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To: LoneClone who wrote (18151)4/4/2019 9:11:05 PM
From: LoneClone
   of 19062
Uranium Participation Corporation Reports Financial Results for the Year Ended February 28, 2019

CNW GroupApril 4, 2019

TSX Trading symbol: U

TORONTO, April 4, 2019 /CNW/ - Uranium Participation Corporation ("UPC" or the "Corporation") today filed its Financial Statements and Management's Discussion & Analysis ("MD&A") for the year ended February 28, 2019. Both documents can be found on the Company's website ( or on SEDAR ( The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts are in Canadian dollars, unless otherwise noted. View PDF version

Selected financial information:

February 28,

February 28,

Net asset value (in thousands)





Net asset value per common share





U3O8 spot price(1) (US$)





UF6 spot price(1) (US$)





Foreign exchange rate (US$ to CAD$)



(1) Spot prices as published by Ux Consulting Company, LLC ("UxC").

Overall Performance

The net gain for the year ended February 28, 2019 was mainly driven by unrealized net gains on investments in uranium of $174,201,000 and income from uranium relocation agreements of $541,000, offset by operating expenses of $4,090,000 (2018 – net loss due to unrealized net losses on investments in uranium of $29,368,000, realized losses on the sale of conversion components of $4,079,000, and operating expenses of $4,038,000, slightly offset by income from uranium relocation agreements of $224,000).

Unrealized net gains on investments in uranium during the year ended February 28, 2019 were mainly due to the increase in the spot price for uranium. The spot prices during the fiscal year increased from US$21.25 per pound U3O8 and US$62.00 per KgU as UF6 at February 28, 2018, to US$28.00 per pound U3O8 and US$87.00 per KgU as UF6 at February 28, 2019. The unrealized net gain on investments in uranium was also positively impacted by a 3% increase in the U.S. dollar to Canadian dollar exchange rate during fiscal 2019. Unrealized net losses on investments in uranium during the year ended February 28, 2018 were mainly due to the decrease in spot prices from US$22.25 per pound U3O8 and US$64.00 per KgU as UF6 at February 28, 2017, to US$21.25 per pound U3O8 and US$62.00 per KgU as UF6 at February 28, 2018. The unrealized net loss on investments in uranium was also negatively impacted by a 3% decrease in the U.S. dollar to Canadian dollar exchange rate during fiscal 2018.

During the fourth quarter of fiscal 2019, the Corporation recorded an unrealized net loss on investments in uranium of $30,577,000 and a net loss for the period of $32,171,000. The unrealized net loss on investments in uranium was predominantly driven by the decrease in the spot price of uranium from US$29.10 per pound U3O8 and US$89.25 per KgU as UF6 at November 30, 2018, to US$28.00 and US$87.00, respectively at February 28, 2019. The unrealized net loss on investments in uranium was also negatively impacted by a 1% decrease in the U.S. dollar to Canadian dollar foreign exchange rate in the period. During the fourth quarter of fiscal 2018, the Corporation recorded an unrealized net loss on investments in uranium of $10,703,000 and a net loss for the period of $16,284,000, predominantly driven by the decrease in the spot price of uranium from US$22.00 per pound U3O8 and US$62.00 per KgU as UF6 at November 30, 2017, to US$21.25 and US$62.00 respectively at February 28, 2018, as well as the 1% decrease in the U.S. dollar to Canadian dollar foreign exchange rate in the period. During the fourth quarter of fiscal 2018, the Corporation also recognized a realized loss on the sale of conversion components of $4,079,000.

Total equity increased to $655,778,000 at February 28, 2019, from $463,329,000 at February 28, 2018. The increase in equity was due to the net proceeds of the Company's $23,009,200 equity financing, which resulted in the issuance of 5,612,000 common shares, as well as the net gain for the year.

The Corporation had an effective tax rate of nil for the years ended February 28, 2019 and February 28, 2018, primarily due to the Corporation's available tax shelter giving rise to a net deductible temporary difference – for which the Corporation does not recognize deferred tax assets.

Taken together, UPC's NAV per share increased to $4.75 at February 28, 2019, from $3.50 at February 28, 2018.

