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Uranium Report 2018

Everything you need to know about uranium! |
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Table of Contents Imprint
The whole world of commodities
in one App!
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Downlo App
our un e! Table of Contents | Imprint 07
for fre

Satisfying the Hunger for Energy and improving the Carbon

Footprint at the same time? – Nuclear Energy can combine both! 10

Interview with Dr. Christian Schärer – Manager of the Uranium

Resources Fund and partner of Incrementum AG 22

Interview with Scott Melbye – Executive Vice President of

Uranium Energy, Commercial V.P. of Uranium Participation Corp.
and Advisor to the CEO of Kazatomprom 26

Company profiles

Anfield Resources 32 Swiss Resource Capital AG
Poststr. 1
Appia Energy Corp. 37 9100 Herisau, Schweiz
Tel : +41 71 354 8501
Blue Sky Uranium Corp. 42 Fax : +41 71 560 4271
Denison Mines Corp. 47

Energy Fuels Inc.  52 Editorial staff

Watch Management & Expert Interviews, Site-Visit-Videos, Jochen Staiger
News Shows and receive top and up to date Fission 3.0 Corp. 57 Tim Rödel

Mining Information on your mobile device worldwide! Fission Uranium Corp. 62 Layout/Design
Frauke Deutsch
GoviEx Uranium 67
Amazing features: All rights reserved. Reprinting
Laramide Resources Ltd. 72 material by copying in electronic
• Company Facts form is not permitted.
• Global Mining News Skyharbour Resources Ltd. 76

• Push Notofications Uranium Energy Corp. 81 Editorial Deadline 09/30/2017

• Commodity-TV, Rohstoff-TV and Dukascopy-TV
powered by: Cover photo © TTstudio /
• Live Charts All images and graphics are, unless otherwise

• JRB-Rohstoffblog stated, by the companies.

Back 1, 2, 3:
Back 4: TTstudio /

Date of Charts 10/27/2017

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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz | |
Precious Metals | Base Metals | Critical Metals | Industrial Metals | Energy | Clean Technology Preface

Dear Readers,

On the following pages, we present to interesting companies from this industry

you with pleasure the first update of our sector with numbers and facts. The com-
uranium report. Uranium is a “hot” topic bined market cap of all uranium compa- Jochen Staiger is founder and
and many people don´t like to say the nies is only around US$9 billion worldwi- CEO of Swiss Resource Capital
least and some hate it. But without urani- de, a crazy small market with a fascinating AG, located in Herisau,
um there would be a major problem with outlook. Climate change and clean air Switzerland. As chief-editor and
the base load energy supply in the world require nuclear energy. “There’s really founder of the first two resource
and e-mobility would be still a dream of only one technology that we know of that IP-TV-channels Commodity-TV
the future. Swiss Resource Capital AG supplies carbon-free power at the scale
Want to know our
and its German counterpart
has made it its business to topically and modern civilization requires, and that is Rohstoff-TV, he reports about
comprehensively inform metals and nuclear power” – Ken Caldeira of Stan- companies, experts, fund
commodity investors, interested parties ford University’s Department of Global
Top 3 Uranium Picks
managers and various themes
and the individual who wants to become Ecology. around the international mining
an investor in various commodities and business and the correspondent

for 2017? mining companies. On our website www. you will find 20 com-
Commodities are the base of our econo-
mic cohabitation. Without commodities

panies and information as well as articles there are no products, no technical inno-

related to commodities. Our series of vations and no real economic life. We
special reports started with lithium and need a reliable and constant base load
silver. Now we move on to uranium as it energy supply in our highly industrialized
is the energy metal of the future whether world. With our special reports we would
we like it or not. Wind and solar energy like to give you the necessary insights are very often not cost effective nor really and inform you comprehensively.
energy efficient considering the comple-
te energy balance including the amount In addition, our two Commodity IP-TV
of energy used to build it. This report channels &
shall give the reader an idea about the are always availab-
real facts of the uranium industry and the le to you free of charge. For the go we
energy supply from nuclear power world- recommend our new Commodity-TV
wide. China especially needs nuclear po- App to download on iPhone or Android,
wer plants to solve its air pollution prob- which also provides real-time charts,
lems because most of the electrical share prices and the latest videos. My Tim Roedel is chief-editorial- and
energy is generated by coal power team and I hope you will enjoy reading chief-communications-manager
plants. Today around 450 nuclear power the special report on uranium and hope at SRC AG. He has been active in
plants are in operation in more than 30 that we can provide you with new infor- the commodity sector since 2007
countries globally and 70 are under con- mation, impressions and ideas. Only the and held several editor- and
struction. Over 165 nuclear power plants one who gets broadly informed and ta- chief-editor-positions, e.g. at the
are planned or ordered by 2040 and if we kes matters relating to investments in his publications Rohstoff-Spiegel,
all want to drive with emission free own hand will be amongst the winners Rohstoff-Woche, Rohstoffraketen,
e-cars, bikes or motor scooters we need and preserve his wealth during these dif- Wahrer Wohlstand and First
those nuclear power plants urgently as ficult times. Mover. He owns an enormous
we cannot reliably generate the neces- commodity expertise and a
sary extra power with wind and solar alo- wide-spread network within the
ne. Yours Jochen Staiger whole resource sector.

We also interviewed the experts Scott

Melbye and Dr. Christian Schärer about
the uranium markets and the future pros-
pects. Of course, we present you some

Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

Satisfying the Hunger for Energy and improving the
Carbon Footprint at the same time? – Nuclear Energy
can combine both!

The global energy demand has multi­ What is Uranium? um reserves are in the USA, Niger, Aus­ The victorious powers of the Second
plied since the end of the 1980s, especi- tralia, Kazakhstan, Namibia, South Afri- Wold War, which rivaled for global domi-
ally due to the emerging countries and in ca, Canada, Brazil, Russia, Ukraine and nance, now needed the highest possible
particular the BRIC countries Brazil, One of only two elements Uzbekistan. number of nuclear weapons and also
Russia, India and China. About 11.5% of that can sustain nuclear fission vast quantities of uranium. This resulted
the total energy demand is met by nucle- chain reactions in a systematic exploration for useable
ar energy. Fossil fuels like coal and oil uranium occurrences in all states of the
are still burned for energy production. Now for some information about the ele- Short outline of the USA. The previous Atomic Energy Com-
The difference in the situation of 25 ye- ment uranium itself. Uranium was named mission (AEC) had the exclusive right to
ars ago is the increasing demand for re- after the planet Uranus and is a chemical history of the commer- buy all of the produced uranium in the
duction of CO2 emissions and the more element with the element symbol U and cial uranium industry USA for over three decades. The greed
noticeable phenomenon of “global war- the atomic number 92. Uranium is a me- for more and more nuclear armament led
ming”. In particular, the energy consu- tal whose isotopes are radioactive. Natu- to extreme high prices per pound of ura-
ming industrial nations and the emerging rally occurring uranium in minerals is nium for those days. As a result, the se-
countries must increase their energy effi- comprised of the isotope 238U (99.3%) From the beginnings to the first arch for uranium was conducted in all
ciency and improve their carbon foot- and 235U (0.7%). atomic bomb U.S. states in the 1950s and 1960s. The
print in the coming years. This cannot be USA had a strong uranium industry at the
achieved by burning coal and oil. The The uranium isotope 235U is fissile by Uranium was produced for the first time end of the 1960s that was a global leader
alternatives are renewable energies – thermic neutrons and besides the very as a by-product in Saxon and English mi- from mining to enrichment.
which need tremendous time and cost rare plutonium isotope 239Pu, the only nes at the beginning of the 19th century. The Soviet Union initially expanded exis-
expenditures - or nuclear energy which known natural occurring nuclide that is Until the 1930s there was little use for the ting uranium mines in East Germany and
can provide lot of energy CO2 neutral. suitable for nuclear fission chain reac- radioactive raw material. It was used for Czechoslovakia. This was necessary
This possibility of the fast and almost tions. Therefore, it is used as a primary coloring glass and ceramics as well as in because Russia had no knowledge of
clean energy generation has long been energy source in nuclear power plants photography. The shadowy existence of uranium occurrences in its own country
recognized by some countries who are and nuclear weapons. the uranium changed suddenly as Hitler until the end of the Second World War. In
increasing the construction of new nuc- came into power in Germany, and an the 1950s and 1960s Russia began with
lear power plants. Occurrence unprecedented spiral of armament and an uranium exploration which led to large
testing of new weapons technologies discoveries in Siberia and Kazakhstan.
Uranium does not occur pure in nature began. Above all the “Third Reich” acce-
Supply Gap inevitable in the but always in form of oxides in minerals. lerated the expedited mining of uranium.
future There are some 230 uranium minerals that These mining activities were exclusively Rise and temporary slump of
could locally be of economic importance. in the region of Jachymov (the German civilian use of uranium
Today only 90% of the global uranium There is a large range of uranium depo- name is Sankt Joachimstal) in today’s
demand can be satisfied by producing sits from magmatic hydrothermal to sedi- Czech Republic. The German supply Already in 1953 the former U.S. president
mines. The number of nuclear reactors mentary types. submarine U-234, that was seized by Eisenhower conceived a program for the
will double in the coming 10 to 20 years. The highest uranium grades are encoun- two U.S. destroyers two days after the civilian use of uranium. “Atoms for Pea-
The previous main supplier of uranium – tered in unconformity-type deposits with end of the war and towed to the USA had ce” should find its way in the energy ge-
Russia’s nuclear weapons arsenal – average uranium grades of 0.3 to 20%. uranium ore from Jachymov on board. neration, medicine, traffic and agriculture
doesn’t exist anymore. Where will the These deposits are mined by the two lar- According to leading U.S. scientists, and resulted in the demand for additional
needed uranium come from? The exis- gest uranium producers. The largest parts of this uranium ore were used to amounts of uranium. The civilian nuclear
ting mines can be expanded and new single uranium resource in the world is build the Hiroshima atomic bomb. power had its beginning and was quickly
mines opened but not at the current ura- Olympic Dam with a proven uranium advanced by other nations.
nium spot price of around US$ 20 per content of more than 2 million tonnes at After a 25-year long uranium boom con-
pound. An enormous supply gap seems an average uranium grade of 0.03%. The The Cold War makes Uranium cerns have been increasingly voiced
to be inevitable at least at the current first industrial scale uranium mine in the acceptable warning of the appearing lack of security
market price. That is the situation inves- world is in Jachymov (Czech Republic) in many nuclear power plants. After the
tors should be aware of – a sharply rising produced from hydrothermal veins. The newly created uranium sector had its almost Maximum Credible Accident in
uranium spot price and an inevitable According to the International Atomic biggest boost after the Second World the American nuclear power plant Three
connected second uranium boom. Energy Agency (IAEA) the largest urani- War due to the beginning of the Cold war. Mile Island and the Super Maximum Cre-

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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

Historical development of the uranium prices, rock stockpiles or tailings ponds for hea- are under construction. The planning
the uranium production and important events. vy metals and cyanide. At the surface was completed for an additional 170 re-
(Source: Energy Fuels) only the wells are visible and the area actors and 372 reactors are in the plan-
around the wells can be used without ning phase. After a 20 year stop a renais-
constraints for farming. With the ISR me- sance of the uranium sector is pending
thod low grade deposits can be econo- – especially in China.
mically mined, the capital costs for the
mine development is significantly re-
duced. The whole method can be imple-
mented with a minimum of manpower Demand situation
which reduces drastically the operating
costs. According to a study of the World
Nuclear Association, 25% of the pro- China is only at the beginning
duced uranium outside of Kazakhstan of the nuclear age
dible Accident in Chernobyl, the general and the ventilation of the mine often pose comes from ISR mines. Overview of currently operating
public turned its back more and more to problems. The exact production method While many self-appointed experts have reactors per country
nuclear power. In addition, the collapse is chosen according to the characteri- predicted the end of the nuclear age, it is (Source:
of the Soviet Union resulted in a building stics of the deposit. The form of the ore- only in the development phase in the
stop of nuclear weapons and therefore body and the distribution of the uranium
no further uranium was needed. in it are especially pivotal. An orebody The current status of
Many nations decided not to install new can be specifically mined by under­
nuclear reactors and some countries swit- ground methods where less waste mate- the Uranium Market
ched off existing reactors. Almost 90% of rial is produced as by open pit methods.
all uranium mines were closed because Ore bodies near the surface and very lar- But how does today’s uranium market
the market price for uranium had fallen to ge ore bodies are primarily mined by look like? It is certain that the lack of
US$ 5 per pound in the meantime. The open pit mining methods. This enables investments into the procurement struc-
uranium for the operation of the still exis- the use of low cost large equipment. Mo- ture of the past 40 years – in the infra-
ting reactors came from old stockpiles or dern open pit mines can have a depth structure of mines and processing plants
Russia’s disarmament program. from a few to over 1,000 m and a diame- – will very likely prove to be a windfall for
ter of several kilometers. Open pit mines the uranium investors in the future!
often produce large amounts of waste Nevertheless, despite opposition against
Uranium Production material. Like in underground mines, lar- nuclear energy since the catastrophe in
ge amounts of water have to be drained Chernobyl and even more after the
Basically, there are two uranium produc- from the open pit however the ventilation events in the nuclear plants in Fukushi-
tion methods: the conventional producti- is less problematic. ma (Japan) the number of plants world-
on and the production via in-situ leaching wide is at a record high. Only 30 coun-
or rather in-situ recovery (ISR). The exact tries currently operate (as of September
mining method depends on the proper- ISR Mining 1st, 2017) 448 nuclear reactors with a
ties of the ore body, (like depth, shape, total electrical net output of around 392
ore content, tectonic) and the type of The ISR method uses injection wells to gigawatts.
country rock as well as other factors. pump water and small amounts of CO2
and oxygen into the sandstone horizons Most of these reactors (99) are located in
to leach out the uranium. From recovery the USA. But this is only half the truth
Conventional Production wells, the pregnant solution is pumped to because emerging countries like China
the surface for processing. The whole and India need more and more energy
The majority of the uranium is mined in method takes place completely underg- and have been focusing on a massive
underground mines. The deposits are round. The advantages of this method expansion of their nuclear power capaci-
developed via shafts, drifts, ramps or are obvious: there are no large earth mo- ties for some time. It is of no surprise that
spiral declines. Ingressing groundwater vements like in open pit mines, no waste currently 57 additional nuclear reactors

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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

most populous country in the world. reactors in the coming 15 years and sits but has to expand its overloaded expected to be connected to the power
China is operating 38 reactors where more than 230 new nuclear reactors until power grid at the same time. A tenfold grid in 2018. The construction of 4 addi-
most of the electricity is generated by 2050. According to information from increase of the nuclear energy capaci- tional reactors is expected until 2030.
coal power plants. Since the beginning China Power the new five-year-plan for ties not only seems to be reasonable but
of 2015, 15 new nuclear reactors were the energy sector whose approval by the also very necessary.
put into service. The expansion of the National People’s Congress has been India doesn’t have significant uranium Rising global expansion of
nuclear energy sector in China is enor- planned in March 2016 provides for a deposits. A tenfold expansion of their nuclear energy
mous and occurs with breathtaking faster expansion of the nuclear capacity: own nuclear energy capacities would
speed! Over two thirds of the Chinese to date the capacity was to increase to mean an increase of the total global nuc- Besides the 30 nations with operating
energy consumption is still met by coal 58 gigawatts during the coming 5 years, lear electricity generation by 10%. nuclear reactors, 17 additional countries
power plants. Although China is mining but now over 90 gigawatts are under di- But where will the additionally needed are planning to install nuclear power
its own coal deposits on a large scale, it scussion. In the year 2005 the planning uranium come from? Currently, only a plants. Among those countries are
is, besides India, one of the biggest coal was 40 gigawatts until 2020. Until 2030 few of the 22 Indian nuclear reactors Egypt, the United Arab Emirates (four re-
importers of the world. 30% of the glo- 110 reactors should be in operation. In are operating with full power. While Ja- actors under construction), Jordan, Tur-
bally produced coal is imported by these the year 2016 alone China started the pan, China, Russia and South Korea key and Indonesia.
two countries. A certain dependency construction of 6 new reactors. In total could secure uranium resources world-
from these coal imports is obvious. This 19 nuclear reactors are in the constructi- wide, India missed out completely.
is the point China’s leadership wants to on phase. According to concepts for the Only recently has India entered into off- The USA is close to an energy
avoid. The obligation to implement cli- energy sector initial US$ 75 billion are take agreements with companies from collapse
mate friendly and clean possibilities for budgeted for the nuclear expansion. In a the USA, Canada, Namibia, Kazakhs-
energy generation is only secondary second step China’s nuclear power ge- tan, Russia, Great Britain und South The USA has a special status. With 99
matter. neration should be expanded to 120 – Korea. reactors, they have by far the biggest
In the fall of 2015 the state-owned pow- 160 gigawatts by 2030! Currently 6 nuclear reactors are under nuclear power plant fleet in the world.
er plant manufacturer Power Constructi- While in Germany the elimination of construction in India and 20 additional Nevertheless, the USA is threatened by
on Corporation of China (Beijing) predic- electricity generation from nuclear ener- will follow until 2030. a collapse of the energy supply. The USA
ted the rise of its country among the gy was decided after the events in Fu- is still the country with the highest elec-
Overview of reactors currently under biggest user of nuclear energy worldwi- kushima, China has decided the opposi- tricity consumption per capita. And the
construction per country de the Chinese government is planning te and will do everything possible to Russia and Brazil with increa- hunger for energy of the Americans is
(Source: the construction of more than 80 nuclear produce electricity by nuclear fission. In sing nuclear capacity increasing. In addition, the USA is facing
light of the rising energy demand – due the question how to fulfil the CO2-reduc-
to the increasing prosperity – and a cata- The two remaining BRIC-Countries, tions which were agreed to in Kyoto and
strophic carbon footprint China’s appro- Russia and Brazil have also announced Paris. Because many of the coal power
ach seems only logical. a massive expansion of their nuclear po- plants were built in the 1950s and 1960s,
wer plants. Currently Russia operates 35 they are working inefficiently and uneco-
nuclear reactors with around 27 giga- nomically. They have to be shut down
India expands civil nuclear watts. 7 reactors are in the construction sooner rather than later. The electricity
program massively phase and 2 were connected to the po- consumption is rising continuously. The
wer grid in 2016. Furthermore, Russia USA has no choice but to increase the
Besides China, India is the second of the plans the construction of an additional number of its nuclear reactors during the
so called “BRIC-Countries” which is 26 nuclear power plants which should coming years. Of course, photovoltaic
pursuing a similar course. The second increase the percentage of the nuclear plants, wind farms, hydroelectric power
most populous country in the world energy in the Russian energy mix from plants or geothermic energy provide cli-
plans to expand its nuclear energy capa- currently 16% to 19%. In a second step mate friendly energy but these energy
city by 70 gigawatts. In contrast, India’s Russia wants to increase this quota to producers can offer only a partial soluti-
current total electrical net output is only 25%. By the year 2030 Russia wants to on for the pressing energy problems.
around 6.2 gigawatts. build 26 reactors. They are very expensive and their per-
But India has slept through the entry into Currently Brazil is operating only one formance is dependent on the time of
the nuclear energy and is now despera- nuclear power plant with two reactors. A day and weather. Nuclear energy is the-
tely trying to search for mineable depo- third reactor is under construction and is refore the only climate friendly energy

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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

Overview of currently operating reactors Conclusion production further. All four countries pro-
(blue), currently shutdown reactors (grey), duced in total just 26.835 tons uranium
reactors under construction (green) and Fact is that currently 448 reactors are in in 2016. In 2009, they produced 28.000
permanently shutdown reactors (red). operation and an additional 300 reactors tons uranium. Australia has problems
China, India, South Korea, Russia, the United will be added until 2030. 57 plants are with BHP Billiton’s Olympic Dam Mine,
Arab Emirates and the USA are currently already under construction and 170 ad- the by far most profitable uranium mine
working increased at the expansion of their ditional plants are in the concrete plan- in this country. In Canada, the producti-
reactor fleet. ning phase. Even if half of the old reac- on start in Cameco’s MacArthur River
(Source: tors should be shut down until then 600 Mine had to be postponed many times
to 700 reactors would be in operation in due to repeated groundwater ingresses.
2030. In Niger planned mine openings also had
Furthermore, 90% of the long-term deli- to be postponed.
very contracts between the uranium pro-
ducers and the energy generating com-
panies are expiring by the end of 2019 The uranium production in the
which could get the established nuclear USA has hit rock bottom
energy nations like the USA into trouble
especially. The situation in the USA is even worse.
generating possibility. In light of the Long-term supply contracts Although the Obama government has
amount of additional electricity demand expire soon approved a US$ 54 billion program for
during the coming two to three decades the funding of the nuclear energy indus-
regenerative energies can only be an ad- The previous cycle of contract conclusi- The Supply Situation try, it is not clear from where the neces-
dition to the total energy mix. ons which was dominated by the urani- sary uranium will be derived. The urani-
Therefore, a law for expansion and fun- um price peaks of the years 2007 and um industry in the USA is only a shadow
ding of the energy generation by nuclear 2010 was the reason that the plant ope- The established producers are of the past. During the past 40 years
energy was created within the “Clean rators signed contracts at higher price running out of air there have been no investments in de-
Energy Act of 2009” a program to provi- levels and very long durations of 8 to 10 velopment of new deposits and almost
de carbon free energy. Both U.S. gover- years. On the one hand, these old con­ The established uranium producing 95% of the needed uranium was deri-
ning parties worked on a US$ 18.5 billi- tracts are ending and on the other hand nations Australia, Canada, Russia and ved from the disarmament programs.
on plan for doubling of the nuclear power the plant operators didn’t look for a Niger have problems to expand their The US- American nuclear reactors
capacities until 2030. At the beginning of replacement of such deliveries. The for-
2010 President Obama announced that ward contracts of the plant operators are
the U.S. government will provide in the declining and therefore the required
2011 federal budget additional funds of quantities for which there are no contrac-
US$ 36 billion of government guaran- tual obligations are increasing and have
tees for the construction of a new gene- to be contractually secured in the future.
ration of nuclear power plants. This As expected the unmet demand will be
would be a tripling of the originally just less than one billion pounds of U3O8
planned budget. in the coming 10 years. At the same time,
During the past years an application for over 70% of the expected reactor de-
lifetime extension of 60 years total ope- mands are not contractually secured un-
rating time was made for over 60 U.S. til 2025. For a little traded commodity like
nuclear reactors. In addition, there are uranium this return to more “normal”
40 applications for the construction of long term contracts could put tremen-
new nuclear power plants that should be dous pressure on the long-term prices as Overview, age of currently operating reactors.
connected to the power grid by 2025. well as on the spot prices. The internati- Many will be (have to be) replaced by more
Until now only 4 plants are under cons­ onal plant operators are showing more powerful ones.
truction and additional 16 are in a con- and more buying signals which are en- (Source:
crete planning phase. couraging.

