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
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Federal Court of Australia Approves Transformational Acquisition of Base Resources
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements ("REE") production for the energy transition, is pleased to announce that the Federal Court of Australia (the "Court") has today made orders approving the proposed acquisition of Base Resources Limited ("Base") by Energy Fuels by way of a scheme of arrangement under Australia's Corporations Act (the "Scheme").
As previously announced on April 21, 2024, under the Scheme, Energy Fuels will acquire 100% of the issued shares of Base in consideration of the issuance by the Company of 0.026 Energy Fuels Common Shares for every Base share held and the payment by Base of a special dividend of AUD $0.065 per Base share.
Mark S. Chalmers, President and CEO of Energy Fuels stated: "I am very pleased that the Court has approved Energy Fuels' combination with Base Resources. This approval is the final approval required before closing, which is expected to occur on October 2, 2024. We look forward to developing the world-class Toliara Project with Base's experienced team as a major step in our development of a world-class critical minerals company at a time when geopolitics is making domestic supply chains more important than ever. I am also very pleased to see that the recent improvements in REE prices are continuing, with the price of NdPr now at approximately $59.60 per kilogram."
As a next step, a copy of the Court order will be lodged with the Australian Securities and Investments Commission ("ASIC") and the Scheme will become effective, which is expected to occur on September 13, 2024. As a result, September 13, 2024, is expected to be Base's last day of trading on the Australian Stock Exchange ("ASX"). The Special Dividend (AUD$0.065 per share) is expected to be paid to Base shareholders on October 1, 2024, and implementation of the Scheme is expected to occur on October 2, 2024.
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.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. 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." Energy Fuels' website is 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 a leading producer of uranium in the U.S.; any expectation that the acquisition of Base Resources will be completed or if completed, completed on the terms and time proposed; 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, if acquired; 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 Toliara Project will be developed; any expectation that the Company will become a world-class critical minerals hub; and any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful. 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 Company to complete the acquisition of Base Resources; 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 provide or obtain the necessary financing required to develop Toliara Project and the Company's other projects; available supplies of monazite; the ability of the Mill to produce REE 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 heavy mineral sands and/or REEs; actual results may differ from all such 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.
Federal Court of Australia Approves Transformational Acquisition of Base Resources
Combination expected to close on October 2, 2024
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements (" REE ") production for the energy transition, is pleased to announce that the Federal Court of Australia (the " Court ") has today made orders approving the proposed acquisition of Base Resources Limited (" Base ") by Energy Fuels by way of a scheme of arrangement under Australia's Corporations Act (the " Scheme ").
As previously announced on April 21, 2024 , under the Scheme, Energy Fuels will acquire 100% of the issued shares of Base in consideration of the issuance by the Company of 0.026 Energy Fuels Common Shares for every Base share held and the payment by Base of a special dividend of AUD $0.065 per Base share.
Mark S. Chalmers , President and CEO of Energy Fuels stated: "I am very pleased that the Court has approved Energy Fuels' combination with Base Resources. This approval is the final approval required before closing, which is expected to occur on October 2, 2024 . We look forward to developing the world-class Toliara Project with Base's experienced team as a major step in our development of a world-class critical minerals company at a time when geopolitics is making domestic supply chains more important than ever. I am also very pleased to see that the recent improvements in REE prices are continuing, with the price of NdPr now at approximately $59.60 per kilogram."
As a next step, a copy of the Court order will be lodged with the Australian Securities and Investments Commission (" ASIC ") and the Scheme will become effective, which is expected to occur on September 13, 2024. As a result, September 13, 2024, is expected to be Base's last day of trading on the Australian Stock Exchange (" ASX "). The Special Dividend (AUD$0.065 per share) is expected to be paid to Base shareholders on October 1, 2024, and implementation of the Scheme is expected to occur on October 2, 2024.
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.
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (" REE ") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver, and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. 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." Energy Fuels' website is 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 a leading producer of uranium in the U.S.; any expectation that the acquisition of Base Resources will be completed or if completed, completed on the terms and time proposed; 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, if acquired; 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 Toliara Project will be developed; any expectation that the Company will become a world-class critical minerals hub; and any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful. 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 Company to complete the acquisition of Base Resources; 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 provide or obtain the necessary financing required to develop Toliara Project and the Company's other projects; available supplies of monazite; the ability of the Mill to produce REE 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 heavy mineral sands and/or REEs; actual results may differ from all such 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.
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SOURCE Energy Fuels Inc.
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Energy Fuels Advancing Work to Prepare for Restart at Nichols Ranch Uranium Project in Wyoming
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), ("Energy Fuels", "EFR" or the "Company") an industry leader in uranium and rare earth elements production for the energy transition, today announced that its work to prepare for the restart of its Nichols Ranch in-situ recovery ("ISR") uranium mine 80 miles northeast of Casper, Wyoming in the Powder River Basin is advancing as planned, with initial pre-production drilling intercepts showing stronger mineralization than anticipated. The Company currently expects that the development of the remainder of its permitted Production Area 2 ("PA2") could be ready to commence production as early as July 1, 2025, with the start date based on market conditions.
Energy Fuels could quickly add uranium production from Nichols Ranch to its other operating conventional mines in Arizona and Utah. The Company also disclosed an additional uranium supply contract with a US nuclear energy utility in its Q2, 2024 quarterly report, continuing its commitment to the domestic uranium industry and demonstrating expanding offtake interest.
"We are very pleased with our progress to date in preparing Nichols Ranch for a potential restart of production in 2025, and these significant drilling results are exceeding our expectations and further demonstrate the strength of this project," said Mark Chalmers, president and CEO of Energy Fuels Inc. "This puts us one step closer on the path to meeting our projections, increasing our market share of the nuclear fuel supply chain, and potentially expanding our uranium resources."
With a licensed annual capacity of two million pounds of uranium, the fully licensed, permitted and constructed Nichols Ranch ISR facility is a priority resource in the Company's development pipeline. To restart production, the Company is performing delineation drilling and, based on that delineation drilling, plans to advance new header houses and install new well-fields in its permitted PA2 area at the mine. In addition to this delineation drilling, the Company has been advancing the restart by overhauling the on-site deep disposal well earlier this year and making some capital improvements to the existing plant.
Dan Kapostasy, Vice President, Technical Services stated,"We recently drilled 39 out of the planned 125 delineation holes at Nichols Ranch, with five that significantly exceeded expectations and the rest consistent with anticipated results. As we continue our exploration, we will better identify the location of resources within the site to allow us to optimize wellfield design ahead of a final mining decision, anticipated by the end of the year."
Highlights
Pre-development drilling activities at PA2 at Nichols Ranch have completed 39 drill holes to date. All but four holes have uranium mineralization and five have encountered mineralization greater than 1.0 GT.
The Company anticipates updating the Nichols Ranch Technical Report, which will include these significant drill intercepts, once the drilling campaign is completed later this year.
Following this drilling campaign, the Company intends to drill approximately 152 holes on its Collins Draw area, a southeastern extension of its Jane Dough mineralized trend located in Sections 35 and 36, T43N, R76W, and Sections 1, 2 & 12, T42N, R76W, Campbell County, Wyoming. Once complete, these holes, along with historical holes drilled by Cleveland Cliffs and American Nuclear will be used to estimate an NI 43-101/S-K 1300 compliant mineral resource, which would be added to the existing mineral resource at the Nichols Ranch Project.
Technical Details
The current mineral resource estimate for the Nichols Ranch area (including the Jane Dough, Hank and North Rolling Pin areas, but excluding Collins Draw) of the Nichols Ranch Complex is given below, and details can be found in the Technical Report on the Nichols Ranch Project, Campbell and Johnson Counties, Wyoming USAdated February 22, 2022 and effective December 31,2021, as amended February 8, 2023, and prepared by Grant A. Malensek, M. Eng., P. Eng., Mark Mathisen, C.P.G., Jeremy Scott Collyard, PMP, MMSA QP, each a Qualified Person employed by SLR, Jeffrey L. Woods, MMSA QP, a Qualified Person employed by Woods Process Services, and Phillip E. Brown, C.P.G., R.P.G., a Qualified Person employed by Consultants In Hydrogeology (the "Nichols Ranch Technical Report Summary").
Current Nichols Ranch Project Mineral Resource Estimate – Effective December 31, 2021
Notes:
- SEC S-K 1300 definitions were followed for all Mineral Resource categories. These definitions are also consistent with CIM (2014) definitions in NI 43-101.
- Measured Mineral Resource includes reduction for production through December 31, 2021.
