uranium deposits. Previous work encountered mineralization indicators such as cobalt and nickel.
Additionally, radioactive boulder trains near Seahawk, documented in the 1970s, add to the site’s potential for uranium, though Fission notes that the exact source of these boulders remains unidentified.
Ross McElroy, Fission’s president and CEO, said the new properties support the company's efforts to diversify and expand its holdings in the Athabasca Basin, which is known for its high-grade uranium deposits.
In June, Australia's Paladin Energy (ASX:PDN,OTCQX:PALAF) announced plans to acquire Fission in a transaction valued at C$1.14 billion. The companies are currently awaiting Investment Canada Act clearance for the deal.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
ASX Uranium Stocks: 5 Biggest Companies in 2024
Uranium prices have surged since 2020, fueled by growing demand and optimism for the future. Prices spiked in 2022, hitting $64.50 per pound by mid-April, and continued rising through 2023, with an 87 percent increase reaching $90.27 by year-end.
Uranium reached its highest level in nearly two decades when values surpassed the US$100 level in February 2024. Since then, prices have contracted, but remain historically high.
Spot prices fell to a year-to-date low of US$78.73 in mid-August, but have bounced slightly to trade within the US$80 to US$85 per pound range since.
Looking at tight supply and strong demand, experts say the future of uranium is bright. With hopes high for the commodity, those looking to capitalise on uranium stocks have a lot of upside to bolster their investment case.
Australia's uranium mines have made the country a significant global producer, and ASX-listed uranium stocks are big players in other countries as well.
To help interested investors, the Investing News Network has compiled a list of the biggest ASX uranium stocks by market cap. Data was gathered on October 17, 2024, using TradingView's stock screener. All data was current at that time.
1. Paladin Energy (ASX:PDN)
Market cap: AU$3.51 billion
Share price: AU$13.03
Based out of Western Australia, Paladin Energy's goal is to be a reliable supplier of clean energy for the future. Its main focus is uranium mining, and it currently has one active mine: Langer Heinrich in Namibia, of which it owns 75 percent. The company also has an exploration portfolio that spans both Canada and Australia.
Paladin's operations were paused in 2018 due to continued low uranium prices. However, in 2022, the company began the process of restarting operations at Langer Heinrich and saw a more-than-successful share purchase plan completed in May of that year.
Langer Heinrich ultimately restarted commercial uranium production on March 30, 2024, meeting both the company's scheduled timeline and its capital cost estimate of US$125 million. With production now underway, Paladin is working to ramp up output and build inventory for upcoming customer shipments.
On June 24, Paladin announced plans to acquire Canadian uranium company Fission Uranium (TSX:FCU,OTCQX:FCUUF) and it received approval from the Supreme Court of British Columbia on October 9 to finalize the deal.
The C$1.4 billion deal will expand Paladin’s portfolio with Fission's advanced stage PLS uranium project, which hosts the Triple R deposit, in the prolific Athabasca Basin of Saskatchewan, Canada.
2. Boss Energy (ASX:BOE)
Market cap: AU$1.4 billion
Share price: AU$3.65
Boss Energy is ramping up production at both its Honeymoon and Alta Mesa uranium assets.
Located in South Australia, the Honeymoon mine is licenced and permitted for the production, storage and export of uranium. With a strategically designed processing plant, the property has a small footprint and upholds the Heritage and Native Title mining agreements on the land. Since it acquired Honeymoon in December 2015, Boss Energy has developed the project's JORC resource from 16.6 million pounds to 71.6 million pounds.
In April of this year, Boss Energy achieved a significant milestone at Honeymoon, announcing production of the mine's first drum of uranium as part of the commissioning process. The operations are using Boss' lixiviant chemistry and ion exchange technology.
In the June quarter, Boss achieved production of 28,844 pounds of uranium, followed by 89,516 pounds in the September quarter. The company says it is on track to meet production goals of 850,000 pounds of U3O8 in its fiscal year 2025.
In late July Boss released drill results from work at Gould’s Dam, which is a satellite deposit located 80 kilometers from the Honeymoon mine. The strong drilling results support its plan to use the deposit to boost Honeymoon’s production from 2.45 million to 3.3 million pounds annually and/or extend the mine’s life, according to the company.
In South Texas, US, Boss Energy holds a 30 percent stake in the Alta Mesa project, with the remaining 70 percent owned by enCore Energy (TSXV:EU,NASDAQ:EU).