Current Market Conditions

Aftershocks echoing throughout the nuclear fuel industry from the 2011 Fukushima Daichii nuclear incident, which led to the multi-year shutdown of all nuclear power generation in Japan, have produced several years of challenging market conditions. In fiscal 2019, however, several significant industry events have helped set the stage for sustained positive change in future years. Stability and a rising uranium price is a welcome change for the nuclear fuel industry, which has been plagued by volatility and a sustained multi-year decline in both the spot price and long-term contract price of uranium. During fiscal 2019, the uranium price declined from approximately US$21.25 per pound U3O8 (at the beginning of the year) to an intra-year low of US$20.50 per pound U3O8 in April 2018, before strengthening and climbing steadily through the balance of the fiscal year to end the 2019 fiscal year at US$28.00 per pound U3O8.

The recent strength in the market has been supported, in part, by a number of events on the supply side. Most significant of these events was Cameco Corp's ('Cameco') announcement that the temporary shutdown of the McArthur River mine would become indefinite, with the timing of a restart dependent on future contracting and market conditions. Tied to this statement was Cameco's confirmation of its continued commitment to meeting existing customer obligations by purchasing large volumes of uranium in the spot market. National Atomic Company Kazatomprom ('Kazatomprom') added to this supply-side shift by keeping its promise to curtail its own production, resulting in a 20% reduction from previously planned production levels. Kazatomprom also indicated that they will maintain this reduced level of production in calendar years 2019 and 2020. Other curtailment efforts have also occurred – including Paladin Energy Ltd. placing its Langer Heinrich operation in Namibia on care and maintenance. The primary production landscape changed further with the decision by Rio Tinto to sell its 68.2% share in the Rössing operation in Namibia to China National Uranium Corporation. This sale does not create a fundamental change to supply and demand in the near term, but it does likely mean that Rössing production, which had been a staple of western utilities for decades, will now likely be destined for Chinese consumption going forward.

According to the World Nuclear Association ('WNA'), as at the end of the 2019 fiscal year, there are 445 nuclear reactors operable in 30 countries. These reactors can generate almost 396 gigawatts of electricity ('GWe'), which equates to approximately 10% of the world's electrical requirements and 21% of electrical requirements in Organisation for Economic Co-operation and Development ('OECD') member countries. As at February 28, 2019, are also 57 nuclear reactors under construction in 15 countries, with the principal drivers of this expansion being China (13 reactors under construction), India (7), Russia (6), South Korea (5), UAE (4) and the United States (4). In addition, there are another 126 reactors currently being planned around the world. Importantly, in February 2019, the Chinese government announced, after a brief hiatus in the approval of new reactor projects in that country, the preliminary approval for the construction of four new domestically designed HPR1000 reactors.

According to UxC's Q1 2019 Uranium Market Outlook ('Q1 2019 Outlook'), global nuclear power capacities are projected to increase to 462 reactors, generating approximately 453 GWe in 35 countries by 2035. In the Q1 2019 Outlook, UxC estimates base case demand in 2019 to be 195 million pounds U3O8. UxC also estimates that annual uranium demand could grow to 210 million pounds U3O8 under their base case for 2035, and to more than 290 million pounds U3O8 in their high case for the same period.

The Japan story remains a slow moving one, but generally positive. Japan's restart effort continues to advance, with the country finally beginning to make meaningful progress in bringing its nuclear fleet back online. In fiscal 2019, Japan increased its total number of nuclear reactors in operation to nine, proving that there is a path to restart in the country. Perhaps more important was the fact that while Japan has struggled with timely restarts over the past eight years, the global nuclear energy industry has continued to advance and has now grown such that the current level of global nuclear power generation has recovered to the pre-Fukushima levels. From this point forward, additional Japanese restarts can be seen as an added bonus to global nuclear generation.

The steady price rise in fiscal 2019 can also be attributed to the high volume of uranium transacted in the spot market. In calendar year 2018, spot market volumes set a record – exceeding 88 million pounds U3O8 and surpassing the previously recorded high of 56 million pounds U3O8 in 2011. While certain nuclear utilities looked to take advantage of low-priced uranium available in the market, the increase in transaction volume was mostly fueled by producer and trader buying resulting from production cutbacks, as well as renewed interest from financial investors speculating in the physical market. While spot market volumes exceeded expectations, long-term contracting in the market continued to lag. Market participants have entered into long term contracts for less than 400 million pounds of U3O8 over the past five years – a period in which consumption exceeded 800 million pounds U3O8.

