Palm Beach, FL – March 6, 2023 – FinancialNewsMedia.com News Commentary – 2023 will be a good year for the uranium mining market, according to industry experts. One such insider, Sprott, a global asset manager focusing on precious metals said: “For the full year 2022, uranium performance was notably strong, given the overall bear market environment. The U3O8 spot price returned 14.74% for the twelve months, outperforming most asset classes. The fundamentals for uranium and nuclear energy strengthened throughout 2022, a year notably impacted by rising inflation and higher interest rates. We believe the positive developments in the uranium and nuclear power sectors will continue to provide long-term structural support for uranium and uranium miners in 2023.”  They continued: “December saw a continuation of the positive global news flow on uranium and nuclear energy. Japan continued its historic U-turn on nuclear energy policy and adopted a plan to “maximize the use of existing reactors by restarting as many of them as possible and prolonging the operating life of aging ones beyond the current 60-year limit.” Further, Japan plans to build new reactors to replace decommissioned ones. In India, the government approved five new nuclear power plant sites and financing to build ten 700-MW nuclear reactors. Prime Minister Modi has previously said that India aims to triple its nuclear fleet over the next decade. Finally, in Canada, the government released its Canadian Critical Minerals Strategy, which is backed by nearly CA$ 4 billion to increase the supply of responsibly sourced critical minerals, including uranium.  The strategy announced multiple commitments, including a 30% Critical Mineral Exploration Tax Credit for targeted critical minerals, which will likely support Canadian uranium explorers.”   Active companies in the markets today include:  BASIN URANIUM CORP. (OTCPK: BURCF) (CSE: NCLR), Cameco (NYSE: CCJ) (TSX: CCO), Uranium Energy Corp. (NYSE: UEC), Denison Mines Corp. (NYSE: DNN) (TSX: DML), enCore Energy Corp. (NYSE American: EU) (TSXV: EU).

It continued: “The U.S. Federal Strategic Uranium Reserve awarded its first contracts… The initial $75 million financial commitment to the reserve is designed to ensure the security of supply for U.S. nuclear power plants and incentivize domestically produced uranium. Although the contract awards in pounds are not material, the prices paid by the U.S. government for the uranium were as high as $70 per pound. Given that current spot prices are approximately $50, we believe that this excess price paid for U.S.-origin material reflects the growing concerns by the U.S. Department of Energy about continuing to rely on Russian and other non-friendly countries for critical supply chains.  Nuclear energy and uranium’s critical role in energy security may likely be paramount in 2023 and beyond. In past years, Western countries’ energy policies have predominantly favored renewable energy. The intermittency of renewables can only be offset with base load energy sources, such as coal, natural gas or nuclear power plants.”

BASIN URANIUM CORP. (CSE: NCLR.CN) (OTCPK: BURCF) BREAKING NEWS: BASIN URANIUM TO ACQUIRE ADVANCED CHORD URANIUM PROJECT IN SOUTH DAKOTA – BASIN URANIUM CORP. (“Basin Uranium” or the “Company”) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) dated xx with Cowboy Exploration and Development LLC (“Cowboy Exploration”), St. Cloud Trading Corp. and Thomas Byrne pursuant to which Cowboy Exploration has granted the Company the right to acquire a 90% interest (the “Option”) in the Chord property located in East Fall River County, South Dakota (the “Property”).

The Chord property is comprised of 147 contiguous lode mining claims (~ 3,037 acres) located in Edgemont, South Dakota approximately 3 miles southwest of encore Energy Corp.’s (EU-NYSEAM) Dewey-Burdock development project which is targeting initial production in 2025 . Mineralization at Chord is hosted within typical roll front deposits in the Cretaceous age Fall River and Lakota formations, in particular the Chilson member which is the same host for mineralization at Dewey-Burdock. The property has been the subject of extensive exploration since the 1970’s with over 1,000 holes drilled by Union Carbide Corp. (“UC”) and is host to an historic resource totaling 2.4 million pounds U3O¬8 plus a potential resource of 1.4 million pounds U3O¬8.

Disclaimer to Historic Resource and Resource Classification:  The current 147 claims cover materially all of the historic resource. The historic resource are not contained in a National Instrument 43-101 report and no qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves. Further the classification of the noted reserved are not classifications pursuant to Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) definitions and readers are cautioned not to rely on the resource definitions in assessing the potential of the Chord property. The resource estimates and classifications are historic and provided for context only in regards to the prospective nature of the Chord property.

