Category: Base Metals

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Base Metals Energy Junior Mining Project Generators

F3 Announces Closing of Private Placement for Aggregate Gross Proceeds of C$8 Million

Kelowna, British Columbia–(Newsfile Corp. – October 31, 2024) – F3 Uranium Corp. (TSXV: FUU) (OTC Pink: FUUFF) (“F3 Uranium” or the “Company“) is pleased to announce the closing of its previously announced “bought deal” private placement (the “Offering“) for aggregate gross proceeds of C$8,000,000, which includes the full exercise of the Underwriters’ over-allotment option. Under the Offering, the Company sold 7,500,000 federal flow-through units of the Company (the “FFT Units“) at a price of C$0.375 per FFT Unit and 12,500,000 Saskatchewan flow-through units of the Company (the “SFT Units“, and together with the FFT Units, the “FT Units“) at a price of C$0.415 per SFT Unit, for an aggregate of 20,000,000 FT Units at a blended price of C$0.40 per FT Unit.

Red Cloud Securities Inc. acted as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters that included Canaccord Genuity Corp., Haywood Securities Inc., SCP Resource Finance LP and Eight Capital (collectively, the “Underwriters“).

Each FT Unit consists of one common share of the Company (each, a “Common Share“) issued as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “FT Share“) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant shall entitle the holder to purchase one Common Share (each, a “Warrant Share“) at a price of C$0.40 at any time on or before October 31, 2026.

A total of 12,500,000 FT Units under the Offering (the “LIFE Units“), representing gross proceeds of C$5,000,000, were offered by way of the “listed issuer financing” exemption under Part 5A under National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“) in all the provinces of Canada except for Quebec (the “Selling Jurisdictions“). The FT Shares and Warrant Shares issuable pursuant to the sale of the LIFE Units are immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers’ resident in Canada. The remaining 7,500,000 FT Units sold under the Offering (the “Non-LIFE Units“) were offered by way of the “accredited investor” and “minimum amount investment” exemptions under NI 45-106 in the Selling Jurisdictions. The FT Shares and Warrant Shares issuable from the sale of the Non-LIFE Units are subject to a restricted period in Canada ending on March 1, 2025.

In connection with the Offering, the Company paid to the Underwriters an aggregate cash commission of C$431,860, equal to 5.5% of the gross proceeds raised in respect of the Offering (except for gross proceeds raised from the sale of FT Units sold to purchasers on a president’s list (the “President’s List“), which were subject to a reduced 2.75% cash commission). The Company also issued to the Underwriters a total of 1,079,650 warrants of the Company (the “Broker Warrants“), equal to 5.5% of the number of FT Units sold pursuant to the Offering (except for those FT Units sold to purchasers on the President’s List, which were subject to a reduced number of Broker Warrants equal to 2.75%). Each Broker Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.32 at any time on or before October 31, 2026.

The proceeds of the Offering will be used by the Company to fund exploration of the Company’s projects in the Athabasca Basin. The Offering remains subject to the final approval of the TSX Venture Exchange.

About F3 Uranium Corp.

F3 Uranium is a uranium exploration company advancing its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) Project in the southwest Athabasca Basin. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone discovery is located ~25km northwest of Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN project is comprised of the PLN, Minto and Broach properties. The Broach property incorporates the former PW property which was obtained from CanAlaska as a result of a property swap.

The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.

F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2

Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com

ON BEHALF OF THE BOARD

“Dev Randhawa”
Dev Randhawa, CEO

Cautionary Statement: F3 Uranium Corp.

This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering and the use of proceeds of the Offering. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating to: general business and economic conditions; regulatory approval for the Offering; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of uranium and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of the Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company’s expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; and other risks of the mining industry. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings that are available at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and F3 Uranium Corp. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228374

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Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Provides an Update on Exploration Successes at Viscaria

Vancouver, British Columbia–(Newsfile Corp. – October 31, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSX Venture: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that the operator of the Viscaria copper-iron-silver project in Northern Sweden, where EMX holds a royalty interest, recently published new exploration results that appear to include discoveries of multiple new bodies of mineralization. Viscaria Gruvaktiebolag (“Viscaria”; formerly Copperstone Resources AB) is the operator of the Viscaria project and has been undertaking final permitting and recently commenced construction of its water treatment plant needed for the reopening of the past-producing mine. According to their disclosures, Viscaria expects to commence production on the project in 2026.

In parallel with its ongoing development work, Viscaria has been conducting its first “near mine” exploration drilling campaign, which commenced in spring of this year. According to Viscaria’s most recent exploration presentation and news release1, over 9,000 meters of drilling have been completed as part of this program. This has led to the recognition and definition of additional zones of mineralization that project downward from the currently defined “D” and “B” resource areas, as well as a new zone of drill-defined mineralization that lies beneath the “A” and “B” resource areas and has been named the “ABBA” zone (see Figures 1 and 2). Viscaria has described these new discoveries as “exceptional exploration results” which highlight the considerable upside potential and optionality that exists on the project.

