Palm Beach, FL – February 15, 2023 – FinancialNewsMedia.com News Commentary – After years of price stagnation, uranium has become a breakout performer, climbing significantly… on the back of the green transition and concerns about energy security. As the energy crisis in Europe intensifies, market participants are honing in on uranium’s role in energy security. Insiders and experts think rising prices are coming for the market in 2023. According to an article in Investing News, those factors allowed uranium to hold firmly above US$48 per pound for the majority of 2022, but like most commodities it’s still facing challenges. Sky-high inflation and steadily rising interest rates shaved off some of uranium’s upside potential in 2022; however, the market has seen support from supply concerns and other factors. The article said: ““Uranium — like lithium — has the most bullish fundamentals, coupled with bipartisan support globally,” said Gerardo Del Real, founder of Junior Resource Monthly and Junior Resource Trader. “Both suffered from years of underinvestment and both now enjoy surging demand that won’t be able to be brought online fast enough at current prices.” Active mining companies in the markets this week include Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC), Ur-Energy Inc. (NYSE American: URG) (TSX: URE), Cameco (NYSE: CCJ) (TSX: CCO), Denison Mines Corp. (NYSE American: DNN) (TSX: DML), FISSION URANIUM CORP. (OTCQB: FCUUF) (TSX-V: FUU).
Uranium and lithium are among the very few commodities that have posted annual gains this year, achieving upward momentum despite the economic upheaval that has weighed on markets for the majority of the calendar year. For Lobo Tiggre, founder of IndependentSpeculator.com, uranium’s move was only a matter of time. “I think this was going to happen anyway, because the world’s largest producers cut back their output and BRICS countries (Brazil, Russia, India, China and South Africa) are building nuclear power plants as fast as they can — but the conflict in Eastern Europe has accelerated the trend,” he told INN.”
Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC) BREAKING NEWS: Traction Uranium Key Lake South Property Receives Drill Permits from the Saskatchewan Ministry of Environment – Traction Uranium Corp. (the “Company” or “Traction”) is pleased to announce that, along with UGreenco Energy Corp., it has received (i) diamond drilling, (ii) borehole surveys, (iii) trail development and (iv) temporary work camp permits from the Saskatchewan Ministry of Environment (collectively, the “Permits”) for the Company’s upcoming winter 2023, 2,000 metre diamond drill program at the Key Lake South Property (“KLS Property”), such Permits are valid to July 31, 2024.
Lester Esteban, Chief Executive Officer of the Company, stated: “after our team encountered high-grade uranium mineralization (see news release dated November 14, 2022) in the “black soil” and discovered a new radioactive anomaly the “radioactive swamp”, we have been busy preparing to return to the KLS Property with the drill. Receipt of the drill permits from the Saskatchewan Ministry of Environment brings us one step closer to being fully permitted for our 2023 winter drill program at the KLS Property.”
About the Upcoming KLS Drill Program: Phase 1 diamond drilling is planned with 2,000 metres, targeting areas with extreme surface uranium anomalies, including the “black soil” anomaly, the “radioactive swamp” and the “Athabasca Sandstone” mapped in 1973 (referenced from Assessment Report # 74H04-001, (SMAD) Saskatchewan Mineral Assessment Database). Most of the drill targets are situated at the edge of the broad gravity-lows identified in the ground gravity survey of 2022.
About the “Black Soil” and “Radioactive Swamp”: The previously unknown radioactive anomalies discovered by Traction’s exploration team during the ground program of 2022 (see news release dated September 27, 2022) were the “radioactive swamp” and “black soil”. Sampling of the “black soil”, where the horizon had an observed thickness of approximately 30 centimetres, returned 0.93 wt.% U308, 1180 ppm Cobalt, 625 ppm Nickel and 196 ppm Boron (see news release dated November 14, 2022). Further sampling is required, the “radioactive swamp” is accessible in the winter when the swamp is frozen and may host uranium anomalies that may be similar to the “black soil”. An overburden drilling program is being considered to test for uranium mineralization near the surface in the overburden/till. CONTINUED… Read this full press release and more news for Traction Uranium at: https://www.financialnewsmedia.com/news-trac/
Other recent developments in the mining industry of note include:
Ur-Energy Inc. (NYSE American: URG) (TSX: URE) recently announced that it has expanded the quantity to be delivered into the sales agreement announced by the Company on August 8, 2022. The agreement which called for the annual delivery of 200,000 pounds of U3O8 over a six-year period, has been amended to increase the annual delivery by 100,000 pounds of U3O8beginning in 2024 at the same pricing levels.