- Mineral Resources are 100% attributable to EFR for Nichols Ranch, Hank, and North Rolling Pin, and are in situ. Mineral Resource estimates are based on a GT cut-off of 0.20 %-ft.
- Mineral Resources are 81% attributable to EFR and 19% attributable to United Nuclear Corp in parts of Jane Dough, and are in situ.
- Mineral Resource estimates are based on a GT cut-off of 0.20 %-ft
- The cut-off grade is calculated using a metal price of $65/lb U3O8, operating costs of $19.28/lb U3O8, and 60.4% recovery (based on 71% process recovery and 85% under wellfield)
- Mineral Resources are based on a tonnage factor of 15.0 ft3/ton (Bulk density 0.0667 ton/ft3 or 2.13 t/m3).
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Numbers may not add due to rounding
All grades reported in this press release are "equivalent" eU3O8 grades as they were calculated from calibrated downhole gamma logging of the drill holes. The downhole probe was calibrated at the U.S. Department of Energy test pits located in Casper, Wyoming by Energy Fuels staff and verified on site by Century Geophysical Corporation. All drill holes reported are vertical and were verified as vertical using downhole deviation logging. All thicknesses reported are true thicknesses.
Qualified Person Statement
The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101.
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. 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." Energy Fuels' website is 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 a 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 that the development of the remainder of PA2 could be ready to commence production as early as July 1, 2025, based on market conditions; any expectation that the Company's progress to date and/or delineation drilling results to date puts the Company one step closer on the path to meeting its projections, increasing its market share of the nuclear fuel supply chain, and/or potentially expanding its uranium resources; any expectation that the Company anticipates updating the Nichols Ranch Technical Report; any expectation that, following the current delineation drilling campaign, the Company will drill approximately 152 holes to convert the historic resource at the Collins Draw area to a current NI 43-101/S-K 1300 mineral resource, or that any such mineral resource would be added to the mineral resource at the Nichols Ranch Project; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; and any expectation as to the accuracy of mineral resource estimates or that any mineral resources will actually be mined. 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; market factors; market prices and demand for uranium; 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.
Energy Fuels' Transformational Acquisition of Base Resources Wins Shareholder Approval; All Required Regulatory Approvals have been Obtained
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements ("REE") production for the energy transition, is pleased to announce that it has achieved a major milestone toward its planned acquisition of Base Resources ("Base") with the approval of the acquisition by Base shareholders at a special meeting of shareholders held in Perth, Australia on September 5, 2024. Further, as previously announced by Base, all required regulatory approvals for the acquisition have been obtained.
Mark S. Chalmers, President and CEO of Energy Fuels stated:
"We are pleased that the Base shareholders voted overwhelmingly to approve Energy Fuels' combination with Base Resources. We believe that the combined company will clearly emerge as a world-leader in producing several of the critical minerals and materials needed for the clean energy transition. The Toliara, Bahia and Donald projects are expected to become large-scale, world-class, and low-cost heavy mineral sand projects in the coming years, producing titanium, zirconium and rare earth minerals. Energy Fuels is uniquely placed in the world to unlock the value of the rare earth minerals (monazite and xenotime) at our White Mesa Mill, and we have proven our ability to recover and produce advanced separated rare earth materials in the USA. I am also very pleased to see recent improvements in REE prices, with the price of NdPr recently increasing to $60.21 per kilogram.
We look forward to completing the next steps in our acquisition of Base Resources and closing the Transaction on October 2, 2024."
Base Shareholders Overwhelming Vote in Favor of Combination with Energy Fuels:
As previously announced on April 21, 2024, Energy Fuels entered into an agreement to acquire 100% of the issued shares of Base in consideration of the issuance by the Company of 0.026 Energy Fuels Common Shares for every Base share held and the payment by Base of a special dividend of AUD $0.065 per Base share (the "Transaction"). The Transaction is to be effected by way of a scheme of arrangement under Australia's Corporations Act (the "Scheme").
At their September 5, 2024 meeting, the shareholders of Base overwhelmingly voted in favor of the Scheme, with 99.88% of the votes cast by Base shareholders in favor of the transaction, and 93.18% of the Base shareholders present and voting (in person or by proxy) in favor of the transaction. Both voting results significantly exceed the requirements for shareholder approval, being more than 75% of the votes cast and more than 50% of the shareholders present.
As a next step, Base will apply to the Federal Court of Australia (the "Court") for approval of the Scheme, which is scheduled to occur on September 12, 2024. If the Court approves the Scheme, a copy of the Court order will be lodged with the Australian Securities and Investments Commission ("ASIC") and the Scheme will become effective, which is expected to occur on September 13, 2024. As a result, September 13, 2024 is expected to be Base's last day of trading on the Australian Stock Exchange ("ASX"). The Special Dividend (AUD$0.065 per share) is expected to be paid to Base shareholders on October 1, 2024, and Closing of the Transaction is expected to occur on October 2, 2024. The closing remains subject to this Court approval and other routine conditions.
All Required Regulatory Approvals have been Obtained:
On July 1, 2024, Base received notice from the Competition Authority of Kenya that it had approved the proposed combination pursuant to the Competition Act of Kenya. On August 21 2024, Base announced that Energy Fuels had received written confirmation from the Foreign Investment Review Board that the Australian government has no objections to the proposed combination, and on August 27, 2024, Base received confirmation from the Malagasy Competition Council that it does not object to the proposed combination of Energy Fuels and Base and that the Transaction may proceed. As a result, all the regulatory conditions precedent to the Scheme are considered satisfied, and there are no remaining regulatory approval conditions precedent to implementation of the Scheme and closing of the Transaction.
The acquisition of Base Resources and its 100%-owned Toliara Mineral Sand Project in Madagascar ("Toliara"), together with the Company's 100%-owned Bahia Mineral Sand Project in Brazil ("Bahia") and the Company's recently announced joint venture with Astron Corporation to develop the Donald Mineral Sand Project in Australia ("Donald"), is expected to transform Energy Fuels into a world-leader in REE's, titanium, and zirconium production, while maintaining it's position as a leading U.S. uranium mining producer. The Toliara, Bahia, and Donald projects are heavy mineral sand ("HMS") projects that, upon development, will primarily produce titanium and zirconium minerals, including ilmenite, rutile, and zircon. Subject to receipt of further permitting and development, these HMS projects are also expected to produce a valuable monazite sand byproduct, which is one of the best sources of the "magnet" REE's used in electric vehicles ("EVs"), plug-in hybrid vehicles, direct-drive wind energy, and other technologies. The Toliara Project is expected to be Energy Fuels' cornerstone source of monazite supply, providing a long-term and large-scale supply of monazite to the Company's White Mesa Mill in Utah (the "Mill") for processing into REE oxides and other advanced REE materials, along with the recovery of contained uranium. As the monazite is expected to be a very low-cost byproduct of Toliara's primary ilmenite and zircon production, the production of REE oxides at the Mill is expected to be low-cost and globally competitive. 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.
Energy Fuels Successfully Commissions REE Separation Circuit; Turns Focus to Uranium Production for the Remainder of 2024:
During Q2- and Q3-2024, the Company successfully commissioned an REE separation circuit at its 100%-owned White Mesa Mill. This "Phase 1" circuit has the capacity to produce up to 1,000 metric tons ("tonnes") of separated NdPr per year. During commissioning, the Company recovered, dried, and packaged approximately 40 tonnes of high-purity, on-spec separated NdPr. The Company estimates that it recovered an additional 10 to 20 tonnes of separated NdPr, which remains in circuit and will be packaged at a later date. This 50 – 60 tonnes of NdPr production exceeds the Company's original guidance of 25 – 35 tonnes by over 40%.
The Company is currently in the process of shifting its production focus at the Mill from REE's to uranium. During 2024, the Company expects to produce 150,000 to 500,000 pounds of U3O8 from stockpiled alternate feed materials and conventional ore. In addition, ore production and underground development at its Pinyon Plain and La Sal mines continues on schedule and on budget.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. 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." Energy Fuels' website is 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 a 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; any expectation that the Bahia Project, Donald Project and/or Toliara Project, if acquired, will be fully permitted and developed; any expectation that, upon development, the Bahia Project, Donald Project and/or Toliara Project will be low-cost sources of monazite feed for the Mill; any expectation that the acquisition of Base Resources will be completed or if completed, completed on the terms and time proposed; any expectation that any production at the Bahia Project, Donald Project and/or Toliara Project, if acquired, or Mill will be world or globally competitive; 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, if acquired; 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 Bahia, Donald and Toliara Projects will be acquired on a timely basis or at all; any expectation that the Toliara Project will become a world-class HMS project; and any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful. 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 Company to complete the acquisition of Base Resources; 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 Bahia, Donald and/or Toliara Projects; the failure of the Company to provide or obtain the necessary financing required to develop the Bahia, Donald and/or Toliara Projects; available supplies of monazite; the ability of the Mill to produce REE 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 HMS and/or REEs; actual results may differ from all such 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.