Reported drill results are highlighted by[1]:

  • An intercept of 43.2m @ 1.12% Cu and 31.35% Fe from depths of 1107 to 1050.2 meters in hole VDD24055 (positioned just below the existing “D Zone” resources).
  • An intercept of 13.3m @ 2.42% Cu and 4.96 g/t Ag from depths of 498.1 to 511.4 meters in drill hole VDD23116 (adjacent to the “B Zone” resources).

EMX considers these results to be salient and important to the valuation of its royalty interest. Viscaria has also reported that it is working to complete a feasibility study by year end and is currently working to update and bring its resource estimates into compliance with PERC (2021) reporting standards. EMX congratulates Viscaria Gruvaktiebolag on these successes and their recent progress.

EMX’s current royalty footprint covers the A, B and D zones and consists of a 0.5% NSR royalty that escalates to an uncapped 1% NSR royalty after $12 million has been paid to the royalty holder.

About the Viscaria Copper-Iron-Silver deposit. The Viscaria deposit is located just west of LKAB’s Kiruna iron mine, the largest underground iron mine in the world. Viscaria is typically classified as a member of the Iron-Oxide-Copper-Gold (“IOCG”) deposit clan and is broadly associated with similar iron and copper systems elsewhere in the region. The Viscaria mine was initially owned and operated by LKAB, which commenced operations in 1983. Outokumpu OY acquired the mine in 1985 and operated it until closure in 1993. Phelps Dodge Sweden AB later acquired the project from Outokumpu and then sold the project to Avalon Viscaria AB in 2008 and kept a royalty over the project area as part of its consideration. Avalon Viscaria AB later became the current Viscaria Gruvaktiebolag. EMX acquired Phelps Dodge Sweden AB in 2009, including the Viscaria royalty.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

Notes about reported drill intersections. EMX has not performed sufficient work to verify the reported drill data and intersections. However, the samples were collected and reported by Viscaria in accordance with PERC (2021) reporting standards. EMX considers the reported drill data to be reliable and relevant.

About EMX. EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

Figure 1: Project Location

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/228378_f3ef2546349febcf_002full.jpg

Figure 2: 3D models of resources and current exploration program at Viscaria

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/228378_f3ef2546349febcf_003full.jpg

[1] True widths stated as “unknown”. These results were reported by Viscaria according to PERC 2021 standards in “Exploration Results, PERC (2021) Reporting standard, Table 1” on September 2024, and in Viscaria’s exploration update presentation dated September 24, 2024: “Viscaria: the next Tier-1 copper deposit in the world-class Kiruna mining district”.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228378

Categories
Base Metals Energy Junior Mining Precious Metals

Gold79 Starts Drilling at Gold Chain Project, Arizona

Ottawa, Ontario–(Newsfile Corp. – October 31, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce that it has commenced drilling at its Gold Chain Project in Arizona. This next phase of drilling is expected to consist of seven core holes totaling approximately 1,000m.

Derek Macpherson, Executive Chairman, CEO and Director stated, “We are excited to continue drilling at Gold Chain following up on the drilling success from 2023. Importantly, the first hole of this new program will test below Hole No. GC23-28, which returned 51.1 g/t Au over 9.1m within a broad zone of gold mineralization recorded from surface to the end of hole. Also, this core program coupled with the prior work completed should move the Company one step closer to delivering a maiden resource at Tyro.”

Figure 1: Drill Rig at Gold Chain Project, Arizona, starting hole GC24-29

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5717/228425_figure1.jpg

Drill Program

Planned drilling consists of seven HQ core holes, totaling approximately 1,000 metres to test along the Tyro Main structure as well as to depth, within the Gold Chain project. The core drilling program has been designed to provide additional geologic context to previous reverse circulation drilling; surface and underground mapping/sampling; and, the recently completed trenching program. Core holes are intended to confirm the geologic model and grade continuity along the nearly 1km strike. Increased confidence in the geologic model will assist Gold79 in the design of additional drill holes proposed for early 2025 to advance this target toward a maiden resource (Figure 2).

The final hole of the 2023 drill program, GC23-28, intersected 51.1 g/t Au over 9.1m at the intersection of the Whitespar fault and the Tyro Main zone within a broad zone of gold mineralization recorded from surface to the end of hole depth of 85.3m. Trenching conducted by Gold79 in May 2024 across this intersection returned 39.7 metres at 1.14 g/t Au and corroborated a N-NW trend to the Whitespar chalcedony vein swarm.

The first hole of the current program, GC24-29, is designed to traverse this zone beneath GC23-28 about 80 metres below the surface exposures. There are also one or two additional holes planned to test the intersection of these two structures.

The balance of the drill holes are designed to test the northeast-trending Tyro Main Zone vein grades, density and orientations along the main zone. Most of the holes will test the 500m drilling gap between hole GC23-23 which returned 44.2m at 2.10 g/t Au and GC21-16 which returned 21.2m at 1.73 g/t Au. Historical mining, geologic mapping and trenching support continuity along this zone.

