The Northern Miner May 2025 Vol 111 Issue 5

Blast from the Past, Canada’s metallic link to the bomb /

New approach needed to boost Canadian output: Sprott CEO

BY FRÉDÉRIC TOMESCO

Canada’s next prime minister had better be serious about expediting permitting reviews to speed up mine construction, according to the world’s biggest holder of physical uranium. Both leading contenders for the prime minister’s job touted the merits of a “one project, one review” system during the recent federal election campaign, which concluded

April 28 after The Northern Miner went to press. Liberal Party leader and PM Mark Carney pledged to approve resource projects within two years through a dedicated office, while Conservative Party leader Pierre Poilievre vowed to open a Rapid Resource Project Office with an even shorter time limit — one year — to get “shovels in the ground” as fast as possible.

Drawn-out permitting timelines have been a long-standing

irritant for miners. Canada is the third-slowest jurisdiction in the world when it comes to the amount of time required to develop a mine, S&P Global found in a study released last year. At 27 years, the average lead time for Canada trailed only that of the United States, at 29 years, and Zambia, at 34 years.

“I sure hope that the talk of shorter timelines is real because it’s a serious problem in Canada,” Sprott Asset Management CEO John Ciampaglia said in a midApril interview. “Whether it’s new mines, new infrastructure or new pipelines, the timelines to permit new projects are beyond reasonable. Everybody is talking about wanting to be open for business but I need to see it. So far, nothing has changed.”

Largest fund

With holdings of about $4.3 billion (C$5.95 billion) as of April, Ciampaglia’s Sprott Physical Uranium Trust (TSX: U.U for USD; U.UN for CAD) is the world’s largest physical uranium fund.

Units of the trust have lost about 12% of their value in the first quarter of 2025, dragged down by a decline in the uranium spot price. They’ve fallen about 31% in the past year.

Mine construction delays have hit the uranium market particularly hard in recent years as demand climbed on electrification and artificial intelligence’s insatiable appetite for power.

Uranium stockpiles help sustain supply as demand outstrips production by 50 million to 60 mil-

“Everybody is talking about wanting to be open for business but I need to see it. So far, nothing has changed.”

JOHN CIAMPAGLIA CEO, SPROTT ASSET MANAGEMENT

lion lb. a year, according to World Nuclear Association data. Demand for uranium is projected to triple by 2040, underscoring the urgent need to develop mines.

“There is a structural supply deficit, and it won’t be fixed unless the world builds a lot of new greenfield capacity — and sooner rather than later,” Ciampaglia said. “New projects are quite critical. They need to come online.”

Athabasca basin

Canada’s biggest opportunity lies in Saskatchewan’s Athabasca basin.

As companies such as Cameco (TSX: CCO; NYSE: CCJ) Denison Mines (TSX: DML) and NexGen Energy (TSX: NXE) look to advance uranium projects in the province, Ottawa should follow

Sprott CEO 40 >

NexGen Energy’s Rook I project in the Athabasca basin’s southwest area. NEXGEN ENERGY

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inbrief

CREDIT: HENRY LAZENBY

DEPARTMENTS

SPECIAL SECTIONS » Mining Exploration in Ontario 31 » Spotlight: Uranium 36

n Uranium rush

Global uranium reserves could be exhausted by the 2080s if demand for nuclear energy continues expanding at its current pace, the Paris-based Nuclear Energy Agency and the UN’s International Atomic Energy Agency warned last month.

Demand for uranium is surging as countries and companies turn to nuclear power to reduce fossil fuel use and support the rapid growth of artificial intelligence-related data centres, according to the agencies’ biennial Red Book. Without major new investment in uranium exploration and mining, supply may not keep up, the NEA, an adviser to developed countries, and the IAEA, the global promoter of peaceful nuclear uses, said in the report.

While the agencies conclude that enough uranium exists to support a “high-growth” scenario through 2050 and beyond, it stresses that unlocking those resources will require significant spending on exploration, mining operations and new processing techniques.

Under that high-growth outlook, global nuclear capacity would rise 130% by 2050 compared to 2022 levels. However, that estimate is based on policies and data available at the start of 2023 — before a wave of renewed interest in nuclear energy by both governments and the private sector.

East Asia is expected to see the largest growth, with capacity potentially increasing by up to 220% over the 111 gigawatts of nuclear power it had at the end of 2022. Meanwhile, countries including the U.S., U.K., South Korea and 20 others have pledged to triple global nuclear capacity by mid-century to help meet net-zero targets.

BY CECILIA JAMASMIE

n Namibia delay

Uranium developer Deep Yellow postponed the final investment decision on its main Tumas project in Namibia for the second year running.

This time, the deferral will last until market conditions improve. Last year, Deep Yellow cited delays in engineering design.

In a news release last month, the Australian miner said it would now take a staged development approach to the project instead of a full-scale project development, beginning with early works infrastructure development and detailed engineering to ensure the project is “shovel ready.”

Construction of the processing plant, which involves a majority of the updated $474-million (C$674-million) capital spending estimate, will be postponed.

“We have a situation where the long-term uranium market is essentially broken,” managing director John Borshoff said. “This is due to more than a decade of sector inactivity, persistently depressed uranium prices, and utility offtake contracting practices which are yet to support the development of greenfields uranium production.”

Spot uranium touched $64.40 per lb., its lowest level in about 18 months, the day Deep Yellow announced its decision. That continued a slide from a 17-year-high of $106 per lb. early last year.

A potential lifting of U.S. sanctions on uranium from Russia, where nearly half of the global uranium conversion and enrichment capacity is located, in one of the factors weighing on spot prices. Others are ample yellowcake supply for the West and more efficient artificial intelligence lowering datacentre power demand, Trading Economics says.

n Donlin exit

Canada’s Barrick Gold is exiting the Donlin Gold project in Alaska by selling its 50% stake for $1 billion (C$1.38 billion) to hedge fund billionaire John Paulson and Novagold Resources.

Paulson Advisory is to acquire 80% of Barrick Gold’s interest in Donlin Gold, with Novagold purchasing the remaining 20%. Both parties will contribute to the purchase price proportionally, according to separate statements issued last month.

Novagold will also have the option to buy debt owed to Barrick for $90 million if completed before closing, or $100 million within 18 months after the deal closes.

Located in the Kuskokwim region in southwest Alaska, Donlin Gold hosts about 39 million oz. of yellow metal in measured and indicated resources with an estimated grade of 2.24 grams per tonne, or twice the industry average of 1.03 grams, the companies said.

Studies from 2021 show Donlin Gold could have a 27-year mine life with average annual production expected to reach approximately 1.1 million ounces. The project has expansion potential with resources along about three km of an 8-km mineralized belt.

Barrick said it would use proceeds from the sale to strengthen the balance sheet and boost shareholder returns.

The transaction is expected to close in this year’s second or early third quarter. At that point, Novagold is to hold a 60% stake in Donlin Gold, with Paulson owning the remaining 40%.

Doré bars are poured at Fortuna Mining’s Lindero gold mine in Argentina.

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EDITORIAL

opinion

COMMENTARY

The rising

BY COLIN McCLELLAND

When I heard gold had touched $3,500 an oz. I thought of the Springsteen song “The Rising” — as in “Come on up for the rising…” It has the spirituality of collective action urged on by the background singers, calling everyone into the bourse, the bank, the broker’s office to join in as something grand occurs, “Come on up for the rising…” Everyone’s smiling, arms a-waving, leaning back, mouth curling wide, leaning forward into the chorus “Come on up for the rising…”

What a party.

It was then I recalled the song was written about 9-11, about a firefighter climbing one of the smoke-filled towers: “Can’t see nothin’ in front of me / Can’t see nothin’ coming up behind…” And the song was right on the money again. It’s that global uncertainty, mayhem and chaos that has caused the price of gold to rise in the first place.

By disrupting norms, attacking institutions and keeping opponents off-balance, the U.S. president is shifting attention away from policy detail or consistency — areas where traditional politicians might outperform him — and turning the political arena into a spectacle, where he excels. Springsteen sings of a different spectacle, the firefighter confronting danger but focused on his duty: “Make my way through this darkness / I can’t feel nothin’ but this chain that binds me.”

Crises

As this paper went to press, Canadians appeared on the way to electing a central banker from Edmonton as their prime minister. They were choosing apparent meritocracy — or at least experience in crises — over an opponent who in January was so far ahead all he had to do was ride around in a bus for four weeks to become PM.

Australians are on the same path as Canadians, according to Kristie Batten’s story on page 18. Polls show they’re rejecting a “Trump-lite” candidate in their May 3 vote.

Gold bugs have benefited from the chaos, uranium boosters less so. Uranium is our theme this month and the spot price is in the doldrums at around $65 per pound, down from $106 per lb. just over a year ago.

Reporter Andrew Seale looks at the conundrum for junior uranium explorers trying to raise cash on page 12 and how a couple of them are tackling it. On the same page, Seale also sheds light on the small Ontario town preparing to accept radioactive waste for centuries, the dark side of “green” nuclear energy that proponents tend to ignore.

We’ve got other cool stuff on uranium, like where prospectors are flocking to find the next Cigar Lake. DigiGeoData, a sister company under the EarthLabs umbrella, has counted and analyzed claims across the country. You might be surprised by the answer on page 6

Bruce is getting going in his second verse: “Left the house this morning/ Bells were ringing and filled the air.”

We’re also glowing, about the Anthony Vaccaro infographic showing who controls copper on page 5, while on page 10 Blair McBride and James Alafriz display the dormant possibilities in the provinces that still ban uranium exploration. But there are changes afoot. Guest student writer Girish Narayanappa looks at one province on page 8, while Gem Oil founder Shaun Spelliscy considers another on page 14

Spotlights

There’s a Spotlight section on eight uranium juniors beginning on page 36, and eight Ontario juniors profiled elsewhere. In between we’ve got CEO interviews with F3 Uranium, Denison, and enCore Energy as well as Paladin Energy’s plight in court.

The song has words for company plans and urgency, too: “I was wearing the cross of my calling / On wheels of fire, I come rolling down here.”

We continue to honour our 110th anniversary with our monthly feature, Blast from the Past, on page 39. This instalment truly is a blast from the past, the deep dark side of uranium. We reprint the story from the Miner when the secret was revealed that Canadian uranium fuelled the bombs dropped on Japan. It’s dated Aug. 9, 1945 — the day the second bomb killed 40,000 instantly.

“Sky of blackness and sorrow / Sky of love, sky of tears Sky of glory and sadness / Sky of mercy, sky of fear”

But the bombs won the war and saved similar numbers who would likely have died in an invasion.

The Rising: “There’s holy pictures of our children / Dancing in a sky filled with light.”

Then a week later on Aug. 16, 1945, the Miner is already arguing for prospectors’ rights. Why does the government have to control uranium exploration, the paper asks.

“There’s spirits above and behind me / Faces gone black, eyes burning bright.”

Springsteen played that song last November in a three-hour Toronto set that never paused. It was the day after the U.S. election and the singer started the show with “Long Walk Home,” introduced as a fighting prayer for his country.

The strong gold price is good for gold miners, but the way we’re getting there isn’t good for most everyone, even gold miners.

Come on up for the rising Come on up, lay your hands in mine Come on up for the rising Come on up for the rising tonight TNM

The

French connection between uranium and energy

BY JAMES COOPER

The European Union has been shaken. Geopolitically and economically.

Tensions with major gas exporter Russia have stirred the region’s long-term energy security. Higher energy prices and falling productivity have wounded the once-mighty German manufacturing machine. With the EU’s ageing demographic, the region is poorly equipped to tackle problems like energy scarcity, sticky inflation and declining productivity.

But adding to its woes, the region’s most powerful ally– the United States — is preparing to impose further tariffs while perhaps abandoning its commitment to NATO.

Yet, there’s an economic island of sorts within the heart of the European Union. An energy oasis that offers the playbook to prevent Europe’s future economic rot.

This well-known country has spent decades preparing for this occasion by building a self-sufficient energy fortress. Remarkably, very few countries have taken notice or given this country the credit it deserves. So, what’s the country I’m talking about?

‘Vive la France!’

The French have (mostly) sidestepped Europe’s economic pain, largely thanks to this “energy moat.”

In fact, few realize that France is now an energy-independent nation. Unlike most countries in the West, France has placed energy at the heart of its long-term planning.

And with its energy fortress established, France is now an exporter of electricity! Making billions selling excess capacity to its energy-starved neighbours all across Europe.

So, how does one of the world’s largest economies, which has barely any natural resources like oil, coal or gas, generate more electricity than it needs?

The seed was planted long ago by the country’s patriarchal hero, Charles de Gaulle. He laid the groundwork for France’s future energy security. De Gaulle was a statesman who led the Free French forces against Nazi Germany in World War II. He later rewrote the constitution of France and went on to become the country’s president.

De Gaulle was a patriotic Frenchman who lived by the words: ‘Vive la France!’ — long live France.

No doubt, his experiences against Nazi Germany, which rampaged effortlessly through the country’s ill-prepared armed forces, led to that cause, one that would shape France into becom-

France offers a playbook for the deployment of nuclear energy and how it can strengthen resource-poor economies, even in an age of commodity scarcity.

ing a self-sufficient energy powerhouse.

How France did it De Gaulle strongly advocated for nuclear in all of its forms. From the deadly — by developing nuclear weapons to build France’s defences— to the beneficial with nuclear power, which De Gaulle correctly predicted would fuel the country’s economic advantage. Yet France was different from other ‘nuclear adopters.’ Unlike the U.S., Japan, or Germany, the French held an unwavering commitment to this vital energy source. Since installing its first reactor in 1964, the country hasn’t looked back.

Today, France generates almost 80% of its electrical needs from nuclear power, the highest share of any country in the world. France offers a playbook for the effective deployment of nuclear energy and how it can strengthen resource-poor economies, even in an age of commodity scarcity.

While most nuclear critics draw on examples from Germany, Japan and the U.S., pointing at their abandoned nuclear ambitions, few have recognized the winning formula laid out by the French. So, how is “nuclear France” performing relative to its energy-starved peers?

One metric we can use is foreign direct investment, or FDI, the total investment flowing into a country. In 2024, the UN Trade and Development branch found that FDI fell a staggering 45% across Europe and as much as 60% in energy-hit Germany!

On all accounts, France fared much better in Europe’s economic meltdown, recording a modest FDI lift of 1.9%. According to official records, France also ranks the highest among all European nations in terms of its “investment attractiveness”—a title it has held for five consecutive years. It’s also the most desirable country for industrial investment in Europe.

But few have linked its relative success to the country’s heavy reliance on nuclear power.

James Cooper is a geologist based in Australia who runs the commodities investment service Diggers and Drillers. You can also follow him on X @JCooperGeo.

As global power dynamics shift, the world is becoming divided into spheres of influence, which could eventually become spheres of control: The American Sphere, The Chinese Sphere, The Russian Sphere, and The Coalition of the Willing

The Coalition of the Willing includes Canada, the UK, Western Europe, Australia, Japan and South Korea, but there is an ‘undrafted’ group of nations that remain unaligned.

This infographic explores how these five blocs stack up in terms of copper extraction – revealing which powers control sources of the critical metal as geopolitical lines harden.

BY COLIN MCCLELLAND AND PIERRE DE TUDERT

Uranium has had its up and downs on the spot market over the last few years. Surging demand and supply constraints elevated the price to a 17-year high in early 2024.

It was then tempered by a complex interplay between policy-induced uncertainties like tariffs and the Russia ban, shifts in investor behaviour to technology stocks, and supply dynamics among major producers such as Cameco (TSX: CCO; NYSE: CCJ) and Kazatomprom (LSE: KAP).

Now, analysis by DigiGeoData, which is owned by EarthLabs like The Northern Miner Group, has found a correlation between claims staking across Canada and the uranium price.

But first, let’s step back and consider the geographic distribution and dynamics of Canada’s mineral claims market, with a focus on uranium exploration.

Figure 1 illustrates year-to-date staking activity, highlighting the provinces that were driving growth last year. The analysis is based on a comprehensive dataset covering Jan. 1, 2023, until Sept. 9, 2024.

Provinces historically known for uranium exploration—such as Saskatchewan—continue to lead. However, a new trend is emerging: Nunavut and the Northwest Territories are experiencing a sharp increase in staking activity, suggesting the rise of previously underexplored uranium districts.

This surge closely mirrors movements in the uranium spot price. The staking rush that began around March 2023 appears to be directly correlated with price increases, supporting the idea that exploration interest in these northern territories is price-driven. These territories, referenced in figure 2 are becoming new hotspots, with staking activity responding in near real-time to market signals.

Additional confirmation comes from the number of uranium assets: Nunavut (31) and the Northwest

Where claims are hottest now

PROSPECTING | Staking matches price swings

Number of uranium asset by provinces:

Territories (six) still lag far behind Saskatchewan (472). However, this gap, when contrasted with current staking momentum, indicates that exploration capital is flowing into new areas in anticipation of future discovery. TNM

A new trend is emerging: Nunavut and the Northwest Territories are experiencing a sharp increase in staking activity, suggesting the rise of previously under-explored uranium districts. The

were sourced from open-access provincial mining portals, ensuring a transparent and up-to-date view of staking activity across Canada. For spatial analysis, the study uses Digigeodata-defined areas, which are mapped to the main mining districts. All calculations are based on the physical boundaries of these districts, providing a reliable geographic framework for interpreting claim and staking trends.

Fig. 3 • Staked areas by province (all metals)

Fig. 2 • Claim staking evolution (%)

Q&A with Eriez

How the HydroFloat system improves mining operation profitability

BY NORTHERN MINER STAFF

ANAME: Erich Dohm

TITLE: Director of Mining COMPANY: Eriez

s pressure mounts on miners to deliver critical minerals faster and cleaner, technologies that boost efficiency while cutting environmental impact are in the spotlight. One of those is the HydroFloat system by Eriez. The coarse particle flotation process is already showing results in real world mines.

Devan Murugan, video host for the Northern Miner Group, recently caught up with Erich Dohm, the director of mining at Eriez.

Devan Murugan: Well, for those who may not be familiar, what exactly does Eriez do and how does your work fit into the evolving needs of modern mining?

Erich Dohm: We are a supplier of process equipment to the mining industry and to many other process industries as well around the globe. And our role is really a solutions provider. We work to understand the problems and needs of miners and develop our technologies together with customers to address some of the greatest challenges facing the mining industry today.

DM: And one of the highlights is this HydroFloat system. It’s said to recover particles more than twice as coarse as conventional flotation cells. Why is that such a game changer for mineral recovery?

ED: Typically the mining industry faces the challenge of having to grind ore quite coarsely to liberate a very small fraction of the valuable mass within that ore body. And that often results in quite a few challenges, in particular with regards to tailings management and water recovery. There are parts of the world where those challenges are much more amplified. For example, tailings management in Brazil is under the spotlight. Water recovery in Chile in the Atacama Desert is a big issue. And by grinding coarser and still maintaining high recoveries, the HydroFloat technology enables these mining operations not only to be more profitable by reducing their operating expenses and energy consumption associated with the process, but also to address these social issues related to water and tailings that have great impacts on the local communities.

DM: How does that translate to real world savings? And you mentioned profit gains, right? Just give me a practical example for mine operators.

ED: We have discovered, together with our customers, that the greatest value of the HydroFloat technology is the ability to increase throughput while maintaining recoveries. Most often, the base-case solution to increase throughput is additional comminution capacity, including additional SAG (semi-autogenous grinding) mill and ball mill capacity, together with the additional grinding energy and consumable requirements. However, the HydroFloat technology allows customers rather to coarsen their grind size and still achieve increases in net metal production that result in overall increased cash flow and improved profitability. And one of the big game changers is with the reduced operating expense of the HydroFloat system as compared to a conventional SAG ball circuit addition. Thus, the actual mine planning can be changed, the reserve can be expanded, and the overall profitability and net present value of a mining project can be greatly impacted.

DM: So presumably this has been implemented already in some of the operations. Can you give us an example where a particular site has already seen a measurable difference in a mining operation?

ED: Absolutely, yes. So, the first installation in a copper gold application for the HydroFloat technology went into operation in 2018, and that’s at Newmont’s (TSX: NGT; NYSE: NEM) Cadia Valley operation. They put in a fullscale circuit to process roughly a third of their tailings. That was so successful that just a couple years later, they outfitted the rest of their circuit with HydroFloat technology in order to process their entire plant tailing stream. They have widely published the impacts that that’s had on their bottom line with improved copper and gold recoveries. And Newmont is now continuing to explore the option with a couple of other projects in process for implementing this across the portfolio of their operations.

