Uranium Week: Buyers’ Strike

The spot uranium price fell sharply last week as sellers became more agitated.

-Uranium spot price falls -US$7/lb
-Kazatomprom warns of lack of inventory
-Still no news on Russian uranium sanctions

Industry consultant TradeTech’s weekly uranium spot price indicator last week fell -US$7.00 to US$86.00/lb and is now down -19% from its US$107/lb peak earlier this year.The price remains at a 16-year high and is up 72% year on year, and 385% above the decade-low seen in 2016.The recent price fall is attributed to two main factors, TradeTech notes, and they are both related to the psychological impact of triple digits.When the spot price crossed the US$100/lb mark, utilities, who are not major spot market participants at the best of times, declined to buy at such prices. Speculative entities, now holding vast amounts of physical material, saw triple digits as a good place to take profits, having spent years […]

Analysis Why big business would rather send uranium offshore than build nuclear plants in Australia

Cast your mind back, not into the dim, dark recesses of your memory but just a little, to shortly after we emerged from the COVID-19 pandemic.

Two years ago, in February, when Vladimir Putin embarked on his ill-advised and misguided invasion of Ukraine – a conflict he claimed would be completed within a week – global trade links were jolted and energy supplies interrupted.

The resulting fuel shortages across Europe proved to be a volatile accelerant to a troublesome inflation outbreak which emerged just as the world economy was waking up from its enforced slumber.

Two years later, after one of the most blistering rounds of interest rate hikes in memory, we’re still dealing with the aftermath.Retail fuel and electricity prices remain elevated despite a collapse in global oil, coal and gas prices and continue to prop up stubbornly high inflation levels.If there was a silver lining in the events of the […]

Evening Wrap: ASX 200 flat as markets brace for massive data and rates calendar, base metals, lithium and uranium rally

A paltry 5.5 point bounce in the S&P/ASX 200 did little to reverse last week’s 177 point slump. But scratch the surface and there were some promising moves in base metals, lithium, and uranium stocks which respectively, enjoyed modest rallies in the prices of their underlying commodities.

Banking stocks also bounced back, but it will likely continue to be a case of "steady as she goes" ahead of one of the biggest weeks on 2024’s economic calendar. Interest rate decisions in Australia, Japan, and the US, as well as a slew of other important data, will likely dominate investor thinking…and risk appetite!

Let’s dive in! Markets

S&P ASX 200 (XJO) Intraday Chart 18 Mar 2024 ASX 200 Session ChartThe S&P/ASX 200 ( XJO ) finished 5.5 points higher at 7,675.8, 0.44% from its session low and just 0.05% from its high – a welcome close near the high of the […]

This ASX uranium stock is racing 8% higher on big news

A smiling businessman in the city looks at his phone and punches the air in celebration of good news. Bannerman Energy Ltd ( ASX: BMN ) shares are starting the week in a positive fashion.

In morning trade, the ASX uranium stock is up 8% to $3.24. Why is this ASX uranium stock racing higher?

Investors have been scrambling to buy the company’s shares this morning after it released the results of a scoping study .

Bannerman’s study was evaluating future higher throughput and operating life cases for its flagship Etango Uranium Project in Namibia.Management notes that two future phase options have been evaluated. These are a post ramp-up expansion in throughput capacity to 16 Mtpa (known as Etango-XP) or an extension of operating life to 27 years (known as Etango-XT).Outside this, the company remains committed to advancing Front End Engineering and Design (FEED), offtake marketing, and strategic financing workstreams on […]

Conventional Uranium Mining In Upswing As Demand Surges

In response to escalating global demand for nuclear fuel, previously dormant uranium mines across the United States and allied nations are springing back to life. At least five American producers are reigniting operations in states such as Wyoming, Texas, Arizona, and Utah, regions once bustling with uranium production until the aftermath of the 2011 Fukushima nuclear disaster prompted governments to reassess their stance on nuclear energy.

Following Fukushima, a sharp downturn in uranium prices led to the closure of numerous American mines, compounded by initiatives in countries like Germany and Japan to phase out nuclear power. However, with governments increasingly turning to nuclear energy to combat climate change and major uranium producers grappling to meet demand, prices for the vital metal are soaring, providing a new lease on life for once-unprofitable mines and bridging supply gaps. Uranium, a cornerstone of energy production for over six decades, fuels nuclear power plants […]

Western Australia poised for uranium mining revival as political support grows

Uranium mining Western Australia Libby Mettam politics Just days after Federal Liberal party leader Peter Dutton came out in hard-hitting support of nuclear power , his Western Australian counterpart has backed a return to uranium mining in her state.

