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enCore Energy Advances Development at the South Texas Uranium Processing Plant – Stock Up 6.82%

VANCOUVER, BC / ACCESSWIRE / November 23, 2021 / enCore Energy Corp. (TSXV:EU)(OTCQB:ENCUF) ("enCore") and Azarga Uranium Corp. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA)…

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VANCOUVER, BC / ACCESSWIRE / November 23, 2021 / enCore Energy Corp. (TSXV:EU)(OTCQB:ENCUF) (“enCore”) and Azarga Uranium Corp. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) (“Azarga Uranium”) are pleased to provide an update on enCore’s modernization activities at the Rosita Central Processing Plant (“Rosita”) in South Texas expected to be complete in Q2/2022. enCore has also continued to advance its Texas asset acquisition strategy focused on established, previously permitted, projects with known mineralization to augment enCore’s existing pipeline of projects in proximity to Rosita. Confirmation and development drilling has commenced at the newly acquired Rosita Extension, much of which lies within the existing permit area. This development will provide mineral interpretation and resources for wellfield design in keeping with planned commencement of production activities in 2023.

Paul Goranson, enCore’s Chief Executive Officer said, “The progress of enCore’s efforts in South Texas has been exceptional. Using our own in-house technical staff, we are executing our strategy targeting completion of the Rosita upgrades by the end of the second quarter 2022 and wellfield commissioning in the first half of 2023 with projects on schedule and on budget. As we advance our plans in South Texas and accelerate activities on the key Dewey Burdock and Gas Hills projects from the shareholder approved acquisition of Azarga Uranium, enCore is well on its way to being America’s premier ISR uranium producer.”

Rosita Central Processing Plant

The Rosita Central Processing Plant modernization commenced in July 2021 with a projected budget of less than US$1 million. Work activities are now 50% complete, on schedule and on budget. Recent major equipment work includes the yellowcake filter press relocation and installation, completion of the ion exchange resin elution and the yellowcake dryer circuits.

Rosita Extension Confirmation and Development Drilling

A 50-hole confirmation and development drilling program is presently underway at the extension of the previous Rosita wellfields (the “Rosita Extension”). The Rosita Extension was first explored by Mobil Oil Corporation who drilled over 800 holes to depths of up to 400 feet prior to 1984. Subsequent operators completed additional exploration drill holes confirming mineralized trends.

enCore and Azarga Uranium Arrangement Update

Following a vote by Azarga Uranium shareholders with over 99% of votes cast approving the transaction, enCore and Azarga Uranium are working together closely to complete the necessary regulatory approvals to complete the previously announced plan of arrangement (the “Transaction”). An extension to the arrangement agreement has been executed to allow the parties to obtain normal course regulatory approvals, including approvals from the United States Nuclear Regulatory Commission and the British Columbia Supreme Court.

About enCore Energy Corp.

enCore Energy Corp., a U.S. domestic uranium developer focused on becoming a leading in-situ recovery (“ISR”) uranium producer, is led by a team of industry experts with extensive knowledge and experience in all aspects of ISR uranium operations. enCore Energy’s initial opportunities are created from the Company’s South Texas licensed and past-producing Rosita and Kingsville Dome ISR production facilities, under development, and multiple satellite projects in South Texas plus the changing global uranium supply/demand outlook and opportunities for industry consolidation. Large uranium resource endowments in New Mexico add to the asset base for long term growth and development opportunities.

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America (“USA”) (South Dakota, Wyoming, Utah and Colorado), with a primary focus of developing in-situ recovery uranium projects. The Dewey Burdock in-situ recovery uranium project in South Dakota, USA (the “Dewey Burdock Project”), which is the Company’s initial development priority, has been issued its Nuclear Regulatory Commission License and Class III and Class V Underground Injection Control permits from the Environmental Protection Agency and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project.

For additional information:

enCore Energy Corp.
William M. Sheriff
Executive Chairman
972-333-2214
[email protected]
www.encoreuranium.com

Azarga Uranium Corp.
Blake Steele
President & CEO
605-662-8308
[email protected]
www.azargauranium.com

