Billion Dollar Uranium Market Growing at a Solid Rate Along With Rising Adoption Strategies
A report from Market Reports World said that the global Uranium market size is expected to expand at a CAGR of 3.6% of 3.6% during the forecast period, reaching USD $3.27 Billion by 2027.
PALM BEACH, Fla., March 06, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The Global Uranium Mining Market has consistently been growing over the past several years and is expected to continue for years to come. Uranium is a silver-white metal chemical element belonging to the lanthanide series of the periodic table. Its chemical symbol is U and its atomic order is 92. Each uranium atom has 92 protons and 92 electrons, 6 of which are valence electrons. Uranium is micro-radioactive, its isotopes are unstable, and uranium-238 and uranium-235 are the most common. A report from Market Reports World said that the global Uranium market size is expected to expand at a CAGR of 3.6% of 3.6% during the forecast period, reaching USD $3.27 Billion by 2027. The report said that the primary factors propelling the growth in the industry is primarily fueled by technological advancements, evolving consumer preferences, and the impact of government policies and regulations, which serve as drivers for expansion. Another report from 360Research Reports said: “The Global Uranium Mining, market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.” Active mining companies in the markets this week include Stallion Uranium Corp. (OTCQB: STLNF) (TSX-V: STUD), CanAlaska Uranium Ltd. (OTCQX: CVVUF) (TSX-V: CVV), Denison Mines Corp (NYSE American: DNN), IsoEnergy Ltd. (OTCQX: ISENF) (TSX-V: ISO), Energy Fuels Inc. (NYSE American: UUUU).
360Research Reports continued: “North America, especially The United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Uranium Mining. The market in North America is expected to grow considerably during the forecast period. The high adoption of advanced technology and the presence of large players in this region are likely to create ample growth opportunities for the market. Europe also play important roles in global market, with a magnificent growth in CAGR During the Forecast period 2024-2031. Despite the presence of intense competition, due to the global recovery trend is clear, investors are still optimistic about this area, and it will still be more new investments entering the field in the future.”
Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) Commences Drilling on Appaloosa Uranium Target - 3,300 Meter Program Testing High Priority Appaloosa Target - Stallion Uranium Corp. (FSE: HM40) is pleased to announce that it has begun drilling on its high priority Appaloosa Target as part the Company’s maiden drill program on its 100% owned Coffer Project in the prolific Southwestern Athabasca Basin in Saskatchewan, Canada.
Highlights:
- The objective of the drill program is the discovery of uranium mineralization associated with conductive electromagnetic (EM) anomalies.
- Drill holes are targeting multiple stacked geophysical anomalies including conductive EM anomalies, gravity low anomalies and magnetic low anomalies.
- Approximately 3,300 meters are planned in 3 drill holes.
- Stallion holds a 100% ownership of the project.
“Drilling marks a key milestone for Stallion as we move into more advanced exploration with potential to make a uranium discovery! We have been able to progress the Appaloosa target from a regional survey to an advanced drill target that hosts several known features associated with uranium mineralization,” stated Drew Zimmerman, CEO. “Our systematic approach over such a large land package gives our team high confidence in drill testing the Appaloosa target.”
Drill Program: The diamond drill program is the maiden drill program for Stallion Uranium. Drilling on the first hole is currently underway and will be the first drilling undertaken on Stallion’s 100% owned Coffer Project. The Company has contracted CYR Drilling, a company with extensive drilling experience with a history of successful drill programs in the Southwestern Athabasca Basin. They will utilize one drill to complete a 3,300-meter program on the Appaloosa target. The target area hosts a ~6 km long EM conductor located on the contact between the Beaverlodge and Taltson geological domains. The contact between two domains is an optimal location for uranium bearing fluid to concentrate. The drill targets are along the identified EM conductor and will focus on coincident gravity and magnetic lows associated with alteration which have the potential to host uranium mineralization. The results from the recent ground EM survey are being plate modeled which will be integrated into the final drill targeting models.
Stallion will be announcing any anomalous scintillometer results from the program as a preliminary indication of the presence of radioactive materials if they are encountered. Final assay results will be released when available and are expected in the summer of 2024 after lithogeochemical analysis is completed.