Energy Fuels Acquires RadTran LLC as A Further Step Toward Addressing the Global Industry Need For Medical Radioisotopes in Emerging Cancer Treatments
Acquisition intended to enhance Energy Fuels' current capabilities and support announced plans for medical isotope development .
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels "), an industry leader in uranium and rare earth elements (" REE ") production for the energy transition, today announces the August 16, 2024 acquisition (the " Acquisition ") of RadTran LLC (" RadTran "), a private company specializing in the separation of critical radioisotopes, to further Energy Fuels' 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 strategic 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.
Mark Chalmers , President and CEO of Energy Fuels said, "With this Acquisition, we will be combining our unique processing capabilities at the White Mesa Mill, the only permitted and operating uranium mill in the United States , with over 40 years of chemical and metal separations experience, with RadTran's intellectual property and medical isotope experience in radionuclide separation and concentration, which we believe will position Energy Fuels to be a leader in this developing industry.
"Additionally, what I find exciting about this initiative is that Energy Fuels has the potential to recover valuable isotopes from its existing process streams, thereby recycling back into the market material that would otherwise be lost to disposal and repurposing it for use in producing life-saving cancer treatments.
"And our current R&D activities are being conducted using existing Mill facilities without the need for capital improvements of any significance. Capital development for future commercial production capabilities, upon successful production at the R&D level, would be expected to be supported by future offtake agreements for radium production."
Since July 2021 , Energy Fuels and RadTran have been working under a Strategic Alliance Agreement to evaluate the feasibility of recovering Ra-226 and Ra-228 from existing uranium process streams at Energy Fuels' White Mesa Mill in Utah (the " Mill "). Recovered Ra-226 and Ra-228 would be made available to the pharmaceutical industry and others to enable the production of actinium-225 (" Ac-225 "), lead-212 (" Pb-212 ") and potentially other leading medically attractive TAT isotopes. These isotopes are critical components in the development of targeted alpha therapies, which offer promising new treatments for various cancers. The global shortage of Ra-226 and Ra-228 currently presents itself as a significant barrier to the advancement and commercialization of these therapies.
Energy Fuels received regulatory approval and licensing in 2023 for the concentration of R&D quantities of Ra-226 at the Mill and is currently completing engineering on its research and development (" R&D ") pilot facility for Ra-226 production. During 2024, Energy Fuels plans to set up the first stages of the pilot facility and expects to produce R&D quantities of Ra-226 for testing by end-users of the product. Upon successful production of R&D quantities of Ra-226, Energy Fuels plans to develop capabilities at the Mill for the commercial-scale production of Ra-226 and potentially Ra-228 in 2026-2028, conditional on completion of engineering design, securing sufficient offtake agreements for final radium production, and receipt of all required regulatory approvals.
Under the Acquisition, the purchase price payable by Energy Fuels to the owners of RadTran consists of (all dollar amounts in US$): (i) on closing, $1.5 million in cash, $1.5 million in Energy Fuels common shares (" Common Shares ") and the grant of a 2% royalty on future revenues from the sale of produced radium, as well as certain other contractual commitments; and up to an additional $14 million in cash and Common Shares based on the satisfaction of a number of performance-based milestones, including achieving initial production, securing suitable offtake agreements to justify commercial production and reaching commercial production.
In addition, as part of the Acquisition, Saleem Drera PhD, President and CEO of RadTran, will join Energy Fuels as Vice President of Radioisotopes, Radiological Systems, and Intellectual Property. In this role, Dr. Drera will lead Energy Fuels' efforts to integrate RadTran's proprietary technology, which includes a number of patents, pending patents, trade secrets and know-how relating to efficient separation of Ra-226 and Ra-228 from process streams, and drive innovation in the production of medical radioisotopes.
The demand for Ra-226 and Ra-228 is underscored by the extensive clinical research currently underway. More than 30 clinical trials are evaluating Ac-225, a product of Ra-226 and a crucial component of targeted alpha therapies, highlighting the urgent need for reliable isotope supply. Notably, several of these trials have reached final pre-approval stage (phase 3) targeting neuroendocrine tumors and leukemia, with many more earlier stage trials already initiated to address common cancers including prostate cancer.
Critically, a shortfall in Ac-225 production (for which Ra-226 is the limiting raw material), is now delaying trials and challenging the transition to full commercial and clinical availability of these drugs. Energy Fuels intends to step in to alleviate this supply bottleneck and support development of this important new class of life-saving cancer therapies.
Saleem Drera , President and CEO of RadTran, and now Vice President Radioisotopes, Radiological Systems and Intellectual Property of Energy Fuels, said, "At RadTran, we are proud to be a part of the Energy Fuels team. The White Mesa Mill's facilities, permits and licenses, and Energy Fuels' years of experience are Ideally suited to employ RadTran's Technology. Furthermore, we have been impressed with their successful endeavors to separate and concentrate uranium, vanadium and rare earth elements in a manner that adheres to the strictest standards of protection of human health, safety and the environment."
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (" REE ") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver , and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming . The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil , which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. 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." Energy Fuels' website is 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 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 the potential recovery of medical isotopes from any radioisotopes recovered at the Mill will be feasible; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation that the Acquisition will significantly enhance Energy Fuels' capabilities to address the global shortage of the essential isotopes used in emerging TAT cancer treatments; any expectation that RadTran's technology will enable the efficient separation of Ra-226 and Ra-228 from process streams, or will transform them into valuable sources for medical use; any expectation that the development of TAT therapies will be successful or will offer promising new treatments for various cancers; any expectation that Energy Fuels will be or become at the forefront of the medical radioisotope supply chain; any expectation that any additional licensing for the R&D or commercial production of Ra-226, Ra-228 or any other radioisotopes at the Mill will be obtained on a timely basis or at all; any expectation as to the supply of or demand for Ra-226 and/or Ra-228 or any other isotopes; any expectation as to the successful approval or the timing of approval of any medical isotopes or TAT therapeutics; any expectation that Energy Fuels will step in to alleviate any supply bottlenecks or support development of TAT therapies; any expectation that Energy Fuels will be a leader in the supply of radioisotopes for TAT therapeutics; any expectation as to capital requirements for Energy Fuels' R&D and potential commercial radium production facilities; any expectation that future capital requirements will be supported by offtake agreements for radium production; and any expectation that Energy Fuels' operations will be or continue to be performed in a manner that adheres to the strictest standards for protection of human health, safety and the environment. 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; market factors, including future demand for radium; 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.
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Forum Energy Metals
Investor Insight
Actively exploring the highly prospective Aberdeen uranium property in Nunavut’s Thelon Basin, Forum Energy’s highly experienced technical team led by former Cameco geologist Dr. Rebecca Hunter is poised to build on its significant Tatiggaq discovery amid a continuing uranium bull market.
Overview
Forum Energy Metals (TSXV:FMC,OTCQB:FDCFF) is an established uranium explorer searching for high-grade deposits in Saskatchewan’s Athabasca Basin and Nunavut’s Thelon Basin. In 2024, the company is primarily focused on exploring the Aberdeen project in Nunavut, where successful drilling confirmed and expanded high-grade uranium mineralization over significant widths at the Tatiggaq discovery. Nunavut’s underexplored Thelon Basin may be the most prospective region for discovering new, high-grade uranium deposits outside Saskatchewan.
With a strong local and regional presence in Saskatchewan, Forum took advantage of weak metals markets to broaden its commodity exposure by adding a diverse portfolio of energy metals exploration projects in the copper, cobalt and nickel space.
Company Highlights
Saskatchewan (Athabasca Basin) and Nunavut (Thelon Basin) Uranium Projects
- Aberdeen Uranium Project (Thelon Basin-Nunavut): Athabasca Basin 2.0? - The Thelon Basin may be the most prospective region in the world for discovering new high- grade uranium deposits outside Saskatchewan’s Athabasca Basin. Both basins exhibit similar geological characteristics.
Forum’s 2023 Aberdeen Maiden Drill Program Intersects High-grade Uranium
- Between July and August 2023, Forum completed five drill holes totalling 991 meters. The program successfully expanded shallow high-grade uranium mineralization at the primary Tatiggaq Main and West Zones, and confirmed the team’s understanding of the controls of mineralization. Hole TAT23-002 intersected 2.25 percent U3O8 over 11.1 meters at a depth of 148.5 meters in the Main Zone and Hole TAT23-003, a 200-meter step-out to the southwest of the West Zone intersected 0.40 percent U3O8 over 12.8 meters at a depth of 136.8 meters.
