Canada Poised to Reclaim Title as World’s Largest Uranium Producer

June 20, 2024 at 10:03 AM EDT

On behalf of Generation Uranium Inc.

Canada is on track to reclaim its position as the world’s largest uranium producer, a title it lost to Kazakhstan in 2009. In 2022, Canada produced 15% of the global uranium supply and became the top supplier to the US by 2023, delivering 27% of its uranium. With uranium prices soaring, Canada’s Saskatchewan province is leading the country’s mining boom. Cameco Corporation (TSX:CCO) (NYSE:CCJ) and Orano operate several mines in the region, with new ones under development. The World Nuclear Association predicts Canada will overtake Kazakhstan as more mines come online, supporting Canada’s net-zero emissions goals and global nuclear power expansion. Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85) is positioned to contribute significantly to Canada’s uranium production growth, with its Yath Project located in the prolific and under-explored Thelon Basin in Nunavut. Atha Energy Corp. (TSXV:SASK) (OTCQB:SASKF), NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE), and Uranium Energy Corp. (NYSE-A:UEC) are also poised to play pivotal roles as Canada aims to regain its status as the world’s top uranium producer, these companies are crucial players in the country’s mining boom.

Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85) is a natural resource company that holds a 100% interest in the Yath Uranium Project, located in the prolific and under-explored Thelon Basin in Nunavut, Canada. Yath is situated along trend from the 43 million lbs Lac 50 uranium deposit, which is being advanced by Latitude Uranium, a company acquired by ATHA Energy Corp in an all-share transaction valued at $64.7 million.¹

Historical exploration at the Yath Project has consistently revealed uranium concentrations between 1% and 10% U3O8, highlighting its significant promise.²

On June 20, Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85) announced that it has expanded its project portfolio through the strategic acquisition of the Yellow Frog and Pink Toad projects on the Angilak Trend in the Yathkyed Basin, Nunavut Territory, Canada.

These acquisitions not only expand Generation Uranium’s Yath Uranium Project to the east and west but also increase the project’s land coverage by over 45%, bringing the total area to 123.45 km². The expanded project now stretches due north to within three kilometers of the district-scale uranium project being developed by Atha Energy Corp.

This proximity to Atha Energy’s project, which boasts historical 2013 NI 43-101 inferred mineral resources of 2.831 million tonnes at an average grade of 0.69% U3O8 and 0.17% molybdenum, containing 43.3 million pounds of U3O8 and 10.4 million pounds of molybdenum, enhances the strategic value of Yath.³

Situated in the Yathkyed Basin, a globally recognized unconformity basin with proven economic potential, Yath is now uniquely positioned to tap into commercial-grade deposits that rival those found in the Athabasca Basin in Canada and the McArthur district in Australia. The area’s geological features make it highly prospective for both high-grade unconformity-type uranium deposits and IOCG (Olympic Dam) type deposits.

Click here for more information about Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85).

Uranium Companies Drive Major Advancements in Nuclear Technology, Exploration, and Resource Expansion

Cameco Corporation (TSX:CCO) (NYSE:CCJ), SaskPower, and Westinghouse Electric have signed an MOU to evaluate Westinghouse’s nuclear reactor technology and its fuel supply chain for Saskatchewan’s clean power needs. They will explore deploying Westinghouse’s AP1000® reactor and AP300™ SMR, considering a Saskatchewan-based nuclear supply chain. The agreement includes nuclear research, development, and workforce training in collaboration with local institutions. SaskPower aims to decide by 2029 whether to build Saskatchewan’s first SMR facility, intending to use local uranium.

Atha Energy Corp. (TSXV:SASK) (OTCQB:SASKF) has begun Phase I (diamond drilling) of its 2024 Angilak Exploration Program at its 100%-owned Angilak Project in Nunavut. This phase includes ~10,000 m of drilling to expand high-grade uranium mineralization at the Lac 50 Deposit and adjacent zones. The Angilak Project, located about 225 km southwest of Baker Lake in Nunavut, hosts the Lac 50 Uranium Deposit, with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8. The program aims to expand known mineralization and explore regional targets through drilling, geophysical surveys, and sampling.

NexGen Energy Ltd. (TSX:NXE)(NYSE:NXE) reported that drilling at Patterson Corridor East (PCE) has intersected mineralization in RK-24-193 over 67.5 meters (m) (383.5 to 451 m), including up to 7,500 cps over 1.5 m. RK-24-193 is located 275 m southwest along the strike of RK-24-183 (discovery hole) at approximately the same depth. Assays from RK-24-183 confirm high-grade uranium veins across a 20 m interval with several intersections totalling 13.5 m at 0.78% U3O8. These results suggest a potential upper edge to mineralization highly analogous to the early holes at Arrow, prompting an expansion of the summer drilling program to 4 rigs targeting 22,000 m at PCE.

Uranium Energy Corp. (NYSE-A:UEC) is advancing the South Texas portfolio with Increased resources at the Burke Hollow ISR Project. A new technical report summary (TRS) for the Burke Hollow Project shows significant growth in Measured and Indicated (M&I) uranium resources, now at 6,155,000 lbs U3O8, up from 2,324,000 lbs, with Inferred resources at 4,883,000 lbs U3O8. The project’s in-situ recovery (ISR) operations are expanding, with three Production Areas identified and ongoing drilling for further resource expansion. The total M&I resources for the Texas Hub and Spoke platform are now 12,958,000 lbs U3O8, with Inferred resources at 9,948,100 lbs U3O8.

On April 26, Generation Uranium Inc.’s (TSXV:GEN) (OTCQB:GENRF) (FRA:W85) common shares started trading on the Frankfurt Stock Exchange (FSE) under the symbol “W85”, marking a significant milestone in its expansion into European investment markets.

Click here for more information about Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85).

Featured Image @ FreePik

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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.

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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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