The world’s renewed interest in uranium is turning it into the hottest commodity of the year, akin to gold. Uranium prices have jumped to $70 per pound, marking a 42% increase since the beginning of 2023 and the highest level since the pre-Fukushima disaster peak of $73 in 2011. Analysts suggest that prices could climb as high as $80 by the end of the year, a significant contrast to gold’s modest 5% increase in 2023. Experts are sounding the alarm about a potential uranium supply shortage that could further drive up costs in the years ahead. As demand for nuclear power continues to rise and concerns about supply persist, uranium explorers and miners like ATHA Energy Corp (CSE:SASK) (OTCQB:SASKF) (FRA:X5U), Cameco (TSX:CCO) (NYSE:CCJ), IsoEnergy (TSXV:ISO) (OTCQX:ISENF), Consolidated Uranium (TSXV:CUR) (OTCQX:CURUF), NexGen Energy (TSX:NXE) (NYSE:NXE), and Uranium Energy Corp (NYSE-A:UEC) are experiencing renewed interest from various stakeholders.
ATHA Energy Corp (CSE:SASK) (OTCQB:SASKF) (FRA:X5U) is a Canadian-based uranium exploration company. ATHA is focused on exploration and development of uranium properties in Saskatchewan’s Athabasca Basin, which is renowned for hosting the world’s highest-grade uranium mines and deposits. ATHA has acquired the largest land package in the Athabasca Basin with 3.4 million acres of mineral claims covering all prospective regions, areas which have gone vastly underexplored with modern exploration methods. Additionally, ATHA holds a 10% carried interest portfolio comprising claims managed by NexGen Energy Ltd. and IsoEnergy.
On September 27, ATHA Energy shared the results of its extensive electromagnetic (EM) surveys at its wholly-owned North Terra Project and North Pinnacle Project, both situated within Saskatchewan’s Athabasca Basin.
The two completed surveys are part of the 2023 exploration program, which is organized into four distinct exploration districts: North Rim District, East Rim District, West Rim District, and Cable Bay District. These districts cover several active, past-producing, and developing uranium mining areas within the Athabasca Basin. The program will include 17 EM surveys being conducted across the Athabasca Basin on the company’s 3.4-million-acre exploration portfolio.
In August of this year, ATHA embarked on a historic multi-platform EM survey across the Athabasca Basin, aimed at reducing risk and evaluating the potential of ATHA‘s vast land package.
ATHA successfully deployed Axiom’s XciteTM Heli TDEM survey at the North Pinnacle and North Terra Projects, covering a combined 7,166-line kilometers in two blocks. Numerous conductors featuring cross-cutting structures were identified in both projects, suggesting the potential for uranium mineralization traps. In total, 20 kilometers of high-priority conductive lineaments have been pinpointed within these projects.
These findings mark significant progress in ATHA‘s exploration efforts and reinforce the potential for valuable uranium discoveries within its extensive portfolio.
“These results are the beginning of what we anticipate to be a very active exploration period for ATHA as we kick off the initial stages of a systematic discovery process across our expansive exploration portfolio,” said ATHA CEO Troy Boisjoli. “The formation and strategic purpose of ATHA was to be a specific response to the fundamental strength of the uranium cycle we are currently experiencing, and our contention is that in order to provide the greatest probability of exploration success, we need to begin with a targeted exploration program in the highest-grade uranium basin in the world and at significant scale.”
Uranium Miners Enter Into Agreements to Progress Exploration Projects
Cameco (TSX:CCO) (NYSE:CCJ) recently issued a market update concerning challenges encountered at the Cigar Lake mine and Key Lake mill, which are expected to have an impact on the company’s production forecast for 2023. At the Cigar Lake mine, Cameco now projects production of up to 16.3 million pounds of uranium concentrate (U3O8) (100% basis) for this year. This represents a reduction from its previous forecast of 18 million pounds U3O8 (100% basis). Additionally, production from the McArthur River/Key Lake operations for 2023 is anticipated to be 14 million pounds U3O8 (100% basis), down from Cameco’s earlier projection of 15 million pounds U3O8 (100% basis).
NexGen Energy (TSX:NXE) (NYSE:NXE) announced on September 22 the successful completion of its previously disclosed non-brokered private placement, which involved the issuance of US$110 million aggregate principal amount of unsecured convertible debentures (Debentures). These debentures were acquired by Queen’s Road Capital Investment Ltd. (QRC) and Washington H Soul Pattinson and Company Limited (WHSP). NexGen is currently holding cash reserves totaling C$330 million. The debentures come with a 9.0% coupon and have a maturity date set for September 22, 2028. Holders have the option to convert the Debentures into common shares of NexGen, at a specified conversion price, which is US$6.76 per common share.
On September 27, IsoEnergy (TSXV:ISO) (OTCQX:ISENF) announced a merger with Consolidated Uranium (TSXV:CUR) (OTCQX:CURUF) to create a leading diversified uranium company focused on growth in Canada, the United States and Australia, the world’s premier uranium jurisdictions. The merger will provide existing IsoEnergy shareholders and potential investors with an amplified opportunity to benefit from the extensive potential of the combined asset portfolio. By merging the strengths of both companies, there’s a harmonious blend of technical, capital markets, and uranium industry expertise, positioning the joint entity to emerge as the go-to uranium company, ultimately enhancing shareholder value.
Uranium Energy Corp (NYSE-A:UEC) announced in August the successful completion of a purchase agreement with Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto Inc.. This agreement enables the acquisition of a portfolio of exploration-stage projects located in the Athabasca Basin, Saskatchewan, Canada, for $1,500,000 CAD. As part of this transaction, Uranium Energy has gained a 60% equity stake in the Henday Lake joint venture, complete ownership of the Milliken project, and a 50% equity stake in the Carswell joint venture project.
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding ATHA Energy Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect toATHA Energy Corp.’s industry; (b) market opportunity; (c) ATHA Energy Corp.’s business plans and strategies; (d) services that ATHA Energy Corp. intends to offer; (e) BroadbandTV Corp.’s milestone projections and targets; (f) ATHA Energy Corp.’s expectations regarding receipt of approval for regulatory applications; (g) ATHA Energy Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) ATHA Energy Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute ATHA Energy Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) ATHA Energy Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) ATHA Energy Corp.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of ATHA Energy Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) ATHA Energy Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact ATHA Energy Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing ATHA Energy Corp.’s business operations (e) ATHA Energy Corp. may be unable to implement its growth strategy; and (f) increased competition.
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