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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

give away its uranium resources to ab- New disarmament contracts
solute low prices anymore. At the begin- without effect to the uranium
ning of 2017 the state-owned group Ka- market
zatomprom announced that the uranium
production will be cut by at least 10% in The currently existing disarmament con-
2017. This would take around 2,500 tract between the USA and Russia, New
tons uranium off the market. START, will not change that. It provides
But Kazatomprom is not the only urani- for a further reduction of the nuclear we-
um producer which opts for production apons arsenal by 30%. These 30%
cuts in light of the ridiculous uranium don’t include the total weapons arsenal
price. The uranium–major Cameco also at the end of the Cold War but only from
announced production cuts. These are 2011. Since 1990 85% of all nuclear we-
specifically 4 million pounds of U3O8 for apons have been disarmed. The remai-
Annual uranium production 2016 the Rabbit Lake Mine and 2 million ning 15% will be reduced by 30% mea-
(conversion factor tonnes uranium (tU) pounds of U3O8 for the MacArthur River ning that from the original amount only
to tonnes U3O8 is 1:1.18) Mine which rank among the 10 largest 5% will be disarmed.
(Source: uranium mines globally. From the Hu- According to this new contract only 5%
sab Mine in Niger 5 million pounds of of the original amount will be disarmed
U3O8 per year are missing and from the during the coming 10 years, while 85%
Langer Heinrich Mine in Namibia 1.5 of the original amount was disarmed in
million pounds of U3O8. the past 20 years. This material has
been already consumed in form of fuel
consume 18.000 tons uranium per year. Kazakhstan – the new uranium elements. The future disarmament ura-
An expansion of the capacities would superpower Supply gap unavoidable nium is minimal compared to the amount
also be an increase of the needed of the past 20 years and will have no big
amount of uranium. The World Nuclear Almost all established uranium pro- In spite of the massive production ex- effect on the uranium market. The se-
Association (WNA) estimates that ducers are having difficulties with the pansion in Kazakhstan during the past condary supply for the uranium market
40,000 tons uranium per year will be rebuilding or the expansion of their ura- years a large supply gap will form in the will fall from currently 9% to below 5%
needed in the USA alone by 2025. Even nium production but one region has uranium sector in the foreseeable future. by 2030. Therefore, the whole amount
at the peak of the US-American uranium climbed to the top of the uranium pro- There is already such a gap. Until now of Russia’s secondary supply will re-
production during the 1960s and 1970s, duction: Central Asia. Kazakhstan espe- this gap could be closed with material main in Russia because Russia has not
such an amount could not have been cially could multiply its uranium produc- from nuclear waste. But the nuclear in- offer uranium from its own disarmed
produced by the mines in the USA. The tion during the past 10 years. The dustry consumes about 10% more ura- nuclear weapons at the free market sin-
US-American uranium production rea- uranium production of the previous So- nium than is currently produced. The ce 2013.
ched its previous peak in 1980. During viet Republic increased from 2000 to 449 nuclear reactors worldwide are
that year 29,000 tons uranium were pro- 2016 from 1,870 to over 24,500 tons. consuming around 68,000 tons uranium
duced. After the end of the Cold War Kazakhstan surpassed the previous lea- per year, only approximately 62,000 Summary
dis­armed nuclear weapons became the der Canada in 2009 and is responsible tons are covered by the global uranium
most important source for the US-Ame- for close to 40% of the global uranium production. The International Atomic The supply side in the uranium sector is
rican uranium demand. This resulted in production. Energy Agency (IAEA) estimates that the going through a transition phase. The
a decline of the American uranium pro- global uranium demand will rise to secondary supply from Russia’s disar-
duction from 23,400 to currently 1,125 140.000 tons uranium by 2030 due to med nuclear weapons becomes less
tons uranium per year. As a direct result, Massive production cuts were the construction of new nuclear power and less important. While in 2006 37%
the majority of the infrastructure and the already initiated plants. The percentage of primary sup- of the demand was covered by disar-
permitted production facilities were clo- ply has to increase because Russia has med nuclear weapons, currently it is
sed or completely dismantled. Currently Kazakhstan is part of the nations which reached the end of its nuclear disarma- only 9%. Concurrently the number of
there are only a few mines in Texas, Ari- can mine uranium at the lowest costs. ment. nuclear reactors will increase rapidly.
zona and Wyoming. The country is however not willing to This rapidly increase in demand will not
be completely covered by the establis-

18 19

Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

hed uranium producers – at least not at the International Atomic Energy Agency
the current uranium spot price of US$ (IAEA) this will double during the coming
20 per pound U3O8. From where will the years. The aforementioned range can be
needed uranium in the future come cut in half in 10 to 15 years.
from? It shows that the still – apparently cheap
An increased production can only be way of generating electricity can only be
achieved with a higher uranium price used if the market price for the starting
and associated large investments in the product uranium increases again. Sup-
expansion of existing and the construc- ply and demand determine the market
tion of new mines. The basic problem is price for uranium too.
still the relatively low uranium spot price, If the market price doesn’t allow an eco-
which doesn’t allow producers to mine nomical production, it will have to in-
difficultly accessible and more expensi- crease. In the case of uranium, the de-
ve deposits. mand will increase sharply due to the
Experts estimate that there are less than construction of several hundred new
650,000 tons of economically recover- nuclear reactors so that the market price
able uranium at a market price of US$ will benefit twofold as well as the inves-
40 per pound uranium. tor who has recognized that trend in
At an annual consumption of around
Uranium resources recoverable at a uranium 68,000 tons uranium, these resources Uranium resources recoverable at a uranium
price of under US$ 40. would not even last for 10 years assu- High demand is uncovered to takeover chance. At the end of 2015 the price of US$ 130.
(Source: Wise Uranium Project) ming a constant market price of US$ 40 date merger (in fact a takeover) of Fission (Source: Wise Uranium Project)
as well as a constant demand. This will Uranium with (by) Denison Mines failed
rise inevitably. As expected the unmet demand will be due to, among other things, the vote of
just less than one billion pounds of U3O8 Fission’s shareholders. This example
If the market price for uranium would in- in the coming 10 years. At the same shows that the investor can act on the
crease and would justify production time, over 70% of the expected reactor assumption that there will be other ta-
costs of US$ 80 per pound uranium the needs are not contractually secured until keover or merger possibilities in the fu-
triple amount of 2.12 million tons urani- 2025. For a little traded commodity like ture. That is because the uranium sector
um could be mined economically. uranium this return to more “normal” is currently undervalued and has to be
long term contracts could put tremen- rectified first.
At a uranium price of US$ 130 per pound dous pressure on the long-term prices
approximately 5.7 million tons uranium as well as on the spot prices. The inter-
could be mined economically. At the cur- national plant operators are showing
rent consumption, the known reserves buying signals more and more.
would last for 83 years.

The best uranium stocks pro-

mise multiplication potential!
We have taken the current situation of
way to low and not reality reflecting ura-
Doubling of demand is not nium spot price plus the expected future
faced by any expansion of the supply deficit to present you a compact
Uranium resources recoverable at a uranium supply! summary of promising uranium stocks.
price of US$ 80 Our focus is especially on development
(Source: Wise Uranium Project) The uranium spot price is as far from the companies with very promising projects
US$ 130 per pound uranium as the cur- because these offer, besides the actual
rent demand will be from future demand. appreciation due to a higher uranium
According to a conservative estimate of spot price, in this connection also a high

20 21

Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

Interview with Dr. Christian Schärer –
Manager of the Uranium Resources Fund and partner
of Incrementum AG

Dr. Schärer you are manager of mand. China and India especially consis- the securities are traded again at the bre- With their behavior (tightening of the sup-
the Uranium Resources Fund (ISIN tently advance the expansion of their akout level of the bottom formation. With ply) the producers are preparing the
LI0122468528) of LLB Fundservices AG reactor fleet. Despite the events in Fu- a view at the emerging supply gap an in- ground for a medium-term price turna-
in Liechtenstein. What is your strategy kushima and the nuclear phase-out in teresting entry opportunity for the long- round at the uranium market when the
and what precisely represents the German-speaking regions this results in term oriented investor is opening again. stagnant supply cannot satisfy the stea-
Fund? total to a capacity expansion of the nuc- At the beginning of this year there was dy demand from China and India against
lear energy production from 390 gig some short-term hustle and bustle due this background. The uranium prices will
The Fund invests heavily in companies watts (2016) to 580 gig watts in 2030. to the announcement that the largest have to rise in direction US$ 70 perma-
which are involved in the development The predicted demand growth of around uranium producer in the world, Kazatom- nently to stimulate the necessary expan-
and mining of uranium deposits. The 3% per year is to be seen against this prom, is planning to reduce production sion of the production capacities…
Dr. Christian Schärer is a partner in Fund predominantly has shares of mi- background. by 10%. Precautionary purchases resul-
Incrementum AG and responsible for ning companies in its portfolio. The in- ted in significant short-term rebounds of Returning to your question: we expect
special mandates. vestment goal is to benefit maximally the share prices of uranium producers. that a change for the better could materi-
from the emerging supply gap at the ura- Since the reactor accident in Fukushi- This rally was short lived due to the lack alize by 2018. During that timeframe an
During the course of his study he was nium market. This supply gap is the re- ma the uranium price is permanently of follow-through buying at the physical inventory cycle comes to an end for many
looking for strategic success factors sult of a scissor movement of supply and under pressure. What are the main rea- uranium market and the shares of the European and American nuclear power
of successful business models. A demand at the uranium market. While sons for this price collapse and how do uranium producer were sold again. From plant operators. They will have to come
topic that fascinates him until today supply has been stagnant for years due you assess the current market situati- a technical perspective the supposed to the market to rebuild their inventories.
and inspires him when selecting to falling uranium prices, the demand is on? breakout from the bottom formation was This impulse could become the catalyst
promising investment opportunities. continuously growing with high visibility a false alarm. Or positively expressed: of a sustainable turnaround. Normally the
of 3% per year. Until now the supply de- At the uranium spot market, the price with view at the looming supply gap the market will anticipate this turnaround wi-
Dr. Schärer studied business ficit is covered by existing inventories as dropped during the past 6 years from long term oriented investor is provided thin a timeframe of several months…
administration at the Universität well as secondary sources. But this will US$ 75 per pound to currently US$ 20. A with another interesting entry opportunity.
Zürich and he received his PhD not be sufficient in the near future… movement that puts tremendous pressu-
extra-occupational at the re on the producers. Three reasons seem Is such a fund, focused on a single com-
Bankeninstitut Zürich for an analytical to be primarily responsible: First, the sale How do the uranium producers come to modity, not too specialized and therefo-
survey of the investment strategy of Nuclear energy, especially in the Ger- of uranium from inventory of the Japane- terms with these low uranium prices re too risky?
Swiss pension funds in the real estate man-speaking region, is controversial se nuclear power plant operators that and when do you expect a rebound?
sector. Since 1991 he has gained and the politic has initiated the exit out were disconnected from the power grid An investment in the fund is a focused
comprehensive financial market of nuclear energy. Nevertheless, you after the reactor catastrophe in Fukushi- The price decline at the uranium market bet on the emerging supply gap at the
knowledge in several roles as see an increase in demand by 3% per ma. Second, the sale by uranium pro- is a tremendous challenge for the pro- uranium market. An attractive return po-
investment adviser, broker and year? ducers with liquidity shortages and pro- ducers. A profitable production is unthin- tential is opening up in front of an inves-
portfolio manager. ducers with uranium as a by-product kable in this environment. The costs are tor with a medium-term investment hori- While supply has been stagnant for years
We have to differentiate between the si- which then sell the uranium with little consistently reduced accordingly. Pro- zon which could also be very risky. due to falling uranium prices, the demand is
Since summer 2004 Dr. Schärer’s tuation in Germany or in Switzerland on price sensitivity. Third, the restraint of the duction plans are adjusted to the low Therefore, the fund is suitable as comple- continuously growing.
focus as an entrepreneur, adviser and one side and the global perspectives on buyers, which are not stressed by falling prices and unprofitable mines are closed. mentary building block in a diversified (Source: WNA, UX Consulting)
portfolio manager is on several the other side. Contrary to Germany, the prices despite low inventories. The existing capital is allocated with
investment themes with material emerging economies in Eastern Europe much discipline. Development and ex-
asset character. He brings his or Asia count on the expansion of nucle- The uranium spot price has marked a pansion projects are rescaled or cancel-
practice-oriented financial market ar energy. At the end of 2016, there were multi-year low with US$ 18 this past No- led accordingly.
knowledge as board member to 448 reactors online, a historically record vember and has risen moderately since. It is noteworthy that some producers
companies. number! This price increase was stimulated by the have started to buy uranium at the spot
The construction of new nuclear power announcement of a production cut of market to meet the long-term commit-
plants should reduce CO2 emissions and 10% by the largest uranium producer in ments entered into. The current spot
air pollution as well as the dependence the world Kazatomprom. In this context, price is obviously below their production
on imports of fossil fuels. In addition, precautionary purchases resulted in sig- costs! These actions have the advantage
nuclear energy provides the baseload to nificant rebounds of the share prices of that the yet not produced uranium stays
the power grids which are constantly un- uranium producers. This rally has already in the ground and can be sold for higher
der pressure due to the fast-growing de- sold off and from a technical perspective prices at the market.

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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

portfolio but not as a basic investment. uncertainty about the future perspectives and mining projects on a world class le- tractive from a strategic point of view. In
The Uranium Resources Fund has bet- of the civil use of nuclear energy is res- vel. Of special interest are those that can addition, I like that, by global compari-
ween 25 and 30 positions in the portfolio. ponsible for that. Against this back­ start their production in the timeframe of son, low investment volume of less than
This diversification makes sense against ground we became very humble although the expected supply gap. They will bene- EUR 100 million is necessary to bring the
the background of the current state of we still feel confident about the potential fit from the attractive sales prices. In ad- mine to production. This is the result of
the uranium market. of the uranium market. Our primary goal dition, these assets should have the the excellent infrastructure (water, elec-
is to remain a player when the uranium necessary size to qualify as take-over tricity, and workforce) and the attractive
market rebounds. targets. We assume that after the price geographic location. Due to the fact that
What do you recommend to investors turnaround at the uranium market a con- the uranium deposit is near the surface
who are interested in an investment in Our portfolio is therefore based on three solidation wave will roll through and mi- low cost open pit mining is possible. Low
the uranium sector? pillars. The core of the portfolio is com- ning companies from outside the sector investment volume, low production costs
prised of 2 solid basic investments. First would like to position themselves in the and an annual production volume of
The outlined supply gap and the related an investment in Uranium Participation uranium business as well. This would about 4.4 million pounds make the pro-
potential of rising uranium prices are only (U CN), a Canadian holding company make sense due to the low cyclical sen- ject from an economic perspective very
foreseeable at the moment. The exact which invests in physical uranium. If we sitivity and the relative high visibility of attractive.
timing of the expected turnaround at the are right the supply gap at the uranium the uranium production.
uranium market is uncertain despite the market will be closed by the increasing In addition, the state fund from Oman
good perspectives. If, against expecta- uranium price. Uranium Participation will recently took a long term holding in “Ber-
tions, the current phase of lethargy cont- be one of the first and direct profiteers. In Currently which are your biggest indivi- keley Energia” with the investment of
inues for a longer time the air will beco- addition, we always have a significant dual positions and why? around US$120 million within a conver-
me thin very fast for some uranium position in the Canadian industry leader tible bond. Thereby the construction of
producers. Their balance sheets are Cameco (CCO CN). The company has a Besides the mentioned standard assets the mine is financially secured. If we as-
emaciated after the persistent price col- broad-based portfolio of World Class As- Uranium Participation and Cameco as- sume the conversion of the bond into
lapse and the cost reduction potentials sets, is cash flow positive and pays a di- sets like Uranium Energy (UEC US), Ber- shares of the company later Oman will
are mostly exhausted. Even for a de- vidend despite the challenging environ- keley Energia (BKY LN), NexGen Energy be, with a holding around 37%, a strate-
veloper of new uranium projects the en- ment. (NXE CN), Energy Fuels (EFR CN), Fissi- gic major shareholder. A clear commit-
vironment is challenging because their on Uranium (FCU CN) or Denison Mines ment to the long term intact perspectives
projects become economically viable When the prices begin to climb only the (DML CN) fit, for various reasons, in our of the uranium market!
and thereby feasible with increasing ura- producers, which can place a significant aforementioned acquisition strategy.
nium prices. As a result, it is difficult to uranium production on the market will
find investors for the funding of the next benefit. Only the one who produces can
project stages. Who bets everything on deliver. To be on the safe side we invest In addition, do you keep an eye on
one card at that constellation takes a big in companies with low production costs smaller uranium companies which
risk – possibly too big. The stake within a and that have a solid order book. It is could become interesting during the
diversified investment fund seems to be good to know in this context that only a coming months?
reasonable. In addition, we suggest a relatively small amount of the annual ura-
timely scaled build-up of the positions. nium production is traded at the spot This is a difficult question. There are
market. The main portion of the uranium some attractive investment possibilities.
production is processed within long-term If I have to name one of my favorites it
What are your selection criteria for the delivery contracts at a predetermined would be Berkeley Energia after the
selection of your fund holdings? (forward) price. We invest in companies recent significant price correction. The
that have sold a significant portion of company has started the construction of
We initiated the fund with great confiden- their production in the past at a predeter- the Salamanca uranium mine in Spain
ce based on the described positive me- mined price, which is considerably hig- and will commence production in 2019,
dium-term prospects three weeks before her than the current spot prices. This sof- latest. At that time many nuclear reactor
the reactor accident in Fukushima. These tens the current psychological strain. An operators in the EU might start to renew
events have pushed back the positive example for a company in this category their long-term delivery contracts. Ber-
starting position by 5 to 6 years. The de- is Ur-Energy (URE CN). keley Energia is in an excellent position
commissioning of the Japanese reactor because the Salamanca mine will be the
fleet, which comprises 10% of all opera- Third, we invest in explorers and develo- only significant uranium producer in the
ting reactors worldwide and the related pers that are advancing development EU-region. This makes the project at-


Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

Interview with Scott Melbye
Executive Vice President of Uranium Energy,
Commercial V.P. of Uranium Participation Corp. and
Advisor to the CEO of Kazatomprom
Mr. Melbye, over the course of your on off one of them) and headed three The pace of the Japanese recovery has
career you have held positions as Exe- hours back into town. Experiences like certainly been a disappointment. Most
cutive Vice President, Marketing of Ura- this helped me develop a real passion analysts, including me, have been wrong
nium One, President of Cameco Inc., for the resource business. Years later, I as to how quickly their reactor restarts
Chair of the Board of Governors of the graduated from Arizona State University would occur. The good news is that posi-
World Nuclear Fuel Market and Presi- in 1984, and took on my first industry tive developments have been taking hold
dent of the Uranium Producers of Ame- role with uranium broker, Nukem Inc. in during 2017 (despite Cameco’s high-pro-
rica. Currently, you are serving as Exe- New York. file contract dispute with Tokyo Electric
cutive Vice President of Uranium Power, which appears to be isolated to
Energy, Commercial V.P. of Uranium those parties). Japan now has 26 restart
Participation Corp., and as the Advisor Since mid-2015 we saw significant vo- applications submitted to Federal regula-
Scott Melbye is a 33-year veteran of to the CEO of Kazatomprom. In other latility in the uranium spot-price. It went tors, with twelve Safety Review appro-
the nuclear energy industry having words: You are THE uranium expert! from 40 to 18 and back to 26 US$. So, vals being handed down by the NRA.
held leadership positions in major What led to your uranium-career? have we already seen the bottom? Another level of hurdles has been the
uranium mining companies as well as legal challenges raised in three jurisdic-
industry-wide organizations. Through Thank you, that is very nice of you to The short answer is yes, even though we tions and the requirement of local
to June 2014, Melbye was Executive say. I feel fortunate to have spent my en- will have some starts and stops before govern­ments to consent to each reactor
Vice President, Marketing, for Uranium tire career in the uranium and nuclear we fully gain traction (as has been the restart. Great progress has been made Uranium production in Kazakhstan
One, responsible for global uranium energy business. Our industry is quite case recently with the price back down on these fronts in recent months as ap- being implemented. This supports ob- (Source: Kazatomprom)
sales activities. Prior to this, Melbye unique in that it is a fairly small and inter- around the US$20 level). The industry pellate courts have overturned all three servations that a peaking of mine pro-
spent 22 years with the Cameco national community of quality, smart, has been in a six-year bear market that of these lower court rulings. We are ex- duction is occurring. Several high-profile
Group of companies, both in the and devoted people who are all pulling began after Fukushima in March 2011. pecting to see a total of nine reactors production cutbacks have been announ-
Saskatoon head office and with their together to supply 11 percent of global This has been a long and challenging restarted by Spring 2018 (five are cur- ced, including Cameco’s Saskatchewan
U.S. subsidiaries. He had last served electricity supplies with highly reliable, downturn, as it would be for any commo- rently operating today). These don’t and U.S. operations, Areva’s Niger mi-
as President of Cameco Inc., the clean-air, base-load energy. dity. While this period has challenged the sound like big numbers, but should be nes, Paladin’s Namibian Langer Heinrich
subsidiary responsible for marketing My introduction to the uranium business patience of uranium investors, the depth viewed as positive developments for mine and Kazakhstan’s 10% reduction in
and trading activities with annual was at a very young age. Being a se- and breadth of this downturn has sowed both market fundamentals and sentiment output. The 10% reduction in output
sales exceeding 30 million pounds cond-generation uranium miner, I grew the seeds of an even more robust and in the uranium industry. Furthermore, from Kazakhstan is particularly signifi-
U3O8. Melbye was formerly the Chair up around the business. My father, sustainable recovery. We are finally se- recent Energy Policy has reaffirmed a tar- cant, as Kazakhstan is the world’s largest
of the Board of Governors of the World Chuck Melbye, graduated from the Co- eing years of low prices beginning to get of having nuclear provide at least producer of uranium, accounting for
Nuclear Fuel Market and President of lorado School of Mines in 1950. He ex- take its toll on the supply side of the mar- 20% of Japanese energy supplies going about 40% of global mine supplies. Cle-
the Uranium Producers of America. He plored and developed uranium deposits ket. Production cutbacks are becoming forward. arly, the move signaled a new disciplined
also currently serves as Executive throughout the Colorado Plateau, Wyo- the norm, as higher priced legacy term and responsible market approach. Earlier
Vice President of Uranium Energy and ming and even Paraguay, with joint ven- contracts begin to fall off. Uranium prices this year, Kazakhstan also announced
VP-Commercial for Uranium ture partners such as Southern Califor- in the low U$20 per pound U3O8 range In the last few months, a couple of pro- that progress to date on that goal amoun-
Participation Corporation and Advisor nia Edison, Korea Electric Power and are simply unsustainable over the longer ducers reported that they are planning ted to a solid 13% production reduction
to the CEO of Kazatomprom, the Taiwan Power Company. I recall an early term. All-in production costs of the lo- to cut their production, including Kaz- based on 1st quarter 2017 results.
world’s largest uranium producer in memory at the age of 12 travelling to west cost mines are higher than the cur- atomprom where you serve as an advi- Furthermore, a senior Kazatomprom re-
Kazakhstan. He also sits on the Moab, Utah with my father to meet a be- rent depressed price level. Further, the sor. Will this significantly affect the ura- presentative also announced at an in-
advisory board of the Colorado School arded and dusty old prospector at the current price environment fails to incenti- nium spot-price? dustry meeting that “further production
of Mines, Nuclear Engineering local motel coffee shop. After spreading vize the majority of undeveloped uranium cuts are not off the table”, as they navi-
program. Melbye received a Bachelor out the exploration maps over the break- projects towards construction. This is absolutely a key catalyst in the gate through this difficult market environ-
of Science in Business Administration fast table, we jumped in his old pickup uranium price recovery that has been ment.
with specialization in International truck and headed out a jeep trail into the long in coming. Global uranium producti- Finally, while not a production cutback,
Business from Arizona State remote red-rock canyons and plateaus Japan is going to bring its reactors back on amounted to 162 million pounds in we received great news earlier in 2017
University in 1984. of that prolific uranium district. Arriving to the grid step-by-step, but cancelled 2016. While this continued a trend of an- that the U.S. Department of Energy has
at the prospective outcropping, we took a supply-contract with Cameco in early nual uranium production increases in the bowed to pressure from the U.S. pro-
some scintillometer readings, bagged 2017. Will Japan put too much pressure face of low prices, the rate of increase ducers and reduced the amount of go-
some mineral samples (kicking a scorpi- on the spot-price? has finally slowed, and cutbacks are vernment inventories that are released to

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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

the market by over 1 million pounds per ty, like uranium, this return to more nor- accommodate small grids like islands se being built in Georgia) require about
year in 2017 and 2018. This may not mal long term contracting levels should and remote areas, require much lower 1.65 million pounds for an initial core,
sound like much, but combined with an- put considerable upward pressure on upfront capital, and have a faster pay- with a reload requiring around 1.1
nounced production cutbacks, about 16 long term and spot prices. We are begin- back period due to short construction pounds. This can, of course, vary based
million pounds of annual supply has now ning to see the signs of this increased times. The U.S. Nuclear Regulatory on operating cycle-length and tails assay
been removed from the market. It should buying activity by global utilities which is Commission is updating their regulations (depending on the relative prices of ura-
also be recognized that an additional 17 very encouraging. to accommodate these small-scale pow- nium and enrichment).
million pounds per year will be removed er producers, which has been a big barri-
by 2025 from the expected resource de- er to entry to date. While these reactors
pletion of currently operating mines. New reactors are being built and older will use less uranium than today’s large The new leading nuclear nation will be
ones will be shut down. What does this units, this potential new growth area is a China. How will their current constructi-
mean for the future demand? Do new very welcome development. on plans effect the uranium sector?
Many long-term contracts will run out in reactors need more uranium than older
the next 12 to 18 months. Utilities are ones? China continues to lead the global nucle-
beginning to return to the market. Will Just to give the readers some numbers: ar growth story, expanding from their
they get their uranium for less than 30 Ten reactors were added to the global How much uranium does a new reactor currently installed 33 gigawatts of capa-
US$ per pound? grid during the 2016 calendar year, need for the first load and how much city from 36 reactors, to close to 100 gi-
exceeding the mark set in 2015 for the does it need for further loads? gawatts within the next ten years. The
Only in the very near term and until such highest growth rate of nuclear power ca- Chinese government has increased its
time renewed utility uranium procure- pacities in the past 25 years. The World Great question and something that adds emphasis on nuclear energy as a way to
ment levels pick back up. This is the Nuclear Association reports that 447 re- to near term uranium requirements due deliver vast amounts of electricity, with­
other key catalyst that has me excited actors are operable in 30 countries. The- to the 59 reactors currently under const- out adding to the severe air pollution cri-
right now. se reactors have a capacity of 392 giga- ruction. A reactor under steady-state sis from carbon emissions affecting their
The world’s fleet of operating reactors, watts of electricity and supply about 11 operation refuels only once every 12 – 24 major cities. In terms of reactor require-
and those nearing completion, are now percent of the world’s electrical require- months depending on their optimal fuel ments Chinese annual uranium consump-
expected to generate a cumulative fuel ments. Currently, 56 nuclear reactors are management and operating strategy. At tion will rise from 20 million lbs in 2017,
requirement of 173 million pounds of under construction in 14 countries with these periodic refueling outages, appro- to over 60 million pounds by 2030.
U3O8 in 2018. This fuel requirement is ex- the principal drivers of this expansion ximately one-third of the reactor core is This all has a profound impact on global
pected to grow to 194 million pounds by being China, Russia, India, the U.S. and replaced with fresh fuel and the remai- uranium supplies, as China possesses
2030. While this demand for uranium is the United Arab Emirates. ning fuel assemblies are shuffled to new relatively little in the way of quality dome-
fairly steady and predictable, the The new reactors are all of designs which locations in the core. The oldest fuel that stic geologic uranium reserves, despite
procurement decisions of utilities can exceed 1000 megawatts and more than has been in the reactor for several years its large geography. As such, China sta-
vary based on contract coverage, inven- compensate for the retirement of some is retired to spent fuel storage for ultima- te-owned companies have been aggres-
tories, forecasts of future prices and risk older smaller reactors that have reached te disposal (or is reprocessed into new sively pursuing uranium imports to the
tolerance. The previous contracting cy­ the end of their operating lives. The total fuel). tune of about 50 million pounds of U3O8
cle, brought on by uranium price spikes demand for uranium will increase with In the case of a new reactor in its first per year, taking advantage of the uranium
in 2007 and 2010, resulted in utilities ru­ the requirements of the larger reactors operating cycle, the entire reactor core downturn and accumulating an un-
shing to contract at higher prices and for balanced against the retirement of the ol- needs to be loaded with fresh fuel. This der-valued commodity that they will ra-
very long terms. While these old cont- der smaller units with designs typically creates what is known as the “initial core pidly consume at their current growth
racts are expiring, the utilities have not less than 1,000 MWe. effect”. The first core fueling requires rate. Their investments in foreign uranium
been moving to replace these supplies. A trend to keep our eyes on, and not yet about 1.5 times the uranium required in a deposits and production assets also have
As a result, the forward coverage of utili- factored into the near-term supply and typical reload (the reason it is not 3 times significant impacts on the global market.
ties has fallen appreciably, increasing the demand analysis, is the growing emer- more has to do with lower U-235 enrich- While their massive investment in the
uncommitted requirements that will need gence of Small Modular Reactor (‘SMR”) ment levels in the first cycle). Taken col- Husab uranium mine in Namibia will
future contract coverage. These unfilled designs. These are reactor designs which lectively across all of the new reactor advance this mine’s development earlier
needs (under recently revised conserva- have a 50-100-megawatt range of out- start-ups, the bump in global require- than economics would otherwise dictate,
tive estimates) currently total around 742 put, and are similar to the small, compact ments is substantial, not to mention that other investments in existing mines, like
million pounds over the next 10 years, U.S. naval reactors which have operated these requirements tend to be procured Langer Heinrich, also in Namibia, will take
which is higher than the 705 million safely since the 1950’s. SMR’s can be earlier than subsequent reloads. significant volumes of production “out of
pounds of uncommitted demand exis- mass produced in factories and shipped To put this into actual numbers, a new circulation” for western utilities.
ting in 2011. In a thinly traded commodi- on site. They are scalable in nature, can Westinghouse AP-1000 reactor (like tho-

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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

ways to complete these reactors and lead to another uranium-price upward
bring them into operation. trend?
Finally, last week, the Palisades nuclear
power plant in Michigan, that was slated The uranium market has required a great
to be retired in 2018, is now pursuing a deal of patience from investors as it has
plan to extend operations for four additi- worked through the over-supply condi-
onal years. Also, continuing a long-term tions that emerged out of the Fukushima
trend, we have seen most U.S. reactors events in 2011. Having said that, as we
pursue (and receive) approvals for licen- head into the end of 2017, we have a
se extensions to add 20 to 40 years of very exciting development materializing
additional operating years to their safe that is rarely seen, but certainly coveted,
and useful lives. by commodity investors. With the record
number of reactors operating, and co-
ming on-line around the world, we are
Let’s come to uranium supply. Do you seeing a robust and growing global de-
see major new mines starting producti- mand for uranium. While utilities have
on in the next five to eight years? What recently been heavily covered under
does the pipeline look like and what contract from past cycles, we see a new
price will most companies need to ad- contracting cycle emerging that will put
vance development, and bring their renewed stress on available supplies in
There is extremely high air pollution in the Department of Energy and the Federal projects into production? the coming years. The trend of global
Chinese cities. Much has been said lately about the Electricty Reliability Commission (FERC) uranium production cutbacks, like those
(Quelle: pixabay/ 3dman_eu) nuclear energy program of the United have been taking real concrete steps to This development should be startling to announced by Kazakhstan earlier this
States, currently the world’s largest reform these market dysfunctions and the nuclear generating companies, and year, have been long in coming. These
fleet. So-called de-regulated electricity preserve this critically important base probably explains the current, and very cutbacks will likely continue at a time
markets and low natural gas prices load nuclear power in the name of reliabi- strategic appetite for Chinese invest- when the pipeline for new supplies is at a
have put some plants under economic lity and grid stability. The performance of ment. Beyond the large Chinese Husab low point, and lead-times required to re-
stress. What is the Trump Administrati- U.S. nuclear power plants during recent mine, we see very little in terms of new verse that trend could be rather prolon-
on doing to address the continued via- “polar vortex” winters, and hurricanes, mine development. From a producer’s ged. The price impact could be acute.
bility of nuclear energy in the U.S.? have only reinforced the need for this po- viewpoint this is not surprising, given the This is certainly the right time to be posi-
licy shift by the Trump Administration. six-year period of challenging price con- tioned in uranium investments to capita-
We have actually seen a great deal of po- Elsewhere in the regulated markets of ditions we have experienced. The incen- lize on an emerging, sustained, price re-
sitive developments on this front in the the Southeastern United States, we are tive price for meaningful new uranium covery.
past 11 months. The challenge is not that seeing the construction of four new reac- production (new developments or mine
nuclear reactors are uncompetitive with tors of the Westinghouse AP-1000 de- expansions) to come to the market is
their low US$0.03 to $0.05 per kilowatt sign. Unfortunately, these massive cons- estimated by BMO, in their March 2017
hour generating cost. The market struc- truction projects have been caught up in uranium market outlook, to be higher
ture in these supposedly de-regulated the bankruptcy restructuring of Wes- than US$60 per pound U3O8. This, and
jurisdictions are severely distorted by the tinghouse given their inability to effecti- the prolonged licensing and permitting
high levels of subsidies granted renewa- vely manage these construction pro- process required to bring on new pro-
bles, and compounded by low natural grams. As a result, both of these projects duction (as much as 10 years or more for
gas prices. Unfortunately, renewables were thrown into jeopardy. The good a major conventional mine/mill complex),
provide the lowest level of as-needed re- news is that the Vogtle units 3&4 in Geor- make for an interesting situation as the
liability, and gas prices cannot be relied gia will proceed to completion under a uranium market is expected to move into
upon to stay low forever (or simply th- new construction manager, Bechtel, and a near term supply deficit amidst higher
rough the cold winter weather months). will be supported by extended loan gua- contracting volumes.
Meanwhile, the potential loss of 24/7 re- rantees from the Trump Administration.
liable and carbon-free base load electri- The Summer units 2&3 in South Carolina
city from nuclear is put in jeopardy. Indi- remain in suspension, but here too, the In summary: What are your feelings
vidual states, like New York and Illinois, story is turning positive with state offici- about the current supply-demand-sta-
and the Federal government through the als and potential investors looking at tus in the uranium sector and could this

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Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz |

Anfield Resources
Owns a high ISR Potential and one of only three fully
permitted uranium processing plants in the USA!

Anfield Resources is a uranium develop- would give the company a significant le-
ment company with the goal of beco- verage.
ming one of the leading uranium pro- The third pillar gives the chance for a big-
ducers in the USA. Currently the main ger conventional production which is
focus is on the recently acquired in-situ longer term and would leverage the com-
recovery (ISR) projects in Wyoming. Be- pany value in the case of increasing ura-
sides this, Anfield Resources owns one nium prices.
of only three fully permitted conventional
processing plants in the USA. Herewith
the company wants to establish a urani- ISR Projects in Wyoming
um production of 1.5 million pounds per
year. The biggest coup in the company history Current resource base
was the acquisition of a total of 24 ISR (Source: Anfield Resources)
projects in Wyoming from Uranium One Resources acquired an additional histo- In August 2017 a second resource esti-
Company Strategy in September 2016. The acquisition ric database of geologic information mate followed, this time for the Clarkson
comprised 2,667 federal mining claims, about the acquired claims and surroun- Hill Project. The project contains:
Anfield Resources impresses with a 56 Wyoming State leases and 15 private ding areas.
threefold company strategy. leases in known uranium districts like the In March 2017 Anfield Resources enga-  Inferred resources of 957.000 tons ore
First, the creation of a company head- Black Hills, Powder River Basin, Great ged the renowned engineering firm BRS with average grades of 0.058% U3O8
quartered in the USA with focus on US Divide Basin, Laramie Basin, Shirley Ba- Inc. to prepare a series of NI 43-101 for 1.113 million pounds of U3O8.
projects with significant production po- sin and Wind River Basin. In addition, compliant technical reports for a number
tential. This will be secured through orga- Anfield Resources acquired a database of the 24 ISR projects. In addition, the A good start in a series of resource esti-
nic growth as well as by new acquisi- of drilling and geologic work that inclu- historic and more recent databases will mates which will be published during the
tions. des 575 drill holes totaling approximately be evaluated to outline the existing urani- coming months.
Second, Anfield Resources wants to 130,000m of drilling. um resources as quickly as possible. It is
build a significant ISR production which Together the 24 ISR projects contain his- important to know that the majority of the
would be a production that could be rea- toric resources of 36.8 million pounds 24 ISR projects are located in close pro- Processing Capacity secured
lized in the short to medium-term. At the U3O8 whereby for some of these projects ximity to projects of other uranium de-
currently low uranium spot price this no resource estimation exists. Anfield velopers with already existing uranium The highlight of the aforementioned deal
resources. is the closing of the so-called Resin Pro-
cessing Agreements with Uranium One.
Anfield Resources has now the possibili-
First Resources confirmed ty to produce up to 500.000 pounds of
Uranium per year in Uranium One’s pro-
In a very short time, the cooperation with cessing plant Irigaray in Wyoming. And
The Shootaring Canyon Mill is located 77km BRS resulted in a first resource estimate. there is more: In the case that Anfield
south of Hanksville in Utah. Anfield Resources published a resource Resouces cannot meet the off-take
(Source: Anfield Resources) for the Red Rim Project in April 2017. agreements completely, the company
has the possibility to buy the appropriate
This project contains: quantities from Uranium One. This is an
unique agreement that provides Anfield
 an Indicated Resource of 336,655 Resources with lots of leeway for possib-
tons of mineralized material with an le production scenarios and off-take
average grade of 0.170% equivalent contracts.
to 1,142,449 pounds of U3O8; and The cost for the whole package, inclu-
 an Inferred Resource of 472,988 tons ding the Resin Processing Agreement,
of mineralized material with an avera- was only US$ 6.55 million which Anfield
ge grade of 0.163% equivalent to Resources will pay over a period of five
1,539,447 pounds of U3O8. years.

32 33
Conventional Assets ties in a total of four projects of listed New Sales manager ought to handful companies that will be able to
uranium companies. finalize delivery contracts with put together a significant uranium pro-
Besides the pure ISR projects, Anfield energy producers duction within 2 to maximum of 3 years.
Resources owns a number of conventio- This is possible due to a double strategy
nal high-quality uranium assets. Annual Production of up to 1.5 In addition, the company is working on with the low cost ISR production and a
million pounds of U3O8 within delivery contracts with energy producers. processing plant that can be put in ope-
the next three years For that purpose, Robert Scott Lumadue ration with little money besides several
Shootaring Canyon Mill was hired as Vice President, Uranium possibilities to provide this facility with
Anfield Resources’ initial focus is on the Sales and Marketing and was part of sufficient material. This flexibility and the
The Shootaring Canyon Mill is located ISR production in Wyoming. Due to the Uranium One America’s successful sales quick production possibility make An-
77km south of Hanksville in Utah. It is Resin Processing Agreements, the com- team. He also worked at the utility com- field Resources at the current share price
one of only three fully licensed conventi- pany can produce 500,000 pounds of pany Duke Energy Corporation for 12 ye- the absolute top pick in the whole urani-
onal processing plants in the USA. U3O8 per year in Wyoming if the approp- ars. He is familiar with both sides which um sector.
Shootaring Canyon is a conventional riate well fields are installed. This can be should be invaluable for Anfield Resour- Above all because several resource esti-
acid leach plant with a permitted capaci- done within 18 to a maximum of 24 ces. mates will be announced in the short to
ty of 750 tons per day. In the vicinity of months and would cost initially, inclu- medium-term which will continuously in-
the plant are stockpiles containing ding a satellite facility, an estimated 11 crease Anfield Resources’ resource base
around 370,000 pounds of U3O8. The million dollars. A second step is the re- Summary: at the right time with and thereby increasing the company
plant was in operation for a short time furbishment, the expansion and the re- the right projects at the right value.
only. commissioning of the conventional pro- location In July 2017, the company was able to
cessing facilities in the Shootaring generate CA$3.1 million through a finan-
Canyon Mill and the Velvet-Wood Mine Anfield Resources is, with its projects, at cing, which makes the company well fi-
Velvet-Wood Mine above all. The estimated costs are the right time at the right location. The nanced for the coming months.
around 35 million dollars, a very small uranium longing US-American nuclear
The Velvet-Wood Mine is also in Utah. amount in light of an anticipated annual power plant operators could stand in line
Anfield Resources bought this mine, like production of one million pounds of at Anfield Resources. The reason being,
the Shootaring Canyon Mine, from Ura- U3O8. The company would be able to that Anfield Resources is one of just a
nium One in 2015. The mine contains a produce 1.5 million pounds of U3O8 per
current resource of 5.1 million pounds of year in total whereby the company would
U3O8. An initial economic assessment in rank in second place in terms of uranium
2016 confirmed a pre-tax IRR of solid production in the USA.
41%. Interview with Corey Dias, CEO of
Short to medium-term Catalysts Anfield Resources
Other Projects/Royalties
During the coming months, a range of
In addition, Anfield Resources owns news is expected from Anfield Resour- What did you and your company nium from Uranium One in order to satis-
other conventional projects in the US ces. Among other things a number of achieve within the last 12 months? fy any utility contracts Anfield may sign.
states of Arizona, Colorado and Utah resource estimates are pending for the Since the acquisition, Anfield has up-
like Frank M (2.3 million pounds of U3O8), Wyoming projects as well as for the con- We acquired a portfolio of 24 ISR-amen- dated the uranium resource to the NI43-
Findlay Tank (954,000 pounds of U3O8) ventional assets in Utah, Colorado and able uranium assets in Wyoming from 101 standard on two of its acquired ISR
and Henry Mountains. Furthermore, the Arizona. Furthermore, important miles- Uranium One. In addition to the acquisiti- projects in Wyoming. Corey Dias, CEO
company owns some stockpiles in Utah tones will be reached with the approval on, Anfield entered into a Resin Proces-
from which a significant short-term cash of the production in Wyoming. In additi- sing Agreement whereby Anfield secured What are the main catalysts for your
flow can be generated. All these assets on, the company is looking for additional the use of 500,000 pounds of uranium company within the next 6 months?
are located within a radius of only 125 acquisition opportunities of ISR and capacity at Uranium One’s existing – and
miles around the Shootaring Canyon conventional assets as well as inventory currently operating – processing plant in Anfield will look to upgrade the historical
Mill. In the US states Utah, Colorado and of the end product Yellowcake. Wyoming. Finally, the Agreement also al- resources associated with the ISR pro-
South Dakota the company owns royal- lows Anfield to both buy and borrow ura- jects it acquired from Uranium One to

34 35
Appia Energy
High grade uranium and rare earth element deposits
and the best uranium geologist on the planet

NI 43-101 standard in order to increase Appia Energy is a Canadian resource Teasdale Lake Zone and the Banana
the size of its resource base on its balan- development company specializing in Lake Zone stand out clearly. Currently
ce sheet. In addition, Anfield will conti- uranium and rare earth element sec- these zones are the focus of additional
nue to seek out acquisitions which are tors. Appia Energy has a two-fold stra- exploration plans containing drill loca-
complementary to its current asset port- tegy: the exploration of high-grade ura- tions for securing good results as well
folio. nium deposits in the Athabasca Basin as possible economic mining scena-
Region and the development of the El- rios. The project is currently on standby
liot Lake Uranium and Rare Earth Ele- and should be reactivated quickly in
What is your opinion about the current ment Project in Ontario. the case of higher uranium and rare
conditions of the uranium market? earth element prices.