Forum’s 2024 Aberdeen 7,000 Meter Drill Program Underway
- Follow-up drilling in 2024 has continued to intersect uranium mineralization at the Main and West deposits along the Tatiggaq Fault. As of August 2024, 17 holes totalling 4,307 meters (within the 1.5 km by 0.7 km Tatiggaq anomaly have been completed. A total 685 samples have been shipped to SRC Laboratories in Saskatoon, Saskatchewan for analysis. Results are expected by the end of September 2024. Drilling planned to test 20 other high priority targets on the property.
- Wollaston Uranium: Forum: 100 percent – Located in eastern Athabasca Basin. Limited drilling in 2023 identified elevated uranium and boron values on several geophysical targets on this large property, well located close to the Orano/Denison McClean Lake mill. Forum is reviewing data from its magnetic/electromagnetic survey to plan the next exploration steps.
- Highrock Uranium: Forum: 80 percent, Sassy Gold 20 percent – On trend with Cameco’s past-producing Key Lake Mine.
- Fir Island: Forum: 49 percent, Orano Canada: 51 percent (operator) – Located on the northeastern edge of the Athabasca Basin. Forum is awaiting further exploration plans following Orano’s data review from an extensive resistivity survey.
- Northwest Athabasca Joint Venture (NWA): Forum: 43.3 percent, NexGen: 26.3 percent, Cameco: 18.7 percent, Orano:11.7 percent – Winter 2025 drilling is planned with funding by Global Uranium. The NWA project hosts the historical 1.5-million-lb Maurice Bay deposit grading 0.6 percent uranium oxide to a depth of 50 meters (Not NI 43-101 compliant. Sufficient exploration work has not been completed to verify and classify as a current mineral resource, but the estimate is considered relevant and reliable due to extensive exploration work completed by previous operators and sourced from Saskatchewan Industry & Resources Miscellaneous Reports 2003-07).
- Maurice Point: Forum: 100 percent
- Grease River: Forum: 100 percent (Traction Uranium earn-in option) – Forum and Traction recently completed airborne magnetic, electromagnetic (EM) and radiometric surveys over the entire project area to aid structural mapping and help define drill targets. Analysis of the EM data has outlined prospective targets along several conductive trends in the East claim block north of the Grease River shear zone.
- Henday: UEC: 60 percent, Forum: 40 percent – Strategically located along the Midwest/Roughrider trend near UEC’s Roughrider uranium deposit
- Costigan: Forum: 100 percent – On trend with Cameco’s past-producing Key Lake mine.
- Clearwater: Forum: 75 percent, Vanadian: 25 percent – Located in the Patterson Lake Corridor, Western Athabasca Basin
Key Projects
Aberdeen Project (Thelon Basin, Nunavut)
Nunavut Uranium: Forum’s Aberdeen project claims comprise ground formerly held by Cameco with discoveries made at Tatiggaq, Qavvik and Ayra. The claims surround Orano’s Kiggavik uranium deposit.
Previously explored by Cameco between 2005 and 2012, this ground hosts two uranium discoveries made by former Cameco geologist Dr. Rebecca Hunter, who now leads Forum’s team as VP of exploration.
Cameco abandoned the claims due to the decade-long period of low uranium prices during the post-Fukushima period, which were later acquired by Forum. Renamed the Aberdeen project, Forum’s claims surround Orano Canada-Denison-UEC’s 133-million-lb Kiggavik uranium deposit.
Dr. Rebecca Hunter spotting drill hole locations. As Forum’s VP of exploration, Hunter is managing the Aberdeen uranium exploration project.
Cameco completed 36,000 meters of drilling in 135 drill holes. After reviewing Cameco’s data, Forum’s technical team determined the Tatiggaq deposit to be the primary exploration target. Tatiggaq is found within a large gravity anomaly that remains open along strike for 1.5 kilometers and at depth. Previous drilling by Cameco identified results as high as 2.69 percent U3O8 over 7.9 meters, including 24.8 percent U3O8 over 0.4 meters at a depth of approximately 200 meters.
Examining drill core in the field at the Nunavut camp, August 2023
Forum’s maiden drill program, completed in August 2023, successfully confirmed and expanded high-grade uranium mineralization at the Tatiggaq and West Zones. At Tatiggaq, drilling intersected high-grade near-surface uranium mineralization with TAT23-002 (Main Zone) intersecting 2.25 percent U3O8 over 11.1 meters, while TAT23-003 a 200-meter step-out at the West Zone) intersected 0.40 percent U3O8 over 12.8 meters.
Further drilling in 2024 has continued to intersect uranium mineralization at the Main and West deposits along the Tatiggaq Fault. As of August 2024, 17 holes have been completed, totalling 4,307 meters along the Tatiggaq Fault within the 1.5 km by 0.7 km Tatiggaq anomaly. A total of 685 samples have been shipped to SRC Laboratories in Saskatoon, Saskatchewan for analysis. Results are expected by the end of September 2024.Wollaston Uranium Project
The property is located within 10 kilometers of Cameco’s Rabbit Lake uranium mill and 30 kilometers of Orano/Denison’s McClean Lake uranium mill. Its successful winter 2022 drilling program discovered anomalous uranium in all four holes at the Gizmo target. Forum recently received results of an airborne electromagnetic (EM) and magnetic survey to augment structural interpretations and precisely locate the EM conductors. The following maps show these results and identify new target areas for diamond drilling.
New Gravity Trends and Future Target Areas
Energy Metals Projects
- Janice Lake Copper (Forum 100 percent): Former partner Rio Tinto spent $14 million in exploration expenditures to earn a 51 percent interest in the project. As of November 2023, Forum revised and completed the acquisition of Rio Tinto’s interest in the project giving Forum 100 percent interest.
- Love Lake Nickel-Copper-PGM Project (Forum 100 percent): Strategically positioned near Forum’s Janice Lake copper project.
- Still Nickel-Copper-Cobalt Project (Forum 100 percent): The 11,411-hectare property surrounds the historic Howard Lake nickel-copper-cobalt deposit located 35 kilometers northwest of La Ronge Saskatchewan. Forum has completed a prospecting and geochemical sampling program, and in Q3 2023, completed electromagnetic and magnetic surveys.
- Fisher Copper Claims (Forum 100 percent): The Fisher property is located 40 kilometers west of Pelican Narrows, Saskatchewan. The property hosts a stratabound, volcanogenic massive sulphide deposit with a historical estimate of 650,000 tons grading 0.5 percent copper and 3 percent zinc (Not NI 43-101 compliant. Sufficient exploration work has not been completed to verify and classify as a current mineral resource, but the estimate is considered relevant and reliable due to extensive exploration work completed by previous operators). Forum’s geological team has identified further targets and completed a prospecting and sampling program.
- Quartz Gulch Cobalt, Idaho, USA (Forum 100 percent): On trend with Jervois Mining’s Idaho Cobalt Project, the only permitted cobalt mine in North America.
Forum’s uranium and energy metal projects in northern Saskatchewan
Management & Advisory Team Members
Richard J. Mazur - President, CEO and Director
Richard Mazur is an executive and geoscientist with over 45 years of Canadian and international experience in the exploration and mining industry as a project geologist, financial analyst and senior executive on uranium, gold, diamonds, base metals and industrial minerals projects. Mazur founded Forum in 2004. He is also a director of Big Ridge Gold, Impact Silver and Midnight Sun Mining. Mazur graduated with a BSc in geology from the University of Toronto in 1975 and obtained an MBA from Queen’s University in 1985.
Dr. Rebecca Hunter - Vice-President Exploration
Dr. Rebecca Hunter has over 15 years of experience as a uranium exploration geologist in Saskatchewan and Nunavut. As a project geologist for Cameco from 2005 to 2016, Hunter led the Turaqvik-Aberdeen exploration project, where the high-grade Tatiggaq and Qavvik uranium deposits were discovered nearby to the west of Orano’s (formerly AREVA) Kiggavik uranium project in Nunavut. Hunter completed her PhD at Laurentian University, which focused on the litho-geochemistry, structural geology and uranium mineralization systems of the Tatiggaq- Qavvik uranium trend in the Thelon Basin. She was recently appointed VP of Exploration and will continue her work as the lead member of Forum’s Aberdeen uranium project exploration team in the Thelon Basin, a geologic analogue to the prolific Athabasca Basin.
