In an engaging interview with Tracy Weslosky of InvestorNews, George Glasier, the President, CEO, and Director of Western Uranium & Vanadium Corp. (CSE: WUC | OTCQX: WSTRF), provided valuable insights into the company’s progress, its role in the uranium and vanadium markets, and its future prospects. Glasier’s optimism about the uranium market’s recovery is palpable. He stated, “I think we’re in a sustained recovery for uranium, and we’re ready,” highlighting the company’s preparation for an upturn in market conditions. This preparation is crucial for the Sunday Mine Complex (SMC), an underground mine situated about 88 kilometers west of Telluride, Colorado: which is on track to achieve full production readiness by 2025.

Glasier also discussed the widening gap between uranium demand and supply, a trend that presents both challenges and opportunities for Western Uranium & Vanadium. Moreover, he delved into the market dynamics of vanadium, the company’s coproduct, emphasizing its importance in steel production and the burgeoning technology of vanadium redox flow batteries. The company is not solely focused on ramping up immediate production but is also actively exploring potential acquisitions to broaden its resource base. This strategic vision is supported by the increasing investment interest in the uranium sector, signaling a promising future for the company and its stakeholders.

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About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant is being licensed in Utah and will include the kinetic separation process.

To learn more about Western Uranium & Vanadium Corp., click here

Disclaimer: Western Uranium & Vanadium Corp. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

In a recent interview with InvestorNews, Sean Cleary, Chairman and CEO of Strategic Resources Inc. (TSXV: SR), discussed the company’s latest developments and strategic direction amidst their attendance at PDAC 2024. Cleary highlighted the fully permitted BlackRock Project in Quebec, which enjoys support from notable backers including the Quebec government, Orion Mine Finance, Ross Beatty, and the Alumina Group. He announced the imminent release of an engineering study for phase one of the project at Port Saguenay in Quebec, emphasizing the company’s efforts in engaging with investors and potential partners. Cleary also shed light on the company’s involvement in the European Union’s vanadium and titanium study through its project in Finland, marking a significant step towards securing a non-dilutive pathway for its vanadium, titanium, and magnetite deposits. Strategic Resources’ acquisition of the project through a merger with Black Rock Metals was noted as a pivotal move in securing its flagship venture, further underlined by its ambition to revitalize a former producer of 10% of the world’s vanadium.

Strategic Resources’ innovative approaches to sustainability and carbon emission reduction were also a focal point of the discussion. Cleary detailed a collaboration agreement with Levidian, a British climate technology firm, to explore the application of Levidian’s patented LOOP decarbonization technology at the BlackRock Project’s metallurgical facility in Saguenay, Québec. This partnership aims to produce near emissions-free iron products, leveraging the conversion of natural gas into hydrogen and graphene as a byproduct. The conversation also touched upon the company’s financial health, with a market cap of $45 million, 60 million shares outstanding, and nearly $8 million in cash reserves, emphasizing the project’s robust backing and future prospects. The interview underscored Strategic Resources’ strategic positioning and forward-looking initiatives in the critical minerals sector, reflecting its commitment to innovation, sustainability, and strategic partnerships in advancing its projects in Canada and Finland.

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About Strategic Resources Inc.

Strategic Resources Inc. (TSXV:SR) is a critical mineral exploration and development company focused on high-purity iron and vanadium projects in Canada and Finland. The Company is developing its flagship BlackRock Project, which is a fully permitted and ready to construct mine, concentrator and metallurgical facility located at a seaport in Québec with full access to the St. Lawrence Seaway. The Company’s Head Office is in Montreal, Québec.

The recent Future Minerals Forum (FMF) event in Riyadh has been a groundbreaking affair, especially through the lens of Christopher Ecclestone from Hallgarten + Company, a seasoned speaker at this event for the past three years. Ecclestone’s depiction of the event as “epic” captures both its grand scale and the significant shift in its thematic focus towards more sustainable and strategic practices. This year, the event diverged from its traditional path, emphasizing a nuanced approach that Ecclestone described as a movement from quantity to “quality over quantity.”