DM: That’s a compelling example. Now, let’s talk investors. From an investor perspective, how does using HydroFloat affect the longterm value or risk profile of a mining project?

ED: One of the things that we’re finding has the greatest impact on the net present value of an operation is that change in cutoff grade by reducing the operating expense of the overall process. So now the reserve can actually be expanded to include parts of the deposit that would have previously been economically un-minable, and the overall net present value of the operation can be improved. And I think investors are going to be excited about that. Certainly we are.

DM: Where do you see technology having the biggest impact here in that sphere of critical minerals and energy transition?

ED: With regards to the critical mineral space and the energy transition, there are many different applications of the HydroFloat that are already having an impact there. One thing I can speak to specifically is with lithium, and in particular spodumene, that being a critical mineral for the electrification and the transition away from internal combustion engines to electric vehicles.

“One of the big game changers is with the reduced operating expense of the HydroFloat system as compared to a conventional SAG ball circuit addition.”

— ERICH DOHM , DIRECTOR OF MINING, ERIEZ

Spodumene is a critical mineral for that.

And the HydroFloat has been successfully implemented, dating back nearly 10 years now, in increasing the grind size in the spodumene processing circuit and allowing for recovery of coarser spodumene, thereby reducing the generation of ultrafines, which ultimately result in the loss of lithium to the ultrafine fraction in their process. So that’s making these lithium operations more profitable.

And that certainly is important and impactful given the volatility of lithium price. The reduction in operating expense is going to allow these operations to weather some of the storms in the nearterm uncertainty and provide for a more stable future for that industry moving forward.

Additionally, just in some of the other critical minerals, they’re typically very finely disseminated minerals and quite challenging to upgrade. And thus, it goes back to this challenge with having to really grind super fine. And the tailings management and water recovery challenges that accompany that with the HydroFloat, we’re able to reject gangue from the circuit at a coarser size.

It’s allowing operations to produce up to 40 % of their total plant tailings as a sand stream. A sand-type material like a beach sand is much simpler and cost effective to de-water and dispose of.

It even can have benefits to the local economy, with the sand tailings being used in construction and aggregate and really just provides a more wholesome value of the mining operation to local communities.

DM: And that’s the big one in terms of return on investment. I want to finally just end off, with getting your take on whether or not we can expect new innovations in development and what should we be watching for there.

ED: Yes, absolutely. At Eriez, we have our flotation technology portfolio as well as our magnetic separation technology portfolio. And we’re continually innovating within those portfolios to address some of the greatest needs that we’re seeing among our customer base.

We have a number of initiatives, both with regards to continuous improvement of our existing products, as well as some new products in the portfolio that we believe are going to provide groundbreaking and innovative performance for our customers and really help address the need for these critical minerals and resources. So, stay tuned for further updates from Eriez on those topics.

DM: Well, thanks very much indeed, Director of Mining at Eriez, Erich Dohm.

ED: All right, it’s been great. You have a great day!

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Eriez and produced in co-operation with The Northern Miner. Visit: www.eriez.com for more information.

Eriez HydroFloat CPF installation at North American copper mine. ERIEZ

Eriez HydroFloat CPF installation at Newmont’s Cadia Valley copper-gold mine. ERIEZ

Nova Scotia’s dilemma between prosperity and preservation

URANIUM | Exploration ban repeal only the start for industry

BY GIRISH NARAYANAPPA

Amove by Nova Scotia to lift its ban on uranium exploration and mining has reignited a critical debate. For over four decades, the province has prohibited uranium development due to environmental concerns, particularly groundwater contamination and radioactive waste.

However, with global demand for uranium surging – driven by the need for clean-emissions nuclear energy — Nova Scotia stands at a crossroads. Can it responsibly harness the economic benefits of uranium mining while safeguarding its environment?

Nova Scotia’s ban on uranium mining dated to 1981 after public resistance to the potential environmental and health risks associated with radioactive materials. Concerns over groundwater contamination, radiation exposure and the province’s lack of uranium processing facilities led policymakers to impose stringent restrictions.

However, on March 25, the Nova Scotia government approved legislation repealing the Uranium Exploration and Mining Prohibition Act. While the legislative ban has been lifted, a ministerial order under the Mineral Resources Act continues to prohibit industry-led uranium exploration and mining. This means that, for now, only government-led research into uranium deposits is permitted.

Economics

The decision to rescind the ban was largely motivated by economic factors. The global uranium market is expanding due to the increasing adoption of nuclear power as a cleaner energy alternative. With Canada as the world’s third-largest uranium producer, Nova Scotia could benefit from the stature and experience to promote itself in the sector.

Amazon, Google and Meta are among eight large energy buyers that in March said they would support plans by more than 30 nations pledging to triple nuclear power generation by 2050. Italy recently said it was reintroducing nuclear

“The economic case for lifting the ban is compelling, but it must be weighed against the environmental risks.”

power and Japan increased generation targets.

The developments should support uranium demand and prices in the medium and long term, BMO Capital Markets said in March. Nova Scotia has an opportunity to capitalize on these trends by exploring its own uranium potential.

If developed responsibly, uranium mining could bring high-paying jobs, investment and increased revenue to the province. The mining sector is already a significant employer in Nova Scotia, and lifting the ban could spur new exploration projects, attracting skilled workers and bolstering rural economies. For example, Saskatchewan has successfully built a thriving uranium mining industry, contributing significantly to its provincial economy.

Despite its substantial production, Canada imports uranium to meet specific domestic needs. In

n Mineral deals

The United States has stepped up its global pursuit of strategic minerals with the signing of a deal promoting American mining investments in Uzbekistan.

The announcement came after an Uzbek delegation visited Washington to meet with unspecified U.S. business executives. The deal follows a meeting between U.S. Secretary of State Marco Rubio and his Uzbek counterpart Bakhtiyor Saidov. Both nations signed a memorandum of understanding in September to enhance cooperation on critical minerals.

“These agreements encompass investments in the exploration and extraction of minerals, including the construction of grinding machinery and training for Uzbek specialists,” Uzbekistan said in a statement.

“There’s great potential ahead for investments between our countries and cooperation in the critical minerals and other sectors,” Rubio wrote on his X account following the meeting.

The Uzbek deal is the White House’s latest attempt to secure metals for batteries, defence and modern technology as talks continue about minerals in exchange for U.S. secu-

2023, Canada imported about 5.7 million kg of natural uranium and its compounds, primarily from Australia, Kazakhstan, Namibia, Uzbekistan and South Africa. Increased geopolitical tensions make securing a domestic supply of uranium a strategic priority.

Nova Scotia’s uranium resources could reduce Canada’s reliance on imports while supporting its transition to cleaner energy sources. The economic case for lifting the ban is compelling, but it must be weighed against the environmental risks that originally led to its prohibition.

Environmental concerns

Opponents of uranium mining highlight well-documented environmental and health risks. The primary concern is groundwater contamination. Uranium and its byproducts, including radon gas and radioactive tailings, can leach into water sources, posing risks to

inbrief

both human health and ecosystems.

Approximately 42% of Nova Scotians rely on private wells for drinking water. Environmentalists estimate that one in 15 of these wells may contain uranium levels exceeding Health Canada’s maximum acceptable concentration of 20 micrograms per litre.

Radioactive waste management is another critical issue. While modern mining practices have improved, there is no foolproof way to eliminate the risks associated with uranium tailings. If not handled properly, these waste materials can remain hazardous for centuries.

The potential for environmental degradation raises legitimate concerns, particularly in a province that values its natural beauty and relies on industries like tourism and agriculture. Instead of outright opposition or blind acceptance, the government of Nova Scotia should take a balanced approach and

rity in war-ravaged Ukraine and the Democratic Republic of Congo. The U.S. wants to establish new strategic spheres in resource-rich regions such as Central Asia to counter China’s dominance in the critical minerals space.

Uzbekistan, which hosts state-owned gold producer Navoi Mining & Metallurgical Co., also produces copper and has reserves of critical minerals such as tungsten, lithium and vanadium. Navoi, the world’s number four miner of the yellow metal by output, doubled the value of first-quarter production to $2.1 billion.

BY MINING.COM STAFF

n Miners shine

Gold equities are being “mispriced unbelievably” in today’s market given the prospective rise in the metal’s price, says stocks expert and author Don Durrett, who is projecting gold at $4,000 per oz. in his valuation models.

Durrett spoke about his strong conviction in gold stocks’ future value in the latest episode of the CrashLabs podcast

implement stringent regulations to ensure uranium mining.

This includes:

Strict regulatory oversight: Collaborating with the Canadian Nuclear Safety Commission to enforce rigorous environmental and safety standards. Waste disposal, water protection, and radiation management must be top priorities.

Community engagement and transparency: Ensuring open dialogue with local communities, Indigenous groups and environmental organizations. If a project cannot gain public trust, it should not proceed.

Economic guarantees and sustainability: Requiring mining companies to contribute to environmental reclamation funds and invest in community development. Mining should benefit the province long after operations cease.

Informed decisions

Nova Scotia’s uranium debate should not be reduced to a simple yes or no. Instead, it should be about how the provincial government can responsibly manage its resources while prioritizing public health and environmental integrity. The lifting of the ban presents an economic opportunity, but it also demands careful planning, transparency and regulatory vigilance.

As a masters student in mining engineering, I recognize both the economic potential and the environmental challenges of uranium mining. Nova Scotia has an opportunity to lead by example in responsible resource development, demonstrating that economic growth and environmental preservation can go hand in hand.

If done right, the province can create a mining industry that is both profitable and sustainable, securing benefits for future generations without compromising the health of its land and people. TNM

Girish Narayanappa is a masters student in mining engineering at the University of British Columbia, Vancouver. He has experience as a mining engineer in operational and consulting roles.

hosted by EarthLabs Inc. executive chairman and founder Denis Laviolette.

Gold surpassed the $3,500-an-oz. mark for the first time last month as weakness in the U.S. dollar and trade war fears boosted demand for the safe-haven asset. On April 22, it set a record high of $3,500.05 per oz. during Asian trading hours.

While most analysts focus on present metrics, Durett says he values companies based on projected gold and silver prices, future production, and cash flow — using $4,000 gold and $100 silver as his base case.

Durrett, recommended by Canadian billionaire investor Eric Sprott when he was a guest on the show in March, has been investing in gold mining since 2004. He started the website goldstockdata.com to track the stocks.

The author describes his approach as a “once-in-a-lifetime trade,” driven by the belief that the U.S. bond market is headed for collapse, which would trigger a major bull market in precious metals. He prefers producers over explorers and developers because of their multiple growth levers (organic growth, exploration and acquisitions) and cash flow generation.

BY MINING.COM STAFF

Girish Narayanappa. SUBMITTED BY AUTHOR

JOHANNESBURG|TORONTO|PERTH

Physical Precious Metal Offtake

Metals Financing

Including Debt, Equity and Royalties / Streams

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Supply and Risk Management

uranium INFOGRAPHIC

WHERE URANIUM ACTIVITY

Paladin faces irate investors in class action

COURT | Case concerns production guidance

BY COLIN MCCLELLAND AND HENRY LAZENBY

Paladin Energy (ASX, TSX: PDN, US-OTC: PALAF) says it will challenge a class action suit in Australia alleging the uranium producer’s output forecast misled investors.

The case filed with the Supreme Court of Victoria in Melbourne last month contends that Paladin made misleading representations and contravened its ASX continuous disclosure obligations between June 27 and Nov. 11, according to Paladin and Melbourne-based law firm Slater and Gordon.

“Paladin intends to strongly defend this claim,” the miner said in mid-April statement. Chief operating officer Paul Hemburrow declined to comment further on the case when reached by The Northern Miner

The Perth, Australia-based company restarted its main producer, the Langer Heinrich mine in Namibia, in late 2023 after being on care and maintenance since 2018. The first official production guidance for the fiscal year 2025, which runs from July 1, 2024, to June 30, 2025, was announced on June 27, projecting an output of 4 million to 4.5 million lb. of uranium oxide (U₃O₈).

Guidance change

This guidance was later revised on Nov. 12 to 3 million to 3.6 million

lb. due to operational challenges including variability in stockpiled ore and water supply disruptions.

Then in March, Paladin withdrew its 2025 guidance entirely following unseasonal heavy rainfall that disrupted mining operations. The company expects to post full-year guidance in late August, officials said on a quarterly results

conference call April 23.

Langer Heinrich produced 745,000 lb. of U₃O₈ during the three months to March 31, a 17% rise on the previous quarter that lifted fiscal year-to-date output past 2 million lb., Hemburrow said on the call.

Shares in Paladin fell 2% to $3.95 apiece in Toronto on the April 16

court action before jumping 20% after the results to $4.38 near press time, down 35% since they listed in Canada in December. The company’s market capitalization stood at $1.98 billion.

Ian Weatherlake Paladin’s ASX share price dropped by 22% across two trading days

after the Nov. 12 output downgrade, says Slater and Gordon. The firm is leading the class action seeking undisclosed damages on behalf of Ian Weatherlake, the trustee for the Ian Weatherlake Staff Superannuation Fund and the Ian Weatherlake Family Trust. Their assets aren’t publicly disclosed.

“This claim alleges that Paladin knew or ought to have known that its June guidance was unreasonably optimistic and there was a material risk it would not be met,” the law firm says. “We allege that the plaintiff and group members paid more for shares in Paladin than would have been the case had the company revealed the true situation and alternatively, that some group members would not have purchased shares at all.”

Investors who purchased Paladin shares between April 2 and Nov. 12, 2024, may be eligible to participate in the class action. Slater and Gordon provides a registration form on its website for interested shareholders.

Patterson Lake South Paladin is planning for long-term growth in Saskatchewan’s Athabasca Basin after acquiring Fission Uranium in a $1.1-billion all-share deal in December with its Patterson Lake South (PLS) project, Hemburrow said in an interview.

Winter drilling activities at the Patterson Lake South project in northern Saskatchewan PALADIN ENERGY

uranium

Juniors grapple with spot price whiplash

FINANCING

| Companies adopt range of strategies

BY ANDREW SEALE

Junior uranium miners are considering alternative strategies to attract investors amid a disconnect between spot price enthusiasm and investor uncertainty.

Equity raised by uranium miners on the TSXV jumped from $166 million in 2022 to $285 million in 2023 before sliding back down to $164 million last year, according to TMX, the owner of the TSX and TSXV.

Junior miner Stallion Uranium’s (TSXV: STUD) approach to its recent $1.45-million private placement is a direct response to the fundraising volatility. Matthew Schwab, CEO of Stallion and a uranium market veteran, opted for a Listed Issuer Financing Exemption (LIFE), which allows companies to raise relatively small amounts of capital more quickly and cheaply by avoiding the need to file a prospectus. He wanted to keep the capital raising to friends, family and colleagues.

“I knew that if I did a LIFE capital raising then we could close our financing in short order,” said Schwab, who played an instrumental role in the discovery of NexGen Energy’s (TSX, NYSE: NXE; ASX: NXG) Arrow Deposit in the southwest Athabasca basin.

The spot uranium price, like the spot gold price, often reflects macro-level supply and demand dynamics rather than the realities faced by individual mining companies. While a rising spot price may signal bullish sentiment, it doesn’t guarantee profitability for producers or explorers. Majors may be locked into long-term contracts at lower prices, and juniors struggle to raise funds even in a strong market, as investors weigh project econom-

ics, permitting hurdles and financing risks. The result is a disconnect between market price signals and on-the-ground viability.

Up and down

After a short-lived spike in 2007 to about $136 per lb. (all commodity prices are measured in U.S. dollars), the spot uranium price fell to around $50 per lb. and lower for 15 years, hitting a bottom of $18 per lb. in 2017. The recent rally started in early 2022 with the spot price hitting $64 per lb. amid geopolitical instability, supply cuts and long-term uranium supply contract renewals. After a brief decline, it went on a run in 2023, hitting over $100 per lb. in January and February 2024. Since then, it’s fallen to around $65 per pound.

Last year’s surge was predom-

initial order (the “Initial Order”) from the Supreme Court of British Columbia (the “Court”) under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended, granting a stay of proceedings in favour of MFM and appointing FTI Consulting Canada Inc. as monitor (in such capacity, the “Monitor”).

Pursuant to an order granted by the Court on April 3, 2025 (the “Second SISP Order”), MFM, with the assistance of FTI Capital Advisors – Canada ULC (the “Financial Advisor”), and under the supervision of the Monitor, has initiated a second sale and investment solicitation process (the “Second SISP”) to solicit interest in, and opportunities for, a sale of all or substantially all of the property or the business of MFM, or an investment in MFM, or a combination thereof. The Second SISP includes a stalking horse subscription agreement to be entered into between MFM and Trafigura Holding S.à.r.l. for the purposes of serving as the stalking horse bid in the Second SISP (the “Stalking Horse Bid”). The purpose of this Second SISP is to assess if the Stalking Horse Bid is the best available transaction for MFM’s business at this time.

The Second SISP is a two-phased process. Qualified interested parties who wish to submit a bid in the Second SISP must deliver a non-binding letter of intent to MFM, the Financial Advisor, and the Monitor by no later than 12:00 p.m. Pacific Time on May 27, 2025. Binding offers must be submitted by no later than 12:00 p.m. Pacific Time on July 15, 2025 in accordance with the Second SISP Order.

Copies of the Initial Order, the Second SISP Order and all related materials can be obtained from the website of the Monitor at: http://cfcanada.fticonsulting.com/myrafalls/.

Those interested in participating in the Second SISP should contact the Financial Advisor to receive additional information at:

Attention: Richard Kim

Email: Richard.Kim@fticonsulting.com

inantly driven by concerns about production issues in Kazakhstan, said William Freebairn, associate editorial director for nuclear power and uranium at S&P Global Commodity Insights.

“In the second half of the year, despite what people feel are very strong tailwinds for nuclear power, the price slid from the $90-per-lb. level about a year ago to end (2024) in the $60-per-lb. range.”

Freebairn said there’s debate in the industry about what cooled investor excitement, whether a physical uranium fund had unwound its holdings to inject uranium into the market and how uncertainty around the U.S. election played.

This year, the spot price has moved laterally between $60 and $65 per pound.

The Trump White House has

said U.S. tariffs likely won’t apply to Canada’s critical minerals including uranium, but it is considering whether other nations might face tariffs. Still, there’s been a slight impact on the relative prices of uranium in the U.S. versus Canada, the analyst said.

“The uranium that was already located in the U.S. as these tariffs were being threatened, rose in price slightly, and we had a differential between the U.S. and Canada of a couple of dollars a pound,” Freebairn said. “It wasn’t ever super big and it seems to be receding a little bit as the tariff concerns abate somewhat, but there’s still a lot of uncertainty in the market.”

Obscure market

Chris Frostad, president and CEO of Purepoint Uranium Group

(TSXV: PTU), said roughly 5-10% of uranium trades on the spot price.

“The rest of it is all long-term contracts, and most of those contracts aren’t visible to mere mortals like you and me,” Frostad said. “Even the long-term (contract) numbers we get are maybe 30% of the trades out there and those are the ones that are put out to public tender.”

While the spot price has been surging and falling, Frostad said the long-term price has been ticking along at its normal pace, rising steadily from $50 per lb. in 2022 to $80 per lb. in 2025.

“Which is a perfectly acceptable price because it’s about the price you need to turn a mine on,” he said.

However, Frostad believes project delays and low production are contributing to a uranium shortage, which is going to squeeze the long-term price higher.

“This is what we’re fighting from a financing standpoint,” he said. “We do have institutional investors and people that are providing funds who do get it [but] the retail market is causing us to have to raise it at a lower price than we think we should be.”

Joint ventures

Purepoint has countered the uncertainty by getting surgical, Frostad said.

“Most of our projects and property (are) now operated under joint ventures with major players,” Frostad said. “Secondly, we’re operating these projects and earning literally enough revenue to cover our overheads — this allows us not to be frantically trying to raise,” he said. “We’re keeping it small and

Who’s taking Canada’s nuclear waste?

ONTARIO | Deep repository to store 5.9M used fuel bundles

BY ANDREW SEALE

Asmall town in Northern Ontario has agreed alongside the local First Nations community to bury Canada’s nuclear waste for centuries, but it faces opposition from other Indigenous and anti-nuclear groups.

