Reuters reported that oil prices jumped 7 percent Wednesday after Iran said it supports Russia and Saudi Arabia’s move to stem the oil market glut by freezing production.
As quoted in the market news:
Iranian Oil Minister Bijan Zanganeh met counterparts from Venezuela, Iraq and Qatar in Tehran for over two hours on Wednesday, saying the proposed production “ceiling” should be the first step towards stabilising the market.
Zanganeh, quoted by Tehran’s Shana news agency, did not explicitly say that Iran will keep its own output at January’s levels, in line with the proposal that major producers, including Russia and Saudi Arabia, restrict output.
But the tacit endorsement from Iran helped push global crude benchmark Brent up more than $2/bl. Tehran has been the main obstacle to the first joint Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC deal in 15 years, after its pledge to recapture market share lost during years of sanctions.
Brent was up $2.25, or 7%, at $34.43/bl by 1:25 pm EST.
Click here to read the full Reuters report.
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Skyharbour Resources Ltd. (TSXV:SYH, OTC:SYHBF, FWB:SC1N) announced the completion of an NI 43-101 technical report on the Preston Uranium project completed in conjunction with its project partner, Athabasca Nuclear Corporation. The Preston NI 43-101 Report, copy of which will be filed under the SEDAR profile of each respective issuer, is the first NI 43-101 prepared for the exploration-stage project.
According to the company:
With regards to the Preston project and as summarized in the Preston 43-101 report, more than $4.7 million in exploration has been conducted over the past two and a half years resulting in fifteen high-priority drill target areas located within eight prospective exploration corridors.
Exploration in 2013 consisted of airborne EM-Magnetic, radiometric surveys and prospecting around targets identified in historic reports. The VTEM survey completed in August 2013 mapped over 300 kilometres of graphitic-type conductor segments, some approaching 10 kilometres in length within the eastern claims of the Preston project. Additional ground follow-up of the newly identified airborne conductor corridors and radiometric anomalies was carried out by systematic lake-bottom sediment sampling and water radon sampling surveys, which in turn was followed by soil, biogeochemical and radon-in-soil sampling surveys. In 2014, ground gravity and horizontal loop electromagnetic (HLEM) surveys were followed up by RadonEx radon-in-water and radon-in-soil sampling surveys, which was followed up by a diamond drilling program consisting of nine holes in 4 target areas totaling 1,571 metres. Work in 2015 included a gravity and horizontal loop electromagnetic survey (HLEM) in conjunction with a RadonEx radon-in-water and radon-soil sampling survey, and followed up by 1,318 metres of diamond drilling in five holes.
Click here to view the full press release.
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Hannans Reward Ltd. (ASX:HNR) announced that it’s lodged seven applications for exploration permits at a historic lithium mine and tenure prospective for pegmatite-hosted lithium mineralization. Both are located in Northern Sweden.
As quoted in the press release:
By way of background to these applications, Hannans announced in July 2015¹ that it had commenced a review of lithium, cobalt and graphite, (Technology Metals) opportunities in Scandinavia encouraged by the fact that lithium mining had previously taken place in Sweden2 and further that the most advanced lithium project in Europe is located in Finland3 .
A high level review indicates that Sweden (and Scandinavia more generally) is optimally positioned to benefit from the surge in demand for Technology Metals due to: Sweden’s proximity to the European market for high technology devices; Sweden’s universities conducting world leading research and development into Li-Ion (lithium-ion) battery technology; the designation of lithium (within a broad group) as a critical metal by the European Union; and an abundant supply of fresh water and low power costs (hydro and wind) for processing hard rock lithium bearing minerals cost effectively.
Hannans first exploration permit application covers Sweden’s most well-known lithium occurrence, the Varuträsk pegmatite located near Skellefteå, Västerbotten, Sweden. Lithium was mined at Varuträsk by Boliden4 during the period 1936-46 through open cut and underground mining and is known to host lithium and cesium minerals, and also has occurrences of niobium minerals.
Click here to read the full Hannans Reward Ltd. (ASX:HNR) press release.
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As quoted in the press release:
Atlantis is comprised of unpatented placer claims totaling 2,900 acres (1,174 hectares) located approximately 25 miles (38 kilometres) northwest of the Silver Peak lithium brine mine operated by Albemarle Corporation (ALB: NYSE), the only operating lithium mine in North America.
Details of the Option Agreement for Atlantis For an option to purchase a 100% interest in Atlantis, Nevada Sunrise has agreed to pay a total of 500,000 common shares of the Company to the vendor upon signing the definitive agreement (the “Agreement”) for the Property, and on subsequent anniversaries of the Agreement, as follows:
- On signing the Agreement: 100,000 common shares
- 1st Anniversary: 150,000 common shares
- 2nd Anniversary: 250,000 common shares A 1.5 mile (2.25 kilometer) area of interest applies to the Property.
Atlantis is subject to a 3.0% gross overriding royalty (“GOR”). On the 3 rd anniversary of the signing of the Agreement for Atlantis, Nevada Sunrise would have the right to purchase 1.0% of the GOR for US$1.0 million.
Connect with Nevada Sunrise Gold Corporation (TSXV:NEV) to receive an Investor Presentation.
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Lithium Australia NL (ASX:LIT) and Venus Metals Corporation Ltd (ASX: VMC) announced they have executed a Memorandum of Understanding to initially test the commercial lithium potential of Venus’ holdings in the Pilbara region of Western Australia.
As quoted in the press release:
HIGHLIGHTS:
- MoU to evaluate Pilbara’s potential to produce battery grade lithium carbonate and hydroxide
- Focus on proving up commercial feedstock volumes and technologies sufficient for an initial local processing facility
- Key area of attention is Venus’ Pilgangoora project near Port Hedland
- Lithium Australia to contribute access to its exclusive lithium silicate processing technology allowing low energy recovery of lithium from host spodumene and micas
- Is 2nd Pilbara lithium move by LIT following November 2014 MoU with Pilbara Minerals to test for lithium mica potential on PLS’s nearby Pilgangoora project area
The area of focus will be Venus’ Pilgangoora project, southeast of Port Hedland.
The broader objective of the partnership will be to determine if the potential exists for sufficient feedstock to feed a Pilbara lithium processing facility to produce high grade lithium carbonate and/or hydroxide for use in advanced hi-tech applications including lithium ion batteries.