The Financial Landscape: Big Moves and Strategic Investments

A pivotal aspect of the event, as highlighted by Ecclestone, was its financial dynamics. He recalled last year’s significant investment in Ivanhoe Electric Inc. (NYSE American: IE | TSX: IE) and drew attention to this year’s major development involving Surefire Resources NL (ASX: SRN), an Australian vanadium developer. This announcement is particularly noteworthy, marking Surefire’s plan to ship its Victory Bore vanadium-titanium magnetite concentrate to Saudi Arabia for refining. The arrangement with the Saudi-based Ajlan & Bros Mining and Metals Company not only signifies an investment into Victory Bore but also underlines the strategic collaboration aimed at joint development and downstream processing. This deal is a testament to the robust and dynamic investment landscape within the mining sector, indicating a strategic shift towards partnerships that leverage regional advantages and technological advancements.

Saudi Arabia’s Cautious Foray into Mining

Ecclestone shed light on Saudi Arabia’s growing engagement in the mining sector. The country is cautiously yet strategically approaching large-scale mining ventures. This deliberate and calculated approach is evidenced by the activities of Ma’aden, the largest mining company in Saudi Arabia. Founded in 1997, Ma’aden exemplifies the nation’s ambition in harnessing its mineral resources. The company’s significant ventures, such as the $10.8 billion aluminum complex agreement with Alcoa, showcase its expansive capabilities and strategic intent in the global mining arena. Ma’aden’s focus, which initially centered on gold mining, has diversified into multiple minerals, reflecting the kingdom’s broader vision for its mining sector.

Shifting Focus: Battery Metals and Green Transition

Ecclestone noted a marked shift in the event’s focus towards battery metals and the green transition, more pronounced this year than in previous events. However, there was a notable avoidance of geopolitical discussions, suggesting a strategic decision to focus on industry growth and sustainability rather than delve into contentious global politics.

Skepticism and Realism in Valuation

In his assessment of the Saudi mining sector, Ecclestone expressed skepticism regarding the high valuation of unexplored resources. This cautious stance introduces a realistic perspective to the generally optimistic industry outlook.

In Conclusion

The Future Minerals Forum event in Riyadh stands as a harbinger of change in the mining and investment sectors. Christopher Ecclestone’s insights paint a picture of an industry at a crossroads, embracing strategic growth and sustainable practices while remaining mindful of the challenges ahead. The event not only reflects the current state of the mining world but also signals the direction of its future development.

In a recent interview with Tracy Weslosky of Investor.News, Mark Chalmers, President, CEO, and Director of Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), discusses their recently announced Memorandum of Understanding (MOU) with Astron Corporation Ltd. (ASX: ATR) for the joint venture development of the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. This MOU, announced on December 27, 2023, is a key milestone in establishing a U.S.-centric rare earths supply chain, which is crucial for the country’s future needs.

The Donald Project promises to supply Energy Fuels with 7,000 to 14,000 metric tons of rare earth concentrate, using monazite sand from the deposit. Energy Fuels plans to process this at their White Mesa Mill in Utah, where they can handle the radioactive elements in monazite and extract valuable components like uranium. This positions them as a leader in the critical minerals.

Energy Fuels’ approach is cost-effective, leveraging existing infrastructure and skilled workforce in Utah. The initial phase of the project aims to produce 800 – 1,000 metric tons of the magnetic materials, Neodymium-Praseodymium (NdPr) oxide by Q1 2024, with plans for future expansion.

The U.S. government’s policy, set to restrict critical minerals sourced from Foreign Entities of Concern from 2025, highlights the significance of Energy Fuels’ project. As a leading U.S. producer of uranium, vanadium, and rare earth elements, the company plays a vital role in reducing U.S. dependence on foreign sources, particularly China.

This venture is expected to have a major impact on the electric vehicle and clean energy sectors in the U.S., offering a sustainable, competitive, and independent supply chain for critical minerals, essential for national security and technological progress. To access the complete interview, click here

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About Energy Fuels Inc.

Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE“) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U₃O₈ per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U₃O₈ per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.

To learn more about Energy Fuels Inc., click here

Disclaimer: Energy Fuels Inc. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), a prominent player in the uranium and rare earth industries, unveiled its financial results for the quarter ending September 30, 2023. With exponential growth and remarkable achievements, join me on their webcast at 4PM EST (today, 11-06-2023) to secure the full update.

