The global uranium market is experiencing a wave of activity, marked by a significant uptick in production and the greenlighting of new projects. 

In the United States, uranium production made a stunning comeback in early 2024, outpacing the entire output of the previous year. Across the border, Saskatchewan is on the cusp of launching what could become Canada’s largest uranium mining project.

According to the US Energy Information Administration (EIA), domestic uranium production in the first quarter of 2024 exceeded the total for all of 2023, with over 82,000 pounds of uranium concentrate (U3O8) mined—a 64% jump from the 50,000 pounds produced last year. The 2023 slump was largely attributed to the shutdown of Utah’s only uranium mill, but a surge in exploration and drilling activities throughout 2023 has fueled the current rebound. Despite this production surge, the spot price for U3O8 in Canada has dipped to $81.75 per pound, the lowest point of 2024 so far. 

The increase in US uranium production reflects a broader trend of renewed interest and investment in the uranium sector, which is also evident in Canada with significant new projects on the horizon.

Saskatchewan is gearing up to host the country’s largest uranium mining project as NexGen Energy moves forward with the Rook I Project. Located 130 kilometers north of La Loche, the project recently received provincial approval under Saskatchewan’s Environmental Assessment Act, marking the first time in over two decades that a greenfield uranium project has secured full environmental assessment approval in the province. While federal approval is still pending, NexGen plans to have the project operational by the end of the decade.

Saskatchewan’s Energy and Resources Minister, Jim Reiter, remains optimistic about the province’s critical minerals industry, despite challenges like labor shortages and setbacks in rare earth elements processing. He expressed confidence in the sector’s long-term potential, driven by growing global demand for critical minerals essential for renewable energy and battery technologies.

Another company making progress on an exciting uranium project in Canada is Generation Uranium (TSXV:GEN) (OTCQB:GENRF), a natural resource company that holds a 100% interest in the Yath Uranium Project, located in the prolific and under-explored Thelon Basin in Nunavut, Canada. The Yath project is situated along trend from the 43 million lbs Lac 50 uranium deposit, which is being advanced by Latitude Uranium, a company acquired by ATHA Energy in an all-share transaction valued at $64.7 million.

Historical exploration at Yath has consistently revealed uranium concentrations between 1% and 10% U3O8, highlighting its significant promise.

Generation Uranium to Launch Advanced Survey at Yath Uranium Project in Collaboration with Atha Energy

Generation Uranium (TSXV:GEN) (OTCQB:GENRF) is ramping up its exploration efforts at the highly anticipated Yath Uranium Project in Nunavut, Canada, with the launch of a cutting-edge airborne electromagnetic survey. This bold move is set to redefine the exploration landscape in one of Canada’s most promising uranium districts.

In a strategic collaboration with ATHA Energy Corp, Generation Uranium has engaged the services of Expert Geophysics Ltd., a pioneer in geophysical survey technologies, to deploy their advanced Mobile MagnetoTellurics (MMT) system. This system, known for its unparalleled accuracy, will employ the latest airborne AFMAG (Audio-frequency Magnetic) technology to map out electromagnetic (EM) anomalies across the vast 123.45 km² Yath property.

The survey will span 890 line-kilometers with an impressive 150-meter line spacing, meticulously collecting high-resolution magnetic and VLF data. This comprehensive survey aims to unlock the hidden treasures within Yath, positioning it as a potential game-changer in the uranium sector. What makes this initiative even more exciting is its integration with Atha Energy’s larger survey, creating a powerful synergy that reduces costs and accelerates the exploration timeline.

“We are pleased to have procured the services of Expert Geophysics to initiate some of the most advanced mapping technology available in the industry,” said Generation Uranium CEO Anthony Zelen. “Our collaboration with Atha Energy makes sense by using economies of scale to deliver a cost-effective way to survey Yath and advance the project towards the drill.”

This ambitious exploration effort is a testament to Generation Uranium’s commitment to pushing the boundaries of what’s possible in uranium exploration. With over $6 million already invested in Yath by the company and previous property owners, the upcoming survey is expected to yield valuable insights that could pinpoint new high-priority drill targets and propel the project to new heights.

Generation Uranium Partners with APEX Geoscience to Advance Yath Project Towards Diamond Drilling Campaign

Last month, Generation Uranium (TSXV:GEN) (OTCQB:GENRF) entered into a strategic partnership with APEX Geoscience to enhance its exploration activities at the Yath Uranium Project in Nunavut, Canada. As part of this collaboration, APEX will provide comprehensive geological consulting services, with a focus on advancing the project toward a much-anticipated diamond drilling campaign.

Under the agreement, APEX Geoscience will oversee the preparation and submission of all necessary exploration authorization applications for the upcoming drilling program. This includes thorough groundwork and coordination with key regulatory bodies, such as the Nunavut Planning Commission, the Nunavut Impact Review Board, and the Kivalliq Inuit Association, to ensure full compliance with regulatory and community requirements.

This engagement with APEX is timely, as Generation Uranium seeks to build on historical data that points to significant uranium potential at Yath. Past explorations have identified high-grade uranium deposits, with recent surveys by Kivalliq Energy further validating these findings. 

The partnership highlights Generation Uranium‘s commitment to utilizing expert knowledge and advanced technology to unlock the Yath Uranium Project’s full potential, laying the groundwork for future development and economic growth in the region.

Click here for more information about Generation Uranium (TSXV:GEN) (OTCQB:GENRF).

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Generation Uranium Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Generation Uranium Inc.’s industry; (b) market opportunity; (c) Generation Uranium Inc.’s business plans and strategies; (d) services that Generation Uranium Inc. intends to offer; (e) Generation Uranium Inc.’s milestone projections and targets; (f) Generation Uranium Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Generation Uranium Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Generation Uranium Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Generation Uranium Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Generation Uranium Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Generation Uranium Inc.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) Generation Uranium Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Generation Uranium Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Generation Uranium Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Generation Uranium Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Generation Uranium Inc.’s business operations (e) Generation Uranium Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Generation Uranium Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Generation Uranium Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Generation Uranium Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Generation Uranium Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Generation Uranium Inc. or such entities and are not necessarily indicative of future performance of Generation Uranium Inc. or such entities.

8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Mr. Derrick Strickland, P. Geo, (L5569) at Generation Uranium as the Qualified Person for the Company as defined in National Instrument 43-101.

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