Palm Beach, FL – November 13, 2024 – The uranium ore market is expected to continue substantial growth over the next several years. A report from the Business Research Company said: “The uranium ore market size has grown strongly in recent years. It will grow from $1.11 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%.   It continued: “The uranium ore market size is expected to see strongly grown in the next few years. It will grow to $1.81 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to government policies and incentives, focus on carbon emission reduction, geopolitical stability, exploration and discovery of new uranium deposits, public perception and social acceptance. Major trends in the forecast period include advancements in nuclear technology, development of in-situ recovery (ISR) technology, focus on uranium enrichment technologies, increased scrutiny on environmental and social impact, and diversiQcation of uranium end-use applications.  The growth in the historic period can be attributed to the nuclear power plant construction boom, the cold war and military demand, the Chernobyl and three-mile island incidents, global economic trends, and changes in the regulatory environment.”  Active mining/energy companies in the markets this week include: Mustang Energy Corp. (OTCQB: MECPF) (CSE: MEC), Denison Mines Corp. (NYSE American: DNN) (TSX: DML), Uranium Energy Corp (NYSE American: UEC), ATHA Energy Corp. (OTCQB: SASKF) (CSE: SASK), Centrus Energy Corp. (NYSE American: LEU).

Business Research Company concluded: “Rising electricity consumption is expected to propel the growth of the uranium ore market going forward. Electricity consumption refers to the amount of electrical energy used by individuals, businesses, industries, or other entities over a specified period. Uranium ore plays a fundamental role in electricity consumption as it is the primary fuel source for nuclear power plants, where nuclear fission reactions release heat that is converted into electricity. For instance, in September 2021, according to the Energy Information Administration, a US-based government agency, the United States witnessed a 2.6% increase in total electricity consumption in 2022 compared to the previous year. During the same year, there was a 3.5% rise in retail electricity sales to the residential sector and a 3.4% increase in retail electricity sales to the commercial sector compared to 2021. Therefore, rising electricity consumption is driving the growth of the uranium ore market.”

Mustang Energy Corp. (OTCQB:MECPF) (CSE:MEC) Enters Option Agreement to Acquire Skyharbour’s 914W Uranium Project and Welcomes Jordan Trimble as Strategic Advisor – Mustang Energy Corp. (FRA:92T) (“Mustang” or the “Company”) is excited to announce that it has entered into a strategic option agreement (the “Agreement”) with Skyharbour Resources Ltd. (TSX-V: SYH) (“Skyharbour”) dated November 12, 2024 to acquire an undivided 75% interest (the “Option”) in Skyharbour’s 914W Uranium Project (the “914W Project”), located in the Athabasca Basin of Northern Saskatchewan. The Option marks an important step for Mustang as it seeks to expand its presence in a promising uranium district. Additionally, Mustang is pleased to welcome Jordan Trimble, President and CEO of Skyharbour, as a Strategic Advisor to the Company, bringing valuable industry insights and expertise to Mustang’s growing portfolio.

“Being granted the Option to acquire a majority interest in the 914W Uranium Project is an exciting milestone for Mustang as we look to expand our footprint in and around the Athabasca Basin, a promising uranium district.” commented Nick Luksha, CEO of Mustang. “With Jordan Trimble joining as a Strategic Advisor, we are gaining invaluable expertise that will strengthen our exploration efforts and help us unlock the potential of the 914W Project. This partnership aligns with our commitment to building a robust portfolio of high-impact assets while supporting sustainable development practices in the region.”

“The 914W Project’s accessible location, combined with promising geological indicators similar to those seen in the nearby uranium occurrences at Scurry Rainbow Zone E1 and the Don Lake Trenches2, underscores the potential for discovery. With much of the 914W Project remaining underexplored, we see an opportunity to unlock further value through targeted exploration,” said Lynde Guillaume, Technical Advisor for Mustang.

Jordan Trimble, President and CEO of Skyharbour stated “As Skyharbour becomes a shareholder and project partner alongside Mustang at the 914W Project under the Agreement, I am looking forward to working with the Mustang team to advance the asset over the coming years. We believe there is a strong discovery upside potential at the early-stage project, and we are optimistic that Mustang will be able to unlock value at the property.”