Q3-2023 Financial Highlights

• The quarter boasted a stellar balance sheet with $162.50 million in working capital, a marked improvement from the $116.97 million as of December 31, 2022. The company’s position is reinforced with zero debt and significant assets in cash, marketable securities, and inventory.
• The net income for the quarter stood at $10.47 million or $0.07 per share. This includes the impressive sale of 180,000 pounds of uranium (U₃O₈) to a leading U.S. nuclear utility, garnering a gross profit margin of 50%.
• While uranium remains a significant part of their portfolio, Energy Fuels is also actively diversifying. Efforts towards developing commercial rare earth separation capabilities are ongoing, and results thus far are promising.

Uranium: The Backbone of Energy Fuels

Uranium sales have seen a consistent upswing in 2023. Notably, the company sold 180,000 pounds of U₃O₈ at a commendable gross margin of 50% this quarter.

Furthermore, the proactive approach towards preparing four of their conventional uranium mines for production signifies Energy Fuels’ commitment to bolstering their uranium segment. The company aims to commence production in these mines by early 2024.

Rare Earths: The Road Ahead

Energy Fuels is making strides in the rare earth sector. Their ambitious “Phase 1” is set to be completed by early 2024, positioning them as a dominant producer of neodymium-praseodymium (NdPr) oxide outside China. This venture alone could cater to up to 1 million electric vehicles annually.

With “Phase 2” and “Phase 3” on the horizon, Energy Fuels is strategically positioning itself to meet the growing demand for rare earth elements, essential for various industries.

A Glance at Vanadium

Though the company did not sell any vanadium this quarter, their strategy seems to be geared towards leveraging market strength, as evident from their Q1-2023 sales.

CEO’s Perspective

Mark S. Chalmers, President and CEO of Energy Fuels, lauds the company’s progress. In his statement, he emphasized the company’s vision to establish a U.S. critical mineral hub. He highlighted the successful uranium sales and their vision for the rare earths supply chain.

Chalmers aptly said, “Energy Fuels’ business strategy and execution sits at an intersection of rapidly growing commodity markets, critical to the clean energy transition.”

Closing Thoughts and What’s Next

Today, we will be on the conference call scheduled for 4PM EST, eager to understand more about Energy Fuels’ future plans and the way forward.

With its strategic focus on both uranium and rare earths, Energy Fuels is well down the path to becoming the American Critical Mineral Powerhouse.

Author’s Note: To access the detailed Q3-2023 report, please visit the official SEC or SEDAR websites, or [Energy Fuels’ website].

Uranium has been a winning sector in 2023 with uranium prices up 41% YoY, making it the best performing energy commodity in the past year. As the uranium price hovers near a 12 year record high (US$69/lb), today’s company is set to benefit.

25 year uranium price chart shows uranium approximately at the highest level since Jan. 2011

Source: Trading Economics

Energy Fuels Inc.

Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR) (“Energy Fuels”) is the leading producer of uranium and vanadium and a growing rare earths processor, all in the USA.

Energy Fuels holds two of America’s key uranium production centers: The White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill has a licensed capacity of over 8 million pounds of U₃O₈ per year.

Q2, 2023 financial results

As announced on August 4, 2023, Energy Fuels reported a small net loss in Q2, 2023 of US$4.89 million. The Company reported some nice revenues and profits from its uranium and rare earths sales during the quarter; however, increased expenses associated with preparing four uranium mines for production and expenses associated with developing commercial rare earth element separation capabilities dragged down the bottom line.

The key is that their existing uranium and rare earths operations are profitable with gross margins running at around 50%. Furthermore, the increased expenses are those related to project developments to bring on new uranium production and in time rare earth oxides. The plan is that these expansions should lead to much stronger revenues and potential profits down the track. An analogy could be with Tesla (NASDAQ: TSLA) who ran losses until they got their new EV factories into scaled production.

Energy Fuels revenues are forecast to grow rapidly in 2024 and 2025 which should thereafter potentially lead to significant profits depending upon commodity prices

Source: Market Screener (Note: Red arrows by the author)

A robust balance sheet with strong inventory

As of June 30, 2023, Energy Fuels had a robust balance sheet with US$134.36 million of working capital (versus US$116.97 million as of December 31, 2022)

As of June 30, 2023, the Company held 766,000 pounds of finished U₃O₈, 906,000 pounds of finished V₂O₅, and 37 MT of finished high-purity, partially separated mixed REE carbonate in inventory.

