uranium suppliers annualtable of contents 2 uranium suppliers annual – dec 2019 © 2019 uxc •...

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Uranium Suppliers Annual

December | 2019

A PUBLICATION OF UXC.COM

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Table of Contents

© 2019 UxC Uranium Suppliers Annual – Dec 2019 1

Table of Contents 1 – Uranium Supply _______________________________________________________________________ 11

Overview .....................................................................................................................................................................11 • Post-Fukushima ........................................................................................................................................................ 11 • Rebalancing Supply to Demand ............................................................................................................................... 11 • Role of Secondary Sources ...................................................................................................................................... 13 • Market Outlook ......................................................................................................................................................... 14

Risk Assessment Matrix .............................................................................................................................................16 • Company-level Risks ................................................................................................................................................ 17

Stock and Website Listing ..........................................................................................................................................19 Uranium Production: 2019-2035 .................................................................................................................................21

• Market Share Projections .......................................................................................................................................... 24

2 – Primary Producers _____________________________________________________________________ 29 Stock and Website Listing ..........................................................................................................................................29 ARMZ .........................................................................................................................................................................30

• Company Overview................................................................................................................................................... 30 • Driving Force ............................................................................................................................................................ 30 • Uranium Supplies ..................................................................................................................................................... 30 • Marketing Strategy .................................................................................................................................................... 35

BHP ............................................................................................................................................................................36 • Company Overview................................................................................................................................................... 36 • Driving Force ............................................................................................................................................................ 36 • Uranium Supplies ..................................................................................................................................................... 36 • Marketing Strategy .................................................................................................................................................... 38

Cameco Corporation ..................................................................................................................................................40 • Company Overview................................................................................................................................................... 40 • Driving Force ............................................................................................................................................................ 40 • Uranium Supplies ..................................................................................................................................................... 41 • Marketing Strategy .................................................................................................................................................... 51

CGN Mining Company Limited ...................................................................................................................................53 • Company Overview................................................................................................................................................... 53 • Driving Force ............................................................................................................................................................ 53 • Uranium Supplies ..................................................................................................................................................... 53 • Marketing Strategy .................................................................................................................................................... 58

Energy Fuels Inc. ........................................................................................................................................................60 • Company Overview................................................................................................................................................... 60 • Driving Force ............................................................................................................................................................ 61 • Uranium Supplies ..................................................................................................................................................... 61 • Marketing Strategy .................................................................................................................................................... 70

General Atomics .........................................................................................................................................................72 • Company Overview................................................................................................................................................... 72 • Driving Force ............................................................................................................................................................ 73 • Uranium Supplies ..................................................................................................................................................... 73 • Marketing Strategy .................................................................................................................................................... 76

Kazatomprom .............................................................................................................................................................78 • Company Overview................................................................................................................................................... 78 • Driving Force ............................................................................................................................................................ 78 • Uranium Supplies ..................................................................................................................................................... 79 • Marketing Strategy .................................................................................................................................................... 91

Navoi MMC (Uzbekistan) ............................................................................................................................................94 • Company Overview................................................................................................................................................... 94 • Driving Force ............................................................................................................................................................ 94 • Uranium Supplies ..................................................................................................................................................... 94 • Marketing Strategy .................................................................................................................................................... 99

Nufcor (Nuclear Fuels Corp of South Africa)/Harmony Gold ....................................................................................101 • Company Overview................................................................................................................................................. 101 • Driving Force .......................................................................................................................................................... 101 • Uranium Supplies ................................................................................................................................................... 101 • Marketing Strategy .................................................................................................................................................. 103

Orano ........................................................................................................................................................................104 • Company Overview................................................................................................................................................. 104

Table of Contents

2 Uranium Suppliers Annual – Dec 2019 © 2019 UxC

• Driving Force .......................................................................................................................................................... 104 • Uranium Supplies ................................................................................................................................................... 105 • Marketing Strategy .................................................................................................................................................. 116

Peninsula Energy Limited......................................................................................................................................... 118 • Company ................................................................................................................................................................ 118 • Driving Force .......................................................................................................................................................... 118 • Uranium Supplies ................................................................................................................................................... 118 • Marketing Strategy .................................................................................................................................................. 123

