Proven ProbableCategory: Project Generators
Vancouver, British Columbia–(Newsfile Corp. – December 9, 2024) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce it has signed an option agreement to acquire a 100% interest in the Taft Project (“Project”). The Project covers a total area of 3,000 hectares (30 km2) and is located in the highly prospective Revelstoke Carbonatite Belt region of British Columbia for Rare Earth Elements (REE) and gold mineralization. This transaction aligns with Riverside’s strategy of targeting high-value mineral assets in favorable jurisdictions and taking advantage of government support led by technical quality as a focus. Critical metals, such as rare earth elements (REE), are essential for national security and economic prosperity and Riverside is actively strengthening its position by acquiring and staking high-potential critical metals projects. The Company plans to begin a field program on the Project immediately.
“Riverside Resources has a long history of identifying and acquiring high-potential mineral assets in stable jurisdictions, and the Taft Project is another excellent example of this approach,” stated John-Mark Staude, President and CEO of Riverside Resources. “As the demand for critical minerals continues to grow, particularly in the fields of renewable energy, electric vehicles, and advanced technologies, projects like Taft play an essential role in securing North America’s access to these vital resources.”
“With governments increasingly emphasizing the importance of developing domestic supply chains for critical minerals, including recent initiatives by the United States and Canada to support exploration and production, Riverside is proud to contribute to this strategic imperative. By acquiring and investing in projects like Taft, we are not only enhancing our portfolio but also progressing the global transition to cleaner energy and more resilient supply networks.”
Project Option Terms:
As per the Agreement, Riverside can earn a 100% interest in the Taft Project by making staged cash payments totaling CAD $125,000 over five years, as detailed below:
a) $15,000 upon signing of the Agreement; (paid)
b) $15,000 on or before the 1st anniversary of the Effective Date;
c) $20,000 on or before the 2nd anniversary of the Effective Date;
d) $20,000 on or before the 3rd anniversary of the Effective Date;
e) $25,000 on or before the 4th anniversary of the Effective Date; and
f) $30,000 on or before the final anniversary of the Effective Date.
Additionally, Riverside will commit to a minimum of $320,000 in exploration expenditures over the same period, as detailed below:
a) $ 60,000.00 on or before the 1st anniversary of the Effective Date;
b) $ 60,000.00 on or before the 2nd anniversary of the Effective Date;
c) $ 60,000.00 on or before the 3rd anniversary of the Effective Date;
d) $ 60,000.00 on or before the 4th anniversary of the Effective Date; and
e) $ 80,000.00 on or before the final anniversary of the Effective Date.
This transaction involves no royalties, aligning with Riverside’s ongoing commitment to maintaining royalty-free projects. Consistent with its business model over the past 15+ years, Riverside creates royalties only when optioning or selling projects to third parties in future business transactions.
Exploration Plans
The exploration program will begin with stream geochemistry studies initiated this summer, followed by soil and rock geochemical prospecting. Fieldwork will include geological mapping and reconnaissance traverses, building on earlier government studies and prior prospector reports. The focus is to delineate the Rare Earth Element potential associated with carbonatite intrusions, which are key mineralization targets for both the property and the company within this belt. Additionally, the program will investigate gold anomalies identified in initial surveys, building on previous exploration efforts in the area. Riverside’s planned investments include geological mapping, sampling, and targeted drilling to further define the resource potential of the project.
About the Taft Project
The Taft Project presents a high-potential opportunity to discover critical mineral resources essential to the increasing demand for renewable energy, technology, and advanced materials. Its favorable geological setting and strategic location within a supportive jurisdiction highlight its importance in Riverside’s portfolio. Geological mapping of the REE-rich terrane has identified promising areas along the belt, supported by favorable geochemistry and indicator minerals. Current sampling and exploration efforts, in collaboration with local prospectors, aim to refine targets through access, sampling, and mapping. These activities are paving the way for a focused exploration program in 2025, targeting both REE and gold zones.
