Powering the North American clean energy transition

Investor Presentation (PDF)
Why Uranium?

The Future of Green Energy

  • Compared with other fuel sources, uranium contains the highest energy density with one pellet (about the size of a gummy bear) containing as much energy as 1 ton of coal, 120 gallons of oil, or 17,000 cubic feet of natural gas
  • Nuclear energy has the lowest carbon footprint for power generation compared to any other power source, with 92% less CO2 equivalent emissions per gigawatt-hour of electricity compared to hydro-electric power, 99.4% less compared to natural gas, and 99.6% less compared to coal

The IEA World Energy Outlook predicts a 52% increase in electricity demand from 2020 to 2040, with a 75% increase predicted from 2020 to 2050

  • Policy shifts towards zero emission vehicles and carbon reduction targets will be impossible without a material increase in contribution from nuclear power
  • Nuclear power currently accounts for 20% of US electricity (92 reactors)
  • The formation of the US Strategic Uranium Reserve initiative is anticipated to develop a 20+ Mlb uranium stockpile over the next decade
Uranium Usage

Global Uranium Demand

  • The largest application for uranium is for power generation, accounting for over 55% of power generated in the United States alone
  • Globally, there are 436 nuclear power plants operational in 33 countries which generated over 2.653 million gigawatt hours of electricity in 2021
  • Additionally, there are 482 nuclear facilities proposed, planned or under construction globally
U.S. Uranium Security

The United States wants to be able to source its own fuel from ourselves and that's why we are developing a uranium strategy

Jennifer Granholm - US Energy Secretary
  • Current mined supply represents only 74% of global demand with the balance coming from declining inventories. The USA represents 28% of global demand but only 0.15% of global production.
  • The formation of the US Strategic Uranium Reserve initiative is anticipated to develop a 20+ Mlb uranium stockpile over the next decade.
  • The Nuclear Fuel Security Act of 2023 establishes a Nuclear Fuel Security Program to increase domestic production and ensure the availability of domestically produced, converted and enriched uranium.
Market Opportunity

Why Uranium Now?

  • Uranium’s price has historically experienced long bear markets and periods of exponential growth surrounding catalysts
  • The uranium market has begun a trend of price appreciation from under US$20/lb in November 2016 to the current price of US$56/lb
  • More recently, the Sprott Physical Uranium Trust (SPUT) has significantly invested into physical uranium with now over $3.46 billion under management and over 61.7 million pounds purchased to date (July 2021 – present)

The Chord Uranium Project, South Dakota

The Chord project is located in East Fall River County, South Dakota and located within three miles from enCore Energy’s permitted* Dewey-Burdock project which is targeting production in 2025. The project has seen a significant amount of historical exploration with over 500 drill holes which has culminated in a sizable historic resource.

  • Chord is host to a NI 43-101 Inferred resource of 2.75 Mlb U3O8 plus an exploration target of an additional 1.42 to 4.23 Mlb U3O8**
Project Details

* Dewey-Burdock has received its Radioactive Materials License (RML) from the U.S. Nuclear Regulatory Commission (NRC) and is currently navigating the State Licensing process.

** Chord Uranium NI 43-101 Resource Estimate dated May 7, 2024

Wray Mesa, Utah

The Wray Mesa project is located within the La Sal mining district in San Juan County, Utah, which is home to a number of advanced-stage and permitting projects owned by Energy Fuels Ltd and Laramide Resources. The project is also in close proximity to Energy Fuel’s White Mesa Mill, which is one of only four permitted uranium mills in the United States.

  • The property is contiguous to Energy Fuel’s fully-permitted and production-ready La Sal project which includes a number of past-producing uranium and vanadium mines and is host to M&I resources of 4.1 Mlb U3O8 plus 21.5 Mlb of V2O5 and Inferred resources of 0.4 Mlb U3O8 plus 1.9 Mlb of V2O5.*
  • The property is fully-permitted for an upcoming drill program.
Project Details
* Technical Report on La Sal District Project dated March 25, 2014

Mann Lake, Saskatchewan

The Mann Lake project is strategically located in the prolific Athabasca Basin, home to the highest-grade uranium in the world. The project is centrally positioned amongst a number of significant uranium deposits including:

  • The McArthur River Mine which is the largest high-grade uranium deposit in the world with reserves of 392 Mlb U3O8 at 6.89% U3O8.*
  • The Millennium Deposit which has resources of 105 Mlb U3O8 at 2.57% U3O8.**
  • The Mann Lake JV, owned by Cameco, Dennison, and AREVA, which adjoins our project.
Project Details

* Cameco Website Proven and Probable Reserves as December 31, 2022 retrieved on March 13, 2023
** Cameco Website Reserves and Resources as at December 31, 2022 retrieved on March 13, 2023

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