Canada Rich in Uranium Resources Projected to Fuel Strong Growth for Mining Industry Over Next Five Years

Palm Beach, FL – February 13, 2024 – FN Media Group News Commentary – Companies in the Uranium and Metal Ore Mining industry in Canada mine molybdenum, platinum, palladium, uranium, cobalt, and a variety of metal bearing ores sold to various markets. Industry revenue is closely linked to the underlying prices of the commodities, which themselves are a function of global supply and demand conditions. The prices of these major commodities experience significant volatility. Overall industry revenue has climbed at a CAGR of 5.4% to an estimated $4.0 billion, while leading to growth in industry profit. Revenue reached about 3.5% in 2023 alone as a result of emerging downstream demand.  According to the said: “Canada is a country rich in uranium resources and a long history of exploration, mining and generation of nuclear power… With known uranium resources of 694,000 tonnes of U3O8 (588,500 tU), as well as much continuing exploration, Canada has a significant role in meeting future world demand.  A report from IBISWorld said that the Uranium & Metal Ore Mining industry in Canada outlook (2024-2029)  is projected to increase over the next five years. It said that commodity price movement dictates the pace of industry growth. The industry in Canada will continue to be primarily driven by fluctuations in the prices of its underlying commodities. Declining prices for molybdenum and platinum will inhibit industry growth, but be partly offset by inclines/rises in the price of uranium.  Active mining companies in the markets this week include Hertz Energy Inc. (OTCQB: HZLIF) (CSE: HZ), Cameco (NYSE: CCJ) (TSX: CCO), FISSION URANIUM CORP. (OTCQX: FCUUF) (TSX: FCU), Uranium Energy Corp (NYSE American: UEC), NexGen Energy Ltd. (NYSE: NXE).


The report continued: “The industry’s largest products by revenue are uranium, platinum and molybdenum. The prices of industry goods have swung wildly, but has overall benefited the industry as the price of its three largest products have all risen to varying extents.  The prices of three of the most prominent industry products, molybdenum, platinum and uranium have all grown since 2018. Soaring commodity prices have enabled the industry to attain positive revenue and profit growth.  Industry revenue has grown at a CAGR of 5.4% over the past five years, reached an estimated $4.0 Billion in 2023…. And will continue to rise over the next 5 years.”


Hertz Energy Inc. (OTCQB: HZLIF) (CSE: HZ) ENTERS AGREEMENT TO ACQUIRE COMINCO URANIUM PROPERTY – Hertz Energy Inc. (the “Company”) (FSE: QE2) is pleased to announce that it has entered into a Property Purchase and Sale Agreement dated February 2, 2024 (the “Definitive Agreement”) with BullRun Capital Inc. (the “Vendor”) pursuant to which the Company has agreed to acquire the Cominco Uranium Project, located in Bathurst Inlet, Nunavut, Canada (the “Cominco Property”).


PURCHASE AGREEMENT – The Company has entered into the Definitive Agreement to acquire the Cominco Property. Pursuant to the terms and conditions of the Definitive Agreement and as consideration for the acquisition of a 100% undivided interest in the Cominco Property, the has agreed to:

(i)            pay the Vendor cash consideration of $75,000; and

(ii)           grant the Vendor a two percent (2%) net smelter returns royalty on the Cominco Property.


Mr. Kal Malhi, CEO of Hertz states, “Hertz was always founded and positioned to explore for mineral deposits that will power the future. We started with our Lucky Mica project and have added the AC/DC Lithium Project, while also obtaining options to acquire the Snake and Patriota Lithium Projects, since our listing in April 2023. Adding the Cominco Property fits extremely well with our energy metals offering and we aim to aggressively explore both the lithium and uranium mineral projects and continue to offer investors a well-diversified energy metals project portfolio.”


The Vendor is wholly-owned by Kal Malhi, a director and officer of the Company. Accordingly, the Company’s acquisition of the Cominco Property constitutes a “related party transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for its acquisition of the Cominco Property, as the value of the consideration to be paid by the Company for the acquisition of the Cominco Property does not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101.


COMINCO URANIUM PROPERTY – The Cominco Property is focused on two main uranium showings of interest, the Pomie and the Yon showings in Nunavut (see Figure 1 below). Additional showings of uranium, copper, gold, nickel, and lead are known in the area. The Pomie and Yon showings were both explored in the mid 1970s by Cominco and Noranda and no work using modern exploration technologies has taken place since.