Figure 1: Location map and mineral concession map with tenure under option in red and Riverside 100% owned tenure in yellow.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/232849_36c44faa64bf49eb_003full.jpg
Qualified Person & QA/QC:
The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Eric Negraeff
Investor Relations
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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/232849
Kelowna, British Columbia–(Newsfile Corp. – December 3, 2024) – Strathmore Plus Uranium Corporation (TSXV: SUU) (OTCQB: SUUFF) (FSE: TO3) (“Strathmore” or “the Company“) is pleased to announce that the Company drilled two newly identified uranium roll fronts on the Beaver Rim project. Four drill holes were completed, including the discovery of the two mineralized zones on the South Sage claim group. The intercepts included 7.5 feet grading 0.042% eU3O8 from 1,119-1,126.5 feet (hole BR-03-24) and 4.5 feet grading 0.024% eU3O8 from 1,090-1,094.5 feet (hole BR-01-24).
The Beaver Rim areas drilled lie 1 to 3 miles south of Cameco’s fully permitted in-situ recovery Gas Hills project. The goals of the drilling program were to determine the validity of our geologic model for Beaver Rim and that it’s a legitimate uranium exploration target. This included:
- Finding out if the arkosic-rich sediments beneath Beaver Rim correlate to the uranium bearing sediments to the north in the adjacent Gas Hills mining district?
- Did these sediments act as the geologic passageway for uranium transport from the south through the project area towards Gas Hills?
- Are these sediments suitable for uranium deposition and was there any uranium mineralization discovered in the Beaver Rim sediments?
With completion of the initial phase of drilling, Strathmore believes we have answered “Yes” to each of the questions regarding the geologic model, by having encountered uranium mineralization on the Beaver Rim project. The targeted host sandstone, the Puddle Springs Arkose member of the Eocene Wind River Formation was tested with the drilling. Results of the drilling show that the Puddle Springs is a very clean quartzite and feldspar-rich coarse sandstone and lesser mudstones. The member varied in thickness from 130-170 feet. Mineralization above grade cutoff (0.015% eU3O8) was encountered in two holes (BR-01-24, BR-03-24) in two separate sandstone intervals. A third hole, BR-02-24, showed above background gamma levels in three distinct sand intervals with notable alteration of the granitic sandstones in all holes drilled.
Based on these results, Strathmore believes the Beaver Rim area is a viable uranium exploration target. The Company plans to continue exploration of the project in 2025, including on the Diamond claim group to the west where previous drilling by Strathmore Minerals in 2012 encountered stacked roll front mineralization.
| Hole ID | Latitude | Longitude | Collar (Ft) | From (Ft) | To (Ft) | Thickness (Ft) | Grade % |
| BR-01-24 | 42.72470 | -107.51230 | 7,118 | 1,090.0 | 1,094.5 | 4.5 | 0.028 |
| BR-02-24 | 42.72918 | -107.51454 | 7,178 | Below cutoff | |||
| BR-03-24 | 42.72495 | -107.51283 | 7,126 | 1,119.0 | 1,126.5 | 7.5 | 0.042 |
| 1,137.0 | 1,139.5 | 2.5 | 0.028 | ||||
| BR-04-24 | 42.76613 | -107.50053 | 7,403 | Below cutoff |
Note: The tabled geophysical results are based on equivalent uranium (eU3O8) of the gamma-ray probes calibrated at the Department of Energy’s Test Facility in Casper, Wyoming. A series E Century Geophysical logging tool with gamma-ray, spontaneous potential, resistivity, and drift detectors was utilized in the logging. The reader is cautioned that the reported uranium grades may not reflect actual uranium concentrations due to the potential for disequilibrium between uranium and its gamma emitting daughter products. Further analysis on radiometric equilibrium will be conducted by Strathmore in the future.
Beaver Rim Technical Report
The Company has refiled to Sedar a technical report for the Beaver Rim project titled Technical Report on the Gas Hills-Beaver Rim Uranium Exploration Project, Fremont and Natrona Counties, Wyoming, USA. The report was authored by Mark B. Mathisen, C.P.G., of SLR International Corporation, and dated May 31, 2022. The report was required for Company regulatory purposes and inadvertently misfiled at the time in 2022. The report is available at www.sedarplus.ca. An updated report is planned upon completion of the autumn exploration program at the Beaver Rim project.
