MegaWatt Lithium is accumulating mounting data supporting expansive interrogation of the Artic Fox and Isbjorn uranium and rare earth properties proximate to Arafura Resources’ Nolans Bore project — tipped capable of supplying 10 per cent of global electric vehicle demand.
A historical review of the Northern Territory projects has outlined the potential for the in-demand commodities, made even more irresistible as battery metal seller markets continue to strengthen.
In the uranium sector, the Sprott Physical Uranium Trust’s move to acquire a substantial position, propelling the spot price to multi-year highs, has buoyed further interest in NT uranium projects.
Meanwhile, China controls most of the global REE, fuelling concern amongst many stakeholders increasingly hungry to lock down long term supply arrangements on critical neodymium and praseodymium — vital for electric motor magnets.
The company said historical findings, including 2,450 parts per million U, highlight the exploration potential across the region for uranium mineralisation and support detailed field analysis.
“The Board is now intent on building a more expansive forward exploration program so that we can rapidly garner a greater understanding of our properties’ potential to host REE and uranium mineralisation at this exciting point in the cycle,” chief executive David Thornley-Hall said.
Future exploration work will include verification of the data through further analysis.
MEGA’s Canadian Securities Exchange-listed price has risen 7.69 per cent today, at CAD 15c (10:28 am UTC+8 hours).