The current market remains a challenge; Elliot Lake

that said, we do not believe that current
conditions are sustainable as supply/de- The Elliot Lake Project is located three
mand imbalance will only continue to kilometers north of the town of Elliot
move in producers’ favor. With both re- Lake in northern Ontario. 60km to the
actors being built around the world and southwest lies the town of Blind River,
uranium production slowing, it seems in- where Cameco operates the world’s
evitable that the uranium price will have largest uranium refinery. The short dis-
to move upward in order to incentivize tance to the nearest town means that
current and new producers to produce in all the infrastructure is in place already.
Shootaring Canyon is a conventional acid order to meet demand. The project comprises 101 claims
leach plant with a permitted capacity of 750 which are in the possession of Appia
tons per day. (Source: Anfield Resources) Energy completely.
During the period from 1955 through
1996 13 underground mines within the
Elliot Lake Mining Camp produced a
total of 362 million pounds of U3O8 at
an average grade of 0.106 wt.% U3O8
Anfield Resources Inc. ISIN: CA03463J1021
(weight percent).
However, Elliot Lake still contains signi-
WKN: A12A3A ficant resources of 8.0 million pounds The Elliot Lake Project hosts a number
FRA: 0AD of U3O8 and 47.7 million pounds of of independent deposits whereby the
TSX-V: ARY TREE (total rare earth elements) in the Athabasca Basin Uranium Teasdale Lake Zone and the Banana Lake
category indicated and 47.7 million Projects Zone stand out clearly.
Shares issued: 164.0 million pounds of U3O8 and 133.2 million (Source: Appia Energy)
Options: 3.1 million pounds of TREE in the category infer- Although the Athabasca Basin is known
Warrants: 103.3 million red. According to historic resource for its rich uranium deposits (since the
Fully diluted: 270.5 million estimates Elliot Lake could host more year 2000 alone eight deposits were
than 200 million pounds of U3O8. discovered with more than 50 million
Contact: In the past Appia Energy and especially pounds of U3O8 each) the exploration in
Anfield Resources Inc. other companies spent over CA$50 this region is still in its infancy. Appia
806-1199 West Pender Street million for exploration campaigns in El- Energy owns several high-quality licen-
Vancouver, BC V6E 2R1, Canada liot Lake. It was demonstrated that El- se areas in the Athabasca Basin Regi-
phone: +1-780-920-5044 liot Lake has the potential for a much on. Three of these projects stand out
larger resource because the known especially. All of these projects have uranium veins are open to all sides. geophysical and geological similarities The Elliot Lake Project hosts a number with already known high-grade urani-
of independent deposits whereby the um deposits.
(Source: BigCharts)
36 37
vey of the rock characteristics). To date Alces Lake arly: James Sykes! Exceptionally he is
only 2km of this area have been explo- not the CEO but Appia Energy’s Chief
red! Alces Lake is located northwest of the Geologist and Vice President Explorati-
At the beginning of 2017 a gravity sur- Athabasca Basin, not far from Uranium on & Development.
vey was conducted and numerous City. The project comprises 5,750 hec- In the uranium community Sykes is
areas with gravity lows were identified tares and hosts, besides uranium, tra- considered as the one with the best
which share numerous similarities with ces of rare earth elements, titanium nose for extreme high-grade and large
NexGen Energy Ltd.’s mega discovery and thorium. Appia Energy has a 100% uranium deposits. Sykes was part of
Arrow. interest in 8 of the 9 claims and a 90% the exploration team at Denison Mines
In March and April 2017, a drill program interest in one claim. The previous ex- that outlined the targets for the disco-
was conducted where exceptionally ploration activities included, among very of the mega projects Phoenix and
high radioactivity was found in three other things, sampling which returned Gryphon. At Hathor Exploration, he de-
drill holes. In addition, four drill holes up to 36 wt% TREO (total rare earth veloped the geologic 3D model of the
encountered low-grade uranium tra- oxide). In 2016 VTEM and radiometric Roughrider West deposit which resul-
ces. as well magnetic surveys were conduc- ted in the discovery of the East and Far
In May 2017 Appia Energy released ad- ted that identified numerous follow-up East deposits.
ditional sensational drill results. The targets with similar characteristics like At NexGen he was jointly responsible
company encountered 72.9 m grading high-grade rare earth element occur- for the discovery of the Arrow deposit
0.012 wt. % U3O8. 150m further the drill rences. Trenching at Alces Lake re- and the high-grade A2 subzone. The-
Athabasca Basin with projekts of returned 26.4m grading 0.014 wt. % turned the highest-grade traces of rare rewith Sykes was responsible for the
Appia Energy (red) Loranger U3O8. 600m southwest along strike earth elements in Saskatchewan and discovery of far more than 450 million
(Source: Appia Energy) 56.85 m grading 0.012 wt.% U3O8 were are comparable with those from the pounds of U3O8 during his career!
Loranger is located in the southeastern intersected and 425m further the com- world-class deposit Steenkampskraal
part of the Athabasca Region slightly pany encountered 10.3m grading 0.016 in South Africa. In August 2017 the
outside of the actual Athabasca Basin. wt.% U3O8. company commenced a field program Summary: Appia Energy has
The project is located 60km from the In July 2017 the company announced for a closer examination of the high-gra- the potential for a second
Cigar Lake Mine, 40km from the McLe- that instead of the two historic occur- de radioactive areas discovered in NexGen
an Lake Mill and only 28km from the rences three radiometric occurrences 2016.
Rabbit Lake Mill. The 33,400-hectare with significant radioactivity were iden- As you might have noticed the name
project area is connected to a highway tified. NexGen appears every now and then in
via a 20km long ice road and has direct Eastside Property the text above. Appia Energy has no-
access to a high-voltage power line. thing to do with this successful urani- (Source: Appia Energy)
Besides uranium traces of rare earth Otherside The Eastside Property is the most
elements, thorium and molybdenum recent acquisition. It is a group of con-
are found at Loranger. Appia Energy Otherside comprises an area of 21,800 tiguous claims covering 4,736 hecta-
has a 100% interest in Loranger. hectares and is located in the center of res. Eastside is located 50 km east of
Several locations with high-grade near the Athabasca Basin. Appia Energy has the Loranger property and 85 km east
surface and not covered by sandstone a 100% interest in the project. The of Cameco’s Rabbit Lake uranium mill
uranium resources are found in the pro- company aims at the discovery of a in the eastern part of the Athabasca
ject area. Already during the 1970s ra- high-grade uranium deposit because Basin. Historic sampling provided
dioactive outcrops and radon anoma- the area has geological similarities with samples with uranium grades of up to
lies in water were discovered. In the NexGen’s Arrow project. Previous ex- 7,575 ppm. In August 2017 the compa-
course of a historic drill program signi- ploration activities included an airborne ny commenced airborne radiometric
ficant uranium grades were identified survey as well as gravity surveys and a and magnetic surveys.
down to a depth of 94m in 10 of the 13 radon analysis. Two diamond drill holes
drill holes. The breakthrough came in 10 and 20km southwest of the central
October 2016 as four separate structu- area encountered massive faults within Appia Energy bets on Top
ral corridors with a total strike length of the sandstone. Interesting is that the Uranium Geologist
94km were identified by a VTEM (Ver- discovered veins show a similar displa-
satile Time Domain Electromagnetic) cement like that of NexGen’s Arrow Appia Energy has a top management
survey (airborne, electromagnetic sur- project. team where one name stands out cle-

38 39
um explorer except that Appia Energy’s it is only a matter of time until it will re- In the next 6 months, Appia plans to
chief geologist James Sykes came commence operation. There the com- return to the Loranger property to com-
from NexGen to Appia Energy. This is a pany owns one of the largest uranium plete diamond drilling on highly prospec-
big win for Appia Energy! At NexGen resources globally. Appia Energy has a tive exploration targets. Appia remains
Sykes was jointly responsible for the big opportunity to have a big hit in the well-funded to complete the planned di-
discovery of the Arrow deposit and the Athabasca Basin and has, in light of the amond drill program.
high-grade A2 subzone and thereby for large resources, a big leverage on the
more than 300 million pounds of U3O8! uranium price which must increase in Diamond drilling at Loranger was very
Sykes wants to repeat that success at the future. What is your opinion about the current promising (Source: Appia Energy)
Appia Energy where he finds an ideal conditions of the uranium market?
field of activity because several Appia
projects have almost identical geologi- The current conditions of the uranium
cal features like NexGen’s mega pro- market are not sustainable for the urani-
ject Arrow. The company will conduct um producers, explorers and utilities.
several exploration programs during Many producers are losing money at the
the coming months to have the first of current uranium price and therefore
several real strikes. The ace up the they’ve had to curtail uranium producti-
sleeve is the Elliot Lake Project, where on.
The price of uranium needs to climb hig- come into production within the next 7
her as there are more than 300 new reac- years which creates a looming shortfall in
tors still proposed for construction by production on the horizon.
2030 and supply will have to almost dou-
Interview with Anastasios (Tom) Drivas, ble to 300 M lbs. uranium annually to
meet demand. In the meantime, there’s
CEO of Appia Energy no new uranium mines scheduled to

What did you and your company achie-  acquired the Eastside property, which
ve within the last 12 months? is a high-grade uranium prospective
area that hosts three surface outcrops
Appia Energy Corp. has been very active along a 1.7 km geological strike with Appia Energy Corp.
over the last 12 months. The Company 2,538 ppm, 6,650 ppm and 7,575 ISIN: CA03783B1022
Anastasios (Tom) Drivas, CEO has; ppm uranium, respectively, WKN: A2DLD6
 raised $1,957,405 CAD in new capi-  completed an airborne radiometric, FRA: A0I
tal, magnetic and VLF-EM survey over TSX-V: API
 completed a 715 line-km airborne the Eastside property; final results are
VTEMTM Max Time-Domain EM and still pending, Shares issued: 52.3 million
magnetic survey on the Loranger pro-  and completed ground radiometric Options: 3.8 million
perty, prospecting on the Alces Lake pro- Warrants: 9.1 million
 followed the airborne survey with perty; geochemical assay results are Fully diluted: 65.3 million
ground gravity surveying, still pending.
 completed 1,461 m of diamond dril- Contact:
ling on the Loranger property with 6 Appia Energy Corp.
out of 7 drill intersecting uranium mi- What are the main catalysts for your Suite 500 - 2 Toronto St.
neralization, and 4 of those 6 drill ho- company within the next 6 months? Toronto, ON M5C 2B6, Canada
les intersected wide intervals of urani-
um mineralization, In the next few weeks, the Company phone: +1-416-546-2707
 completed ground radiometric pros- plans to release final results from both fax: +1-416-218-9772
pecting and identified radioactive the Eastside airborne survey and geo-
boulders and outcrops on the Loran- chemical assays from the Alces Lake
ger property, prospecting program.
(Source: BigCharts)
Blue Sky Uranium
Early stage chance with prospect of low cost
open pit mining!

The majority of standard uranium mines the exclusive right to complete airborne Amarillo Grande 3.375.000 3.400.000 3.425.000 3.450.000 3.475.000 3.500.000

produce the uranium ore by underground geophysical surveys over an area of Uranium-Vanadium Project:
mining techniques raising the constructi- 2.265 million hectares. After a detailed Ivana


on and mining costs. The Canadian de- study the company decided to acquire
velopment company Blue Sky Uranium the mining rights for Anit, Ivana and San- Ivana is the largest and southernmost


owns several huge uranium licenses in ta Barbara because several significant subproject. It covers 118,000 hectares
Argentina which, after initial inspection of anomalies were discovered on these and hosts a 25km long anomaly. Within a
the drill results, can probably be mined projects. The three license areas cover 4,500m x 1,500m corridor a high-grade


by open pit methods. This is an enor- an area of 269.000 hectares in total and mineralization was discovered by
mous cost advantage which promises are located in the province of Rio Negro, sampling and drilling corresponding to


not only faster mining but also high mar- Argentina. Anit, Ivana and Santa Barbara previous radiometric surveys. Initial
gins. are situated within a 140km long trend sampling provided results of up to 1.81%
which hosts several known uranium de- U3O8 over 0.75 m. This sample was col-


posits. Besides the near surface uranium lected only 2m below the surface. Location of the Amarillo Grande licences.
Amarillo Grande mineralization, Amarillo Grande also (Source: Blue Sky Uranium)
Uranium-Vanadium Project: hosts significant vanadium resources. Follow-up drilling provided among other


Location, Resources and This is interesting because the price of things - 30.000 15.000 0 30.000 Meters

Mining Possibilities vanadium has more than doubled since

the fall of 2016 und vanadium as by-pro-  3,136ppm U3O8 over 1m, 3.375.000 3.400.000 3.425.000

3.450.000 3.475.000 3.500.000

Blue Sky Uranium’s flagship project is duct could significantly contribute to a  2,182ppm U3O8 and 1,285ppm V2O5
Sta Barbara

Amarillo Grande which consists of three low-cost production. The uranium and over 2m,
New Tenures
Date: September 01, 2017 Prep. by: JMR/AT/DL/GP
Exploration Claims Datum: GK - P94/Z3

subprojects: Anit, Ivana and Santa Bar- vanadium ore occur in depths of 0 to  2,087ppm U3O8 and 1,892ppm V2O5
bara. In 2010 Blue Sky Uranium received 25m whereby the deposits can extend over 1m, tention is on a 1,000m x 200m corridor
over several kilometers. The overburden  1,861ppm U3O8 over 3m, within a paleo channel.
is comprised of only slightly compacted  1,473ppm U3O8 and 721ppm V2O5 Historic exploration activities identified
sand which results in favorable mining over 1m and for 81 drill holes an average grade of
and extremely low drill costs. Mining will  1,410ppm U3O8 over 1m. 0.03% U3O8 and 0.075% V2O5 over
be carried out by a so-called scraper 2.6m. In the western and central zones
which strips the rock layers and a con-  within significant Uranium and vana- 103 pits were discovered which had ura-
veyer loads the stripped material directly dium mineralization of up to 20m in nium grades of more than 50ppm where-
on a following truck. No drilling and blas- thickness. All these drill results are by on average 1.97m with 0.04% U3O8
ting is necessary, which drastically re- from maximum depths of 23m! and 0.11% V2O5 were detected. A drill
duces the mining costs. In addition, the campaign, which started in May 2017,
company does not need the majority of In September 2017 released drill results identified uranium grades of up to
excavators usually needed. The ore ma- could extend the strong mineralized cor- 1,114ppm U3O8 and up to 3,411ppm
terial could be processed in a central ridor by 2km to the northeast and sug- V2O5. The very high-grade vanadium re-
processing plant located between the gest that the corridor continues to the source especially attracted the attention
three subprojects by means of the low- north and south. of the management so that additional
Blue Sky Uranium's projects in Argentina cost leaching process. All these benefits work and drilling is planned in this area.
(Source: Blue Sky Uranium) make it possible to mine low grade de- Blue Sky’s management believes that
posits. An example for such a mine is Amarillo Grande this corridor could be 5km or more long.
Langer Heinrich in Namibia where the Uranium-Vanadium Project: Test works also showed that the majority
corresponding resources are mined for Anit of the present uranium and vanadium re-
less than US$18 per pound of uranium. It sources could be significantly improved
should be noted that Blue Sky Uranium The second subproject, Anit, covers by wet screening because coarse gravel
has the advantage of the additional va- around 24,000 hectares and lies between in particular contains hardly any uranium.
nadium resources. Ivana and Santa Barbara. Anit is located This could reduce transport and proces-
on a 15km long trend showing near sur- sing costs and achieve production at se-
face uranium mineralization. Special at- veral satellite projects concurrently.

42 43
Summary: three projects, two open pit mining methods. Together this
elements, prospect of low cost promises, due to several existing high-
mining! grade sections, a very good chance for
an early production and especially for a
Blue Sky Uranium is a real early stage low-cost production which needs only a
chance at an imminent uranium boom fraction of the capital costs that similar
market. Although the company has al- conventional mines require. An own pro-
ready made significant exploration and duction should be within the realms of
development progress on its three ad- possibility with the very well networked
(Source: Blue Sky Uranium) vanced projects within Amarillo Grande, Grosso Group in Argentina.
Amarillo Grande gic environment. The National Commis- an initial resource estimate which is
Uranium-Vanadium Project: sion of Atomic Energy could already con- planned for the fourth quarter of 2017
Santa Barbara firm a significant resource at Cerro Solo. may bring clarity on the dimension of the
Sampling at Sierra Colorado could prove resources at Ivana. Two things seem ob-
The third subproject Santa Barbara lies up to 0.65% U3O8 and 1.55% V2O5 as jectively speaking crystal clear: First, the
northwest of Anit and is still at a very ear- well as traces of molybdenum. rocks at Ivana and also at Anit contain,
ly stage. Blue Sky Uranium could already Blue Sky Uranium’s second project Tier- besides uranium, significant vanadium
identify several anomalies on the project ras Coloradas is situated northeast of resources also and second, the existing
and wants to make a new discovery Sierra Colorada and to date was explo- resources can be mined most likely by
soon. red only sporadically for existing depo-
sits although the company detected near
surface mineralization by radiometric
Amarillo Grande surveys.
Uranium-Vanadium Project: The Cerro Parva project covers around Interview with Nikolaos Cacos,
current activities 67,800 hectares and is located only
40km east of Cerro Solo. CEO of Blue Sky Uranium
Currently the company is increasingly fo- The Chubut projects are intended for a
cusing its activities on Anit and especial- future pipeline expansion and therefore
ly on Ivana. Ivana especially is at the fo- are not currently in the development fo- What did the company achieve within in pleted to date throughout the project
cus because the company tries to extend cus of the company. the last 12 months? area. Phase I (1390 meters in 98 holes)
the discovered high-grade areas and RC drilling results from Ivana were previ-
provide a resource estimate as quickly as Blue Sky Uranium has completed Phase ously reported by the Company on June
possible. To this end the company works Grosso Group: I drilling at all three target areas on its 19, 2017.The follow-up exploration pro-
with an electrical tomography program the game changer Amarillo Grande uranium-vanadium pro- gram at Ivana comprised 858 meters of Nikolaos Cacos, CEO
covering 11km and a drill program com- ject in Rio Negro Province, Argentina, RC drilling and 6.5-line kilometers of ET
prised of 3,000m. Metallurgical test runs Blue Sky Uranium belongs to the Grosso and has also completed a follow-up re- surveying.
are conducted concurrently to establish Group. The Grosso Group is a resource verse circulation (RC) drilling and electri-
an optimal leaching process and to recei- management company that is in operati- cal tomography (ET) geophysical pro-
ve the highest possible recovery rates. on since 1993. The company is speciali- gram at Ivana to further define an area What are the main catalysts for your
zed on South America and especially on with elevated uranium-vanadium on the company within the next 6 months?
Argentina. During this time, they made eastern flank of the previously-drilled
Exploration projects in Chubut three multi million ounces precious me- area. Blue Sky Uranium‘s goal is to complete
Province tals finds in Argentina. In addition, part- Drilling and geophysical surveying are the 43-101 until year end.
nerships could be entered with resource expected to resume at the Ivana. Additi- This new uranium district was first identi-
Blue Sky Uranium has additional explo- giants like Barrick, Areva, Rio Tinto, Teck onally, the Company is advancing with a fied, staked and underwent preliminary
ration projects in the Chubut Province and Yamana. Company chief Joe Grosso beneficiation and metallurgical test work exploration by Blue Sky from 2007 to
south of Rio Negro. was awarded Argentina’s Mining Man of program on uranium-vanadium minerali- 2012 as part of the Grosso Group’s stra-
The Sierra Colorada project covers the Year in 2005. The Grosso Group has zed material from Ivana. tegy of adding alternative energy focus
around 39,900 hectares. The project is a vast network of industry and political A total of 3729 meters of RC drilling in to its successful portfolio of metals ex-
located 96km from Cerro Solo project contacts in Argentina. 256 holes and 22.5-line kilometers of ET ploration companies. The close proximi-
(not Blue Sky Uranium) in a similar geolo- geophysical surveying have been com- ty of several major targets suggests that