About the Beaver Rim Project
The Gas Hills uranium district is the largest uranium district in the State of Wyoming; with more than 100 million pounds of uranium being mined between 1954 to1988 when production ceased due to declining prices. Historical and recent reports suggest 50 to100 million pounds of uranium may exist in the Gas Hills district. The Beaver Rim project consists of 265 wholly owned mining claims totaling 5,475 acres. The project area was previously explored by American Nuclear in the 1970s, Cameco between1990 to early 2000’s, and most recently by Strathmore Minerals in 2012, where uranium mineralization was encountered at depths of 700-1,000 feet, contained in stacked, Wyoming-type roll front deposits within arkosic-rich sandstones of the Eocene-age Wind River Formation.
The Beaver Rim project lies immediately south and adjacent to Cameco’s fully permitted Gas Hills in-situ recovery project. Cameco reported for their Gas Hills project indicated and inferred mineral resources of 13.3 million and 6 million pounds of uranium, at 0.14% and 0.08% eU3O8 respectively (reported Dec. 31, 2023). Additional, historically defined resources controlled by Cameco are noted to trend from their Property south beneath the Beaver Rim claims including the West Diamond, East Diamond, North Sage, and South Sage properties. Strathmore is reviewing the greater Beaver Rim area and past exploration as part of its intent to acquire additional properties with the potential to contain uranium mineralization.
About Strathmore Plus Uranium Corp.
Strathmore has three permitted uranium projects in Wyoming: Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium mineralization in typical Wyoming-type roll front deposits based on historical and recent drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.
Cautionary Statement: “Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Certain information contained in this press release constitutes “forward-looking information,” within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward-looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.
Strathmore Plus Uranium Corp.
Contact Information:
Investor Relations
Telephone: 1 888 882 8177
Email: info@strathmoreplus.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/232148
Kelowna, British Columbia–(Newsfile Corp. – December 3, 2024) – F3 Uranium Corp. (TSV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce rush assay results for drillhole PLN24-176 (see NR September 10, 2024) of the ongoing 2024 drill program on the PLN Property which returned 7.5m of 30.9% U3O8, including an ultra-high grade core with 4.5m of 50.1% U3O8.
Sam Hartmann, Vice President Exploration, commented:
“PLN24-176 represents the best hole drilled to date at the JR Zone in terms of grade thickness, including a true width assay interval of 4.5m of 50.1% U3O8, starting at a shallow vertical depth of only 190m below surface. This drillhole was collared approximately 14m up-dip of PLN24-137 which returned 15.0m of 3.2% U3O8, including a high grade 2.5m interval averaging 18.6% U3O8 (See NR July 30, 2024). These results from PLN24-176 emphasize the need for tightly spaced drilling in these high grade basement hosted structurally controlled uranium deposits, which can often result in opening up additional targeting areas for high grade mineralization; in this case in the up-dip direction.”
JR Zone Assay Highlight:
PLN24-176 (line 035S):
- 7.5m @ 30.9% U3O8 (196.0m to 203.5), including:
- 5.5m @ 42.2% U3O8 (197.0m to 202.5m), further including:
- 4.5m @ 50.1% U3O8 (197.5m to 202.0m)
Table 1. Drill Hole Summary and Uranium Assay Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/232279_screenshot%202024-12-02%20215213_550.jpg
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
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.
Map 1. JR Zone Drill Holes with Uranium Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/232279_f54b946e7442a80a_003full.jpg
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.
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/232279
(Bloomberg) — US President-elect Donald Trump warned the so-called BRICS nations that he would require commitments that they would not move to create a new currency as an alternative to using the US dollar and repeated threats to levy a 100% tariff.
Most Read from Bloomberg
- In Traffic-Weary Toronto, a Battle Breaks Out Over Bike Lanes
- In Italy’s Motor City, Car-Free Options Are Growing
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump said in a post to his Truth Social network on Saturday.
“We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,” he added.
Trump on his campaign trail pledged that he would make it costly for countries to move away from the US dollar. And he’s threatened to use tariffs to ensure they complied. Saturday’s threat took on new relevance as the president-elect prepares to retake power in January.