Opposition leader Libby Mettam has confirmed that uranium miners would be able to proceed through the same environmental approvals as other minerals if she is elected as leader of the WA government in 2025.

With uranium mining prohibited by the WA government since 2017, the news has buoyed the hopes of a number of companies that have uranium contained in their exploration permits.

The potential mining of the energy metal is particularly attractive at the moment, with uranium prices rocketing this year on growing nuclear power usage around the globe.Currently sitting at around A$131 per pound, analysts are predicting spot price targets of around A$160 per pound by year-end and A$175 in 2025. […]

ALX Resources Announces Commencement of 2024 Winter Drilling Program at Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

Vancouver, British Columbia–(Newsfile Corp. – March 14, 2024) – ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that a diamond drilling program has commenced at its 100%-owned Gibbons Creek Uranium Project (" Gibbons Creek ", or the " Project ") located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan. Drilling in up to six (6) holes totaling approximately 1,200 metres is planned and is anticipated to continue until the end of March 2024.

The 2024 winter drilling program at Gibbons Creek (see Figure 1) is designed to test for unconformity-type and basement-hosted uranium mineralization in the eastern area of the Project. Weather conditions are satisfactory for the mobilization of equipment and personnel and the work is proceeding as scheduled. Proximity to the community and infrastructure of Stony Rapids adds greatly to the efficiency of the exploration program. […]

WA Liberals promise to lift uranium ban, but remain wary of nuclear

A West Australian Liberal government would overturn a ban on uranium to create thousands of new jobs and diversify the local economy, but party leader Libby Mettam has insisted the state is not ready for nuclear power.

Ms Mettam said overturning the ban, which was implemented in 2017 by the McGowan Labor government, would allow the state to capitalise on surging uranium prices and help WA become a hub for nuclear technology. WA Liberal leader Libby Mettam: Overturning a uranium mining ban would not “throw the doors wide open” to nuclear power generation.. Trevor Collens “Government needs to be behind and support industry, not leading the charge with ideologues opposed to mining. We must stop our approvals processes from being hijacked by activists,” she said.

“Embracing uranium mining in WA is a strategic move that not only addresses our economic needs but also positions us as pioneers in the global transition […]

Ur-Energy To Develop Wyoming Uranium Mine As Prices Soar, Sales Contracts Grow

Zinger Key Points Production of up to 1 million pounds a year of uranium ore concentrate could start in two years.

Amid uranium price rally, miners have been scrambling to increase production capacity.

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Colorado-based uranium miner Ur-Energy Inc. URG said Wednesday it will build out its Shirley Basin mine in Wyoming, making it the latest company to move projects forward as the price of the nuclear fuel soars.The development will nearly double the company’s permitted mine production capacity to 2.2 million pounds. The project is wholly owned by the company and fully permitted and licensed in Carbon County, Wyoming."This decision was based on our growing uranium sales contract book, a strong uranium market price and an expectation of growing demand for uranium as nations increasingly move toward clean nuclear power," the company said.At Shirley Basin, Ur-Energy plans to build a plant capable of producing up to 1 million pounds […]

The future of uranium mining in Australia

The Olympic Dam mine in South Australia. Credit: Fairfax Media via Getty Images. Australia, known for its vast landscapes and rich mineral resources, stands at the forefront of global uranium production. As the world’s fourth-largest producer of uranium behind Kazakhstan, Canada and Namibia, Australia plays a pivotal role in fuelling the world’s nuclear power plants. However, recent developments and emerging trends hint at changes for the future of uranium mining in the country.

Australia’s uranium mining industry has deep roots dating back to the 1950s, when significant quantities of uranium were exported to the UK and US for nuclear weapons development. The country’s abundant uranium deposits, concentrated mainly in South Australia, Western Australia and the Northern Territory, have attracted significant investment and interest from both domestic and international stakeholders.

Despite fluctuations in market demand over the years, Australia has maintained a steady position as a reliable uranium supplier to global markets. […]

Uranium Firms Revive Forgotten Mines as Price of Nuclear Fuel Soars

Premium Uranium Firms Revive Forgotten Mines as Price of Nuclear Fuel Soars (Bloomberg) — Across the US and allied countries, owners of left-for-dead uranium mines are restarting operations to capitalize on rising demand for the nuclear fuel.