Cautionary Statements

Certain information contained herein constitutes forward-looking information or statements under applicable securities legislation and rules. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “indicate”, “scheduled”, “target”, “goal”, “potential”, “subject”, “efforts”, “option” and similar words, or the negative connotations thereof, referring to future events and results. Forward-looking statements in this press release include, but are not limited to, statements related to the timing of the completion of enCore’s modernization activities at Rosita and completion of wellfield commissioning, the ability of enCore in keeping with planned commencement of production activities in 2023, anticipated completion of the Transaction, the terms of the Transaction and receipt of certain regulatory approvals.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of enCore and/or Azarga Uranium to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: any inability of the parties to satisfy the conditions to the completion of the Transaction on acceptable terms or at all; receipt of necessary stock exchange, court and other regulatory approvals; the ability of enCore and Azarga Uranium to achieve their stated goals and objectives; the costs associated with the companies’ objectives; risks and uncertainties related to the COVID-19 pandemic and measures taken to attempt to reduce the spread of COVID-19; and the risks and uncertainties identified in enCore’s Management’s Discussion and Analysis for the nine months ended September 30, 2021 and Azarga Uranium’s Annual Information Form for the year ended December 31, 2020, each filed on SEDAR at www.sedar.com. Although management of each of enCore and Azarga Uranium has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Neither party will update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. enCore and Azarga Uranium caution readers not to place undue reliance on these forward-looking statements and it does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

This press release is not and is not to be construed in any way as, an offer to buy or sell securities in the United States. The distribution of the enCore common shares in connection with the transactions described herein will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) and the enCore common shares may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the enCore common shares, nor shall there be any offer or sale of the enCore common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the TSX, the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX and TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Above: Development drilling in progress at enCore’s Rosita Project, South Texas.

Above: An enCore Energy Corp. employee inspects one of the ion exchange resin elution vessels at the Rosita Central Processing Plant, South Texas.

Above: The yellowcake filter press is placed at the Rosita Central Processing Plant, completing the uranium processing circuit.

SOURCE: Azarga Metals Corp.

View source version on accesswire.com:
https://www.accesswire.com/674250/enCore-Energy-Advances-Development-at-the-South-Texas-Rosita-Uranium-Processing-Plant-enCore-Energy-and-Azarga-Uranium-Provide-Plan-of-Arrangement-Update

Energy & Critical Metals

NASA wants a nuclear reactor on the moon by 2030 and nuclear fusion development attracts more private investors worldwide

It sounds like a sci-fi movie plot, but NASA wants a nuclear reactor on the moon by the end of … Read More
The post NASA wants a nuclear reactor on the…

It sounds like a sci-fi movie plot, but NASA wants a nuclear reactor on the moon by the end of the decade.

Battelle Energy Alliance, a contractor for the US Department of Energy’s Idaho National Laboratory (INL), is teaming up with NASA to seek proposals from nuclear and space industry leaders to develop innovative technologies for a fission surface power (FSP) system for lunar power applications.

Basically, the idea is to put a fission reactor on the moon which would pave the way for sustainable operations and even base camps on the moon and Mars.

“Plentiful energy will be key to future space exploration,” NASA’s Space Technology Mission Directorate associate administrator Jim Reuter said.

“I expect fission surface power systems to greatly benefit our plans for power architectures for the moon and Mars and even drive innovation for uses here on Earth.”

The plan is to design, fabricate and test a 10-kilowatt class FSP which might look something like this:

Illustration of a conceptual fission surface power system on the Moon. Pic: NASA

 

Rolls-Royce secures UK funding for small modular reactors

But nuclear fission is also attracting attention, new policies and investment down here on planet Earth, driven by the dual climate and energy crises.

At the COP26 conference, the UK Government announced it invested £210 million into Rolls-Royce’s next generation nuclear reactors.

Which along with $195m across three years from the Rolls-Royce Group, BNF Resources UK Limited and Exelon Generation Limited, will allow the Rolls-Royce Small Modular Reactor (SMR) business to deliver a low cost, deployable, scalable and investable programme of new nuclear power plants.

“Our transformative approach to delivering nuclear power, based on predictable factory-built components, is unique and the nuclear technology is proven,” Rolls-Royce SMR CEO Tom Samson said.

“Investors see a tremendous opportunity to decarbonise the UK through stable baseload nuclear power, in addition to fulfilling a vital export need as countries identify nuclear as an opportunity to decarbonise.”
 

Micro-reactors can be built fast at 1/10th the size

UK Business and Energy Secretary Kwasi Kwarteng said that Small Modular Reactors offer exciting opportunities to cut costs and build more quickly, “ensuring we can bring clean electricity to people’s homes and cut our already-dwindling use of volatile fossil fuels even further.”

A Rolls-Royce SMR power station will have the capacity to generate 470mw of low carbon energy, equivalent to more than 150 onshore wind turbines.

It will provide consistent baseload generation for at least 60 years, helping to support the roll out of renewable generation, helping to overcome intermittency and will occupy around one-tenth of the size of a conventional nuclear generation site and power approximately one million homes.