Trump and his economic advisers have been discussing ways to punish allies and adversaries alike who seek to engage in bilateral trade in currencies other than the dollar. Those measures include considering options such as export controls, currency manipulation charges and levies on trade, according to people familiar with the matter.
Trump has long stressed that he wants the US dollar to remain the world’s reserve currency, saying in a March interview with CNBC that he “would not allow countries to go off the dollar” because it would be “a hit to our country.”
The BRICS nations — as Brazil, Russia, India, China and South Africa are collectively known — discussed the issue of de-dollarization at a summit in 2023. Backlash against the dollar’s dominance gained traction in 2022 when the US led efforts to impose economic sanctions on Russia.
Economic advisers to Trump and his campaign have spoken in particular about targeting the BRICS effort.
Earlier: Trump Aides Discuss Penalties for Nations That De-Dollarize
“There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America,” Trump said Saturday.
The president-elect has already rattled world markets ahead of his second term with threats to levy an additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada if those countries do not do more to stem the flow of illegal drugs and undocumented migrants across US borders.
Canadian Prime Minister Justin Trudeau met with Trump on Friday to discuss trade and border issues in a bid to tamp down tensions between the two allied nations after the tariff threat.
Source: https://finance.yahoo.com/news/trump-demands-commitment-brics-nations-182124427.html
In this video, Dr. John Mark Staude and Georgie Mark discuss exciting developments from Riverside Resources, including the upcoming spin-out of Blue Jay Resources, a company focused on gold exploration in Ontario’s Beardmore-Geraldton gold belt. Dr. Staude highlights the strategic decision to diversify Riverside’s portfolio beyond Mexico, with Ontario offering a prime location for gold discovery. Georgie Mark, the newly appointed CEO of Blue Jay Resources, shares his vision for the company’s growth, including exploring high-grade gold deposits that have been overlooked for over 70 years. They also discuss Riverside’s strong capital structure and the opportunity for shareholders to benefit from both Riverside and Blue Jay’s future success. Find out why Rick Rule is a shareholder in Riverside Resources.
For investor questions please call or email:
Website: https://www.rivres.com/ TSX.V: RRI | OTC: RVSDF Communications Team 778-327-6671
Email info@rivres.com
(Bloomberg) — President-elect Donald Trump nominated Chris Wright, who runs a Colorado-based oil and natural gas fracking services company, to lead the Energy Department.
Most Read from Bloomberg
- Saudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency Sace
- The Urban-Rural Divide Over Highway Expansion and Emissions
Wright, the chief executive officer of Liberty Energy Inc., has no previous Washington experience. He’s made a name for himself as a vocal proponent of oil and gas, saying fossil fuels are crucial for spreading prosperity and lifting people from poverty. The threat of global warming, he has said, is exaggerated.
“Chris has been a leading technologist and entrepreneur in Energy,” Trump said in a statement Saturday. “He has worked in Nuclear, Solar, Geothermal, and Oil and Gas. Most significantly, Chris was one of the pioneers who helped launch the American Shale Revolution that fueled American Energy Independence, and transformed the Global Energy Markets and Geopolitics.”
Trump said Wright, if confirmed, would also sit on the newly formed Council of National Energy that will be chaired by Doug Burgum, Trump’s nominee to lead the Interior Department.
The Energy Department has a disparate mission that includes helping to maintain the nation’s nuclear warheads, studying supercomputers and maintaining the US’s several hundred million-barrel stockpile of crude oil.
It also plays a key role in approving projects to export liquefied natural gas, something that was paused during Biden’s administration. Trump has vowed to undo the pause.
While the department has little authority over oil and gas development, Wright will play a leading role in helping Trump carry out his energy priorities.
Trump’s selection of Wright, whose company is among the largest providers of fracking services globally, is a show of support for the hot-button oil and gas extraction method that Trump frequently touted during the campaign to attack his Democratic opponent Kamala Harris.
Harris said she’d consider banning the technique during her 2020 primary run and reversed course in her 2024 campaign.