Alta Mesa holds a total operating capacity of 1.5 million pounds of uranium per year plus an additional drying capacity of 0.5 million pounds. It previously produced nearly 5 million pounds of uranium between 2005 and 2013, before production was curtailed due to the low uranium price environment.
In June, Boss and enCorestarted production at the Alta Mesa central processing uranium plant and wellfields in South Texas, and the partners announced the opening of the Alta Mesa in-situ recovery uranium central processing plant (CPP) at the site in early October.
3. Deep Yellow (ASX:DYL)
Market cap: AU$1.39 billion
Share price: AU$1.54
Deep Yellow is committed to developing a high-output, cost-effective, tier-one uranium company. Its portfolio consists of six assets over two countries, Namibia and Australia. Its Namibian projects are the Tumas and Omahola projects, as well as the Nova and Yellow Dune joint ventures. In Australia, the company has its Mulga Rock and Alligator River projects.
Tumas and Mulga Rock are Deep Yellow's most advanced assets, and it plans to make a final investment decision for Tumas late in Q3 of this year. A February placement of AU$220 million is helping to progress this work.
Also in February, Deep Yellow released an updated resource estimate for Mulga Rock's Ambassador and Princess deposits, together known as the Mulga Rock East deposits. The company reported a 26 percent increase in total contained uranium, raising the amount from 56.7 million pounds of U3O8 to 71.2 million pounds of U3O8 at a cut-off grade of 100 parts per million. Eighty-six percent of the Mulga Rock East uranium resource is now classified as measured and indicated using the same cut-off grade.
In its recently released 2024 annual report, Deep Yellow discussed highlights of its activities during the period. The company secured a mining license for the Tumas project and made progress on engineering and financing, with a final investment decision expected by year-end.
Additionally, the company raised AU$250M in equity, gained entry to the ASX 200 index and progressed work on other projects, including Mulga Rock and Alligator River.
4. Bannerman Energy (ASX:BMN)
Market cap: AU$576.9 million
Share price: AU$3.53
Bannerman Energy is a uranium development company headquartered in Perth. Its primary focus is its Etango uranium project in Namibia. Bannerman fhas developed a base-case development plan for Etango using an 8 million tonne per year throughput rate, which it has dubbed Etango-8.
Etango is located on one of the world’s largest untapped uranium resources within Namibia’s established uranium-mining district, and the Etango-8 mine life would be 15 years. Earlier in the year, in mid-March, the company released a scoping study that looks at higher throughput and operating life options for Etango. However, it currently remains committed to the Etango-8 scenario.
In mid-June, Bannerman announced the completion of front-end engineering design and control budget estimate processes for Etango-8. It is now undertaking early works construction activities for the asset, as well as working on offtake marketing and strategic financing workstreams. Detailed design works are also taking place.
The company also raised AU$85 million in new equity to fund early works and long-lead items. Bannerman expects to make a final investment decision for the project during the second half of 2024.
In the most recent quarterly results released on October 15, Bannerman reported significant progress on its Etango uranium project, with continued advancement towards a final investment decision.
Some of the key quarterly milestones noted in the report include the completion of early works, such as the access road and water supply, which was achieved on time and within budget.
5. Lotus Resources (ASX:LOT)
Market cap: AU$495.06 million
Share price: AU$0.30
Lotus Resources' flagship asset is the Kayelekera uranium mine in Malawi, which it acquired from Paladin Energy in 2020. Lotus currently has 85 percent ownership of the project, and the remaining 15 percent is owned by the Malawi government. The mine has been on care and maintenance since 2014 due to a prolonged lull in uranium prices.
Now that prices for uranium have recovered, the company is interested in restarting production at Kayelekera. In August 2022, Lotus completed a restart definitive feasibility study to test the mine's potential — encouragingly, the study showed Kayelekera is a low-cost operation with the potential to begin production in 2024 or 2025. It is estimated to have a 10 year mine life, with 19.3 million pounds of uranium expected to be mined over that period.
Last July, the company announced a merger plan with A-Cap Energy, an Australian resource company focused on the development of its Letlhakane uranium project in Botswana. The deal closed at the end of November.
This past May, Lotus Resources released a revised resource estimate for its Letlhakane uranium project in Botswana. It identifies indicated and inferred resources of 155.3 million tonnes at 345 parts per million U3O8 for 118.2 million pounds of U3O8 at a cut-off grade of 200 parts per million; that includes 34.4 million pounds in the indicated category. The estimate will be used to support upcoming mining studies, with a scoping study expected in Q4.