44 45
Denison Mines
The uranium developer is in pole position in the
Athabasca Basin!
if resources are delineated a central pro- costs are also contributing to a revival in Denison Mines Corp. (“Denison”) has a further 6% will make. The resources were
cessing facility would be envisioned. The nuclear power. long history of uranium mining in Canada last estimated in 2015 and amounted to
area is flat-lying, semi-arid and accessib- Looking ten years ahead, the market is – dating back to its operations in Elliot 114.3 million pounds of U3O8. Denison
le year-round, with nearby rail, power expected to grow significantly. The WNA Lake, which ceased in the 1990s after current 60% interest equates to 68.6 mil-
and port access. 2015 Nuclear Fuel Report reference decades of mining. Having expanded its lion pounds U3O8, with an additional 6%
The near-surface mineralization, ability to scenario (post Fukushima accident) interests during the last uranium bull bringing Denison’s share up to over 75
locally upgrade, amenability to leaching shows a 26% increase in uranium de- market to include projects in the USA, million pounds U3O8. With continued ex-
and central processing possibility sug- mand over 2015-25 (for a 30% increase Africa and Mongolia, the company has ploration success through 2016 and
gest a potentially low-cost development in reactor capacity – many new cores will recently divested its non-core assets and 2017, the total resources at Wheeler Ri-
scenario for a future deposit. be required). Demand thereafter will de- has become laser focused on Canada ver are sure to increase.
As the Vanadium market starts to heat up pend on new plants being built and the and the Athabasca Basin region in parti-
we are very excited about the prospects rate at which older plant is retired – the cular. The company currently has inte-
of this by-product of production on Blue reference scenario has a 22% increase in rests in, among other things, the Wheeler
Sky Uranium‘s properties. uranium demand for the decade 2020 to River project, which is the largest unde-
2030. veloped uranium project in the eastern
We believe the uranium bull is just around Athabasca Basin, and the McClean Lake
What is your opinion about the current the corner. mill, which is a fully licensed uranium
conditions of the uranium market? processing plant with excess licensed
capacity. In addition, Denison is the ma-
Concerns over climate change have re- nager of Uranium Participation Corp., a
newed interest in nuclear energy as it is a type of physical uranium investment fund
carbon-free source of electricity with no that is traded on the TSX.
CO2 emissions. Other factors that are in
addition, improved reactor performance,
extended fuel cycles, increased genera- Wheeler River – Location, Infra-
ting capacity and reduced operating structure, Ownership structure

Denison’s flagship project is Wheeler Ri-

ver which is located in the southeast of Wheeler River – Deposits
the Athabasca Basin between the Ma- Denison Mines holds a number of

Blue Sky Uranium Corp. ISIN: CA0960495079

cArthur River Mine and Cameco’s Key
Lake Mill. As a result, Wheeler River is
Wheeler River is host to two separate de-
posits, the Phoenix deposit and the Gry-
high-class uranium licenses (green) mainly in
the eastern part of the Athabasca Basin
WKN: A12GAR well situated amongst critical infrastruc- phon deposit. The two deposits are si- (Source: Denison Mines)
FRA: MAL2 ture – including roads and the provincial tuated in the northern part of the
TSX-V: BSK power grid. Denison holds a 60% interest property and are only separated by
in Wheeler River, while 30% belongs to approximately 3 kilometers.
Shares issued: 71.7 million Cameco and 10% to JCU (Canada) Ex-
Options: 0.4 million ploration Limited. At the beginning of 2017
Warrants: 4.3 million Denison announced a binding agreement Wheeler River – Phoenix
Fully diluted: 76.4 million with Cameco where Denison will increase
its interest to ~66% by the end of 2018. The larger deposit of the two is Phoenix,
Contact: Cameco’s interest will be reduced to which is estimated to contain inferred re-
Blue Sky Uranium Corp. ~24%. In exchange Denison has to pay sources of 1.1 million pounds U3O8 at
Suite 411 - 837 West Hastings Street for 50% of Cameco’s share of expenses 5.8% U3O8, plus indicated resources of
Vancouver, BC, Canada V6C 3N6 at Wheeler River in 2017 and 2018. 70.2 million pounds U3O8 at an average
grade of 19.1% U3O8 – which makes
phone: +1-604-687-1828 Phoenix the highest grade undeveloped
fax: +1-604-687-1858 Wheeler River – Resources uranium deposit in the world. By compa-
rison, some ISR projects have grades A glance at Wheeler River’s current re- between 0.01% and 0.02% U3O8! In the source basis shows what a difference a company’s Preliminary Economic As-
46 47
sessment (“PEA”) for the Wheeler River U3O8 over 13.5m, plus 6.2% U3O8 over has a licensed processing capacity of 24 Wheeler River – Exploration
project, this deposit is estimated to pro- 2.5m and 1.3% U3O8 over 3.0m. million pounds of U3O8 per year, with 18 and development potential
vide 7 million pounds of U3O8 per year million pounds U3O8 per year available
over 9 years. The deposit is expected to Wheeler River – Economic for Cigar Lake. The remaining 6 million Although Wheeler River is already the lar-
be mined by a Jet Bore Mining method Assessment pounds of processing capacity is availa- gest undeveloped uranium project in the
similar to Cigar Lake. ble, at present, for Denison to potentially infrastructure rich eastern portion of the
Denison released a PEA for Wheeler Ri- use for Wheeler River. Although McClean Athabasca Basin, mineralization at Gry-
Wheeler River – Gryphon ver in April 2016, using the then current is 120km from Wheeler River, the high phon remains open on multiple fronts
long-term contract price for uranium grades at Wheeler make for a low tonna- and continues to expand.
Gryphon was discovered in 2014, when (US$44/lb U3O8) in its base case. The ge operation well suited for transport to
drill hole WR-556 returned uranium gra- results were very encouraging for such a an existing mill – providing an unbeatable
des of 15% over several meters. Gry- moderate price assumption, returning a alternative to building and licensing a Other Projects
phon is hosted in basement rocks and pre-tax IRR of 20.4% and a pre-tax Net costly new plant.
can be mined by conventional and low- Present Value („NPV“) of CAD$513 milli- Including Wheeler River, Denison owns
cost underground mining methods. Gry- on. At a uranium price of US$62.60 per interests in over 350,000 hectares of
phon is estimated to contain 43.0 million pound U3O8, the pre-tax NPV would re- Wheeler River – current plans ground in the Athabasca Basin region –
pounds U3O8 at an average grade of ach CAD$1.42 billion and the pre-tax IRR and schedule which is highlighted by numerous highly
2.3% U3O8, and according to Denison’s would climb to 34.1%. The initial capital prospective exploration pipeline pro-
PEA could provide 6 million pounds of costs modelled for the project were also In 2017 Denison is planning two things: jects.
U3O8 per year over 7 years as the first very encouraging – amounting to only First, the advancement of the PFS that
stage of a co-development plan that will CA$560 million (100%), as the plan assu- should be published during the first half
provide a 16-year mine life together with mes use of excess capacity at the com- of 2018 at the latest. In order to deliver Waterbury and Midwest
Phoenix. The resources were last estima- pany’s 22.5% owned McClean Lake mill, the PFS in 2018, the company will con-
ted for Gryphon in 2015 and included the rather than building a new uranium mill. duct geotechnical, hydrogeological and The Waterbury Project (Denison: ~64%)
results from the A, B and C series of mi- environmental field programs in 2017. In was acquired from Fission Energy in
neralized lenses. Since then, Denison The estimated operating cash costs are addition, the company will complete stu- 2013, and is host to the J-Zone uranium
has discovered the D and E series of len- also worth highlighting. According to the dies for shaft construction, different deposit (estimated to include an indica-
ses. In May 2017, Denison announced PEA, operating costs are estimated to be mining methods for Phoenix, and evalua- ted resource of 12.8 million pounds U3O8
McClean processing plant the best result to date for the D Lenses US$22.15 per pound of U3O8 at Phoenix tions for water treatment. Beyond at an average grade of 2.0% U3O8). De-
(Source: Denison Mines) with drill hole WR-633D3, returning 3.3% and only US$14.28 per pound U3O8 at working towards the PFS, Denison is nison recently made a new discovery on
Gryphon. Sensational numbers conside- planning an aggressive exploration drill the property – located approximately 1
ring that these numbers are based only program, originally totaling 46,000m – to kilometer north of J-Zone at an area that
on the drill results received by the end of confirm and expand the mineralization at is now called the “Huskie” zone. In an
2015. With the discovery of the D and E Gryphon. After a highly successful win- initial 9-hole drill program, mineralization
series of lenses at Gryphon, since that ter exploration season and a tremendous has been discovered in the basement
time, it is fair to expect that the results start to the summer 2017 exploration rocks over 100 meters of strike length
from the ongoing preliminary feasibility program, the company expanded its and is highlighted by various high-grade
study (PFS) could be even better. 2017 drilling plans at Gryphon by adding drill intersections – including drill hole
approximately 6,500 meters in 16 additi- WAT17-446A, which returned 3.7%
onal drill holes, which will be completed eU3O8 over 3.9 meters.
McClean Lake – the own plant before the resource estimate is updated
as future processing facility for towards the end of 2017. Adjacent to Waterbury is the Roughrider
ore from Wheeler River deposit, acquired by Rio Tinto in 2011 for
Following the PFS, investors can expect over CAD$500 million, and the Midwest
The McClean processing plant is an ace Denison to look at permitting the pro- project (25.17% owned by Denison).
by all estimates. Denison already holds a ject, and completing a bankable feasibi- Midwest is estimated to contain over 50
22.5% interest in that plant through a lity study ahead of mine construction in million pounds U3O8 in the Midwest and
Joint Venture with AREVA (70%). The the early 2020s. Given the permitting Midwest A deposits. Both Waterbury
plant is fully licensed and is presently required in Saskatchewan, a realistic and Midwest are located only a few kilo-
processing ore from the Cigar Lake mine time for mining to start is estimated in meters from McClean Lake. Denison has
under a toll milling agreement. McClean 2025/2026. a 25.17% interest in Midwest.

48 49
Hook-Carter Denison is well prepared for increasing building up our resource base and im- What is your opinion about the current
uranium prices. Wheeler River is the lar- proving project economics with virtually conditions of the uranium market?
In October 2016, Denison acquired an gest undeveloped uranium project in the every drill hole at Wheeler, and we are
80% interest in the Hook-Carter Project eastern Athabasca Basin – and located delineating a new potentially significant The uranium market is oversupplied at
located on the same trend as Fission in Cameco Corporation’s backyard. discovery at Waterbury with the Huskie present, and spot prices reflect the fact
Uranium’s Triple R deposit and NexGen’s Wheeler has the benefit of existing infra- zone. that buying is occurring on a discretio-
Arrow deposit. Hook-Carter covers structure nearby, high-grade uranium, nary basis. Without sustained utility
19,573 hectares and has seen little to no and large scale. Taken together, a mining buying, we should expect the spot mar-
exploration to date. The company also start seems to be realistic within seven What are the main catalysts for your ket to remain soft. I’m not overly con-
acquired the Coppin Lake project to con- years. The ownership of the McClean company within the next 6 months? cerned about the current market – as
solidate Hook-Carter into a single land Lake processing plant is also a very im- prices are irrationally low and would
package. In 2017 Denison carried out ex- portant part of Denison’s story, as it is With advancing Wheeler River towards struggle to incentivize even the lowest
tensive geophysical surveying and now already built and licensed, so capital development as our top priority, we are cost projects in operation today if it we-
plans to carry out a maiden drill program costs for Wheeler River are comparative planning to update our estimate of re- ren’t for higher priced contracts. For nuc-
in 2018. low. Beyond Wheeler, Denison has over sources at the property in late 2017 – this lear utilities to have sustainable supplies
350,000 hectares of license areas in the will include the results of drilling over the of uranium for their long-lived nuclear re-
Athabasca Basin, and is currently explo- last 24 months, which has focused on actors, prices will have to rise significant-
Holdings in other top uranium ring the very exciting Huskie discovery at delineating and expanding the Gryphon ly to incentivize new production. Denison
companies Waterbury Lake. With such high-quality deposit. This will likely include our mai- is positioning Wheeler River as a low-
exploration ground, Denison almost has den estimates for the new D and E series cost, large-scale, long-lived asset that
Due to the disposal of various non-core unlimited news and development poten- of lenses. With an updated resource esti- will fit the bill for utilities when they do re-
assets, Denison has become a large tial, as it looks to return to the ranks of mate, we expect to complete a Pre-Fea- turn to the market. Quite honestly, the
shareholder in other top uranium compa- uranium producers. sibility Study (“PFS“) for the project in sustained low uranium price is an oppor-
nies in past years. Denison owns appro- 2018, which will likely consider lower tunity for investors to accumulate consi-
ximately 20% of the shares of GoviEx Another important advantage: Denison is cost mining methods for the Phoenix de- derable positions in uranium mining com-
Uranium, and more than 10% of the sha- backed by the Lundin family, one of the posit. We will also follow up the very ex- panies at low prices before the market
res of Skyharbour Resources. best known and most successful mining citing Huskie discovery at Waterbury. returns to rational prices in future years.
dynasties, with Lukas Lundin holding the
position of Executive Chairman at Deni-
Summary: Soon to be uranium son.
producer with almost unlimited
development potential!
ISIN: CA2483561072
Denison Mines Corp.

Interview with David D. Cates, Shares issued: 559.1 million

Options: 12.5 million
CEO of Denison Mines Warrants: 1.6 million
Fully diluted: 573.2 million

What did you and your company achie- are included in our previous resource Contact
ve within the last 12 months? estimate for the deposit) and we disco- Denison Mines Corp.
vered a new zone of basement hosted 1100 - 40 University Avenue
David D. Cates, CEO We’ve succeeded on virtually all fronts high-grade uranium mineralization Toronto, ON M5J 1T1, Canada
over the last 12 months. We raised (“Huskie“ Zone) on the Waterbury Lake
CAD$63.5M in Q1‘2017 at a cost of only property. We have a fantastic explorati- phone: +1-416-979-1991
3% dilution, we’ve expanded the Gry- on team in Saskatchewan, and this year fax: +1-416-979-5893
phon deposit (Wheeler River) significant- they have delivered with countless
ly with the discovery and delineation high-grade intercepts from our winter
of the D and E series of lenses (neither and summer drilling programs. We are
(Source: BigCharts)
Energy Fuels
Mega production capacities for the next
uranium rebound

Energy Fuels is currently the second lar- million pounds of U3O8 per year. Nichols processing capacity of 1.5 million pounds Canyon Mine
gest uranium producer in the USA after Ranch has 4 additional well fields which of U3O8 per year. The associated license
Cameco. Although the company pro- can be operated in the future. The project area hosts resources of 20.4 million One of the high-grade uranium mines
duced one million pounds of U3O8 and contains resources totaling 2.8 million pounds of U3O8 and the production that will feed uranium rich ore to the Whi-
delivered 1.15 million pounds of U3O8 to pounds of U3O8. Nichols Ranch is the could be restarted within 12 months if a te Mesa Mill in the future (again) is owned
the appropriate energy suppliers, Energy central puzzle piece of a series of other uranium sales price of US$40 to US$50 by Energy Fuels. It is the fully permitted
Fuels has a tenfold licensed production (potential) satellite projects. The nearby per pound of U3O8 could be realized. The and currently on standby mode Canyon
capacity. This means that Energy Fuel projects Jane Dough and Hank have at license area (200,000 acres) has a high Uranium and Copper Mine in northern
could produce and sell up to 11.5 million least an additional 30 well fields with re- exploration potential which could extend Arizona which has the highest grades of
pounds of U3O8 in the case of increasing levant resources which can be connec- the mine life by an additional 15 years. all conventional uranium mines in the
uranium prices. This provides the com- ted easily and at low costs to the existing USA! The Canyon Mine currently hosts
pany with a tremendous leverage on the pipeline system. Jane Dough contains a resources of 1.6 million pounds of U3O8
uranium spot price! current resource of 3.9 million pounds of White Mesa Mill (as of 2012) but was only sporadically
U3O8, Hank more than 1.7 million pounds explored for existing deposits. Since
of U3O8. While Hank is fully permitted for White Mesa Mill is located in southeas- 2012 the company announced excellent
Nichols Ranch ISR Project a future production, Jane Dough is in a tern Utah and is currently the only functi- drill results. Averaging the 12 best drill
very advanced approval phase. Nichols onal and operating conventional uranium intersections results in 1.15% U3O8 and
One of the two producing uranium pro- Ranch could increase significantly the processing plant in the entire USA! It has 9.36% copper over just 300m in total!
jects is Nichols Ranch and is located in production within six months, provided it a fully permitted annual processing ca- The surface infrastructure and the pro-
the U.S. state Wyoming. Nichols Ranch could realize a uranium sales price of pacity of 8 million pounds U3O8. A pro- duction shaft are already completed. Ac-
is a so called in-situ recovery (ISR) pro- US$40 to US$50 per pound of U3O8. duction of 375,000 pounds of U3O8 is cording to estimates, Canyon ranks
ject and was acquired in the merger with expected in 2017. Primarily “alternate among the conventional uranium mines
Uranerz Energy. ISR mining is a relatively feed” material is processed which is de- with the lowest production costs world-
low-cost production method which is Alta Mesa ISR Plant rived from tailings coming from mines wide. The actual processing of the pro-
why Energy Fuels can operate this pro- which don’t produce uranium or from duced ore will take place at the White
ject at very low uranium prices. At Ni- The Alta Mesa ISR Plant is located in other recyclable materials. The White Mesa Mill located 300km away. Canyon
chols Ranch 9 well fields produce the southeastern Texas and is currently on Mesa Mill has several special features. It could be commissioned within 12 months
uranium (300,000 pounds of U3O8 are standby mode. From 2005 to 2013 Alta has a separate circuit for low cost pro- in case of a stable uranium price bet-
planned for 2017) which is processed in Mesa produced in total 4.6 million cessing the aforementioned alternate ween US$40 and US$50 per pound of
plant with a licensed capacity of the 2 pounds of U3O8 and has a fully licensed feed materials. The mill also has an addi- U3O8 and produce between 500,000 and
tional circuit for processing of vanadium one million pounds of U3O8 per year. In
Overview over Energy Fules' projects and and had a significant vanadium producti- 2017 published drill results confirmed
plants and locations of the US nuclear plants on in the past. But the biggest advantage grades of up to 2.88% U3O8 and 14.85%
(Source: Energ Fuels) of the White Mesa Mill is its unique loca- copper in the Canyon Mine. The high
tion. The mill is located centrally between copper values could lead to Energy Fuels
several mines featuring the highest ura- processing the ore from the Canyon Mine
nium grades in the USA. Besides the for an almost unbeatable price in the
possibility to feed the mill from these mi- White Mesa Mill. Appropriate test pro-
nes, the company is working together cesses are ongoing.
with the U.S. Government at a legacy
cleanup program in which also signifi- In August 2017 Energy Fuels published a
cant amounts of uranium could be gene- new expanded resource estimate for the
rated as well. Last but not least, Energy Canyon Mine. According to the estimate
Fuels is processing for a third party on the Upper, Main and Juniper zones cont-
toll milling basis uranium rich ore. There- ain around 2.6 million pounds U3O8 with
by the company is generating US$6 mil- average grades between 0.20% and
lion per year. 0.89% as well as around 12.5 million
pounds of copper with average grades
between 5.70% and 9.29%.

