Uranium market activity continues to generate an influx of interest and is projected for significant growth in the coming years.
According to Business Research Insights, it is estimated that the uranium market will reach US$3.9 billion by 2032, growing at a compound annual growth rate of 3.6 per cent between now and then.
In this feature, The Market Online dives into trends in the uranium space – including spot price updates, industry news and companies that have generated intrigue over a weekly period.
Highlights from the week include:
- a further decrease in uranium spot prices
- Paladin Energy acquiring Fission Uranium in C$1.1 billion transaction
- companies reporting drilling results and initiating drilling programs
Uranium spot price update
As of the time of this writing on Wednesday, the uranium spot price sits at an even US$83.10, 85.70, according to data from Business Insider, and is down 3.03 per cent from last week.
Industry news
On Monday, details of a blockbuster deal revealed that Paladin Energy (OTC:PALAF) entered into an agreement to acquire Fission Uranium (TSX:FCU) in a transaction valued at C$1.1 billion.
“The acquisition of Fission, along with the successful restart of our Langer Heinrich Mine, is another step in our strategy to diversify and grow into a global uranium leader across the top uranium mining jurisdictions of Canada, Namibia and Australia,” Ian Purdy, CEO of Paladin Energy, said in a statement.
Paladin Energy will also apply to list its shares on the Toronto Stock Exchange in tandem with the closing of the transaction.
Uranium companies in the spotlight
Skyharbour Resources (TSXV: SYH) announced Monday that its joint-venture partner company, Orano Canada, completed a geophysical program at the 49,635 hectare Preston Uranium Project in the western Athabasca Basin.
The 2024 field programs mark the first exploration projects carried out by Orano at Preston since 2020.
Shares of Baselode Energy are down 6.33 per cent over a five-day period to close at C$0.37 on Wednesday.
Appia Rare Earths & Uranium Corp. (CSE:API) made news again this week as it revealed it has begun a diamond drilling program at its Loranger property near the Athabasca Basin.
The company stated the program will target favourable geophysical indicators that intersect the Tabbernor Fault system, with the main goal to discover conductors and alteration halos that the team hopes would lead to uranium mineralization. The program will include up to 1,000 metres of drilling across three to four drill targets.
Shares of Appia Rare Earths and Uranium are up down 4.35 per cent over a five-day trading period to close at $0.11 on Wednesday.
Forum Energy Metals (TSXV: FMC)announced it had begun diamond drilling on its 100 per cent owned Aberdeen Project also in the Athabasca Basin.
Forum stated that it plans on drilling approximately 10,000 metres mostly within the Tatiggaq anomaly, as well as drilling approximately 10 drill holes on other highly prospective areas such as the Ned, Bjorn and Qavvik targets.
Over a five-day trading period shares of Forum Energy are up 13.64 per cent to close at C$0.13 on Wednesday.
What will be the top uranium headlines next week? Stay tuned!
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