World’s Current Measured Resources of Uranium Are Enough To Last About 90 Years as Demand Skyrockets

Palm Beach, FL – February 7, 2023 – FinancialNewsMedia.com News Commentary – In the last 60 years uranium has become one of the world’s most important energy minerals. It is mined and concentrated similarly to many other metals. While uranium is used almost entirely for making electricity, a small proportion is used for the important task of producing medical isotopes. Some is also used in marine propulsion, especially naval. Uranium is a naturally occurring element with an average concentration of 2.8 parts per million in the Earth’s crust. Traces of it occur almost everywhere. It is more abundant than gold, silver or mercury, about the same as tin and slightly less abundant than cobalt, lead or molybdenum. Vast amounts of uranium also occur in the world’s oceans, but in very low concentrations.  A report from Market Reports World projected that the global Uranium market size was valued at USD 2736.31 million in 2022 and is expected to expand at a CAGR of 3.68% during the forecast period, reaching USD 3398.52 million by 2028.  The report said: “The global Uranium Market Growth is anticipated to rise at a considerable rate during the forecast period, between 2021 and 2029. In 2021, the market was 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… Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications.”  Active mining companies in the markets this week include Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC), Denison Mines Corp. (NYSE American: DNN) (TSX: DML). Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), Uranium Royalty Corp. (NASDAQ: UROY) (TSX-V: URC), Uranium Energy Corp (NYSE American: UEC).

Another report from the World Nuclear Association added: “The current global demand for uranium is about 67,000 tU/yr (tonnes uranium per year). The vast majority is consumed by the power sector with a small amount also being used for medical and research purposes, and some for naval propulsion. At present, about 46% of uranium comes from conventional mines (open pit and underground) about 50% from in situ leach, and 4% is recovered as a by-product from other mineral extraction.  Thus the world’s present measured resources of uranium (5.7 Mt) in the cost category above present spot prices and used only in conventional reactors, are enough to last about 90 years. This represents a higher level of assured resources than is normal for most minerals. Further exploration and higher prices will certainly, on the basis of present geological knowledge, yield further resources as present ones are used up.”

Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC) BREAKING NEWS:  Traction Uranium and Forum Energy Metals Enter into an Option Agreement for the Grease River Property in the Athabasca Basin – 10,528 Hectares situated along the east-northeast trending Grease River Structure south of Lake Athabasca near the Fond Du Lac Uranium Deposit– Traction Uranium Corp. (the “Company” or “Traction”) is pleased to announce that it has entered into a property option agreement (the “Option Agreement”) with Forum Energy Metals Corp. (the “Vendor”) dated February 3, 2023 (the “Effective Date”), pursuant to which the Company has the right, at its option, to acquire up to a 100% interest in the Grease River Property located in Athabasca Basin, Northern Saskatchewan, Canada (the “Property”), in exchange for a series of cash payments, share issuances and funding of exploration expenditures, separated into three phases. The first phase entitles the Company to acquire a 51% interest in the Property by paying an aggregate of $250,000, issuing an aggregate of 1,625,000 common shares and funding an aggregate of $3,000,000 in exploration expenditures on the Property by December 31, 2025. Forum will be the operator of the Property until the Company completes the first phase.

Lester Esteban, Chief Executive Officer of Traction stated, “Our research team has been hard at work to complete the Hearty Bay “Quartz Degradation” research program (see Traction news release dated January 31st, 2023) and we are looking forward to providing the results once our team has finalized their report. With our Hearty Bay Project nearby, the Grease River Project is an exciting addition where we are looking to acquire 100% of the property and our interest in unlocking the uranium discovery potential in the Fond du Lac area. We look forward to bringing together our technical advisor Boen Tan Ph.D., P. Geo with Forum’s Dr. Rebecca Hunter Ph.D., P.Geo. and Ken Wheatley P. Geo., M.Sc. on this project, an esteemed team with a combined 100+ years of uranium exploration experience and numerous discoveries under their belt.”

Richard Mazur, President & CEO of Forum Energy Metals stated, “We are pleased to work with the Traction team to unlock the potential to host new, large uranium deposits along this underexplored, favourable structural corridor.”