While uncertainty surrounding Fukushima has started to fade and signposts suggesting that buyers are planning to begin long-term contracting have emerged, a Section 232 trade petition in the United States has brought renewed uncertainty to the market over the last several months. The petition was submitted to the US Department of Commerce ('DOC') at the end of fiscal 2018 by US uranium producers Energy Fuels Inc. and UR Energy Inc., requesting that the DOC investigate whether uranium imports into the United States are detrimental to that country's national security. Uncertainty from the Section 232 trade petition has gradually increased as we approach the conclusion of the DOC investigation. The companies who introduced the trade petition proposed a 25% domestic purchase quota for US utilities as a potential remedy; however, the DOC has the discretion to propose any remedy that it may consider appropriate, ahead of a final decision by the US President as to the implementation of any trade measure. It is expected that the findings of the DOC, as well as an ultimate decision by the US President on whether a remedy will be imposed and what it will look like, could be announced as early as the second calendar quarter of 2019. The overhang created by this potential trade action has had a direct impact on utility procurement, especially those based in the US – causing them to retreat from the market until the impact of the petition is better understood. This slowed purchasing led UxC to revise its projections in its Q1 2019 Outlook, such that cumulative uncovered nuclear utility requirements are now 1.6 billion pounds of U3O8 through 2035.

Other important demand-side events in fiscal 2019 have contributed to shifting market sentiment including positive news from some of the world's leading economies. In November, France released its anticipated energy plan, answering questions that had emerged regarding potential plans by the country to reduce its reliance on nuclear energy. Under the new energy plan, France upheld its goal, introduced by previous French President Hollande, to reduce its reliance on nuclear energy to 50%, but extended the time frame for this change by a decade, from 2025 to 2035. This was seen as a considerable win for nuclear energy both in France, and globally. Closely following the news from France, was an announcement by the European Commission that it will adopt a long-term climate plan that calls for the European Union to become the first major 'climate neutral' economy by 2050. The plan focuses heavily on the energy sector, stating that renewables and nuclear power will be the backbone of a carbon-free European power system. As well, China continued building on its existing reactor portfolio by starting seven new reactors in fiscal 2019. Adding to this accomplishment, China became the first to commercially operate two new reactor designs – Westinghouse Electric Company's AP1000 and France's EPR. Completion of these new designs was a positive signal to the industry that the designs work and will aid deployment of these reactor designs in other jurisdictions.

Subsequent Event

Effective April 1, 2019, the Corporation entered into a new management services agreement with the Manager (the 'MSA'). The management fee structure in the 2019 MSA is unchanged from the 2016 MSA, with the Manager being entitled to the following: a) a base fee of $400,000 per annum, payable in equal quarterly installments; b) a variable fee equal to (i) 0.3% per annum of the Corporation's total assets in excess of $100,000,000 and up to and including $500,000,000, and (ii) 0.2% per annum of the Corporation's total assets in excess of $500,000,000; c) a fee, at the discretion of the Board, for on-going monitoring or work associated with a transaction or arrangement (other than a financing, or the acquisition of or sale of U3O8 or UF6); and d) a commission of 1.0% of the gross value of any purchases or sales of U3O8 or UF6, or gross interest fees payable to the Corporation in connection with any uranium loan arrangements.

The term of the 2019 MSA is for five years, ending on March 31, 2024. In addition, the 2019 MSA includes a termination provision whereby, subject to certain exceptions, if the 2019 MSA is terminated early by the Corporation, the Manager will receive a termination payment equal to the base and variable management fees that would otherwise be payable to the Manager (calculated based on the Corporation's current uranium holdings at the time of termination) for the lesser period of a) three years; or b) the remaining term of the 2019 MSA.

The remainder of the terms of the 2019 MSA are the same as the 2016 MSA.

Outstanding Share Data

At April 4, 2019, there were 138,060,713 common shares issued and outstanding. There are no stock options or other equity instruments issued and outstanding.

About Uranium Participation Corporation

Uranium Participation Corporation is a company that invests substantially all of its assets in uranium oxide in concentrates ("U3O8") and uranium hexafluoride ("UF6") (collectively "uranium"), with the primary investment objective of achieving appreciation in the value of its uranium holdings through increases in the uranium price. Additional information about Uranium Participation Corporation is available on SEDAR at and on Uranium Participation Corporation's website at

Cautionary Statement Regarding Forward-Looking Statements

Certain information contained in this press release constitutes forward looking statements or forward looking information. These statements can be identified by the use of forward looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "plan", "should", "believe" or "continue" or the negative thereof or variations thereon or similar terminology. In particular, this press release contains forward-looking information pertaining to the value of the Corporation's investments and expectations regarding uranium spot prices and uranium market factors, including expectations regarding uranium production levels, reactor restarts, levels of uncommitted utility reactor requirements, anticipated market supply and demand, the development of new nuclear power projects, the potential impact of international trade actions, and other statements regarding the outlook for the uranium industry and market.