The centrepiece to the MoU will be a test program to review the commercial lithium potential of ground held by Venus (Figure 1) with a view to exploiting mineralisation dominated by the lithium micas (lepidolite and zinnwaldite), spodumene and clay minerals.
Lithium Australia Managing Director, Adrian Griffin, stated:
We have been established in the Pilbara area for a long time, having maintained a similar ongoing program with Pilbara Minerals since 2014. Our past work has uncovered previously unrecognised lithium potential there and our modelling strongly suggests the potential for further lithium occurrences on the Venus Metals ground. This comes on the back of recent discoveries by Lithium Australia of abundant lithium mica at Ravensthorpe on WA’s southern coastline.”
The potential of the Pilgangoora hot spot is enormous as can be seen by the success of Pilbara Minerals in establishing there a world-class spodumene inventory. We believe a combination of access to feedstock, and the development of processing technologies, may well be the convergence required for establishing a lithium chemical industry in the Pilbara, and to feed the world’s emerging battery factories.
We are keen to work with Venus Metals which has recognised the potential benefits of Lithium Australia’s value-adding strategy; and has established a significant footprint in and around the Pilgangoora.
Connect with Lithium Australia NL (ASX:LIT) to receive an Investor Presentation.
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Western Uranium Corporation (CSE:WUC) announced that the Board of Directors has appointed Patrick Siglin as Vice-President Development of Western Uranium Corporation. The company also provided a corporate update on its recent activities.
According to the company’s news:
Western has been working with Black Range creditors in Australia and the United States and has sought accommodation in the payment of the outstanding Black Range payables until further funds are raised. Management hopes that Western will be able to finalize such a raise within the next 60 to 90 days.
Western has arranged extension agreements on both a short-term loan and note payable until June 2016. The $250,000 short-term loan was entered into on October 1, 2015 and had an original due date of December 15, 2015 prior to being extended to June 16, 2016. The note payable was assumed in the purchase of mining assets on August 18, 2014 and its final payment of USD $250,180 was originally due on October 13, 2015 and had been extended to January 13, 2016 prior to its additional extension until June 13, 2016. Supplementary remuneration was added to both instruments as consideration for the respective lenders to extend due dates. Western is pleased with these arrangements because they allow the Company the time and flexibility to assess financial options with respect to the repayment of its debts and the debts of its recently acquired subsidiary, Black Range Minerals Limited.
According to CEO George Glasier:
Pat Siglin came to Western upon completion of the previously announced acquisition of Black Range Minerals Limited (Black Range). Pat, while at Black Range had primary responsibility for the development of the Ablation Technology, as well as oversight of the development of the Hansen/Taylor Uranium Deposit. Pat is a graduate of the University of Iowa with a degree in geology. Pat’s knowledge and experience will be indispensable in bringing the Ablation Process into production at the Company’s mines. Pat will also head up the Company’s exploration program and work closely with Western’s staff to move into production.
Click here to view the full press release.
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Madalena Energy Inc. (TSXV:MVN,OTCQX:MDLNF) announced the initial results from its completion and testing of the Lower Agrio shale formation, located on its 90-percent working interest in the Argentina-based Curamhuele block.
As quoted in the press release:
- Successfully completed the vertical exploration well (Yapai.x-1001) with four hydraulic fractures at depths of 3,731, 3,647, 3,566 and 3,457 metres, the upper three intervals being within the Lower Agrio shale and the lowest interval containing both the Lower Agrio shale and Mulichinco tight sand formations;
- All four frac intervals are believed to have penetrated the primary target in the Lower Agrio shale;
- Pumped an aggregate of approximately 430,000 pounds of sand and 13,700 barrels of frac water over four days;
- Flowed back on controlled choke settings (3 mm to 8 mm) over eight days a total of 1,609 Bbls of oil and 5,444 Bbls of water;
- Flowed at 408 Boe/d over last 24 hours on a 9.5 mm choke, comprised of 350 Bbls/d oil, 389 Bbl/d water (47% oil cut) and 350 mcf/d of gas at a flowing pressure of 1,050 psi;
- The oil is light sweet oil with a field estimated gravity of 40 API;
- Recovered approximately 40% of the hydraulic fracture fluid to date; and
- Continued to record an increase in the oil cut and a corresponding decrease in the water percentage throughout the test.
Kevin Shaw, president and CEO of Madalena Energy, commented:
We are extremely pleased with the results from this vertical exploration well at Curamhuele and oil discovery in the Lower Agrio shale. Ultimately this Lower Agrio shale play, like the Vaca Muerta shale, will be developed with Horizontal Multi frac wells which are expected to yield considerably more than a typical vertical well.
Click here to read the full Madalena Energy Inc. (TSXV:MVN,OTCQX:MDLNF) press release.
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Woodside Petroleum Ltd. (ASX:WPL,OTCMKTS:WOPEY) announced its results for 2015, noting that it brought in a full-year statutory net profit after tax (NPAT) of US$26 million.
As quoted in the press release:
NPAT prior to the deduction of one-off non-cash items was US$1.126 billion1, a reduction on 2014 due to falling commodity prices and revenues, partially offset by cost reductions.
The statutory NPAT was reduced by $1.1 billion after tax for one-off charges including asset impairments. Impairments have arisen mainly due to lowering our short and long term oil price assumptions.
The directors have declared a final dividend of US43 cents per share (cps) bringing the full-year dividend to US109 cps. The dividend was based on an NPAT of US$1.126 billion prior to the deduction of one-off non-cash items.
Cash flow from operating activities was US$2.376 billion, underpinned by our second highest annual production result and lower operating costs.
Strong levels of liquidity were maintained with US$1.7 billion in cash and undrawn facilities available as at 31 December 2015.
Peter Coleman, CEO of Woodside, commented:
Woodside, with its low cost of production, is well positioned to withstand this commodity cycle.
A strong performance from our operating assets, disciplined financial management and productivity gains reflect our ongoing commitment to delivering value for our shareholders.
Throughout 2015, we focused on driving forward productivity improvements and achieved some great results. We also maintained strong levels of liquidity and have low levels of committed capital expenditure.
Click here to read the full Woodside Petroleum Ltd. (ASX:WPL,OTCMKTS:WOPEY) press release.
