Uranium Expected To Take On Bigger Role As Energy Transition Metal In 2022

PALM BEACH, Fla., March 9, 2022 /PRNewswire/ --  FinancialNewsMedia.com News Commentary - Upward pressure on energy prices resulting from the Russia-Ukraine war is set to further boost interest in nuclear energy and uranium mining, already rising as nations seek to decarbonize energy supplies, prospectors and analysts told S&P Global Commodity Insights. Uranium prices – stable between $20-$30/lb for several years until late 2021– have responded vigorously to the current decarbonization drive and to the war. On March 3 the spot uranium price shot to $50.75/lb, a near 10-year high, having risen by $7.50/lb, or more than 17%, in the previous seven days. S&P Global Commodity Insights' assessment of the current month spot price of U3O8 -- a uranium oxide compound -- to Canada at $50.75/lb at 1 pm ET March 3, is the highest reported since June 8, 2012, bolstered by strong purchasing by the Sprott Physical Uranium Trust, a Canada-based investment fund. Buyers in the energy generation sector were said to be seeking to replace Russian-origin supply. Uranium mining has been largely the domain of specialist companies… junior miners are, however, now taking a more active role in this space. They maintain uranium's potential deficit and rising prices may bring some mining majors back onto the scene.  Active companies in the markets today include:  BASIN URANIUM CORP. (OTCPK: BURCF) (CSE: NCLR), Denison Mines Corp. (NYSE: DNN) (TSX: DML), Cameco (NYSE: CCJ) (TSX: CCO), Ur-Energy Inc. (NYSE: URG) (TSX: URE), Skyharbour Resources Ltd. (OTCQB: SYHBF) (TSX-V: SYH).

The article continued: "The Russia-Ukraine conflict could encourage more interest in nuclear," said Kyler Hardy, CEO of London-listed mine developer Cloudbreak Discovery, an emerging lithium mine developer, who also admits to being "in love" with uranium.  Lithium and uranium are both now viewed as "energy transition metals," the difference between them being that depressed natural gas prices for many years delayed investment in uranium mining, while interest in lithium mining took off in 2016-17 after the Paris Agreement sparked the electric vehicle boom."

BASIN URANIUM CORP. (CSE: NCLR.CN) (OTCPK: BURCF) BREAKING NEWS: BASIN URANIUM PROVIDES PERMITTING UPDATE – BASIN URANIUM CORP. ("Basin Uranium" or the "Company") is pleased to provide an update on ongoing permitting for an extensive exploration and drilling program at its Mann Lake uranium project in Saskatchewan's prolific Athabasca Basin. The Mann Lake project is located 25km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit.

"As discussions with local stakeholder groups continue to advance and remain constructive, we look to a swift and expedient conclusion." commented Mike Blady, CEO of Basin Uranium. "Concurrent with stakeholder consultation, we have engaged with a number of geophysical and drilling contractors to ensure rapid mobilization once the permitting process is completed."

Exploration Program Update - As previously disclosed, the Company has engaged TerraLogic Exploration Inc. and submitted its permitting package in December 2021. The Government has reviewed the proposed program and consultation with the local stakeholders and First Nations communities, including the Ya' thi Néné, continue to advance.

The Company is permitting for a geophysical survey including electromagnetic (EM) and gravity surveying totalling 18 line-kilometres covering an area of 3.75 square kilometres. The focus of the exploration will be to better define the structural corridors and basement conductors previously identified, in addition to expanding coverage over previously-unexplored areas. Specifically, the surveying will extend coverage to the southern extent of the property in addition to developing additional structural targets for drilling. Within the property, north-northeast trending structural faults are the most prospective as they parallel the trend of known uranium mineralization regionally within the Athabasca basin.   CONTINUED…  Read the BASIN URANIUM full press release by going to:  https://basinuranium.ca/news/

In other news and developments of note in the markets this week: 

Ur-Energy Inc. (NYSE American: URG) (TSX:URE) has recently filed the Company's Form 10-Q for the quarter ended September 30, 2021, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities at www.sedar.com.

Ur-Energy Chairman and CEO, Jeff Klenda said, "In addition to the release of our 2021 Q3 results we are pleased to announce the commencement of a development program at Lost Creek that will advance us from reduced operations to full production-ready status. As of October 27, 2021, we had more than $40 million in cash and 285,000 pounds of U.S. produced U₃O₈ in inventory worth approximately $13.4 million, stored at the conversion facility.

Denison Mines Corp. (NYSE American: DNN) (TSX: DML) recently filed its Audited Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the year ended December 31, 2021. Both documents will be available on the Company's website at www.denisonmines.com or on SEDAR (at www.sedar.com) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived from these documents and should be read in conjunction with them. The Company's results are highlighted by earnings attributable to Denison shareholders of $0.02 per share for the year ended December 31, 2021. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF Version.

Cameco (NYSE: CCJ) (TSX: CCO) recently reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2021 in accordance with International Financial Reporting Standards (IFRS).

"Our results reflect the very deliberate execution of our strategy of full-cycle value capture. We have been undertaking work to ensure we have operational flexibility, we are aligning our production decisions with the market fundamentals and our contracting portfolio, and we have been financially disciplined. Since 2016, with our planned and unplanned production cuts, inventory reduction and market purchases, we have removed more than 190 million pounds of uranium from the market, which we believe has contributed to the security of supply concerns in our industry," said Tim Gitzel, Cameco's president and CEO.

Skyharbour Resources Ltd. (OTCQB: SYHBF) (TSX-V: SYH) recently  announced that the Company has begun its winter 2022 diamond drilling program at its 100% owned Moore Uranium Project. The project comprises 35,705 hectares approximately 15 kilometres east of Denison Mine's Wheeler River project and is proximal to regional infrastructure for Cameco's Key Lake and McArthur River operations in the Athabasca Basin, Saskatchewan. The program will consist of a minimum of 2,500 metres in seven to nine drill holes and is designed to follow up on the successes of the 2021 summer/fall drilling program in the Maverick East Zone and the Grid 19 target area, as well as to investigate new targets at the Viper area on the 4.7 km Maverick Structural Corridor. Substantial portions of the Maverick corridor remain to be systematically drill tested leaving robust discovery potential along strike as well as at depth in the basement rocks.

Jordan Trimble, President and CEO of Skyharbour Resources, states: "We are excited to be able to drill test some of our more regional targets facilitated by winter drilling conditions, as well as to follow up on further discoveries associated with the high grade Maverick structural corridor. Skyharbour offers strong discovery potential at its project base coupled with substantial upcoming news flow from the continued drilling at Moore as well as at partner-funded projects. Several of these partner companies have recently commenced drill programs including Azincourt Energy at the East Preston Project and Valor Resources at the Hook Lake Project, which brings the combined total drilling metreage being carried out currently by Skyharbour and partner companies to over 11,000 metres. With its project portfolio strategically located in one of the most geopolitically favourable mining jurisdictions globally in northern Saskatchewan, Skyharbour is well-positioned to benefit from the accelerating uranium market recovery with increasing demand in the backdrop of a strained supply side."

DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third- party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM was compensated twenty five hundred dollars for news coverage of current press release issued by BASIN URANIUM CORP. by a non-affiliated third party.   

FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Media Contact
email: [email protected]
+1(561)325-8757

SOURCE FinancialNewsMedia.com