It is anticipated that the results from this drill program should provide the data required to design a follow-up drill program. The follow-up program is expected to be completed in Q1 2025, following which the Company plans to complete a maiden resource estimate.

Figure 2: Tyro Main Zone Plan View with Proposed Drill Holes

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5717/228425_56b2868134e03ab5_002full.jpg

Qualified Person / Quality Control and Quality Assurance

Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has been responsible for all phases of work conducted to date at Gold Chain by Gold79.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX-V listed company focused on building ounces in the Southwest USA. Gold79 has four gold projects, two of which are partnered with major gold producers (Kinross at Jefferson Canyon and Agnico at Greyhound). Gold79 is focused on establishing a maiden resource at its Gold Chain project in Arizona and advancing its Tip Top Project in Nevada.

For further information regarding this press release contact:
Derek Macpherson, Executive Chairman and CEO, Gold79
Phone: 416-294-6713
Email: dm@gold79mines.com

Or

Quentin Mai, President, Gold79
Phone: 604-638-5622
Email: quentin@gold79mines.com

Website: www.gold79mines.com.
Book a 30-minute meeting with Derek Macpherson here.

Stay Connected with Us:
Twitter: @Gold79Mines
Facebook: https://www.facebook.com/Gold79Mines
LinkedIn: https://www.linkedin.com/company/gold79-mines-ltd/

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the proposed amalgamation transaction with Bullet Exploration Inc., any future tranches of the current private placement or future private placements, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228425

Categories
Base Metals Energy Junior Mining Oil & Gas Precious Metals

BOB MORIARTY | Expert Says Secondary Metals Will Star in New Bull Market

Major periods of rising gold prices since 1971 have included the 1970s and the 2000s. Many experts believe we’ve started a new period of such expansion now.

Spot prices touched a new record of US$2,769.02 per ounce on Tuesday “as the run-up to the 2024 presidential election and uncertainty prior to upcoming economic data kept safe haven demand in play,” Investing.com reported.

Bob Moriarty of 321gold sat down with Francis Hunt of The Market Sniper recently to discuss the state of the commodities markets and the recent meeting of the BRICS nations in Russia.

He told Hunt that the most important mechanism in determining their prices is not the textbook answer you’ve always been given.

“Ignore demand, ignore supply, ignore the value of the dollar, ignore the geopolitical, none of those make any difference whatsoever,” Moriarty said in the interview, posted on YouTube. “The only thing that moves the price of anything is sentiment.”

Sentiment Changing Soon

The Investing.com article reported by Scott Kanowsky said the rise is coming from safe haven demand and a string of expected economic readings expected soon, “which are likely to factor into in the Federal Reserve’s plans for interest rates.”

However, Moriarty said the overall price of gold miners has devalued vs. the price of gold and is “at the bottom now.”

“From a relative position of sentiment, everybody hates the miners,” he said of environmental and ESG concerns that have affected the industry. “You can go to Canada, and there’s probably 1,500 stocks, and the number of stocks under 10 cents is absolutely staggering. I own probably 50 different stocks, and I would guess 40 of them are under 10 centers per share . . . You don’t have to know anything about investing if you understand the sentiment.”

And Moriarty expects that sentiment to change soon.

“We’re going to be in a bull market probably for the next 10 or 20 years,” he said. “It has just started the real bull face. You’re going to see it in the other metals, and you’re absolutely going to see it in the miners. And I believe there are a lot of stocks that are going to go up 100-fold.”

But Moriarty said it won’t be just gold; other metals like silver, rhodium, palladium, and platinum will benefit, sometimes even more.

“Gold is going to continue to go up, but just like with dancing, sometimes you lead, sometimes you follow,” he said. “And I think it’s the secondary metals that are going to lead now.”

Most Valuable Precious Metal on the Planet?

Like gold, silver has had a good year so far and is up 42.17%, according to USA Today. It was trading at US$34.02 per ounce on Tuesday, an increase of 1.26% in the previous 24 hours.  Platinum, which was US$1,025.65 per ounce on Monday, is up 3.84% on the year.

But in addition to gold, silver and platinum, the platinum group contains lesser-known metals like osmium, ruthenium, iridium, palladium, and rhodium.

The metals are all very rare and have high corrosion resistance, catalytic properties, and high melting points, according to How Stuff Works.

But Mack Hayden wrote for the site that rhodium, a silver-white metal, is “the most valuable precious metal on the planet.” The automotive industry uses nearly 80% of the world’s supply to make catalytic converters that help reduce toxic gas emissions. South Africa is the leading producer, contributing about 80% of the global supply. It is often found mixed with other platinum group metals and requires extensive processing to extract.

Trading Economics said rhodium has increased US$250 per ounce or 5.65% since the beginning of 2024. While it was US$4,675 per ounce on Monday, it reached an all-time high of US$29,800 per ounce in 2021 — nearly 10 times gold’s current record price.

Hunt pointed out that two of the major producers of platinum, palladium, and rhodium are Russia and South Africa, two members of the BRICS group of nations that met earlier this month in Russia.