Ignace, population around 1,200, about 250 km northwest of Thunder Bay, signed a $180-million agreement in November. The Wabigoon Lake Ojibway Nation (Wabigoon) agreed separately but hasn’t shared details and didn’t respond to a request for comment. Both are backing the next stage of assessments for the industry-funded Nuclear Waste Management Organization’s (NWMO) $26-billion greenfield deep geological repository.

“Most people in the community knew they weren’t making a decision for them, they’re making a decision for their children,” Giacomo Pastore, Ignace’s outreach and communication lead, said in an interview. More than three-quarters of Ignace residents support the project, he said.

However, Eagle Lake First

Nation, whose traditional territory overlaps with the Wabigoon, filed an application in Federal Court on Dec. 20, seeking a judicial review of NWMO’s repository location. We The Nuclear Free North, a coalition of environmental groups, citizens and First Nation communities, have also banded together to challenge the project.

“It might take a thousand years, but it will fail,” Elder Roy Ignace says on the coalition website. “No matter what kind of a container, no matter how solid that container you put into the ground, sooner or later it will rot and it will break — and whatever is in it will spread.”

Lingering waste

While nuclear power is marking a triumphant return as a “clean energy” more than a decade after the Fukushima disaster, at stake is the often glossed-over detail of what to do with the radioactive waste that lingers for a staggering 10,000 to 100,000 years. The number of reactors globally is increasing as countries prepare for soaring power demands from artificial intelligence and data centres. But just getting

this repository built and accepting spent fuel could take decades.

Construction on the repository, which could store an estimated 5.9 million used nuclear fuel bundles, is slated to begin in 2033 and finish in 2043. The project is to be funded through a trust established by Ontario Power Generation, HydroQuébec, Atomic Energy of Canada and New Brunswick Power Nuclear Corp.

The NWMO has been in talks with Ignace and the Wabigoon alongside 22 other candidates since 2010.

“This is a huge project,” Pastore said. “We’re looking at 700 to 1,000 jobs at any given time at that facility.”

Eagle Lake and We The Nuclear Free North are aligned surrounding their challenge to the term “host community.” They raise the point that communities along the waste transportation route are also “hosts” to the same risks as the destination communities.

“Throughout the decision-making process, NWMO refused to

Purepoint Uranium’s Red Willow project on the eastern edge of the Athabasca basin . PUREPOINT URANIUM

Uranium juniors

P40 >

F3 Uranium eyes potential third major discovery

ATHABASCA | Team behind PLS, Waterbury advance Broach Lake

BY BLAIR MCBRIDE

Good things come in threes could apply to F3 Urani-

um’s (TSV: FUU; US-OTC: FUUFF) Athabasca basin discoveries in Saskatchewan and the people behind them.

Since 2010, a trio of its team members have helped discover the Waterbury Lake and Patterson Lake South (PLS) deposits in the basin, projects later acquired by Paladin Energy (ASX, TSX: PDN, US-OTC: PALAF) and Denison Mines (TSX: DML; NYSE: DNN), who have become $1.5-billion-plus market cap uranium players. Strong results this spring from F3’s Broach Lake target, about 700 km north of Saskatoon, suggest the team might have found a third.

“Hardly anybody’s found one [big deposit], F3 CEO Dev Randhawa told The Northern Miner in an interview in Toronto. “Nobody’s found two. We found three. That just goes to the ability of the technical team.”

Uranium explorers have over the last 18 months been riding demand for nuclear as interest grows in zero-emissions energy to power artificial intelligence servers.

‘Where’s the fire?’

Broach Lake, located in the basin’s west about 12 km south of F3’s high-grade JR zone and north of Paladin’s Triple R deposit, is an

area with “smoke,” Randhawa said.

“It’s a term geologists use when they haven’t found it yet. So, where’s the fire? The next step is to vector in and find that,” he said.

Drillhole PLN25-205 at Broach intersected 33 metres of radioactivity, including a 0.56-metre interval registering more than 10,000 counts per second (cps) by spectrometer readings from 325 metres depth, F3 reported in mid-April. One 23.5-

metre interval encountered 37,700 cps from 384 metres depth.

“This discovery is particularly meaningful as it is within the Clearwater Domain – a geological package predominantly thought to consist of intrusive rocks and historically considered less prospective for uranium mineralization,” Sam Hartmann, vice-president for exploration, said in a release. Hartmann worked on

the Waterbury Lake and PLS finds as part of the geology team with Fission Energy and chief geologist with Fission Uranium.

‘Proven’ track record “F3’s technical team has yet again proven their ability to unlock and define novel high-grade uranium domains within the western Athabasca Basin,” Haywood Capital Markets mining analyst Marcus Giannini said in a note.

Drilling in March at Broach intersected six zones of radioactivity ranging between 300 cps and 720 cps over a 90-metre interval in hole PLN25-202.

Finding the structure

But the key to making sure Broach is more than just a potential highgrade pod is connecting it with a larger structure, Randhawa said.

He cited drill results from December at JR — adjacent to Broach — that cut 7.5 metres at 30.9% uranium oxide (U3O8), including an ultra-high grade core with 4.5 metres of 50.1% U3O8

The high-grade core “indicates potential for a major new Athabasca discovery,” SCP Resource Finance mining analyst Justin Chan said in a note then.

“When you start talking about mergers and acquisitions, we need to show that we have more than one pod now, and hopefully this

Broach is one of them,” Randhawa said. “If you look at Triple R, we found very little bits, then massive amounts. It was just like pearls on a necklace, because [uranium] conductors generally tend to be straight. We need to show it’s a system. So that’s what a bigger company would secure. We need to acquire it.”

Deposit finders

Randhawa initially ran Fission Energy, which discovered the high-grade J zone at Waterbury in the basin’s west in 2010. Denison acquired Fission for $70 million in 2013. Under Fission Energy, the team also found PLS’ Triple R deposit, one of the basin’s largest uranium resources.

Randhawa also led spinout Fission Uranium, which Paladin acquired along with PLS last December in a $1.1-billion deal. F3 president Raymond Ashley worked as vice-president exploration for Fission Energy.

“Real estate is ‘location, location, location’” Randhawa said. “Rick Rule and other smart people will tell you that when it comes to junior mining, it’s management, management, management. That’s where our big advantage is over a lot of other companies, having management that knows how to monetize, but also knows how to find it first, then cut deals with it.” TNM

Denison charts unique path towards production

SASKATCHEWAN | Developer pioneers ISR method in Canada

BY BLAIR MCBRIDE

Denison Mines (TSX: DML)

is in a rare position — transitioning from project explorer/ developer to potentially the producer of Canada’s next uranium mine.

To make it even more of an outlier, it’s set to become the country’s first in-situ recovery (ISR) producer in 2028 with its main Phoenix/Wheeler River project in the southeast Athabasca basin.

The ISR mining method injects a solution into underground wells, separates uranium from the ore and pumps it to the surface for extraction. It’s less expensive than hard rock mining, doesn’t require the digging of large pits and leaves fewer tailings. Wheeler River also comprises the adjacent Gryphon project, which is intended as a conventional underground mine.

“We’ll be the first new largescale uranium mine in Canada since Cigar Lake,” Denison CEO David Cates told The Northern Miner in a mid-April interview, citing Cameco’s (TSX: CCO; NYSE: CCJ) major mine in Saskatchewan that started production in 2015.

“It’s something that we can take great Canadian pride [in] executing on this project and really returning Denison back to its legacy of being a globally significant source of Canadian uranium production.”

Denison, which was a major producer in the former uranium nexus of Elliot Lake, Ont. from the 1950s to the 1990s, is today valued at $1.6 billion. It’s ranked second among explorers of Saskatchewan’s Athabasca basin by market capi-

talization, behind NexGen Energy (TSX: NXE) and above IsoEnergy (TSX: ISO).

If Denison’s 2028 target for production at Phoenix becomes reality, it would also add to Canada’s clout as an exporter of uranium for countries seeking sources of the metal outside of Russian influence.

Final federal hurdles

Backed by a 2023 feasibility study for Phoenix and field tests that demonstrated the project’s commercial viability, Denison’s next milestones are federal forums in October and December. The Canadian Nuclear Safety Commission (CNSC) hearings are the final steps of the approval

process for Wheeler River’s environmental assessment and uranium mine licence.

“We’re expecting to have a decision from the CNSC in roughly the first quarter of 2026,” Cates said.

After project approvals are received, a two-year construction period could start, a shorter

timeline than conventional mines because ISR removes the need for ore handling, crushing and grinding infrastructure.

High-grade, high return “Our grade coming out of the well

Denison

F3 Uranium CEO Dev Randhawa. BLAIR MCBRIDE

Q&A: US reactor fuel gap widens, enCore CEO says

UNITED STATES | Metal imports drop, permitting stalls

BY HENRY LAZENBY

The United States’ uranium supply will fall short of demand as imports decline and project reviews stall, enCore Energy (Nasdaq: EU; TSXV: EU) founder and executive chairman William Sheriff says.

In a Northern Miner podcast, host Adrian Pocobelli spoke with Sheriff on how in-situ recovery works at Rosita and Alta Mesa, why conversion and enrichment remain bottlenecks and what steps could boost domestic output. The interview has been edited for length and clarity.

Adrian Pocobelli: Where does U.S. uranium demand meet supply?

William Sheriff: U.S. reactors consume about 48 million lb. of uranium oxide (U₃O₈) each year. Last year, U.S. mines produced roughly 300,000 pounds. Utilities rely on Canada and Australia for half of their needs, plus volumes from Namibia and Kazakhstan. That leaves a gap near 47 million lb. and exposes utilities to price swings and export controls beyond U.S. control.

AP: What moved spot prices this year?

WS: First, the White House cut imports from Russia and Moscow matched that move. You’d expect a price surge above $100 per lb., yet spot slipped to the $60 to $65 range.

There’s a decrease in what was already a tight supply. Then some utilities bought in the $80 to $100 range to limit cost risk and held off further purchases once the price eased. That mix drove the market into its current plateau.

AP: How do long-term contracts support volumes?

WS: Most contracts now include a floor of $70 and a ceiling of $130 per pound. Those terms reset by inflation indicators each year— CPI (consumer price index), PPI (producer price index) or GDP (gross domestic product). If spot falls below $70, utilities still pay the floor. If spot rises above $130, they cap at the ceiling. That gives miners revenue visibility and utilities cost certainty for five- to 10-year delivery schedules.

AP: How does enCore extract uranium?

WS: We use in-situ recovery. We inject oxygen into groundwater to dissolve uranium and pump that solution back to two processing plants. At Rosita we can process 800,000 lb. per year. Alta Mesa handles two million pounds. Both plants began operations in late 2023 and mid-2024 under a joint venture with Boss Energy (ASX: BOE; US-OTC: BQSSF). The method avoids moving rock, cuts energy use and lowers water demand.

“If federal and state processes matched the two- to threeyear timeline, developers could deliver millions of pounds within five years.”

WILLIAM SHERIFF, FOUNDER, ENCORE ENERGY

AP: What keeps new U.S. output offline?

WS: Reviews by U.S. agencies can stretch [to as much as] a decade. By contrast, states that run the same rulebook clear in situ projects in two to three years. When people are unsure, they tend to not get in there and make transactions. That uncertainty stalls investments. If federal and state processes matched the two- to three-year timeline, developers could deliver millions of pounds within five years.

AP: How did recent policy shifts affect fuel cycles?

WS: Congress set aside $2 billion for a demonstration enrichment plant under infrastructure legislation. That aims to rebuild conversion to hexafluoride, a compound of uranium and fluorine, and centrifuge lines to enrich U-235 for reactors. Today, Russia holds about 45% of global enrichment capacity. We must scale [up] U.S. conversion facilities and add centrifuge trains to meet current demand and the higher-enrichment needs of small modular reactors (SMRs).

AP: What do small modular reactors require?

WS: Most SMRs run on high-assay low-enriched (Halo) uranium near 19.75% U-235. Conventional reactors run at 5%. Only China, Russia and Iran supply Halo fuel today. Without U.S. enrichment, SMR builders must import fuel that may face export limits or tariffs. That weakens U.S. energy security and slows SMR deployment.

AP: How will supply gaps shape investment?

AP: What must U.S. leaders do now?

WS: First, match state permit timelines nationwide. Second, fund conversion and enrichment at scale beyond a single demonstration plant. Third, speed review of SMR fuel facilities. Those steps will let U.S. miners ramp up uranium and let utilities secure fuel at home rather than overseas.

AP: How will enCore meet demand?

WS: We will boost output at Rosita and Alta Mesa through wellfield additions and process-line upgrades. We will advance DeweyBurdock and Gas Hills under state review, each with a multi-millionpound resource. We locked in long-term contracts with U.S. utilities to fund capital and balance spot sales. We also spun off New Mexico assets into a royalty vehicle to free capital for core projects. U.S. uranium faces a gap as imports fall and reviews stall. EnCore Energy plans to deliver millions of pounds by 2030 through faster permits, in situ recovery and new policy on conversion and enrichment. By aligning timelines and funding fuel cycle steps now, the U.S. can secure reactor fuel at home and enable the SMR roll-out. TNM

WS: Utilities will tighten contract rounds and prize delivery certainty. They will lean on developers who can meet schedules. We see capital moving towards projects with clear timelines and state-level permits. EnCore’s projects in South Dakota (Dewey-Burdock) and Wyoming (Gas Hills) hold seven million lb. of resource. If they clear state review in two to three years, they can feed utilities around 2028.

What about processing in this nuclear boom?

COMMENTARY | Saskatchewan is missing out

BY SHAUN SPELLISCY

Afew months ago, I joined a group of farmers discussing Saskatchewan’s modular nuclear reactor proposal. I supported the idea but raised a simple question: Where will Saskatchewan source the fuel?

One farmer shot back, “Are you stupid? We have some of the world’s largest uranium reserves right here in the Athabasca Basin.”

What Farmer Jed didn’t realize is that a Candu nuclear reactor isn’t a coal locomotive. Uranium must be processed before it can be used as fuel. While Saskatchewan mines the raw material, Ontario reaps the economic rewards by refining and manufacturing Candu reactor fuel. It’s a reality we can thank former MLA Peter Prebble and the NDP (which governed the province during 1971-82 and 1991-2007) for, with their unfounded fears of radioactive gophers glowing in the Saskatchewan night.

If Saskatchewan’s new modular reactors are not Candu-style, we will have to import enriched uranium fuel from the U.S., potentially paying steep federal tariffs.

Saskatchewan mismanagement

Saskatchewan mines uranium, and Ontario produces Candu reactor fuel domestically. However,

“It is criminal that Saskatchewan does not participate in the entire nuclear fuel cycle.”

SHAUN SPELLISCY, FOUNDER OF GEM OIL

Canada does not enrich uranium, meaning that fuel for other reactor types must be imported. It is criminal that Saskatchewan does not participate in the entire nuclear fuel cycle. We should mine, process, utilize and dispose of uranium products within our province. As it stands, we receive only a small fraction of the economic benefits from our most powerful natural resources.

The Canadian nuclear fuel process: Mining and milling: Saskatchewan is the world’s second largest uranium producer. Mined uranium is milled into yellowcake (U₃O₈).

Refining and conversion: Cameco’s (TSX: CCO; NYSE: CCJ) Blind River Refinery in Ontario converts yellowcake into uranium trioxide (UO₃).

Fuel fabrication: Cameco’s Port Hope facility manufactures Candu fuel bundles but not enriched uranium fuel for light water reactors.

What Canada doesn’t do: Canada does not enrich uranium or produce fuel for light water reactors, meaning those fuels must be imported. (However, Canada only has two small light water reactors for university research.)

Reluctant powerhouse

Saskatchewan is home to the highest-grade uranium deposits on Earth, producing more uranium than any other jurisdiction except Kazakhstan. Yet, despite its dominance in mining, the province appears to have distanced itself from the broader uranium fuel cycle. The high-grade ore extracted from the Athabasca Basin is shipped elsewhere for processing— primarily to Ontario, Europe, and the United States—before being converted into reactor fuel.

Once used, the spent fuel is then disposed of in other countries. The entire uranium lifecycle, from processing to utilization to waste management, is handled outside of Saskatchewan.

This raises a fundamental question: Why does a region so rich in uranium seem so reluctant to embrace its full economic potential?

Political caution

Historically, uranium mining in Saskatchewan has been met with political and public scrutiny. Concerns over environmental impact, Indigenous land rights and nuclear proliferation have influenced policy decisions. Governments have often taken a hands-off approach, allowing mining operations to proceed while avoiding deeper involvement in refining or energy production.

Nuclear power remains a controversial topic in Canada, with strong opposition from environmental groups and communities wary of potential risks. Saskatchewan has long shied away from domestic nuclear energy production, leaving it to provinces like Ontario, where Candu reactors provide a significant portion of electricity. By limiting itself to extraction, Saskatchewan forgoes substantial economic benefits that come with refining, fuel fabrication and even nuclear power generation. Ontario, for example, benefits from uranium refining and processing at its facilities in Port Hope, securing high-value jobs and revenue that could have remained within Saskatchewan. Instead of building domestic infrastructure for uranium conversion or enrichment, Saskatchewan has allowed these lucrative steps to take place elsewhere. This has rein-

forced its status as a raw material exporter rather than a leader in the nuclear industry.

Embrace the potential

With growing global demand for nuclear energy as a low-carbon alternative, Saskatchewan has an opportunity to rethink its approach. The development of small modular reactors could provide a pathway for Saskatchewan to not only mine uranium but also generate its own nuclear power. However, this would require a shift in policy and public sentiment, as well as significant investment in infrastructure.

The question remains: Will Saskatchewan continue to extract uranium while letting others reap the downstream benefits, or will it finally embrace the full potential of its most valuable resource?

If history is any indication, the province’s reluctance suggests the former. But with the world increasingly looking to nuclear power for sustainable energy, there may come a time when Saskatchewan is forced to reconsider its uranium paradox. TNM

Shaun Spelliscy is the founder of Gem Oil, a privately held mineral exploration company based in Regina. Despite its name, the company focuses on exploring for base and precious metals, particularly copper, gold, nickel and lithium, rather than oil.

Ivanhoe Electric lines up $825M loan for Santa Cruz project

COPPER | Large high-grade project nearly shovel-ready

BY FRÉDÉRIC TOMESCO

Ivanhoe Electric (TSX, NYSE:

IE) said the United States export credit agency is interested in lending up to $825 million (C$1.15 billion) for the company’s Santa Cruz copper project in Arizona. The stock surged.

Coupled with other non-equity sources of financing such as grants, the EXIM Bank money “could cover the construction cost for Santa Cruz,” Ivanhoe Electric said April 15. The loan, which is outlined in a letter of interest, would need to be repaid over 15 years. It would be provided through the lender’s “Make More in America” initiative, which aims to increase the U.S. supply of critical minerals

Ivanhoe Electric is due to complete a prefeasibility study for Santa Cruz in June. It expects to receive permits and start construction activities in the first half of 2026. The Santa Cruz resource is entirely beneath privately owned land, which Ivanhoe Electric said will simplify permitting process and timelines.

“This is clearly a positive de-risking milestone and will enable the company to fast track the remaining permitting and start of construction,” Andrew Mikitchook, a BMO Capital Markets mining

analyst, said in a note April 15. He called Santa Cruz “one of the largest ‘Made in USA’ high-grade, shovel-ready copper projects.”

Ivanhoe Electric shares soared 29% to $9.09 apiece in Toronto on April 15 before rising to $9.28 near press time for a market value of $893.6 million.

Due diligence

Ivanhoe Electric said it’s assessing EXIM Bank’s interest as well as other financing options to develop Santa Cruz. Should the company proceed with a formal application, EXIM Bank would need to conduct due diligence to determine if a final lending commitment would be made.

“Santa Cruz is positioned perfectly to be a source of pure copper cathode to help the United States achieve its strategic mission of greater self-reliance on domestic production of critical metals,” executive chairman Robert Friedland said in the statement.

“The United States urgently needs more domestically produced copper to support the rapid expansion and rebuilding of its electric transmission and transportation infrastructure, national defense capabilities and technologies of the future.”

Located in Casa Grande, about

77 km south of Phoenix, the project encompasses 24.2 sq. km of private land, including associated water rights. In February, the company raised $85.8 million through a stock offering to help fund the prefeasibility study.