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Ur-Energy Inc. (NYSEMKT:URG, TSX:URE) has completed its previously-announced bought deal financing with a syndicate of investment dealers led by Cantor Fitzgerald Canada Corporation and including Raymond James Ltd. and Dundee Securities Ltd.
According to the company:
The Underwriters purchased, on a bought deal basis, 12,921,000 common shares of Ur-Energy at a purchase price of US$0.50 per common share, for aggregate gross proceeds to the Company in the amount of US$6.46 million (the “Offering”), which includes 921,000 common shares acquired pursuant to the partial exercise of the Underwriters’ over-allotment option.
Ur-Energy plans to use the net proceeds of the Offering, (i) to advance the operations and development of the Lost Creek Project including wellfield construction and development as identified in the recently-completed Amended Preliminary Economic Assessment for the Lost Creek Property, (ii) for payment of ongoing debt service obligations, and (iii) for general corporate purposes.
Click here to view the full press release.
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The case for investing in uranium is a strong one, particularly as the market is expected to shed its oversupplied stock of uranium, paving the way for an era of undersupplied utilities. But until the time when the uranium market starts making positive moves, prices of equities as well as the spot and long term markets will be lower due to a lack of demand. Lucky for investors, the lower prices signal an opportunity to secure a foothold in the market before the price goes up.
But how do investors invest in uranium? Unlike gold, owning physical uranium is not possible. Considering the metal’s radioactive characteristics, it’s highly not recommended to hide it under your pillow. So where does that leave investors?
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One of the three ways of investing in uranium is to buy stocks. For a direct line into uranium, investors can look at uranium mining stocks. Like all investments, investors must choose their preferred level of risk. With uranium mining stocks, the same logic applies. When it comes to pure play uranium companies, investors don’t have too many options when it comes to the majors, with Cameco Corp (TSX:CCO, NYSE:CCJ) topping the list as the largest uranium producer in the world.
Investors can also look at mid-tier development and early production stage companies like Peninsula Energy (ASX:PEN), Ur-Energy (TSX:URE, NYSEMKT:URG), Denison Mines (TSX:DML) or Energy Fuels (TSX:EFR), which also offers investors with exposure to the only conventional toll mill in the United States.
In the more speculative level, investors have plenty of discovery stories to play, including Fission Uranium (TSX:FCU) and NexGen Energy (TSXV:NXE).
Other options for investors include companies like AREVA (EPA:AREVA), that despite having a stake in several mines around the world, is a leader in nuclear power, giving investors a little diversity in the stock.
For investors looking at uranium stocks, but not fully committed to pure play operations, there are options like BHP (ASX:BHP) who operates one of the largest uranium producing mines in the world, Olympic Dam. The operation, however, produces uranium as a by-product to gold and copper. Rio Tinto (ASX:RIO) is also a diversified mining company with uranium projects.
Lastly, uranium investors also have another option when it comes to uranium stocks, and that is Uranium Participation Corp (TSX:U). UPC is one of the purest plays in the uranium space and provides investors with exposure to physical uranium. The company holds physical stockpiles of uranium and trades just under its net asset value (NAV). Overall, UPC’s share price tracks the underlying price of uranium.
Investors who want exposure to the uranium market but crave the diversity of a basket of equities instead of single stocks, exchange traded funds (ETFs) are generally the way to go. Unfortunately for uranium investors, the selection of uranium focused ETFs isn’t very vast with only two options to choose from.
For starters investors can look at Global X’s Uranium ETF (NYSEARCA:URA) which tracks a basket of uranium miners. The fund is comprised of selected companies globally that are primarily engaged in the uranium mining industry in one form or another, including mining, exploration, refining, and manufacturing equipment.
The alternative to URA is the Van Eck Market Vectors Uranium + Nuclear Energy ETF (NYSEARCA:NLR) which endeavors to track the Market Vectors Global Uranium & Nuclear Energy Index as closely as possible. NLR is the first ETF to track the nuclear energy market. The Fund’s top holdings include NextEra Energy (NYSE:NEE) and Duke Energy (NYSE:DUK). The majority of the fund is focused on utilities.
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Finally, investors can also look to the futures market. Futures contracts, as defined by Investopedia, are financial contracts obligating the buyer to purchase (or seller to sell) an asset like a physical commodity of financial instrument at a predetermined future date and price. “[F]utures markets are characterized by the ability to use very high leverage relative to stock markets.”
As far as uranium futures are concerned, investors once again have few options. The CME Group offers UxC Uranium U3O8 Futures. These contracts track U3O8, and each contract represents 250 pounds of uranium. The NYMEX also provides investors with a U3O8 futures trading option.
According to UxC, uranium U3O8 futures are an important part of the market as there is currently no exchange-listed, transparently prices instrument in which consumers and suppliers can manage their price and risk. Furthermore, uranium futures provide investors with a marketplace for direct exposure to uranium prices.
When it comes to investing in uranium, investors have plenty of options which can be tailored to an individual’s risk tolerance. As to why investors should consider investing in uranium, the thesis is simple. The market is on the cusp of a renaissance, with analysts expecting to see a violent upwards movement of uranium prices in the near future. With this in mind, investing in uranium while the market is at a lower point could be an opportunity for investors.
Furthermore, there has been a global shift towards cleaner energy, and with that the market is seeing an incredible number of nuclear power stations getting approved, and proposed in an effort to provide cleaner, energy options to emerging nations. With this in mind, there is no doubt that there will be a requirement for additional uranium supply in the future.
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Securities Disclosure: I, Vivien Diniz, hold no investment interest in any of the companies mentioned in this article.
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Kivalliq Energy Corporation (TSXV:KIV) announced results of an integrated assessment of geophysical, geological and geochemical data from select areas of interest at the Genesis Property uranium exploration project in northeast Saskatchewan.