‘No Climate Crisis’
Wright’s company published a 180-page paper this year that concluded climate change “is far from the world’s greatest threat to human life,” and that “hydrocarbons are essential to improving the wealth, health, and life opportunities for the less energized.”
“There is no climate crisis. And we are not in the midst of an energy transition either,” Wright said in a video posted on his LinkedIn page. “Humans, and all complex life on earth, is simply impossible without carbon dioxide — hence the term carbon pollution is outrageous.”
Wright holds engineering degrees from the Massachusetts Institute of Technology and the University of California at Berkeley. He describes himself on his Denver-based company’s website as a “tech nerd turned entrepreneur and a dedicated humanitarian.”
While Wright has warned that subsidies for wind and solar drive up power prices and increase grid instability, he does support alternative energy. He serves on the board of small modular reactor developer Oklo Inc., and his company is an investor in geothermal energy and sodium-ion battery technology.
“I’m not here to protect market share for oil gas,” he said during a 2022 interview with Bloomberg Television. “We should do credible things, mostly driven by market forces. But shoveling subsidies at wind and solar, which are 3% of global energy, that’s not meaningfully going to change greenhouse gas emissions. But it is going to drive electricity prices up.”
Wright is also on the board EMX Royalty Corp., a global mining royalties firm, according to his company bio.
Trump named Wright with backing from Continental Resources Chairman Harold Hamm, a Trump energy adviser and donor. Hamm said in an interview with the Houston-based trade publication Hart Energy that Wright was his choice for the job.
If confirmed by Congress, Wright would play a leading role in Trump carrying out his campaign pledge to declare a national emergency on energy. Trump has cast such a declaration as helping increase domestic energy production — including for electricity — which he says is needed to help meet booming power needs for artificial intelligence.
Under the first Trump administration, the Energy Department played a critical role in the president-elect’s efforts to revive US coal power, an initiative he’s hinted he may attempt again.
Wright would also oversee Trump’s promise to refill the nation’s emergency cache of crude oil. The Strategic Petroleum Reserve, which has a capacity of more than 700 million barrels, reached lows not seen since the 1980s following the Biden administration’s unprecedented drawdown of a record 180 million barrels in the wake of Russia’s invasion of Ukraine.
Trump’s first energy secretary, former Texas Governor Rick Perry, called for eliminating the agency entirely during a run for president in the 2012 cycle. He later apologized and vowed to defend the agency “after being briefed on so many of the vital functions” it plays.
–With assistance from David Wethe.
Source: https://finance.yahoo.com/news/trump-chooses-oil-fracking-boss-214648842.html
The price of uranium will rebound from its lowest level in a year as supply shortages, nuclear energy’s promise for clean energy and president-elect Donald Trump’s America-first security stance provide support, the world’s largest investment fund in the physical metal says.
The heavy metal’s spot price fell to $76.56 per lb. this week, down from a 17-year high of $106 per lb. in February. But it should recover to between $90 and $100 a lb. by about June, according to John Ciampaglia, CEO of Sprott Asset Management. He runs the $5.1 billion Sprott Physical Uranium Trust (TSX: U.U for USD; U.UN for CAD).
The United States and other Western nations such as Canada, Australia and Namibia are restarting or ramping up production of uranium oxide. Yet, it’s nowhere near enough to meet just the 50 million lb. a year needed to power US nuclear power plants. Output from global leader Kazakhstan has been hampered by sulphuric acid shortages. The West is attempting to limit uranium supplies from pariah Russia, which controls some 40% of the world’s capacity to enrich uranium into fuel.
“What Trump will continue to do is support local industry in the name of national security and reshoring, and that obviously has implications right across the whole nuclear fuel supply chain,” Ciampaglia said in an interview on Friday with The Northern Miner. “Canada will be a huge winner here as we restart uranium projects and build new uranium mines.”
Utilities defer
However, utilities, which buy the majority of their uranium in long-term contracts, haven’t been stocking up on supplies during the supply shortage as much as Ciampaglia expected. Even some miners such as Cameco (TSX: CCO; NYSE: CCJ) have had to buy uranium on the spot market to meet utility supply contracts when production fell short. The needs for some 60 new nuclear plants under construction aren’t reflected in the spot price, he said.
