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Uranium primed for a radioactive renaissance

30 November 2022 13:06

Uranium could be poised for a major comeback, with global interest in nuclear power beginning to reach critical velocity as a number of timely factors align and set the stage for a nuclear resurgence.

Nuclear expert Sashi Davies, holding a robust background in nuclear and nuclear sales from her 35-year career told Resources Rising Stars prices are poised to reach record highs and break the US$140 per pound mark set in 2007.

Talking to figures across the industry, she feels the beginning of a wave back towards nuclear energy.

“Today I think we are where we were at the beginning of the big move like back in the early 2000s, it has the same feel to it,” she said.

“Everyone knows that there is something happening. But because there is some structural change, as well as market movement, it is hard to tell how quickly and when it is going to move.

“Looking at demand, the uncertainty now is how much more demand are we going to have in the near term, as well as how far out it will go.”

And on the supply side, she said it was a case of if we are actually going to be able to bring on production quickly enough to meet that gap.

“And if you look at inventory, I have never seen so much inventory sucked out of the market as I have seen in the last 3-5 years.

“Over the next 12 months, it is a market where there are several catalysts, and if just one of those changes, I think the price could go above its last high.”

The world has been served a stark reminder that to achieve zero carbon emissions by 2050, nuclear needs to be a crucial part of the energy mix, with proof in the actions of major world governments.

The UK government has announced it will be creating a network of up to 30 small nuclear power plants as a way to tackle its climate goal, after only narrowly avoiding blackouts in the nation’s capital.

Another power moving reduce reliance on Russian gas in response to the ongoing war in Ukraine is Japan, firing up its dormant reactors to secure energy supply in the face of uncertainty.

The United States is considering outright banning Russian uranium supply in response to the war in Ukraine, with Bloomberg also speculating on a renaissance for yellowcake.

And even Germany, long staunch in its opposition to expanding nuclear programs, have announced an extension of three nuclear plants to get through the winter.

With nuclear on the comeback, uranium will rise in tune, here are the explorers already energised on uranium exploration.

Moab Minerals (ASX: MOM)

Reappearing on the ASX in September as Moab Minerals to advance its flagship REX uranium project in Colorado’s Mt Vida uranium district, Moab’s initial sampling has already returned a peak grade of 5280 parts per million uranium oxide amid visual mineralisation.

Power Metal Resources (LON: POW)

Power Metal Resources have its holdings in Canada’s renowned Athabasca basin, host to the world’s highest grade uranium deposits, and are upping its presence, with acquisition of the Badger Lake property bringing it to nearly 830 square kilometres of prospective uranium territory.

Valor Resources (ASX: VAL)

Also searching the basin for yellowcake is Valor Resources, turning heads over the past few months as potential of its Suprise Creek project shoots skyward, extending strike length to nearly 400 metres after rock chips returned grades as high as 6.13 per cent uranium oxide.

Haranga Resources (ASX: HAR)

Halfway across the world in Senegal, Haranga Resources have kicked off a two-stage drilling campaign at its Saraya prospect, moving on converting its massive 35-million-pound uranium oxide target into a JORC-compliant resource.

Consolidated Uranium (TSX-V: CUR)

With a wide range of projects across the world, Consolidated Uranium are primed to make it big off the back of a Uranium resurgence, recently setting up shop in uranium-enriched South Australia with the Yarrana project, showing historical grades up to 0.3555 per cent uranium oxide.

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