Uranium output is expected to drop this year in the world’s third-largest uranium producing country, Namibia, due to strip mining activities and severe drought. Despite these challenges, the global uranium market is set to grow, with production gains expected from key players like Kazakhstan and Canada. Kazakhstan’s output is rebounding to 23.2 kilotonnes, while Canada’s McArthur River mine is ramping up to 6.9 kilotonnes, contributing to a projected 11.7% increase in global uranium supply. This growth aligns with broader energy transitions, as countries like India advance hydrogen and carbon market policies, and the US navigates regulatory challenges in hydrogen production. In this dynamic landscape, Canadian companies such as Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF), Denison Mines (TSX:DM) (NYSE-A:DNN), Cameco Corporation (TSX:CCO) (NYSE:CCJ), Atha Energy Corp. (TSXV:SASK) (OTCQB:SASKF), and NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE) are strategically positioned to leverage the rising demand for uranium, ensuring that the global market remains robust even as Namibia’s production faces temporary setbacks.
Generation Uranium (TSXV:GEN) (OTCQB:GENRF) is focused on exploring and developing uranium resources, particularly in the Thelon Basin. With a commitment to sustainable practices, the company aims to contribute to the global shift towards clean energy by leveraging historical data and modern techniques to unlock high-grade uranium deposits. As nuclear power becomes increasingly vital for reducing carbon emissions, Generation Uranium is strategically positioned to meet the rising demand for uranium, making it a key player in the future of energy.
Generation Uranium’s Yath Project is located in the Thelon Basin, a region known for its high-grade uranium potential. The project is strategically located along the trend from Latitude Uranium’s Lac 50 deposit, which contains 43 million lbs of uranium. Latitude Uranium is currently being acquired by ATHA Energy Corp in an all-share transaction valued at C$64.7 million. Generation Uranium aims to leverage modern exploration techniques to unlock the value of this underexplored area. With a focus on sustainability and responsible development, the Yath Project is central to Generation Uranium’s mission to support the global transition to clean energy through nuclear power.
On August 20, Generation Uranium (TSXV:GEN) (OTCQB:GENRF) announced the initiation of an advanced airborne electromagnetic survey at its Yath Uranium Project. The company has partnered with Atha Energy Corp. and engaged Expert Geophysics Ltd. to conduct the survey, which will cover the 123.45 km² Yath property using the latest Mobile MagnetoTellurics (MMT) technology. The survey will span 890 line-kilometers with 150-meter line spacing, providing high-resolution electromagnetic data.
“We are pleased to have procured the services of Expert Geophysics to initiate some of the most advanced mapping technology available in the industry,” said Generation Uranium CEO Anthony Zelen. “Our collaboration with Atha Energy makes sense by using economies of scale to deliver a cost-effective way to survey Yath and advance the project towards the drill.”
With over $6 million already invested in the project, Generation Uranium anticipates that the results of this survey will identify new high-priority drill targets, furthering the development of the Yath Project.
In July 2024, Generation Uranium (TSXV:GEN) (OTCQB:GENRF) signed a second consulting agreement with APEX Geoscience Ltd. for the Yath Uranium Project in Nunavut, Canada. This agreement expands APEX’s role to include the production of 2D GIS and 3D Micromine digital data compilations, incorporating assessment data for Yath and surrounding areas, including the historical LAC 50 trend. APEX will also review assessment reports from 2007 to 2016, analyzing exploration activities to develop future drill targets. The work is expected to be completed by July 22, 2024.
On June 26, Generation Uranium identified several significant zones of interest at its 100%-owned Yath Uranium Project in Nunavut, Canada. Key areas include the VGR Trend, which features radioactive boulders over a 3-kilometer conductive trend, and the Bog Trend, noted for radioactive outcrops and boulders. The Force Trend contains unique geological features like radioactive mud boils, while the Lucky Break area has highly radioactive polymetallic sulphides. These findings mark a critical step as the company prepares for an upcoming exploration phase to unlock Yath’s full potential.