About the 914W Uranium Project – The 914W Project is situated approximately 48 km southwest of Cameco’s Key Lake Operation, offering excellent logistics and access via Highway 914. The 914W Project is strategically positioned within the Western Wollaston Domain, known for unconformity-related and pegmatite-hosted uranium (or “U”) mineralization.

The project host favorable geology with local graphite bearing assemblages. Immediately to the north of the 914W Project is the Scurry Rainbow Zone E1 and the Don Lake Trenches2, where up to 1,288 ppm U was encountered in drill hole ML-11, and surface prospecting revealed up to 0.64% U3O8 in a trench at Don Lake Zone E2.

While historical exploration conducted several geophysical and geological surveys over portions of the property, most of the 914W Project remains underexplored. Mustang sees substantial potential for advancing uranium and rare earth element exploration on the 914W Project.  CONTINUED… Read this full press release and more news for Mustang Energy at: https://www.financialnewsmedia.com/news-mec/

Other recent developments in the mining/energy industries of note include:

Denison Mines Corp. (NYSE American: DNN) (TSX: DML) recently filed its Condensed Consolidated Financial Statements and Management’s Discussion & Analysis (‘MD&A’) for the three and nine months ended September 30, 2024. Both documents will be available on the Company’s website at www.denisonmines.com, SEDAR+ (at www.sedarplus.ca) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF version

David Cates, President and CEO of Denison commented, “Our third quarter report includes an update on the positive progress of our engineering and regulatory approval efforts for our planned Phoenix In-Situ Recovery (‘ISR’) uranium mining operation. We continue to rapidly advance detailed design engineering efforts and achieved completion of 45% of total engineering by the end of the third quarter. Long-lead procurement efforts continued to ramp up. Currently, $21 million in milestone payments or commitments have been made for items included in our estimates of initial project capex, with several additional procurement packages in progress.

Uranium Energy Corp (NYSE American: UEC) recently reported the filing of an initial assessment technical report summary that includes an economic analysis and mineral resource estimate for its 100% owned Roughrider Project, located in Northern Saskatchewan, Canada. All currency references are in United States dollars.

Amir Adnani, President, and CEO stated: “This Initial Economic Assessment marks a pivotal milestone for Roughrider, validating it as a top-tier, high-margin operation with a clear path to development into a world-class mine and mill. With a post-tax estimated net present value of $946 million, today’s results underscore the strength of our 2022 decision to acquire Roughrider from Rio Tinto for $150 million, consistent with our strategy to acquire accretive assets at opportune points in the uranium price cycle.

ATHA Energy Corp. (OTCQB: SASKF) (CSE: SASK) recently announced, in furtherance to its news release from August 20th, 2024 , the Company and Terra Uranium Ltd.  (“T92”) have executed a definitive option agreement for T92 to earn an option to acquire a 70% interest in ATHA’s Spire and Horizon properties (together, the “Spire Horizon Projects”) and a definitive option agreement for ATHA to earn an option to acquire up to a 60% interest in T92’s Pasfield Lake property (the “Pasfield Project”).

ATHA and T92 agree to form a joint venture on the Spire Horizon Projects upon the satisfaction of the First Expenditure, Second Expenditure, and the Third Expenditure, with the initial interest of T92 being a 50% participating interest and ATHA’s being a 50% carried interest (subject to the 5% carried interest in favour of a third party).

Centrus Energy Corp. (NYSE American: LEU) recently announced the pricing of $350 million aggregate principal amount of 2.25% Convertible Senior Notes due 2030 (the “Notes”) in a private offering (the “Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the Offering, Centrus has granted the initial purchasers of the Notes an option to purchase, for settlement within the 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $52.5 million aggregate principal amount of the Notes on the same terms and conditions. The sale of the Notes to the initial purchasers is expected to settle on November 7, 2024, subject to customary closing conditions.

The Notes will bear interest at a rate of 2.25% per year, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2025. The Notes will mature on November 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date.

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