At least five US producers are reviving mines in states including Wyoming, Texas, Arizona and Utah, where production flourished until governments soured on the radioactive element following the 2011 Fukushima nuclear disaster in Japan.

Most of those American mines were idled in the aftermath of Fukushima, when uranium prices crashed and countries like Germany and Japan initiated plans to phase out nuclear reactors.

Now, with governments turning to nuclear power to meet emissions targets and top uranium producers struggling to satisfy demand, prices of the silvery-white metal are surging. And that’s giving those once-unprofitable uranium operations a chance to fill a supply gap.Uranium has been used as an energy source for more than six decades, […]

Skyharbour’s Partner Company North Shore Uranium Commences Drill Program at Falcon Uranium Property

Vancouver, BC, March 08, 2024 (GLOBE NEWSWIRE) — Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (“Skyharbour” or the “Company”), is pleased to announce that its partner company, North Shore Uranium (“North Shore”), has commenced its drill program at the Falcon Property (“Falcon” or the “Property”) located at the eastern margin of the Athabasca Basin in northern Saskatchewan. North Shore is planning to drill three targets associated with electromagnetic (“EM”) conductors. Information pertaining to the drill program and a summary of the Property were provided by the Company on February 28, 2024 and December 19, 2023.

Location Map of Falcon Project:

The drill program is being managed by TerraLogic Exploration Inc. The final three targets selected for drilling, which lie along a strong, dominantly northeast-trending EM conductor system, are shown in the image below. For each target, a subsurface geophysical model of the EM conductor […]

Morning Wrap: ASX 200 to open at record highs, Wall Street rallies + Uranium, gold stocks higher

S&P 500, Nasdaq and gold all hit fresh record highs overnight, bond yields and the US dollar continued to ease following Powell’s second day of speaking at Capitol Hill, Novo Nordisk surpasses Tesla in market cap, the European Central Bank kept rates on hold but markets increasingly expect a June rate cut.

Let’s dive in. S&P 500 SESSION CHART

S&P 500 intraday S&P 500 gaps up and finishes near best levels (Source: TradingView) ASX TODAY

ASX 200 set to open at another fresh all-time high Coast Entertainment 48.5m block trade crosses at 45.5 cents (3.2% discount to last close) representing 10.1% of the company Genesis Minerals reports first-half net profit of $17.7m, says its making rapid progress towards goal of producing 300,000 ounces per annum ( Announcement ) Ramelius in exclusive due diligence to buy Karora ( AFR ) Pacific Current sells 4.0% GQG […]

Sibanye-Stillwater is weighing up offers for SA uranium

SIBANYE -Stillwater was considering offers for its uranium assets which could see it swap resources for a stake in a pure-play miner of the fuel.

“We have had interest out of Canada, Australia – your key uranium jurisdictions,” said Sibanye-Stillwater CEO Neal Froneman who said his company was also weighing potential partnerships with mining companies on a “vanilla” joint venture basis.

“We have had lots of interest and we are very open-minded as to who we could work with. We have got to do it on the best commercial terms,” he said.

Sibanye-Stillwater has about 32 million pounds of uranium contained in tailings at its mothballed Cooke operations west of Johannesburg and about as much underground at the Beatrix mine in the Free State.“These are some of the best pre-developed uranium assets in the world. The Cooke dumps, it is just uranium sitting on surface. It doesn’t really have to be mined,” […]

U.S. Mines Race to Restart As Uranium Prices Skyrocket

Decline in uranium prices and fallout from the Fukushima disaster led to the shutdown of American uranium mines, but a recent surge in prices is prompting their restart.

Major industry players convene at mining conferences, emphasizing the increasing importance of uranium in the context of climate change and rising nuclear power demand.

With projections of a significant rise in uranium demand, the reopening of U.S. mines signifies a comeback for an industry that nearly vanished, driven by geopolitical tensions and the need for supply security.

It’s been a long time coming, but the bulls are finally back in uranium. And with them comes the restart of multiple uranium projects that have been taken offline in the years while the commodity slouched in price.We have long stated here on Zero Hedge that nuclear power is an obvious win/win: it’s clean, it’s safe, it provides robust power and, most importantly to […]

7 Nuclear and Uranium Stocks to Power Up Your Portfolio

Thanks to supply-demand issues, uranium prices are at 16-year highs . And they’re not likely to come down any time soon, creating an opportunity for beaten-down uranium stocks.