As quoted in the press release:
The compilation and interpretation carried out by Condor focussed on four areas in the northeast portion of the Genesis property, resulting in 31 target zones. Of these, 16 will be evaluated as part of the FALCON airborne gravity gradiometer survey currently underway (see news release February 1, 2016). Four of Condor’s highest priority target zones that fall within gravity survey areas are:
- Jurgen (J-TZ1): Electromagnetic (EM) conductors are spatially associated with an elevated radiometric response and an anomalous boulder sample result (1.41% U3O8; reported December 1, 2014). The Jurgen area remains the most prospective on the property, hosting 12 of the 31 target zones, including J-TZ2 (Jurgen 2) and J-TZ3 (Jurgen 1);
- Kingston (K-TZ1): EM conductors trend along a regional geologic contact that is also coincident with a magnetic low, lake sediments having anomalous uranium and several anomalous radiometric responses;
- Daniels Bay (DB-TZ1): Enzyme leach soil and rock geochemical anomalies are spatially associated with medium to strong northeast to east-west trending EM conductors and a magnetic domain boundary;
- Melnick (M-TZ1): A north-south strike-slip fault intersects a conductive contact along the boundary of a low magnetic response, coincident with a trend of uranium in lake sediments.
Kivalliq Energy President, Jeff Ward, stated:
Results from the Condor compilation helped identify key priority areas currently being surveyed by FALCON airborne gravity. Both the Condor work and new gravity data will be invaluable tools for ongoing exploration and target generation at Genesis.
Connect with Kivalliq Energy Corporation (TSXV:KIV) to receive an Investor Presentation.
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Saturn Minerals Inc. (TSXV:SMI) announced that it’s received oil saturation and porosity results from drill core taken from its 9B-5 wildcat well at the Saskatchewan-based Bannock Creek property.
As quoted in the press release:
Saturn has identified a 3.5 meter section of core as its current primary target for completions. Results from the core analysis reported an average oil saturation of 57% throughout the 3.5 meter section, with the top 1.7 meters averaging 60% oil saturation. Complementary to the oil saturations, porosity values ranged from 12% to 18% through the primary target zone. While the Company had anticipated high porosity from the dolomitic limestone frequently encountered in this part of the Williston Basin, oil saturation percentages exceeded expectations for development.
Permeability and oil API of the target zone are still being analyzed. Drill core analysis is proceeding methodically so as to properly and accurately assess the characteristics of the reservoir for completions. Saturn’s technical team are to design an effective completions plan to maximize potential economics. The Company expects the final core results before the end of February, subsequent to which Saturn intends to complete and flow-test the well. Flow-testing results are expected by late March 2016.
Click here to read the full Saturn Minerals Inc. (TSXV:SMI) press release.
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FISSION URANIUM CORP. (TSX:FCU,OTCQX:FCUUF, FRANKFURT:2FU) announced results from eleven holes at its’ PLS property, host to the Triple R deposit, in Canada’s Athabasca Basin region: seven holes drilled on the R600W zone, three drilled on the R780E zone and one on the R1620E.
According to the company highlights include:
R1620E Zone
Hole PLS16-460 (line 1500E) – Hole PLS14-176 was drilled as an exploration hole on line 1500E during the winter 2014 program. The hole was planned to test a radon in water anomaly and although no uranium mineralization was intersected, the hole returned uranium anomalies to 140ppm and elevated boron up to 764 ppm. The pathfinder elements were highly anomalous and geological modeling suggested the prospective lithologic horizon was further to the south. PLS16-460 was drilled as a near-vertical hole collared 20m south of PLS14-176.
Significant high-grade mineralization was intersected over a width of 50.0m. In general, the important geological features appear to be similar as those present further to the west along the PLG-3B conductor, including that of the R780E zone; alternating sequences of semi-pelitic gneiss, silicified semi-pelitic gneiss, pelitic gneiss and mafic granofels. Mineralization occurs within the pelitic gneiss near the contact with the silicified semi-pelitic gneiss. Highlights of the mineralization are as follows:
- 55.5m total composite mineralization over a 82.5m section (between 65.5m – 148.0m) including:
- 8.04m total composite mineralization of >10,000 cps radioactivity
- Wide, shallow mineralization by far the strongest from the R1620E zone, located 300m east of the R780E zone and 375m east of the last known high-grade intersection of the R780E zone (PLS15-416 on line 1125E).
Further drilling is required to evaluate the new high-grade mineralization at R1620E.
R780E Zone
- PLS16-455 (line 510E)
- 91.5m total composite mineralization over a 122.0m section (between 88.0m – 210.0m) including:
- 8.40m total composite mineralization of >10,000 cps radioactivity
- Extends the high-grade mineralization seen in PLS14-209 (57.0m @ 5.19% U3O8) approximately 20m up-dip
R600W Zone
- Hole PLS16-449 (line 660W)
- 70.5m total composite mineralization over a 266.0m section (between 101.0m – 367.0m) including:
- 1.02m total composite mineralization of >10,000 cps radioactivity
- Extends the high-grade mineralization seen in PLS15-395 (43.0m @ 1.48% U3O8) approximately 20m down dip
Click here to view the full press release.
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Paladin Energy Ltd (ASX: PDN, TSX:PDN) announced the release of its Unaudited Consolidated Financial Report for the six months ended 31 December 2015. The Unaudited Consolidated Financial Report is appended to this News Release.
Highlights include:
Operations
- Langer Heinrich Mine (LHM) produced11.259Mlb U3O8for the three months ended 31 December 2015, up 16% from the September 2015 quarter.
- C1 unit cash cost of production2for the December 2015 quarter of US$25.38/lb (vs. guidance of US$25.00/lb to US$27.00/lb), a decrease of 9% from US$27.82/lb in the September 2015 quarter.
- Record monthly C1 cash cost achieved during the month of December 2015 of US$23.73/lb and continuation of low C1 cash cost running rate in January 2016 of US$24.36/lb.
Sales and revenue
- Sales revenue of US$64.4M for the three months ended 31 December 2015, selling 1.699Mlb U3O8.
- Average realised uranium sales price for the quarter was US$37.90/lb U3O8compared to the average TradeTech weekly spot price for the quarter of US$36.03/lb U3O8.
Corporate
- Underlying EBITDA3for the three months ended 31 December 2015 of US$10.6M, a US$17.2M turnaround from a negative underlying EBITDA of US$6.6M for the three months ended 31 December 2014.
- Underlying all-in cash expenditure4per pound of uranium production for the three months ended 31 December 2015 of US$39.58/lb, a decrease of 14% compared to the three months ended 30 September 2015 of US$46.25/lb.
