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Friday, May 24, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Energy Fuels prepares for 2025 uranium production at Wyoming’s Nichols Ranch mine

The company claims it has produced two thirds of American yellowcake (U3O8) since 2017

Energy Fuels prepares for 2025 uranium production at Wyoming's Nichols Ranch mine
Company representatives attend this year's PDAC conference in Toronto, Ontario. Photo credit: Energy Fuels

Colorado’s Energy Fuels Inc. (NYSE American: UUUU) will soon enhance its stature in the American uranium market by kicking off full-scale production at Wyoming’s Nichols Ranch mine. In response to bull market conditions, preparations are currently underway to achieve that milestone next year.

On a recent conference call with analysts regarding the company’s Q1 results, Energy Fuels chief executive Mark Chalmers boasted that the in-situ recovery (ISR) operation had substantial expansion potential.

Energy Fuels has a series of uranium projects in Wyoming and Colorado’s Powder River Basin. One of the other Wyoming sites, Sheep Mountain, contains an estimated 30 million pounds of the element. The company sold over 300,000 pounds of uranium concentrates last quarter.

The American government’s recent decision to ban Russian uranium imports is expected to increase demand for the commodity significantly. Wyoming will be a key jurisdiction needed to fill that void. The various companies throughout the globe operating in the state will be essential, too.

Australia’s operator Peninsula Energy Limited (ASX: PEN) (OTCQB: PENMF), owner of the state’s Lance operation, has arranged to sell around US$100 million worth of Wyoming uranium to a buyer in Belgium starting in 2028. The company’s resource estimate at Lance just increased significantly.

Other notable industry influences include Casper’s Ur-Energy Inc. (TSX: URE) and the Lone Star State’s yellowcake producer Uranium Energy Corp. (NYSE American: UEC).

In addition to uranium, Energy Fuels is a major player in Wyoming’s rare earths market.

“We are carefully calibrating mill and mine schedules to accommodate both uranium and rare earths production,” Chalmers said, “without diminishing the capacity for either, in a clear optimization and diversification strategy.”

In recent days, the state’s rare earth elements industry has attracted interest from prominent figures in the sector.

Read more: U.S. Gold Corp acquires environmental quality permit in Wyoming

Read more: U.S. Gold to present at New York’s Current Trends in Mining Finance Conference

Wyoming’s CK Gold Project gets operating permit

The state’s gold industry is quite prolific as well.

Wyoming’s U.S. Gold Corp. (Nasdaq: USAU) just secured a crucial permit for its flagship CK Gold Project. The operation, which was acquired from Energy Fuels 10 years ago, will be the state’s first hard rock mine in decades. It still needs a couple of other key permits before ensuing production of over 108,000 gold ounces per annum.

U.S. Gold just secured a private placement valued at C$6.7 million to expedite its development. It will create hundreds of jobs and contribute positively to Wyoming’s economy.

Other gold miners in the state’s mining sector include Relevant Gold Corp. (TSX-V: RGC), which is currently developing Wyoming’s Lewiston gold mine; and Patriot Gold Vault, which just signed an agreement to purchase the state’s Rattlesnake Hills gold project from GFG Resources Inc. (TSX-V: GFG).


U.S. Gold is a sponsor of Mugglehead news coverage 


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