To start, one of the world’s biggest producers of uranium, Kazatomprom just said, “It will produce only 80% of its permitted maximum uranium output allowed under Kazakh subsoil usage contracts, instead of the previously announced 90% level,” as noted by S&PGlobal.com .

“The company had warned in a Jan. 12 statement about the potential to not meet the previously indicated 90% level due to the sulfuric acid issue and delays in completing construction works at newly developed [uranium] deposits.”

On top of that, demand is strongly rebounding. Especially with 22 countries – including the U.S., Canada, the UK, and France – pledging to triple their nuclear capacity by 2050 . Fueling further upside, uranium miners are struggling to get uranium out of the ground […]

� US Uranium mines spring back to life amid global demand surge and geopolitical tensions

In response to surging global demand for uranium, previously abandoned mines across the US are resuming operations. Five American producers are revitalizing sites in Wyoming, Texas, Arizona, and Utah, where production halted post-Fukushima. The nuclear energy revival comes as countries focus on emissions targets, causing uranium prices to soar. Despite top producers facing setbacks, the industry anticipates an upswing, with small mines reopening. As the world grapples with geopolitical uncertainties, the US industry aims to secure its supply and address the pressing need for new, major mines to meet escalating demand.

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By Jacob Lorinc and Maria Clara Cobo

Across the US and allied countries, owners of left-for-dead uranium mines are restarting operations […]

Cosa Resources Announces Commencement of Diamond Drilling at 100% Owned Ursa Uranium Project in Athabasca Basin, Saskatchewan

Vancouver, British Columbia–(Newsfile Corp. – March 4, 2024) – Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) (" Cosa " or the " Company ") is pleased to announce that following completion of ground-based geophysical surveying, the Company has commenced diamond drilling at its 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan (" Ursa " or the " Property ").

Highlights Up to 3,000 metres of drilling planned to evaluate the highly prospective Kodiak target area

Interpretation of historical boulder geochemistry survey results identified large illite, uranium, and boron anomalies down-ice of the Kodiak target area

Mobilization of additional fuel and supplies to facilitate larger spring and summer drill program is underway Keith Bodnarchuk, President and CEO, commented: "After months of assembling an industry-leading exploration team and a portfolio of prospective and underexplored uranium projects, we are thrilled to announce Cosa’s inaugural drill […]

Left-for-dead uranium mines are being revived as prices soar, countries eye nuclear power to address climate change

The Mochovce nuclear power plant in Mochovce, Slovakia last November. Across the US and allied countries, owners of left-for-dead uranium mines are restarting operations to capitalize on rising demand for the nuclear fuel.

At least five US producers are reviving mines in states including Wyoming, Texas, Arizona and Utah, where production flourished until governments soured on the radioactive element following the 2011 Fukushima nuclear disaster in Japan.

Most of those American mines were idled in the aftermath of Fukushima, when uranium prices crashed and countries like Germany and Japan initiated plans to phase out nuclear reactors.

Now, With governments turning to nuclear power to meet emissions targets and top uranium producers struggling to satisfy demand, prices of the silvery-white metal are surging. And that’s giving those once-unprofitable uranium operations a chance to fill a supply gap.Uranium has been used as an energy source for more than six decades, fueling nuclear power plants […]

Uranium firms revive forgotten mines as price of nuclear fuel soars

Production has not kept pace due to years of underinvestment, says Texas-based UEC Production has not kept pace due to years of underinvestment, says Texas-based UEC By: Bloomberg

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Across the US and allied countries, owners of left-for-dead uranium mines are restarting operations to capitalize on rising demand for the nuclear fuel.

At least five US producers are reviving mines in states including Wyoming, Texas, Arizona and Utah, where production flourished until governments soured on the radioactive element following the 2011 Fukushima nuclear disaster in Japan.Most of those American mines were idled in the aftermath of Fukushima, when uranium prices crashed and countries like Germany and Japan initiated plans to phase out nuclear reactors.Now, With governments turning to nuclear power to meet emissions targets and top uranium producers struggling to satisfy demand, prices of the silvery-white metal are surging. And that’s giving those once-unprofitable uranium operations a […]

ATHA Energy Announces Approval to List on TSXV and Receipt of Final Order for Arrangement With Latitude Uranium

ATHA Energy Announces Approval to List on TSXV and Receipt of Final Order for Arrangement With Latitude Uranium GlobeNewswire March 01, 2024

VANCOUVER, British Columbia, March 01, 2024 (GLOBE NEWSWIRE) — ATHA Energy Corp. ( CSE: SASK ) ( FRA: X5U ) ( OTCQB: SASKF ) (“ ATHA ” or the “ Company ”) is pleased to announce that it received final approval to list ATHA’s common shares on the TSX Venture Exchange (“ TSXV ”) with trading to commence at market opening on March 4, 2024, and will continue to use its current trading symbol. The CUSIP and ISIN numbers have not changed.