- Repurchased an additional US$17M of Convertible Bonds due April 2017 to reduce outstanding amount to US$237M.
- Cash and cash equivalents at 31 December 2015 of US$136.8M (an increase of US$28.4M from 30 September 2015 and better vs. guidance pro-forma US$122.5M to US$132.5M after adjusting for the additional repurchase of Convertible Bonds due in April 2017 and sales proceeds from the last physical delivery of the quarter).
Outlook
- Upgrade / update to key elements of FY2016 guidance:
- LHM production 5.0Mlb to 5.2Mlb U3O8(vs. previous range 5.0Mlb to 5.4Mlb).
- Weighted average sales price premium to spot of approximately US$4/lb (no change).
- LHM C1 cash costs in the range of US$24/lb to US$26/lb (i.e., reduction of US$1/lb vs. previous range of US$25/lb to US$27/lb).
- Lower C1 cash costs at LHM combined with non-LHM costs being within guidance is resulting in reduced ‘all in’ cash expenditure levels for the Company. Running rate for second half of FY2016 is expected to be in the range of US$35/lb to US$37/lb, which would result in full-year FY2016 range of US$38/lb to US$40/lb (vs. previously presented US$39/lb to US$41/lb).
- Company continues to be on track to be cash flow neutral5on an ‘all in’ basis at current spot uranium price and foreign exchange rates excluding one-off restructuring costs and capital management or strategic initiatives for FY2016 full-year.
- Key elements of guidance for quarter to 31 March 2016 include:
- Uranium sales in the range of 450,000lb to 650,000lb.
- C1 cash costs in the range of US$23/lb to US$25/lb.
- Quarter-end cash balance in the range of US$100M to US$110M.
Paladin CEO
- Alexander Molyneux has been appointed CEO following his six-month engagement as Interim CEO.
Click here to view the full press release.
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Reuters reported that a senior figure in South Korea’s conservative ruling party said on Monday his country should have nuclear weapons, as concern over how to respond to rising tensions with North Korea loomed as an election issue ahead of parliamentary polls in April.
According to the report:
[Won Yoo-chul] said South Korea should be independent from ally Washington’s so-called nuclear umbrella to deter North Korea’s nuclear threat, or reconsider deployment of U.S. tactical nuclear weapons, which were withdrawn from South Korea in 1992 under a pact for the denuclearization of the peninsula.
Click here to view the full article.
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Mining Weekly reported that according to a new report by the World Energy Council (WEC), South Africa could become a major unconventional gas producer. However, the country will need to invest in infrastructure, develop local expertise and create a framework to encourage investment if it wants to do so.
As quoted in the market news:
Launched at Africa Gas Forum, in Sandton, on Monday, the report pointed out that the large reserves of shale gas identified in the Karoo basin could provide up to 4% of the country’s additional electricity requirements with no need for pipelines.
South Africa had been estimated to have technically recoverable shale gas volumes of between 30-trillion cubic feet (tcf) and 500 tcf.
To leverage the opportunities shale gas could bring, South Africa needed to plan infrastructure and ensure efficient water management, build local expertise and provide financial incentives such as tax incentives, said WEC secretary-general Christoph Frei.
Click here to read the full Mining Weekly report.
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Benchmark Mineral Intelligence reported that this year’s price of lithium carbonate is currently 47 percent higher than the 2015 average. According to the publication, the rise comes as the industry experiences “some of the widest price ranges ever seen.”
As quoted in the market news:
Lithium’s price fortunes are becoming increasingly tied to consumer electronics through its application in lithium ion batteries while other the price of other minerals and metals like iron ore, bauxite, and graphite are still driven by industrial demand, predominately in China.
Interestingly, over the last decade lithium’s price has only once seen a decline, other years have seen at least marginal increases in the single digits.
In addition, 4 out of the last ten years have seen double digit increases for the price of lithium carbonate: 2007, 2008, 2009, and 2015.
There is little doubt that 2016 will be added to this list.
Click here to read the full report from Benchmark Mineral Intelligence.
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The Guardian recently reported that the South Australian royal commission released its tentative findings, which backed nuclear fuel storage and left the door open to further uranium mining and processing but came down against the use of nuclear power for electricity generation.
According to the article:
The royal commission noted the main hazard from developing an industry storing other countries’ used fuel rods was emission of radiation into the natural environment, including that particles emitting radiation could be inhaled or ingested by humans and other organisms.
Click here to view the full report.
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Lithium Australia NL (ASX:LIT) announced that assay results from maiden rock-chip sampling and mapping have confirmed the presence of high grade lithium pegmatites at the Company’s 100% owned Ravensthorpe project, west of Esperance in southern Western Australia.
As quoted in the press release:
HIGHLIGHTS:
- Maiden results confirm of presence of at least 7 lithium pegmatites within the Ravensthorpe project area and immediate surrounds, west of Esperance
- Early indications that the grade and scale of lithium mineralisation is of economic significance and warrants follow-up investigation
- Assay results from 19 samples of lithium mineralisation from the lithium core-zones of all pegmatites range from 1.26% Li2O to 4.23% Li2O, with a mean of 2.96% Li2O
- Likely additional lithium pegmatites in project’s unexplored areas
- Large core zones containing the lithium minerals lepidolite and zinnwaldite have been mapped at the Quarry Pegmatite and Horseshoe Pegmatites and have a combined strike length exceeding 750m
The recently completed fieldwork focussed upon detailed examination of known lithium pegmatites. The pegmatites and their surrounds were mapped at 1:2,500 scale, delineating zones of lithium mineralisation, and lithium mineralisation was sampled. In addition, a preliminary investigation of surrounding areas was completed.
The project contains a mix of simple, barren quartz-feldspar muscovite pegmatites, zoned barren quartz-feldspar-muscovite-schorl pegmatites and zoned lithium pegmatites. The lithium pegmatites contain the lithium mica minerals lepidolite and zinnwaldite, as massive pods and disseminations within quartz-lepidolite core-zones. These core zones are able to be mapped by the distinctive appearance of outcrops.
The assay results confirm that the pink, purple, lilac or grey micas are significantly lithium enriched. Samples R001, R002 and R007 to R020 are lepidolite while R003, R004 and R021 are zinnwaldite. No other lithium minerals were observed and the pegmatites are interpreted as zoned Lithium, Caesium, Tantalum (“LCT”) Complex pegmatites of the Lepidolite subclass.