“They control price; that’s a big deal,” Moriarty agreed. “We’re going to see some real financial shocks with silver, with rhodium, with palladium, and with platinum.”

BRICS Group Expanding

BRICS is an intergovernmental organization that includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. At its October meeting, it expanded to add 13 new “partner nations.”

At the meeting, China President Xi Jinping referred to BRICS as “a vanguard for advancing global governance reform” and “reform of the international financial architecture.”

Bolivian President Luis Arce said, “the shield of BRICS and multipolarity” can protect formerly colonized nations, helping them resist “Western unipolarity and the tyranny of the dollar.”

With gold hitting record highs and silver rising, the other platinum group metals are nowhere near their eventual highs, Moriarty said.

“The Russians understand this, and they’re going to start buying palladium, they’re going to start buying rhodium, and they’re going to start buying silver because those metals are going to move faster and higher than gold,” he said, predicting record highs for all three.

Source: https://www.streetwisereports.com/article/2024/10/30/expert-says-secondary-metals-will-star-in-new-bull-market.html

Categories
Base Metals Energy Junior Mining Oil & Gas Precious Metals

Euro zone inflation picks up, bolstering case for caution in rate cuts

Reuters

Thu, October 31, 2024 

FRANKFURT (Reuters) – Euro zone inflation accelerated more than expected in October and could still pick up further in the coming months, bolstering the case for caution in European Central Bank interest rate cuts as price growth is not yet fully tamed.

Inflation in the 20 countries sharing the euro currency accelerated to 2.0% from 1.7% in September mostly on higher food and energy costs, coming above expectations for 1.9% in a Reuters poll of economists.

A more closely watched figure which strips out volatile food and energy prices meanwhile held steady at 2.7%, above forecasts for 2.6%, Eurostat said on Thursday.

Inflation has fallen quickly since hitting double digit territory two years ago and most economists see it back at the European Central Bank’s 2% target basis sometime in the first half of next year after some volatility in the final months of 2024.

This relatively quick return to target has also fuelled a debate in recent weeks, with some ECB officials arguing there was a growing risk that price growth will actually fall below target and the ECB will have to start stimulating growth to prevent excessively low inflation.

Such a dim outlook could even force the ECB to accelerate the pace of rate cuts and bolster the case for a bigger than usual step in December, some said.

This argument has yet to gain significant traction, however, and conservatives, or policy hawks in central bank-speak, have pushed back, arguing for measured, incremental steps because a long list of factors could still push prices higher.

A key concern is that inflation in services, the biggest single item in the consumer price basket remains way too fast, holding steady at 3.9%.

Wage growth is also faster than the 3% rate the ECB considers consistent with its target and households are sitting on ample savings, which could bolster consumer savings and overall growth.

The labour market also remains tight with the jobless rate holding steady at an all-time low of 6.3% in September, separate Eurostat data showed on Thursday.

The policy doves’ argument that overall growth is simply too weak to sustain 2% inflation was also dealt a blow this week when fresh data showed the economy expanding at 0.4% in the third quarter, twice as fast as expected, with Germany, France and Spain all showing surprising resilience.

But economists also appear to agree that no meaningful rebound in growth was likely and the euro zone will continue to grow at a lukewarm pace, below what is considered its potential.

That is why further ECB rate cuts are almost assured and no policymaker has challenged the need to move again on Dec. 12, suggesting that the step is largely a done deal, unless major data surprises alter the outlook.

Financial investors are now betting that the ECB’s 3.25% deposit rate could dip to 2% or possibly below that by the end of 2025.

The biggest uncertainty, however, is likely to be the U.S. election, policymakers say, since it could have far reaching implications for trade, growth and inflation which may require policy action further down the road.

(Reporting by Balazs Koranyi; Editing by Toby Chopra)

Source: https://finance.yahoo.com/news/euro-zone-inflation-picks-bolstering-100558761.html

Categories
Base Metals Diamcor Mining Energy Junior Mining Precious Metals

Diamcor Announces Term Loan Financing to Expedite Increased Processing at Krone-Endora

KELOWNA, BC / ACCESSWIRE / October 30, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds, announces that the Company intends to complete a term loan financing (the “Financing”) of up to CAD$1,500,000. Term loans under the Financing will be unsecured, carry an annual interest rate of 15%, and the Company will issue a total of 150,000 common shares in its authorized share capital, along with 75,000 share purchase warrants, for every CAD$100,000 of principal advanced under the Financing by participants/lenders pursuant to policy 5.1 of the TSX Venture Exchange Corporate Finance Manual. The principal and interest of the term loans will be due and payable on the 12 month anniversary of the closing date. Each share purchase warrant (each a “Warrant”) is exercisable to purchase an additional common share at a price of CAD$0.07 per share for a period of 12 months.