Allison Rippin Armstrong - Vice-President, Nunavut Affairs
Allison Rippin Armstrong is a biologist and environmental scientist with over 25 years experience specializing in Environmental, Social and Governance (ESG) practices across Canada and internationally. Allison’s accomplishments over the years have been recognized on a number of occasions, including being awarded the 2009 Kivalliq Inuit Association Expert Counsel Award and the 2011 Mike Hine Award for her contributions to the mining industry in Nunavut. A long-standing board member of Yukon Women in Mining, past member of the NWT & Nunavut Chamber of Mines, and founding member of the Yukon University Foundation Board, she is also the Board Chair of Tectonic Metals Inc.
As VP Nunavut Affairs, Allison’s focus will be on community, regulatory and government relations in Nunavut Territory.
Dan O’Brien - Chief Financial Officer
Dan O’Brien is a member of the Institute of Chartered Professional Accountants of British Columbia and has over 15 years experience working with public companies in the resource industry. O’Brien is the chief financial officer for a number of publicly listed exploration companies trading on the TSX and TSXV exchanges and was previously a senior manager at a leading Canadian accounting firm where he specialized in the audit of public companies in the mining and resource sector.
Richard Aksawnee - Manager of Nunavut Affairs
Richard Aksawnee was born and raised in Baker Lake. Inspired by his late father, David, who also served as mayor, to pursue leadership roles, Aksawnee served as mayor from 2019 to 2023 and has chaired the Hunter and Trappers' Organization for 20 years. His commitment to community service is further demonstrated by his active involvement in search and rescue operations and youth sporting activities.
Peter Wollenberg - Technical Advisor
Peter Wollenberg has 45 years of experience in the uranium exploration and mining business. He has worked in Europe, Canada, Africa and Australia as an exploration geologist and VP of exploration for Urangesellschaft on the Kiggavik Project, where he was instrumental in the discovery of the End and Andrew Lake deposits. Later he joined Cogema/Areva where he worked in several leading roles in Canada, Africa and Australia. He is currently the director of exploration and resource development for Global Atomic in Niger.
Anthony Balme - Director
Anthony Balme is the managing director of Carter Capital and Lymington Underwriting, two private UK investment funds, where he is an active participant in several global base and precious metals resource ventures in North America, Sweden and the DRC.
Paul Dennison - Director
Paul Dennison worked for 27 years in the front end of three leading investment banks: Credit Suisse, Merrill Lynch & Deutsche Bank. His focus was capital markets origination, underwriting, sales and trading in all regions outside the Americas. Thereafter, Dennison managed his own asset management company for 12 years, which was licensed in Singapore, Switzerland and the United States. He is currently based in Zurich and Singapore with his own firm, specializing as an introducing broker, sourcing international investment capital for clients.
Janet Meiklejohn - Director
Janet Meiklejohn is the principal of Emerald Capital, a consulting company providing CFO, strategic, valuation, corporate governance and marketing services to high-growth companies. She was formerly VP of institutional equity sales focused on the mining sector with several Canadian investment banks including Desjardins Securities, National Bank, Salman Partners and Macquarie Capital from 1997 to 2015. Meiklejohn grew up in Saskatchewan and has a close personal interest in the development of the uranium industry in the province.
Larry Okada - Director
Larry Okada is a member of both the Canadian Chartered Professional Accountants and the Washington State Certified Public Accountants Association with over 45 years of experience in providing financial management services to publicly traded companies, with emphasis on junior mineral exploration companies. He holds a B.A. in economics and was in public practice with his own firm of Staley, Okada and Partners and PricewaterhouseCoopers LLP. Okada also serves as chairman of Forum’s Audit Committee.
Michael A. Steeves - Director
Michael A. Steeves has been involved in the mining industry for over 50 years. He has previously held executive positions with Zazu Metals, Glamis Gold, Coeur D’Alene Mines,
Homestake Mining and Pegasus Gold. Steeves also worked for several years as a mining analyst. He holds a Master of Science degree in earth sciences from the University of Manitoba and is also a chartered financial analyst.
Brian Christie - Director
Brian Christie’s professional career spans over 45 years as a geologist, securities analyst, and investor relations executive. During his tenure as vice-president investor relations at Agnico Eagle Mines from 2012 to 2022, Agnico Eagle was consistently recognized as having one of the top investor relations programs in Canada. Christie is currently retained by Agnico Eagle as a senior advisor, investor relations. Prior to joining Agnico Eagle, he worked for over 17 years as a precious and base metals analyst with Desjardins Securities, National Bank Financial, Canaccord Capital, and HSBC Securities, in addition to 13 years as a geologist with several mining companies including Homestake, Billiton, Falconbridge Copper, and Newmont. Christie holds a BSc. in geology (University of Toronto) and an MSc. in geology (Queen’s University). He is also a member of the Canadian Investor Relations Institute (CIRI) and the National Investor Relations Institute (NIRI).
Fund Managers: "Highly Constructive" on Uranium Price, Stocks We're Focusing on Now
Keith Watson and Rob Crayfourd, co-fund managers at the Geiger Counter Fund, shared their outlook on uranium supply, demand and prices, plus which companies they think have the most potential moving forward.
While acknowledging the recent price pullback, the experts said the sector's long-term outlook is positive.
"Ultimately we're at the very start of what we expect to be a longer-term imbalance in supply vs. strong demand, and therefore a very healthy price outlook for the sector," Watson explained during the interview.
When asked about the Geiger Counter Fund's focus, Crayfourd highlighted the Athabasca Basin in Saskatchewan, Canada, saying it's a tier-one jurisdiction that's home to a slew of strong uranium assets.
"We think that those projects, particularly Canadian assets that are uncontracted and able to participate in the upside that we see in the market going forward, are best placed," he noted. The fund has a heavy weighting toward NexGen Energy (TSX:NXE,NYSE:NXE), Fission Uranium (TSX:FCU,OTCQX:FCUUF) and IsoEnergy (TSX:ISO,OTCQX:ISENF).
Watson added that it also has exposure to US companies with small but reasonable production profiles that are in the process of starting or restarting output, as well as leverage via stocks with slightly higher-cost deposits.
Watch the interview above for more of their thoughts on uranium stocks, as well as the outlook for the commodity.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
UEC to Grow US Portfolio with Acquisition of Rio Tinto's Wyoming Uranium Assets
Uranium Energy (UEC) (NYSEAMERICAN:UEC) announced the acquisition of Rio Tinto America’s Wyoming assets, including the Sweetwater plant and a portfolio of uranium-focused projects.
UEC said the deal will strengthen its position in the US uranium industry as the country looks to build up domestic supply of the energy fuel following this year's ban on Russian uranium imports.
The uranium projects hold about 175 million pounds of historic resources, while the Sweetwater plant, which is a conventional processing facility, has a licensed capacity of 4.1 million pounds of U3O8 per year.
The plant, located 40 miles from Rawlins, Wyoming, has been under care and maintenance since 1983. According to UEC, it can be also adapted to recover uranium from loaded resins produced by in-situ recovery (ISR) operations.
In total, the agreement with Rio Tinto will give UEC ownership of more than 53,000 acres of exploration and mining rights, along with geological data from about 13,000 drill holes, plus 26,000 assay records.
UEC, which currently has 12 uranium projects in Wyoming’s Great Divide Basin, said the acquisition will create a third production hub within its existing US portfolio. The Sweetwater plant will play a central role in this hub, unlocking the development potential of nearby uranium resources, particularly those suitable for ISR methods.
The company explained that the transaction builds on its previous expansion efforts, such as its acquisition of Uranium One Americas in 2021, which also focused on the Great Divide Basin.
Amir Adnani, UEC’s CEO, emphasized that the purchase comes at a critical time for the uranium market, as global demand for nuclear energy rises and geopolitical factors reshape supply chains.
“The Russian uranium ban and recent comments by Russian government officials regarding restricting future uranium exports to the west underscore the critical importance of maintaining reliable domestic supply chains to power our growing requirements for clean baseload energy," he said in a Monday (September 23) press release.
“With our fourth acquisition since 2021, UEC is continuing to execute towards building the premier and fastest growing North American uranium company,” Adnani added.
The acquisition will be completed through a stock purchase agreement, with UEC acquiring two Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) subsidiaries that hold the Wyoming assets. The US$175 million purchase price will be funded through UEC’s existing liquidity, with closing expected in the fourth quarter of 2024.