Santa Cruz has a resource of 226.7 million indicated tonnes grading 1.24% total copper for 2.8 million tonnes contained metal and 149 million inferred tonnes grading 1.24% total copper for 1.8 million tonnes copper.

Resource

Ivanhoe Electric’s initial assessment estimates copper production to be 1.6 million tonnes over a 20-year mine life. Building the underground mine could take three years and cost about $1.15 billion, according to the most recent company estimate.

Last June, Ivanhoe secured approval to zone over half of the property for industrial use, a major permitting milestone for the proposed copper mine. Ivanhoe acquired its land title in May 2023. It obtained full ownership of the mineral rights comprising the project a year later after taking up its purchase option.

Since late 2022, the company has conducted about 120,000 metres of drilling on the project. TNM

Fortuna exits Burkina Faso for $130M

AFRICA | Yaramoko mine nears end

BY MINING.COM STAFF

Fortuna Mining (NYSE: FSM, TSX: FVI) agreed to sell its Burkina Faso operations to Mauritius-based Soleil Resources International for about $130 million (C$181 million) cash.

The sale represents “a prudent exit that optimizes value” given the increasingly challenging business climate in Burkina Faso, Fortuna CEO Jorge Ganoza said in a statement on April 11. The Yaramoko mine, the company’s main asset in the country, has about one year remaining on its reserves.

Burkina Faso is among countries in West Africa that have seen juntas assume control in recent years to fight militant Islamists. They have also sought to revise mining codes to squeeze more out of foreign miners.

‘Value realization’

Exiting Burkina Faso “improves the (company’s) jurisdiction profile,” Mohamed Sidibé, a mining analyst at National Bank in Toronto, said in a note on April 11. “The transaction allows a realization of value at an attractive multiple relative to recent transactions in West Africa and avoids closure liabilities of US$20 million at the mine.”

Fortuna’s traded for $8.74 apiece before press time in Toronto for a market capitalization of $2.7 billion. Its shares traded in a 52-week range of $5.62 to $9.36 and are up 42% this year.

Fortuna acquired Yaramoko as part of its US$884 million purchase of Roxgold in 2021. The mine, lo-

cated in the Houndé greenstone belt, consists of two underground deposits that hold about 150,000 oz. in gold reserves. Its production last year was 116,200 ounces.

Vancouver-based Fortuna operates in three other countries: Argentina, Côte d’Ivoire and Peru. Its largest mine by annual gold production is Séguéla in Côte d’Ivoire, which came online two years ago, followed by Yaramoko. This year, the precious metals miner sold its non-core San Jose mine in Mexico for US$6 million, also to a private local company.

Large payout

Fortuna will receive a much larger payout for the Burkina Faso assets, including US$70 million upon closing the deal with Soleil, plus a further US$57.5 million in cash dividends. The company also has the right to receive up to US$53 million of value-added tax receiv-

CMOC buys Lumina for $581M

ECUADOR | Biggest gold deposit

BY MINING.COM STAFF

CMOC Singapore, a subsidiary of China’s CMOC Group, has signed a definitive agreement to acquire Lumina Gold (TSXV: LUM) in an all-cash deal valued at $581 million (US$421 million), marking a major step into Ecuador’s underdeveloped mining sector. Shares of Lumina Gold surged 31% on the Toronto Venture Exchange following the announcement, and before press time traded for $1.16 apiece, pushing its market capitalization to $480 million.

Lumina’s main asset, the Cangrejos gold-copper project, is considered Ecuador’s largest primary gold deposit. Located in the El Oro Province in the country’s southwest, the project sits about 30 km southeast of the Pan American Highway and 40 km from the deep-water port of Puerto Bolívar.

71% premium

ables upon the completion of certain conditions.

“Soleil, as a private local company, is well positioned to continue operations at the Yaramoko mine to the benefit of employees and local stakeholders,” Ganoza said. Soleil operates three mines, holds exploration permits and owns a drilling company, all in Burkina Faso.

Fortuna is coming off record gold-equivalent production in 2024 with about 370,000 oz. of gold and 3.72 million oz. of silver. It’s expecting a 7%-17% decline this year after it sold the San Jose mine in January.

The added liquidity will help Fortuna strengthen its balance sheet, invest in high-value exploration projects and “opportunistic” acquisitions, Sidibé said. Targeted jurisdictions include coastal countries in West Africa as well as North and South American countries such as Argentina, Guyana, Mexico and Peru, he said. TNM

The deal represents a 71% premium to Lumina’s 20-day volume weighted average price, and a 41% premium to Lumina’s closing price on April 17, Haywood Capital Markets analyst Marcus Giannini said in a note on April 21.

“In turn, we view these terms as highly favourable given the all-cash premium, as 52.3% of the company’s shareholders have signed voting support agreements,” he said.

The miner launched a feasibility study in January 2024, building on its 2023 prefeasibility study. Updates to date include a larger and more advanced processing plant, with projected throughput increasing to 40,000 tonnes per day– up from the previously envisioned 30,000 tonnes.

659M-tonne reserves Cangrejos hosts 659 million tonnes of probable reserves grading 0.55 gram per tonne gold, 0.1% copper and 0.69 gram silver. This equates to 11.6 million oz. of gold, 1.4 billion lb. of copper, and 14.4 million oz. of silver. These are contained within 1 billion in-

Pro-business

President Daniel Noboa secured re-election in an April 13 presidential runoff.

dicated tonnes grading 0.48 gram gold, 0.09% copper and 0.7 gram silver– representing 3.7 million oz. of gold, 483 million lb. of copper, and 7 million oz. of silver.

The 2023 study outlined a capital expenditure of $925 million and projected average annual gold-equivalent production of 469,000 oz. over a 26-year mine life.

Ecuador opens

The partially state-owned CMOC’s move highlights growing investor interest in Ecuador, which is rich in mineral resources but has historically lagged behind regional mining leaders Peru and Chile. While the country shares geological continuity with Peru, political and regulatory uncertainty have slowed the development of largescale mining projects.

On April 13, President Daniel Noboa secured re-election in a presidential runoff, defeating leftist challenger Luisa González. This victory grants Noboa his first full four-year term, following his initial election in a 2023 snap vote to complete the term of his predecessor, Guillermo Lasso.

The pro-business Noboa in November signed an executive decree to reopen and update Ecuador’s national mining cadaster, which had been closed since 2018. The move intends to streamline the registration of mining rights, licences and permits to attract new investments and combat illegal mining.

The acquisition is expected to close in this year’s third quarter, pending usual shareholder, regulatory and court approvals. TNM

Lumina’s Cangrejos gold-copper project in Ecuador. LUMINA GOLD

Fortuna’s Yaramoko mine in Burkina Faso. FORTUNA MINING

sitevisits

Fortuna Mining drives value at Lindero pit

ARGENTINA

| Pad lift, fleet overhaul, Milei’s reforms add up

BY HENRY LAZENBY

In a lunar-like landscape high in the Argentinian Andes, workers in white hazmat suits pace the cyanide-damp heap-leach pad. They have begun stacking ore on a second stage of Fortuna Mining’s (NYSE: FSM; TSX: FVI) Lindero gold mine that will lift total capacity to 80 million tonnes by 2033.

Where a 100-metre hill once stood is now a bowl of broken rock. A third phase of pit pushbacks are cutting the barren core deeper to free richer rims of mineralized porphyry. When all is ground and stacked, the mountain will rise again a few hundred metres away on the pad, its gold and copper long stripped.

“We are working to consolidate Fortuna as a leading mid-tier producer,” president and CEO Jorge Ganoza told The Northern Miner in an interview. “Lindero clearly fits into that strategy.”

Lindero is perched 3,700 metres above sea level. It takes a 40-minute flight to cover the 420 km as the Beechcraft flies from Salta at the foot of the Andes. Or a 12-hour drive by truck on about double the route length by road.

The CEO places Lindero at the heart of Fortuna’s strategy to become a mid-tier producer. He wants assets that turn out 500,000 oz. gold a year at mid-curve costs and carry at least a decade of reserves.

“Lindero has exploration potential and costs gravitating toward the industry average,” Ganoza said in a phone interview.

At $8.74 per share on April 21, Fortuna’s Toronto-listed equity has gained 45% since January, giving it a market capitalization of $2.7 billion.

Milei’s macro tailwind

One year into the presidency of libertarian President Javier Milei, local economist Miguel Kiguel says the government’s shock budget cuts were an economic turning point.

“People essentially wanted in Argentina different policies,” Kiguel said via a video link to the Lindero office. “A smaller public sector, less regulation much more free enterprises and an economy that was more integrated to the world.”

Since December 2023 the government slashed a longstanding budget deficit to zero, collapsed the official exchange rate gap from 200% to 15% and drove monthly inflation from 25% to 2.7% by the end of last year. Sovereign risk credit spreads, which measure the cost of insuring against a country’s default, fell from 20% to 6%, Kiguel said.

“The most impressive thing that he did was this drastic reduction in the budget deficit from 6% of gross domestic product to a balanced budget,” the economist said.

The previous regime’s 8% export tax on doré bars has vanished, boosting the Lindero bottom line. Working capital requirements have shrunk as imports clear swiftly and domestic prices stabilize, Fortuna’s chief operating officer for Latin America, Cesar Velasco, said during a sponsored tour.

“We used to wait six months for spare parts and dollars,” he said.

“Now the doors are open.”

However, the change doesn’t come easy. Argentinians have staged nationwide strikes to protest Milei’s

austerity measures—steep budget cuts, state-sector layoffs and pension and service cuts. Visitors to Lindero found themselves stranded in the provincial capital of Salta for an extra day with no flights to Buenos Aires because of work disruptions.

New lungs for life

Lindero’s original heap pad filled by the end of last year. Crews raced to build the pad’s second stage on schedule, delivering a $120-million (C$166-million) expansion on time and budget in the prior quarter.

“It gives the mine a fresh decade of ore stacking space and an extra 23 metres of lift height,” Velasco said. The new lift joins five earlier benches to total about 110 metres of stack.

Engineers from SRK and Knight Piésold verify each liner layer on geomembrane, compacted clay and filtration under constant radar and piezometer watch. In the control room, radar arrays scan slopes for movement and fatigue cameras track drivers throughout shifts.

Since the first gold pour in December 2020, Lindero has recorded zero vehicle accidents.

Operation mine engineer

Romina Yurquina tells The Northern Miner that, in the high-tech

digital control room, she has a great view of the open-pit operation. She compares the mine plan to hollowing a doughnut.

“The grade sits around the hole in a doughnut. To reach it we have to eat the hole,” she explained as jumbo drills clattered at the stagethree pushback.

Then a blast followed, sending huge plumes of rock and dust flying over the desert landscape. Drillers have traced feeder intrusions to 550 metres depth, mapping highergrade shoots for future cutbacks.

Diesel down, solar up

While gold prices have been pushing higher on markets, Lindero’s mine managers are squeezing additional value from the operation. Fuel costs dominate Lindero’s power and haulage budget, said Victor Silva, operations director at Fortuna subsidiary Mansfield Minera.

Last year, Fortuna replaced seven 90-tonne Komatsu haul trucks with nine 45-tonne Scania vehicles that burn less diesel and use locally stocked parts. Silva said the switch will yield about $21 million in savings over the mine life.

Beside the leach pad, a 6.55-megawatt photovoltaic solar plant is rising on site. Fortuna expects it online

by June, shaving 40% of diesel generation and cutting 10,600 tonnes of carbon dioxide emission annually.

But as Ganoza points out, Lindero remains an organic growth pillar for Fortuna. The Arizaro intrusion, 2.5 km west of the original discovery, holds 32,400 tonnes at 0.47 gram gold per tonne for 389,000 oz. of inferred gold. Soil sampling and geophysics have pinpointed fresh porphyry targets. A 5,000-metre drill program this year will upgrade resources and chase depth extensions.

“Arizaro could be a game changer once we tie it into Lindero’s mill and pad,” said Jorge Kesting, the deposit’s co-discoverer and Mansfield’s director of exploration. His smile gave away an air of complete career satisfaction after holding a doré bar freshly poured because of the discovery he helped make 25 years ago.

Organic growth pipeline

On the corporate front, Ganoza points to two more pillars of organic growth for the company. Its flagship Séguéla mine in the Ivory Coast plans to lift annual output from 137,800 oz. gold last year

to 160,000 to 180,000 oz. at all-in sustaining costs of $1,260 to $1,390 per oz. by 2026.

In Senegal, the Diamba Sud project calls for a $19-million push and about 10,000 to 11,000 metres of drilling plus parallel engineering and permitting. This is to speed a deposit that may hold 1 million oz. or more into development.

“We’re running three parallel tracks…so we can fast-track the project and not run into bottlenecks,” Ganoza said.

Fortuna has tightened its focus by divesting end-of-life mines. San Jose in Mexico carried high costs and dwindling resources. Yaramoko in Burkina Faso held only a year of reserves. Selling Yaramoko for $70 million upfront and San Jose to a private buyer frees capital and management’s attention for decade-long assets, Ganoza said

‘Second ore body’ Lindero shells a stark desert but depends on local talent. Salta province is home to three-quarters of the 376 staff; 22% hail from Tolar Grande 80 km away. Fortuna funds a health clinic, upgrades schools and runs a virtual university centre so high school graduates need not leave home.

“We have had a permanent office since 2018,” Velasco said. He calls community ties Lindero’s second orebody.

Under a sky that shifts from cobalt dawn to dust-swirled dusk, the cycle ticks on: blast, crush, stack, leach, pour. With stage-three mining still cutting the core and Arizaro drilling under way, Lindero’s next chapter rests on geology.

“Everything hinges on drilling,” Velasco said. “One good hit changes the script.” TNM

The Salar de Arizaro in Salta, Argentina is one of the driest places on earth. Several lithium developments have sprung up on its margins over the past several years. HENRY LAZENBY

Western editor Henry Lazenby holds a doré bar valued at roughly US$1.3 million at the Lindero gold mine, Salta, Argentina. HENRY LAZENBY

A Fortuna employee moves a tiered cart containing freshly poured doré ingots at the Lindero mine. HENRY LAZENBY

sitevisits

Strange chapter in copper mining nears endgame

PANAMA | Silence deafens at idled First Quantum operation

BY FRIK ELS

With so much happening in copper – from all-time highs mixed with price collapses — it’s easy to lose sight of the giant hole that exists in the industry where dynamite meets bedrock.

Cobre Panama has now been sitting idle for 19 months, ordered to shut down by a Supreme Court ruling following months of protests that rocked the Central American nation.

The massive First Quantum Minerals (TSX: FM) mine, which entered production in 2019, is one of the largest copper mines to come online in decades. It contributed 1.5% of the world’s output. To put that in perspective, it’s considerably more than Venezuela’s total share of global oil production.

One of my more otherworldly experiences as a veteran of the occasional mine tour was walking Cobre Panama.

I could describe the scene at the complex 120 km west of Panama City as frozen in time, but even after a couple of minutes in the jungle of central America, freezing seems the remotest of possibilities.

Brass monkey

The quiet of the place after the helicopter blades stop whirring catches you first, especially considering you’re surrounded by the heaviest of heavy industry.

Instead of a deafening din from a safe distance, I was able to peer into the bowels of a giant mill with steel balls lying idly at the bottom as if on a brass monkey.

Instead of sucking power equivalent to a fifth of the country’s electricity from the onsite power plant, the steel frame of the processing plant was beginning to show signs of rust in the damp jungle and the salty Caribbean Sea air.

Nearby, a day and a half’s ore was heaped high, baking in the sun at the end of a conveyor belt that hasn’t carried any rock from the more than three-billion-tonne deposit since October 2023.

Record output

Cobre Panama would’ve become a 100-million-tonnes-a-year operation last year, placing it near the top of the world’s copper throughput ranking. With more than a hint of bitterness, but also pride in the work done, the mine manager explains they had just hit record production numbers the month before the shutdown.

Looking out over the main pit, a lonely shovel sits idle next to a large pool of the bluest water – a striking reminder of the riches that are not being tapped.

A short drive away from the processing plant, row upon row of dozers, shovels and trucks are lined up seemingly ready to fall in behind our tour bus as if to join a funeral procession.

A handful of employees are working on a truck doing what can be done to prepare for a restart – a prospect that still seems far away, yet so close.

First Quantum is spending around $15 million a month on care and maintenance (or in the company’s terms, “Preservation and Safe Management”) of its $10 billion investment. I decide to never use the word mothballing to describe these situations again.

Tricky restaffing

Less than a third of the workforce remains on site and according to mine management, another set of “difficult decisions” are drawing closer as the months continue to flip over. Recruiting thousands of workers to the site would be one of the trickier aspects of a reopening, according to Cobre. Best case from green light to red metal is now six months but every inactive month stretches out the ramp up period further.

Looking out through the thick green from the boardroom window, I fully expect a mantled howler to swing by, something we’re told is not that an uncommon sight.

Following the slurry pipe to the power station and port, the 25-km road crisscrossed by wildlife corridors is mostly quiet except for another tour bus.

We catch up with them next to a stream near the tailings facility with a poster board helpfully explaining to visitors that, no, Cobre Panama does not drain water from the canal (60 km away as the harpy eagle flies), one of the more risible accusations leveled at the mine by activists.

Nor does it use mercury, sulphuric acid or cyanide, popular scare words thrown around by the environment NGOs, labour unions and student protesters that

surprises even the local public relations coordinator and appears to comprise three generations of women with the youngest barely school age (and clearly not learning that day). They do not have the looks of people who struck gold that day. But perhaps they are luckier than others in the surrounding villages — organized crime groups from Russia and China have stepped into the breach and infiltrated unauthorized mining in the area.

Cold hard facts

The facts of the economic impact presented by the National Council of Private Companies, however, are cold and hard.

Some 54,000 direct and indirect jobs lost, 75% of export earnings gone, credit rating downgrades (junk as of March, according to Fitch) and ballooning budget deficits.

“Looking out over the main pit, a lonely shovel sits idle next to a large pool of the bluest water – a striking reminder of the riches that are not being tapped.”

exploited growing anger among Panamanians about the country’s rulers. The mine’s flotation circuits simply do not require these chemicals to produce concentrate, just gravity and billions of dollars.

Cause celeb

Science was, surprise, not sufficient to prevent Greta Thunberg and Leonardo DiCaprio from entering the fray with slick Instagram posts produced by outfits like Re:Wild in the final months before the shutdown.

With a quick helicopter ride from Panama City, these climate crusaders would have seen for themselves how the canopy noticeably thickens the closer you get to the mine as clear cutting for cattle grazing — some of it clearly fresh — turns to jungle.

Perhaps that would have shown how the mine provides alternatives to subsistence farming and smallscale fishing in Panama’s poorer hinterland. Perhaps not.

Shovel ready

While the future of the mine remains uncertain, desperate local communities are increasingly resorting to informal mining. I got to see this firsthand during a visit to a small tourism operator impacted by the closure (water buffalo rides, canoe trips, fishing — all quiet).

While talking to the owner, not far from the mine a family appears on the riverbank carrying shovels.

The makeup of the group, weary after what looked like a day’s work,

At full tilt the mine contributed more to state finances than the canal, itself under stress due to drought. According to the International Monetary Fund, Cobre’s fiscal contribution totalled $1.8 billion in 2023 through wages, social security payments, taxes and domestic procurement, about 5% of Panama’s economy.

Concentrating minds

Things are finally starting to move. Panama has now authorized a shipment of the copper concentrate worth $400 million at today’s prices. The cargo is legally owned by First Quantum, but the government expects “compensation” once the metal moves.

At the end of March, First Quantum said it was dropping one of its arbitration cases against Panama and suspending another. Metals stream owner Franco Nevada (TSX, NYSE: FNV) maintains its preferred route is talks with the government ahead of its own hearings set for October 2026.

President José Raúl Mulino must still oversee repealing Law 407 of 2023, a de facto ban on all metal mining and exploration in the country. First Quantum representatives quietly admit that the $375 million guaranteed annual royalty agreement signed into law in October 2023 — Law 406 — and tossed out barely a month later, is probably just the floor in future negotiations.

Moving quickly

The stormy seas of world trade and the shifting sands of global mining may well be the decisive factors that bring this strange chapter for the copper industry to a close.

The Trump administration has moved quickly to bring Panama fully back under the U.S. sphere of control, strong-arming the country to replace CK Hutchison, the Hong Kong company running the ports with U.S. investment firm BlackRock.