Basin plans to engage in the permitting process for the Chord property to conduct both exploration and confirmatory drilling, in addition to aquifer testing. The Company is also plans to acquire additional public and private datasets, confirm historic results, investigate the ISR amenability and conduct exploration to increase the currently known mineralized footprint.

Mineralization at enCore’s adjacent Dewey-Burdock project is also hosted in the Chilson member sandstones. The Dewey-Burdock project is host to a M&I resource of 17.1 Mlbs U3O8 (7.4 Mt at 0.116% U3O8) plus an Inferred resource of 0.7 Mlbs U3O8 (0.6 Mt at 0.055% U3O8), a positive Preliminary Economic Assessment  (PEA) outlining a low-impact in-situ recovery (ISR) operation producing 14.3 Mlbs U3O8 at an all-in sustaining cost of US$28.88/lb U3O8. The Dewey-Burdock project also has received its Radioactive Materials License (RML) from the U.S. Nuclear Regulatory Commission (NRC) and is currently navigating the State Licensing process.   CONTINUED…  Read the BASIN URANIUM full press release by going to:  https://www.financialnewsmedia.com/news-nclr

In other news and developments of note in the markets this week: 

Cameco (NYSE: CCJ) (TSX: CCO) recently reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2022 in accordance with International Financial Reporting Standards (IFRS).

“Demand for nuclear power, supported by growth across the near, medium and long term, is driving the best fundamentals we have ever seen for the nuclear fuel market. The growing structural gap has led to supply uncertainty, which was amplified in 2022. As a proven, reliable, independent, commercial supplier of nuclear fuels, Cameco is positioned to benefit from these fundamentals. Our 2022 results, and our guidance for 2023, reflect the transformative year that we have had and the opportunity that remains ahead of us. In 2022, we were successful in contracting 80 million pounds of uranium and 17 million kgU of conversion services, with a record number of contracts signed in a market that has strengthened and is in durable growth mode. Our contracting also allows us to sustainably operate our assets, including tier-one assets that are expected to generate full-cycle value for Cameco. And, in 2022, with the resumption of production at McArthur River and Key Lake, we began the return to a tier-one run rate, which we expect will significantly improve our financial results,” said Tim Gitzel, Cameco’s president and CEO.

Denison Mines Corp. (NYSE American: DNN) (TSX: DML) recently announced the successful completion of the neutralization phase of the Phoenix in-situ recovery (“ISR”) Feasibility Field Test (“FFT”) at the Company’s 95% owned Wheeler River project (“Wheeler River” or the “Project”).  Sampling of monitoring wells around the FFT site has confirmed the successful restoration of the Leaching Zone (defined below) to environmentally acceptable pH conditions, as outlined in the applicable regulatory approvals for the FFT.

The neutralization phase was initiated in mid-October 2022, following the highly successful completion of the leaching phase of the FFT (see news releases dated October 17, 2022 and November 22, 2022), and was designed to confirm certain environmental assessment assumptions and verify the efficiency and effectiveness of the neutralization process planned for ISR mining at Phoenix.

enCore Energy Corp.  (NYSE American: EU) (TSXV: EU) recently announced that the Company has secured its fourth uranium sales agreement with the addition of a purchase sales agreement (“Agreement”) with a Fortune 500-listed United States (“U.S.”) utility. This agreement supports enCore’s business strategy to provide a domestic uranium supply commencing at its 100%-owned South Texas In-Situ Recovery (ISR) uranium processing plants.

The uranium sales agreement, the fourth such agreement executed by enCore, is a multi-year agreement commencing in 2027. It covers firm deliveries of 650,000 pounds of U₃0₈, with an option to acquire up to 400,000 pounds U₃0₈under a two year extended term, if exercised. The sales agreement is based on market pricing with a floor price well above our current projected costs of production and an inflation adjusted ceiling price significantly higher than the current uranium spot market pricing providing the U.S. with assurance of domestic supply along with cost certainty.

Uranium Energy Corp (NYSE American: UEC) recently announced it has received $17.85 million from the U.S. Department of Energy (“DOE”) for supplying 300,000 pounds of U.S. origin uranium concentrates at $59.50/lb. to the DOE – National Nuclear Security Administration (“NNSA”) under the contract awarded to the Company announced on December 20, 2022. The award was in response to the NNSA’s Request for Proposals to establish its strategic national Uranium Reserve program. Please see the Company’s press release dated December 20, 2022 for further details on the Uranium Reserve program.

Amir Adnani, President and CEO stated: “We are honored and delighted to have supplied 300,000 pounds of U.S. origin uranium concentrates to the NNSA and look forward to the continuation of the Uranium Reserve program and working with the DOE in the coming years.”

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