Once the deal has gone through, UEC plans to begin upgrading the Sweetwater plant for ISR processing, and will advance exploration efforts at its newly acquired property.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Saga Metals: Diversified Portfolio of Critical Mineral Assets in Canada’s Top-tier Jurisdictions
Saga Metals (TSXV:SAGA) is a mineral exploration company focused on acquiring and exploring mineral assets in Canada. The company explores for uranium, lithium, titanium-vanadium and high purity iron ore deposits. Saga Metals has five fully owned exploration assets in top-tier mining jurisdictions in Canada. Its primary projects, Double Mer and Legacy are prospective for uranium and lithium, respectively. Its secondary assets are Radar (titanium-vanadium) and North Wind (iron ore).
The Legacy lithium project in James Bay, Quebec, is the subject of a C$44 million joint venture option agreement with Rio Tinto Exploration Canada (NYSE:RIO), signed in June 2024. Rio Tinto will act as a project manager for the exploration of Legacy, with the option to acquire an initial 51 percent interest in Legacy over a period of four years. This joint venture allows Saga Metals to focus on its other primary asset, the Double Mer Uranium project, a 25,600-hectare property located 90km Northeast of Goose Bay in Labrador.
Legacy is the subject of a joint option agreement between Saga Metals and Rio Tinto, under which Rio Tinto will act as project manager during the first and second option period. The optioned property contains 663 claims spanning 34,243 hectares hosting 100 km of striking paragneiss.
Company Highlights
- Saga Metals is an exploration company with a diversified portfolio of critical minerals assets in top-tier mining jurisdictions in North America consisting of uranium, lithium, titanium-vanadium and iron ore projects.
- Saga Metals' flagship asset is the Double Mer Uranium Property with an 18km trend verified with high-resolution magnetic survey, uranium count radiometrics, consistent counts-per-second (cps) readings and rock sample assay results of up to 4,280ppm U3O8. With numerous targets validated in the 2024 summer exploration program the company is planning for its maiden drill program this winter.
- The company recently entered a CAD$44M joint venture with Rio Tinto to advance the exploration of the Legacy Lithium project in James Bay, Quebec.
- The Legacy Lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region.
This Saga Metals profile is part of a paid investor education campaign.*
Click here to connect with Saga Metals (TSXV:SAGA) to receive an Investor Presentation
Denison Announces Option of Non-Core Exploration Projects to Foremost for up to $30 Million in Combined Consideration
Denison Mines Corp. (" Denison " or the " Company ") (TSX: DML) (NYSE American: DNN) is pleased to announce that is has executed an option agreement (the " Option Agreement ") with a Nasdaq listed company to be renamed Foremost Clean Energy Ltd (" Foremost ") (NASDAQ: FMST) (CSE: FAT), which grants Foremost an option to acquire up to 70% of Denison's interest in 10 uranium exploration properties (collectively, the " Transaction "). Pursuant to the Transaction, Foremost would acquire such total interests upon completion of a combination of direct payments to Denison and funding of exploration expenditures with an aggregate value of up to approximately $30 million . View PDF version
David Cates , President & CEO of Denison, commented, " Denison is pleased to work with Foremost to enhance the potential for discovery on an excellent portfolio of uranium exploration properties that would otherwise receive little attention from Denison with our current focus on development and mining stage projects. We are impressed with Foremost's leadership team and technical capabilities and are excited to see high-potential exploration work being carried out on these properties in the coming years.
The Transaction is structured to incentivize exploration activity, with Foremost required to invest a minimum of $8 million in exploration expenditures to retain any interests in the properties and $20 million in exploration expenditures to fully exercise the option."
Key Transaction Highlights:
- Collaboration with Foremost is expected to increase exploration activity on a portfolio of non-core Denison properties with the potential to increase the probability of discovery within Denison's vast Athabasca Basin exploration portfolio
- Denison to receive meaningful consideration in the form of an upfront payment in Foremost common shares (representing ~19.95% ownership interest in Foremost post transaction), cash or common share milestone payments, and up to $20 million in project exploration expenditures
- Denison retains direct interests in the optioned exploration properties and will become Foremost's largest shareholder, while also securing certain strategic pre-emptive rights to participate in future exploration success from the optioned properties
Exploration Properties subject to the Option Agreement
The 10-project portfolio subject to the Option Agreement (the " Exploration Properties ") consists of the following properties: Murphy Lake South, Hatchet Lake , Turkey Lake, Torwalt Lake, Marten, Wolverine, Epp Lake , Blackwing, GR and CLK. See Figure 1 for the location of the optioned properties. Denison currently has 100% ownership in all of the properties except for Hatchet Lake , which is subject to a joint venture agreement with Eros Resources Corp., with Denison currently holding a 70.15% ownership interest.
Collaboration between Denison and Foremost
Foremost is expected to act as project operator during the term of the Option Agreement; however, Denison expects to leverage its significant team of technical experts based in its office in Saskatoon, Saskatchewan to support Foremost as it transitions to uranium exploration. Upon completion of Phase 1 of the Option Agreement, Denison will be the largest shareholder of Foremost, holding ~19.95% of the issued and outstanding shares of Foremost and will retain a significant direct ownership interest in the Exploration Properties. Additionally, David Cates , President and CEO of Denison, is expected to join Foremost's Board of Directors.
Key Terms of the Transaction
Under the terms of the Option Agreement, Foremost may acquire up to 70% of Denison's interest in the Exploration Properties. In the case of Hatchet Lake , Foremost may earn up to a 51% interest in the Hatchet Lake joint venture, representing slightly over 70% of Denison's current ownership interest.
The Option Agreement contains three (3) phases, as summarized below:
Phase 1
To earn an initial 20% interest in the Exploration Properties (14.03% for Hatchet Lake ), on or before October 7, 2024 (the "Effective Date"), Foremost must:
- Issue 1,369,810 common shares to Denison;
- Appoint a Technical Advisor to Foremost at Denison's election; and
- Enter into an Investor Rights Agreement providing for, among other things: the appointment by Denison of up to two (2) individuals to the board of directors of Foremost; and a pre-emptive equity participation right for Denison to maintain a 19.95% equity interest in Foremost.
Phase 2
To earn an additional 31% interest in the Exploration Properties (21.75% for Hatchet Lake ), on or before the date 36 months following the Effective Date, Foremost must:
- Pay Denison $2,000,000 in cash or common shares or a combination thereof, at the discretion of Foremost; and
- Incur $8,000,000 in exploration expenditures on the Exploration Properties.
If the conditions of Phase 2 are not satisfied, Foremost shall forfeit the entirety of its interests in and rights to the Exploration Properties.
Phase 3
To earn an additional 19% interest in the Exploration Properties (15.22% for Hatchet Lake ), on or before the date 36 months following the successful completion of Phase 2, Foremost must:
- Pay Denison a further $2,500,000 in cash or common shares or a combination thereof, at the discretion of Foremost; and
- Incur a further $12,000,00 in exploration expenditures on the Exploration Properties.
If the conditions of Phase 3 are not satisfied, Foremost shall forfeit a portion of its interests in and rights to the Exploration Properties such that Denison's interests in each of the Exploration Properties will be increased to 51% and operatorship shall revert to Denison.
Upon completion of either Phase 2 or Phase 3 (as applicable) of the Option Agreement, the parties will enter into a joint venture agreement in respect of each of the Exploration Properties.
About Denison
Denison is a uranium mining, exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada . The Company has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan . In mid-2023, a feasibility study was completed for the Phoenix deposit as an in-situ recovery ("ISR") mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and have advanced significantly, with licensing in progress and a draft Environmental Impact Study ("EIS") submitted for regulatory and public review in October 2022 .
Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture ("MLJV"), which includes unmined uranium deposits (planned for extraction via the MLJV's SABRE mining method starting in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the MWJV's Midwest Main and Midwest A deposits, and a 69.44% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region.
Additionally, through its 50% ownership of JCU ( Canada ) Exploration Company, Limited ("JCU"), Denison holds additional interests in various uranium project joint ventures in Canada , including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%), and Christie Lake (JCU, 34.4508%).
In 2024, Denison is celebrating its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario .
Follow Denison on X (formerly Twitter) @DenisonMinesCo
About Foremost
Foremost is currently named Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (FSE: F0R0) (WKN: A3DCC8) and intends to change its name to Foremost Clean Energy Ltd. in connection with the Transaction. Assuming the effectiveness of the Transaction, Foremost will be an emerging North American uranium exploration company with interests in 10 prospective properties spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin. As global demand for decarbonization accelerates, the need for nuclear power is crucial. Foremost expects to be positioned to capitalize on the growing demand for uranium through discovery in a top jurisdiction with the objective to support the world's energy transition goals. Alongside its exploration partner Denison, Foremost will be committed to a strategic and disciplined exploration strategy to identify resources by testing drill–ready targets with identified mineralization along strike of recent major discoveries.