Connect with Lithium Australia NL (ASX:LIT) to receive an Investor Presentation.
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Woodside Petroleum Ltd. (ASX:WPL) announced that the Thalin-1A exploration well in Block AD-7 at the Rakhine Basin has intersected a gross gas column of about 64 meters. About 62 meters of net gas pay has been interpreted within the primary target interval.
As quoted in the press release:
The well reached a total depth of 3034m, referenced from the rig rotary table. Following drilling, wireline logging was conducted and confirmed the presence of a gas column through pressure measurements and gas sampling.
The gas discovery at Thalin-1A follows an earlier gas discovery by Woodside at the Shwe Yee Htun-1 well in Block A-6, announced on 4 January 2016.
Peter Coleman, CEO of Woodside, commented:
These results are very encouraging for future exploration and appraisal activity, given the significant footprint we have in Myanmar.
These discoveries provide evidence of the high quality of offshore Myanmar as an exploration focus area.
Click here to read the full Woodside Petroleum Ltd. (ASX:WPL) press release.
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The gold price made impressive gains this week, soaring 5 percent Thursday to reach $1,260.60 per ounce. That’s its highest price in a year, and its largest daily gain in seven years.
Most market watchers believe that generalized concern about the global economy spurred the metal’s impressive jump — as Afshin Nabavi, head of trading with MKS (Switzerland), quipped Thursday, investors’ worries were being driven by “everything under the sun.” That said, a slew of more specific factors have been identified as well, including a weaker US dollar, a rout in equities across the globe and poor oil prices.
Whatever the specific catalysts behind gold’s Thursday surge, it’s clear at this point that investors are beginning to think of the metal as a safe haven once again. Of course, whether they continue to do so remains to be seen, and expert opinions differ. As of 12:00 p.m. EST on Friday, the yellow metal was changing hands at $1,236.40, and was up just over 16.5 percent year-to-date.
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Updated December 2015
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Along with gold, the price of silver also soared this week, rising to a high point of $15.88 per ounce on Thursday. Like gold, it was trading lower on Friday, sitting at $13.72 as of 1:59 p.m. EST. Year-to-date the white metal is up over 13 percent, and while that’s a little less than gold’s year-to-date rise, some analysts believe that it may ultimately outperform gold this year.
On the base metals side, copper had a much less exciting week. While three-month copper on the LME closed Friday up 1.18 percent, at $4,500 per MT, that’s much less dramatic than the gains seen from gold and silver. And according to VTB Capital analyst Wiktor Bielski, copper’s future is uncertain.
“In the short term, the weaker dollar is helping copper,” he told Reuters on Thursday. “But there are a lot of uncertainties, from what’s happening in China to the fact that everybody thinks the Fed made a big mistake in December when it raised rates and what it will do now.”
Finally, oil prices leaped on Friday after news hit that the United Arab Emirates’ energy minister has said that OPEC is willing to cooperate on an output cut. Traders are understandably skeptical about that statement — as Reuters states in another article, Venezuela and Russia “tried in vain earlier in the week to stir Saudi Arabia and other major producers into agreeing to output cuts.”
So far, however, optimism seems to be ruling the day. As of 1:09 p.m. EST, US crude was up 12 percent, trading at $29.46 per barrel, just down from its Friday high of $29.56. Meanwhile, Brent crude was up $3, at $33.96; it was below $30 as recently as Thursday.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Related reading:
Weekly Round-Up: Gold, Silver Hit Highest in 3.5 Months
Weekly Round-Up: Gold to Make Biggest Monthly Gain in a Year?
Weekly Round-Up: Copper Set for Biggest Weekly Rise Since October
Weekly Round-Up: Gold Below $1,100, Copper Under $2
Weekly Round-Up: Gold on a Tear After China Troubles
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Durango Resources Inc. (TSXV:DGO) released an update on its NMX East property, noting that after evaluating historical data on the property it’s defined a series of priority targets that may be prospective for lithium mineralization.
As quoted in the press release:
These targets are located primarily on its eastern claim block, located 1,200 metres east of Nemaska’s Whabouchi Lithium Deposit. Durango intends to launch a limited reconnaissance program in the coming months to test for the potential for lithium-bearing pegmatite occurrences at these new targets.
Durango’s NMX East property encompasses areas of topographic highs which may correlate with similar areas of high relief associated with nearby pegmatite intrusions, most notably at the Whabouchi Lithium Deposit, 1,200 metres to the west of Durango’s claim, as well as various other historically mapped pegmatite intrusions in the area (SIGEOM, Quebec Geologic Map, 2012 ed). LCT pegmatite intrusions, such as the Whabouchi pegmatite dike swarm, are known to occur in groups consisting of tens to hundreds of individuals and cover areas up to a few tens of square kilometres (USGS open file 2013-1008).
Click here to read the full Durango Resources Inc. (TSXV:DGO) press release.
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World Nuclear News reported that the Australian Northern Territory Government has opted not to prosecute Energy Resources of Australia over the failure of a leach tank at the Ranger uranium mine in December 2013.
According to the article:
A statement issued by the Northern Territory Department of Mines and Energy (DME) today said that based on legal advice, it had decided “that it is not in the public interest to prosecute ERA under the Mining Management Act.”
The department issued its decision following extensive investigations into the leach tank failure, which resulted in a spill of about 1400 cubic metres of acidic slurry. Operations at Ranger were suspended for six months while investigations into the incident took place.
Click here to view the full article.
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SBS reported that according to an environmental lawyer, the Northern Territory government’s decision not to prosecute a uranium miner for a major contamination spill near Kakadu National Park is a kick in the face for the public.
According to the article:
If this is a government trying to build trust with the public and build its credibility as an environmental regulator, this is another kick in the face to a public that I think is really crying out for some responsible regulation of the mining industry.
Click here to view the full article.
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Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) announced that the Company has achieved several key licensing, development, and production milestones at its Nichols Ranch in situ recovery Project in Wyoming.