The proceeds of the Financing will be used to expedite efforts to support the processing of material at significantly higher volumes at the Company’s Krone-Endora at Venetia Project (the “Project”), the advancement of work programmes previously underway, preparations for bulk sampling aimed at expansion into the greater portions of the Project, and for general corporate purposes. The Company believes the short-term issues which caused the recent reduction in demand and depressed prices throughout the rough diamond sector in 2024 are now showing signs of improvement, and the potential for recovery in 2025 is widely expected by most in the industry. Excess inventories experienced throughout much of the industry’s supply chain due to elevated post-Covid buying are now becoming more balanced, more restrictive sanctions are being imposed on Russian diamonds, and many of the world’s largest luxury retailers are launching significant advertising campaigns to educate consumers on the differences between lab grown diamonds and the long-term value and rarity of natural diamonds. These elements, when combined with the expected future reduction in global production due to the age of existing mines and the lack of any significant new finds in over 10 years, all provide the potential for companies with the ability to supply natural non-conflict rough diamonds to be very well-positioned moving forward. The Company would also note that it continues to advance discussions with various larger industry groups and financiers on the provision of larger non-dilutive facilities to support future growth.

The Financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. With a long-term strategic alliance with world famous Tiffany & Co, the Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About the Krone-Endora at Venetia Project

Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the De Beers Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors:

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

For Investor Relations contact:

Mr. Rich MatthewsMr. Neil Simon
Integrous CommunicationsInvestor Cubed Inc
rmatthews@integcom.usnsimon@investor3.ca
+1 (604) 355-7179+1 (647) 258-3310

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Diamcor Mining Inc.



View the original press release on accesswire.com

Categories
Base Metals Energy Junior Mining Precious Metals

Gold Climbs to Record as US Election Jitters Drive Haven Demand

Sybilla Gross
Wed, October 30, 2024 at 9:15 PM EDT

(Bloomberg) — Gold climbed to a record, boosted by haven demand before the US election and shrugging off data that could influence the size of Federal Reserve rate cuts this year.

Most Read from Bloomberg

Bullion reached $2,790.10 an ounce in early trading on Thursday, narrowly beating the previous all-time high posted the day before. While higher-than-expected US jobs data and robust GDP figures saw traders trim bets on the size of interest-rate cuts by the US central bank, it remains on track to implement more monetary easing at its meeting next week. Lower borrowing costs tend to benefit the precious metal, as it doesn’t pay interest.

Gold has surged by more than a third this year, supported by central-bank buying and haven demand amid conflicts in the Middle East and Ukraine. The tight US presidential race between Kamala Harris and Donald Trump is also creating uncertainty that’s underscoring bullion’s role as a place of safety for investors.

Still, the Nov. 5 election is seen as a major risk event for the precious metal, which could open gold up to a correction of more than $100 an ounce, according to Ole Hansen, head of commodity strategy at Saxo Bank A/S.

Spot gold was 0.1% higher at $2,789.04 an ounce at 9:11 a.m. in Singapore. The Bloomberg Dollar Spot Index was steady. Silver was flat, while palladium and platinum declined.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

Original Source: https://finance.yahoo.com/news/gold-holds-near-record-us-002210022.html

Categories
Base Metals Energy Junior Mining Project Generators

F3 Hits 12.0% U3O8 Over 2.0m Within 2.66% Over 10.5m

Discovers A1 Shear Extension 3.2km South of JR

Kelowna, British Columbia–(Newsfile Corp. – October 29, 2024) – F3 Uranium Corp (TSXV: FUU) (OTC Pink: FUUFF) (“F3” or “the Company“) is pleased to announce assay results for thirteen drillholes of the ongoing 2024 drill program on the PLN Property, including PLN24-161 at the JR Zone (see NR August 13, 2024) which returned 10.5m of 2.66% U3O8, including a high grade 2.0m interval averaging 12.0% U3O8, further including an ultra-high grade core of 0.5m of 20.7% U3O8. Significant mineralization over a 13.5m interval was intersected in PLN24-184 on line 105S at JR, including 1.5m off-scale radioactivity (>65,535 cps) between 235.60 and 240.10m.

Exploration drilling focused mainly on the B1 area close to, and south of the Harrison Fault, with a number of very prospective drill holes, highlighted by PLN24-187 which was drilled on line 3240S, approximately 400m south of the Harrison Fault, and on section with PLN24-183. PLN24-183 was the first hole to intersect what is interpreted to be the southern extension of the A1 shear zone hosting the JR Zone. Due to encouraging alteration and intense shearing a down dip hole was drilled, and PLN24-187 encountered intense alteration and anomalous radioactivity (see Table 1 and Photo 1).

Sam Hartmann, Vice President Exploration, commented:

“Today’s update includes scintillometer results of drilling in the JR Zone, where three holes successfully targeted high grade mineralization in areas of lower drill hole density, as well as high-grade assay results of drillholes completed and previously announced earlier in the program. Exploration drilling south of the Harrison Fault discovered the A1 Shear Extension, ~400m beyond the previously interpreted southern extent of the A1 shear, as a discrete continuation, and parallel to the B1 structures. This potential for stacked and parallel structure south of Harrison Fault provides further high priority drill targets for high grade uranium mineralization.”