The strong balance sheet supports Energy Fuels expansion plans.

Energy Fuels expansion potential

Energy Fuels state they have up to 2 million lbs. of short-term, low-cost uranium production capacity, all located in the USA.

Energy Fuels owns a portfolio of uranium assets with one producing, one on standby, and two in the pre-production stage. They also have 3 large-scale projects in permitting (Sheep Mountain; Roca Honda & Bullfrog) that have potential to produce additional 4+ million lbs. per year.

Energy Fuels most advanced uranium assets

Source: Energy Fuels company presentation

Energy Fuels also has their rare earths processing capacity to produce a mixed rare earth concentrate at their White Mesa Mill in Utah, USA. The near term plan is to expand this to include rare earths separation to produce rare earth oxides. Phase 1 plans to have a capacity of 800 – 1,000 MT of NdPr oxide per year by early 2024 and Phase 2 a capacity of 1,500 – 3,000+ MT NdPr oxide per year by 2026. The Phase 3 plan is to produce separated heavy rare earths including Dy and Tb by 2027. These figures are subject to achieving sufficient monazite ore as feed.

Energy Fuels has also recently acquired the Bahia heavy mineral sand (“HMS”) Project in Brazil which contains significant quantities of monazite (rare earths containing ore), titanium (ilmenite/rutile) and zirconium (zircon).

Closing remarks

Energy Fuels continues to establish itself as a leader in the critical minerals space in the US. They are already the leading uranium, vanadium, and rare earths producer in the USA.

Currently, financial results are not yet reflecting Energy Fuels’ full potential as expenses are elevated to support the Company’s aggressive growth plans.

Energy Fuels Inc. trades on a market cap of US$1.177 billion.

For investors willing to look out just a couple of years as their capacity ramps up very quickly, Energy Fuels should be strongly on your radar.

Uranium prices are on a tear. Uranium prices have moved ~42% higher in 2023 YTD, mostly in the past few months. In the last month alone prices have surged ~20% higher. Prices are the highest since the Fukushima nuclear reactor disaster in 2011.

InvestorNews has been warning of a uranium deficit for well over a year as you can read here.

A combination of increasing demand and restrained supply is helping the uranium price move higher. Mining analyst John Meyer was recently quoted by Reuters stating:

“The market has been slowly building higher prices as mining costs rise and nuclear generators look to build stocks to guard against increasingly risky supply-side issues…We see prices rising year-on-year for next 10-20 years or till the world finds another source for large scale un-interruptible base load power with a low carbon footprint.”

Uranium prices have surged higher in the past 2-3 months, now at US$70/lb

Source: Trading Economics

Today’s company has been waiting for this moment in time to begin to prosper from higher uranium prices. Their President, CEO, and Director George Glasier has been preparing the company for exactly this outcome.

Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. (CSE: WUC | OTCQX: WSTRF) (“Western”) is a Colorado-based uranium and vanadium conventional mining company focused on low cost production of uranium and vanadium in the western United States. Western has been stockpiling ore ready to be sold at a later date. Western is currently mining at their 100% owned Sunday Mine Complex in Colorado. They also own the San Rafael Project in Utah, the Hansen/Taylor Ranch Project in Colorado, and have a royalty interest in the Bullen Oil & Gas Property. Western has also developed a kinetic separation technology.

Western is further developing and mining their Sunday Mine Complex with underground drilling and blasting to expand its resources. As announced in June 2023 the GMG Ore Body is now ready for full-scale production which will produce high-grade uranium and vanadium ore. Western states:

“The results from the ongoing project at the Sunday Mine Complex (“SMC”) continue to vastly exceed expectations…high-grade uranium ore was continuously intersected. This caused the team to shift from development to mining and stockpiling of the ore...Underground drilling will explore areas of the SMC project site that were never drilled due to the mountainous terrain limiting surface exploration drilling.“

Western’s high grade Sunday Mine Complex is made up of 5 underground projects in Colorado – The image shows seams of high grade uranium and vanadium

Source: Company presentation

Mineral processing plant in Utah in the making

Western has also been working towards a new state-of-the-art mineral processing plant in Utah, where plans were recently upsized to allow for the future scale of operation to be increased beyond the initial planned annual production of 2 million pounds of uranium and 6-8 million pounds of vanadium.