What’s more, critical minerals have now entered the popular consciousness. As was on clear display with Ukraine, Trump will go to any lengths to procure them.

In November, copper was officially designated as critical with the passing of the US Critical Mineral Consistency Act of 2024.

Not that Trump has given any indication that he needs Congress to knock heads together when there is a deal to be done.

The author on a tour. FRIK ELS

eye on australia

Labor may defeat ‘Trump-lite’ Dutton Down Under

ELECTION

| Voters head to polls May 3

BY KRISTIE BATTEN

While the cost of living and a housing crisis are the main issues for Australian voters May 3, politicians recognize the need to win over the country’s mining sector that accounts for twothirds of export earnings.

Australia has two major political parties, Labor and the more conservative Liberal, though the Liberal Party and National Party have an alliance known as the Coalition. Before the election was called in late March, the two main parties were neck and neck in the polls.

Liberal Party leader Peter Dutton leaned into the early popularity of U.S. President Donald Trump, a move that has led to him being nicknamed “Trump Lite” or “Temu Trump.” Dutton and the Liberals have slipped in the polls.

While the Australian Labor Party, led by Prime Minister Anthony Albanese, is leading on a twoparty preferred basis, if it can’t win a majority, it will likely look to the Australian Greens for support to form a government.

The policies proposed by the major political parties present divergent paths for the future of mining, encompassing critical minerals, fossil fuels, Indigenous land rights and environmental considerations. As one of the world’s top producers of iron ore, gold, lithium and coal, Australia’s decisions this election cycle could reverberate through global supply chains.

Labor leads

“Young males think nuclear is pretty cool until they’re educated.”

ANDREW FORREST CHAIRMAN, FORTESCUE

resources sector. His Labor government has introduced the “Future Made in Australia” initiative, aiming to bolster domestic manufacturing and processing of critical minerals.

Three years of Albanese

BHP) slammed for hurting costs and productivity by requiring equal wages to inexperienced workers versus colleagues with decades on the job. But the opposition’s Dutton said he wouldn’t repeal the law.

“I understand the difficulty for some of the companies who are facing already a fairly militant union sector and want reforms, but that’s our position,” he said on April 3.

Coalition pro-nuclear

The Coalition’s key policy to introduce nuclear energy into Australia’s power mix has been estimated to cost A$331 billion. It’s won the support of the MCA, and BHP says it’s needed for the country to remain globally competitive.

“That requires affordable, reliable supply of electricity, whilst meeting this long-term ambition of being net zero,” BHP CEO Mike Henry told reporters in February. “Are we supportive of nuclear being part of the mix for consideration? Yes.”

The current government has a mixed record when it comes to mining. The Senate in February passed Labor’s 10% tax credit from July 2027, apopular move with the mining sector.

A Roy Morgan survey from April 14 reported Labor at 55% and the Coalition at 46% on a two-party preferred basis, suggesting Labor could potentially win an increased majority.

This plan includes A$22.7 billion (C$20.1 billion) over a decade to support industries such as green hydrogen and solar panel production. A notable component is the provision of tax incentives worth 10% of processing and refining costs for 31 critical minerals, effective from 2028 to 2040.

Campaigns launched Albanese held his campaign launch in Perth April 13 in a nod to the importance of Western Australia’s

Dedicated strategy focused on discovering standalone gold projects with > 1 Moz development potential

Labor says it will balance environmental protection with economic opportunity by streamlining approvals while enforcing strong standards. The government has also approved several new coal and gas projects. This dual-track approach has drawn criticism from environmental groups but Labor defends it for maintaining employment in resource-dependent regions.

Liberal stance

Dutton launched his campaign in Sydney and promised to be a “friend of the mining and resources sector.” He has warned Labor would shut down mining, particularly if it needs the support of the Greens.

The Liberal-National Coalition is campaigning on a platform of energy security and economic growth through resource development. It would eliminate what it calls duplicative environmental assessments and increase incentives for greenfield exploration.

Dutton and Shadow Resources Minister Susan McDonald unveiled the Coalition’s “Plan for a Strong Resources Industry”, which promises to cut red and green tape, and expand the critical minerals list to include uranium, zinc, bauxite, alumina, aluminum, potash, phosphate and tin. It would expand critical mineral partnerships with India, Japan and the United States. It strongly advocates for the introduction of nuclear energy, including small modular reactors. Dutton has argued that Australia needs “every tool available” to maintain its energy competitiveness. The Coalition also supports continued coal and gas exports, positioning itself as the party of traditional mining communities.

“This is the first time any Australian government has put their money where their mouth is for the critical minerals industry,” said Warren Pearce, head of the Association of Mining and Exploration Companies, or Amec.

“This is the first time any Australian government has put their money where their mouth is for the critical minerals industry.”

WARREN PEARCE CEO, AMEC

“This will stimulate billions in new investment in critical minerals processing, which will be far more valuable than the incentives on offer.”

However, the Coalition has committed to repeal the 10% tax incentive, with Dutton long maintaining that projects needed to be economically viable on their own.

Former WA Nationals leader turned federal Nationals candidate Mia Davies criticized the stance.

“Good policy deserves support,” she told the ABC on April 15.

One of the low points of the government’s relationship with miners was the rejection of Regis Resources’ (ASX: RRL) McPhillamys gold mine last year on Aboriginal heritage grounds.

“That is a really bad message for Australia and the rest of the world,” Minerals Council of Australia (MCA) chair Andrew Michelmore told the Melbourne Mining Club in March.

Last year, the government introduced the ‘Same Job, Same Pay’ industrial relations legislation, which BHP (NYSE, LSE, ASX:

Fortescue (ASX: FMG) founder and executive chairman Andrew Forrest expressed a different view. “I know young males think nuclear is pretty cool but all I can say is, that’s until they’re educated,” Forrest said April 10 in Perth. “That’s until they’re told it’s not cool, it’s highly expensive to build, it’s almost impossible to take down and its power costs are nothing fancy at all.”

Permitting in focus

Environment and Water Minister

Tania Plibersek says Labor is still keen to establish a federal environmental protection agency, but rather than duplicating approvals processes, she maintains it would speed up permitting.

“Our laws are 25 years old. They’re not fit for purpose, they don’t protect the environment, they’re not good for business,” she told national broadcaster ABC on April 12. “We want better environmental protections and faster, clearer decision making. We can do both, but it’s going to take common sense and compromise.”

The same day, Western Australia Liberal Senator Michaelia Cash told reporters the policy would have a “devastating” impact on mining projects.

Incentive threatened

In March’s federal budget, Labor revealed it wouldn’t extend the Junior Minerals Exploration Incentive.

Amec commissioned a study this year that found the incentive had stimulated A$404 million in greenfield exploration since 2017 at a cost to taxpayers of A$182.2 million in credits. The Coalition vows to reintroduce the incentive and fund it with A$100 million.

“The reinstatement of the incentive is necessary to decrease the risk for junior explorers,” MCA’s Constable said.

“Australia’s vibrant junior exploration sector plays a crucial role in the mining ecosystem by driving innovation, discovering new mineral deposits and providing the foundation for future large-scale mining operations.” TNM

Peter Dutton. DAVID FOOTE/WIKIMEDIA COMMONS

Prime Minister Anthony Albanese. OFFICE OF THE PRIME MINISTER/WIKIMEDIA COMMONS

mining, metals & markets

ETF assets 20 Global gold funds data

Capital raisings

24 EV metals

30 Mining events contents

Drill results

Warrants & shorts

28 Market data

29 Market news

*Data may not be comprehensive and is provided on a best-efforts basis as of press time. Investors are responsible for their own due diligence.

Delivering fit-for-purpose solutions across the entire project life cycle

Delivering fit-for-purpose solutions across the entire project life cycle

Delivering fit-for-purpose solutions across the entire project life cycle

Delivering fit-for-purpose solutions across the entire project life cycle

Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers and inspectors brought together to provide accurate and timely mineral and process evaluation services across the entire project life cycle.

Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers and inspectors brought together to provide accurate and timely mineral and process evaluation services across the entire project life cycle.

Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers and inspectors brought together to provide accurate and timely mineral and process evaluation services across the entire project life cycle.

Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers and inspectors brought together to provide accurate and timely mineral and process evaluation services across the entire project life cycle.

WWW.SGS.COM/NATURALRESOURCES NAM.NATURALRESOURCES@SGS.COM

WWW.SGS.COM/NATURALRESOURCES NAM.NATURALRESOURCES@SGS.COM

WWW.SGS.COM/NATURALRESOURCES NAM.NATURALRESOURCES@SGS.COM

WWW.SGS.COM/NATURALRESOURCES NAM.NATURALRESOURCES@SGS.COM

world metal & mining ETFs

Q1 2025 IN REVIEW

WORLD METAL & MINING ETFS – Q1 2025 IN REVIEW

Total assets for the world’s 231 metal and mining ETFs finished the quarter at US$362.9 billion. This is an increase of 11% from last year’s fourth quarter close of US$330.7 billion. Growth in metal and mining ETF assets over Q1 was mainly driven by gains in gold ETFs which still make up about 72% of all metal and mining ETF assets worldwide.

Total assets for the world’s 231 metal and mining ETFs finished the quarter at US$362.9 billion. This is an increase of 11% from last year’s fourth quarter close of US$330.7 billion. Growth in metal and mining ETF assets over Q1 was mainly driven by gains in gold ETFs which still make up about 72% of all metal and mining ETF assets worldwide.

121 PHYSICAL METAL ETFs

231 METAL & MINING ETFs

Source: mineralfunds.com

One new mining ETF launched in the quarter: Sprott Active Gold & Silver Miners ETF (NASDAQ: GBUG), which began trading on Feb. 20. No ETFs were retired or delisted.

One new mining ETF launched in the quarter: Sprott Active Gold & Silver Miners ETF (NASDAQ: GBUG), which began trading on Feb. 20. No ETFs were retired or delisted.

The best performing gold and silver ETFs internationally were QNB Finans Portföy gold ETF (Borsa Istanbul: GLDTR.F), which gained 24.1% and QNB Finans Portföy silver ETF (Borsa Istanbul: GMSTR.F) and 29.4%, respectively.

The best performing gold and silver ETFs internationally were QNB Finans Portföy gold ETF (Borsa Istanbul: GLDTR.F), which gained 24.1% and QNB Finans Portföy silver ETF (Borsa Istanbul: GMSTR.F) and 29.4%, respectively.

The best performing physical metal exchange traded commodity (ETC) for the first quarter was Xtrackers Physical Rhodium ETC (London Stock Exchange: XRH0), which grew by 51.9%. Rhodium prices gained 19.16% in the quarter to $5,425 per oz. before press time, following an all-time high of $29,800 per oz. in March 2021.

The best performing physical metal exchange traded commodity (ETC) for the first quarter was Xtrackers Physical Rhodium ETC (London Stock Exchange: XRH0),

The worst performing physical metal ETF for in the quarter was Sprott Physical Uranium Trust $USD (Toronto Stock Exchange: U.UN) that fell 17.5%. Pursuant to tariff induced volatility, most analysts expect uranium prices to recover during most of 2025.

The worst performing physical metal ETF for in the quarter was Sprott Physical Uranium Trust $USD (Toronto Stock Exchange: U.UN) that fell 17.5%. Pursuant to tariff induced volatility, most analysts expect uranium prices to recover during most of 2025.

The lead performing sub-category for the quarter was Miners Leveraged ETFs, gaining 21.9%, followed closely by Precious Metal Miners ETFs that rose 16.8%, as precious metals miners started closing the valuation gap with metals. Many analysts expect this revaluation of miners against underlying metals to continue with an ascendant market pursuant to an extended multi-year period of underinvestment in mineral exploration and development.”

— Chris Berlet, MineralFunds president

The lead performing sub-category for the quarter was Miners Leveraged ETFs, gaining 21.9%, followed closely by Precious Metal Miners ETFs that rose 16.8%, as precious metals miners started closing the valuation gap with metals. Many analysts expect this revaluation of miners against underlying metals to continue with an ascendant market pursuant

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drillresults

TNM DRILL DOWN: TOP ASSAYS OF THE MONTH

Our TNM Drill Down features the top 10 gold, copper and silver assays of the past month. Drill holes are ranked by grade x width.

March 16, 2025 — April 15, 2025

warrants&shorts

TSX WARRANTS

Aris Gold Corporation ARIS.WT One Warrant to purchase one Common 07-29-2025 Share of the Issuer at $2.75 until expiry.

TSX VENTURE WARRANTS

Common Share of the Issuer at $2.75 until expiry

Name

Total Helium Ltd. TOH.WT.A One warrant to purchase one common 05-01-2025 share at $0.75 per share.

Caldas Gold Corp. CGC.WT One warrant to purchase one common 07-29-2025 share at $2.75 per share.

Rock Tech Lithium Inc. RCK.WT One warrant to purchase one common 08-19-2025 share at $4.50 per share.

Lion One Metals Ltd. LIO.WT One warrant to purchase one common 11-11-2025 share at $1.25 per share.

Vizsla Royalties Corp. VROY.WT One warrant to purchase one common 12-31-2025 share at $0.50 per share.

Silver Mountain AGMR.WT.A One warrant to purchase one common 02-09-2026 Resources Inc. share at $0.45 per share.

Osisko Development ODV.WT.B One warrant to purchase one common 03-02-2026 Corp. share at $8.55 per share.

Denarius Silver Corp. DSLV.WT One warrant to purchase one common 03-17-2026 share at $0.80 per share.

West Red Lake Gold WRLG.WT One warrant to purchase one common 05-16-2026 Mines Ltd share at $1.00 per share.

Aurania Resources Ltd. ARU.WT.B One warrant to purchase one common 10-21-2026 share at $2.20 per share.

Tuktu Resources Ltd. TUK.WT One warrant to purchase one common 11-23-2026 share at $0.13 per share.

Freeman Gold Corp FMAN.WT.U One warrant to purchase one common 11-29-2026 share at US$0.65 per share.

Palisades Goldcorp Ltd. PALI.WT One warrant to purchase 0.060538 12-06-2026 common share at $0.50 per share.

Mogotes Metals Inc. MOG.WT One warrant to purchase one common 01-31-2027 share at $0.30 per share.

Osisko Development ODV.WT.A One warrant to purchase one common 03-02-2027 Corp. share at $14.75 per share.

Integra Resources Corp. ITR.WT One warrant to purchase one common 03-13-2027 share at $1.20 per share.

Elevation Gold Mining ELVT.WT.A One warrant to purchase one common 03-24-2027 Corp. share at $0.70 per share.

Osisko Development ODV.WT.U One warrant to purchase one common 05-27-2027 Corp. share at US$10.70 per share.

Robex Resources Inc RBX.WT One warrant to purchase one common 06-27-2027 share at $2.55 per share.

West Red Lake Gold WRLG.WT.B One warrant to purchase one common 10-24-2027 Mines Ltd share at $0.90 per share.

Lion One Metals Ltd. LIO.WT.A One warrant to purchase one common 02-14-2028 share at $0.41 per share.

West Red Lake Gold WRLG.WT.C One warrant to purchase one common 02-25-2028 Mines Ltd. share at $0.90 per share.

Silver Mountain AGMR.WT.B One warrant to purchase one common 04-24-2028 Resources Inc. share at $0.135 per share.

Bear Creek Mining BCM.WT One warrant to purchase one common 10-05-2028 Corp. share at $0.42 per share.

West Red Lake Gold WRLG.WT.A One warrant to purchase one common 03-19-2029 Mines Ltd. share at $0.95 per share

hort positions outstanding as of Mar 31, 2025 (with changes from Mar 15, 2025)

Largest short positions Company Ticker Short position Change B2Gold Corp BTO 22041144 -1879925 i-80 Gold IAU 21358497 3226597

Gold NGD 19179146 638540 Lundin Mng LUN 19066352 -649144

Energy SU 19033946 7137217 Denison Mines DML 15395779 -994298

Gold EQX 15218189 -1556106

Energy NXE 12791603 3670

Gold K 11694294 143403

Mng CXB 11674193 1060473

Quantum FM 10552122 -1972097

Mines IVN 9825824 121181

Silv DSV 9587329 2353180

Gold ABX 9491069 141596

1826248

7137217 GoGold Res GGD 5309521 4030462

Gold IAU 21358497 3226597

Mining ARIS 6890874 2386509

Silv DSV 9587329 2353180

positions outstanding as of Mar 31, 2025 (with changes from Mar 15, 2025) Largest short positions

$5.50

marketdata

Aluminum: US$1.1065/lb.

Cobalt: US$15.286/lb.

Gold: US$3,280.95/oz.

Iron Ore 62% Fe CFR China-S: US$106.74

Nickel: US$7.0738/lb.

Silver: US$33.559 per oz.

Zinc: US$1.2009 per lb.

COMMODITY PRICES | Prices current April 23, 2025

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$78

Copper: US$4.8365/lb.

Iridium: US$4,200/tr oz.

Lead: US$0.8836/lb.

Rhodium: US$5,375/tr. oz.

Tin: US$14.119/lb.

Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$14.30

Copper: CME Group Futures June 2025: US$4.8645/lb.;

June 2025: US$4.8895/lb.

Lithium carbonate: US$8,463.55/tonne

Ruthenium: US$625 per oz.

Uranium: U3O8, Trading Economics: US$65.65 per lb.

April 14- 17, 2025

Natural Resource Partners and Lundin Gold lead equity gains

By Henry Lazenby

North American markets ended the week of April 14-17 mixed, with the S&P 500 down and the TSX up. Tariff concerns, Fed Chair Powell’s promise to be patient with rate cuts, and the Bank of Canada’s choice to hold rates steady affected sentiment.

The Dow Jones Industrial Average fell 1,070.48 points or about 2.7% in the week to 39,142.23. The S&P 500 lost 80.66 points or about 1.5% to 5,282.7. In Canada, the S&P/TSX Composite Index increased 605.01 points or 2.6% to 24,192.81, while the S&P/TSX Venture Composite Index rose 18.03 points or 2.9% to 633.83.

The S&P/TSX Global Mining Index gained 1.96 points or about 1.8% to 128.45, and the S&P/TSX Global Gold Index gained 8 points or 1.7% to 490.89. Gold gained $75.15 per oz. or 2.3% to

$3,305.65 per ounce. The S&P/TSX Global Base Metals Index added 2.96 points or about 1.9% to 161.24, with copper down 31¢ at $4.23 per pound.

On the NYSE mainboard, the week’s biggest value gainer was Natural Resource Partners, adding $10.00 to close at $105.48. The company recently reported full-year net income of $183.6 million and declared a special dividend of $1.21.

In Toronto, Lundin Gold was the top TSX value grower, adding C$9.27 to close at C$58.12. The company’s Fruta del Norte mine in Ecuador produced 117,313 oz. gold in the three months ended March 31.

On the S&P/TSX Venture Exchange, Artemis Gold added C$1.01 to $19.80 as the company continues to ramp up operations at the Blackwater mine in British Columbia.

miningevents

2025

n May

May 4-7

CIM Convention — Montreal

VENUE: Palais des congrès de Montréal

MORE INFORMATION: convention.cim.org

May 11-13

Commodities Global Expo 2025 — Ft Lauderdale, Fla.

VENUE: Four Seasons Fort Lauderdale

MORE INFORMATION: topshelf-partners.com/ florida-2025/

May 12-13

Mining & Critical Minerals Middle East Conference and Exhibition — Dubai

VENUE: TBA

MORE INFORMATION: www.miningcriticalminerals. com

May 13-14

Critical Minerals Summit – Toronto

VENUE: National Club

MORE INFORMATION: www.criticalmineralsummit. com

May 13-15

Raw Materials Summit — Brussels, Belgium

VENUE: The Egg Conference Centre

MORE INFORMATION: www.eitrmsummit.com

May 14-16

Natural Resources Stock Expo 2025 — Atlanta, Ga.

