Uranium Royalty Corp Provides Update on Langer Heinrich Assets
VANCOUVER, BC, November 9, 2021 / CNW / – Uranium Royalty Corp. (NASDAQ: UROY) (TSXV: URC) (“URC“or the”Society“) is pleased to provide the following update on the Langer Heinrich mine, on which Uranium Royalty Corp. holds a production royalty of 0.12 AUD per kilogram of U3O8 produced from the Langer Heinrich mine and sold by Paladin Energy Limited (ASX: PDN, OTCQX: PALAF) (“Paladin”) and Paladin Energy Metals Ltd:
Langer Heinrich mine restart plan and update of mineral resources and ore reserves
Paladin announced the November 4, 2021 an update on the Langer Heinrich restart plan and presented an updated mineral resource and ore reserve estimate for the Langer Heinrich mine. Highlights of the update include:
Confirms the estimated restart costs of US $ 81 million and a mine life of 17 years supported by ore reserves of 84.8 Mt with an average U3O8 content of 448 ppm
Mine life production target increased to 77.4 Mlb U3O8 (previously 76.1 Mlb)
The estimated C1 mine life costs are updated for US $ 27.40/ kg. (previously US $ 26.90/ lb.), mainly due to the increase in estimated contractual mining rates
Confirmation of an estimated project lead time of 18 months from project start to first production, with full production achieved after an additional 15 months
A total of 83.8 Mlbs of U3O8 in proven and probable reserves. (1)
A total of 128.1 Mlb of U3O8 in all categories of mineral resources, including declared reserves and stocks.(2)
Paladin also says that the technical programs for the restart work are now complete, offering a strong and competitive plan to quickly restart production in the right uranium price environment. In addition, Paladin states that they continue to engage global nuclear power utilities with the goal of securing uranium uranium contracts of sufficient duration and value to support the restart of the Langer mine. Heinrich. Paladin also states that additional concept studies are underway to further identify opportunities to improve the value of the transaction.
Paladin revealed that restarting the Langer Heinrich mine will only be considered after securing additional long-term contracts of sufficient duration and value to support appropriate return for stakeholders and aim to ensure that required economic returns are achieved. He further disclosed that the duration, structure and pricing of the proposed futures contracts are subject to bilateral negotiations with potential clients and are commercially sensitive and confidential and, therefore, will not provide guidance on the threshold price required to support a decision to restart the Langer Heinrich mine.
For more information, please see Paladin’s ASX announcement dated November 4, 2021.
Ore reserves are presented on a dry basis. Proven ore reserves include ore inventories. 250 ppm cutoff applied. Tonnage figures have been rounded and may not add to totals quoted. Ore reserves declared on a 100% ownership basis, in which Paladin has a 75% interest.
200 ppm3O8 cut-off applied to in-situ mineral resources – 250 ppm U3O8 cut-off applied to stocks at the time of extraction. Mineral resources reported on a 100% ownership basis, in which Paladin has a 75% interest. The U measured and indicated3O8 Mineral resources include mineral resources modified to produce ore reserves. Exhausted for mining. Tonnage information has been rounded off and therefore figures may not add to totals shown.
About Uranium Royalty Corp.
Uranium Royalty Corp. (URC) is the world’s only uranium-focused royalty and streaming company and the only pure-play uranium company listed on the Nasdaq. URC provides investors with exposure to the price of uranium through strategic acquisitions of uranium interests, including royalties, flows, debt and equity in uranium companies, as well as through through holdings of physical uranium. The Company is well positioned as a provider of capital to an industry in need of massive investments in global production capacity to meet the growing need for uranium as a fuel for carbon-free nuclear power. URC has in-depth industry knowledge and expertise to identify and assess investment opportunities in the uranium industry. The management and board of directors of the Company include individuals with decades of combined experience in the uranium and nuclear energy industries, including specific expertise in mine financing, identification and l uranium project evaluation, mining development and sale and trade.
Note on technical disclosure
Darcy Hirsekorn, Technical Director of the Company, supervised the preparation and reviewed the technical information contained in this presentation. He holds a B.Sc. in geology from the University of Saskatchewan, is a qualified person within the meaning of National Instrument 43-101 and is registered as a professional geoscientist in Saskatchewan.
Unless otherwise specified, the Company’s disclosure herein with respect to the Properties subject to its Royalties or Proposed Royalties is based primarily on information disclosed publicly by the owners or operators of such properties, as is customary for companies of portfolio of royalties of this nature. More specifically, as a royalty holder, the Company has limited access, if any, to properties subject to its interests. The Company generally relies on publicly available information regarding these properties and related transactions and generally does not have the ability to independently verify such information. In addition, this publicly available information may relate to a larger area of ââproperty than that covered by the interests of the Company.
Unless otherwise indicated, the scientific and technical information disclosed in this document comes from the November 4, 2021 The ASX version of Paladin titled “Langer Heinrich Mine Restart Plan Update, Mineral Resource and Ore Reserve Update” is available on the ASX website.
Certain statements in this press release may constitute âforward-looking informationâ, including those regarding the Company’s expectations regarding the uranium markets and Paladin’s plans for the Langer Heinrich mine. Forward-looking information includes statements that deal with or discuss activities, events or developments that the Company expects or anticipates might occur in the future. When used in this press release, words such as “believes”, “expects”, “plans”, “plans”, “will”, “believes”, “intends”, “Should”, “could”, “could” and other similar terminology is intended to identify such forward-looking information. Statements constituting forward-looking information reflect the current expectations and beliefs of the management of the Company. These statements involve material uncertainties, known and unknown risks, uncertainties and other factors and, therefore, the actual results, performance or achievements of the Company and its industry may differ materially from those implied by these forward-looking statements. . They should not be interpreted as a guarantee of future performance or results and will not necessarily constitute a precise indication of whether or not such results will be obtained. A number of factors could cause actual results to differ materially from this forward-looking information, including, without limitation, risks inherent in royalty companies, uranium price volatility, risks associated with operators of the projects underlying the Company’s existing and proposed interests, any inability of Paladin to obtain the financing or sales contracts necessary to restart the mine and the other risks described in documents filed with Canadian authorities in securities and the United States Securities and Exchange Commission. These and other risks could cause actual results and events to vary significantly. Therefore, readers should exercise caution in relying on forward-looking information and the Company makes no commitment to revise it publicly to reflect subsequent events or circumstances, except as required by law.
Neither the TSX Venture Exchange (the âTSX-Vâ) nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy. of this press release.
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SOURCE Uranium Royalty Corp.
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