Published: November 12, 2024 |

[Click image to enlarge]

Uranium Energy (UEC) has filed an initial assessment technical report summary that includes an economic analysis and mineral resource estimate for its 100 percent owned Roughrider Project, located in Northern Saskatchewan, Canada.

“This initial economic assessment marks a pivotal milestone for the Roughrider Project, validating it as a top-tier, high-margin operation with a clear path to development into a world-class mine and mill. With a post-tax estimated net present value of $946 million, today’s results underscore the strength of our 2022 decision to acquire Roughrider from Rio Tinto for $150 million, consistent with our strategy to acquire accretive assets at opportune points in the uranium price cycle,” said Amir Adnani, president and CEO.

“Additionally, we see significant potential for further value creation as we advance the project through the prefeasibility stage, supported by recent exploration drill results and the discovery of the Roughrider North Deposit,” added Adnani.

“Roughrider is poised to benefit from uranium and nuclear energy’s growing prominence to address North America’s rising electricity demand for safe, reliable, economic, and clean energy sources. Given UEC’s capabilities as an established uranium producer, we are uniquely positioned to leverage our operational expertise and financial strength to advance and de-risk Roughrider, maximizing value for our shareholders, stakeholders, and rightsholders,” concluded Adnani.

Key competitive advantages that position Roughrider as an elite underground development project include:
• High grade operation with 2.36 percent U3O8 life of mine feed grade
• One of the lowest capex profiles in Canada
• Location in the Eastern Athabasca Basin, where future development will benefit from proximity to power, roads,
  and the Points North Landing airport and construction facility.

MINE PLAN

The initial economic assessment envisions that the Roughrider deposit will be mined using the longhole stoping method utilizing retreat mining in a transverse stope orientation with various orientations between the three main mineralized zones. Various underground mining methods were considered; however, longhole stoping was ultimately selected to reduce cost. Development will be located to the south of the deposits and will be accessed using a ramp decline which will also be the primary source of fresh air ventilation. Exhaust shafts will be used to ventilate the mine.

Ground freezing will be used to control water inflows into the main decline to a depth below the unconformity as well as into the three mining zones. Freeze wells will be installed from surface around the perimeter of each zone with active freezing starting at least 12 months prior to mining. 

MILL, PROCESSING, AND TAILINGS DESIGN

The processing facility incorporated in the initial economic assessment is designed using established methods from other Athabasca operations, such as Rabbit Lake, Key Lake and McClean Lake.

The technical report summary provides for the construction of a tailing management facility (TMF) to store the uranium tailings produced from processing. The TMF will be located approximately one km northeast of the proposed processing plant on gently sloping terrain. Thickened slurry tailings will be deposited into three adjacent storage cells sequentially constructed over the LOM. The design incorporates a double liner seepage containment system and a ‘pervious surround’ rock filter. This approach will allow for staged TMF cell construction and progressive reclamation. Containment will be enhanced by construction of a filter rock drain system used successfully at other uranium operations and identified as the ‘pervious surround’ approach. The storage of tailings solids below grade will reduce risk and promote secure physical containment.

At closure, the water cover will be pumped out of the cell and a cover of soil and geomembrane layers will be placed over the tailings surface. With the multi-cell design, it will be possible to progressively reclaim the TMF storage cells during the operational phase.

NEXT STEPS: LICENSING AND PERMITTING

UEC continues to advance the Roughrider Project through technical and environmental studies, community engagement, and assessing opportunities to further de-risk the project. The parallel processes of updating the environmental baseline work and Indigenous engagement will support a future environmental impact assessment required for uranium production. UEC plans to follow-up encouraging exploration results in 2024 with an updated mineral resource estimate on or about the first quarter of 2025 to support the development of a pre-feasibility study in 2025.

Uranium Energy is America’s largest and fastest growing supplier of uranium needed to produce safe, clean, reliable nuclear energy. UEC is advancing the next generation of low-cost, environmentally friendly ISR mining uranium projects in the United States and high-grade conventional projects in Canada. The company has two production-ready ISR hub and spoke platforms in South Texas and Wyoming. These two production platforms are anchored by fully operational central processing plants (CPPs) and served by seven U.S. ISR uranium projects with all their major permits in place. In August 2024, production began at the Christensen Ranch project in Wyoming, sending uranium loaded resin to the CPP at Irigaray (Wyoming hub). Additionally, the company has diversified uranium holdings including: (1) one of the largest physical uranium portfolios of U.S. warehoused U3O8; (2) a major equity stake in Uranium Royalty Corp., the only royalty company in the sector; and (3) a Western Hemisphere pipeline of resource stage uranium projects. The company’s operations are managed by professionals with decades of hands-on experience in the key facets of uranium exploration, development and mining.

Be in-the-know when you’re on-the-go!

CLICK HERE to register your email address.

Copyright © 2024 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

For licensing permission, .(JavaScript must be enabled to view this email address)