VENUE: The Whitley

MORE INFORMATION: topshelf-partners.com/ georgia-2025/

May 20-22

Arminera 2025 — Buenos Aires, Argentina

VENUE: La Rural Trade Center

MORE INFORMATION: mstacanada.ca/events/ arminera-2025/

May 20-22

GRX25 Global Resources Innovation Expo — Brisbane

VENUE: Brisbane Convention and Exhibition

Building

MORE INFORMATION: www.grx.au

May 21-22

Mining Investment Asia — Singapore

VENUE: Marriott Tang Plaza Hotel

MORE INFORMATION: www.mininginvestmentasia. com

n June

June 2-4

Mining In Motion 2025 — Accra, Ghana

VENUE: Kempinski Hotel Gold Coast City

MORE INFORMATION: www. mininginmotionsummit.com

June 3-5

THE Mining Investment Event of the North — Quebec City

VENUE: Centre des congrès de Québec

MORE INFORMATION: www. themininginvestmentevent.com

June 4-5

15th International Astana Mining & Metallurgy Congress — Astana, Kazakhstan

VENUE: Hotel Hilton Astana

MORE INFORMATION: www.amm.kz/en/

June 4-5

Canadian Mining Expo — Timmins, Ont.

VENUE: McIntyre Complex

MORE INFORMATION: virtex.canadianminingexpo. com

June 9-10

121 Mining Investment — New York City

VENUE: Convene 360 Madison Ave

MORE INFORMATION: www.weare121. com/121mininginvestment-new-york/

June 11-12

Mining & Critical Minerals Investment Latin America — São Paulo, Brazil

VENUE: TBA

MORE INFORMATION: www. criticalmineralslatinamerica.com

June 11-12

UK Mining Conference — Cornwall

VENUE: Princess Pavillion

MORE INFORMATION: www.ukminingconference. co.uk

n July

July 7-11

Rule Symposium 2025 — Boca Raton, Fla.

VENUE: Mizner Center

MORE INFORMATION: allintheloop.info/App/rickrule/ rickrule2025

July 29-30

Life of Mine | Mine Waste and Tailings Conference 2025 — Brisbane

VENUE: Brisbane Convention and Exhibition Centre

MORE INFORMATION: www. ausimm.com/ conferences-and-events/life-of-mine-and-minewaste-and-tailings-conference-2025/

n September

Sept. 8-11

The Uranium, Potash, and Lithium Conference — Saskatoon

VENUE: TBA

MORE INFORMATION: uraniumpotashlithium.org

Sept. 17-19

30th Central Asian International Mining Exploration Exhibition — Astana, Kazakhstan

VENUE: Atakent International Exhibition Centre

MORE INFORMATION: mining-metals.kz/en/

Sept. 22-26

Extemin 2025 — Arequipa, Peru

VENUE: TBA

MORE INFORMATION: mstacanada.ca/events/ extemin-2025/

n October

Oct. 1-3

African Mining Week — Cape Town, South Africa

VENUE: Cape Town International Convention Centre

MORE INFORMATION: african-miningweek.com

Oct. 3-4

Munich Mining Conference — Munich, Germany

VENUE: Olympic Hall Munich

MORE INFORMATION: munich-mining-conference. com

Never Miss Another Story

BY COLIN MCCLELLAND

Ontario Premier Doug Ford is proposing new legislation to cut mining permit times in half, designate geographic areas for speedy treatment like the Ring of Fire by September and limit foreign ownership.

The new legislation announced April 17 mentions Wyloo Metals’ Eagle’s Nest project by name. The proposed battery metals mine would be within a Ring of Fire special economic zone northeast of Thunder Bay and have its environmental assessment (EA) process, which the company had voluntarily advanced nearly 15 years ago, entirely removed because it’s out of date.

The province is considering about a dozen projects for rapid permits and approvals in a new “One Project, One Process” system where a provincial “account manager” would lead a project through the 32 permits across four ministries that might be required, as well as First Nations consultations. Officials see it knocking 18 months off permit approval times.

“We have the critical minerals the world needs and wants,” Ford said in a news conference at the Toronto Stock Exchange. “But for far too long, Ontario has been held back when it comes to unlocking this enormous potential, not by foreign competition, not by a lack of talent or resources. We’re being held back by our own processes. We’re being held back by red tape and endless delays.”

MINING EXPLORATION IN ONTARIO

Economic zones

Ford had promised to create the economic zones like Ring of Fire and fast-track mining projects such as Eagle’s Nest during his re-election campaign in February as he confronted tariff threats from U.S.

President Donald Trump hurting the province’s economy.

The premier, with another majority government, has appointed Energy and Mines Minister Stephen Lecce to replace George Pirie and proposed the sweeping legislation destined to affect industries across the province from northern mines to the Ontario Place redevel-

opment on Toronto’s waterfront.

A special economic zone could mean an area that includes one or several projects of critical or strategic importance, according to officials. The areas could include critical mineral projects as well as vital infrastructure projects.

Any large economic opportunity — including a potential project to put a tunnel under the 401 Highway, Ford said — could be considered for a zone. The process and criteria are still being developed as the province moves towards making Ring of Fire the first of the zones, officials said.

Barrick trying to sell Hemlo mine: Bloomberg

BY BLAIR MCBRIDE

Barrick Gold (TSX: ABX; NYSE: GOLD) is working to sell its Hemlo gold mine in northern Ontario, its last mine in Canada, according to a Bloomberg report on April 22.

The company started a process in April to sell Hemlo and has retained CIBC to find buyers, the news agency reported, citing people familiar with the matter.

If the Hemlo sale closes, Barrick would have no mines left in Canada, where it’s headquartered and was

founded in 1983 by Peter Munk. Hemlo, located about 150 km northwest of Wawa near Lake Superior, produced 143,000 oz. of gold in 2024, about 3.5% of Barrick’s total gold output last year, according to its annual report.

The Toronto-based company didn’t reply to emailed requests for comment as The Northern Miner went to press.

News about the possible sale came the same day as Barrick announced it’s selling its 50% stake in the Donlin Gold project in southwest Alaska for $1 billion

Potential fast-tracks

Besides Eagle’s Nest, others on the province’s radar include Frontier Lithium’s (TSXV: FL; US-OTC: LITOF) PAK project, which received $120 million in federal support in March to be matched by a similar amount from Ontario, and Canada Nickel’s (TSXV: CNC; US-OTC: CNIKF) flagship Crawford nickel sulphide project near Timmins.

Two others are Generation Mining’s (TSX: GENM; US-OTC: GENMF) Marathon palladium-copper project, and Avalon Advanced Materials’ (TSX: AVL; US-OTC: AVLNF) Separation Rapids lithium project near Kenora.

A provincial list of mining projects being considered for fast-tracking wasn’t immediately available as the Miner went to press.

The EA process for Eagle’s Nest is being removed partly because the scope of the project has changed, like how Wyloo is proposing renewable energy on site to replace the need for a new electricity transmission line, provincial staff said. In general, mining projects don’t require EAs but some companies voluntarily propose them with the province for comprehensive coverage of environmental issues.

However, the EA process for the three all-season roads being proposed to access the Ring of Fire region, and led by local First Nations communities, will still proceed, the government said. That process has been ongoing for several years. The entire construction could still take nearly a decade and cost several billion dollars if measured against other projects.

15-year waits

Officials cited an average 15-year mine approval time in the province and the need to streamline projects where the time to receive one permit can vary between three months to more than two years.

Businesses must submit environmental permission applications for review that can take up to a year for important projects (e.g., housing, transit, electrification infrastructure) and for certain sectors (e.g., construction and development, warehousing, mineral exploration and battery energy storage).

“We’re going to cut down the

(C$1.38 billion) to hedge fund billionaire John Paulson and NovaGold Resources (TSX: NG).

Selling gold mines helps Barrick capitalize on record prices for the yellow metal at more than $3,000 an oz. as it pivots increasingly into copper. CEO Mark Bristow has even mused about de-listing from the TSX to concentrate on New York and dropping gold from the company’s name.

permit process by at least 50% which can mean a permit to be approved within 24 months, which is even quicker than the EU’s 27 months which they just reformed last month,” Lecce, the former education minister who at one time ran communications for former prime minister Stephen Harper, said at the same press conference.

“This allows one project, one window,” Lecce said. “They come through the Ministry of Energy and Mines today, not 19 ministries for approvals. We shepherd the approvals right across the government enterprise so the end result is a streamlined, accelerated process.”

Foreign investors

Ontario also intends to crack down on foreign investors in mining and energy, including but not limited to those from China. The legislation would give the province new authority to suspend the Mining Lands Administration System, suspend or remove a registrant, deny the transfer of leases, or revoke a mining claim registration or lease to protect Canada’s mineral supply chain, according to officials.

Regarding the environment, the new legislation would streamline approvals for projects impacting certain species by adopting a “registration first” approach in place of the current permitting framework. Regulations to streamline environmental permissions would allow other types of activities to adopt the registration-first approach (such as permissions for construction site dewatering and stormwater systems), as long as they follow rules set out in regulation and, where required, have qualified professionals undertake certain assessments, the province said.

Ontario is removing fees for the Environmental Activity and Sector Registry, which staff estimate will save businesses about $2.6 million a year. The legislation implements a new regulation for certain designated municipal infrastructure projects that would save municipalities up to 18 months.

It would eliminate environmental assessment requirements for 60 lower-risk projects types, (e.g., all municipal roads, new pumping stations, etc.) that are routinely completed by municipalities, officials said. TNM

Barrick shares traded for $26.47 apiece before press time in Toronto, for a market capitalization of $45.7 billion. TNM

Premier Doug Ford speaks at the PDAC conference in March COLIN MCCLELLAND

Barrick has been operating the Hemlo mine in northern Ontario since 1989. BARRICK GOLD

New Gold earns Artemis award

EMPOWERMENT | Companies tap female entrepreneurs

BY COLIN MCCLELLAND

New Gold (TSX, NYSE: NGD), which this year extended the life of its Rainy River mine near the Manitoba border, has earned an award for advancing gender equality from the Artemis Project, a Toronto-based advocacy group for women in mining.

The miner, which also has the New Afton underground gold-copper mine in British Columbia, was joined by Eldorado Gold (TSX: ELD; NYSE: EGO) and Rio Tinto (NYSE, LSE, ASX: RIO). They’re Artemis’ top three mining companies in Canada for exemplary commitments to gender-responsive procurement in 2024.

New Gold showed its commitment by partnering with women-owned businesses through annual meetings, senior leadership support and introductions to key opportunities, Artemis said. The miner revised its vendor onboarding process to include female entrepreneurs, reflecting a dedication to fostering diversity, inclusion and innovation within its supply chain.

“When we support womenowned businesses, we do so not only to advance gender equity in mining, but to tap into an abundance of skill, talent, and innovation,” New Gold president and CEO Patrick Godin said in an April news release. “It is our belief that an inclusive and diverse approach to procurement is an essential component of our success.”

Industry gap

Canada is recognized globally for its commitment to gender equality,

ranking 19th out of 146 countries in the World Economic Forum’s 2024 Global Gender Gap Index. However, women constitute about 16% of the mining workforce in Canada, a figure significantly lower than the 48% representation of women across all Canadian industries.

The underrepresentation is consistent across various roles and skill levels within the industry. Even in professional and management

$11B in tariff aid defers mining tax

SUPPORT | Relief to last 6 months

BY NORTHERN MINER STAFF

Ontario plans to provide about $11 billion in relief to workers and businesses to help weather the impact of tariffs from the United States.

The support package includes deferring business taxes, including the mining tax, for six months. The province is to provide up to $9 billion in cash flow relief to about 80,000 Ontario businesses by offering six months of interest and penalty relief, allowing them to temporarily delay payments.

This deferral period runs from April 1 to October 1 when all deferred taxes must be paid in full. Operators of Ontario mines pay the mining tax on profits from the extraction and sale of minerals.

In addition to the tax relief, the province is issuing a further $2-billion rebate for employers to help businesses retain workers. This follows a $2-billion rebate distributed in March.

‘Economic uncertainty’

In a post on X, Premier Doug Ford said the measures aim to support workers and businesses during a time when “President Trump’s tariffs are causing enormous economic uncertainty.”

While Canada was spared the Trump administration’s global

“President Trump’s tariffs are causing enormous economic uncertainty”

DOUG

FORD ONTARIO PREMIER

reciprocal tariffs on April 2, it still faces levies on steel and aluminum exports to the U.S., as well as on autos that don’t meet the terms of the Canada-United States-Mexico Agreement.

In March, the federal government announced $6.5 billion in financial aid to help companies expand into new international markets, mitigate losses, access affordable loans and avoid layoffs. Ontario ranks among the world’s top 10 jurisdictions for mineral exploration spending and is a leading producer of gold, copper, nickel and platinum group elements.

In 2023, the province generated $15.7 billion worth of minerals, representing 26% of Canada’s total mineral production value. Over 40% of Canada’s total gold production by value came from Ontario. TNM

criteria such as the extent of their outreach and partnerships with the organization’s list of women-owned businesses, and the impact of their initiatives in fostering gender equality within their supply chains.

“These companies are setting a powerful example of how the mining industry can tap into innovative, specialized talent while advancing gender equality,” Artemis CEO Heather Gamble said in the same release.

Eldorado Gold

In 2024, Eldorado led the industry with the highest spend on Artemis-affiliated women-owned businesses, demonstrating its strong commitment to gender-responsive procurement and economic empowerment.

The miner, which has the Lamaque gold complex in Quebec and two mines each in Greece and Turkey, collaborates with those women-owned businesses through annual delegation meetings, participation in industry panels, senior leadership support, and strategic policy shifts to foster more inclusive sourcing practices.

positions, women’s participation remains below that of other sectors, according to McKinsey & Co.

Systemic challenges such as gender pay gaps, limited access to support networks, and higher incidences of discrimination and harassment contribute to the lower retention and advancement rates of women in mining.

Artemis selected the companies after an evaluation process based on

By engaging with these womenowned businesses, many of which are typically hard for large companies to find, Eldorado is not only advancing inclusion but also tapping into specialized talent and innovative solutions within the supply chain.

“Actively including diverse individuals is essential to unlocking our full potential at Eldorado Gold, and this extends to our procurement and supply chains,” Paul Ferneyhough, executive vice president and

chief financial officer for Eldorado Gold, said in the release.

“We’re proud of our partnership with the Artemis Project and how it has enabled us to reach a broader spectrum of women-owned businesses, benefiting both our company and the advancement of women’s inclusion in the mining industry.”

Rio Tinto

Rio Tinto, the second-largest miner by stock market value, actively engages with Artemis women-owned businesses primarily through innovative programs that advance young female technical leaders in mining. The company promotes sustainable and inclusive practices across the iron ore, titanium and diamond mines and aluminum smelters it operates in Canada.

“The Artemis Sponsorship Program is an innovative approach to talent recruitment, development and retention,” Sophie Bergeron, managing director of Rio Tinto iron and titanium and diamonds, said in the release. “Through this initiative, we can attract and support more mining engineers with the skills our operations need, both now and in the future.

“We are honoured to be recognized by Artemis as one of the top three mining companies for our progressive practices and remain committed to working alongside Canada’s educational institutions, Women in Mining Canada, and other organizations to drive greater gender diversity in the mining sector.”

TNM

With files from Joseph Quesnel

Wesdome buys Angus for $28M

| Gold deal helps Eagle River expand

BY CECILIA JAMASMIE

Wesdome Gold Mines (TSX: WDO; US-OTC: WDOFF) is acquiring junior explorer Angus Gold (TSXV: GUS; US-OTC: ANGVF) in a cashand-share deal valued at about $40 million, expanding its footprint in northern Ontario’s Mishibishu Lake greenstone belt.

The transaction disclosed on April 7 would quadruple Wesdome’s land position at its Eagle River operation, creating a 400-sq.-km contiguous land package, about 50 km west of Wawa. Wesdome already owns a 10.4% stake in the target company.

Under the terms of the agreement, Angus shareholders will receive 62¢ in cash and 0.0096 of a Wesdome share for each Angus share, for a total value of 77¢ per share. The offer represents a 59% premium to Angus’ 20-day volume-weighted average price.

In a statement, Wesdome CEO Anthea Bath called the acquisition a “highly logical and strategic tuck-in,” emphasizing that it strengthens the company’s exploration potential between the Eagle River mine and mill.

“It reinforces our belief in the geological potential of the Mishibishu Lake greenstone belt, aligns with our focus on regional consolidation, and positions us to deliver sustainable, long-term growth supported by our strong balance sheet and existing infrastructure,” Bath said.

Advancing targets

Shares in Wesdome in Toronto were little changed on the day but gained 16% to $18.12 apiece near press time, giving the company a market value of $2.72 billion. They’ve traded in a 52-week range of $9.95 to $18.95. Angus Gold stock surged 64% to 74¢ on April 7, the highest since August 2023, and was at 77¢ in late April for a market value of $46.4 million.

Since 2020, Angus has invested more than $20 million in exploration, identifying multiple targets and confirming geological continuity with Eagle River. Wesdome plans to continue advancing these targets, with a 2025 focus on high-priority zones including the Cameron Lake BIF and Eagle River Splay.

In the same statement, Angus

president and CEO Breanne Beh described the deal as a validation of her team’s work, noting achievements such as consolidating the Golden Sky property, completing over 40,000 metres of drilling, and making several gold discoveries. She said the agreement offers shareholders immediate value and exposure to a well-established, well-financed gold producer.

Eagle River consists of two gold mines: the Eagle underground mine, in production since 1995; and the Mishi open pit, in production since 2002. The operation generated 94,561 oz. of gold in 2024. The transaction is subject to the approval by at least two-thirds of Angus shareholders at a special meeting expected in June. Closing is anticipated in June. TNM

Environmental Geoscientist-in-Training Tenea Dillman. NEW GOLD

Wesdome’s Eagle River mine west of Wawa. WESDOME GOLD MINES

SPOTLIGHT: Ontario projects to watch

BY NORTHERN MINER STAFF

Ontario is among the world’s top 10 mining jurisdictions and is rich in base and precious metals as well as a suite of critical minerals. Here’s a look at eight companies with interesting projects to watch.

n Canada Nickel

Canada Nickel (TSXV: CNC; US-OTC: CNIKF) expects to receive final permits and make a construction decision on its Crawford nickel sulphide project before the end of this year.

Crawford, 42 km north of Timmins, contains the second-largest nickel reserves in the world with 1.72 billion proven and probable tonnes grading 0.22% nickel, 0.013% cobalt, 0.014 gram palladium per tonne, 0.009 gram platinum, 6.44% iron, 0.57% chrome and 1.61% brucite.

A 2023 bankable feasibility study outlined total production of 1.6 million tonnes nickel, 58 million tonnes iron and 2.8 million tonnes chrome over a 41-year mine life at an all-in sustaining cost of US$1.54 per lb. nickel.

In March, the company completed front end engineering design. The work focused on updating initial capital costs using data collected from a winter geotechnical program, a test piling program and updated quotes.

The mine plan was also re-sequenced to accelerate delivery of higher value ore from the East Zone and reduce pre-stripping by 30%. Compared to the feasibility study, initial capital costs rose by 5% to $2.1 billion (C$2.92 billion), while Crawford’s net present value (at an 8% discount rate) rose by $335 million to $2.81 billion. Its internal rate of return (IRR) gained 0.5% to 17.6%.

The company has consolidated more than 20 ultramafic targets with 25 times Crawford’s 1.6-sq.-km geophysical footprint. It completed resource estimates last year on two of eight additional targets and expects to finish all eight by mid-2025.

In February, the company was selected for $3.4 million in Cana-

dian federal funding to support its proprietary In-Process Tailings (IPT) pilot carbonation process for Crawford.

In January, it received $500,000 from the Ontario government’s Critical Minerals Innovation Fund to support the development of a nickel processing facility through its subsidiary NetZero Metals. The company estimates Crawford will produce 2.3 tonnes of carbon dioxide per tonne of nickel-equivalent production, 89% lower than the industry average of 34 tonnes CO2

Investors include Agnico Eagle (TSX, NYSE: AEM), which holds an 11% stake, Samsung SDI (8.7%), Anglo American (LSE: AAL) (7.6%) and the Taykwa Tagamou Nation (8.4% on conversion).

Canada Nickel has a market cap of about $177.13 million.

n Generation Mining

Generation Mining (TSX: GENM; US-OTC: GENMF) forecasts that its Marathon copper-palladium project in northwestern Ontario will produce enough copper to

manufacture about 2.8 million electric vehicle batteries over its 12.5-year mine life.

An updated feasibility study on the open-pit project completed at the end of March outlined average annual payable metal of 42 million lb. copper, 168,000 oz. palladium, 38,000 oz. platinum, 12,000 oz. gold and 240,000 oz. silver at life-of-mine all-in sustaining costs of $2.05 per lb. copper-equivalent or $781 per palladium-equivalent ounce.