As quoted in the press release:
The Company is pleased to announce that it has completed the construction and licensing of the previously announced elution circuit at the Nichols Ranch ISR Plant as scheduled. The Company has received final notice from the U.S. Nuclear Regulatory Commission (“NRC”) that uranium recovery operations involving elution, precipitation, filter press, and slurry processes are authorized to commence. Now that the elution circuit is completed and fully-licensed, Energy Fuels has 100% self-contained ISR processing capabilities. The new elution circuit is expected to significantly lower the Company’s future costs of production on a per pound basis by avoiding 3rd party toll processing fees. The elution circuit also provides the Company with operational flexibility as it executes its development plans and responds to future market conditions.
The Company is also increasing production at the Nichols Ranch Project on a controlled basis. Through ongoing well-field development and drilling, the Company is confirming – and in certain cases increasing – its level of confidence in the uranium resource estimates contained in the most recent Technical Report and Preliminary Economic Assessment for the Nichols Ranch Uranium Project dated February 28, 2015, prepared in accordance with National Instrument 43-101 (the “Technical Report”).
A 6th header-house at the Nichols Ranch Project began production in November 2015. It continues to maintain grades and produce uranium at higher-than-expected rates. Furthermore, through the successful execution of slant hole drilling, the Company has been able to place significant additional resources under pattern at this 6th header-house that were previously thought to be inaccessible due to challenging terrain.
The Company is scheduled to place the 7th and 8th header-houses on-line at the Nichols Ranch Project in March 2016and July 2016, respectively. Drilling and installation of production wells for these two header-houses is proceeding at the current time. The pattern for the 7th header-house was originally believed to have lower uranium grades. However, drilling is now indicating that the high-grade zones identified in earlier patterns of the project are more continuous than originally estimated. Indeed, the Company has recorded the 3rd highest intercept ever observed at Nichols Ranch (0.441% U3O8 with a thickness of 15.5 feet), in addition to other high-grade intercepts between 0.11% – 0.15% U3O8 with thicknesses of 9.0 – 14.5 feet. Future drilling will confirm whether additional resources can be placed under pattern above the estimates contained in the current Technical Report. Finally in late 2015, the Company successfully completed the installation of the monitor wells and began baseline and hydrological testing work in the next phase of the Nichols Ranch Project. Energy Fuels expects to start development and uranium recovery operations in this next phase in the latter part of 2016.
Energy Fuels President and CEO, Stephen P. Antony, stated:
Nichols Ranch continues to meet – and exceed – the high expectations we had when we acquired the project in June 2015. Nichols Ranch is proving itself to be a reliable and scalable long-term U.S. uranium production center, which has large areas of high grade uranium resources that can be produced at an attractive cost. The 6th header-house at Nichols Ranch is producing very well, and we have similarly high expectations for the 7th and 8th header-houses, which are scheduled to come online later this year. While we expect uranium prices to increase in the coming years, Nichols Ranch has become vitally important for Energy Fuels as we navigate today’s challenging uranium price environment. I wish to congratulate our permitting and technical teams for achieving these important milestones at Nichols Ranch. Between our ISR team in Wyoming and our conventional mining teams in Utah and Arizona, I think it is clear that Energy Fuels has the right people and projects in place to solidify our position as a dominant uranium producer in the U.S.
Connect with Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) to receive an Investor Presentation.
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ALX Uranium (TSXV:AL) is a uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada. The Athabasca Basin has been a leading district in global uranium production for 40 years, and is home to some of the world’s largest and richest high-grade uranium deposits.
The post ALX Uranium and Drilling in the Athabasca Basin appeared first on Investing News Network.
Uranium investors are undoubtedly familiar with Saskatchewan-focused Fission Uranium (TSX:FCU), whose Patterson Lake South (PLS) project has skyrocketed from grassroots exploration project to world-class deposit in just a few short years.
At the latest Vancouver Resource Investment Conference, the Investing News Network had a chance to speak with Fission’s chief operating officer, Ross McElroy.
McElroy spoke about the factors that have been key to the company’s continued success, particularly in today’s sluggish market. From geology to the company’s most recent winter program drill target, McElroy also gave investors an idea of what to expect from Fission in the near term.
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Securities Disclosure: I, Vivien Diniz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Critical Elements (TSXV:CRE,OTCQX:CRECF,FWB:F12) announced that Critical and Lepidico Ltd has entered into a binding agreement that gives the right to Lepidico to acquire up to a 75% interest in the Lemare lithium project.
As quoted in the press release:
The Lemare project consists of 158 claims for a total ground position of 7,433 hectares (74 km2) in a region of Quebec that boasts other lithium deposits and known lithium mineralisation, as shown in the maps and table below. The Lemare project is potentially a new lithium field in an established lithium district.
Outside of this trenching program, there has been limited lithium exploration undertaken at Lemare. Based on other lithium deposits around the world, it is a common occurrence for pegmatites to exist in “swarms.” As part of the due diligence process, Lepidico and Platypus will assess the potential for other pegmatites to exist within the project area.
Critical Elements President and CEO, Jean-Sébastien Lavallée, stated:
The arrangement with Lepidico allows Lemare to advance towards resource delineation and project development over its other properties. Critical Elements is currently focussed on the development of its Rose lithium project. With Lepidico farming into the Lemare project, shareholders of both companies will be able to benefit from successful exploration of a highly prospective project.
Connect with Critical Elements (TSXV:CRE,OTCQX:CRECF,FWB:F12) to receive an Investor Presentation.
The post Critical Elements Signs Agreement with Lepidico to Sell Up to 75% Interest in Lemare Property appeared first on Investing News Network.
Motley Fool recently reported that despite being displeased with Cameco Corporation (TSX:CCO, NYSE:CCJ) because the company reported a loss of $10 million in the fourth quarter, investors should consider this as time to scoop up Cameco shares.
According to the article:
Cameco is one of the most efficient uranium miners on the market today. Because it is a low cost miner, it is able to produce tremendous amounts of uranium without costing too much money. As other miners have to close shop, Cameco can continue to operate, giving it the ability to wait out the depressed prices of uranium.
This is important because the market for uranium is going to change over the next few years. India and China are going to be the primary countries that push the price of uranium up significantly as both nations realize they need to produce energy without polluting their cities.
Click here to view the full article.
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Aldever Resources Inc. (TSXV:ALD) has entered into an agreement with an arm’s-length vendor to acquire a 100-per-cent interest in the Miller’s Playa lithium project, comprising 1,920 acres (777 hectares) of contiguous placer claims, located in the Big Smoky Valley, Esmeralda county, Nevada.