In late July, Lotus signed a mine development agreement with the Government of Malawi for its Kayelekera uranium mine that guarantees a 10 year stability period. According to the company, the agreement ensures the mine will operate under a stable fiscal regime.
In early October Lotus completed a comprehensive front-end engineering and design program for Kayelekera, which has enabled the company to accelerate its restart plan, with production slated for Q3 2025.
FAQs for ASX uranium stocks
Uranium ETFs on the ASX
There are currently two uranium-focused exchange-traded funds (ETFs) listed on the ASX.
The Global X Uranium ETF (ASX:ATOM) offers investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those involved in the extraction, refining, exploration and manufacturing of equipment for the uranium and nuclear industries.
Meanwhile, the Betashares Global Uranium ETF (ASX:URNM) aims to track the performance of an index (before fees and expenses) that provides exposure to a portfolio of leading companies in the global uranium industry.
Article by Georgia Williams; FAQs by Melissa Pistilli.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: Georgia Williams and Melissa Pistilli hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Boss Energy is a client of the Investing News Network. This article is not paid-for content.
Biggest Uranium Mines in Australia (Updated 2024)
Australia sits on the world's largest known recoverable resources of uranium — 1.68 million tonnes as of 2021. However, nuclear power is banned in Australia, and the country uses no part of this material for its own energy needs.
Instead, Australia sells this valuable commodity, with uranium accounting for 17 percent of the nation's energy exports.
Read on to learn more about Australia's role in the uranium industry with a focus on its operating mines and future producers. Mine information and data is sourced from the mining database MDO, company records and the World Nuclear Association.
What are Australia's major uranium mines?
Australian uranium production centres around three mining complexes in South Australia: Olympic Dam, Honeymoon and Beverley-Four Mile.
Australia was the fourth largest producer of uranium in 2022 at 4,553 tonnes — accounting for about 8 percent of total global uranium production — according to the most recent data from the World Nuclear Association.
1. Olympic Dam Mine
Status: Operating
Operations: Underground and surface mining and surface; integrated processing facility
FY2024 production: 3,603 tonnes U3O8
In-situ proven and probable reserves: 558 million tonnes at 590 g/t uranium
Global mining giant BHP's (ASX:BHP,NYSE:BHP,LSE:BHP) Olympic Dam is not only the biggest uranium mine in Australia, it's also the largest known uranium orebody in the world and one of the world's largest uranium mines by output. However, Olympic Dam is primarily a copper mine that produces uranium, gold and silver as a by-product.
First entering production in 1988, the mine has both underground and surface operations and has a fully integrated processing facility, which means it is capable of extracting, refining and processing mined commodities.
In its fiscal year 2024, BHP reported production of 3,603 tonnes of U3O8 at Olympic Dam, up from 3,406 tonnes for fiscal year 2023.
The Olympic Dam mine hosts in-situ proven and probable reserves of 558 million tonnes grading 1.85 percent copper, 590 g/t uranium, 0.67 g/t gold and 4 g/t silver and low-grade sulphide proven and probable reserves of 42 million tonnes grading 0.84 percent copper and 280 g/t uranium. Its mine life is expected to run until 2081.
2. Four Mile Mine
Status: Operating
Operations: In-situ recovery
2022 production: 1,503 tonnes of U3O8
Proven and probable reserves: Not available
Another of Australia's biggest uranium mines is the Four Mile in-situ recovery (ISR) uranium mine, which hosts three deposits. Operated by private company Quasar Resources, a subsidiary of General Atomics, Four Mile was brought into production in 2014 with an expected mine life of 15 years. Another General Atomics subsidiary, Heathgate Resources, owns the past-producing Beverley ISR mine, where uranium ore from Four Mile is taken to be processed at the Beverly plant.
As it is a privately held asset, production figures are not readily available. However, the World Nuclear Association estimates that operations at Four Mile produce an average of 2,000 tonnes of U3O8 each year. The most recent reported production estimate is 1,503 tonnes of U3O8 for 2022.
3. Honeymoon Mine
Status: Ramping up from April 2024 restart
Operations: In-situ recovery
FY2025 production guidance: 850,000 pounds of U3O8
Mineral resources: 71.6 million pounds U308
First discovered in the 1970s, the Honeymoon ISR uranium mine was originally brought into production in 2011. After two short years, the mine was closed due to technical difficulties and low uranium prices.
Boss Energy (ASX:BOE,OTCQX:BQSSF) purchased the historically producing asset from Uranium One in 2015. The Australian company restarted uranium production at the Honeymoon mine in 2024, producing its first drum of uranium in April using its lixiviant chemistry and ion-exchange technology.
