Global Uranium Production to Increase as Prices Are Expected to Hit a 15 Year High

Palm Beach, FL – April 2, 2024 – FN Media Group News Commentary – Production of Uranium globally is projected to increase and also to reach all time highs. A recent report from said that Global uranium production is expected to grow by 11.7% to more than 60.3 kilotonnes (kt) in 2024, according to estimates by UK-based analytics firm GlobalData, with the production rise predominantly coming from key producers such as Kazakhstan and Canada.  It added:”Kazakhstan is expected to deliver the highest uranium production growth in 2024, GlobalData says, driven by the planned higher output from the country’s largest uranium producer Kazatomprom. The continuous ramp-up of Canada’s McArthur River uranium mine will also contribute to the global increase, it adds.  Kazakhstan accounted for 37.3% (20.1kt) of total global uranium supply in 2023. Despite a 5.1% dip in output in 2023 due to planned lower production from Kazatomprom, its output is expected to recover in 2024, with forecast production of 23.2kt. This will be supported by the company’s plan to produce between 21.2-21.6kt on a 100% basis, while production is expected to increase to between 25.9-26.7kt with no restrictions in 2025.”  It continued: “Meanwhile, global uranium production in 2024 will be further bolstered by continuous ramp-up of Canada’s McArthur River, which is aiming to produce 6.9kt of uranium (8.2kt of U3O8) for 2024. In October 2023, the Canadian Nuclear Safety Commission renewed the licences for McArthur River for a further 20 years, allowing the mine to continue operations until October 2043.  Global uranium production is expected to grow with a compound annual growth rate of 4.1% from 2024 to 2030, as output reaches 76.8kt in 2030.”  Active mining companies in the markets this week include Stallion Uranium Corp. (OTCQB: STLNF) (TSX-V: STUD), NexGen Energy Ltd. (NYSE: NXE), F3 Uranium Corp (OTCQB: FUUFF) (TSX-V: FUU), FISSION URANIUM CORP.  (OTCQX: FCUUF) (TSX: FCU), Cameco (NYSE: CCJ).


Another report in January 2024 from added: “Prices jumped to 15 year high in January 2024… The price increase comes as 24 nations, including the United States, Japan, Canada, Britain and France pledged last month in Dubai at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, known as COP28, to triple nuclear power capacity by 2050.”


Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) Drilling Intersects Anomalous Radioactivity – Highlighting Potential of Appaloosa Uranium Target Area Stallion Uranium Corp. (FSE: HM40) (the “Company” or “Stallion”)  is pleased to announce that it has encountered anomalous radioactivity in the first completed hole of the Company’s maiden drill program on its 100% owned Coffer Project in the prolific Southwestern Athabasca Basin in Saskatchewan, Canada.



  • Hole CF24-001 encountered anomalous radioactivity near the unconformity with a peak of 1,540cps (Counts per Second) in a 4.2m radioactive interval including 0.3m at 1,322 cps.
  • Hole CF24-001 encountered anomalous radioactivity in the basement of 262 cps over 4m.
  • Hole CF24-001 hit the unconformity at 762.6m and completed at a depth of 829.2m.
  • Highly prospective geology encountered.
  • Stallion holds a 100% ownership of the project.


“We are thrilled to encounter radioactivity on our very first hole, CF24-001, on the Appaloosa Target.”  said Darren Slugoski, Vice President Exploration, Canada. “The radioactivity encountered along with the associated alteration are strong indications that we are on a mineralized trend that has the potential to host a significant deposit. It is very rare for a drilling program to intersect radioactivity on the first hole of a program, and we think this is a testament to the potential of the Appaloosa Target. We have gained an incredible amount of geological information about the target area from the hole and have already incorporated that into our targeting models for the second hole that is now underway.”


Technical Summary for CF24-001 – (Zone 12 V 598869 Easting, 6457227 Northing, 1800 Azimuth / Dip -800)


CF24-002 was drilled targeting a conductive anomaly along the eastern edge of a gravity low anomaly. The drill hole was successful in encountering anomalous radioactivity in the Athabasca Sandstone just above the unconformity as well as a second interval of anomalous radioactivity located 1.6 m into the basement. Anomalous radioactivity was encountered in the Athabasca Sandstone with a radioactive peak of 1,540 CPS in a 4.2 m interval that averaged 358 cps, including 0.3 m at 1,322 cps. The radioactivity is associated with hematite, chlorite and clay alteration and stockwork fracturing.  A RS-230 BGO Super-SPEC Handheld Gamma-Ray Spectrometer measured radioactivity of 520 counts per second (“cps”) and a Mount Sopris 2PGA-1000 downhole gamma probe measured a radiometric peak of 1,540 cps within a 4.2 metre interval of anomalous radioactivity from 758.5 to 762.7 metres. The unconformity was intersected at 762.6 m, which is significantly shallower than expected and is similar depth to unconformity as Orano’s and UEC’s (Uranium Energy Corp.) Shea Creek deposits 13km to the west. The second interval of anomalous radioactivity was encountered 1.6 m below the unconformity in hematite altered basement rocks from 764.2 to 768.2 m averaging 145 cps with a radioactive peak of 262 cps measured with the downhole gamma probe. The alteration both above and below the unconformity indicating the fertility of the target area and a mineralized system.