The Grease River Property – The Grease River Project is located within the north-central margin of the Athabasca Basin near the community of Fond du Lac. The project consists of two separate claim blocks situated along the NE-trending Grease River Shear zone, a major intracontinental shear zone greater than 400 km long. The nearby Fond du Lac uranium deposit was previously discovered within the shear zone by Amok and Eldorado in the 1970s with an estimated non-compliant historical resource of one million pounds uranium at an average grade of 0.25% U3O8*. The Grease River Project claims are located along trend of the deposit to the southwest and northeast. Limited exploration has been conducted in the property area and there is potential for additional uranium mineralization along the shear zone. Airborne geophysical surveys are planned in 2023 to aid in structural mapping and to define prospective drill targets.  CONTINUED… Read this full press release and more news for Traction Uranium at:  https://www.financialnewsmedia.com/news-trac/    

Other recent developments in the mining industry of note include:

Denison Mines Corp. (NYSE American: DNN) (TSX: DML) recently announced the successful completion of the neutralization phase of the Phoenix in-situ recovery (“ISR”) Feasibility Field Test (“FFT”) at the Company’s 95% owned Wheeler River project (“Wheeler River” or the “Project”).  Sampling of monitoring wells around the FFT site has confirmed the successful restoration of the Leaching Zone (defined below) to environmentally acceptable pH conditions, as outlined in the applicable regulatory approvals for the FFT.

The neutralization phase was initiated in mid-October 2022, following the highly successful completion of the leaching phase of the FFT (see news releases dated October 17, 2022and November 22, 2022), and was designed to confirm certain environmental assessment assumptions and verify the efficiency and effectiveness of the neutralization process planned for ISR mining at Phoenix.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium and rare earth elements (“REE“), recently announced that it has been awarded a contract to sell $18.5 million of natural uranium concentrates (“U₃O₈“) to the U.S. government for the establishment of a strategic uranium reserve (the “Uranium Reserve“). The U.S. National Nuclear Security Administration (“NNSA“), an office within the U.S. Department of Energy (“DOE“), is the agency tasked with purchasing domestic U₃O₈ and conversion services for the Uranium Reserve. The Uranium Reserve is intended to be a backup source of supply for domestic nuclear power plants in the event of a significant market disruption. Additionally, the Company announced its application for membership in the DOE’s newly created HALEU Consortium.

Energy Fuels expects to complete the sale of uranium for the Uranium Reserve to NNSA during Q1-2023 and realize total gross proceeds of   $18.5 million. The U₃O₈ the Company expects to sell to the U.S. government is currently held in the Company’s inventory at the Metropolis Works Conversion Facility, located in Metropolis, Illinois. The sale does not involve the physical movement of material, so the sale and transfer can be completed quickly.

Uranium Royalty Corp. (NASDAQ: UROY) (TSX-V: URC) recently invited investors and shareholders to attend the Company’s presentation at the 2023 TD Securities Mining Conference on Thursday, January 26th, 2023 at 10:40 am Eastern Time at https://bit.ly/3Wlub4V

The presentation recording is available on the company’s website for 90 days after the conference.

Uranium Royalty Corp. is the world’s only uranium-focused royalty and streaming company and the only pure-play uranium listed company on the Nasdaq. URC provides investors with uranium commodity price exposure through strategic acquisitions in uranium interests, including royalties, streams, debt and equity in uranium companies, as well as through holdings of physical uranium. The Company is well positioned as a capital provider to an industry needing massive investments in global productive capacity to meet the growing need for uranium as fuel for carbon-free nuclear energy. URC has deep industry knowledge and expertise to identify and evaluate investment opportunities in the uranium industry. The Company’s management and the Board include individuals with decades of combined experience in the uranium and nuclear energy sectors, including specific expertise in mine finance, project identification and evaluation, mine development and uranium sales and trading.

Uranium Energy Corp (NYSE American: UEC) recently announced it has received $17.85 million from the U.S. Department of Energy (“DOE”) for supplying 300,000 pounds of U.S. origin uranium concentrates at $59.50/lb. to the DOE – National Nuclear Security Administration (“NNSA”) under the contract awarded to the Company announced on December 20, 2022. The award was in response to the NNSA’s Request for Proposals to establish its strategic national Uranium Reserve program. Please see the Company’s press release dated December 20, 2022 for further details on the Uranium Reserve program.

Amir Adnani, President and CEO stated: “We are honored and delighted to have supplied 300,000 pounds of U.S. origin uranium concentrates to the NNSA and look forward to the continuation of the Uranium Reserve program and working with the DOE in the coming years.”

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