JR Zone Assay Highlights:

PLN24-161 (line 035S):

  • 10.5m @ 2.66% U3O8 (206.5m to 217.5m), including:
  • 2.0m @ 12.0% U3O8 (207.5m to 209.5m), further including:
  • 0.5m @ 20.7% U3O8 (208.0m to 208.5m)

PLN24-163 (line 095S):

  • 13.0m @ 0.45% U3O8 (197.0m to 210.0m), including:
  • 2.5m @ 1.77 % U3O8 (204.0m to 206.5m)

JR Zone Handheld Spectrometer Highlights:

PLN24-184 (line 105S):

  • 13.5m mineralization from 228.5m – 242.0m, including
    • 3.80 m cumulative mineralization of >10,000 cps radioactivity between 233.00m – 240.30m, including 1.5m cumulative off-scale radioactivity (>65,535 cps) between 235.60 -240.10m

PLN24-185 (line 025S)

  • 13.0m mineralization from 218.0m – 231.0m, including
    • 2.30 m cumulative mineralization of >10,000 cps radioactivity between 223.00m – 230.50m, including 0.5m cumulative off-scale radioactivity (>65,535 cps) between 223.00 -2424.00m

Exploration Handheld Spectrometer Highlights:

PLN24-178 (line 2835S): B1 Exploration

  • 0.5m radioactivity from 446.5m – 447m with a peak of 310 cps

PLN24-180 (line 1125S): A1 South Exploration

  • 0.5m radioactivity from 319.0m – 319.5m with a peak of 700 cps

PLN24-181 (line 2880S): B1 Exploration

  • 0.5m radioactivity from 377.5m – 378.0m with a peak of 360 cps

PLN24-187 (line 3240S): B1 Exploration

  • 0.5m radioactivity from 549.0m – 549.5m with a peak of 300 cps



Figure 1: JR Zone Assay and Spectrometer Results

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/228040_figure1.jpg

Figure 2: 2024 Drilling on A1 and B1 Shear Zones and new A1 Shear Extension

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/228040_plndrill2.jpg

Photo 1. A1 Extension in PLN24-187

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/228040_2deb68b6544e78ce_003full.jpg

Table 1. Drill Hole Summary and Uranium Assay Results


Collar Information
Assay Results
Hole ID Grid LineEastingNorthingElevationAzDipFrom
 (m)		To
 (m)		Interval
(m)		U3O8 weight %
PLN24-153555S588064.376410321.99534.56-72.055.6A1 Exploration; no mineralization >0.05
PLN24-1542100S587534.076408053.06531.83-60.235.9A3 Exploration; no mineralization >0.05
PLN24-1551215S588507.316409827.87536.43-69.958.0A1 Exploration; no mineralization >0.05
PLN24-1561335S588571.286409726.11543.90-70.053.2A1 Exploration; no mineralization >0.05
PLN24-1572745S589215.286408451.38540.75-65.354.2A1 Exploration; no mineralization >0.05
PLN24-1582040S588934.866409122.90543.88-70.156.5A1 Exploration; no mineralization >0.05
PLN24-1592235S589041.266408957.53543.16-70.552.4A1 Exploration; no mineralization >0.05
PLN24-1602430S589122.806408773.08543.36-71.559.0A1 Exploration; no mineralization >0.05
PLN24-161035S587790.976410763.91546.37-80.357.0206.50207.501.000.19
207.50209.502.0012.0
incl208.00208.500.5020.7
209.50217.007.500.49
incl215.50216.000.502.31
PLN24-1622850S589301.356408383.61538.03-67.954.5A1 Exploration; no mineralization >0.05
PLN24-163095S587813.116410709.84546.85-78.552.4197.00204.007.000.09
204.00206.502.501.77
incl205.50206.000.503.32
206.50210.003.500.24
PLN24-1642880S589259.506408356.75538.22-65.368.9A1 Exploration; no mineralization >0.05
PLN24-1653195S589613.776408183.67535.01-72.455.0B1 Exploration; no mineralization >0.05

Assay composite parameters:
1: Minimum Thickness of 0.5 m
2: Assay Grade Cut-Off: 0.05% U3O8 (weight %)
3. Maximum Internal Dilution: 2.0 m