The Company’s total sales quantity now under contract will be 600,000 pounds U3O8 per year beginning in 2024, plus or minus a small, optional flex. Having secured these sales commitments, Ur-Energy has made the decision to immediately ramp up production at its operating Lost Creek uranium mine to levels sufficient to deliver into these current contracts.
The Company will target an initial annual production rate of 600,000 pounds U3O8, which represents 50% of Lost Creek’s licensed wellfield production capacity of 1.2 million pounds. This production level will provide an economy of scale and a stable, long-term revenue stream to the Company while leaving ample room for growth and additional sales into new contracts or the spot market. Because of the advanced construction and drilling efforts the Company has already made in preparation for ramp up, we expect to commence production in Q1 2023 and reach the initial annual production rate in Q4 2023.
Cameco (NYSE: CCJ) (TSX: CCO) recently reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2022 in accordance with International Financial Reporting Standards (IFRS).
“Demand for nuclear power, supported by growth across the near, medium and long term, is driving the best fundamentals we have ever seen for the nuclear fuel market. The growing structural gap has led to supply uncertainty, which was amplified in 2022. As a proven, reliable, independent, commercial supplier of nuclear fuels, Cameco is positioned to benefit from these fundamentals. Our 2022 results, and our guidance for 2023, reflect the transformative year that we have had and the opportunity that remains ahead of us. In 2022, we were successful in contracting 80 million pounds of uranium and 17 million kgU of conversion services, with a record number of contracts signed in a market that has strengthened and is in durable growth mode. Our contracting also allows us to sustainably operate our assets, including tier-one assets that are expected to generate full-cycle value for Cameco. And, in 2022, with the resumption of production at McArthur River and Key Lake, we began the return to a tier-one run rate, which we expect will significantly improve our financial results,” said Tim Gitzel, Cameco’s president and CEO.
Denison Mines Corp. (NYSE American: DNN) (TSX: DML) recently announced the successful completion of the neutralization phase of the Phoenix in-situ recovery (“ISR”) Feasibility Field Test (“FFT”) at the Company’s 95% owned Wheeler River project (“Wheeler River” or the “Project”). Sampling of monitoring wells around the FFT site has confirmed the successful restoration of the Leaching Zone (defined below) to environmentally acceptable pH conditions, as outlined in the applicable regulatory approvals for the FFT.
The neutralization phase was initiated in mid-October 2022, following the highly successful completion of the leaching phase of the FFT (see news releases dated October 17, 2022 and November 22, 2022), and was designed to confirm certain environmental assessment assumptions and verify the efficiency and effectiveness of the neutralization process planned for ISR mining at Phoenix.
FISSION URANIUM CORP. (OTCQB: FCUUF) (TSX-V: FUU) recently announced a winter program at its’ 100% owned PLS property in Canada’s AthabascaBasin region. The program will include geotechnical testing of key areas identified for surface infrastructure as identified in the Feasibility Study, including proposed stockpiles and mill locations. Also, 5 drill holes are designed to confirm groundwater modelling of certain sections of the R780E zone. Additionally, the company has staked a new, 11,148-hectare property in the western Athabasca Basin region of northern Saskatchewan. The West Cluff property is prospective for high-grade uranium and is located ~75km north of the Company’s flagship PLS project, and less than 3km west of the past-producing Cluff Lake mine.
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 expects to be compensated seventy five hundred dollars for news coverage of the current press releases issued by Traction 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: firstname.lastname@example.org – +1(561)325-8757