By their very nature, forward looking statements involve numerous factors, assumptions and estimates. A variety of factors, many of which are beyond the control of UPC, may cause actual results to differ materially from the expectations expressed in the forward looking statements. For a list of the principal risks of an investment in UPC, please refer to the "RISK FACTORS" section in the Corporation's MD&A dated April 4, 2019 available under UPC's profile at These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differ materially from those expressed or implied by the forward looking statements. Except where required under applicable securities legislation, UPC does not undertake to update any forward looking information.

SOURCE Uranium Participation Corporation

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To: LoneClone who wrote (18151)4/5/2019 2:46:56 PM
From: The Barracuda™
   of 19062
I own GLO.V but not to much. GLO.V is showing Athabasca type grades in Niger. Incredible if true; if true.

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From: The Barracuda™4/5/2019 2:49:37 PM
   of 19062
GXU is rising for no apparent reason than some big crypto twitter guys are promoting uranium as the next big thing and it seems GXU's name keeps coming up. I own a lot of GXU so am not complaining.

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From: The Barracuda™4/10/2019 9:01:00 AM
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The last time

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From: UPTICK4/10/2019 11:30:51 AM
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From: LoneClone4/12/2019 12:37:26 PM
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Skyharbour/Azincourt/Clean Commodities VTEM Survey Completed and Adds to East Preston Prospectivity

April 11, 2019 16:30 ET | Source: Skyharbour Resources Ltd

VANCOUVER, British Columbia, April 11, 2019 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB:SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that its partner company Azincourt Energy Corp. (“Azincourt”) has preliminary results from the recent helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) and Magnetic survey conducted over the southeastern portion of the East Preston Uranium Project, located in the western Athabasca Basin, Saskatchewan.

Preston Uranium Project Map:

The survey was conducted between January 23rd and February 6th, 2019, and completed survey coverage over the entire 25,000-ha project area. This survey consisted of 498 line-km with 300 m line spacing and 1,000 m tie-line spacing – identical parameters to the previous VTEM™ Max survey, and ties directly into the previous flight lines. Flight lines are oriented NW-SE, perpendicular to the NE-SW trending structural and conductor trends of the basement rocks at East Preston.

Geotech, the survey provider, is finalizing final reports, but has completed data processing and has provided a merged dataset covering the entire East Preston project by combining the newly acquired VTEM survey data with the original VTEM data coverage. In-depth interpretation is on-going by Bingham Geoscience, geophysical consultants to Azincourt. Results of the interpretation will be reported once received and reviewed.

The initial interpretation of this new survey data has added an additional 7.5 km to 10 km along two of the same prospective previously-known conductive trends. There are offset breaks in the conductor trends with multiple, discreet conductors interpreted.

East Preston VTEM Survey:

More in-depth interpretation is on-going and will be used to add to the East Preston target inventory for future exploration drill testing.

VTEM Survey Grid – Completed January 2019:

The survey consisted of 498 line-km with 300 m line spacing and 1,000 m tie-line spacing – identical parameters to the previous VTEM™ Max survey, and ties directly into the previous flight lines, oriented NW-SE, perpendicular to the NE-SW trending structural and conductor trends of the basement rocks at East Preston. 100% of the East Preston ground has now been subject to VTEM Max survey.

Geotech is currently completing data processing prior to passing to Azincourt consultants for in-depth interpretation. This new survey data will be used to add targets for future exploration drill testing and does not affect the current planned drill campaign.

East Preston Geophysical Work - Winter 2018:

Azincourt completed a winter geophysical exploration program in January-February 2018 that generated a significant amount of new drill targets within the previously untested corridors while refining additional targets near previous drilling along the Swoosh corridor.

The work included 51.5 km of grid preparation (line cutting/picketing), 46.1 km of horizontal loop electromagnetic (HLEM), and 40.6 km of ground gravity along the previously known airborne helicopter VTEM conductive trends.

Option Agreement:

Skyharbour and Clean Commodities entered into an Option Agreement (the “Agreement”) with Azincourt whereby Azincourt has an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium Project known as the East Preston Property. Under the Agreement, Azincourt has issued common shares and will contribute cash and exploration expenditure consideration totaling up to CAD $3,500,000 in exchange for up to 70% of the applicable property area over three years. Of the $3,500,000 in project consideration, $1,000,000 will be in cash payments to Skyharbour and Clean Commodities, as well as $2,500,000 in exploration expenditures over the three-year period.