But Rolls isn’t the only company eyeing micro-reactors.

The US is close on its heels, with TerraPower planning to replace an aging coal-fired plant with a set of its mini-reactors which would be assembled in a factory and transported to the plant location – and be up and running by 2028.

And the Biden administration plans to shore up existing reactors and invest in new ones, with the $1.2 trillion infrastructure bill directing billions in research into the next generation of mini reactors.

 

Nuclear fusion beginning to attract investment

According to the Fusion Industry Association, there are currently more than 30 private fusion firms around the world, with 18 declaring funding totalling $2.4 billion combined.

Five companies – Commonwealth Fusion Systems, Helion Energy, General Fusion, TAE Technologies and Tokamak Energy – currently account for 90% of this funding.

Helion just nabbed $375 million from Silicon Valley investor Sam Altman, with plans for its demonstration reactor Polaris to be in operation by 2024.

Commonwealth Fusion Systems is targeting a pilot reactor by 2025 at a cost of around $3 billion and has major shareholder Italian energy player Eni poised to invest in the next round of financing.

Then there’s TAE Technologies, which has raised around $880 million, with investors including Goldman Sachs.

And just last month, Canada’s General Fusion announced it had closed a $130 million funding round to commercialise Magnetized Target Fusion (MTF), with an impressive line-up of individual investors including Jeff Bezos.

The company is scheduled to start operating in 2025 and aims to have its reactors for sale early in the next decade.

The post NASA wants a nuclear reactor on the moon by 2030 and nuclear fusion development attracts more private investors worldwide appeared first on Stockhead.

Author: Emma Davies

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Articles

Guy on Rocks: Iron ore – back in black

Guy on Rocks is a Stockhead series looking at the significant happenings of the resources market each week. Former geologist … Read More
The post Guy…

Guy on Rocks is a Stockhead series looking at the significant happenings of the resources market each week. Former geologist and experienced stockbroker Guy Le Page, director, and responsible executive at Perth-based financial services provider RM Corporate Finance, shares his high conviction views on the market and his “hot stocks to watch”.

 

Market Ructions

Reports of iron ore’s demise may have been premature with improving economic data coming out of China.

GDP growth in October 2021 came in at a better-than-expected YoY bottom of 3.3% (or 4.9% 2Y CAGR) in 4Q21 and rebounding to 5.5% in 2022 according to Morgan Stanley (China and the Miners, November 2021).

The property market is also looking a little healthier after a sharp contraction in property sales and construction starts over CY 2021 (figure 1).

Property and infrastructure demand rose 3.5% YoY in October (+3.1% September), however PMI contracted to 49.2, from 49.6 in September 2021. The PMI however rose to 50.1 last month for the first time in three months reinforcing the more positive manufacturing outlook.

Figure 1: China Property Sales and Construction starts (Source: Morgan Stanley, China and the Miners, November 2021).

The Chinese government’s response to the soft property market is a loosening of property policy to bolster demand.

It appears the government is also about to ease production cuts, with My Steel suggesting that Chinese steel mills are restocking ahead of a restart sometime this month after running down steel inventories (figure 2).

This is also likely to coincide with an increase in pig iron production which is projected to rise by around 37,000 tonnes per day.

Guy Le Page iron ore
Figure 2: Total steel inventory (Source: Morgan Stanley, China and the Miners, November 2021).

The Dalian iron ore price jumped over 6% on Tuesday to just over US$103/tonne.

The January contract was also around 2.5% higher at US$95.75, still in backwardation but higher, nonetheless.

Guy Le Page iron ore
Figure 3: Iron ore spot price (Source: www. https://tradingeconomics.com/commodity/iron-ore)

The supply side also remains tight with Vale forecasting production in the range of 315-320 million tonnes this year which is on the lower end of their guidance of 315-335 million tonnes.

The other variable to watch out for, of course, are disruptions to shipping as Australia enters the wet season over November to March.

RFC Ambrian published an updated report on copper as a follow up to their ‘Copper M&A – The Cupboard is Nearly Bare’, that was published in November 2018.

Well not surprisingly, figure 4 confirms what we know about declining exploration over the last 9-10 years with the majority of the world’s largest copper projects located in regions subject to civil and political unrest (figure 5).

Put this together with the EV demand and you have set the scene for a bull market that could run for 5-10 years or more.

Guy Le Page iron ore
Figure 4: Global exploration for copper by region (Source: RFC Ambrian, Copper Projects Review, December 2021).
Guy Le Page iron ore
Figure 5: Copper Reserves and Resources (Source: RFC Ambrian, Copper Projects Review, December 2021).