“We’re a little bit confused sometimes around the utility behavior,” he said. “We would have thought that their urgency to buy more uranium would be higher, given the risks to the supply chain, given some of the production challenges with the restarts and given the long timelines to get new mines online. The market over the next four to six years is going to be very supply challenged.”
He said the price fell this year over uncertainty about the US Congress passing an import ban in August against Russian enriched uranium. However, it doesn’t take effect until 2028 and some utilities may wait to see if Russia-friendly Trump cuts a deal with President Vladimir Putin to lift the sanctions.
“Energy security is driving a lot of the energy policy, so we’re really bullish on uranium,” Ciampaglia said, adding that the US depends on nuclear for 19% of its power. “That price correction we’ve had in uranium this year is very overdone.”
Trump’s avowed stance to impose tariffs on all kinds of global trade and Putin’s own threat in September to retaliate against the West with sanctions on uranium, nickel and palladium complicates matters. Yet, energy security will be the driving force, the CEO said.
“The US Department of Energy wants to force users in the US to shift to domestic sources, given this capacity that’s being built is very, very expensive,” Ciampaglia said. “They want that capacity to be filled through long-term contracts with the new capacity being scaled.”
Big tech
Uranium demand has more catalysts to rise as energy-hungry artificial intelligence spreads among tech giants Alphabet, the parent of Google, Amazon, Oracle and Microsoft. They’ve all bought property near nuclear plants, or made long-term power deals and expressed interest in the development of small nuclear reactors (SMRs).
“It’s really interesting that big tech with very deep pockets of capital are really stepping up to the plate and acknowledging that they just can’t fund the building of new solar and wind farms to power these AI data centres,” Ciampaglia said. “They also need firm clean power coming from large-scale reactors.”
Microsoft announced a 20-year power purchase agreement with Constellation Energy in September. It includes nuclear power from the Crane Clean Energy Center and the restart of Three Mile Island Unit One. French state nuclear company Orano chose Tennessee in September to build an enrichment plant and its expanding another in southern France. Urenco, a British-Dutch-German nuclear fuel consortium, is expanding a site in New Mexico.
Projects due
One the production side, Cameco has been ramping up production at the MacArthur River and Key Lake mines in Saskatchewan. The plants were idled when uranium prices were low before the surge of green energy investments to limit climate change. Denison Mines (TSX: DML; NYSE: DNN) and NexGen Energy (TSX: NXE; NYSE: NXE; ASX: NXG) are progressing their advanced-stage Wheeler and Rook I projects, respectively.
Even so, the projects are years if not a decade away from producing. Also, the Canadian government has launched a national security review of Paladin Energy’s (ASX: PDN) proposed C$1.1 billion takeover of Saskatchewan uranium developer Fission Uranium (TSX: FCU).
Meantime, Cameco and Kazakhstan’s Kazatomprom (LSE: KAP), in a joint venture on the Inkai mine in the central Asian country, said this month it was performing about 20% below expectations.
Likewise, south of the border companies such as Uranium Energy (NYSE-AM: UEC) and Energy Fuels (NYSE: UUUU; TSX: EFR) are reopening sites in Wyoming, Texas, Arizona, and Utah after years of inactivity.
Delays
But Energy Fuels’ Canyon project near the Grand Canyon has faced delays due to regulatory challenges, environmental opposition and legal battles with groups concerned about its impact on the nearby national park and groundwater. EnCore Energy’s (TSXV: EU; NASDAQ: EU) Dewey Burdock project in South Dakota and Uranium Energy’s Sheep Mountain project in Wyoming have faced similar hurdles.
The Sprott Physical Uranium Trust raised about C$65 million to C$70 million in new equity in the last six weeks or so, the CEO said. It’s prepared for another September-to-May period when more long-term contracting tends to occur, he said.
“After having a little bit of a low, given all the distractions, we’re just going to get back into another up period,” he said. “We’d love to get back to buying more uranium.”
Source: https://www.mining.com/uranium-price-to-recover-next-year-on-shortage-trump-policy-sprott-ceo-says/