Marathon’s after-tax net present value (at a 6% discount rate) was estimated at C$1.07 billion and its IRR at 28%, based on three-year trailing average metal prices as of Nov. 1. Initial capital of C$992 million could be repaid in 1.9 years.

The project hosts 244.1 million pit-constrained measured and indicated tonnes grading 0.51 gram palladium, 0.2% copper, 0.17 gram platinum, 0.06 gram gold, and 1.6 grams silver. Inferred resources add 29.8 million tonnes averaging 0.39 gram palladium, 0.22% copper, 0.1 gram palladium, 0.05 gram gold and 1.4 grams silver.

The project is fully permitted for construction federally and is waiting approval on its last permit from the Ontario government.

The 260-sq.-km project, 10 km from the town of Marathon, is near the Trans-Canada Highway and is served by the CPR’s main rail line. A new 230 kilovolt power line from Wawa to Thunder Bay crosses the property.

Key shareholders include Sibanye-Stillwater (NYSE: SBSW; JSE: SSW) (14%), Wheaton Precious Metals (TSX: WPM) (7.6%) and Eric Sprott (6.9%).

Generation Mining has a TSX market value of $36.7 million.

n Goldshore Resources

Goldshore Resources (TSXV: GSHR; US-OTC: GSHRF) plans to complete a preliminary economic assessment (PEA) before the end of June for its Moss gold project. Moss is about 100 km west of Thunder Bay.

In April the company expanded its winter drill program by 5,000 metres to 20,000 metres after

reporting assay results from the Southwest zone in mid-March.

Highlights from five drill holes included 25 metres grading 0.68 gram gold from 133 metres downhole in drill hole MMD-25-140, and 5.15 metres grading 2.68 grams gold from 136 metres in MMD-25147, including 2.35 metres of 5.19 grams gold.

Results from drill hole MMD24-139 released in February extended gold mineralization with increased grades 150 metres below the conceptual open pit resource, with intercepts of 20.55 metres of 2.58 grams gold starting from 458.2 metres depth, including 14.7 metres of 3.52 grams gold.

The company has invested over $60 million in the project and completed about 80,000 metres of drilling.

Moss hosts 38.96 million indicated tonnes grading 1.23 grams gold for 1.54 million oz. contained gold and 146.24 million inferred tonnes grading 1.11 grams gold for

STILLR Gold’s Tower project is located about 90 km east of Timmins, Ont. STILLR GOLD

Generation Mining’s Marathon project is close to the Trans-Canada Highway and 10 km from the town of Marathon. GENERATION MINING

Snapshot

5.19 million ounces.

The resource estimate encompasses 3.6 km of a 35-km-long mineralized trend, and remains open at depth, along strike and through parallel structures.

The project has direct access to the Trans-Canada Highway and is near hydroelectric power.

Goldshore Resources has a TSX market cap of $104.8 million.

n Laurion Mineral Exploration

In March Laurion Mineral Exploration (TSXV: LME; US-OTC: LMEFF) kicked off a Titan DCIP and magnetotellurics geophysical survey at its 57-sq.-km. Ishkõday project, about 220 km northeast of Thunder Bay. The survey is to provide high-resolution data to depths of 1.5 to 2 km and focus on the area around two past-producing mines on the property, Brenbar and Sturgeon River.

The Sturgeon River and Brenbar mines, about 1 km apart, were active in the 1930s and 1940s. Sturgeon River produced 73,738 oz. gold and 15,922 oz. silver from 145,123 tonnes grading 17 grams gold and 3.12 grams silver; while 134 oz. gold from 46 tonnes averaging 82.5 grams gold was mined at Brenbar.

Laurion has delineated a 6-km by 2.5-km mineralized corridor that encompasses both mines. Underground development at Brenbar was confined to a 64-metre-deep shaft and drifts at the 31-metre and 61-metre levels, with numerous exposed quartz veins up to 1 metre in width. At the Sturgeon River mine, historical workings extended down to 685 metres.

The company is planning to drill 7,000 to 10,000 metres this year. Highlights of last year’s drill program include 0.55 metre grading 186 grams gold within a broader interval of 3.5 metres of 29.5 grams gold starting 172.5 metres downhole in drillhole LME23-032; and 1.2 metres grading 17.47 grams gold from 55.8 metres, including 37.7 grams gold over 0.5 metre in LME4-055.

Hole LME24-049 returned 1 metre grading 6.6 grams gold within a broader interval of 3.5 metres grading 2.08 grams gold from 711 metres depth; and LME24-052 cut 5.25 metres grading 7.3 grams gold from 32 metres, including 0.5 metre grading 68.5 grams gold.

Laurion has a market cap of about $94.4 million.

n Mayfair Gold

Mayfair Gold (TSXV: MFG; US-OTC: MFGCF) is focused on its Fenn-Gib project in northern Ontario, about 80 km east of Timmins.

The company expects to complete a prefeasibility study on Fenn-Gib by the end of this year. The PFS will focus on a 4,800-tonne-per-day open pit development scenario. Last September, Mayfair updated the project’s resource estimate with 69 new drill holes for a total of 46,955 metres of mostly infill drilling.

Fenn-Gib hosts 181.3 million indicated tonnes grading 0.74 gram

gold for 4.31 million contained oz. and another 8.92 million inferred tonnes averaging 0.49 gram gold for 141,000 oz. contained gold. The resource used a cut-off grade of 0.3 gram gold per tonne.

Gold mineralized zones remain open at depth and along strike to the east and west. The Fenn-Gib deposit has a strike length of over 1.5 km with widths ranging over 500 metres.

Metallurgical tests have demonstrated that Fenn-Gib can deliver gold recoveries of up to 94%. The company has also begun additional test work to refine its understanding of the optimal feed and grind

sizes and to test them across a range of lithologies, grades and zones within the pit.

Earlier this year the company announced senior management changes. In January it appointed Nicholas Campbell, its vice-president of capital markets, as its new CEO. In February, it appointed Drew Anwyll as Mayfair’s new chief operating officer. Anwyll has worked for companies including Generation Mining, Detour Gold, Barrick Gold and Placer Dome.

The project is about 10 km west of McEwen Mining’s (TSX, NYSE: MUX) Black Fox mine and 40 km east of Agnico Eagle’s Holt mill.

Management and insiders own 39% of the company.

Mayfair Gold has a market cap of about $175 million.

n NexGold Mining

NexGold Mining (TSXV: NEXG) expects to complete a feasibility study on its Goliath project in northwestern Ontario in this year’s second quarter. The 330-sq.-km gold project 20 km east of Dryden, consists of the Goliath, Goldlund and Miller deposits.

The company kicked off a 25,000metre drill program last August. In the first stage, 4,000 metres was to be drilled between the Goliath and Goldlund deposits, and in the second stage, the drills are to target the eastern extent of the Goliath deposit.

A March 2023 prefeasibility study outlined an open pit and underground mine life of 13 years producing an average of 100,000 oz. gold per year during the first nine years.

The PFS forecast an after-tax NPV (at a 5% discount rate) of C$366 million and an IRR of 25% at metal prices of $1,750 per oz. gold and $21 per oz. silver. Initial capital of C$335 million could be repaid in 2.8 years.

At $1,950 per oz. gold, the NPV rises to C$493 million, the IRR to 34% and the payback period drops to 2.3 years.

Goliath has 67.7 million measured and indicated tonnes grading 0.98 gram gold and 3.42 grams silver for 2.14 million oz. contained gold and 3.52 million oz. silver. Inferred resources add 32.6 million tonnes grading 0.75 gram gold and 0.84 gram silver for 782,800 oz. gold and 91,500 oz. silver.

The company closed a C$10 million bought deal private placement at 72¢ per share in April.

Investors include financier Frank Giustra with an 8.6% interest.

NexGold Mining has a market cap of about $93.4 million.

n Red Pine Exploration

Red Pine Exploration (TSXV: RPX; US-OTC: RDEXF) reported in March the best intersection so far this year at its Wawa gold project in Ontario’s Michipicoten Greenstone Belt.

Step-out drilling in a new area of the project’s Jubilee Shear Zone cut 10.72 metres grading 5.68 grams gold starting from 949.2 metres downhole in drill hole SD-25534A, including 2 metres of 19.05 grams gold. The intercept was 600 metres down plunge from previous drilling.

Other notable assays from this

Left: A mineralized shear at Goldshore’s Moss Lake project.. GOLDSHORE RESOURCES

Below: A drill rig at Canada Nickel’s Crawford project, about 40 km north of Timmins. CANADA NICKEL

> Snapshot from P33

Junior Geologist Bella Li examines rock in the M2 zone at the Ishkõday project. LAURION EXPLORATION

year’s fully funded 25,000-metre drill program came from drill hole SD-25-532, which returned 1.67 metres grading 8.41 grams gold starting from 543.75 metres, including a 0.92-metre interval grading 14.9 grams gold.

The 70-sq.-km project, 2 km southeast of the municipality of Wawa and 330 km west of Timmins, hosts numerous historic gold mines and several gold-bearing structures that combined to form the Wawa Gold Corridor, a structure that extends for more than 6 kilometres.

The company updated its resource estimate last August. Based on 65,000 metres of new drilling since the previous estimate in 2019, Wawa now has 14.7 million indicated tonnes grading 1.8 grams gold for 842,000 oz. contained gold and another 16.2 million inferred tonnes averaging 1.6 grams gold for 843,000 oz. contained gold.

Red Pine Exploration notes that the deposit is highlighted by continuous gold mineralization starting from surface and extending up to 1,200 metres down dip, which provides optionality for open-pit and underground development scenarios.

The project is accessible by an allweather road from Highway 101. Alamos Gold (TSX, NYSE: AGI) has a 14% stake in the company.

Red Pine a market cap of about $32.2 million.

n STLLR Gold

In Ontario, STILLR Gold (TSXL STLR; US-OTC: STLRF) is focused on its Tower project, 90 km east of Timmins, where it plans to complete an updated PEA and resource estimate in this year’s first half followed by a prefeasibility study in two years.

The new PEA will evaluate a higher throughput and annual production, shorter mine life and staged initial capital than outlined in the 2022 PEA. The earlier study outlined a 24-year mine life producing 193,000 oz. gold per year. During the first 11 years it would produce 260,000 oz. per year at a throughput rate of 7 million tonnes per year. All-in sustaining costs are pegged at US$1,073 per ounce.

The earlier study estimated an after-tax NPV (at a 5% discount rate) of C$1.1 billion and an IRR of 32% at a base case gold price of $1,600 per ounce. Initial capital of C$517 million could be repaid in 2.6 years.

Currently Tower hosts 151 million indicated tonnes grading 0.92 gram gold for 4.5 million contained oz. and 236 million inferred tonnes averaging 1.09 grams gold for 8.3 million ounces.

In March, the company released AI-targeted infill drill results that included 19 metres grading 9.01 grams gold starting from 97 metres downhole in drill hole MGA25224. The intercept included a 1.25metre interval of 124.5 grams gold.

In February, the company unveiled its new Hollinger tailings project. The project involves processing 50-60 million tonnes of tailings from the historic Hollinger mine, which produced 19 million oz. gold at an average mined grade of 9.9 grams gold between 1910 and 1968. The company says recent changes to the Ontario Mining Act simplify permitting for reprocessing mine tailings. With low capital requirements and a favourable gold price environment, the tailings project could generate nearterm cash flow.

Agnico Eagle Mines has a 10% stake in the company.

STILLR Gold has a market cap of about $118 million. TNM

Dryden reports strong Elora assays

GOLD | Province helps fund exploration

BY FRÉDÉRIC TOMESCO

Canadian junior miner

Dryden Gold (TSXV: DRY; USOTC: DRYGF) says it encountered “significant” visible gold during deeper drilling at its Elora property in Ontario.

The newly discovered section in hole KW-25-003, a hanging wall structure of folded sheared basalts located about 80 metres from the main Elora target zone, represents the most significant amount of visible gold intersected so far, Dryden said in a statement April 8. Dryden is awaiting more assays to fully evaluate the structure before deciding on further testing within the current 15,000metre drill program.

Company geologists made a similar discovery on the nearby Big Master gold system last year.

“We continue to make highgrade gold discoveries within the Gold Rock camp,” Dryden CEO Trey Wasser said in the statement. “This new zone shows the potential for hanging wall and footwall mineralized structures to host significant gold mineralization similar to our discoveries last year on the Big Master System.”

Located in northwestern Ontario, Dryden’s land package includes historic gold mines with limited modern exploration. Its three main assets are the brownfield Gold Rock project and the early-exploration-stage Lower Manitou and Tremblay projects.

Centerra stake

Since Dryden’s 2025 exploration program is fully funded following Centerra Gold’s (TSX: CG; NYSE: CGAU) December acquisition of a 9.9% equity stake in the company, shareholders “should expect drill results and other news flow on a very consistent basis into the fall,” Wasser added. “Our goal this year is to show the true district potential of this amazing under-explored property.”

Also in April, the government of Ontario granted Dryden $200,000, the most available under the province’s Junior Exploration Program funding. The program covers up to half of exploration costs for eligible juniors.

“This new zone shows the potential for structures to host significant gold mineralization. ”

TREY

WASSER DRYDEN CEO

“With the rise of uncertainty posed by President Trump, we are accelerating the exploration and development of earth metals here at home by supporting Dryden Gold to secure our province’s resource future,” Stephen Lecce, Ontario’s Minister of Energy and Mines, said in a statement.

Zones intersected Dryden’s 2025 drill program began in late March. All five deeper holes on the Elora gold system have intersected zones of sulphide mineralization and shearing at target depth, Dryden said.

Hole KW-25-001 returned 4 grams per tonne over 3.07 metres, including 18.10 grams gold over 0.45 metres, the Vancouver-based company said. Results from a second drill hole, KW-25-002, are pending at the laboratory.

Current targets at Elora are testing down plunge at true depths between 250 metres and 400 metres, Dryden said. The company has permits to drill the trend to the northeast up to the past-producing Laurentian mine and beyond, 2 km north to the newly discovered Mud Lake target.

Dryden plans to move northeast and begin to fully test Elora at depth and along strike, where geologists have identified multiple targets, Wasser said. He called 2025 “a pivotal year for Dryden.” Dryden Gold’s shares gained 24% to 18¢ apiece near press time from 14.5¢ on the drill results, giving the company a market capitalization of about $27.9 million. Over the past year, the stock has traded between 9.5¢ and 22¢. TNM

NexGold’s Goliath project about 20 km east of Dryden. NEXGOLD

A rock outcrop at Dryden Gold’s Gold Rock project. DRYDEN GOLD

A drill rig at Mayfair Gold’s Fenn-Gib project about 80 km east of Timmins. MAYFAIR GOLD

specialfocus

URANIUM

URANIUM SPOTLIGHT: Eight companies on the radar

BY NORTHERN MINER STAFF

Rising electricity demand from new AI-driven technologies and government support for nuclear power as a base load energy source are ramping up interest in uranium. After years of underinvestment, exploration and development companies are racing to find new sources of the nuclear fuel, and put them into production. Below is a list of eight interesting uranium plays to watch.

n Anfield Energy

Anfield Energy (TSXV: AEC; US-OTC: ANLDF) owns the Shootaring Canyon mill in southeastern Utah, one of only three licensed and permitted conventional uranium mills in the United States. The company’s portfolio of uranium and vanadium projects stretches across Utah, Colorado, New Mexico and Arizona.

Highlights from a 14-hole rotary drill program at its flagship Slick Rock uranium and vanadium project in Colorado included 3.05 metres grading 1,560 parts per million (ppm) uranium oxide (U308) in drill hole SR-24-01 and 1.5 metres grading 2,180 ppm U308 in drill hole SR-24-04. Anfield is to use those results to upgrade the uranium and vanadium resource estimate for Slick Rock and for mine designs for a large mine permit.

The company completed a preliminary economic assessment that combined Slick Rock and its Velvet-Wood project in Utah in March 2023. The two projects in the Uravan Mineral Belt are close to the Shootaring Canyon mill, which will be used as the centralized processing facility.

The study of the combined mine and mill operation outlined average annual production of 750,000 lb. uranium and 2.5 million lb. vanadium over a mine life of 15 years. The combined feed from VelvetWood and Slick Rock would meet the Shootaring mill’s existing capacity of 680 tonnes per day.

At base case prices of $70 per lb. U308 and $12 per lb. vanadium pentoxide, the post-tax net present value (at an 8% discount rate) would be $197 million (C$274 million) and the internal rate of return (IRR) 33%. Initial capital was forecast to run to $122.3 million.

In April, Ross McElroy joined Anfield’s board of directors. McElroy co-founded Fission Uranium, which was sold to Paladin Energy (ASX, TSX: PDN; US-OTC:

FCUUF) in December for C$1.14 billion.

Uranium Energy (NYSE: UEC) increased its stake in Anfield at the beginning of the year and now owns 18% of the company’s outstanding shares on a non-diluted basis and about 24% on a partially diluted basis.

Anfield Energy has a market cap of about $63 million.

n Azincourt Energy

Azincourt Energy (TSXV: AAZ; US-OTC: AZURF) is focused on the Snegamook uranium project in Newfoundland and Labrador’s Central Mineral Belt, about 100 km north of Happy Valley-Goose Bay, and the East Preston uranium project near the southern edge of the western Athabasca Basin in Saskatchewan.

In March the company received permits to start exploration at Snegamook and plans to drill up to 1,000 metres there this year. There has been little exploration since 2008, when Silver Spruce Resources identified four mineralized uranium lenses. Historic results include 9 metres grading 552 ppm U308 from 210 metres depth in hole SN-08-18 and 5 metres at 224 ppm U308 from 191 metres depth in hole SN-08-20.

At East Preston, Azincourt drilled four holes (1,086 metres) last year focused on the K and H zones. Results included 1.91 metres averaging 16 ppm U308, including 0.51 metre grading up to 21.9 ppm U308 in hole EP0058. The hole was drilled into a regional illite clay anomaly extending through the K zone and south into the lower H zone. Azincourt didn’t specify that

interval’s depth.

Three conductive, low magnetic signature corridors with a total strike length of over 25 km have been discovered at East Preston so far. The targets are basement-hosted uncomformity related uranium deposits similar to NexGen Energy’s (TSX, NYSE: NXE; ASX: NXG) Arrow deposit and Cameco’s (TSX: CCO; NYSE: CCJ) Eagle Point mine, the company says.

Azincourt is planning to start a geophysical program on portions of East Preston later this year and is considering a follow-up drill program of five holes in the winter of 2026. The company has permits to explore East Preston through the summer of next year.

Azincourt controls 87% of the 210-sq.-km East Preston project.

Azincourt Energy has a market cap of about $6.5 million.

n Bannerman Energy

Bannerman Energy (ASX: BMN; US-OTC: BNNLF) has started bulk earth works for the construction of its fully permitted Etango uranium project, about 30 km southeast of Swakopmund, a city on the Atlantic coast of Namibia.

Etango is one of the world’s larges Etango is one of the world’s largest undeveloped uranium assets. A control budget estimate released last June outlined an open-pit operation that at a throughput rate of 8 million tonnes per year would produce about 3.5 million lb. U308 annually over a mine life of 15 years. The base case used a uranium price of $65 per lb. and estimated a post-tax NPV (at an 8% discount rate) of $162 million (C$224.2 million) and post-tax IRR of 14.1%. Initial capital was pegged

The exploration camp at Azincourt Energy’s East Preston project in northern Saskatchewan AZINCOURT ENERGY

Bannerman’s Etango project in west-central Namibia. BANNERMAN ENERGY

A drill rig at GoviEx Uranium’s Muntanga project in Zambia. GOVIEX URANIUM

Skyharbour’s Moore Lake project in northeast Saskatchewan. SKYHARBOUR RESOURCES

at $353 million.

Last year, the company completed a scoping study evaluating future higher throughput and operating scenarios. The first scenario, Etango-XP, examined a post ramp-up expansion in throughput capacity to 16 million tonnes per year. The second scenario, Etango-XT, evaluated an extension of the operation’s life to 27 years.

Etango-XP generated a post-tax NPV (at an 8% discount rate) of $175 million and IRR of 13.5%, and Etango-XT an NPV of $197 million and IRR of 15.7%.

Etango has 32.4 million measured tonnes grading 201 ppm U308 for 14.3 million lb. contained U308 and another 345.7 million indicated tonnes grading 195 ppm U308 for 148.5 million lb. U308. Inferred resources add 140.6 million tonnes grading 200 ppm U308 for 62.0 million lb. uranium. The resource used a cut-off grade of 55 ppm U308.