ATHA’s common shares have been listed on the Canadian Securities Exchange (the “ CSE ”) since April 11, 2023, under the trading symbol “SASK”. ATHA has applied to voluntarily delist its common shares (the “ Delisting ”) from the CSE, prior to completion of the listing […]

Uranium price highs boost Toro plans for Wiluna play

Toro Energy’s uranium process solutions will be separated, filtered and dried to produce uranium oxide concentrate, often referred to as ‘yellowcake’. With uranium prices soaring globally, Toro Energy has reconfirmed its commitment to constructing its Lake Maitland pilot plant to test ores from three uranium-vanadium deposits within a radius of 110km south-west of Wiluna in Western Australia.

The company, which has declared the project an “asset of global significance”, says its recently-commissioned pilot plant will test improved beneficiation and hydrometallurgical circuits that it has developed from its bench-scale research, at closer-to-production scale and as single streams.

Management says ore drawn from its deposits near Wiluna – namely at Lake Way, Centipede-Millipede and the most distant Lake Maitland – will make up what will ultimately become the company’s extended Lake Maitland operation. Its strategy confirmation comes at a time of resurgent uranium prices that have hit 18-year highs. As Toro continues to […]

North Shore Uranium Provides Falcon Property Drill Program Update

VANCOUVER, BC / ACCESSWIRE / February 28, 2024 / North Shore Uranium Ltd. (TSXV:NSU) (" North Shore " or the " Company ") is pleased to provide an update on the upcoming drill program at its 55,699 hectare Falcon Property (" Falcon " or the " Property ") located at the eastern margin of the Athabasca Basin in northern Saskatchewan. The Company has further refined its targeting criteria and the drill program is set to commence in mid-March.

As reported by the Company on December 19, 2023, Falcon is a highly prospective uranium exploration property with a limited exploration history in a part of the Athabasca Basin region that is seeing increased exploration activity and recent discoveries.Reinterpretation of electromagnetic (" EM ") data complemented by geophysical data acquired in 2022 has allowed the Company to identify high priority uranium targets in areas where there has been no previous drilling.

North Shore […]

Standard Uranium Begins Drilling at Atlantic Project, Eastern Athabasca Basin

VANCOUVER, British Columbia, Feb. 27, 2024 (GLOBE NEWSWIRE) — Standard Uranium Ltd. (“ Standard Uranium ” or the “ Company ”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce that drilling activities have commenced at the Company’s 3,061-hectare Atlantic Project (“ Atlantic ” or “the Project ”). Atlantic is situated in the prolific eastern Athabasca Basin, northern Saskatchewan (Figure 1).

The Project is currently under option (the “ Option ”) to ATCO Mining Inc. (the “ Optionee ”) an arms-length company listed on the Canadian Securities Exchange (CSE: ATCM). Pursuant to the Option, the Optionee can earn a 75% interest in Atlantic over three years. The Optionee-funded winter 2024 drill program is planned to satisfy the first year of minimum exploration expenditures required by the Option.

Highlights: Standard Uranium’s geological team arrived at site on February 26 th and drilling has started on the first hole of the […]

Uranium Week: No Sanctions On Russian Imports

This story features PALADIN ENERGY LIMITED. For more info SHARE ANALYSIS: PDN

While 500 more sanctions have now been placed on Russia, uranium imports are not included.

-No sanctions of Russian uranium exports
-Congress yet to make a decision
-Spot price suffers from lack of buyers -Paladin Energy reverses an impairment Following the death of Aleksey Navalny, the US government has levied additional sanctions on over 500 Russian individuals and businesses.This latest round of sanctions targets Russia’s financial system, its military supply complex, and other “entities and individuals, including those engaged in sanctions evasion and circumvention, and those bolstering Russia’s future energy and metals and mining production”, uranium industry consultant TradeTech reports.The sanctions, however, stop short of targeting Russia’s nuclear fuel or reactor technology exports. While Rosatom is named in the revised sanctions protocol, and this represents the sixth time the state-owned nuclear technology company has faced sanctions, the […]