Wednesday 23rd September 2020

Resource Clips

Athabasca Basin and beyond

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Ur-Energy announces future supply agreement

With a Wyoming mine set to open this year, Ur-Energy TSX:URE has secured a sales agreement to begin in 2017. The company will supply an unnamed American utility with 200,000 to 300,000 pounds of uranium concentrate annually, according to a July 3 announcement. The length of the agreement wasn’t provided. Nor was the price, except that it’s “consistent with the current published long-term U3O8 price indicators.”

Ur-Energy CEO Wayne Heili added, “The value of holding supply agreements with fixed pricing structures has been clearly recognized during this ongoing period of softness in the uranium spot market.”

On June 24 the company announced it had closed a US$20-million loan, most of which will be used to continue construction of its Lost Creek in-situ recovery mine.

Cameco announces union contract, Q2 conference call

Cameco Corp TSX:CCO announced July 5 that employees at its conversion facility in Port Hope, Ontario, accepted new collective agreements granting a 6% raise over three years.

How many of [Japan’s] reactors get up and running by the end of the year is probably one of the biggest questions. Once they start coming back online, I think that’s going to give a psychological push to the entire sector.—David Talbot, vice-president and senior analyst for uranium and iron ore with Dundee Capital Markets

Port Hope is the only plant in Canada that converts U3O8 concentrate into uranium hexafluoride (UF6), the gas used to create enriched uranium. It’s also Canada’s only commercial supplier of natural uranium dioxide (UO2) conversion services to produce fuel for Candu nuclear reactors.

On July 2 Cameco announced it will release Q2 results on August 1, followed by a 1:00 p.m. ET conference call.

Paladin says Namibian mine undisturbed by protests

Paladin Energy TSX:PDN said production continues at its Langer Heinrich mine in Namibia, despite protests by about 300 workers. African media stated workers expressed concern over pay, performance bonuses and possible radiation hazards to pregnant women. A company spokesperson declined to respond to media inquiries, the West Australian reported on July 5.

On June 26 the company reported a delay in its plan to sell a minority interest in the mine, which produced 1.23 million pounds U3O8 for the quarter ending March 31.

Strathmore sells royalty for $3 million

Strathmore Minerals TSX:STM announced July 2 the sale of its Pine Tree-Reno Creek 5% gross revenue production royalty to a privately held company for US$3 million. Energy Fuels TSX:EFR had originally agreed to buy the royalty to provide Strathmore with interim funding prior to Energy Fuels’ planned acquisition of the company, expected to close in August or September.

Uranium Participation reports $594-million NAV, $20-million quarterly loss

Uranium Participation Corp’s TSX:U June 30 estimated net asset value came to $594 million or $5.59 a share, the company reported on July 4. That compares with $595.9 million or $5.60 a share on May 31.

On July 3 the company reported a $20-million net loss for the three months ending May 31, resulting from declining U3O8 and UF6 prices offset by an increase in foreign exchange rates. Managed by a subsidiary of Denison Mines TSX:DML, Uranium Participation provides an “alternative for investors interested in holding uranium.”

Pele Mountain raises $95,500

A second tranche from Pele Mountain Resources TSXV:GEM brought in $95,500, the company reported on July 4. The money came from 507,143 flow-through units at $0.07 and 1.2 million units at $0.05. Each flow-through unit consists of one share and one-half warrant, with each whole flow-through warrant exercisable for a share at $0.15 for one year. Each unit consists of one share and one warrant, with each warrant exercisable for a share at $0.10 for 18 months.

The first tranche, announced June 24, pulled in $485,407. Also last month, the company updated the uranium-rare earths resource for its Eco Ridge project in Ontario.

Lakeland hires IR firm, grants options

Lakeland Resources TSXV:LK announced July 3 it has engaged Network IR for marketing and investor communication services. Lakeland also reported granting directors, employees and consultants options for a total of 650,000 shares exercisable at $0.10 each until July 2, 2018. The company holds nine Athabasca Basin properties totalling over 100,000 hectares. Airborne geophysics are planned for July, to be followed by fieldwork, ground geophysics and drilling.

Nuinsco, Ditem report AGM results

Nuinsco Resources TSX:NWI and Ditem Explorations TSXV:DIT each announced annual and special meeting results on July 2 and 3 respectively, including election of directors and adoption of an advance notice bylaw. Nuinsco projects include the Diabase Peninsula uranium property on the Athabasca Basin’s south-central edge. Ditem focuses on gold projects but also holds uranium prospects in the Athabasca Basin and Quebec’s Otish Basin.

Star announces appointment

Star Uranium TSXV:SUV appointed Jim Engdahl president/CEO, the company announced July 2. Star’s properties include Stony Rapids and Wollaston Lake-Collins Bay, both in the Athabasca Basin.

Crosshair lists on OTCQB

Crosshair Energy TSX:CXX began trading on the OTCQB under the symbol CRHRF on July 1 after delisting from the NYSE. The company has uranium projects in Wyoming and Labrador.

See previous uranium news updates:

Read about uranium supply, demand and prices.

Disclaimer: Skyharbour Resources is a client of OnPage Media Corp, the publisher of Neither OnPage Media nor its owner hold a stock position or options in Skyharbour Resources.

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