Western states:

“The Utah mill site in the Green River Industrial Park has been upsized through the addition of adjacent land. This allows the future scale of operation to be increased beyond the initial planned…The selection process for engineering, environmental, and permitting contractors remains ongoing.”

Western plans to build a mineral processing plant in Utah with initial production targeted for 2026

Source: Company presentation

Western’s master plan for the years ahead (source)

• Explore, develop and mine uranium & vanadium across their Sunday Mine Complex.
• Sell product only at acceptable prices.
• Advance a mineral processing plant into 2026 production.
• Develop San Rafael as the 2nd production center.
• Consider & develop mining methods at Hansen/Taylor as 3rd production center.

Closing remarks

The uranium price has surged higher and now sits at a US$70/lb, the highest price its been in over 12.5 years.

Western’s patience is now being rewarded. After redevelopment of their Sunday Mine Complex in 2022 and reopening the mine in January 2023, the ore that they have been mining can now potentially be sold at strong prices. We will have to wait for a further update from the Company on this.

Trading on a market cap of only C$64 million, Western Uranium & Vanadium is only one of less than a handful of U.S uranium producers well placed to profit from the current uranium price boom. Stay tuned.

Elcora Advanced Materials Corp. (TSXV: ERA) (“Elcora”) is a relatively new manganese ore producer and has other battery material projects containing vanadium, graphite, and copper located in Morocco and Canada. Elcora also has exposure to anode materials and graphene. Demand for manganese remains strong both for the steel industry, but also for lithium-ion batteries containing manganese, typically used for electric vehicles.

Elcora’s goal is to be a globally competitive extractor and processor of battery-grade minerals and metals. They plan to do this by becoming a vertically integrated battery materials company and use their cost-effective process to purify high-quality battery metals and minerals that are commercially scalable.

How Elcora is anticipating and responding to the Global Energy Revolution

Source: Elcora Advanced Materials company presentation

Manganese production has started in Morocco and new orders are rolling in

As announced in June 2023, Elcora delivered its first manganese order of 500 metric tons of 37%+ high-quality manganese from their Morocco Mine. Elcora owns the Atlas Fox Project in Morocco, which includes the Beni Mellal Manganese Deposit/Mine and the Ouarzazate Project (includes the Omar Mine). Elcora plans to rapidly ramp up their manganese production from these projects with an 8-12 month production target of 20,000 tonnes per month of 37% manganese ore.

As announced on July 6, 2023, Elcora has secured two more orders for a total of 1,500 metric tons of 37%+ manganese ore set to be delivered by the end of July 2023, thereby securing sales revenue for the second month in a row for Elcora.

Vanadium production plans with sales potentially as soon as only 6 months away

Elcora is currently developing their Atlas Lion Vanadium Project in Morocco.

Elcora announced in June 2023 the completion of the first phase of vanadinite comminution testing. The result was 8.9% vanadium concentrate. Elcora then began shipping bulk samples for trial tests in smelters in Asia and Europe, and if results come back positive Elcora say they could potentially have concentrate sales revenue in as quick as 6 months.

The short-term plan is to build a semi-mobile concentrator plant to produce a 46% lead (“Pb”) and 9%+ vanadium (“V”) concentrate, with a ramp up to 2,500t/month of concentrate production. Elcora’s mid-term plan is to build a hydrometallurgical plant scheduled to produce 1,500 t/year of 99.99% V and 15,000t/year 99.99% Pb.

Elcora’s graphite products

In addition to manganese, vanadium and lead; Elcora has developed the technology to produce flake graphite, advanced natural graphite anode powder and graphene. Elcora states:

“Elcora has developed a unique low-cost effective process to make commercially scalable graphite nanomaterials ranging from micro-graphite to graphene.”

Flake graphite and anode powder are in growing demand for electric vehicles and energy stationary storage where the graphite is used in the anode part of the battery. Graphene has numerous potential uses and is known as a new wonder material.

Elcora states:

“Elcora has been structured to become a vertically integrated graphite & graphene company that mines, processes, refines graphite, and produces both the graphene and end graphene applications. Elcora’s graphene production system is suitable for use with many different graphite sources and has produced industry-leading quality graphene.“

Closing remarks

Elcora is executing well on their plans to become a vertically integrated battery materials company. Elcora already has a strong history within the flake graphite, anode powder, and graphene sectors.