Payment Conversion:

Skyharbour also announces that it has reached an agreement with Azincourt in which The Company has agreed to accept 2,000,000 common shares (the “Settlement Shares”) of Azincourt Shares in settlement of a portion of the second year cash payment owing to Skyharbour in connection with the acquisition of an interest in the East Preston Uranium Project. As partial consideration for this interest in the project, a payment of $150,000 is owing to Skyharbour. The Settlement Shares are being issued in settlement of $100,000 of the payment owing to Skyharbour and are being issued at a deemed price of $0.05 per share. The balance of $50,000 owing to Skyharbour will be paid in cash.

Completion of the issuance of the Settlement Shares remains subject to the approval of the TSX Venture Exchange. Following issuance, the Settlements Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour's Head Technical Advisor and a Qualified Person.

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with five drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines, a large strategic shareholder of the Company, to acquire 100% of the Moore Uranium Project which is located approx. 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high grade uranium mineralization at the Maverick Zone with drill results returning up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour has signed option agreements with Orano Canada Inc. and Azincourt Energy whereby Orano and Azincourt can earn in up to 70% of the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash payments and Azincourt shares. Preston is a large, geologically prospective property proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. The Company also owns a 100% interest in the Falcon Point Uranium Project on the eastern perimeter of the Basin which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The project also hosts a high-grade surface showing with up to 68% U3O8 in grab samples from a massive pitchblende vein, the source of which has yet to be discovered. The Company's 100% owned Mann Lake Uranium project on the east side of the Basin is strategically located adjacent to the Mann Lake Joint Venture operated by Cameco, where high-grade uranium mineralization was recently discovered. Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour’s Uranium Project Map in the Athabasca Basin:

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at


“Jordan Trimble”

Jordan Trimble
President and CEO

For further information contact myself or:
Nick Findler
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-639-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119


This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at for further information.

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To: LoneClone who wrote (18157)4/12/2019 12:41:56 PM
From: LoneClone
   of 19062
Ur-Energy Provides 2019 Q1 Operational Results

Ur-Energy Inc. Apr 11, 2019, 17:14 ET

LITTLETON, Colo., April 11, 2019 /CNW/ -- Ur-Energy Inc. (NYSE American:URG)(TSX: URE) (the "Company" or "Ur-Energy") is pleased to provide the following operational results for first quarter 2019.


Lost Creek Operations


2019 Q1

2018 Q4

U3O8 Captured

('000 lbs)



U3O8 Dried & Drummed

('000 lbs)



U3O8 Sold (from produced lbs)

('000 lbs)



U3O8 Sold (from purchased lbs)

('000 lbs)



Average Flow Rate




U3O8 Head Grade




Lost Creek Uranium Production and Sales
For the quarter, 22,551 pounds of U3O8 were captured within the Lost Creek plant, and 21,015 pounds of U3O8 were packaged in drums at the Lost Creek processing plant. No shipments of product were made to the conversion facility during the quarter. At March 31, 2019, inventory at the conversion facility was approximately 375,803 pounds U3O8.

In Q1 2019, sales totaled $4.8 million from 97,500 pounds sold. Our price per pound sold averaged $49.35. Half of these pounds were from Lost Creek production, produced at a cost of approximately $37.74 per pound, and half were pounds purchased for delivery, with an average purchase price of $27.51 per pound. Gross profits from contractual sales were $1.6 million, which represents a gross profit margin of approximately 34%. On a cash basis (excluding non-cash costs and extraction taxes), gross profits from contractual sales generated $2.3 million in cash, which represents a cash-basis gross profit margin of approximately 48%.

Lost Creek Operations
Production rates at Lost Creek during the quarter were in line with guidance for the year despite more difficult than normal winter weather conditions in Wyoming. Heavy snows and high winds impeded routine flow and production maintenance and hindered normal production activities. Notwithstanding the weather and site conditions, our staff remained safe, with our continuing safety record at Lost Creek intact, which now stands at over 600 days without a lost-time accident.

Section 232 Trade Action
The Department of Commerce ("DOC") continues its investigation into the impact of uranium imports on national security, and is nearing the statutory deadline to submit its report to the White House. It is anticipated that DOC will submit its report to the President, containing the Secretary's findings and recommendations of a proposed remedy, if any, very shortly. Following receipt of the report, the President has up to 90 days to act on the Secretary's report.

