Winter 2025 Program Set to Expand Key Uranium Deposit in Saskatchewan

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Terra Clean Energy Corp. (TCEC:CSE;  TCEFF:OTC;  T1KC:FSE) has announced a comprehensive exploration program set for Winter 2025 at its South Falcon East Uranium Project. The work will focus on extending the mineralized footprint at the Fraser Lakes B Uranium Deposit located in the Athabasca Basin, Saskatchewan. This upcoming program includes approximately 2,000 meters of infill and step-out drilling designed to verify existing mineralized zones and identify additional targets.

In the news release, CEO Alex Klenman described the initiative as "a unique setup for a Canadian microcap, offering multiple paths to significant value creation." This US$1.5 million project will involve TerraLogic Exploration Inc., operating out of SkyHarbour's McGowan Lake Camp with helicopter support.

The South Falcon East Project, situated 50 kilometers east of the Key Lake uranium mill, represents Terra's commitment to expanding its asset-backed valuation. Since 2022, Terra has worked in partnership with SkyHarbour Resources Ltd., holding an option to acquire up to 75% interest in the property. Previous findings at Fraser Lakes B have included notable mineralization of uranium and thorium, with high-grade intercepts like 0.165% U3O8 and 0.112% ThO2 over a 2-meter stretch. This project will leverage those findings by further exploring additional zones along the Way Lake conductor, including the T-Bone Lake area.

Uranium Sector Surge

On October 9, Reuters reported that the nuclear enrichment sector faced increasing demand pressures as enriched uranium prices reached US$166 per separative work unit (SWU), compared to US$60 before the Ukraine war. According to Jacques Peythieu, Orano's Director of Customer and Strategy, in the article, "The higher prices for enriched uranium. . .  [were expected to] raise costs for nuclear power producers in coming years." This rise in demand was partly due to U.S. and European shifts away from Russian uranium imports, pushing up costs for nuclear fuel providers globally.

The New York Times, in its September 30 coverage, noted that "Uranium mines [had ramped] up across the West, spurred by rising demand for electricity and federal efforts to cut Russia out of the supply chain." They highlighted that this increase in demand and focus on non-Russian sources had driven uranium prices to their "highest levels in more than 15 years." This revival followed a long decline in the uranium market, with recent growth supporting exploration and mining projects.

Kitco's report from September 25 stated, "The U3O8 uranium spot price [had risen] significantly over the last five years," and long-term imbalances between supply and demand indicated that "the bull market for uranium could have further room to grow." The publication emphasized that uranium and uranium-related equities had consistently outperformed other assets, with analysts suggesting that ongoing demand and limited supply might "continue supporting a sustained bull market."

Catalysts Driving Terra Clean Energy

In the October 2024 investor presentation, Terra highlighted the Fraser Lakes B deposit's promising exploration potential. According to the company, "Exceptional exploration upside" remains within the Fraser Lakes B Deposit, which is open along strike and at depth. Higher-grade results previously encountered suggest the potential for increased grade, supported by Terra's extensive experience in uranium exploration across the Athabasca Basin. The region's known high-grade uranium deposits provide further optimism for upcoming phases.

Positioned uniquely as a microcap company in the Athabasca Basin, Terra also benefits from significant partnerships. The Fraser Lakes B property spans over 12,000 hectares in a region identified by Terra as one of the most favorable for high-grade basement-hosted uranium deposits.

Ownership and Share Structure

According to Refinitiv, management and insiders hold 4.62% of Terra Clean Energy. Of those, Alex Klenman holds the most with 4.37%.

Strategic Investors hold 12.03% with Planet Ventures Inc holding the most at 7.40%. The rest is retail.

Terra Clean Energy has a market cap of US$1.83 million and a 52-week range of US$0.038 - US$0.1577.