Earlier in June, Generation Uranium acquired the Yellow Frog and Pink Toad Uranium Projects, expanding its Yath Uranium Project in Nunavut by over 45%. These acquisitions extend Yath to 123.45 km², bringing it closer to the nearby district-scale Angilak Project by Atha Energy Corp. The expanded Yath Project is positioned within the Yathkyed Basin, known for high-grade uranium potential, and is now set for further exploration with newly identified drill targets. CEO Anthony Zelen highlighted the strategic importance of this expansion in reinforcing the company’s uranium sector position.
Click here for more information about Generation Uranium (TSXV:GEN) (OTCQB:GENRF).
Significant Advances in Uranium Exploration and Nuclear Energy Development Across Key Projects
In June 2024, Denison Mines (TSX:DM) (NYSEAmerican:DNN) and Orano Canada Inc. completed an In-Situ Recovery (ISR) field test program at the Midwest Uranium Project, where Denison holds a 25.17% interest. The program involved drilling ten small-diameter boreholes in the Midwest Main deposit to assess site-specific conditions for ISR mining. The successful tests generated a comprehensive database of geological, hydrogeological, geotechnical, and metallurgical data, validating key assumptions from a prior internal conceptual mining study that explored the feasibility of using ISR mining at the Midwest site.
SaskPower, Westinghouse Electric Company, and Cameco Corporation (TSX:CCO) (NYSE:CCJ) have signed an MOU to explore the use of Westinghouse’s nuclear reactor technology, including the AP1000® and AP300™ SMRs, for Saskatchewan’s future clean energy needs. The agreement focuses on assessing the technical and commercial viability of deploying these reactors, developing a local nuclear supply chain, and collaborating on nuclear research and workforce training with Saskatchewan’s educational institutions. SaskPower plans to make a final decision on building an SMR facility by 2029, with intentions to use locally sourced uranium.
The Angilak Project hosts the Lac 50 Uranium Deposit, one of the largest high-grade deposits outside the Athabasca Basin, with a historical estimate of 43.3M lbs of U3O8. In 2024, Atha Energy Corp. (TSXV:SASK) (OTCQB:SASKF) initiated a 10,000 m diamond drilling program to expand uranium mineralization beyond the historic resource footprint. Initial drilling results have successfully extended the footprint of uranium at the Main Zone, Eastern Extension, and J4 & Ray Zones, confirming the potential for further expansion. A geophysics and geochemistry program is set to begin in August 2024 to identify new exploration targets.
NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE) has significantly expanded the mineralized zone at Patterson Corridor East (PCE) since its initial discovery during the 2024 Winter Program. The Summer Drill Program, which began on May 21st, has so far seen eight out of twelve drill holes intersect mineralization. The mineralized zone now spans 540 meters along strike and 600 meters vertically, with extensive elevated radioactivity still open at depth and along strike. Previously, only two mineralized holes, 275 meters apart, had been reported at PCE.
On June 4, Generation Uranium (TSXV:GEN) (OTCQB:GENRF) closed its oversubscribed private placement, raising C$1.25 million through the issuance of 5,000,000 Units at C$0.25 per Unit. Each Unit includes one Common Share and one Warrant, exercisable at $0.45 per share within 24 months.
Click here for more information about Generation Uranium (TSXV:GEN) (OTCQB:GENRF).
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Generation Uranium Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Generation Uranium Inc.’s industry; (b) market opportunity; (c) Generation Uranium Inc.’s business plans and strategies; (d) services that Generation Uranium Inc. intends to offer; (e) Generation Uranium Inc.’s milestone projections and targets; (f) Generation Uranium Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Generation Uranium Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Generation Uranium Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Generation Uranium Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Generation Uranium Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Generation Uranium Inc.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) Generation Uranium Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Generation Uranium Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Generation Uranium Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Generation Uranium Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Generation Uranium Inc.’s business operations (e) Generation Uranium Inc. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Generation Uranium Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Generation Uranium Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Generation Uranium Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Generation Uranium Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Generation Uranium Inc. or such entities and are not necessarily indicative of future performance of Generation Uranium Inc. or such entities.
8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Mr. Derrick Strickland, P. Geo, (L5569) at Generation Uranium as the Qualified Person for the Company as defined in National Instrument 43-101.
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