In July, Boss completed its first uranium contract sale, which was delivered to European nuclear utilities. Boss Energy reported production of 28,844 pounds of U3O8 in its fiscal Q4 2024 ended June 30, followed by 89,516 pounds of U3O8 during its fiscal Q1 2025. The Honeymoon mine is on track to meet its fiscal year 2025 production guidance of 850,000 pounds of U3O8.
The current mine plan and existing mining licence for Honeymoon covers 36 million pounds of the asset’s total 71.6 million pound JORC Resource. Boss Energy's Uranium Mineral Export Permission allows for 3.3 million pounds per year.
What are Australia's future uranium mines?
Australia accounts for almost one-third of the world's uranium deposits — 28 percent as of 2021.
With 36 known uranium deposits, including the ones discussed above, the list of potential new mines or mines being brought back online is long. Here are three of the largest uranium deposits in Australia.
1. Mulga Rock Project
Stage: Permitting
The Mulga polymetallic deposit is one of Australia's largest undeveloped uranium projects and the most advanced in Western Australia. First discovered by PNC Exploration in 1979 in the Kalgoorlie region, today it is owned by Deep Yellow (ASX:DYL,OTCQX:DYLLF). The deposit also hosts copper, nickel, cobalt, zinc and rare earths.
The project is divided into Mulga Rock East and Mulga Rock West, with a JORC mineral resource estimate of 115 million tonnes at 420 parts per million for 104.8 million pounds U3O8, along with proven and probable reserves of 42 million pounds U3O8. Currently, uranium production capacity for Mulga Rock is projected to be 3.5 million pounds per year over a mine life of more than 15 years. A revised definitive feasibility study is underway for the proposed open pit mine and slated for completion in late 2025.
2. Yeelirrie Project
Stage: Permitting (on hold)
The Yeelirrie deposit is another significant uranium project discovered during the 1970's in Western Australia. Today it is owned by uranium giant Cameco( TSX:CCO,NYSE:CCJ), which has proposed two open pits for the project. Yeelirrie's current JORC mineral resource estimate stands at 128.1 million pounds U3O8 at an average ore grade of 0.15 percent.
Cameco was granted federal approval for mining at Yeelirrie in 2019 and the permit extends until 2043. However, the Western Australia government rescinded state approval for uranium mining at Yeelirrie in January 2022 as the company had not achieved substantial commencement of the project by that date.
Cameco has the option to reapply for an extension in the future if all other required regulatory approvals are in place. The company is not conducting or planning any further work on the project at this time.
3. Samphire Project
Stage: Preliminary economic assessment
Alligator Energy's (ASX:AGE) Samphire ISR uranium project is in South Australia. The Samphire project hosts the Blackbush uranium deposit and the Plumbush uranium prospect, with a JORC mineral resource estimate of 12.4 million tonnes at a grade of 640 parts per million for 17.5 million pounds contained U308 in the indicated and inferred categories.
Alligator Energy completed an updated scoping study in December 2023 based on an annualised ISR production target of 1.2 million pounds. As of October 2024, a field recovery trial pilot plant is underway in preparation for a feasibility study to take place in 2025.
What's the outlook for uranium and nuclear power?
After suffering low prices following the 2011 Fukushima nuclear disaster, the uranium market rallied in 2023. This led the uranium spot price to hit a major milestone in January 2024 to push past the US$100 per pound level for the first time in 17 years. Since then, the price of uranium has eased back into the US$80 range, but analysts are bullish on once again seeing triple digit uranium.
As the world continues to pivot toward net-zero emissions, nuclear energy is expected to find increasing favour from countries looking to shift to cleaner sources of energy generation. According to the US Energy Information Association, nuclear generation is anticipated to grow by more than 22 percent between 2022 and 2050.
A report from the World Nuclear Association states that uranium production will remain stable through 2030, and then decrease by nearly half from 2030 to 2040, highlighting the need for increased exploration and production before that drop-off point to avoid future supply disruptions.
According to a 2023 report by Sprott (TSX:SII,NYSE:SII), the supply of uranium is likely to trail behind demand, with an expected supply shortfall of about 1.5 billion pounds by 2040. This widening gap in supply and demand could lead to increased uranium prices in the coming years.
It's higher prices that the uranium mining industry needs to further expand existing operations and bring deposits into production.
