Sunday 4th December 2016

Resource Clips


Athabasca Basin and beyond

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Paladin posts fiscal 2013 loss, CEO predicts strong price increase

Uranium news from Saskatchewan and elsewhere for August 24 to 30, 2013

Paladin Energy expects to complete a fiscal 2014 sale
of a minority interest in its Langer Heinrich mine.

Paladin Energy TSX:PDN managing director/CEO John Borshoff largely blamed uranium’s “diabolical” price for his company’s fiscal 2013 after-tax loss of US$420.9 million and a total impairment of $335.9 million, despite a 12% revenue increase to $408.4 million from its two mines in Namibia and Malawi. Speaking from Western Australia on August 30 (August 29 in the Western Hemisphere), he addressed the problematic price at length, arguing that it will rise more sharply and suddenly than many people think.

Read ‘Price hikes will be severe.’

Makena options 50% of CanAlaska’s PLS-area claims

Makena Resources TSXV:MKN, formerly Canasia Industries, announced on August 29 an option to pick up a 50% interest in 6,687 hectares in the PLS area from CanAlaska Uranium TSX:CVV. One block borders the northwest of the Alpha/Fission property while two others sit farther northeast.

The deal would have Makena pay CanAlaska $100,000 and issue 2.5 million shares by June 2015, and issue one million warrants within three days of regulatory approval. Work commitments come to $75,000 by year-end and additional expenditures of $225,000 by September 30, 2014, $400,000 by September 30, 2015, and $700,000 by September 30, 2016.

CanAlaska acquired the claims in January. On July 8 the company announced it had been given 120 days to regain TSX listing requirements. CanAlaska holds several other properties in the Basin and elsewhere.

Makena’s other projects include the Clone gold prospect in northwestern B.C., the Murdochville East aluminous clay-rare earth prospect in Quebec and the Reed Lake prospect bordering HudBay Minerals’ TSX:HBM and VMS Ventures’ TSXV:VMS Reed copper JV in northern Manitoba.

DNI Metals updates polymetallic resource estimate

DNI Metals TSXV:DNI announced an updated resource estimate on August 27 for the Buckton zone of its black shale project in northeastern Alberta. The polymetallic resource includes molybdenum, nickel, uranium, vanadium, zinc, copper, cobalt, lithium, scandium, thorium and rare earth elements.

Ur-Energy borrows $15 million in addition to previous $20 million

On August 28 Ur-Energy TSX:URE announced it closed a US$15-million loan in addition to $20 million announced in June. Both loans come from RMB Australia Holdings Ltd. Ur-Energy continues with its application for a $34-million loan from Wyoming’s Industrial Development Bond program. The company’s Lost Creek in-situ recovery mine in Wyoming began production on August 2.

Uranerz offers $10-million private placement

Uranerz Energy TSX:URZ announced a bought deal of 8.55 million units at US$1.17 for gross proceeds of about $10 million. Each unit consists of one share and one-half warrant, with each whole warrant exercisable at $1.60 for 30 months. Proceeds will go to construction of the company’s Nichols Ranch mine in Wyoming and general corporate purposes. Nichols Ranch is scheduled to begin ISR production late this year or early next.

NexGen closes $5-million private placement

What began as a $1.78-million private placement offered in late July was increased three times to a $5-million close announced August 30 by NexGen Energy TSXV:NXE. The company is currently drilling its PLS-adjacent Rook 1 project while awaiting assays from the Radio project two kilometres from Rio Tinto’s Roughrider deposits.

AREVA announces 500-million-euro bond issue

On August 29 French nuclear energy giant AREVA announced a bond issue of 500 million euros with a seven-year maturity period completing “the previous bond issues carried out since 2009, for a total amount of 4.65 billion euros,” the company stated. Its subsidiary AREVA Resources Canada holds interests in several Saskatchewan uranium JVs.

In brief…

Forum Uranium TSXV:FDC announced August 27 it increased a previously announced private placement by $250,000 to $2.5 million. A week earlier the company announced it had begun field work on its 9,910-hectare Clearwater project adjacent to PLS.

Athabasca Nuclear TSXV:ASC announced August 27 the four-company Western Athabasca Syndicate received conditional TSXV approval for its strategic alliance. The other three companies are Skyharbour Resources TSXV:SYH, Noka Resources TSXV:NX and Lucky Strike Resources TSXV:LKY.

On August 30 Skyharbour announced that it closed a $75,000 private placement and that William Trimble now holds 10.41% of the company’s outstanding shares.

Joint August 27 news releases from Energy Fuels TSX:EFR and Strathmore Minerals TSX:STM stated they received approval from the B.C. Supreme Court and the U.S. Committee on Foreign Investment for Strathmore’s acquisition by Energy Fuels. The companies said they expected to close the transaction on August 30, two days later than previously anticipated. Read more about the acquisition here and here.

On August 26 Uranium One TSX:UUU stated it closed a ruble-denominated Series 2 bond issue worth US$378.8 million and completed a public offering to repurchase $357.6 million of the company’s outstanding $433.3-million five-year Series 1 bonds. The company added it still anticipates going private by the end of Q3 through a takeover by ARMZ, the mining subsidiary of Russia’s state-owned nuclear technology firm Rosatom.

NWT Uranium TSXV:NWT reported on August 29 the TSXV decided that the company had undertaken a change of business from a mining issuer to an investment issuer and that the company’s trading halt was therefore now a suspension “for failure to comply with certain exchange requirements.” NWT stated it will seek shareholder approval for a change of business.

Crosshair Energy’s TSX:CXX August 29 AGM elected the management’s board nominees and approved the appointment of auditors, amendments to the stock option plan, a name change to Jet Metal Corp and a reverse split. The company currently faces a TSX delisting review after having been delisted from the NYSE in June. Crosshair has a uranium project in Wyoming and a uranium-vanadium project in Labrador.

See previous uranium news updates:

Read analyst David Talbot’s insights about uranium and the Athabasca Basin in a global context.

Read about uranium supply, demand and prices.

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