Rio Tinto Uranium (RTU) – Rio Tinto & ERA ........................................................................................................... 124 • Company Overview ................................................................................................................................................ 124 • Driving Force .......................................................................................................................................................... 124 • Uranium Supplies ................................................................................................................................................... 124 • Marketing Strategy .................................................................................................................................................. 129

Uranium One ............................................................................................................................................................ 131 • Company Overview ................................................................................................................................................ 131 • Driving Force .......................................................................................................................................................... 131 • Uranium Supplies ................................................................................................................................................... 131 • Marketing Strategy .................................................................................................................................................. 139

Ur-Energy Inc. .......................................................................................................................................................... 141 • Company Overview ................................................................................................................................................ 141 • Driving Force .......................................................................................................................................................... 141 • Uranium Supplies ................................................................................................................................................... 141 • Marketing Strategy .................................................................................................................................................. 145

3 – Domestic Producers ___________________________________________________________________ 147 Stock and Website Listing ........................................................................................................................................ 147 Comisión Nacional de Energia Atomica (CNEA)...................................................................................................... 148

• Company Overview ................................................................................................................................................ 148 • Uranium Supplies ................................................................................................................................................... 148

Industrias Nucleares do Brasil (INB) ........................................................................................................................ 150 • Company Overview ................................................................................................................................................ 150 • Uranium Supplies ................................................................................................................................................... 150

China – CNNC.......................................................................................................................................................... 152 • Company Overview ................................................................................................................................................ 152 • Uranium Supplies ................................................................................................................................................... 152

DIAMO...................................................................................................................................................................... 160 • Company Overview ................................................................................................................................................ 160 • Uranium Supplies ................................................................................................................................................... 160

Uranium Corporation of India (UCIL)........................................................................................................................ 162 • Company Overview ................................................................................................................................................ 162 • Uranium Supplies ................................................................................................................................................... 162

Pakistan Atomic Energy Commission (PAEC) ......................................................................................................... 168 • Company Overview ................................................................................................................................................ 168 • Uranium Supplies ................................................................................................................................................... 168

Compania Naţională a Uraniului S.A. (CNU)............................................................................................................ 170 • Company Overview ................................................................................................................................................ 170 • Uranium Supplies ................................................................................................................................................... 170

VostGOK .................................................................................................................................................................. 172 • Company Overview ................................................................................................................................................ 172 • Uranium Supplies ................................................................................................................................................... 172

4 – Planned Producers ____________________________________________________________________ 177 Stock and Website Listing ........................................................................................................................................ 177 Anfield Energy Incorporated ..................................................................................................................................... 178

• Company Overview ................................................................................................................................................ 178 • Driving Force .......................................................................................................................................................... 178 • Uranium Supplies ................................................................................................................................................... 178 • Marketing Strategy .................................................................................................................................................. 183

Azarga Uranium Corporation.................................................................................................................................... 184 • Company Overview ................................................................................................................................................ 184 • Driving Force .......................................................................................................................................................... 184 • Uranium Supplies ................................................................................................................................................... 184 • Marketing Strategy .................................................................................................................................................. 189

Bannerman Resources Limited ................................................................................................................................ 190

Table of Contents


• Company Overview................................................................................................................................................. 190 • Driving Force .......................................................................................................................................................... 190 • Uranium Supplies ................................................................................................................................................... 190 • Marketing Strategy .................................................................................................................................................. 192

Berkeley Energia Limited ..........................................................................................................................................193 • Company Overview................................................................................................................................................. 193 • Driving Force .......................................................................................................................................................... 193 • Uranium Supplies ................................................................................................................................................... 193 • Marketing Strategy .................................................................................................................................................. 196

Boss Resources Limited ...........................................................................................................................................197 • Company Overview................................................................................................................................................. 197 • Driving Force .......................................................................................................................................................... 197 • Uranium Supplies ................................................................................................................................................... 197 • Marketing Strategy .................................................................................................................................................. 199

Denison Mines Corporation ......................................................................................................................................200 • Company Overview................................................................................................................................................. 200 • Driving Force .......................................................................................................................................................... 200 • Uranium Supplies ................................................................................................................................................... 200 • Marketing Strategy .................................................................................................................................................. 208