Near-term catalysts will be further sales revenue of manganese concentrate from their Moroccan Mine and potentially good news on their vanadium concentrate smelting trials. Looking out a year or so from now Elcora should potentially have ramped up their vanadium concentrate production to 20,000t/month and vanadium concentrate to 2,500t/month. Beyond that, the plan is to potentially produce a final product via more processing thereby value adding to their current situation.

Elcora Advanced Materials trades on a market cap of only C$6 million. Exciting times for Elcora, especially if they can continue to execute well and bring in growing revenues in 2023.

In the constantly evolving world of critical minerals, every quarter brings about new promise and potential. But, when a company not only meets its benchmarks but pushes the boundaries of what’s conceivable, it warrants a closer look. Energy Fuels Inc.’s (NYSE American: UUUU | TSX: EFR) Q2-2023 results have done just that.

Starting with their financial muscle: A robust balance sheet showcasing $134.36 million of working capital, a commendable rise from December 2022’s $116.97 million. Their inventory, valued at approximately $50.51 million, is reflective of the company’s prudent business strategies and readiness for future opportunities.

Uranium remains a focal point. Selling 80,000 pounds of U3O8 at $54.19 per pound, Energy Fuels has set an impressive gross margin of 46%. And, with a forward-looking approach, they’ve prepared four of their conventional uranium mines for production, signaling their commitment to meeting the ever-growing energy demands.

Yet, the real ace up Energy Fuels’ sleeve might be their ventures into Rare Earth Elements (REE). Producing approximately 99 MT of RE Carbonate from monazite, they’re ensuring that the US remains at the forefront of REE production. The vision of completing ‘Phase 1’ at the White Mesa Mill in Utah is not just ambitious but transformative. With the potential to churn out 800-1,000 MT of separated NdPr oxide annually, this project could catapult Energy Fuels into the echelons of global NdPr producers, outside of China. NdPr oxide, vital for EVs and wind generators, underscores the company’s foresight in aligning with global sustainability goals.

Their Bahia Rare Earth Project in Brazil further cements their strategic positioning, promising to fortify their REE repertoire. With plans of enhancing NdPr production capacity and the potential inclusion of dysprosium and terbium by 2027, the company is future-ready.

Energy Fuels CEO, Mark S. Chalmers’s words encapsulate their journey best, emphasizing the company’s dedication to establishing a “critical mineral hub” in Utah. Their initiatives are not just business strategies; they represent a mission to reposition the US in the global energy and technology sectors.

During an interview between Troy Grant, Founder, CEO and Director of Elcora Advanced Materials Corp. (TSXV: ERA), and Tracy Weslosky from InvestorIntel, several key points were discussed surrounding Elcora’s manganese and vanadium milestones towards production. Troy confirmed that Elcora is currently selling manganese and has successfully shipped trial shipments to two customers. Preparing for shipments to four additional customers, Elcora’s ultimate goal is to become a fully vertically integrated battery material supplier.

Troy emphasized the importance of their manganese assets in Morocco and their aim to generate cash flow from them. The demand for manganese is strong, and they are focused on meeting that demand as quickly as possible. He explained that the percentage of manganese in the product determines its pricing, with higher percentages commanding higher prices. Elcora’s target is to build a production plant capable of producing 20,000 tons of manganese per month. They estimate that it will take 8 to 12 months to reach this level of production.

The discussion also touched upon Elcora’s vanadium production. Troy mentioned that they have been working with Dr. Ian Flint to complete a preliminary assessment on their vanadium assets in Morocco. The initial test results for their vanadium concentrate product are positive, and they are currently testing it with smelters in Europe and Asia. If the results are encouraging, they could start generating cash flow from vanadium production within six months.

Troy expressed optimism about the future, stating that they expect encouraging news regarding vanadium production and the commissioning of the manganese production plant in the next quarter. Overall, Troy’s update showcased Elcora’s progress and their focus on meeting the demand for manganese and exploring the potential of vanadium production for the Company.

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About Elcora Advanced Materials Corp.

Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine, and produce battery related minerals and metals. As part of the vertical integration strategy Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery minerals and metals industry.

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Disclaimer: Elcora Advanced Materials Corp. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp. (IIC) does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain“forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken,  as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

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