As quoted in the press release:
The Big Smoky Valley is located immediately north of the Clayton Valley, home to Albemarle’s Silver Peak lithium mine (in continuous operation since 1967), and is where Pure Energy recently identified an NI 43-101-compliant inferred resource of 816,000 metric tonnes of lithium carbonate equivalent at a cut-off of 20 milligrams per litre in brine (technical report (2015) Spanjers, MS PG).
The Miller’s Playa project is located east of ground held by Ultra Lithium, and is approximately 40 kilometres north of the Silver Peak mine. The principal target at the Miller’s Playa project is a large northeast-trending gravity low anomaly which is suggestive of an infilled basin. The project directly adjoins Unity Energy Corp.’s Miller’s Crossing project to the south. The Big Smoky Valley was investigated with regional reverse circulation drilling in 1979 by the United States Geological Survey and anomalous lithium values were encountered in the basin sediments. The quality and concentrations of lithium brines discovered in the Clayton Valley may be present in the Big Smoky Valley.
Tesla Motors, which in September of 2015 signed an offtake agreement with Pure Energy, is driving the current lithium exploration boom in Nevada. Tesla is building a lithium-ion battery factory, called the gigafactory, just outside of Sparks, Nev., which is scheduled to be operational in 2016/2017. The Miller’s Playa project is located about 225 km southeast of the gigafactory site.
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At this year’s Vancouver Resource Investment Conference, the Investing News Network was joined by Catherine Hickson, a world-renowned volcanologist and director of lithium junior Dajin Resources (TSXV:DJI,OTCMKTS:DJIFF). Dajin has a lithium project in Northern Argentina, where there are plenty of volcanoes, as well as another project in Nevada.
As Hickson explained, there’s a very close connection between volcanoes, geothermal energy and lithium. Watch the video above to learn how they intersect.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Dajin Resources is a client of the Investing News Network. This video is not paid-for content.
The post Lithium and Volcanoes: Catherine Hickson of Dajin Resources Explains the Link appeared first on Investing News Network.
Ardiden Ltd. (ASX:ADV) announced that it’s expanded its portfolio of Ontario-based lithium projects by securing an option to acquire a second advanced lithium project in the province. The new project, called Root Lake, is currently owned by Landore Resources Ltd. (LSE:LND), and will complement the company’s Seymour Lake project.
The press release states:
The Company has entered into an option agreement with Landore Resources Limited to acquire 100% of the advanced Root Lake Lithium Project, opening up a second front for lithium exploration alongside the recently secured Seymour Lake Lithium Project (also under option to acquire 100%), where a maiden drilling program is set to commence shortly.
The option deals give Ardiden an outstanding opportunity to acquire two high-quality lithium projects with known spodumene mineralisation, extensive historical drilling and the potential to establish JORC compliant resources relatively quickly.
The proposed acquisition of the Root Lake Lithium Project is consistent with the Company’s strategy of acquiring and developing commodity projects (lithium and graphite) which are highly leveraged to the forecast growth in the lithium-ion battery sector.
Click here to read the full Ardiden Ltd. (ASX:ADV) press release.
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Uranium Energy Corp. (NYSEMKT:UEC) announced that alongside its lenders, Sprott Resource Lending Partnership and CEF Limited, have agreed to extend the previously announced $20,000,000 senior secured credit facility by deferring required principal payments to February 1, 2019 and by extending the maturity date of the Credit Facility to January 1, 2020.
According to the press release:
The interest rate for the Credit Facility remains unchanged at 8%. The Company will pay an extension fee to the Lenders in the form of common shares equal to less than 1.0% dilution of the total shares outstanding, which is approximately 959,163 shares. The exercise price under the existing warrants previously issued to the Lenders has been lowered from $2.50 to $1.35 with a new expiry date ofJanuary 30, 2020 to match the new maturity date of the Credit Facility.
Rick Rule, Director, President and Chief Executive Officer of Sprott US Holdings, Inc., stated:
We are pleased to extend our long term credit facility to UEC. The company has a proven management team that has developed and operated US uranium assets in difficult market conditions. We believe these conditions will improve markedly over time. Investors should note that the US has the largest current nuclear fleet in the world, and domestically we produce about 7% of what we consume.
Click here to view the full press release.
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Ur-Energy Inc. (NYSEMKT:URG, TSX: URE) amended the Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming (originally filed on January 19, 2016).
According to the company’s press release:
At the request of the staff of the Ontario Securities Commission, the Amended PEA includes the addition of detailed Cash Flow and Operating Costs tables that supplement the disclosure already included in the Original PEA in the Summary Cash Flow and Operating Costs tables. The economic analysis remains unchanged from the Original PEA, and there are no other differences between the Amended PEA and the Original PEA, other than the addition of the two tables noted above and conforming changes to the related text.
Click here to view the full press release.
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Forum Uranium Corp. (TSXV:FDC) announced that Rio Tinto Canada Uranium Corporation has commenced a drill program with two diamond drill rigs at its 40% owned Henday property.
As quoted in the press release:
Henday is strategically located north-east of the Denison/AREVA Midwest Lake deposit and RTCUC’s Roughrider deposit and bordering AREVA/Denison’s McClean Lake uranium mine and mill (see Figure 1). RTCUC is drilling prospective structural, geophysical and geochemical targets identified from work carried out on the Elephant and Epitaph target areas as planned below.
Elephant and Epitaph Target Areas
From historical drilling, depth to the unconformity in the Elephant area is expected to be about 130m. One rig is currently testing the Elephant area with approximately 15 holes planned to be drilled to a depth of 450m. From historical drilling, depth to the unconformity in the Epitaph area is expected to be about 150m. One rig is currently testing the Epitaph area with approximately 5 holes planned to be drilled to a depth of 450m.
RTCUC has earned a 60% interest in Henday and Forum holds a 40% interest. RTCUC has the right to acquire an additional 10% interest in and to Henday by sole funding $20 million in exploration or delivering a Feasibility Study on the Henday property, whichever occurs first. The current drill program is a step towards RTCUC earning their further interest in the project.
Connect with Forum Uranium Corp. (TSXV:FDC) to receive an Investor Presentation.
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