GUE - operational update, enrichment deal to come this quarter?
Our US uranium Investment Global Uranium and Enrichment (ASX: GUE) just put out an operational update.
The update centred around two of GUE’s assets:
1. GUE’s 21.9% owned stake in private enrichment company Ubaryon
GUE gave an update on the commercial interest from potential major strategic partners looking at Ubaryon.
GUE also confirmed that something would be announced within “the first half of 2025”. So we should see something from GUE within the next 3 months.
2. GUE’s 50-50 Joint Venture on assets in Wyoming, USA with NASDAQ listed Snow Lake Resources
GUE confirmed that it had started staking additional ground around the Pine Ridge asset that is being acquired by the Joint Venture.
The current Project holdings include nearly 20,000 acres of surface access and mineral rights.
GUE is looking to double that ground position with the new staking.
Good news considering the project is ~15km away from the biggest permitted ISR uranium processing plant in the USA (owned by $29BN Cameco).
GUE also said that permitting and tendering work had started to prepare for a drill program.
Finally, GUE extended the due diligence period for the Joint Venture partners Snow Lake to do DD on GUE was extended to 10 April 2025.
We covered the new asset in detail in our last GUE note here: GUE: Acquiring advanced Uranium development project in the USA, and a new NASDAQ listed 19.9% cornerstone investor…
What’s next for GUE?
🔄 New project acquisition - 50-50 JV with Snow Lake Resources in Wyoming.
We want to see GUE close out the acquisition first.
After the deal is completed, we want to see drilling start to confirm and expand the projects initial exploration target (24.4 - 51.3M lbs of uranium)
We can expect definition drilling to commence very quickly upon deal completion according to this timeline.
Below is a slide from GUE’s latest investor deck which outlines next steps at its new project in Wyoming:
GUE’s other mining Projects
GUE has a number of other North American uranium exploration & development assets, here is what we are looking out for across these projects:
🔄 Project 1: ~52Mlb Resource Scoping study (coming months)
A Scoping Study is due shortly at GUE’s advanced ~52Mlb JORC resource in Colorado.
GUE indicated in September that the scoping study is due in the “coming months”
🔄 Project 2: Maybell JORC Resource (coming months)
GUE completed its drill program in October last year, now it is preparing a maiden mineral resource estimate for Maybell in another part of Colorado.
Depending on the resource size and economics, next steps could potentially include additional drilling in 2025 and a scoping study to evaluate development options.
🔄 Enrichment Technology (21.9% owned Ubaryon)
At the fundamental level, we want to see Ubaryon de-risk its enrichment technology both operationally and from a regulatory perspective:
🔄 Secure strategic/commercial partner for uranium enrichment technology
🔄 Further validation and extend the enrichment performance (show how well it works)
🔲 Achieve continuous operation at bench scale (scale up process)
🔲 Regulatory approvals