Global Atomic Corporation .......................................................................................................................................209 • Company Overview................................................................................................................................................. 209 • Driving Force .......................................................................................................................................................... 209 • Uranium Supplies ................................................................................................................................................... 209 • Marketing Strategy .................................................................................................................................................. 211

NexGen Energy Limited ...........................................................................................................................................212 • Company Overview................................................................................................................................................. 212 • Driving Force .......................................................................................................................................................... 212 • Uranium Supplies ................................................................................................................................................... 212 • Marketing Strategy .................................................................................................................................................. 214

Paladin Energy Ltd ...................................................................................................................................................215 • Company Overview................................................................................................................................................. 215 • Driving Force .......................................................................................................................................................... 215 • Uranium Supplies ................................................................................................................................................... 215 • Marketing Strategy .................................................................................................................................................. 221

Sibanye-Stillwater Limited ........................................................................................................................................222 • Company Overview................................................................................................................................................. 222 • Driving Force .......................................................................................................................................................... 222 • Uranium Supplies ................................................................................................................................................... 222 • Marketing Strategy .................................................................................................................................................. 224

Uranium Energy Corporation ....................................................................................................................................225 • Company Overview................................................................................................................................................. 225 • Driving Force .......................................................................................................................................................... 225 • Uranium Supplies ................................................................................................................................................... 225 • Marketing Strategy .................................................................................................................................................. 234

Vimy Resources Limited ...........................................................................................................................................235 • Company Overview................................................................................................................................................. 235 • Driving Force .......................................................................................................................................................... 235 • Uranium Supplies ................................................................................................................................................... 235 • Marketing Strategy .................................................................................................................................................. 238

Western Uranium & Vanadium Corporation .............................................................................................................239 • Company Overview................................................................................................................................................. 239 • Driving Force .......................................................................................................................................................... 239 • Uranium Supplies ................................................................................................................................................... 239 • Marketing Strategy .................................................................................................................................................. 242

5 – Junior/Exploration Companies __________________________________________________________ 243 Stock and Website Listing ........................................................................................................................................243 A-Cap Resources Ltd. (ACB.AX) .............................................................................................................................244

• Company Overview................................................................................................................................................. 244 • Uranium Projects & Deposits .................................................................................................................................. 244

Alba Minerals Ltd. (AA.V) .........................................................................................................................................246 • Company Overview................................................................................................................................................. 246 • Uranium Projects & Deposits .................................................................................................................................. 246

Alligator Energy Ltd. (AGE.AX) ................................................................................................................................247

Table of Contents


• Company Overview ................................................................................................................................................ 247 • Uranium Projects & Deposits .................................................................................................................................. 247

ALX Uranium Corp. (LK.V) ....................................................................................................................................... 249 • Company Overview ................................................................................................................................................ 249 • Uranium Projects & Deposits .................................................................................................................................. 249

Appia Energy Corp. (API.V) ..................................................................................................................................... 255 • Company Overview ................................................................................................................................................ 255 • Uranium Projects & Deposits .................................................................................................................................. 255

Aura Energy Ltd. (AEE.AX) ...................................................................................................................................... 257 • Company Overview ................................................................................................................................................ 257 • Uranium Projects & Deposits .................................................................................................................................. 257

Azimut Exploration Inc. (AZM.V) .............................................................................................................................. 260 • Company Overview ................................................................................................................................................ 260 • Uranium Projects & Deposits .................................................................................................................................. 260

Azincourt Energy Corp. (AAZ.V) .............................................................................................................................. 261 • Company Overview ................................................................................................................................................ 261 • Uranium Projects and Deposits .............................................................................................................................. 261

Barrick Gold Corp. (ABX.T) ...................................................................................................................................... 263 • Company Overview ................................................................................................................................................ 263 • Uranium Projects & Deposits .................................................................................................................................. 263

Blue Sky Uranium Corp. (BSK.V) ............................................................................................................................. 264 • Company Overview ................................................................................................................................................ 264 • Uranium Projects and Deposits .............................................................................................................................. 264

Canada Jetlines Ltd. (JET.V) ................................................................................................................................... 266 • Company Overview ................................................................................................................................................ 266 • Uranium Projects & Deposits .................................................................................................................................. 266

