MEGAWATT LITHIUM AND BATTERY METALS CORP. - Uranium prices hit 16-year high in
February 2024 - America has
$4.3B plan to buy uranium from domestic producers Labrador's Central Mineral Belt among top uranium exploration regions inCanada
MegaWatt Metal's CEO,
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The number of countries turning to nuclear to provide low-carbon energy continues to grow. As a result, total global nuclear power generation is expected to break records in 2025, with
As the world's largest producer of nuclear power, the US accounts for about 30% of global nuclear energy generation and currently has 94 operable nuclear reactors.[6] At the same time, America is committed to advancing its strengths in the nuclear energy sector.
The US has earmarked
America's push to develop a more reliable domestic uranium supply chain is understandable due to the country producing only 5% of the uranium it uses annually as fuel. As such, the nation is heavily reliant on imports, with the top supplying countries being
Adding to America's urgency for uranium supply security is the country's declining rate of domestic uranium production since the early 1980s[11] and market analysts projecting an average global uranium supply deficit of 35 million pounds per year over the coming decade.[12]
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Against this backdrop of upward-trending uranium prices, growing demand, and America's need for secure domestic supplies,
Canada was the world's largest uranium producer for many years, accounting for about 22% of global output, until overtaken in 2009 byKazakhstan ;- most of Canada’s uranium resources are in high-grade deposits, with some being 100X the world average;
- in 2022,
Canada's Federal Government introduced a 30% critical mineral exploration tax credit to support specified exploration expenditures, applicable to uranium exploration; - and over 85% of the nation's uranium production is exported.[13]
Uranium exploration in
As announced in the Company’s news release of
For Additional Information
Investors can learn more about the Company, our team and latest news at https://megawattmetals.com.
About
MegaWatt is a
MegaWatt has acquired a 100% interest in a company that holds a 100% interest (subject to a 1.5% NSR) in the Benedict Mountains Uranium Property, consisting of 2 mineral licenses covering an area of approximately 350 hectares in the Central Mineral Belt on the east coast of
MegaWatt holds a 100% undivided interest (subject to a 1.5% NSR) on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of 8 mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of
Additionally, the Company has acquired a 100% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in the
MegaWatt holds a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of
On Behalf of the Board of Directors,
V7X 1M5
For Further Information Please Contact:
kelvin@megawattmetals.com, (236) 521-6500
SOURCES:
1. https://sprott.com/media/4382/nuclear-energy-carbon-free-future-white-paper.pdf
2. https://www.eia.gov/energyexplained/nuclear/nuclear-power-plants.php
3. https://www.iea.org/reports/nuclear-power-in-a-clean-energy-system
4. https://tradingeconomics.com/commodity/uranium
5. https://www.theguardian.com/environment/2024/jan/24/nuclear-power-output-expected-to-break-global-records-in-2025
6. https://world-nuclear.org/information-library/country-profiles/countries-t-z/usa-nuclear-power.aspx
7. https://www.nytimes.com/2022/07/05/business/energy-environment/nuclear-energy-politics.html
8. https://www.bloomberg.com/news/articles/2022-06-07/us-seeks-4-3-billion-for-nuclear-fuel-to-wean-off-russia-supply
9. https://www.energy.gov/ne/articles/inflation-reduction-act-keeps-momentum-building-nuclear-power
10. https://www.eia.gov/energyexplained/nuclear/where-our-uranium-comes-from.php
11. https://www.thecgo.org/benchmark/establishing-secure-uranium-supply-chains-for-a-future-of-abundant-energy/
12. https://resourceworld.com/bullish-outlook-on-uranium-sector/
13. https://world-nuclear.org/information-library/country-profiles/countries-a-f/canada-uranium.aspx
14. https://www.paladinenergy.com.au/exploration/michelin-canada/
15. https://www.findnewfoundlandlabrador.com/files/2017/03/Uranium-in-Labrador-Jan-2012.pdf
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements or information may relate to the Company’s business plans, the exploration plans of the Company and the timing thereof, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
2024 GlobeNewswire, Inc., source