Guidance for 2019
In calendar year 2019, we expect to produce between 75,000 and 100,000 pounds at Lost Creek and deliver a total of 500,000 pounds into our term contracts at an average price of approximately $49 per pound. We have purchase contracts in place for 500,000 pounds at an average cost of $26 per pound. In total, 451,250 pounds of purchased product and 48,750 pounds of produced product will be delivered into the term contracts. Gross profits are expected to be approximately $11.0 million, which represents a gross profit margin of approximately 45%. On a cash basis (excluding non-cash costs and extraction taxes), gross profits from contractual sales are expected to generate $11.7 million in cash, which represents a cash-basis gross profit margin of approximately 47%. As discussed above, 97,500 pounds, including the 48,750 pounds from production, were sold in Q1 2019. We do not anticipate selling any additional produced pounds in 2019. By quarter, our remaining 2019 contractual sales are as follows: 100,000 pounds in Q2; 122,500 pounds in Q3; and 180,000 pounds in Q4.

Should uranium pricing continue to improve, or following a successful outcome of the ongoing Section 232 uranium investigation, we stand ready to ramp up production to full capacity at Lost Creek and initiate development activities at Shirley Basin. We remain operationally ready to increase production through the further development of our fully-permitted mine unit two ("MU2") at Lost Creek. Lost Creek operations could increase production rates in as little as six months following a "go" decision simply by developing additional header houses within MU2. Development expenses during this time are estimated to be less than $14 million and are almost entirely related to MU2 drilling and header house construction costs. Lost Creek does not require any significant capital expenditures in order to increase production, but we will continue to optimize site operations through engineering design enhancements and modifications. The Lost Creek plant has been well maintained and is ready to receive additional flows for increased production when warranted.

We will provide further guidance in our Form 10-Q, which is currently anticipated to be filed on Friday, May 3, 2019, and throughout the year as matters progress.

About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced, packaged and shipped approximately 2.5 million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate our LC East project area into the Lost Creek permits, and to construct and operate at our Shirley Basin Project. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on NYSE American under the symbol "URG" and on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy's website is

Jeffrey Klenda, Chair and CEO
+1 720-981-4588

Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., continuing results of Lost Creek operations and the timing and ability to ramp up operations; timing and outcome for resolution of the Section 232 trade action or other changes to the uranium market; timing and outcome for all permitting and licensure of the Shirley Basin project and for the subsequent buildout of the project; projected sales and costs of sales; and whether adjustments of production rates at Lost Creek will be necessary or appropriate during 2019) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, fluctuations in commodity prices; capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of uranium which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; delays in development and other factors described in the public filings made by the Company at and Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

SOURCE Ur-Energy Inc.

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To: LoneClone who wrote (18158)4/12/2019 12:50:23 PM
From: LoneClone
   of 19062
Appia Confirms Anomalous Radioactivity in 6 of 8 Drill Holes on the Loranger Uranium Property

Toronto, Ontario--(Newsfile Corp. - April 9, 2019) - Appia Energy Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I.F) (FSE: A0I.MU) (FSE: A0I.BE) (the "Company" or "Appia") is pleased to report that the winter diamond drill program (the "Program") on the Loranger property (the "Property") has been successfully completed. The Property is located 28 km southeast of Cameco's Rabbit Lake mill, Athabasca Basin, northern Saskatchewan.

A total of 1,063 metres was completed in eight drill holes covering three target areas. Anomalous radioactivity, hydrothermal alteration styles (bleaching, clay minerals, hematite and limonite redox fronts, smoky quartz, and chlorite), and re-mobilized ductile/brittle structural zones were intersected within each target area.

Mr. James Sykes, Appia's Vice-President, Exploration and Development, comments: "We are encouraged with the new drill results and remain confident that the Loranger property is highly prospective for high-grade uranium occurrences. We've observed a combination of radioactivity, alteration and structural styles, and characteristic mineral assemblages that all share visual similarities with nearby basement-hosted Athabasca high-grade uranium deposits (e.g., Eagle Point, Roughrider). The information we've gained from these drill holes has provided us with additional insight to guide future exploration programs on the Loranger property".

Together with the 2017 program, the Company has tested 5 of the 22 previously identified gravity low targets and covered only 2.3 km of the 94.0 total km of conductive strike length; with a cumulative total of 15 drill holes and 2,524 total metres drilled. The Company remains well-funded to continue the 2019 Rare Earth Element ground exploration program and drilling at Alces Lake and the uranium properties.