Darren Slugoski, VP Exploration Canada, commented. “We are thrilled to announce that drill coring has begun on Coffer Project. This drilling program is the result from our successful exploration in 2023. We will continue to update market and shareholders with the news as we receive the results.” CONTINUED… Read these full press releases and more news for Stallion Uranium at: https://www.financialnewsmedia.com/news-stud/
Other recent developments in the mining industry of note include:
CanAlaska Uranium Ltd. (OTCQX: CVVUF) (TSX-V: CVV) recently reported that drillhole WMA082-4 has intersected 13.75% eU3O8 over 16.8 metres, including 40.30% eU3O8 over 4.7 metres and 13.54% eU3O8 over 2.4 metres at the Pike Zone as part of the ongoing winter exploration program on the West McArthur Joint Venture project (the "Project") in the eastern Athabasca Basin. The main objectives of the 2024 drill program are continued expansion of the Pike Zone discovery and along strike unconformity testing to the northeast and southwest. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that holds an 83.35% ownership in the Project (Figure 1). CanAlaska is sole-funding the 2024 West McArthur program, further increasing its majority ownership in the Project.
CanAlaska CEO, Cory Belyk, comments, "It is extremely rare to intersect uranium mineralization of this grade and width anywhere in the world, including the Athabasca Basin. This is a significant outcome for the West McArthur JV and CanAlaska shareholders. Since initial discovery in 2022, the CanAlaska team has believed Pike Zone had the potential for Cigar- and McArthur River-like uranium grades and thickness based on prior drilling results. The geologists have been laser focused on determining the geological controls in a clear and methodical approach and the results of this fantastic work are now achieving outcomes for our shareholders. Tier 1 uranium deposits always occur as 'pearls on a string' and we have now found a pearl. We look forward to the remainder of the winter program results from West McArthur in the backdrop of an eastern Athabasca region that requires a tier 1 uranium deposit discovery to maintain its current production profile."
IsoEnergy Ltd. (OTCQX: ISENF) (TSX-V: ISO) recently announced its strategic decision to reopen access to the underground at our Tony M uranium mine ("Tony M" or the "Mine) in the first half of 2024 ("H1-2024"), with the goal of restarting uranium production operations in 2025, should market conditions continue as expected. The decision to advance Tony M is underpinned by rising uranium prices, the climate of increasing support and demand for nuclear energy, and the recent announcement by Energy Fuels Inc. ("EFR") to restart its uranium circuit at the White Mesa Mill (the "Mill"), with whom IsoEnergy has a toll milling agreement.
Tony M, along with our Daneros and Rim projects, is one of three past-producing, fully-permitted, uranium mines in Utah owned by IsoEnergy, and is a large-scale, fully-developed and permitted underground mine that previously produced nearly one million pounds of U3O8 during two different periods of operation, from 1979-1984 and from 2007-2008.
Energy Fuels Inc. (NYSE American: UUUU) recently reported its financial results for the year ended December 31, 2023. The Company's Annual Report on Form 10-K has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar.html, on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.
Mark S. Chalmers, Energy Fuels' President and CEO, stated: "In 2023, Energy Fuels joined an exclusive club. With nearly $100 million in net income, we became one of the only profitable non-state-owned uranium mining companies in the world. There were two factors that contributed to our profitability: profitable uranium sales that captured the recent sharp rise in uranium prices and the sale of our non-core Alta Mesa project. The Alta Mesa sale was important, because it provided the Company with the funds needed to increase our uranium production and strategically diversify into the REE business. Keep in mind that while net income was less than Alta Mesa proceeds, this was by design, as we are investing heavily in growth to become a sustainably profitable, high-margin U.S. critical minerals company."
Denison Mines Corp. (NYSE American: DNN) recently announced that it has completed an acquisition of fixed and mobile MaxPERF Tool Systems from Penetrators Canada Inc. ("Penetrators"). Significantly, Penetrators has also agreed to work exclusively with Denison with respect to the use of the MaxPERF Tool Systems for uranium mining applications, and related services, in Saskatchewan for a 10-year period.
David Cates, Denison's President & CEO, commented, "We are pleased to enter into this exclusive arrangement with Penetrators and add the MaxPERF technology to Denison's in-house ISR mining toolkit, which we believe will further enhance our existing and significant competitive advantage in deploying the low-cost In-Situ Recovery ('ISR') mining method to our high-grade uranium deposits in the Athabasca Basin."
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