Table 2. Drill Hole Summary and Handheld Spectrometer Results

Collar Information* Hand-held Spectrometer Results On Mineralized Drillcore (>300 cps / >0.5m minimum)Athabasca Unconformity Depth (m)Total Drillhole Depth (m)
Hole IDSection LineEastingNorthingElevationAzDipFrom
(m)		To
 (m)		Interval (m)Max CPS
PLN24-1782835S589250.16408364.9537.6-66.553.5446.50447.000.50310175.4554
PLN24-1794245S590177.86407292.3542.2-64.354.2B1 MSZ Exploration; no radioactivity
>300 cps		372.8533
PLN24-1801125S588192.36409710.1542.3-60.154.4319.00319.500.50700n.a.556
PLN24-1812880S589300.56408383.0539.6-65.179.3377.50378.000.50360200.0, 308.6, 360.3466
PLN24-1825280S590644.16406355.3539.2-71.853.6B1 MSZ Exploration; no radioactivity
>300 cps		342.7446
PLN24-1833240S589413.86407982.6530.1-59.054.1B1 MSZ Exploration; no radioactivity
>300 cps		392.6743
PLN24-184105S587752.66410654.2544.6-62.153.2207.50208.000.50540194.4290
228.50229.000.50980
229.00229.500.50560
229.50230.000.501100
230.00230.500.50540
230.50231.000.50<300
231.00231.500.502400
231.50232.000.50690
232.00232.500.50680
232.50233.000.50540
233.00233.500.5036100
233.50233.800.3022100
233.80234.000.209900
234.00234.500.50350
234.50235.000.507200
235.00235.500.508700
235.50235.600.1065500
235.60235.900.30>65535
235.90236.000.1065500
236.00236.500.50550
236.50237.000.5016900
237.00237.500.50730
237.50238.000.501700
238.00238.150.1565500
238.15238.500.35>65535
238.50238.650.1565500
238.65239.000.35>65535
239.00239.200.2023300
239.20239.500.309900
239.50239.600.1065500
239.60240.000.40>65535
240.00240.100.10>65535
240.10240.300.2065500
240.30240.500.209900
240.50241.000.50520
241.00241.500.50620
241.50242.000.50440
244.00244.500.50750
244.50245.000.50810
PLN24-185025S587736.86410738.8545.3-65.952.9218.00218.500.50570197.2278
218.50219.501.00<300
219.50220.000.50800
220.00220.500.50630
220.50221.000.50380
221.00222.001.00<300
222.00222.500.506100
222.50223.000.505600
223.00223.300.30>65535
223.30223.500.2059400
223.50223.800.3058700
223.80224.000.20>65535
224.00224.500.5046700
224.50224.850.3523200
224.85225.000.159800
225.00225.250.2517600
225.25225.500.259100
225.50226.000.508300
226.00226.500.504600
226.50227.000.508000
227.00227.500.50800
227.50228.000.50380
228.00228.500.50800
228.50230.001.50<300
230.00230.300.305200
230.30230.500.2033000
230.50231.000.501100
PLN24-186035S587810.16410777.2545.7-79.250.9186.50187.000.50360175.0263
187.00187.500.50810
187.50188.000.50310
188.00188.500.50350
188.50189.000.50<300
189.00189.500.50560
189.50190.000.501100
190.00190.500.501400
190.50191.000.501700
191.00191.500.502400
191.50191.650.154100
191.65192.000.3513100
192.00192.500.502600
192.50193.000.502000
193.00193.500.5013300
193.50194.000.509400
194.00194.500.507000
194.50195.000.502800
195.00195.500.503500
195.50196.000.50330
196.00196.500.501700
196.50197.000.501300
197.00197.500.50470
PLN24-1873240S589410.26407980.4530.8-65.453.8549.00549.500.50300373.0713

Handheld spectrometer composite parameters:
1: Minimum Thickness of 0.5m
2: CPS Cut-Off of 300 counts per second
3: Maximum Internal Dilution of 2.0m

Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.

Composited weight % U3O8 mineralized intervals are summarized in Table 1. Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS.

The Company considers uranium mineralization with assay results of greater than 1.0 weight % U3O8 as “high grade” and results greater than 20.0 weight % U3O8 as “ultra-high grade.”

All depth measurements reported are down-hole and true thickness are yet to be determined.

About Patterson Lake North:

The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit.

Qualified Person:

The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.

About F3 Uranium Corp:

F3 Uranium is a uranium exploration company advancing its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) Project in the southwest Athabasca Basin. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone discovery is located ~25km northwest of Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN project is comprised of the PLN, Minto and Broach properties. The Broach property incorporates the former PW property which was obtained from CanAlaska as a result of a property swap.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of the management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.

F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2

Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228040

Categories
Base Metals Energy Junior Mining

Big Tech investments reignite debate over advanced nuclear reactors

Akiko Fujita

Akiko Fujita · Host

Sun, October 27, 2024 

Small modular reactors (SMRs) have long held the promise of cheaper, more efficient nuclear energy. Their smaller, standardized designs were expected to usher in a new era for an industry historically plagued by cost overruns and safety concerns.

But as major tech firms, including Google (GOOG) and Amazon (AMZN), turn to advanced technologies in hopes of powering their AI ambitions with a low carbon footprint, skeptics are raising questions about their viability, largely because no commercial SMR has been built in the US yet.

Despite the talk of a simplified process, there are only three SMRs operational worldwide — two in Russia and one in China.

“Nobody knows how long they’re going to take to build,” said David Schlissel, an analyst at the Institute for Energy Economics and Financial Analysis who has been critical of SMRs. “Nobody knows how expensive they’re going to be to build. We don’t know how effective they will be in addressing climate change because it may take them 10 to 15 years to build them.”