“There are so many moving parts to production cycles," Gerardo Del Real, co-founder of Digest Publishing and editor of Daily Profit Cycle, told the Investing News Network in October 2024. "And you throw in geopolitics, you throw in coups happening around the world, you throw in war, you throw in supply and material shortages. And then you throw in higher tax and higher inflation costs that that aren't priced in initially. And you get the perfect storm for realizing that it's just going to get tougher and tougher to produce cheap uranium."
This is an updated version of an article first published by the Investing News Network in 2021.
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Boss Energy is a client of the Investing News Network. This article is not paid-for content.
NexGen Energy to Host Q3 2024 Conference Call on Rook I Project Developments
NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG)Â is pleased to announce the Company will host its 2024 third quarter conference call on Tuesday, November 12, 2024 at 8:30 am Eastern Standard Time .
During the call, NexGen's President and Chief Executive Officer, Leigh Curyer , alongside Chief Commercial Officer, Travis McPherson , and Chief Financial Officer, Benjamin Salter , will provide a comprehensive update on the Company's 100%-owned Rook I Project (the " Project "). This will include the latest progress on the approval process, project development, and recent exploration achievements at Patterson Corridor East. Management will also discuss insights into the Company's marketing negotiations, developments on financing activities, along with an analysis of current market fundamentals and industry dynamics.
Call-in Details:
Date: Tuesday, November 12, 2024
Time: 8:30 am Eastern Standard Time
RapidConnect URL: https://emportal.ink/4dkJtze
North America Toll Free: 1-437-900-0527
Australia Toll-Free: 612-8017-1385
Prior to the call, the Company will file its Q3 2024 Financial Statements and Management Discussion & Analysis on Friday, November 8 th , before market open. These fillings will be available for review on the NexGen website under Reports and Filings and on the Company's SEDAR+ profile at www.sedarplus.com . In addition, a replay will be available on the NexGen website under Events & Presentations.
Further Information is available at www.nexgenenergy.ca .
About NexGen
NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.
NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol "NXE" and on the Australian Securities Exchange under the ticker symbol "NXG" providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon, Saskatchewan .
Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property, the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a materially adverse manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company's title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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SOURCE NexGen Energy Ltd.
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Quarterly Activities Report For period ending 30 September 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).
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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.
Grande Portage Announces Non-Brokered Private Placement Pursuant to the Listed Issuer Financing Exemption
Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to announce a non-brokered private placement of up to 10,000,000 units (each, a "Unit") at a price of C$0.30 per Unit for aggregate gross proceeds of up to C$3,000,000 (the "Offering"). The Offering is being carried out pursuant to Part 5A of National Instrument 45-106 - Prospectus Exemptions (the "LIFE Exemption") to purchasers resident in Canada, and in jurisdictions outside of Canada in compliance with the applicable securities laws of those jurisdictions. The Company has an offering document (the "Offering Document") related to the Offering that can be accessed under Grande Portage's profile at www.sedarplus.ca and on the Company's website at https://grandeportage.com. Prospective investors should read the Offering Document before making an investment decision.
Each Unit will consist of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Common Share at an exercise price of C$0.45 per Common Share for a period of 24 months from the date of issuance.
The Units issued in the Offering will not be subject to any statutory hold period in Canada, subject to limitations prescribed by the LIFE Exemption.
Insiders and certain other existing shareholders of Grande Portage may also subscribe for Units under the Offering.
Red Cloud Securities Inc. (the "Finder") will act as a finder for the Company in respect of the Offering on a best efforts basis. As compensation for its services, the Finder will receive cash compensation equal to 7% of the gross proceeds of the Offering raised by the Finder. The Finder will also receive non-transferable share purchase warrants (the "Finder Warrants") which will entitle the Finder to acquire such number of common shares as is equal to 7% of the number of Units placed by the Finder. The Finder Warrants will be exercisable at a price of $0.30 per share any time for a period of 24 months from the date of issuance.
Grande Portage intends to use the net proceeds of the Offering for furthering the exploration and development of its New Amalga Mine project in Alaska, including additional drilling, as well as general working capital purposes.
The Offering may close in multiple tranches, with the first tranche closing expected to occur on November 12, 2024, and the final closing to occur no later than November 30, 2024. The Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the acceptance of the TSX Venture Exchange.
The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
About Grande Portage:
Grande Portage is a publicly traded mineral exploration company focused on the New Amalga Mine project (formerly the Herbert Gold Project) situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the Herbert property. The New Amalga Mine property is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over eight million ounces of gold.
The Company's updated NI 43-101 Mineral Resource estimate reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes).
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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