A downhole HLP 2375 natural gamma-ray spectrometer probe manufactured by Mt. Sopris was used to measure all natural gamma radiation in counts-per-second ("cps") in the drill holes. The reader is cautioned that Appia uses natural gamma-ray readings only as a preliminary indication of the presence of radioactive materials (uranium-, thorium- and/or potassium-rich minerals) and that the results may not be used directly to quantify or qualify uranium concentrations within the rock. The Company considers all HLP 2375 readings greater than 300 cps to be anomalous radioactivity.

All drill core samples have been sent to Saskatchewan Research Council's Geoanalytical Laboratory, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory in Saskatoon, SK, for uranium, multi-element and REE analysis, and determination of source(s) and concentrations of radioactive materials. Lab analysis results will be announced as soon as they are received and reviewed by the Company.

The technical content in this news release was reviewed and approved by Dr. Irvine R. Annesley, P.Geo, Advisor to the Board of Directors of Appia, and a Qualified Person as defined by National Instrument 43-101.

About Appia

Appia is a Canadian publicly-traded company in the uranium and rare earth element sectors. The Company is currently focusing on delineating high-grade critical rare earth elements ("REE") and uranium on the Alces Lake property, as well as prospecting for high-grade uranium in the prolific Athabasca Basin on its Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 64,045 hectares (158,259 acres) in Saskatchewan.

The Company also has a 100% interest in 13,008 hectares (32,143 acres), including rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario, which historically produced over 300 million pounds of U3O8 and is the only Canadian camp that has had significant rare earth element (yttrium) production.

Appia's Management and Board have over 250 years of combined industry experience, and the Technical team is directed by James Sykes, who has had direct and indirect involvement with over 450 million lbs. U3O8 being discovered in five deposits within the Athabasca Basin.

Appia has 65.0 million common shares outstanding, 83.6 million shares fully diluted.

Cautionary Note Regarding Forward-Looking Statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties, and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Tom Drivas, President, CEO and Director: (tel) 416-546-2707, (fax) 416-218-9772 or (email)

James Sykes, Vice-President, Exploration and Development, (tel) 306-221-8717, (fax) 416-218-9772 or (email)

Frank van de Water, Chief Financial Officer and Director, (tel) 416-546-2707, (fax) 416-218-9772 or (email)

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From: LoneClone4/15/2019 11:08:49 AM
   of 19062
Bomb Watchers Twitching as Looser Rules Weighed for Uranium

Jonathan Tirone

BloombergApril 15, 2019

View photos

(Bloomberg) -- Back in the 1970s and 1980s when he was keeping America’s nuclear weapons up to date, Robert Kelley didn’t pay much attention to their source of uranium.

But then he was reassigned to lead the international team that accounted for the of hundreds of tons of the heavy metal Iraq secretly extracted at a fertilizer factory to feed Saddam Hussein’s weapons program.

That discovery at the Al-Qaim phosphate plant underscored a loophole in the global policing of nuclear materials, allowing countries without much scrutiny to derive uranium from a mineral more often used as a nutrient for soil. It’s also why Kelley and his colleagues are now concerned that United Nations officials and atomic regulators are poised to loosen rules on the industry, unlocking finance to take more radioactive material out of the ground without corresponding new checks.

“Uranium extraction from phosphates flies under the radar,” said Kelley who also inspected phosphate plants in Egypt and Syria as a director with the International Atomic Energy Agency. “This isn’t a theoretical risk. It’s real.”

Diplomats at the UN and IAEA have proposed reclassifying uranium as a “critical material.” That would allow countries to tap funding from the World Bank and other development institutions to ensure supply under the guise of the UN’s sustainable development goals. While the change could potentially cut mining waste, it might also lead to a reduction of the scrutiny uneconomical projects get from nuclear inspectors.

The biggest beneficiaries to the new rules would be countries including Jordan and Saudi Arabia, which have large reserves of phosphate and growing populations that need to be fed with the crops it fertilizes. However the extraction process could weigh on the uranium market, where prices have stagnated since the last recession started in 2008.

“The main use of phosphate is in fertilizer, but it can also contain a lot of uranium,” said Harikrishnan Tulsidas, a UN official and former IAEA mining adviser who was one of the proposal’s authors. By turning uranium into a byproduct of phosphate, the nuclear industry could blunt “boom-bust” mining cycles by linking uranium supply with other industries, like agriculture, he said.