Some interesting information from Sprott regarding uranium safety (surely they are not talking their own book?).

It is interesting that everyone wants to talk about the handful of people that have been fried from nuclear accidents, but it appears hydro, wind and solar have claimed many more victims on a per terawatt hour (TWh) basis! (figure 6).

Figure 6: Mortality rate/TWh of energy produced (Source: Sprott, Special Report on Uranium; Uranium and nuclear power play a critical role in the US, 15 November 2021).

It appears Biomass has claimed a very high number of people also.

Burning wood and biomass creates a PM2.5 air pollution, including volatile organic compounds (VOCs), and nitrogen oxides (NOx).

All of this air pollution damages health, from airway inflammation to free radical damage to cancer and numerous health problems. They are also known to aggravate and can cause asthma and emphysema.

The following map (figure 7) shows the current reliance on nuclear power. I would think the yellow footprint will spread.

Figure 7: Countries reliant on nuclear energy as a percentage of total energy consumption (Source: Sprott, Special Report on Uranium; Uranium and nuclear power play a critical role in the US, 15 November 2021).

So, what are the biggest pollutants out there now?

Electric vehicles that consume more carbon than petrol cars in their construction and plug into coal-fired power for their energy.

That is if you believe that carbon is the primary contributor to global warming of course. Cooling during the Middle Carboniferous reduced average global temperatures to about 12C (54F) however atmospheric carbon levels were similar to today. So maybe the whole carbon debate is also crap?

So, if the Stockhead faithful think the world has gone mad pumping money into relatively inefficient power sources such as wind and solar while chasing a possibly flawed carbon argument as the primary driver to global warming, you are probably correct.

The real crime is turning our backs on nuclear, the cleanest, greenest, and safest source of available base load power in the medium to longer term.

 

Company News

Figure 8: COD two-year share price chart (Source: CMC Markets, 1 December 2021).

Coda Minerals Ltd (ASX:COD) has seen a 21% spike in its share price possibly following the release by Shaw and Partners research report which put a price target of $2.30/Share based on their projected copper resources at their Elizabeth Creek Copper Project (100km south of BHP’s Olympic Dam). That includes the Emmie Bluff deposit (figure 9) which Shaw’s believe should come in around 800kt CuEq (100% basis) at ~1.6% CuEq or 50Mt @ 1.6% CuEq.

It’s a little deep at around 400m below the surface but if the grades come in as Shaw’s anticipate this will be one of the first Zambian style copper projects of any size found in the Adelaidean formation, a sequence of rocks that sits above the Hiltaba suite (lower Proterozoic felsic intrusives) that host the giant Olympic Dam deposit.

I believe Emmie Bluff looks a little more promising than the IOCG targets at Elizabeth Creek which are +800m deep and a bit lower grade.

On the other hand, there are some decent widths (up to 28m downhole) with plenty of assays outstanding together with visible bornite.

In other words, they are drilling in the “boiling” zone at similar ore forming temperatures, pressures, salinities etc to Olympic Dam so they are well and truly still in the game to find something large and relatively high-grade, or at least comparable grade to Olympic Dam.

More recently, the company had some encouraging results at its Cameron River project (earning 80% an interest) located in the Mt Isa province of North QLD.

A total of 696 samples were collected, 31 returning anomalous copper and 16 returning anomalous gold values. Better results included 12.6% Cu, 2.72g/t Au and 4.3g/t Ag. I don’t generally get too excited about rock chip results but will be reviewing the results of the planned 50-hole RC program in due course.

Figure 9: COD two-year share price chart (Source: COD ASX Announcement, 19 November 2021).
Figure 10: Elizabeth Creek Project (Source: COD ASX Announcement, 19 November 2021).

I thought the company was a little expensive when it was trading at $1.72 (+$170 million market capitalisation) but at 83 cents and an enterprise value of just over $65 million it is coming into buying territory with a good a good pipeline of news flow to follow (figure 11).

You have to admire companies drilling holes to the centre of the earth and with plenty of new targets to follow up (such as Elaine – IOCGU target) the company looks set for an exciting and volatile 2022.

Figure 11: Coda Minerals 2021-2022 work program (Source: COD ASX Announcement, 19 November 2021).

 

At RM Corporate Finance, Guy Le Page is involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting, and corporate advisory roles.

He was head of research at Morgan Stockbroking Limited (Perth) prior to joining Tolhurst Noall as a Corporate Advisor in July 1998. Prior to entering the stockbroking industry, he spent 10 years as an exploration and mining geologist in Australia, Canada, and the United States. The views, information, or opinions expressed in the interview in this article are solely those of the interviewee and do not represent the views of Stockhead.