52 53
Other permitted top projects Tony M Mine (Henry Mountains) leverage on the uranium spot price but shareholdings in 2017 alone show that
also a unique variability. Another advan- the management is standing behind the
Besides the already mentioned large- The Tony M Mine is located 200km west tage: Energy Fuels is producing not only company and expects a significant price
scale projects Energy Fuel owns a series of the White Mesa Mill and belongs like conventionally but also by ISR mining. rebound.
of additional projects which are fully per- the Bullfrog Mine to the Henry Mountains With resources of 135 million pounds of
mitted for production. Complex. Tony M contains 10.9 million U3O8 Energy Fuel ranks under the top
pounds of U3O8 and could be commissi- three companies with the largest urani-
oned within 6 months if a uranium sales um resources in the USA, a country that
La Sal Complex, Utah price of at least US$60 per pound of longs for cheap energy generation and
U3O8 could be realized. therefore for uranium.
The La Sal Complex is located around Another important issue: the manage-
100km northeast of the White Mesa Mill ment holds more than 9.2% of all out-
and is comprised of the two mines Bea- Projects in the development standing shares. That and the fact that
ver and Pandora which were already in phase more than 10 insiders increased their
production in 2012. Both mines contain
more than 4.5 million pounds of U3O8 Besides the already permitted mines
and 23.4 million pounds of vanadium. Energy Fuels owns a series of other
The La Sal Complex could be recommis- excellent projects which will need start-
sioned within 6 months if a uranium sales up periods of several years. Among them Interview with Stephen P. Antony,
price of at least US$60 per pound of are the aforementioned Bullfrog Project
U3O8 could be realized. Due to the recent with a resource of 10 million pounds of CEO of Energy Fuels
increase of the vanadium price the com- U3O8, Roca Honda with 25.8 million
missioning of La Sal could reactivate the pounds of U3O8 and Sheep Mountain
Energy Fuels has a resource base totaling vanadium circuit in the White Mesa Mill. with over 30 million pounds of U3O8. What did you and your company achie- What are the main catalysts for your
over 135 million pounds of U3O8 Energy Fuels has a resource basis totaling ve within the last 12 months? company within the next 6 months?
(Source: Energ Fuels) over 135 million pounds of U3O8 as well
Daneros Mine as 24.5 million pounds of vanadium and We are proud to announce that we expect While we are primarily a uranium pro-
more than 12 million pounds of copper. to become the #1 producer of uranium in ducer, we are also fortunate to have other
The Daneros Mine is located 40km west the U.S. in 2017. This is important, as the revenue-generating opportunities. We Stephen P. Antony, CEO
of the White Mesa Mill and was in operati- U.S. remains the World’s largest consu- are actively pursuing government cont-
on until 2012. The mine contains around Summary: the possibility of fast mer of uranium. We have proven uranium racts to assist in the cleanup of historic
0.7 million pounds of U3O8. Daneros could commissioning of several production capabilities, and we hold uranium mines in the southwest U.S. We
be recommissioned within 6 months if a mines provides a large leverage some of the best uranium production faci- believe our White Mesa Mill is the perfect
uranium sales price of at least US$60 per on the uranium price! lities in the U.S., including Nichols Ranch, repository for some of this material, whe-
pound of U3O8 could be realized. Alta Mesa, and the White Mesa Mill, the re we would be paid a fee to process and
Energy Fuels is the second largest urani- only operating conventional uranium mill dispose of the material.
um producer in the USA after Cameco in the U.S. These are fully-permitted and We also hold a large, high-grade vanadi-
Whirlwind Mine and has production capacities of over 11 built projects that would take hundreds of um resource at certain of our mines. The
million pounds of U3O8 per year! The millions of dollars, plus many years, to ex- price of vanadium has increased from
The Whirlwind Mine is located 120km company owns several low-cost mines plore, permit, finance and develop if star- $2.75 per pound to around $10.00 per
northeast of the White Mesa Mill. It con- and could increase its production already ting from the beginning. When uranium pound today. We are a proven past va-
tains around 3.0 million pounds of U3O8 at a uranium price of US$40. In addition, markets turn – and we strongly believe nadium producer, having produced 1.5
and 10.1 million pounds of vanadium. the company owns several processing they will – we will be one of the first pro- million lbs. of V2O5 as recently as 2013 at
Whirlwind could be commissioned within plants which can produce at lower costs ducers back into the market. We expect the White Mesa Mill. In addition, White
6 months if a uranium sales price of at with increasing utilization. These are to produce about 650,000 lbs. of uranium Mesa is the last remaining vanadium pro-
least US$60 per pound of U3O8 could be very flexible regarding an increasing pro- in 2017 with „our foot off the gas.“ When duction facility in the U.S., which is highly
realized. Regarding the vanadium re- duction and can extract other commodi- uranium sales prices reach the $40-$50/ strategic. Finally, we recently announced
source the same applies like for the La ties like vanadium and copper. With that lb. level, we believe we can increase our a copper resource of almost 6% Cu at
Sal Complex. Energy Fuels not only has a significant annual production to 2.0-2.5 million lbs. our Canyon Mine that we believe we can

54 55
Fission 3.0
On the best way to a similar success like
Fission Uranium
Fission 3.0 is a Canadian development south of Fission Uranium’s PLS Pro-
company with 20 uranium projects in ject.
and around the Athabasca Basin and the 2. The three Key Lake Road Projects
The White Mesa Mill is the only fully-licensed Macusani Project in Peru. The company which line up along Highway 914
and operating conventional uranium mill in is the product of a spin-out from Fission southwest of Key Lake Mill.
the United States. Uranium and therefore the third Fission 3. The five Beaverlodge Projects which
(Source: Energ Fuels) project of the successful management are located north northwest the Atha-
team under Dev Randhawa. He wants to basca Basin around Uranium City.
achieve similar successes with Fission 4. The remaining project areas which
3.0 as with fission Energy and Fission are dispersed in and outside the At-
Uranium. habasca Basin.
process into a salable product at our al recovery. Uranium demand is rising
White Mesa Mill. inexorably, but very few uranium mines In addition to these projects is the Ma-
These other opportunities have the po- globally can make money at today’s le- From Strathmore Minerals to cusani Project in southern Peru. Follo-
tential to generate significant revenues vels. Therefore, we expect to see further Fission 3.0 wing is a detailed overview of the most
for Energy Fuels while we await the inevi- reductions in mine supply that will bring important projects.
table uranium price recovery. more rationality to the market. The key 1996 Randhawa founded Strathmore
for a company like Energy Fuels is to Minerals at a time when the uranium
maintain our production facilities in a sta- spot price was at US$7. He led Strath- Patterson Lake South Projects
What is your opinion about the current te of readiness, so that we are one of the more Minerals from an initial market cap
conditions of the uranium market? first to bring new production into the of 2 million dollar to a market cap of over The three Patterson Lake South Pro-
market. We don’t know when this will 450 million dollars by 2007. During that jects; Patterson Lake North, Clearwater
The current uranium market is over-sup- happen, but we expect to be ready. time, he completed a Joint Venture with West and Whales Lake comprise an area
plied and unhealthy. However, we belie- Sumitomo. In 2007 the spin-out of Fissi- of close to 60,000 hectares located
ve this is setting the stage for an eventu- on Energy took place. Randhawa led along Highway 955 and are partly in clo-
Fission Energy from a market cap of 16 se proximity to Fission Uranium’s PLS
million dollars to a market cap of 150 Project. The complete southwestern area
million dollars by 2013. Besides a joint of the Athabasca Basin hosts some very
venture with KEPCO he discovered the J large uranium deposits like the past pro- Fission 3.0 holds a number of promising
Zone which was successfully sold to De- ducing Cluff Lake Mine on the one hand projects in and outside the Athabasca Basin

Energy Fuels Inc. ISIN: CA2926717083

WKN: A1W757
nison Mines. In addition, he discovered
the Triple R Zone which is currently a
and the high-grade deposits Triple R, (Source: Fission 3.0)

FRA: VO51 part of the Patterson Lake South (PLS)

TSX: EFR mega project of Fission Uranium. Fission
NYSE: UUUU Uranium is a spin-out resulting from the
Denison deal. In 2013 Fission Uranium
Shares issued: 70.1 million acquired a 50% interest in PLS from Al-
Options: 2.0 million pha Minerals, at which time the other
Warrants: 6.7 million projects were spun out into Fission 3.0.
Restricted: 1.7 million Fission 3.0 is an independent company
Convertible Deb.: 5.3 million since November 2013.
Fully diluted: 85.9 million

Contact: The most important projects

Energy Fuels Inc.
225 Union Blvd., Suite 600 The many projects in the Athabasca Ba-
Lakewood, Colorado, 80228, USA sin region can be roughly divided into
phone: +1-303-974-2140 four categories:
fax: +1-303-974-2141 1. The three Patterson Lake South Pro- jects which are located north and
(Source: BigCharts)
56 57
Arrow and Shea Lake on the other hand very of Patterson Lake South as well for 3.0 indications for potentially high-grade
and is still considered as largely under the Patterson Lake North Project. On drill targets.
explored. both projects, a new “boulder finding”
technology was applied for which a pa- Hobo Lake
tent application was filed. This airborne
Patterson Lake North survey method was largely responsible The second important subproject of the
for the discovery of the Patterson Lake Key Lake Projects is called Hobo Lake. It
Patterson Lake North is the flagship pro- South boulder field. Now the first ano- covers 6,946 hectares and is located
ject of Fission 3.0. It is the northern malies were also detected for Patterson 40km south of Karpinka Lake on the
counterpart of Fission Uranium’s Patter- Lake North and Clearwater West. same geological trend. In 2017 a heli-
son Lake South mega project. Patterson copter borne VTEM survey was flown
Lake North is a joint venture project bet- over the area. The results will provide
ween Fission 3.0 (90%) and Azincourt Wales Lake Fission 3.0 indications for potentially
Uranium. Although Patterson Lake North high-grade drill targets. Fission neighbor
is not as advanced as Patterson Lake Wales Lake is located 25km southwest Forum Uranium identified in samples
South, there are credible signs that Pat- of Fission Uranium‘s Triple R deposit. In from the area of the nearby Hobo Zone
terson Lake North could host a signifi- 2017 a helicopter borne VTEM survey up to 6.42% U3O8.
cant uranium deposit as well. The pro- was flown over the area. The results will
ject is located on the same structural provide Fission 3.0 indications for po-
corridor as PLS. Several drill holes have tentially high-grade drill targets. Beaverlodge/Uranium City
already tested the corridor over a distan- Projects
ce of 700m. The drill holes returned sig- Key Lake Projects
nificant uranium mineralization and other The combined Beaverlodge Projects The entire district hosts a variety of near
elements like boron, copper, nickel and The three Key Lake Projects (12,670 comprise three single projects with a to- source containing 105 million pounds of surface uranium and lithium deposits which

PLSzinc indicating a high-grade potential.

Projects hectares) have the potential for high-gra- tal area of 58,119 hectares. Although a U3O8 and 179.000 tons of Li2O outlined. can be mined by heap leaching methods.
de, near surface uranium resources. To very well-developed infrastructure is in Plateau Uranium expects to start pro- (Source: Fission 3.0)
date the entire Key Lake region pro- place due to the proximity to Uranium duction in 2019 whereby Plateau Urani-
duced more than 200 million pounds of City and the fact the region hosted over um’s planned processing plant will be
U3O8 and has an excellent developed 50 uranium mines during the 1950s and only one kilometer from Fission 3.0’s
¾ S. W. Athabasca Basin area infrastructure. The Key Lake Mill is loca- 1960s Beaverlodge is a completely un- Macusani Project. Fission 3.0’s subpro-
¾ Emerging major Uranium District ted 50km north of Fission 3.0’s projects. derexplored district. jects Llama North and Llama South are
hosting large high grade deposits
including the Triple R, Arrow, Shea Ore material from the McArthur River in trend with Plateau’s Corapachi and
Creek, and Cluff Lake Mine is processed there. Corani Complexes which hosts four in-
Beaver River dependent deposits.
¾ 3 projects totalling 59,995 ha with Fission 3.0 completed a drill program (16
potential to hostLocation
near surface
of Fission 3.0‘s Karpinka Lake Beaver River has already a proven trend drill holes) in 2016. 13 drill holes inter-
high-grade uranium
Patterson Lake South projects which is over 137m long. Uranium gra- sected radioactive anomalies, some of
(Source: Fission 3.0) One of these three projects is called Kar- des of up to 1.77% U3O8 were found in them starting only 1.5m below surface.
¾ Excellent highway access pinka Lake. It covers 2,743 hectares and trenches. One of the drill holes returned from a
is located south of the southeastern depth of 16m a 0.5m long intersection
boundary of the Athabasca Basin direct- with sensational 1.21% U3O8. Samples
ly on the Wollaston-Mudjatik Transition Macusani Project, Peru from visible outcrops had grades of over
Zone. Several important uranium pro- 2% U3O8 with identified peak values of
jects like the McArthur River uranium The Macusani Project is located in the up to 24.48% U3O8.
Clearwater West
TSX-V: FUU | | @fission3corp 11 mine, the Cigar Lake uranium mine and Macusani District in southern Peru. The
the former producing Key Lake uranium entire district hosts a variety of near sur-
Clearwater West directly borders Fission mine are also located within the Key face uranium and lithium deposits which Top management team wants
Uranium’s Patterson Lake South Project Lake Shear Zone of the Wollaston-Mud- can be mined by heap leaching me- to book the next achievement
in the south. Thereby it is also in the jatik Transition Zone. In 2017 a helicop- thods. Fission 3.0’s Macusani Project is
sphere of influence of the boulder field ter borne VTEM survey was flown over surrounded by license areas of Plateau Fission 3.0’s management team is com-
that was the starting point for the disco- the area. The results will provide Fission Uranium which already have a mega re- prised largely of board members of Fis-

58 59
sion Uranium. Fission Uranium made the Summary: Property bank with on. Our Macusani project lies in close and the second-largest producer (Came-
biggest uranium discovery of the past 40 several possibilities for a big proximity to Plateau Uranium’s uranium co) shutting down and reducing produc-
years at Patterson Lake South in Cana- discovery and lithium deposits. tion in operational mines. Moreover, ura-
da’s Athabasca Basin. nium producers are refusing to sign
Aforementioned Dev Randhawa is an Fission 3.0 is a so called “Property long-term contracts (through which the
experienced CEO with a wealth of expe- Bank”, a company with a variety of po- What are the main catalysts for your vast majority of uranium is sold), until
rience in resource expansion, mine ex- tentially high-quality mining projects company within the next 6 months? prices increase.
ploration and energy companies. The which the company is developing itself All of this is happening at a time when
Northern Miner named him “Mining Per- to sell them profitably later or to enter We will be conducting survey-based and there are more nuclear reactors being
son of the Year 2013” and Finance into joint venture agreements. Contrary ground prospecting work programs at built today than in any point in the last
Monthly awarded him the “Deal Maker of to Fission Uranium Fission 3.0 is still in seven of our Athabasca Basin projects. twenty-five years. On top of this, more
the Year 2013” award. He is the current an early exploration and development reactors are coming online in Japan and
CEO of Fission Uranium and Fission 3.0 stage. But that is the big share price po- numerous countries (including the home
Corp. tential of Fission 3.0. Several potentially What is your opinion about the current of big oil) are pushing forward with their
Ross McElroy is a professional geologist high-grade uranium projects are explo- conditions of the uranium market? nuclear energy plans. The result is that
with nearly 30 years of experience in the red for deposits with self-developed me- utilities – the primary users of uranium –
mining industry. He is the winner of the thods. At some projects (Patterson Lake As mentioned in my answer to this ques- will soon have to return to full contrac-
PDAC 2014 Bill Dennis Award for explo- North, Clearwater West, Macusani) the tion for Fission Uranium, of which I am ting, thus pushing up uranium prices. If
ration success and The Northern Miner location alone is an indication of the gre- also the CEO, uranium is one of the most you’re looking for a contrarian play then
“Mining Person of the Year 2013”. Mr. at potential and the source of appropria- interesting markets in the resource sec- it doesn’t get much better than uranium.
McElroy has held positions with both ma- te speculations. Soon Fission 3.0 could tor. It is in a unique position because ne-
jor and junior mining companies, inclu- like Fission Uranium make a big disco- gative sentiment outweighs increasingly
ding BHP Billiton, Cogema Canada (now very. In August 2017 the company an- robust fundamentals. A period of over-
AREVA), and Cameco. He was a member nounced that it will carry out exploration supply and low spot prices has led to the
of the early stage discovery team of the activities on 7 projects during the current world’s largest uranium producer (Kaz-
MacArthur River uranium deposit. Ross year. atomprom) reducing production by 10%
McElroy was also part of the very suc- Ultimately the strong CEO Dev Randha-
cessful Fission Energy Corp. team as pre- wa would make a huge success story
sident, COO and chief geologist. He hea- out of his latest project like he did with
ded up the technical team that made Strathmore Minerals, Fission Energy and
Fission Uranium’s PLS discovery. Fission Uranium.
ISIN: CA3381241007
Fission 3.0 Corp.
FRA: 2F3

Interview with Dev Randhawa, Shares issued: 219.9 million

Options 13.6 million
CEO of Fission 3.0 Warrants: 22.2 million
Fully diluted: 255.7 million

What did you and your company achie- Fraser Institute as the number one mi- Fission 3.0 Corp.
ve within the last 12 months? ning jurisdiction in the world. We also 700 - 1620 Dickson Avenue
own a project in the Macusani region of Kelowna, BC, V1Y 9Y2, Canada
Fission 3.0 Corp. is a uranium property Peru – an emerging uranium district. In
Dev Randhawa, CEO bank and project generator with one of the last twelve months, we completed phone: +1-778-484-8030
the most exciting and impressive portfo- two phases of drilling at Macusani, du- fax: +1-250-868-8493
lios in Canada’s Athabasca Basin region. ring which we hit uranium mineralization
The Basin lies in the province of Sas- in 13 of 16 holes, near and at surface.
katchewan, which was ranked by the We also encountered lithium mineralizati-
(Source: BigCharts)
Fission Uranium
One of the largest uranium deposits worldwide and
still growing
Fission Uranium is a Canadian uranium 80km north of PLS. Fission Uranium’s
development company which made one President, COO and Chief Geologist
of the biggest uranium discoveries of all Ross McElroy worked for AREVA, which
time in the past years. The Patterson discovered the Shea Creek deposit that
Lake South Project is not only one of the is located a few kilometers north of PLS
biggest uranium projects worldwide but and hosts a resource of more than 100 Since the last resource estimate the
also one with the highest grades. It is one million pounds of U3O8. This discovery company continued drilling along the main
of the projects that could be brought to was the reason for McElroy to believe in trend and could expand the trend to over
production in the foreseeable future. the potential of the western part of the 3km by several new discovered zones.
Further, Fission Uranium is currently the basin. (Source: Fission Uranium)
most award-winning uranium developer While most deposits in the Athabasca
globally. Basin are so called “unconformity depo-
sits” (hosted in sedimentary rocks) a few
are so called “basement hosted” depo-
Patterson Lake South – sits, which are typically found close to All this work resulted in the first disco- extends down to a depth of 200m with
Location, Discovery and the surface because the overlying rocks very in November 2012, when the very additional underground scenarios. The
Infrastructure were eroded over time. This means that first drill hole intersected the PLS depo- post-tax Internal Rate of Return („IRR“)
the Athabasca Basin was bigger in the sit. It is interesting that the overburden is would amount to 40% and the capital
The Patterson Lake South (PLS) Project past. Therefore, McElroy explored there, only 50m thick. All those findings resul- costs are estimated CA$1.1 billion. Des-
is located in the western part of the Atha- were the basin’s original outer rim was in ted in an extensive drill program in 2013 pite the high capital costs, the repayment
basca Basin just outside the (actual) ba- the past. After completion of a radiomet- leading to the discovery of a one-kilome- period would be one and a half years.
sin margin. One has to know that all of ric survey showing a large area with radi- ter long mineralization called Triple R. Based on the resource estimate from
the uranium production is concentrated oactive radiation, the company discover- This mineralization, with uranium grades 2015, the mine life is 12 to 15 years. Cur-
in the eastern portion of the basin – Key ed boulders containing up to 10% U3O8, of over 20%, is located under a shallow rently the company is working on a new
Lake, Rabbit Lake, MacArthur River and very high-grade material. That material lake. Since November 2012 more than resource estimate that expands the re-
Cigar Lake. In contrast, the western part was spread over several kilometers by 250 drill holes were drilled and over 90% source as well as increases the profitabi-
of the Athabasca Basin is very underex- glaciers during the last ice age. Fission of the drill holes intersected a significant lity of the project. The announcement of
plored. The former Cluff Lake Mine, ope- Uranium subsequently traced the track uranium mineralization. PLS is located the new resource estimate is expected in
rated by AREVA until 2000, is located of the ice to the source of the uranium. directly on the road connecting Saska- the fourth quarter of 2017. Since the last
toon with the former Cluff Lake Mine dra- resource estimate the company continu-
stically reducing the costs and ultimately ed drilling along the main trend and could
the project risk. expand the trend to over 3km by several
new discovered zones.
Of particular importance were the drill re-
Patterson Lake South – sults published in the summer of 2017.
Location of the original boulder field, Resource and Feasibility Study They showed among other things a com-
the single uranium deposits and further pound mineralization of over 61m with
potential deposits In 2015 Fission Uranium announced a more than 10,000 cps.
(Source: Fission Uranium) first resource estimate of about 108 milli-
on pounds of U3O8 with the majority in
the category indicated. Around 59 million Profitability improvements due
pounds of U3O8 are contained in the to zones on land
especially high-grade R780E Zone (part
of the Triple R deposit) at 18% U3O8. The on land located mineralized zones
In September Fission Uranium published R840W and R1515W are of special inte-
a Preliminary Economic Assessment rest because no dike construction is
(PEA) demonstrating the economical ex- necessary for mining these zones. Fissi-
traction of the deposit. An open pit on Uranium could start with a conventio-
scenario was assumed because the up- nal open pit mine on land without any
permost part of the resource is only 50m water problems. This would generate a
below the surface. This open pit model significant cash flow and pay for the se-

62 63
Strategic partner from China gist. He headed up the technical team the end of 2018 and a bankable feasibili-
that made Fission Uranium’s PLS disco- ty study by the end of 2019.
In January 2016, the state-owned Chine- very.
se utility company CGN invested in Fissi-
on Uranium. It acquired 19.9% of the Summary:
then issued and outstanding shares at a Plans for the coming months Top project, top management,
total price of CA$83 million. At that time top prospects!
CGN paid a premium of 35% on the For the rest of 2017 the company’s goal
appropriate share price. CGN is not an is to extend the currently known minera- Fission Uranium will continue to focus on
end-user but a company planning far lized trend further to the west and east. the development of PLS and therefore
ahead into the future and was searching In addition, Fission Uranium has already the exploration of the projects. The focus
for projects in Canada to secure the gro- conducted some tests outside the known will be especially on the western part of
wing nuclear power industry in China. trends. PLS has a variety of additional ra- the known mineralization trend because
CGN also met Cameco and almost all the dioactive hotspots that could host additi- this will have a positive effect on the pro-
other companies with projects in the At- onal deposits. As well, an expansion of fitability of the project. Fission Uranium
habasca Basin. Ultimately the choice the Triple R deposit and test drill holes has one of best uranium projects with a
was an investment in Fission Uranium between the zones is planned. In the mega potential worldwide, enough cash
and therefore in PLS due to its enormous fourth quarter of 2017 the company for the development and the best partner
size and as well for the mineralization in wants to announce a new resource esti- from China as well as an absolutely suc-
Schematic view of the proposed pit and dyke shallow depth. mate which will include many new data cess-oriented management to lift Patter-
(Source: Fission Uranium) cond phase. The overburden at this land and therefore result in a much larger re- son Lake South to an unprecedented le-
zone is the perfect material to build the source. As a reminder: the last resource vel in 2017. Thus, making the company
necessary dikes. Material is used that Top management team for estimate was published in January 2015. more and more a takeover candidate for
has to be moved anyways and a second maximum success Many successful drill results were recei- a major (uranium) company looking for
benefit would be that the resulting waste ved since then. The company plans the easy to mine high-grade near surface
rock could be stored in the initial pit. This Fission Uranium has a very experienced completion of a prefeasibility study by uranium resources.
should improve enormously the profita- and successful management team.
bility although the all-in costs are only Dev Randhawa is an experienced CEO
US$16.60 per pound according to esti- with a wealth of experience in resource
mates in the PEA making PLS the lowest expansion, mine exploration and energy
cost uranium mine on the planet. It appe- companies. The Northern Miner named
ars that there are additional mineralizati- him “Mining Person of the Year 2013” Interview with Dev Randhawa,
on zones on land. and Finance Monthly awarded him the
In the course of the 2017 summer drill “Deal Maker of the Year 2013” award. He CEO of Fission Uranium
campaign the company reported several is the current CEO of Fission Uranium
world-class drill results. From the and Fission 3.0 Corp.
R1515W zone the company reported Ross McElroy is a professional geologist What did you and your company achie- a very large, ultra-high-grade core. In ad-
among other things 3.12% U3O8 over with nearly 30 years of experience in the ve within the last 12 months? dition to our exploration success, we
8.5m within 27.5m with 1.24% U3O8 as mining industry. He is the winner of the have made significant progress towards
well as 5.15% U3O8 over 2.0m within PDAC 2014 Bill Dennis Award for explo- Fission Uranium owns the multiple pre-feasibility.
9.0m with 1,71% U3O8. In addition, radi- ration success and The Northern Miner award-winning, high-grade uranium de-
oactive anomalies with over 10,000 cps “Mining Person of the Year 2013”. Mr. posit in Canada’s Athabasca Basin regi- Dev Randhawa, CEO
over several meters were detected. To il- McElroy has held positions with both on. In the last twelve months, we have What are the main catalysts for your
lustrate: this high-grade zone is located major and junior mining companies, in- increased the mineralized trend at our company within the next 6 months?
2.3km from the Triple R deposit! cluding BHP Billiton, Cogema Canada PLS project to 3.18km. We also disco-
In this context it is interesting to note that (now AREVA), and Cameco. He was a vered a new, high-grade zone (R1515W), Fission will be conducting a winter drill
significant uranium grades were reported member of the early stage discovery which is the third high-grade zone to be program, which will combine further
that are situated an additional 120m to team of the MacArthur River uranium de- found outside of our Triple R deposit. Im- drilling of exploration hot spots and ex-
the west. This indicates that the minerali- posit. Ross McElroy was also part of the portantly, this new high-grade zone pansion of known mineralized zones, in
zed zones extend further to the west and very successful Fission Energy Corp. shows very strong geological similarities preparation for an updated resource esti-
on land. team as president, COO and chief geolo- to our deposit’s main zone, which hosts mate. It is important to note that our initi-