Foremost also maintains a secondary portfolio of significant lithium projects at different stages of development spanning over 50,000 acres across Manitoba and Quebec . For further information please visit the company's website at www.foremostcleanenergy.com .
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'potential', 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/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'.
In particular, this news release contains forward-looking information pertaining to Denison's current intentions and objectives with respect to, and commitments set forth in, the Option Agreement and ancillary agreements and the expected benefits thereo f ; the assumption that the transactions set forth in the Option Agreement will be completed as described; the Company's exploration, development and expansion plans and objectives for the Exploration Properties and other Company projects ; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners and third parties .
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the parties to the Option Agreement may not complete the option phases as described and/or the exploration objective for the Exploration Properties may not be achieved . In addition, Denison may decide or otherwise be required to discontinue testing, evaluation and other work on the Company's other properties if it is unable to maintain or otherwise secure the necessary resources (such as testing facilities, capital funding, joint venture app r ovals, regulatory approvals, etc.). Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 2 8 , 202 4 under the heading 'Risk Factors' or in subsequent quarterly financial reports . These factors are not, and should not be construed as being , exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation .
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Foremost Lithium Announces Option Agreement with Denison on 10 Uranium Projects Spanning over 330,000 Acres in the Athabasca Basin, Saskatchewan
Highlights
- Transformational opportunity to acquire up to a 70% interest in 10 highly-prospective uranium projects in the Athabasca Basin and collaborate with Denison Mines (TSX: DML, NYSE American: DNN)
- Foremost Lithium to change its name to Foremost Clean Energy Ltd.
- David Cates, Denison's President and CEO, is expected to join Foremost's Board of Directors
Foremost Lithium Resource & Technology Ltd. ( NASDAQ: FMST ) ( CSE: FAT ) (" Foremost Lithium ", " Foremost " or the " Company ") is pleased to announce today that it has executed a property acquisition agreement (the " Option Agreement ") with Denison Mines Corp. (" Denison "), which grants Foremost an option to acquire up to 70% of Denison's interest in 10 uranium exploration properties, along with other ancillary agreements (collectively, the " Transaction "). Pursuant to the Transaction, Foremost will provide Denison with consideration, including cash, stock, andor future exploration spending commitments by Foremost. The Transaction is subject to regulatory approvals. In connection with the Transaction, Foremost intends to change its name to "Foremost Clean Energy Ltd." Full details of the terms of the Transaction and the name change are outlined below under " Key Terms of the Transaction and Name Change" .
" We are pleased to announce a transformative transaction with Denison, a clear leader in the uranium sector. Uranium prices have seen significant strength in recent years driven by the global demand for clean energy, which has been reinforced by supportive government policies and geopolitical events underscoring the need for reliable western uranium supply. The Athabasca Basin is recognized as one of the world's leading uranium jurisdictions, with numerous producing mines and high-profile development projects. This collaboration will advance significant near-term exploration and development efforts across numerous high-quality exploration projects to maximize the properties' potential for the benefit of both Foremost and Denison shareholders," stated Foremost's President and CEO, Jason Barnard. Further, Barnard added, "On behalf of the entire team, I'd like to warmly welcome David Cates to our Board. As Denison's current President and CEO, Mr. Cates will be an invaluable member adding his extensive experience and a proven track record in the Canadian uranium mining space. As a junior explorer, having the support of Mr. Cates and Denison will provide Foremost a competitive advantage. We are confident that Foremost is entering a new chapter of growth, and enhanced outcomes, for the benefit of both companies' shareholders. We look forward to working with Mr. Cates as we steer and support our Company's expansion towards its goal of being a new leading uranium explorer in the Athabasca Basin ."
David Cates, President and CEO, commented, " Denison is pleased to work with Foremost to enhance the potential for discovery on an excellent portfolio of uranium exploration properties that would otherwise receive little attention from Denison with our current focus on development and mining stage projects. We are impressed with Foremost's leadership team and technical capabilities and are excited to see high-potential exploration work being carried out on these properties in the coming years."
Transformational Transaction Covering High-Potential Uranium Properties
The project portfolio subject to the Option Agreement consists of 10 properties comprised of 45 claims covering an aggregate area of 332,378 acres (134,509 hectares) within the Athabasca Basin region of northern Saskatchewan (the " Exploration Properties "), which is known for its prolific history of large high-grade uranium discoveries and operating mines—currently producing ~20% of the world's primary uranium supply 1 . Many of the Exploration Properties are proximal to some of the world's highest-profile uranium operations, such as the McClean Lake mill and Cigar Lake mine, and consist of projects at different stages of exploration, from grassroots exploration to those with significant historical exploration and drill-ready exploration targets.
Generally, the most prospective exploration ground in the eastern portion of the Athabasca Basin is proximal to the Wollaston-Mudjatik Transition Zone (" WMTZ" ) and has already been staked by existing uranium producers, developers, and explorers. As illustrated in Figure 1 below, the Transaction offers Foremost a unique opportunity to acquire a sizeable portfolio of well-situated properties (including several situated along the WMTZ) to facilitate a pivot towards a future focus on uranium exploration in a top jurisdiction.
Figure 1. Detailed Map of Exploration Properties being Acquired by Foremost
Eastern Properties
Seven (7) of the Exploration Properties are situated within the Eastern portion of the Athabasca Basin region, in proximity to significant existing regional infrastructure, including: Murphy Lake South, Hatchet Lake, Turkey Lake, Torwalt Lake, Marten, Wolverine and Epp Lake (collectively, the " Eastern Properties "). Several of the Eastern Properties host previously identified uranium mineralization in geological settings similar to other known uranium discoveries. Historical drilling has focused primarily on unconformity targets, which provides Foremost further opportunity for continued exploration of potential basement style mineralization. Hatchet Lake is currently undergoing an active summer drilling and evaluation program, while several of the projects contain drill-ready targets from previously conducted exploration programs. The Eastern Properties are highlighted by the following projects:
- Murphy Lake South : conductive corridors that host significant high-grade uranium mineralization may extend onto the property; unconformity depth of ~350m
- Hatchet Lake : historical mineralization has been identified along the Richardson trend; uranium and base metal enrichment has also been encountered on the property with untested areas identified for follow up
- Torwalt Lake: Adjacent to the McClean Lake Operation and within 5km of multiple uranium deposits; potential to identify Key Lake or Collins Bay analogues
Blue Sky Properties
Three (3) of the Exploration Properties are located in the northwestern portion of the Athabasca Basin region (the " Blue Sky Properties "), representing an area of comparative under-exploration and high potential for new discovery, including Blackwing, GR and CLK, which encompass ~250,000 acres (101,634 hectares). These three projects are virtually unexplored. Holes drilled to date at CLK have intersected uranium mineralization, and regional geological surveys compiled by the Government of Saskatchewan indicate the potential for favourable geological settings for uranium mineralization at each property. The Blue Sky Properties are highlighted by the following:
- Blackwing and GR : both projects are situated on regional structures; Black Bay Fault and Grease River Shear – the Black Bay Fault hosts multiple Beaverlodge-style deposits in the Uranium City area
- CLK : only two historic drill holes are known to have been completed on the property, each of which intersected uranium mineralization, including CLG-D1 (up to 8,600 ppm U) and CLG-D5 (up to 510 ppm U)
Collaboration with Denison
Denison (TSX: DML) (NYSE American: DNN) is a leading Athabasca Basin-focused uranium mining, development, and exploration company. Denison's current focus is advancing the Wheeler River project, which represents the largest undeveloped uranium mining project in the infrastructure rich eastern portion of the Athabasca Basin. Denison has a significant team of technical experts based in its office in Saskatoon, Saskatchewan, and this best-in-class team is ideal for supporting Foremost with its technical, operating and corporate initiatives. Upon completion of Phase 1 of the Option Agreement, Denison will be the largest shareholder of Foremost, holding ~19.95% of the shares outstanding and will retain an ownership interest in the Exploration Properties. Additionally, David Cates, President and CEO of Denison, is expected to join Foremost's Board of Directors.
Foremost expects to act as project operator during the term of the Option Agreement and will conduct the exploration programs with its geological team led by Dahrouge Geological Consulting, under the guidance of Jody Dahrouge. Mr. Dahrouge has a long history of uranium exploration and discovery, which includes the generation of several projects on behalf of Strathmore Minerals Corp. and its successors, including the J Zone (now the Tthe Heldeth Túé deposit) on the Waterbury Lake property, the JR Zone on the Patterson Lake North property and the Triple R Zone at the Patterson Lake South property. As a past President and COO of Fission Energy Corp. (" Fission Energy "), Jody played a key role in the acquisition and exploration of Fission Energy's exploration property portfolio, which culminated with the eventual acquisition of Fission Energy by Denison in 2013.