Bannerman Energy has a market cap of about A$379 million (C$333 million).

n Global Atomic Global Atomic (TSX: GLO; US-OTC: GLATF) plans to kick off initial production during the first half of 2026 at its Dasa uranium project in Niger, about 105 km south of the uranium mining town of Arlit.

Underground development, which began in November 2022, has reached the ore zone and development waste has been hauled to surface. Ramping and underground level development will continue to facilitate mining on five levels in time for commissioning of the processing plant early next year.

Recently the company said it is “actively engaged” with a U.S. development bank to establish a debt facility to finance 60% of Dasa’s development costs.

An updated feasibility study in March 2024 estimated initial capital cost of almost $393 million (C$546 million) could be repaid in 2.5 years. The study more than doubled Dasa’s mine life from 12 to 26 years, with life-of-mine production of 68.1 million lb. U308. At a base case uranium price of $75 per lb., Dasa would generate a posttax NPV (at an 8% discount rate) of $917 million and an IRR of 57%.

Dasa hosts 10.09 million indicated tonnes grading 4,913 ppm U308 for 109.3 million lb. uranium and another 4.45 million inferred tonnes at 5,243 ppm U308 for 51.4 million lb. uranium.

The current mine plan is based on throughput of 1,000 tonnes per day, but the processing plant has been designed to handle up to 1,200 tonnes per day.

The company has currently contracted 43% of its projected uranium production through the first five years of operations.

It raised C$35.6 million in a non-brokered private placement in January.

Global Atomic has a market cap of about C$200 million.

n GoviEx Uranium

GoviEx Uranium (TSXV: GXU; US-OTC: GVXXF) signed a letter of intent with the Niger government in February outlining a “structured roadmap” to resolve their dispute over the Madouela uranium project, and temporarily suspended arbitration.

Niger revoked GoviEx’s mining rights to the project last July after the company failed to start the mine by a deadline set by the country’s ruling junta. GoviEx commenced international arbitration proceedings in December.

Madouela, which GoviEx has

tax NPV (at an 8% discount rate) of $376 million ($522 million) and an IRR of 21%. Initial capital cost was estimated at $343 million.

The project is anchored by one of the largest uranium resources in

PROJECT

the world, with 100 million measured and indicated lb. of U308, plus 20 million inferred lb. of U308

In January, the company completed a feasibility study on its Muntanga uranium project in

southeast Zambia. The open-pit project, 200 km south of Lusaka, is expected to produce an average of 2.2 million lb. U308 per year over a mine life of 12 years, based on just two of five deposits. The study estimated an after-tax NPV (at an 8% discount rate) of $243 million and an IRR of 21%, based on a uranium price of $90 per pound. Initial capital of $282 million could be repaid in 3.5 years.

Muntanga currently hosts 50.4 million measured and indicated tonnes grading 359 ppm U308 for 40 million lb. contained U308 and another 12.8 million inferred tonnes averaging 263 ppm U308 for 7.4 million lb. U308

GoviEx Uranium has a market cap of about $40.6 million.

n Myriad Uranium

Myriad Uranium (CSE: Ml; US-OTC: MYRUF) is earning a 75% stake in the Copper Mountain uranium project near the base of Copper Mountain in the Owl Creek Mountain Range of north-central Wyoming.

Snapshot P38 >

Anfield Energy’s Shootaring Canyon Mill project in southeast Utah ANFIELD ENERGY

Energy’s Burke Hollow project in Texas, north of Corpus Christi. URANIUM ENERGY

The project hosts several known uranium deposits and historic uranium mines, including the Arrowhead mine, which produced 500,000 lb. U308

The company reported results from 20 boreholes in March, with highlights of 1.28 metres grading 5,337 ppm U308 starting from 69 metres in borehole CAN0004; 2.29 metres of 4,361 ppm U308 from 81 metres in CAN0006; 1.98 metres of 2,829 ppm U308 from 85 metres in CAN0008 and 3.05 metres of 1,769 ppm U308 from 98 metres in CAN0011.

The boreholes — a combination of diamond core and reverse circulation drilling — were designed to verify mineralization identified in drilling by Union Pacific in the late 1970s. Union Pacific spent an estimated C$120.3 million (in current dollars) exploring and developing Copper Mountain but the project ground to a halt in 1980 before mining could start due to falling uranium prices.

In February, the company signed an option agreement to acquire all of the Red Basin uranium-vanadium project, about 140 km southwest of Albuquerque, N.M. The company is to complete a geophysics survey within one year, at which point the option will be fully exercised.

The company’s claim area holds 700 drill holes with historic grades of 0.17% to 0.31% U308 and up to 1.64% vanadium pentoxide V205

Myriad Uranium has a market cap of about $17 million.

n Skyharbour Resources

Skyharbour Resources (TSXV: SYH; US-OTC: SYHBF) is a prospect generator with ownership interests in 36 uranium projects across more than 6,140 sq. km of the Athabasca Basin.

The company’s Moore uranium project, which it acquired from Denison Mines (TSX: DML; NYSE-AM: DNN), is situated 15 km east of Denison’s Wheeler River in-situ recovery (ISR) project and 39 km south of Cameco’s McArthur River mine. Drill results from

the project’s Maverick zone include 5.9 metres of up to 6% U308 starting from a depth of 265 metres, including a 1.5-metre interval of 20.8% U308

Adjacent and to the east of the Moore project is the 733-sq.-km Russell Hill uranium project, a Skyharbour joint-venture with Rio Tinto (NYSE, LSE, ASX: RIO).

In addition, Skyharbour has joint ventures with Orano Canada for the Preston project; Azincourt Energy for East Preston; and Thunderbird Resources (ASX: THB) for Hook Lake.

In January, Skyharbour and Orano announced a 6,000- to 7,000-metre drill program this year at the 496-sq.-km. Preston project in the basin’s west. About 26 holes are to be drilled at an average depth of 250 metres this summer. Orano is the majority owner and operator and Skyharbour holds a minority interest of about 26%.

In early April, the company reported drill results from the South Falcon East uranium project, about 18 km outside the edge of the Athabasca Basin and 50 km east of the Key Lake uranium mill and former mine. Highlights included drill hole SF0065, which returned 17.5 metres grading 0.02% U308 from 205 metres, including a 0.3meter interval of 0.16% U308. Skyharbour has optioned the project to Terra Clean Energy (CSE: TCEC; US-OTC: TCEFF).

The junior has signed earn-in option agreements with partners that total over $36 million in partner-funded exploration expenditures.

Skyharbour Resources has a market cap of about $65.4 million.

n Uranium Energy

Uranium Energy has ISR uranium projects in Texas and Wyoming,

along with hard rock projects in Canada and Paraguay.

The company’s three hub and spoke production platforms in the U.S. which are anchored by Central Processing Plants (CPPs) and served by multiple ISR projects, have a combined licensed production capacity of 12.1 million lb. U308

In mid-February, Uranium Energy reported it had dried, processed and drummed uranium concentrates at its Irigaray CPP. The concentrate was produced from uranium loaded with resin com-

ing from the company’s Christensen Ranch ISR project in Wyoming, which started production last August.

In December, the company acquired Rio Tinto’s Wyoming uranium assets for $175 million (C$244 million) in cash. These include the fully licensed Sweetwater plant and the Red Desert and Green Mountain uranium properties.

The Sweetwater plant is a 3,000-ton-per-day processing mill with a licensed capacity of 4.1 million lb. U308 per year. It can also be adapted to recover uranium from loaded resins produced by ISR operations. With Sweetwater, the company has the largest licensed production capacity in the U.S.

The Red Desert project consists of three deposits with historic resources estimated at about 42 million lb. U308 and Green Mountain has five deposits with historical resources of about 133 million lb. U308

In Canada, its Roughrider project in the eastern Athabasca Basin, about 13 km west of Orano’s McClean Lake mill, is expected to produce 61.2 million lb. U308 over nine years (6.8 million lb. per year) at all-in sustaining costs of $20.48 per pound. A technical report in November outlined a post-tax NPV (at an 8% discount rate) of $946 million and an IRR of 40% based on a long-term uranium price of $85 per pound. Initial capital expenses of $545 million for the mill and underground mine could be paid back post-tax in 1.4 years.

The company has a major equity stake in Uranium Royalty (TSX: URC), the only pure play royalty company in the sector.

Uranium Energy has an NYSE market cap of about $2.02 billion. TNM

Civil workings at Global Atomic’s Dasa project in Mali, one of West Africa’s Sahel countries. GLOBAL ATOMIC

> Snapshot from P37

A drilling operation at Myriad’s Copper Mountain project in north-central Wyoming. MYRIAD URANIUM

the

BLAST PAST from

Canadian Uranium

Biggest Secret of War

Why not encourage private search for uranium?

Government Dictum Offers No

Incentive to Experienced Prospectors—Control of Output and Use Could Be Easily Established Without Discouraging Search

> Sprott CEO from P1

Washington’s lead in fast-tracking mine approvals, Ciampaglia says.

“Canada has a huge opportunity,” he said. “Saskatchewan’s Athabasca basin has all sorts of undeveloped projects that have been stuck for 10 or 15 years. Politicians can talk all they want about reshoring the supply chain from China but the lead time for these projects is too long. We clearly need to take a different approach.”

Ciampaglia is especially irked to see setbacks pile up for NexGen Energy’s Rook I project, a longawaited C$2.2 billion capex uranium mine and mill that could produce up to 30 million lbs. annually for at least 24 years.

Although Rook I has a provincial permit and full support from four Indigenous nations, a final federal approval is still lacking, two years after Saskatchewan gave the project the go-ahead.

‘Inaction and deceit’ Two rounds of Canadian Nuclear Safety Commission (CNSC) hearings are scheduled to take place next fall and in February 2026,

> Uranium juniors from P12 raising as we need it.”

Frostad likens the situation to the early 2000s, the last time uranium saw a comparable rally.

“(Back then), the price of uranium was reflected in the equities so we could count on the buoyancy of our equity prices from the price of uranium to counteract the dilution we were creating within our companies,” he said. “We haven’t been able to rely on that this time around.”

Stallion’s Schwab said the private placement completed in April will tide the business over for now.

with a final approval decision set to follow soon after – some seven years after NexGen began the permitting process.

With construction expected to take three and a half years, that would push the start of operations out to late 2029 or early 2030.

The hearings “come much later than anticipated,” Red Cloud Securities head of research David Talbot said in a note in March.

“This is contrary to what was conveyed to NXE and Indigenous communities.”

The elongated permitting timeline is “an ominous read-through for any other projects just entering the process,” he added.

Delaying Rook I’s approval until after the second hearing is “beyond comprehension, inconsistent with previous direction from the CNSC and extremely detrimental to the interests of our communities, the people of Saskatchewan and Canadians across the country,” the Clearwater River Dene Nation, Metis Nation-Saskatchewan and Metis-Nation Northern Region said in a joint statement in March.

Canada’s regulatory process has become “a tyranny of inaction,

“At some point here, I’m going to have to go back out and do a much larger flow-through financing,” he said.

But he’s planning to wait until investor nerves settle, especially the conversation surrounding the tariffs and a perceived effect on uranium prices.

“At the end of the day, uranium only comes from a few countries primarily, and ours is one of them,” Schwab said. “The fundamentals in the uranium industry are stronger right now than when we had $140 uranium.” TNM

deceit and dishonesty,” they said.

For Ciampaglia, Rook I is “a case study in delays” typical of Canadian mining projects.

“The mine originally was supposed to come online in 2028. Now it’s 2030. Why 2030? Is it the capital or the deposit? No, it’s the federal permitting process. The provincial permit came quickly and it’s been bogged down with the federal permit ever since,” he said.

Construction boom

Global utilities aren’t waiting for Canada to pick up the pace.

Some 65 nuclear reactors are being built worldwide. By 2030, they could generate an additional 70 gigawatts of additional power – assuming enough uranium is available.

“People sometimes get distracted by the new shiny object in the room, whether it’s AI or data centres, but the reality is that out of the 60-plus reactors that are under construction today, half of them are in China,” Ciampaglia said. “China and India are driving the growth. For them it’s business as usual.”

Even Europe, which had seem-

> Nuclear waste from P12

engage with Eagle Lake First Nation in good faith, refused to provide criteria for its recognition of a host community, refused to provide notice or reasons for its rejection of Eagle Lake as a host community that are justifiable, intelligible or transparent, and refused to inform Eagle Lake of what evidence it could produce to substantiate its position that it should be a host community,” the First Nation community said in its December court filing.

Road transport Craig MacBride, spokesperson for

ingly sworn off nuclear power, has changed course.

“Since 2021, almost every Western country that was going down the path of letting nuclear reactors close prematurely and focusing on renewable energy has stopped and shifted,” he said. “The Netherlands, Belgium, France and the U.K. have all done complete flipflops back to nuclear and have signalled they want to build more capacity. Countries like Poland are going to be building reactors for the first time. The shift has been monumental, and it’s been driven by net zero decarbonization goals, energy security and the growing realization that you cannot run highly industrialized economies on renewable energy.”

Long-term bull

These long-term trends are the main reason Ciampaglia remains bullish about uranium – despite the current spot market dynamics.

“We’re frustrated by the spot price right now but we remain very constructive on the medium and long-term fundamentals, which we think ultimately will pull the price higher,” he said.

the NWMO, said it will take around 50 years to transport the fuel and fill the repository. Transportation plans haven’t been finalized, but it’s likely to be rail or road.

“If it were road, it would probably be two or three trucks a day for about nine months of the year, every year for like 40 years,” MacBride said. “After that’s done, there’ll be an extended period of monitoring, which could last many decades,” he said. ”Our assumptions are 70 years of monitoring.”

But MacBride said the final decisions will be made by future societies when monitoring finishes around 2160.

“The decommission and closure of the facility is expected to take about 30 years, which takes you to 2190 based on current assumptions,” MacBride said. “The closure will be decided in collaboration with the NWMO and communities of the time. (...) We don’t want to handcuff them with decisions made now.”

Currently, used nuclear fuels are stored in cooling ponds before being moved into temporary storage containers that last about 50 years.

“These are warehouses that are near the generating stations, which are generally on the shores of lakes like Lake Ontario and

“Obviously we’ve had a correction in the last few months, but we think it’s transitory,” he said. “With all the uncertainty going on in the world, our sense is that utilities have stepped away from the market waiting for more clarity on tariffs. They should get back to buying uranium in larger quantities.”

How high could spot prices go? While uranium’s “geopolitically charged” nature makes predictions risky, Ciampaglia points out that the spot price hit an alltime high of $136 per lb. in 2007 during the last boom cycle. When adjusted for inflation, that translates to about $200 per lb. today, he calculates.

With the spot price hovering around $64 as press time neared, “we’re a long way off from peak-cycle pricing,” he said.

A nuclear accident, of course, would change all that.

“Having a large-scale accident that shifts public sentiment away from the technology is always the bear case,” Ciampaglia said. “After (the 2011 accident at) Fukushima, we went into a 10-year bear market.” TNM

Lake Huron,” MacBride said. “It’s safe now, but what does 800 years from now look like?”

Ice-age proof

The vault is built to withstand a 3-km ice sheet on top of it, about the same thickness as the last ice age 20,000 years ago across that part of Canada. The plan also includes contingencies for societal collapse or future humans stumbling on the site.

Heather Exner-Pirot, director of the Natural Resources, Energy and Environment program at the Macdonald-Laurier Institute in Ottawa, has tracked the establishment of the repository closely.

“We often think that nuclear waste is the Achilles heel of nuclear energy,” Exner-Pirot said. “(But) compared to any other processes and the energy production, this is an industry that actually knows where every single gram of waste it has ever produced is and monitors and inventories it and actually has a plan to remove it from the ecosphere.”

As the project moves into the regulatory and assessment stage, MacBride said the NWMO is already starting to look for a second site.

“We see this as taking the burden off future generations and starting the process now.” TNM

Cameco’s

Underground at Cameco’s Cigar Lake mine. CAMECO

> Paladin from P11

“The PLS project is a key part of our growth strategy,” Hemburrow said. “We have significant upside potential from both exploration and resource expansion.”

The advanced project in the emerging southwest part of the basin hosts the high-grade Triple R deposit. It is expected to produce about 9.1 million lb. of U₃O₈ annually over a 10-year mine life starting in 2029, according to a 2023 feasibility study. It has the potential for both open-pit and underground mining operations.

PLS will be well-placed for the uranium market as the challenge for power providers lies in increasing long-term supply from uranium mines taking 10 to 15 years to enter production, chief commercial officer Alex Ryback told the Miner by email.

“Utilities view Paladin’s acquisition of Fission and the PLS Project as a positive for the market because of our track record as a developer,” Ryback said. “They are keen to enter into contracting discussions in relation to our project.”

Long-term contracts

Utilities procure more than 90% of

their uranium requirements under long-term contracts and the term price remains strong at around $80 per lb. even though the spot price has slid to around $65 a lb., he said.

“The market certainly appreciates that several mine restarts have recently had operational and ramp up issues,” Ryback said. “That will have an impact on certainty of supply, along with the halting of shipments from Niger and delays in permitting timelines for a number of new mines.”

The Canadian government approved Paladin’s takeover of Fission Uranium after a three-month national security review since Chinese state-owned companies held stakes in both companies. The approval bars Paladin from selling uranium to end-users in China from the Patterson Lake South (PLS) project.

Paladin also holds the Mount Isa project in Queensland with a resource of 148.4 million lb. at 680 ppm U₃O₈. It has potential for a 5-million to 7-million lb.-a-year open-pit mine. In Western Australia, the Manyingee and Carley Bore projects have a combined resource of 41.5 million lb. at 510 ppm U₃O₈, with potential for in-situ recovery mining methods. TNM

field is so high that our process plant is simple and only involves iron removal [and] uranium precipitation,” he said, referring to the chemical recovery of uranium before it’s dried into a solid and packaged.

As the country’s first ISR uranium mine ever permitted in Canada, Wheeler River marks an important milestone for the industry as well, Cormark Securities mining analyst Nicolas Dion said in a mid-March note.

Wheeler River is among the lowest cost projects in the world, Dion also said. The feasibility study pegs the project’s capital costs at $419 million, with a posttax net present value (NPV) of $1.16 billion and an internal rate of return (IRR) of 90%. Its mine life is estimated at 10 years.

Phoenix hosts proven reserves of 6,300 tonnes grading 24.5% uranium oxide (U3O8) for 3.4 million lb. of U3O8, and probable reserves of 212,700 tonnes at 11.4% U3O8 for 53.3 million lb. U3O8

Rivals’ economics

Compared with its producing ISR uranium peers in the United States, Wheeler River isn’t cheaper but its returns are far higher based on the respective feasibility studies.

Peninsula Energy’s (ASX: PEN; US-OTC: PENMF) Lance mine in Wyoming has an NPV of $125 million (C$172 million), an IRR of 26% and capital costs of $80 million.

And EnCore Energy’s (TSXV, NASDAQ: EU) Alta Mesa and Rosita mines in Texas have NPVs of $82 million and capital costs of $60 million, respectively, based on a single feasibility study for both

mines. EnCore didn’t calculate IRRs for the mines because they were restart projects.

Tariff headwinds

While Denison’s path to production might appear straight, Cates foresees some possible turns over the next year as construction procurement encounters tariff uncertainties with the United States.

“It could be supplies that we’ve yet to identify that we believe are coming from Canada that may actually come from a combination of Canada and the U.S.,” he said.

The trade dispute has also widened the scope for potential uranium customers, even though an annex in President Donald

UNEARTH YOUR POTENTIAL

Trump’s Liberation Day order appears to exempt uranium mined in Canada from 10% tariffs.

Customers beyond North America

“We would hope to supply many U.S. utilities that run their nuclear power plants with uranium,” Cates said. “All of those U.S. utilities still want Canadian uranium for their power plants, as there is no viable large-scale U.S. domestic uranium industry.”

“[But the tariffs have] caused us to think more about the global market and the importance of having a customer base that includes European and Asian utilities,” he said.

Korea Hydro & Nuclear Power in South Korea holds a 6.5% stake in Denison and is its largest shareholder, he noted.

“That’s a possible destination as well for our product.” TNM

Above: A tour of Denison’s feasibility field test facilities at Phoenix. Left: CEO David Cates. DENISON MINES

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