64 65
GoviEx Uranium
Future low-cost uranium producer with large resource
and big leverage on uranium price
al resource estimate was released in Ja- All of this is happening at a time when GoviEx Uranium is a Canadian mining In January 2016 GoviEx received the final
nuary 2015 and we have had multiple, there are more nuclear reactors being development company specializing in mining permit for Madaouela 1 i.e. for
successful drill programs since then. The built today than in any point in the last the exploration and development of ura- one of six license areas (comprised of
work program will also include further twenty-five years. On top of this, more nium projects in Africa. To date the com- Madaouela 1 to 4 as well as Eral and
work leading to a pre-feasibility study reactors are coming online in Japan and pany outlined resources with more than Anou Melle). Pursuant to the permit the
that is planned for the end of 2018. numerous countries (including the home 200 million pounds of U3O8. GoviEx al- company can build the appropriate mine
of big oil) are pushing forward with their ready has valid mining licenses for the including all necessary facilities as well
nuclear energy plans. The result is that two most advanced projects. The current as mine the known deposits.
What is your opinion about the current utilities – the primary users of uranium – goal of the company is to reduce the ura-
conditions of the uranium market? will soon have to return to full contrac- nium price necessary for the project de-
ting, thus pushing up uranium prices. If velopment and to advance toward pro- Madaouela – Deposit
Uranium is one of the most interesting you’re looking for a contrarian play then duction of the most advanced project,
markets in the resource sector. It is in a it doesn’t get much better than uranium. Madaouela, parallel to the increasing Currently the most important deposit is
unique position because negative senti- uranium spot price. called Marianne-Marilyn and is located
ment outweighs increasingly robust fun- within the Madaouela 1 concession. It is
damentals. A period of oversupply and a sandstone hosted uranium deposit in a
low spot prices has led to the world’s Madaouela – Location, shallow depth of 30 to 120m. The se-
largest uranium producer (Kazatom- Infrastructure, Resource cond important deposit is called MSNE
prom) reducing production by 10% and and is located four kilometers to the
the second-largest producer (Cameco) Madaouela (100% GoviEx) is located in south. The third deposit, Maryvonne, is
shutting down and reducing production Niger, 10km from Arlit and near the mines located right in the middle. A fourth mi-
in operational mines. Moreover, uranium of Cominak as well as Somair in which ning area, Miriam, is located in the south
producers are refusing to sign long-term AREVA has an interest. The mine of Co- of the Madaouela 1 concession. In con­
contracts (through which the vast majo- minak is in operation since 1978 and is trast to the first three deposits, Miriam
rity of uranium is sold), until prices in- considered to be the largest underground can be mined by open pit methods. The
crease. uranium mine in the world. GoviEx bene- deposits are only 60 to 80m below the
fits from the well-developed infrastruc- surface and have a thickness of up to
ture providing, besides all-season roads, 30m. In addition, this deposit contains in
sufficient groundwater and a good power part up to more than 1% U3O8 and con-
supply. Madaouela has reserves of 60.54 tributes to a tremendous cost reduction
Fission Uranium Corp. ISIN: CA33812R1091
million pounds of U3O8 and total resour-
ces of 117 million pounds of U3O8.
of the total planned mining operation.

TSX: FCU GoviEx' Madaouela licenses are huge,
but the most important deposits lie relatively
Shares issued: 484.8 million close together. (Source: GoviEx)
Options: 48.4 million
Warrants: -
Fully diluted: 533.2 million

Fission Uranium Corp.
700 - 1620 Dickson Avenue
Kelowna, BC, V1Y 9Y2, Canada

phone: +1-250-868-8140
fax: +1-250-868-8493

(Source: BigCharts)
66 67
Madaouela – Feasibility Study Great interest for a project Njame and Gwabe – potentially first offtake agreement for 11% of the
financing top-class expansion planned production, Denison Mines, that
In 2015 a preliminary feasibility study possibilities for Mutanga provide technical assistance, Cameco,
could confirm the profitable production. In September 2017 GoviEx reported that which co-financed the initial exploration
Based on a long-term uranium price of several Export Credit Agencies and This northeastern area borders African program at Madaouela, and Ivanhoe In-
US$70 the study indicates, among other banks have signaled the company that Energy Resources Ltd.’s concessions dustries, with its mining expert Robert
things, an Internal Rate of Return (“IRR”) they want to provide a debt financing of Njame and Gwabe. Due to the aforemen- Friedland as investor. Including the priva-
of 21.9% and a Net Profit Value („NPV“) US$ 220 million for the construction of tioned VTEM results, GoviEx has made te investment of GoviEx’s Executive
of US$340 million at an 8% discount the mine. The conditions for the finan- African Energy Assets an offer which was Chairman Govind Friedland, these five
rate. The initial capital costs were esti- cing are a bankable feasibility study for accepted by African Energy in March main shareholders own around 49% of
mated US$359 million and the operating Madaouela, long-term off-take contracts 2017. Together Njame and Gwabe con­ all outstanding shares of GoviEx. In addi-
cash costs US$24.49 per pound of U3O8 in place from creditworthy nuclear utili- tain a resource of 11.2 million pounds of tion, at the end of 2016, Sprott came on
based on an annual production of 2.69 ties and appropriate credit insurances. U3O8. GoviEx has to issue 3 million of its board of GoviEx.
million pounds of U3O8 over a total mine shares and 1.6 million warrants to African
life of 18 years. Energy for the two concessions. This is a
Mutanga – Location, Resource, very small price for a project with 11 mil-
Infrastructure lion pounds of uranium and an apparent-
Madaouela – ly high exploration potential in the
Exploration potential Mutanga (100% GoviEx) is located southwestern part of Njame, which bor-
200km south of the Zambian capital Lu- ders GoviEx’s Dibwe East concession.
Madaouela most likely has more resour- saka and immediately north of Lake Kari-
ces as previously known. Although more ba. The project contains more than 49.2
than 600,000 m were drilled, Anou Melle million pounds of U3O8 in the deposits Falea
has a high “blue sky potential” because Mutanga, Dibwe and Dibwe East disco-
this license area is located on the same vered to date. GoviEx has a mining licen- Falea (100% GoviEx) is located in Mali GoviEx has a very strong
geological structure as Cominak and se over 25 years for three of the five con- 80km from AREVA’s Saraya East uranium shareholder base.(Source: GoviEx)
Som­air. In addition, there is the possibility cessions allowing the production by deposit. The project consists of three ex-
that the Miriam deposit continues on to open pit methods and heap leaching. ploration licenses: Bala, Madini and Fa-
Madaouela 4 and that a Cominak extensi- Mutanga is connected to a road and has lea. To date a resource base of 30.8 milli-
on stretches at depth on to Madaouela 1. sufficient groundwater. A high-volta- on pounds of U3O8, 63 million pounds of Summary:
ge-line passes at a distance of 60km. copper and 21 million ounces of silver financing for Madaouela is a
The mineralization starts at the surface has been identified. This equals a con- game-changer!
Madaouela – and is open in strike. verted resource of 38.1 million pounds of
Development strategy U 3O 8. GoviEx is, without a doubt, a heavyweight
It is important to know that only 5% of in the uranium industry with a resource
Currently GoviEx is working on a four-sta- Mutanga – Exploration potential the license area (in total 225 square kilo- base of over 200 million pounds of U3O8.
ged development strategy for Madaoue- meters) was explored for the appropriate Madaouela the biggest project by far is
la. The first stage is a loan financing in- Although the resource appears to be lar- deposits. In addition, the majority of the ready for production. The commitment of
cluding the participation of several ge, to date not all areas of the concessi- known deposits are not completely de- granting a line of credit of US$ 220 milli-
international export credit agencies. The on were explored for possible uranium fined. Falea offers a high potential for the on for the construction of the mine is a
second stage is the project optimization deposits. Especially the areas near the construction of an underground mine. milestone in the company’s history and
and the completion of the detailed en- west and east limits of the license areas The project is accessible by road and will facilitate the project advancement
gineering work. The third is the completi- offer a high potential for additional signi- plane. and the negotiations of off-take agree-
on of the appropriate long-term offtake ficant uranium deposits. ments. The missing part is an appropria-
agreements for which Houlihan Lokey New VTEM surveys identified a high ex- te uranium price which would push Go-
EMEA, LLP was engaged as financial ad- ploration potential in the northern section Strong shareholder base viEx, due to its large resources, towards
viser in February 2017. The fourth stage of Dibwe East. The company will test that unimagined price peaks. An additional
will be a share based equity financing in area for possible additional deposits by GoviEx has a very strong shareholder advantage: contrary to many other Afri-
parallel. means of drilling. base including Toshiba, which signed the can countries, Niger and Zambia are

68 69
GoviEx has one of the largest What are the main catalysts for your for the catalyst that could get the bull
resource bases worldwide company within the next 6 months? market underway.
(Source Eight Capital / GoviEx)) The uranium market is estimated to be in
We want to reduce operating and capital surplus now, but this surplus is likely to
costs at Madaouela, in order to reduce revert to a deficit.
the incentive uranium price required to China and India are continuing the sub­
justify a decision to start construction. stantial development of new reactors,
The acquisition of the Agaliouk license and Japanese nuclear reactor restarts
would allow us to pursue lower-cost, have commenced. The new production
open-pit mining. The Madaouela Pro- required to meet added uranium demand
ject’s mine-life might then be prolonged cannot be incentivized without a much
beyond projections. higher uranium price. We expect to see
We also will continue to refine our pro- declining production as some substanti-
cess for separating uranium from sand­ al, older mines come to the end of their
stone host rock. operational lives. Further, major players
At Mutanga, we expect to complete the have announced production cuts in res-
acquisition of the mine-permitted African ponse to low prices.
considered as political stable. Mining Energy properties. At GoviEx, we are forecasting that urani-
companies are not faced with obstacles um prices will rise over the next two to
for example Cominak whose mine is in three years, so we are preparing our al-
operation since the 1970s. In addition, What is your opinion about the current ready-permitted projects for develop-
GoviEx has a very experienced and suc- conditions of the uranium market? ment.
cessful management team as well as
strong major shareholders which will en- It appears that we have come off the No-
sure that GoviEx will become a real suc- vember 2016 low in the uranium price,
cess story. but while the price has risen 10% to 15%
since the trough, it continues to search

Interview with Daniel Major, ISIN: CA3837981057

GoviEx Uranium
CEO of GoviEx Uranium FRA: 7GU

What did you and your company achie- to test alternative processes that Shares issued: 321.9 million
ve within the last 12 months? could potentially reduce operating Options/Warrants: 160.8 million
and capital costs. Fully diluted: 482,7 Mio.
We have negotiated two acquisitions 3. We appointed the experienced Hou-
and doubled our U3O8 resource. GoviEx lihan Lokey team as off-take advisors. Contact:
Daniel Major, CEO now holds one of the largest mineral re- 4. Project equity financing will be de- GoviEx Uranium
source bases within our peer group, and veloped as the debt program beco- World Trade Centre
we have two mine-permitted projects. mes clearer. Suite 654 - 999 Canada Place
We have developed a strategy for ma- Vancouver, BC, V6C 3E1, Canada
king a production decision at our keysto- We completed a successful equity raise,
ne Madaouela Project in Niger: moved from the Canadian Securities phone: +1-604-681-5529
Exchange to the TSX-V, and enabled Go-
1. We are structuring our debt financing. viEx’s shares to be traded on the OTC-
2. We are working on acquiring the adja- QB.
cent Agaliouk license, and are looking
(Source: BigCharts)
Laramide Resources
One of the ten largest uranium deposits in Australia
and the highest ISR grades in the USA Laramide Resources Ltd.

Laramide Resources is a Canadian mi- large resource base of 36.0 million

ning company specializing in exploration pounds of U3O8 in the category indicated
and development of uranium deposits in and additional 15.9 million pounds of
Australia and the USA. The shares of the U3O8 in the category inferred making it to
company are listed at the TSX in Toronto one of the ten largest uranium projects in
as well as the ASX in Sydney giving the Australia. These resources are located
company exposure on both continents. within a 7km long trend. It is important to
Laramide Resources has a large resour- know that 80% of these resources are
ce base. contained within a depth of 50m hence
Westmoreland could be mined with open
Marc Henderson, CEO pit mining methods.
Westmoreland Uranium Regarding the infrastructure, sufficient 8 million pounds of U3O8 are contained in the
Project – Location, Resource electricity as well as trained workers and area of Section 8, where a feasibility study
and Infrastructure road connections are present. was completed in 2012.
This study confirmed that Section 8 can be
In Australia, Laramide Resources’ flag­ mined by the low cost ISR method.
ship is Westmoreland, located in Queens- Westmoreland Uranium (Source: Laramide Resources)
land directly on the border to the Northern Project – Economic Assess-
Territory. The project is comprised of ment
three contiguous licenses previously in
possession of Rio Tinto and are located In 2016 Laramide Resources published a
400km north-northwest of the famous Preliminary Economic Assessment (PEA)
Mt. Isa copper, zinc, lead, silver deposit. for Westmoreland. According to the stu- The initial capital costs for the construc- Westmoreland Uranium
Via a subsidiary, Laramide Resources dy, processing of the rocks is possible by tion of the mine and the processing faci- Project – Expansion potential
has a 100% interest in the total project conventional acid leaching and solvent lities amount to US$268 million plus
(548.5 square kilometers). The Westmo- extraction. US$49 million contingency which is suffi- Laramide Resources holds three conti-
reland Uranium Project contains a very cient construction of a 2 million tons per guous joint ventures situated along strike
year mill with a nameplate capacity of 4 from Westmoreland Project in the
million pounds of U3O8 per year. Additio- Northern Territory, for an additional land
nal costs are estimated US$58 million package of 1,531 km2. The company
over the estimated mine life of 13 years. has besides joint ventures with Gulf Man-
The operating cash costs were estimated ganese and Rum Jungle Resources one
at US$21 per pound of U3O8 during the joint venture with the resource giant Rio
The Westmoreland project lies in the first 5 years and US$23.20 per pound of Tinto. Initial sampling confirms that these
Australian provinces Queensland and U3O8 over the whole mine life. The Net joint venture licenses have a big explora-
Northern Territory. Present Value („NPV“) at a 10% discount tion potential. Additional exploration ac-
(Source: Laramide Resources) rate is US$400 million after tax. A very tivities on the Murphy joint venture were
good Internal Rate of Return of 35.8% already decided.
after tax was determined.
According to company estimates, this
would allow for a production of 3.5 milli- Churchrock and Crownpoint –
on pounds of U3O8 per year. The metal- Acquisition
lurgical studies confirmed a recovery rate
of up to 97% with relatively low acid In January 2017 Laramide Resources ac-
consumption. Currently the mine life is quired from Uranium Resources Inc. the
13 years but with the project having a two ISR projects Churchrock and Crown-
much higher exploration potential it point. The two projects in New Mexico
could extend the mine life for over 15 ye- were consolidated into one project due
ars. to a distance of only 25km.

72 73
Laramide Resources Ltd. Laramide Resources Ltd.

For the 100% acquisition of Churchrock The company could produce 6.5 million Other projects Summary: diversified developer
and Crownpoint, Laramide Resources pounds of U3O8 within 6 years. It should with enormous resource base
paid and has to pay US$2.5 million in be noted that the average grade of Besides the aforementioned ISR pro- and prospect of fast production
cash and transfer a note payable of US$5 0.115% is the highest within the peer jects, Laramide Resources has two other start
million to Uranium Resources. This debt group. hard rock projects in the USA.
will be paid back over a period of three Section 8 and the adjoining Section 17 in The La Jara Mesa Project is located in Laramide Resources has a diversified
years beginning in 2018. In addition, Ura- the south where the old Churchrock mine New Mexico, 40 miles southeast of portfolio of large and high-quality urani-
nium Resources will receive 2,218,333 is situated would be the starting point in Crownpoint. La Jara Mesa contains a NI um projects in the USA and Australia.
shares of Laramide and will keep a Net case of a production. Most of the licen- 43-101 resource of 10.4 million pounds The company benefits from the not so
Smelter Royalty with a value of US$4.5 ses and permits were granted for that of U3O8. The final operating permits are technologically challenging, and at the
million. scenario. already in the works. same time, low cost production possibi-
West of Section 8 are Sections 7, 12 and The La Sal Project is located in Utah, lities of open pit mining and ISR mining.
13 where the Mancos mine is located. 100km northeast of the White Mesa Mill. The newly acquired projects Churchrock
Churchrock Mancos contains a historic indicated re- A toll milling agreement for the proces- and Crownpoint especially provide the
source of 11.3 million pounds of U3O8. sing of ore from La Sal in the White Mesa possibility of relative fast production start
Churchrock is comprised of 7 sections Northeast of Churchrock (Section 8) lies Mill was signed with its operator Energy which would position Laramide Resour-
including the deposits Mancos and Section 4, where the Strathmore deposit Fuels. Both projects offer a big explorati- ce in a top position in the case of an ex-
Strathmore. In the past, over US$100 is located. on and expansion potential. pected uranium boom. The stock has
million were invested in the exploration good liquidity due to the membership in
of the area. At Churchrock, a resource a top ETF (Global X Uranium ETF). The
was confirmed containing 50.82 million Crownpoint long-term oriented and supporting main
pounds of U3O8 in the category inferred. shareholders make Laramide Resources
A feasibility study from 2012 confirmed Crownpoint is located 25 miles northeast a top pick in the uranium sector.
that Section 8 can be mined by the low of Churchrock. The project contains a
cost ISR method. The capital costs for an historic resource of 15.3 million pounds
initial production of one million pounds of of U3O8 in the category indicated.
U3O8 per year are an estimated US$35 Although no feasibility study was com-
million and the operating costs are
US$20 to 23 per pound of U3O8. The In-
pleted on Crownpoint to date, Laramide
Resources holds the majority of the
ISIN: CA51669T1012
WKN: 157084
Laramide Resources Ltd.
The average grades in Section 8 are the ternal Rate of Return would be 22% at a necessary production permits. FRA: L4R
highest in the peer-group. uranium price of US$65 per pound of TSX: LAM
(Source: Laramide Resources) U 3O 8. ASX: LAM
Churchrock and Crownpoint –
Development plan Shares issued: 114.8 million
Options: 8.8 million
Laramide Resources is currently working Warrants: 23.5 million
on the completion of the mining permits Fully diluted: 147.1 million
for Section 8 and Section 17. Thereupon
a pre-feasibility-study is planned for Sec- Contact:
tion 8 including review and assessment Laramide Resources Ltd.
of expansion opportunities including the The Exchange Tower,
deposits Mancos and Strathmore. 130 King Street West, Suite 3680,
Afterwards, from today’s perspective the Toronto, ON, M5X 1B1, Canada
construction of a satellite facility in the
area of Section 8 and 17 is under consi- phone: +1-416-599-7363
deration. A central processing plant will fax: +1-416-599-4959
be built at Crownpoint.
(Source: BigCharts)
Skyharbour Resources
Top uranium projects in the Athabasca Basin Region
and strong development partners on its side
Skyharbour Resources is a Canadian ping, sediment sampling programs and started an additional 2,500m drill cam­
uranium and thorium development com- the drilling of 370 drill holes in total. paign focusing on the eastern area of the
pany specializing in exploration projects From mid-2000 onwards, the primary fo- Maverick Structure. To date only 1.5km
in the Athabasca Basin. The company cus of exploration has been the 3.5-kilo- of the at least 4km long corridors were
holds the majority rights to five projects metre-long Maverick structural corridor in drill tested.
comprising in total 230,000 hectares in the southwestern part of the license area Currently the company continues to work
the Athabasca Basin. where pods of high grade uranium mine- on the compilation of historical airborne
ralization have been identified. Some of and ground electromagnetic as well as
the best intercepts were 4.03% U3O8 over magnetic surveys, gravitation and seis-
Moore Lake Uranium Project – 10m including 20% U3O8 over 1.4m at a mic surveys as well as geochemical pro-
Location and Deal depth of 264.68m. Two additional drill ho- grams, mapping, sediment sampling and
les returned intercepts with high-grade data from 370 drill holes in total to inte­
Skyharbour Resources’ current flagship uranium mineralization of 5.14% U3O8 grate in a modern database. This will al-
project, Moore Lake, is located in the over 6.2m and 4.01% U3O8 over 4.7m. low for better identifying and defining
southeast of the Athabasca Basin 10km In addition, drilling in several other areas priority targets.
southwest of Denison Mines’ Wheeler has intersected structural disruptions, al- In January 2018 an additional 5,000m
River mega project and between Key terations and anomalous uranium and drill program will follow.
Lake Mill and the producing McArthur Ri- pathfinder element concentrations.
ver Mine. In July 2016 Skyharbour Re-
sources acquired from Denison Mines Preston Uranium Project –
the Moore Lake Project comprised of 12 Moore Lake Uranium Project – Location and exploration work
contiguous claims with a total area of recent exploration successes
35,705 hectares. For the acquisition of The Preston Uranium Project is located
the 100% interest in Moore Lake Skyhar- After completion of the transaction with in the southwest, just outside of the At-
bour Resources issued 18 million Skyh- Denison Mines, Skyharbour started an habasca Basin in the Patterson Lake Re-
arbour shares to Denison Mines making initial drill program comprised of 3,500m gion. To the north it borders Fission 3.0’s Skyharbour Resources reported fantastic drill
Denison the largest single shareholder of in February 2017. Three of the five initial and NexGen’s project areas. The on of the Preston Uranium Project by results from Moore Lake
Skyharbour. In addition, the company drill holes returned high-grade radioacti- 121,000-hectare Preston Project (50% investing CA$7.3 million into the explora- (Source: Skyharbour Resources)
had/has to pay CA$500,000 in cash and vity and uranium mineralization. The first Skyharbour Resources; 50% Clean tion of the project within 6 years and
CA$3.5 million in exploration expenses drill hole in the so called Main Maverick Commodities Corp., Skyharbour’s part- contributing an additional CA$700,000 in
over a period of five years. An absolute Zone contained 20.8% U3O8 over 1.5m ner) is not far from the top-class disco- cash. AREVA may acquire an initial 51%
bargain price considering that to date, within a 5.9m long interval with 6.0% veries of NexGen (Arrow) and Fission interest by funding exploration expendi-
over CA$35 million were invested into U3O8 at a depth of 262m. The fourth drill Uranium (Patterson Lake South). tures in the total amount of CA$2.8 milli-
the exploration at Moore Lake. This hole returned 5.6% U3O8 over 1.8m with­ To date the two partners have spent on over a 3-year period and making cash
amount was used, among other things, in an interval with 1.4% U3O8 over 10.7m CA$4.7 million for the exploration of the payments totaling CA$200,000.
for 370 drill holes with a total length of at a depth of 267m. The special fact: the vast license areas. They identified 15
over 135,000m. fourth drill hole was drilled 100m to the areas with similar indicators as at Patter-
east of the high-grade Main Maverick son Lake South and Arrow. In addition, Preston Uranium Project –
Zone and returned a new discovery! many other drill targets provide a high Option agreement with Azin-
Moore Lake Uranium Project – Due to the initial drill success, the original exploration potential. court Uranium
Historic exploration successes drill program (3,500m) was expanded
two times for a total of 5,450m in 15 drill Also in March 2017 Skyharbour Resour-
Since 1969, the Moore Lake Uranium holes. In May 2017 Skyharbour Resour- Preston Uranium Project – ces signed a second option agreement
Project has undergone episodic explora- ces announced additional significant drill Option agreement with AREVA with Azincourt Uranium Inc. for the so
tion by several companies including No- results. Drilling in the Main Maverick called East Preston Uranium Project
randa, AGIP, BRINEX, Cogema, Kenne- Zone returned 2.25% U3O8 over 3.0m In March 2017 Skyharbour Resources which is located in the eastern part of the
cott/JNR Resources and IUC/Denison. and in the area of the new discovery na- and its partner Clean Commodities Corp. overall Preston Project and comprises an
The focus was, among other things, on med Maverick East Zone 1.79% U3O8 signed an option agreement with AREVA area of 25,300 hectares. Azincourt can
airborne and ground electromagnetic over 11.5m including 4.17% U3O8 over Resources Canada which provides ARE- acquire a 70% interest in the East Pres-
and magnetic surveys, ground gravity, 4.5m and 9.12% over 1.4m. VA an option to acquire up to a 70% inte- ton Uranium Project by issuing 4.5 milli-
seismic, and geochemical surveys, map- In August 2017, Skyharbour Resources rest in the 49,600-hectare western porti- on shares to Skyharbour Resources and