 

Stockhead has not provided, endorsed, or otherwise assumed responsibility for any financial product advice contained in this article.

The post Guy on Rocks: Iron ore – back in black appeared first on Stockhead.




Author: Guy Le Page

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Energy & Critical Metals

Energy Fuels Inc. – What Top Wall Street Analysts Are Saying

Energy Fuels Inc. (UUUU) is priced at $9.18 after the most recent trading session. At the very opening of the session, the stock price was $9.01 and reached…

Energy Fuels Inc. (UUUU) is priced at $9.18 after the most recent trading session. At the very opening of the session, the stock price was $9.01 and reached a high price of $9.31, prior to closing the session it reached the value of $8.71. The stock touched a low price of $8.35.Recently in News on November 10, 2021, Consolidated Uranium to Acquire the Milo Uranium-Copper-Gold-REE Project in Queensland Australia. Consolidated Uranium Inc. (“CUR” or the “Company”) (TSXV: CUR) (OTCQB: CURUF) is pleased to announce that its wholly owned Australian subsidiary, CUR Australia Pty Ltd, has signed a definitive sale and purchase agreement (the “Agreement”) with Isa Brightlands Pty Ltd (the “Vendor”), a wholly owned subsidiary of GBM Resources (“GBM”) (ASX: GBZ), an Australian listed Mineral Exploration company, to acquire (the “GBM Transaction”)a 100% interest in the Milo Uranium, Copper, Gold, Rare Earth Project (“Milo” or the “Project”). The Project consists of EPM (Exploration Permit – Minerals) 14416 which consists of 20 sub blocks or approximately 34 square kilometres located within The Mt Isa Inlier approximately 40 kilometres west of Cloncurry in Northwestern Queensland. You can read further details here

Energy Fuels Inc. had a pretty favorable run when it comes to the market performance. The 1-year high price for the company’s stock is recorded $11.39 on 11/12/21, with the lowest value was $3.53 for the same time period, recorded on 01/13/21.

Energy Fuels Inc. (UUUU) full year performance was 318.75%

Price records that include history of low and high prices in the period of 52 weeks can tell a lot about the stock’s existing status and the future performance. Presently, Energy Fuels Inc. shares are logging -19.42% during the 52-week period from high price, and 375.04% higher than the lowest price point for the same timeframe. The stock’s price range for the 52-week period managed to maintain the performance between $1.93 and $11.39.

The company’s shares, operating in the sector of Energy managed to top a trading volume set approximately around 1250857 for the day, which was evidently lower, when compared to the average daily volumes of the shares.

When it comes to the year-to-date metrics, the Energy Fuels Inc. (UUUU) recorded performance in the market was 104.46%, having the revenues showcasing 61.00% on a quarterly basis in comparison with the same period year before. At the time of this writing, the total market value of the company is set at 1.28B, as it employees total of 94 workers.

Energy Fuels Inc. (UUUU) in the eye of market guru’s

During the last month, 6 analysts gave the Energy Fuels Inc. a BUY rating, 0 of the polled analysts branded the stock as an OVERWEIGHT, 0 analysts were recommending to HOLD this stock, 0 of them gave the stock UNDERWEIGHT rating, and 0 of the polled analysts provided SELL rating.

According to the data provided on Barchart.com, the moving average of the company in the 100-day period was set at 7.01, with a change in the price was noted +3.84. In a similar fashion, Energy Fuels Inc. posted a movement of +73.28% for the period of last 100 days, recording 4,336,220 in trading volumes.

>> 7 Top Picks for the Post-Pandemic Economy

Energy Fuels Inc. (UUUU): Stocks Technical analysis and Trends

Raw Stochastic average of Energy Fuels Inc. in the period of last 50 days is set at 56.25%. The result represents improvement in oppose to Raw Stochastic average for the period of the last 20 days, recording 24.01%. In the last 20 days, the company’s Stochastic %K was 26.76% and its Stochastic %D was recorded 33.74%.

If we look into the earlier routines of Energy Fuels Inc., multiple moving trends are noted. Year-to-date Price performance of the company’s stock appears to be pessimistic, given the fact the metric is recording 104.46%. Additionally, trading for the stock in the period of the last six months notably improved by 22.33%, alongside a boost of 318.75% for the period of the last 12 months. The shares increased approximately by -2.57% in the 7-day charts and went down by 11.10% in the period of the last 30 days. Common stock shares were driven by 61.00% during last recorded quarter.

Author: Nick Little

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