DALIAN, CHINA - JULY 14: The core module of the ACP100 multi-purpose, small modular pressurised water reactor (PWR) - also referred to as the Linglong One, is transferred to a ship on July 14, 2023 in Dalian, Liaoning Province of China. The core module for the ACP100 demonstration project has passed the final acceptance and will be shipped to the construction site at the Changjiang nuclear power plant on China's southern island province of Hainan. (Photo by Liu Xuan/VCG via Getty Images)
The core module of the ACP100 multi-purpose, small modular pressurized water reactor (PWR), also referred to as the Linglong One, is transferred to a ship on July 14, 2023, in Dalian, Liaoning Province of China. (Liu Xuan/VCG via Getty Images) · VCG via Getty Images

Nuclear power has received renewed interest because of the global push to move away from fossil fuels to reduce harmful emissions driving climate change. Although wind and solar power offer prevalent, low-cost energy options, nuclear remains an attractive clean alternative, in large part because it can run 24/7 in any season and has a smaller footprint.

SMRs have offered the most promise. Unlike traditional nuclear plants that have been costly and time-consuming, modular reactors are one-third the size, with a power capacity of 300 megawatts or less. The nuclear industry has touted their efficiency and cost savings, as SMRs are built in factories and assembled on-site.

“It reduces the risk associated with the project,” said Jacopo Buongiorno, a professor of nuclear engineering at MIT. “For an investor, … you may recover your investment quicker and with fewer uncertainties in terms of project execution.”

‘The technology is evolving’

Yet, in many ways, the hurdles facing this new generation of reactors have mirrored the old. Advanced reactor designs have taken longer than projected. Those delays have added to cost overruns.

Oregon-based NuScale (SMR) became the first company to get approval from the Nuclear Regulatory Commission to build SMRs in 2022, but the company canceled plans to deploy six reactors in Idaho last year. The announcement came after costs for the project, scheduled for completion in 2030, ballooned from $5 billion to $9 billion.

https://flo.uri.sh/visualisation/19985422/embed?auto=1

Buongiorno said the buildout has been complicated by the array of technologies tested within individual projects. While all SMRs utilize uranium as fuel, its form and application within reactors differ depending on the company and its technology. That’s dramatically different from existing nuclear power plants, which all use uranium dioxide, he said.

“The technology is evolving. We expect the performance of these reactors to be different. But the big question marks are … what’s going to be the reliability? How reliable this technology is going to be, given that we don’t have a lot of experience?” Buongiorno said. “Equally, if not more important, what’s going to be the cost?”

AI a ‘game changer’

X-energy CEO Clay Sell said demand has been part of the problem until now.

Artificial intelligence has changed that calculation, largely because of the energy needs associated with powering data centers that drive AI models, Sell said. Goldman Sachs estimates the advanced technology will contribute to a 160% increase in data center power demand by 2030.

Earlier this month, Amazon announced a $500 million investment in the development of SMRs, including funding for X-energy. That funding will help X-energy complete the design of its standard plant and construct the first facility that will manufacture the fuel used in those plants, Sell said, calling the investment a “game changer.”

“A significant portion of the increased electricity demand in the United States for the next 25 years is going to come from AI,” Sell said. “It could be as high as 10%, 20%.”

Kairos Power CEO Mike Laufer, who inked a purchase agreement deal with Google, said his company is still in the process of pursuing non-nuclear demonstrations of the technology. Any “cost certainty” would hinge on a successful demonstration and the company’s ability to manufacture in-house, he said.

“[Cost certainty] has been very elusive in this space,” he said.

CHANGJIANG, CHINA - JULY 04: Aerial view of the construction site of Linglong-1 (ACP-100), the world's first onshore commercial small modular reactor (SMR), on July 4, 2024 in Changjiang Li Autonomous County, Hainan Province of China. (Photo by Wang Jian/VCG via Getty Images)
Aerial view of the construction site of Linglong-1 (ACP-100), the world’s first onshore commercial small modular reactor (SMR), on July 4, 2024, in Changjiang Li Autonomous County, Hainan Province of China. (Wang Jian/VCG via Getty Images) · VCG via Getty Images

There are other challenges beyond cost, including a lengthy regulatory approval process and what to do with all of the nuclear waste.

While nuclear companies maintaining a smaller footprint will mean less waste, a study by Stanford University found that SMRs would increase the volume of nuclear waste “by factors of 2 to 30.”

Schlissel argues that all of the money spent on small reactors should instead go to wind and solar power and battery storage, which are proven to reduce carbon emissions and cost less to produce.

Buongiorno countered that nuclear reactors have a longer shelf life. While the upfront costs may be higher, reactors have a lifespan of 60 to 100 years, he said. With the smaller footprint, SMRs can also be built closer to data centers, minimizing infrastructure costs, he added.

The Department of Energy says nuclear energy is critical to transitioning the country away from fossil fuels. The agency has set aside $900 million in funding for the development of SMRs.

The Energy Department estimates the US will need approximately 700-900 GW of additional clean, firm power generation capacity to reach net-zero emissions by 2050, adding that nuclear energy already provides nearly half of carbon-free electricity in the country.

Source: https://finance.yahoo.com/news/big-tech-investments-reignite-debate-over-advanced-nuclear-reactors-133016399.html