Previous regional work in the area by the Geological Survey of Canada (GSC) identified mineral potential for uranium in the area (Roscoe, 1984), based on the presence of the above showings and favorable stratigraphy for the formation of Unconformity Related Uranium (URU) deposits, similar to the stratigraphy found in the Athabasca and Thelon basins.


The Cominco Property covers the Yon and Pomie “Advanced Exploration” stage showings and is comprised of four licensing spanning 5,046.25 hectares covering favorable geology.   CONTINUED Read these full press releases and more news for Hertz Energy at:     


Other recent developments in the mining industry of note include:


Cameco (NYSE: CCJ) (TSX: CCO) recently reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2023, in accordance with International Financial Reporting Standards (IFRS).


“Our 2023 financial performance benefitted from higher sales volumes and realized prices in our uranium and fuel services segments. Our net earnings, adjusted net earnings, and cash from operations all more than doubled compared to 2022, with adjusted EBITDA up 93%. In 2024, we expect strong financial performance as we begin to realize the benefits from our investment in Westinghouse. We plan to continue to transition to our tier-one cost structure and make the capital and other expenditures we believe are necessary to position the company for continued sustainable growth. Growth that will be sought in the same manner as we approach all aspects of our business; strategic, deliberate, disciplined, and with a focus on generating full-cycle value,” said Tim Gitzel, Cameco’s president and CEO.


FISSION URANIUM CORP. (TSX: FCU) (OTCQX: FCUUF) recently announced that it has closed its previously announced “bought deal” public offering consisting of 63,560,000 common shares of the Company (the “Common Shares”) at a price of C$1.18 per Common Share for gross proceeds of C$75,000,800 (the “Offering”).


Canaccord Genuity Corp. and SCP Resources Finance LP acted as co-lead underwriters on behalf of a syndicate of underwriters including BMO Nesbitt Burns Inc., Haywood Securities Inc., Eight Capital, Red Cloud Securities Inc. and H.C. Wainwright & Co., LLC (collectively, the “Underwriters”).


The net proceeds from the Offering will be used by the Company to fund exploration and development of the PLS project, as well as for working capital and general corporate purposes.  The Offering was completed pursuant to a prospectus supplement to the Company’s base shelf prospectus dated December 11, 2023.


Uranium Energy Corp (NYSE American: UEC) recently reported drill results from its Roughrider Project located in Northern Saskatchewan, Canada. Both exploration and metallurgical sample drilling have been successful at intersecting uranium mineralization.


Chris Hamel, Vice President Exploration, Canada stated: “Roughrider is a world-class project with untapped potential for resource expansion and we’re pleased to confirm this with the discovery of high-grade mineralization between the East and West Zone deposits. The drilling program will continue through the winter and focus on exploration for additional uranium that is outside the existing mineralized zones.


Additionally, our metallurgical drilling has also confirmed the high-grade and vein-hosted nature of the Roughrider deposit with grades and thicknesses consistent with resource modelling and its structural setting. Our competitive advantage is the combination of the foundational work by Hathor and Rio Tinto with the UEC Canada Roughrider Team’s proven track record in brownfields resource expansion.”


NexGen Energy Ltd. (NYSE: NXE) recently announced the commencement of a 30,000-meter exploration drill program that will test priority targets on NexGen’s 100% owned properties that dominate the boundary of the proven high-grade uranium district of the southwest Athabasca Basin. The Company’s 2024 program builds on 2023 exploration results, which advanced the geological investigation of previously unexplored corridors and produced priority targets for this 2024 campaign.


NexGen’s 2023 exploration program applied high-resolution geophysical surveys across all properties, and 22,114.4 meters of drilling dedicated to SW 2 (Rook I) (Figure 1) and SW1 (Gambit, Gartner and King) (Figure 2). The results yielded a more comprehensive understanding of the geology in the highly prospective R7 and Morrow targets on the SW2 property; including brittle-reactivated structure and hydrothermal alteration indicative of high-grade uranium-bearing systems. Further, the 2023 program identified high prospectivity in the SW1 property (Gartner and Gambit corridors) where hydrothermal alteration associated with structure was discovered. In 2024, NexGen is increasing its exploration effort with a 30,000-meter drill program to follow up on these results and continue to systematically test the large and prospective land package NexGen holds. By refining targets through purpose-built geophysical coverage and drill testing priority areas, this exploration program is designed to strategically capitalize on the increasing global demand for clean, sustainably produced Canadian uranium.


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