Uranium Royalty Acquires Additional $1.25 Million Stake in Lance Uranium Project, Wyoming
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Uranium Royalty Corp. (URC) has acquired an additional 1 percent gross revenue royalty interest on the Lance In-Situ Recovery (ISR) Uranium Mine in Wyoming, operated by Strata Energy, a wholly owned subsidiary of Peninsula Minerals Limited.
The royalty was acquired from an existing royalty holder and the consideration paid by the company was US$1.25 million in cash.
“URC couldn’t be more pleased with the addition of this comprehensive, near-term cash-flowing royalty on the Lance Project. We have great confidence in Peninsula’s management and technical teams to be able to bring this competitive asset into full production as one of the early movers, taking advantage of improving uranium markets. We look forward to the updated feasibility study recently announced by Peninsula,” said Scott Melbye, chief executive officer of URC.
“As the global nuclear fuel industry reassesses strategic and geopolitical risk, the value of American ISR uranium production in a resource-friendly state like Wyoming cannot be underestimated. As a result, we believe uranium projects in North America that are not only fully permitted and licensed, but free of control or influence from Russia and China, will attract stronger premiums as a result of the current geopolitical climate,” added Melbye.
The Lance Project is an ISR uranium project located on the north-east flank of the Powder River Basin in Wyoming, USA and is comprised of approximately 38,416 acres of mixed surface and mineral right holdings including private access agreements as well as state and federal mining claims.
The project was licensed and constructed by Strata and commenced commercial operations in 2015. From September through December of 2018, Peninsula made a series of announcements outlining the proposed transition to low-pH mining, including suspending most of the alkaline-based production in order to reduce cash expenditures. By July 2019, Peninsula said it had determined to idle alkaline-based production activities and focus on completion of a low-pH field demonstration.
About Uranium Royalty Corp.
Uranium Royalty Corp. (URC) is the world’s only uranium-focused royalty and streaming company. URC provides investors with uranium commodity price exposure through strategic acquisitions in uranium interests, including royalties, streams, debt and equity in uranium companies, as well as through holdings of physical uranium. The company is well positioned as a capital provider to an industry needing massive investments in global productive capacity to meet the growing need for uranium as fuel for carbon-free nuclear energy. URC has deep industry knowledge and expertise to identify and evaluate investment opportunities in the uranium industry. The company’s management and the board include individuals with decades of combined experience in the uranium and nuclear energy sectors, including specific expertise in mine finance, project identification and evaluation, mine development and uranium sales and trading.
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