Uranium Prices Set for a Comeback, Says Citi

Uranium prices have experienced a significant surge, climbing from below US$60/lb to over US$107/lb in the past 18 months. While prices have recently dipped, Citi remains “tactically bullish,” predicting a rebound. Citi projects uranium could reach US$98/lb later this year and average US$94/lb, with a peak target of US$98/lb. Looking ahead to 2025, prices are expected to average US$110/lb, a potential 36% increase from current levels. Citi’s positive outlook is driven by anticipated growth in nuclear energy demand, which is expected to drive future price increases. With production growth expected to slow significantly later in the decade, Citi predicts a supply deficit that could further boost prices, offering a favorable outlook for uranium producers. In light of this optimistic outlook, key players in the uranium sector, including Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF), Uranium Energy Corp. (NYSE-A:UEC), NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE), Denison Mines Corp. (TSX:DM) (NYSE-A:DNN), and Cameco Corporation (TSX:CCO) (NYSE:CCJ) are strategically positioning themselves to capitalize on the anticipated market upturn.

Generation Uranium (TSXV:GEN) (OTCQB:GENRF) is strategically advancing its Yath Uranium Project in Nunavut, Canada. The company holds a 100% interest in Yath, situated in the underexplored Thelon Basin. This project is positioned near the Lac 50 deposit, which holds 43 million lbs of uranium and is currently being developed by Latitude Uranium, recently acquired by ATHA Energy for $64.7 million. Historical data from Yath reveals uranium concentrations ranging from 1% to 10% U3O8, underscoring its significant potential.

In June, Generation Uranium (TSXV:GEN) (OTCQB:GENRF) expanded its holdings by acquiring the Yellow Frog and Pink Toad Uranium Projects, increasing Yath’s coverage by over 45% to 123.45 km². Yath now extends near Atha Energy Corp’s Angilak Project.

To further develop Yath, Generation Uranium has partnered with APEX Geoscience for geological consulting and exploration authorization for a diamond drilling campaign. APEX will handle regulatory compliance with bodies such as the Nunavut Planning Commission and the Nunavut Impact Review Board.

Additionally, Generation Uranium (TSXV:GEN) (OTCQB:GENRF), in collaboration with ATHA Energy, has initiated an advanced airborne electromagnetic survey using Expert Geophysics’ Mobile MagnetoTellurics (MMT) system. This survey, covering 890 line-kilometers, aims to pinpoint key anomalies and accelerate exploration, leveraging cost efficiencies and advanced technology to advance Yath towards drilling.

Click here for more information about Generation Uranium (TSXV:GEN) (OTCQB:GENRF).

Uranium Companies Report Strong Progress in Uranium Exploration and Financial Performance

Uranium Energy Corp. (NYSE-A:UEC) has announced promising drill results from its Roughrider Project in Northern Saskatchewan. Drilling 850 meters northeast of the Roughrider Deposit has uncovered the most significant mineralization outside the resource area on a parallel trend. Drill hole RR-940 intersected 6.96% eU3O8 over 13.5 meters, including a high-grade sub-interval of 12.7% eU3O8 over 7.2 meters. UEC plans to continue drilling in this area to explore further resource potential. In April, UEC utilized new Ambient Noise Tomography (ANT) technology, revealing new targets along existing exploration corridors. 

NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE) reported a significant expansion of the mineralized zone at Patterson Corridor East (PCE) since its initial discovery in the 2024 Winter Program. The Summer Drill Program, which began on May 21st, has yielded promising results, with eight out of twelve drill holes intersecting mineralization. The expanded mineralization now extends 540 meters along strike and 600 meters vertically, showing wide intervals of high radioactivity that remain open at depth and along strike. This is a notable increase from previous findings, which had only identified two mineralized holes separated by 275 meters.

Denison Mines Corp. (TSX:DM) (NYSE-A:DNN) has released an update from its CEO regarding the Phoenix Project, following its successful feasibility study. The study confirmed the project’s robust economic viability, with significant improvements in capital efficiency and operating costs. The Phoenix deposit, part of the larger Wheeler River property in Saskatchewan, Canada, demonstrated impressive metrics including a high-grade resource and a low capital expenditure requirement. The project’s robust financials are underpinned by strong uranium prices and favorable market conditions. Denison’s CEO emphasized the strategic importance of Phoenix in advancing the company’s growth and positioning it as a key player in the uranium sector. The successful feasibility study paves the way for the next development phases, including permitting and financing, which are expected to further enhance the project’s value and viability.

Cameco Corporation (TSX:CCO) (NYSE:CCJ) reported its second-quarter 2024 financial results, highlighting a strong performance driven by higher uranium prices and increased production. The company achieved significant improvements in revenue and net earnings compared to the same period last year, benefiting from favorable market conditions and effective cost management. Cameco’s production levels increased, contributing to a solid operational performance. The company continues to focus on optimizing its operations and advancing its key projects. Looking ahead, Cameco remains optimistic about the long-term prospects of the uranium industry and is well-positioned to leverage its strategic assets and market position to deliver continued value to shareholders. The results underscore Cameco’s successful execution of its strategic priorities and its positive outlook for the future.

On June 26, Generation Uranium (TSXV:GEN) (OTCQB:GENRF) identified key zones at its Yath Uranium Project in Nunavut. Notable areas include the VGR Trend with radioactive boulders, the Bog Trend with radioactive outcrops, the Force Trend featuring radioactive mud boils, and the Lucky Break with polymetallic sulphides. These discoveries set the stage for the next exploration phase.

Click here for more information about Generation Uranium (TSXV:GEN) (OTCQB:GENRF).

Featured Image @ Freepik

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