76 77
tion and development work at the Pres- uranium deposits in the world. Some top
ton Project. In addition, Skyharbour Re- news can be expected! The company
sources plans to find additional partners could attract two top development part-
for its projects within its “Prospect Gene- ners for the huge Preston Project. They
rator Models” to have on the one hand will not only pay the exploration costs
these projects advanced and on the during the coming years and quickly ad-
other hand to generate additional fun- vance Preston, they will also pay a lot of
ding for the advancement of the flagship cash to advance Moore Lake. Therewith,
project Moore Lake. Skyharbour’s Prospect Generator Busi-
ness Model is paying off. With the largest
The Preston Uranium Project is located in the single shareholder, Denison Mines, who’s
southwest, just outside of the Athabasca Summary: top projects, strong CEO David Cates has a seat in Skyhar-
Basin in the Patterson Lake Region. partners and a good business bour Resources’ Board of Directors, the
(Source: Skyharbour Resources) model company has a technical development
partner on its side. Therefore, Skyhar-
Due to its top projects, strong partners bour Resources is one of the top picks in
and the good business model Skyhar- the uranium sector for years which could
bour shines. The flagship project Moore possibly make several big discoveries.
Lake speaks for itself. Top grades and a
tremendous exploration potential in the
immediate vicinity of some of the best
the partner Clean Commodities Corp. as and geochemical features of the project
well as paying CA$1 million in cash wit- show distinct similarities to some of the
hin three years and investing an additio- best projects in the Athabasca Basin
nal CA$2.5 million in the exploration and such as Eagle Point, Millennium, P-Patch
development of the project area. and Roughrider. Recent sampling at the Interview with Jordan Trimble,
Due to these top deals (in total CA$9.8 north end of the property returned up to
million in development expenditures from 68% U3O8. CEO of Skyharbour Resources
AREVA and Azincourt) Skyharbour Re- Another top project is Mann Lake which
sources and partner Clean Commodities borders directly the joint venture project
Corp. can be reassured that the explora- of Cameco, Denison and AREVA with the What did you and your company achie- Skyharbour announced two option
tion of the project area continues whe- same name. Mann Lake is located stra- ve within the last 12 months? agreements on its Preston Project, one
reas they don’t have to bear the explora- tegically 25km southwest of Cameco’s with industry leader AREVA, that total
tion costs and can focus on Moore Lake. McArthur River Mine and 15km northeast The last 12 months have been transfor- over $10,000,000 in exploration and
In addition, they will receive CA$1.7 milli- of Cameco’s Millennium uranium depo- mative for Skyharbour starting with the $1,700,000 in cash payments.
on (50% for Skyharbour Resources) at sit. In 2014 a drill campaign of Cameco deal to acquire our flagship property, the Jordan Trimble, CEO
their free disposal. returned, among other results, 2.31% Moore Uranium Project, from Denison
U3O8 over 5.1m including 10.92% U3O8 Mines (TSX: DML), one of the world’s lar- What are the main catalysts for your
over 0.4m. gest publicly traded uranium companies company within the next six months?
Other top projects and Skyharbour’s largest strategic
shareholder. During the winter of 2017, The major catalysts over the next six
Besides Moore Lake and Preston Sky­ Upcoming catalysts the company completed its first drill pro- months for Skyharbour will be multiple
harbour Resources holds other top pro- gram at Moore, which successfully yiel- fully-funded drill programs. The compa-
jects. Among those is the Falcon Point For 2017 we can expect several drastic ded high-grade results including 21% ny is currently carrying out a 2,500m
Uranium & Thorium Project. This project, developments at Skyharbour Resources U3O8 over 1.5 meters within 5.9 meters summer program at Moore followed by a
totaling 79,000 hectares is located 55km and its partners. Skyharbour Resources of 6.0% U3O8, at shallow depths (265m). planned 5,000m program starting in Ja-
east of the Key Lake Mine. In 2015 Sky­ will conduct a summer drill program to, In addition to its core strategy as a disco- nuary at Moore both of which have the
harbour Resources announced a NI 43- among other things, make a discovery in very-driven exploration company, Sky­ potential to yield additional high-grade
101 resource for Falcon Point containing the eastern part of the Maverick Struc- harbour employs the prospect generator discoveries. Furthermore, Skyharbour’s
6.96 million pounds of U3O8 and 5.34 ture and at Moore Lake. AREVA and model to fund exploration at its other option partners AREVA and Azincourt are
million pounds of ThO2. The geological Azincourt Uranium will start the explora- projects in the Basin. In March of 2017, planning exploration programs soon on

78 79
Uranium Energy
Four permitted mining projects and a central
processing plant provide large leverage
the Preston property located proximal to money at these prices including the Uranium Energy, a former U.S. uranium Uranium friendly Texas
Fission and Nexgen’s world-class depo- swing producer Kazakhstan announcing producer, is within a small circle of a few
sits. Lastly, the company is in negotia- a 10% production cut earlier this year. companies that will revive the dormant Texas is one of the few U.S. states which
tions with other strategic partners to op- Excess secondary supply has put pres- U.S. uranium industry in the case of the environmental agency can grant mining
tion some of its other secondary projects sure on the spot price, but once these most likely rebound of the uranium sec- permits independently from the U.S. fe-
to ensure the project base is advanced supplies subside, there will be a signifi- tor. Besides the former producing Palan- deral agencies. The Texas Commission
and consistent news flow is generated. cant supply deficit and prices will rise gana mine, Uranium Energy will produce on Environmental Quality granted a mi-
quickly. On the demand side, there are from the Goliad Project and the recently ning permit for the Goliad Project, which
58 new reactors under construction (21 permitted Burke Hollow Project in the fu- is the only one of its kind granted to a
What is your opinion about the current of those in China), the Japanese are ture. The recently acquired Reno Creek corporation during the past 10 years. Wi-
conditions of the uranium market? restarting their reactors (5 have been Project and the Alto Paraná titanium pro- thin the past 35 years all applications for
turned on since Fukushima with 21 more ject will add additional resources. production licenses were granted in
The current $20/lb spot price for uranium in the approval process), and we are Texas. The southern Texas uranium trend
is unsustainably low in the long run. Loo- entering a new contracting cycle with the extends over 300km crossing 54 coun-
king at the supply side, the lowest cost utility fuel buyers as 80% of the existing Palangana Project is ready at ties in Texas. 26 of 31 deposits within this
producing mine globally, located in Ka- long-term contracts expire by 2025 (un- any time trend were or are amenable for the low
zakhstan, has an all-in cost of approx. covered demand of 174mm lbs by 2025). cost in-situ recovery (ISR) mining.
$22/lb and the global average production These factors are all bullish for the price “Former U.S. uranium producer”: becau-
cost is double the current spot price at of uranium going forward. se the company did operate its Palanga-
approx. $40/lb. For meaningful new sup- na Project, Texas, in the past. The Palan- Goliad Project fully permitted
ply to come online, most analysts are fo- gana ISR Project is completely licensed
recasting a $50-$60/lb uranium price to and received the final production permit The second advanced ISR Project, Goli-
incentive new mine builds. We are now in 2010. The production began in Decem- ad, has had a final production license
starting to see meaningful production ber 2010 and was halted due to the ura- since December 2012. The Goliad Pro-
cutbacks and development curtailment nium price development in July 2014. ject, like Palangana, is near the Hobson
because producers simply can’t make The Palangana Project contains a re- processing plant and is the biggest ISR
source of 3.3 million pounds of U3O8. uranium project in Texas. It hosts a NI 43-
The company estimates capital costs of 101 resource of close to 7 million pounds
US$10 million to re-commission Palan- of U3O8 with 5.5 million pounds in the
gana within 6 months. The production category measured and indicated. The
Skyharbour Resources Ltd. ISIN: CA8308166096
cash costs are below US$22 per pound
of uranium, according to the company.
remaining 1.5 million pounds are in the
category inferred. This independent esti-
FRA: SC1P Uranium Energy owns a diversified
TSX-V: SYH uranium resource base.
(Source: Uranium Energy)
Shares issued: 53.5 million
Options: 4.2 million
Warrants: 25.0 million
Fully diluted: 82.7 million

Skyharbour Resources Ltd.
777 Dunsmuir Street - Suite 1610
Vancouver, BC, V7Y 1K4, Canada

phone: +1-604-639-3850
fax: +1-604-687-3119
(Source: BigCharts)
80 81
mate is based on a total of 487 historic uranium project located in Wyoming. In much larger exploration potential! Al- construction of a pilot plant to evaluate
drill holes and 599 drill holes drilled by February 2017 Reno Creek was issued a though the previous owner of Reno the proposed beneficiation flow sheet,
Uranium Energy. The Goliad Project pro- Source and By Product Materials Licen- Creek has paid more than US$60 million bench scale smelting tests, production
vides additional potential because the se from the U.S Nuclear Regulatory for the exploration and development! of approximately 110 tons of concentrate
mineralization is open to all sides. It is Commission in connection with a Final Uranium Energy is working on a new op- for a large-scale smelting tests and asso-
expected that the actual resource can be Environmental Impact Statement and timized pre-feasibility-study. ciated engineering, marketing, logistical
largely expanded. Record of Decision, the last important and environmental work.
production license! Now Uranium Energy In September 2017 Uranium Energy re-
can start the construction of the ISR Alto Paraná Titanium Project leased its own resource estimate for Alto
Permit for Burke Hollow fields and a central processing plant to Paraná. The total inferred resource has
mine and produce up to 2 million pounds In July 2017 Uranium Energy acquired been estimated at 4.94 billion tons gra-
The third top ISR project, Burke Hollow, of U3O8 per year! CIC Resources (Paraguay) Inc. and the- ding 7.41% titanium oxide (“TiO2”) and
received the complete mining permit in Reno Creek contains a large NI 43-101 reby over 70,000 hectares land in Para- 23.6% iron oxide (“Fe2O3”) at a 6% TiO2
December 2016. Burke Hollow contains resource of 21.98 million pounds of U3O8 guay were the Alto Paraná Titanium Pro- cut-off, making Alto Paraná one of the
a resource of 5.12 million pounds of U3O8 in the category measured and indicated ject and its pilot plant is located. Until highest-grade and largest-known Fer-
and is located 54km from Hobson. In to- plus 930,000 pounds in the category in- then CIC Resources and its former joint ro-Titanium deposits.
tal five independent uranium trends were ferred. Uranium Energy increased its re- venture partner Tronox had invested
identified on the license area. Only half of source base by approximately 70% with about 25 million dollars in the project.
the license area was explored for urani- this acquisition! A pre-feasibility-study In accordance with the terms of the sha- Other potentially top projects
um deposits to date. from the year 2014 confirms a high profi- re purchase and option agreement, Ura- in the pipeline!
In 2017 Uranium Energy commenced a tability at low capital and operating costs. nium Energy had to issue to the Vendor
new drill campaign which rapidly deliver- Uranium Energy issues to the controlling 664,879 restricted common shares of the Besides the projects in Texas and the
ed initial promising results (average ura- shareholder of Reno Creek, the Pacific company, at a deemed issuance price of Reno Creek Project Uranium Energy has
nium grades of 0.67%) and therefore was Road Resources Funds holding 97.27% US$1.5363 per share, for aggregate con- the majority in a series of additional po-
expanded from the original 90 drill holes of all shares, only 14 million of its shares sideration of US$1,021,453. In addition tentially top projects.
to 120 drill holes. The trend was exten- (value of US$17 million) plus 11 million to the consideration, the Company has The Anderson Project in Arizona con­
ded from 1.7km to 4km. warrants and a 0.5% royalty capped at granted the Vendor a 1.5% net smelter tains over 29 million pounds of U3O8 and
US$2.5 million. returns royalty on the Property. Uranium a positive economic assessment was
Including the remaining 2.73%, which Energy previously had acquired all of the completed giving an Internal Rate of Re-
Hobson production plant an ace Baywater Uranium Corporation is conce- issued and outstanding shares of JDL turn (IRR) of solid 63% before tax based
up the sleeve! ding to Uranium Energy, Uranium Energy Resources Inc. pursuant to the terms of on a uranium price of US$ 65.
is paying less than US$20 million for a the share purchase and option agree- The Slick Project in Colorado contains
The Hobson production plant is a com- fully licensed ISR project with a resource ment, in June 2016. The Company ac- over 15.7 million pounds of U3O8 and has
pletely permitted, and for the production, of over 20 million pounds of U3O8 and a quired JDR in exchange for a cash pay- a pre-tax IRR of 33%.
a licensed production facility that origi- ment of $50,000 and the issuance of Uranium Energy has two prospective
nally could produce one million pounds 1,333,360 shares to the vendor. JDR projects in Paraguay. Yuty contains re-
of “Yellow Cake” per year. The facility holds additional titanium mineral con- sources of over 11.1 million pounds of
was completely refurbished in 2008 and cessions that border the property. U3O8 and Oviedo’s exploration target is
is up to date. The production was dou- The Alto Paraná Titanium Project is an 23 to 56 million pounds of U3O8.
bled by a vacuum dryer and the fully advanced exploration stage project loca-
licensed Hobson production facility has ted in eastern Paraguay, within the de-
now a production capacity of two million partment of Alto Paraná, approximately Top CEO as guarantor of
pounds of U3O8 per year. 100 km north of Ciudad del Este. The success
property covers an area of 70,498 hecta-
res under five mining permits. The pro- President and CEO Amir Adnani is an
Reno Creek Project ject is near Itaipu, the second largest hy- entrepreneur with excellent contacts wit-
dro-electric dam in the world and a hin the mining and financial world. He
In May 2017 Uranium Energy announced source of cost-effective power. Work to founded, among other things, Blender
the acquisition of Reno Creek Holdings date on the Property has included an ex- Media Inc. a company considered as fas-
Inc. and thereby, 100% of its fully permit- (Source: Uranium Energy) tensive program of pitting and auger dril- ted growing company in Canada. Besi-
ted Reno Creek in-situ recovery (“ISR”) ling, development of a small test mine, des Uranium Energy he manages Gold-

82 83
Mining Inc. a so called “Mineral Bank” pounds of U3O8 and the possibility to In Texas, we expect our RML to be issu- What is your opinion about the current
with a resource base of over 24 million produce 4 million pounds of U3O8 per ed in the next 6-months which remains conditions of the uranium market?
ounces of gold. year in the future instead of 2 million the last major permit for Burke Hollow.
pounds of U3O8. Similarly, we have further completed a Recent market activity has been specu-
As a final touch the company could se- 130-hole drill program at Burke Hollow, lative purchases by traders and not utility
Summary: solid project cure a well-advanced titanium project for looking to increase our 43-101 resour- procurement for reactors. Resumption
pipeline, strong leverage on little money which offers future potential. ces. At Reno Creek, we are working to- of more robust utility procurement levels
uranium price Uranium Energy combines all expected wards an updated PFS while continuing is key, which was something which eva-
advantages of the supply deficit at the to make accretive, counter-cyclical ac- ded the market in 2016-17. Currently,
Contrary to five years ago when Uranium uranium market, of a low-cost mining quisitions. off-market and public tenders from end-
Energy was a uranium producer, the method, central processing plants and a Nuclear energy continues to expand glo- users outside the U.S. is increasing- per-
company can now mine instead of one uranium friendly environment. bally due its ability to deliver large haps signaling a longer-term trend. The
(Palangana), four projects in the future amounts of reliable, 24/7 baseload ener- substantial level of uncommitted urani-
and use to capacity its Hobson proces- gy without carbon emissions and can do um requirements in the coming years
sing plant. The highlight is the fact that so at competitive generating costs. Chi- would point to not “if” but “when” that
the Palangana Project has a mining per- na is the leader in this growth story mo- procurement cycle will return in substan-
mit already, meaning a production can be ving from the currently installed 31 giga- tial volumes to test the emerging impro-
started in a very short time frame. In ad- watts of capacity from 30 reactors to ved supply dynamics.
dition, the Palangana Project, Uranium close to 100 gigawatts within 10 years.
Energy’s second and third licensed ura- The Chinese have increased their empha-
nium projects Goliad and Burke Hollow sis on nuclear energy in policy and ac-
are located in close proximity to the Hob- tions as a way to deliver vast amounts of
son production facility. electricity without adding to severe crisis
Together with the recently acquired Reno level air pollution in Chinese cities.
Creek Project that is also fully licensed,
the company has close to 100 million

Uranium Energy Corp.

Interview with Amir Adnani, ISIN: US9168961038
CEO of Uranium Energy FRA: U6Z

What did your company achieve within A Pre-Feasibility Study completed in Shares issued: 154.9 million
the last 12 months? 2014 has also demonstrated strong pro- Options: 12.2 million
ject economics with low capital and ope- Warrants: 31.0 million
UEC recently acquired the fully permitted rating costs consistent with ISR projects Fully diluted: 198.2 million
Reno Creek in-situ recovery project. in Wyoming. A new and optimized PFS is
Reno Creek hosts an NI 43-101 Measu- in progress. In return for increasing our Contact:
Amir Adnani, CEO red and Indicated resource of 27.47 milli- ISR M&I resources by over 100%, UEC Uranium Energy Corp.
on tons grading 0.041% U3O8 yielding paid $18M for the acquisition for only 9% 500 North Shoreline, Ste. 800N
21.98 million lbs. Reno Creek is located dilution while gaining Pacific Road as a Corpus Christi, TX 78401, USA
within the Powder River Basin in Wyo- new shareholder who had invested $60M
ming, a uranium mining-friendly state in the project. phone: +1-361-888-8235
with excellent infrastructure and an ex- fax: +1-361-888-5041
perienced labor force. The project has
been permitted for production of 2 milli- What are the main catalysts for your
on lbs. U3O8 per year. company within the next 6 months?
(Source: BigCharts)
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