IsoEnergy to Reopen Its Tony M Uranium Mine, Utah
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IsoEnergy Ltd. has made a strategic decision to reopen access to the underground at its Tony M uranium mine in the first half of 2024, with the goal of restarting uranium production operations in 2025.
The decision to advance Tony M is underpinned by rising uranium prices, the climate of increasing support, and demand for nuclear energy, and the recent announcement by Energy Fuels (EFR) to restart its uranium circuit at the White Mesa Mill, with whom IsoEnergy has a toll milling agreement.
Tony M, along with its Daneros and Rim projects, are one of three past-producing, fully-permitted, uranium mines in Utah owned by IsoEnergy, and is a large-scale, fully-developed and permitted underground mine that previously produced nearly one million pounds of U3O8 during two different periods of operation, from 1979-1984 and from 2007-2008.
“With the uranium spot price now trading around $100 per pound, we are in the very fortunate position of owning multiple, past-producing, fully-permitted uranium mines in the U.S. that we believe can be restarted quickly with relatively low capital costs,” said IsoEnergy CEO and Director Phil Williams.
“Our existing toll-milling agreement with Energy Fuels places IsoEnergy in a unique position to become a conventional uranium producer in the near-term,” added Williams.
Multiple work streams are now underway to move our flagship Tony M Mine back toward production in 2025, in line with the timing Energy Fuels has announced for its White Mesa Mill for which IsoEnergy has a toll milling agreement. We think this restart timing is ideal and would firmly place us in a very small group of uranium companies able to deliver uranium production in the near term,” concluded Williams.
TONY M MINE WORK PROGRAM
The company is continuing to advance plans to reopen the underground mine workings in preparation for a potential restart of Tony M. This work program includes updating mine ventilation and escape plans, maintenance of the existing ventilation fans and power infrastructure, surveying of the underground mine workings, rehabilitation of mine workings and ground support as needed, and upgrading and/or replacement of utilities.
Rehabilitation of the underground is expected to take place during H1-2024, followed by planned geologic mapping and sampling alongside mine planning ahead of anticipated completion of the study. The company currently expects to utilize contract mining initially. In addition to the 18 miles of underground development, including multiple production headings, the mine has complete surface infrastructure in place.
IsoEnergy continues to work with RME Consulting to oversee the design and implementation of the ventilation plan and Call & Nicholas, Inc. to assess the mine’s ground conditions.
IsoEnergy has guaranteed access to the White Mesa Mill by way of a toll milling agreement with Energy Fuels, providing a significant advantage to the company. The mill is the only operational conventional uranium mill in the U.S. with licensed capacity of over 8Mlbs of UO per year. The mill is within trucking distance to Tony M.
IsoEnergy is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S., Australia, and Argentina at varying stages of development, providing near, medium, and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East Project in Canada’s Athabasca Basin, which is home to the Hurricane deposit, boasting the world’s highest grade Indicated uranium mineral resource. IsoEnergy also holds a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels. These mines are currently on stand-by, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.
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