Key Terms of the Transaction
Under the terms of the Option Agreement, Foremost may acquire up to 70% of Denison's interest in the Exploration Properties. Denison currently has 100% ownership in all of the properties except for Hatchet Lake, where Denison currently owns 70.15%, subject to a joint venture with Eros Resources Corp. In the case of Hatchet Lake, Foremost may earn up to a 51% interest in the joint venture, representing slightly over 70% of Denison's current ownership interest. The Option Agreement outlines three (3) phases, as summarized below:
Phase 1: | To earn an initial 20% interest in the Exploration Properties (14.03% for Hatchet Lake), on or before October 7, 2024 (the " Effective Date "), Foremost's obligations include:
|
Phase 2: | To earn an additional 31% interest in the Exploration Properties (21.75% for Hatchet Lake), on or before 36 months following the Effective Date, Foremost's obligations include:
|
Phase 3: | To earn an additional 19% interest in the Exploration Properties (15.22% for Hatchet Lake), on or before 36 months following the successful completion of Phase 2, Foremost's obligations include:
|
Upon the successful completion of the Option Agreement, the parties would enter into a formal joint venture agreement in respect of the Exploration Properties where the initial ownership interests of Foremost and Denison will be determined based on satisfaction of conditions pursuant to the Option Agreement.
Uranium Overview
The global clean energy transition has increased the need for alternative fuel sources with nuclear power prevailing as a crucial component to meet the demand for a green economy. " Market sentiments on uranium are positive including equity markets, and particularly look favourable for uranium developers " wrote Sehaj Anand, a research analyst for FactSet (What's Driving the Bull Run in Uranium, May 2024). The commodity price rose above US$100/lb U 3 O 8 last year, the highest since 2007, after a decade-long decline from US$143/lb U 3 O 8 to US$18/lb U 3 O 8 and is currently sitting at ~US$80/lb U 3 O 8 .
Uranium: Supply vs Demand
The supply side's future outlook is forecasted to underserve the demand side. Some of the factors contributing to an increase in the demand for uranium globally include: the desire to phase out dependence on fossil fuels, depressed uranium prices over the past decade and mine closures and/or disruptions. Trade sanctions on Russia are affecting enriched uranium supply to the West and civil unrest in Niger have sparked a global urgency to secure reliable sources of uranium.
Figure 2. Uranium Spot Prices History with Key Events
Source: Factset UxC CME
Most recently, uranium producers, developers, and physical uranium holding companies have continued to buy physical uranium, putting a further strain on the uranium supply. With the scarcity of nuclear fuel, there is a growing sense of urgency to secure sufficient uranium supply, adding additional pressure on the overall uranium market 2 .
Figure 3. Global Uranium Supply and Demand (million pounds U 3 O 8 - per UxC Q3'24)
Note: Data in this slide has been derived from UxC's Uranium Market Outlook dated Q3'2024, including supply & demand estimates and market balance figures. Source: Denison Investor Presentation – September 2024.
Market Outlook
Nuclear energy has the lowest carbon footprint for power generation compared to any other source and is the most reliable option for carbon-free baseload electricity generation 3 . At the 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC (more commonly known as COP 28), a total of 22 countries agreed to target tripling nuclear capacity by 2050 as countries focus on energy security and affordability. The biennial Nuclear Fuel Report said demand for uranium is expected to rise to 83,840 tonnes by 2030 and 130,000 tonnes by 2040, from 65,650 in 2023. 4
Name Change
With Foremost's business activities to be focused on exploration efforts to discover source fuel for clean energy solutions, including both uranium and lithium, the Board of Directors have unanimously agreed to change the Company's name to "Foremost Clean Energy Ltd." Foremost will continue trading under the same symbols, "FMST" as listed on the Nasdaq, and "FAT" as listed on the CSE, subject in each case to regulatory approval. The CUSIP number assigned to the Company's shares following the name change will be CUSIP (34546R100 ) and ISIN ( CA34546R1001 ).
The CSE will publish a bulletin announcing the effective date of the change in Foremost's name. The Company's common shares are anticipated to commence trading on both the CSE and Nasdaq under its new name and CUSIP number at market open on or about Sept 27 , 2024. No action is required to be taken by shareholders with respect to the name change. Outstanding share certificates are not affected by the name change and do not need to be exchanged.
To see full details of the Option Agreement, Investor Rights Agreement, and other related documents in connection with the Transaction, please refer to the Company's filings under its profile on Sedar+ at www.sedarplus.ca and on Edgar at www.sec.gov/edgar.shtm . The Company retained an arm's-length financial advisor in connection with the Transaction which will be entitled to a transaction fee equal to 4% of the anticipated transaction value, payable in common shares following the Effective Date. In addition, an arm's-length third party will be paid a finder's fee equal to 8% of the deemed value of the share consideration payable to Denison pursuant to the first phase of the Transaction, payable in common shares following the Effective Date. The Transaction, including the payment of the foregoing fees, and name change are subject to certain regulatory approvals, including those of the NASDAQ and the CSE. All Common Shares issued pursuant to the Transaction are subject to a hold period of four months and one day, in accordance with applicable Canadian Securities Laws.
About Denison
Denison is a uranium mining, exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023, the Phoenix FS was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study ('PFS') was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and have advanced significantly, with licensing in progress and a draft Environmental Impact Study ('EIS') submitted for regulatory and public review in October 2022.
Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture ('MLJV'), which includes unmined uranium deposits (planned for extraction via the MLJV's SABRE mining method starting in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Joint Venture ('MWJV')'s Midwest Main and Midwest A deposits, and a 69.44% interest in the Tthe Heldeth Túé ('THT') and Huskie deposits on the Waterbury Lake Property ('Waterbury'). The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region.
Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ('JCU'), Denison holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).
Denison has a market capitalization of approximately ~$2.1billion (~ US $ 1.6 billion)and its common shares are listed on the Toronto Stock Exchange (the 'TSX') under the symbol 'DML' and on the NYSE American exchange under the symbol 'DNN'.
Qualified Person
Technical information in this news release has been reviewed and approved by Jody Dahrouge, B.Sc., Sp.C., P. Geo who is a Qualified Person as identified by Canadian National Instrument 43-101-Standards of Disclosure for Mineral Projects and as defined by the Securities and Exchange Commission's Regulation S-K 1300 rules for resource deposit disclosure.
About Foremost
Foremost (NASDAQ: FMST) (CSE: FAT) (FSE: F0R0) (WKN: A3DCC8), assuming the effectiveness of the Transaction, will be an emerging North American uranium exploration company with interests in 10 prospective properties spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin. As global demand for decarbonization accelerates, the need for nuclear power is crucial. Foremost expects to be positioned to capitalize on the growing demand for uranium through discovery in a top jurisdiction with the objective to support the world's energy transition goals. Alongside its exploration partner Denison, Foremost will be committed to a strategic and disciplined exploration strategy to identify resources by testing drill–ready targets with identified mineralization along strike of recent major discoveries.
Foremost also maintains a secondary portfolio of significant lithium projects at different stages of development spanning over 50,000 acres across Manitoba and Quebec. For further information please visit the company's website at www.foremostcleanenergy.com .
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
info@foremostcleanenergy.com
Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
FMST@mzgroup.us
www.mzgroup.us
Follow us or contact us on social media:
Twitter: @[foremostcleanenergy]
Linkedin: https://www.linkedin.com/company/foremost-lithium-resource-technology
Facebook: https://www.facebook.com/ForemostLithium
Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute "forward-looking statements" as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect," "is expected," "anticipates" or "does not anticipate," "plans," "estimates" or "intends," or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such 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 expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, continuity of agreements with third parties and satisfaction of the conditions to the Transaction, risks and uncertainties associated with the environment, delays in obtaining governmental approvals, permits or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. and information. Please refer to the Company's most recent filings under its profile at on Sedar+ at www.sedarplus.ca and on Edgar at www.sec.gov/edgar.shtm for further information respecting the risks affecting the Company and its business.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
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1 https://investingnews.com/innspired/global-uranium-supply-athabasca-basin/
2 https://insight.factset.com/whats-driving-the-bull-run-in-uranium
3 https://www.energy.gov/ne/articles/nuclear-power-most-reliable-energy-source-and-its-not-even-close
4 https://www.nucnet.org/news/uranium-demand-expected-to-surge-by-28-by-2030-9-5-2023
Photos accompanying this announcement are available at
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