It’s an incredibly exciting time for the company as we start to receive the initial results from our maiden drill program,” stated Drew Zimmerman, CEO. “These initial findings not only confirm Stallion’s innovative approach of unlocking the untapped potential of our vast land holdings with cutting-edge exploration techniques, but also pave the way for pinpointing top priority targets for further drilling. The ongoing exploration at the Appaloosa site is just the beginning of our exciting journey, as we continue to uncover high priority target areas across our projects, giving the company incredible opportunities for discovery ahead!”  CONTINUED… Read these full press releases and more news for Stallion Uranium at:


Other recent developments in the mining industry of note include:


NexGen Energy Ltd. (NYSE: NXE) recently announced the discovery of new intense uranium mineralization on its 100% owned SW2 Property, 3.5 kilometers (km) east of NexGen’s world-class Arrow Deposit. The new mineralized occurrence in RK-24-183 is located on a previously untested conductor segment of Patterson Corridor East (“PCE”). Localized uranium mineralization was intersected for 19.8 meters (m) between 347.7 and 367.5 m, with peaks up to >61,000 counts per second (cps). Exploration is predominantly open in all directions including over 1.5 km along strike.


Leigh Curyer, Chief Executive Officer, commented: “Ten years after the discovery of our world-class Arrow deposit, we are thrilled to be sharing this exciting news. This new intercept reflects the high potential of NexGen’s extensive land package in the south-western section of the Athabasca Basin, Saskatchewan and is a testament to the strategic and disciplined approach to identifying new Arrow-type zones of mineralization. Drilling activity is being fully dedicated to this new discovery area to advance our understanding of scope and scale of mineralization. This hole which intersected 3.0 m of up to 61,000 cps is significantly better on all metrics than RK-14-21(the Arrow discovery hole) which intersected less than 0.5 m of greater than 9,999 cps.


F3 Uranium Corp (OTCQB: FUUFF) (TSXV: FUU) recently announced  the completion of a single sonic drill hole at the Hearty Bay Property and the early suspension of the drill program due to deteriorating and unsafe ice conditions on Lake Athabasca. The winter ice road which the Company employs to access the Hearty Bay drill sites was closed about one month earlier than usual.


The use of a track mounted sonic drill has resulted in the recovery of till for the first time under the lake in the up-ice direction from the high grade boulder trains on Isle Brochet and resulted in the recovery of a complete intersect of the underlying glacial till. Initial interpretation of this unit is favorable and suggests less post depositional disturbance than assumed, supporting the theory that the glacial till in which the historic high grade boulder trains on Isle Brochet occur, does extend up ice under the lake towards a source location.  Importantly, this suggests that it will be possible to use the subglacial till sampling method to trace the dispersion of uraniferous till under the lake, and thus directly back to the source of the historic Isle Brochet high grade boulder trains.


FISSION URANIUM CORP.  (OTCQX: FCUUF) (TSX: FCU) recently announced completion of the winter 2024 exploration drill program at its PLS high-grade uranium project, in the Athabasca Basin region of Saskatchewan, Canada. A total of 15 holes (~5,567m) were completed on six separate target areas. The target areas were located along strike to the east (East Extension) and to the west (Bridle & Saddle) of the Triple R deposit as well as parallel shear structures located to the north (Holster and Pistol) as well as to the south (Saloon) of Triple R. Drilling encountered highly prospective features considered essential to the presence of high-grade uranium mineralization such as favorable lithology, large-scale hydrothermal alteration, graphitic shear zones and in some cases elevated radioactivity on the various target areas. Based on the results of the winter program, multiple target areas on the PLS Corridor will be prioritized for follow up drilling in subsequent programs.


Ross McElroy, CEO for Fission, commented, “This is an extremely encouraging start to the renewed exploration activity at PLS. With anomalous radioactivity in multiple holes, we are very excited to have a number of high-priority target areas identified for follow up drilling. I particularly want to highlight the fact that these results are from regional exploration drilling. While our Triple R deposit continues to advance towards production on time and on schedule, we believe the PLS project has a lot more to give, and these drill results speak clearly to that potential.” 


Cameco (NYSE: CCJ) recently reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2023, in accordance with International Financial Reporting Standards (IFRS).


“Our 2023 financial performance benefitted from higher sales volumes and realized prices in our uranium and fuel services segments. Our net earnings, adjusted net earnings, and cash from operations all more than doubled compared to 2022, with adjusted EBITDA up 93%. In 2024, we expect strong financial performance as we begin to realize the benefits from our investment in Westinghouse. We plan to continue to transition to our tier-one cost structure and make the capital and other expenditures we believe are necessary to position the company for continued sustainable growth. Growth that will be sought in the same manner as we approach all aspects of our business; strategic, deliberate, disciplined, and with a focus on generating full-cycle value,” said Tim Gitzel, Cameco’s president and CEO.


“Heightened geopolitical uncertainty, global production shortfalls, and transportation challenges in 2023 further highlighted the growing security of supply risk at a time when we believe the demand outlook is stronger and more durable than ever. The benefits of nuclear power have come clearly into focus, with 28 countries around the world declaring support for the tripling of capacity to help achieve global net-zero greenhouse gas emissions by 2050. The uncertainty about where nuclear fuel supplies will come from to satisfy growing demand has led to increased long-term contracting activity, and in 2023, about 160 million pounds of uranium was placed under long-term contracts by utilities. Prices across the nuclear fuel cycle continued to rise. Spot enrichment prices are up 38% and conversion prices continue to achieve record highs. Uranium spot prices have more than doubled from around $48 (US) per pound at the end of 2022 to $100 (US) per pound at the end of January 2024, after peaking at $106 (US) per pound earlier in the month, and the long-term price for uranium was $72 (US) per pound, an increase of about 38% over the same period.


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