Strong links between phosphate and uranium emerged as far back as the 1950s in the U.S., according to a Stockholm International Peace Research Institute report co-authored by Vitaly Fedchenko. America’s earliest nuclear arsenal used uranium derived from a fertilizer plant in Florida. Countries from Israel, India and Pakistan have also looked to phosphate as a way around import restrictions for atomic material, according to Kelley, who called the method “a sore on the non-proliferation landscape.” His assessment of the site in Syria was triggered by concerns of John Bolton, who is now the national security adviser to U.S. President Donald Trump.

To derive uranium, phosphate rocks are ground and milled at the plants before being fed into a chemical process yielding phosphoric acid. Another stage of chemical treatments yields a black uranium concentrate that can appear in powdery or sludge-like form, according to Kelley, who now advises governments from a Swedish security institute.

Though in its elemental form uranium can’t fuel a reactor or make a bomb – it first must be enriched or turned into plutonium -- it’s the fundamental ingredient for all nuclear programs. BHP Group Ltd.’s Olympic Dam is currently the world’s biggest uranium mine. Morocco’s OCP SA sits on the largest quantity of the heavy metal, buried in the kingdom’s vast phosphate reserves.

One of the countries pursuing recovery of phosphates and uranium is Saudi Arabia. Energy Minister Khalid Al-Falih said a year ago that the kingdom possesses “significant uranium reserves” that it intends to tap, but which haven’t been accounted for by international monitors. Saudi Arabia also has plans to mine phosphates, which it estimates could be as high as 7 percent of the world’s reserves.

Saudi government officials had no comment. The state-backed producer, Saudi Arabian Mining Co., brushed aside the idea that the kingdom’s phosphate could be a major producer of uranium.

“Our phosphate has very low uranium content, so it wouldn’t be the obvious source,” Darren Davis, the chief executive officer of the company known as Maaden, said in an interview. “Whether it’s feasible or not, I think the technology as well is not well proven. There’s more work to be done on that.”

The kingdom is pursuing nuclear power but has also has warned it could seek weapons too. Saudi Arabia is unique among countries with the potential to extract uranium from phosphate: it’s flush with oil money to invest and has signaled an ambition to build a nuclear program.

The technology needs big financial backing. Commercial plants cost as much as $1.3 billion, according to Julian Hilton, who advocates for “green nuclear fuel sources” and helped draft the UN’s new guidelines.

“This is at the center of the food, energy and water triangle that’s the key to everything,” Hilton said in an interview. Phosphate extraction is a “win-win for everybody,” resulting in cleaner fertilizer, at reduced energy intensity, with uranium collected as a valuable byproduct, he said.

The risk that uranium is diverted for weapons could be reduced if countries adopted stricter international rules to safeguard uranium stockpiles. But implementing tougher rules, what the IAEA calls an additional protocol, aren’t required as a precondition to get aid in recovering uranium from phosphate, according to IAEA Director General Yukiya Amano.

That’s a concern among non-proliferation experts because of the IAEA’s checkered past with uranium. The agency helped Pakistan develop resources that likely went into that country’s weapons program. In Syria, under investigation since 2007 over clandestine nuclear work, the IAEA helped build a pilot extraction facility at a fertilizer plant in the city of Homs.

“Doing it with the IAEA and UN gives a kind of cover that allows countries to take one small step without raising suspicions,” said Scott Kemp, a physicist at the Massachusetts Institute of Technology, who advises the U.S. government on non-proliferation. “If this technology is used, it begs the question what will be done with the material?”

Based on current prices, it’s cheaper for countries that want nuclear power to buy uranium on the market than it is to invest in new exaction. Over the last decade, the market for reactor fuel has been battered by safety concerns, cheap natural gas and the shift toward decentralized electricity grids powered by renewables.

“Recovering uranium from phosphate is not economic at the moment,” said Nick Carter, a vice president at UX Consulting Co, which advises makers of nuclear fuel. Prices would have to rise three-fifths just to break even, he said.

Farm demand for uranium-free phosphate fertilizers is also slack, according to Alexis Maxwell, research director of Green Markets, a fertilizer research firm owned by Bloomberg LP. The Houston-based analyst said that adopting uranium extraction would “pose risks to fertilizer companies.”

With the UN set to issue its final uranium-resource guidelines later this year, the weapons-investigator Kelley said international monitors should pay attention to those market signals.

“Because this process isn’t economically competitive, the IAEA should be especially cautious when assisting countries to produce uranium.” Kelley said. “It means they’re acquiring uranium for other purposes than power and that should raise a flag.”

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From: The Barracuda™4/21/2019 12:49:17 PM
   of 19062
Good Mike Alkin discussion on uranium

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