CanAlaska Uranium Limited (CVV.V) ....................................................................................................................... 268 • Company Overview ................................................................................................................................................ 268 • Uranium Projects & Deposits .................................................................................................................................. 268

Cauldron Energy Limited (CXU.AX) ......................................................................................................................... 271 • Company Overview ................................................................................................................................................ 271 • Uranium Projects & Deposits .................................................................................................................................. 271

Clean Commodities Corp. (CLE.V) .......................................................................................................................... 273 • Company Overview ................................................................................................................................................ 273 • Uranium Projects & Deposits .................................................................................................................................. 273

Cobra Resources Ltd. (COB.LON) ........................................................................................................................... 275 • Company Overview ................................................................................................................................................ 275 • Uranium Projects & Deposits .................................................................................................................................. 275

Deep Yellow Limited (DYL.AX) ................................................................................................................................ 276 • Company Overview ................................................................................................................................................ 276 • Uranium Projects & Deposits .................................................................................................................................. 276

DevEx Resources Ltd. (DEV.AX) ............................................................................................................................. 278 • Company Overview ................................................................................................................................................ 278 • Uranium Projects & Deposits .................................................................................................................................. 278

Eclipse Metals Ltd. (EPM.AX) .................................................................................................................................. 279 • Company Overview ................................................................................................................................................ 279 • Uranium Projects & Deposits .................................................................................................................................. 279

enCore Energy Corp. (EU.V).................................................................................................................................... 281 • Company Overview ................................................................................................................................................ 281 • Uranium Projects & Deposits .................................................................................................................................. 281

Energy Metals Ltd. (EME.AX) .................................................................................................................................. 284 • Company Overview ................................................................................................................................................ 284 • Uranium Projects & Deposits .................................................................................................................................. 284

Eros Resources Corp. (ERC.V) ................................................................................................................................ 289 • Company Overview ................................................................................................................................................ 289 • Uranium Projects & Deposits .................................................................................................................................. 289

Fission Uranium Corp. (FCU.X) ............................................................................................................................... 290 • Company Overview ................................................................................................................................................ 290 • Uranium Projects & Deposits .................................................................................................................................. 290

Fission 3.0 Corp. (FUU.V) ........................................................................................................................................ 293 • Company Overview ................................................................................................................................................ 293 • Uranium Projects & Deposits .................................................................................................................................. 293

Forsys Metals Corp. (FSY.T) .................................................................................................................................... 298

Table of Contents


• Company Overview................................................................................................................................................. 298 • Uranium Projects & Deposits .................................................................................................................................. 298

Forum Energy Metals Corp. (FMC.V) .......................................................................................................................300 • Company Overview................................................................................................................................................. 300 • Uranium Projects & Deposits .................................................................................................................................. 300

Globe Metals & Mining Limited (GBE.AX) ................................................................................................................305 • Company Overview................................................................................................................................................. 305 • Uranium Projects & Deposits .................................................................................................................................. 305

GoviEx Uranium Inc. (GXU.V) ..................................................................................................................................306 • Company Overview................................................................................................................................................. 306 • Uranium Projects & Deposits .................................................................................................................................. 306

Greenland Minerals Ltd. (GGG.AX) ..........................................................................................................................310 • Company Overview................................................................................................................................................. 310 • Uranium Projects and Deposits .............................................................................................................................. 310

Hornby Bay Mineral Exploration (HBE.V) .................................................................................................................312 • Company Overview................................................................................................................................................. 312 • Uranium Projects & Deposits .................................................................................................................................. 312

IsoEnergy Ltd. (ISO.V) .............................................................................................................................................313 • Company Overview................................................................................................................................................. 313 • Uranium Projects & Deposits .................................................................................................................................. 313

Laramide Resources Ltd. (LAM.T) ...........................................................................................................................316 • Company Overview................................................................................................................................................. 316 • Uranium Projects & Deposits .................................................................................................................................. 316

Marenica Energy Limited (WME.AX) ........................................................................................................................321 • Company Overview................................................................................................................................................. 321 • Uranium Projects & Deposits .................................................................................................................................. 321

Marmota Energy Ltd. (MEU.AX) ...............................................................................................................................324 • Company Overview................................................................................................................................................. 324 • Uranium Projects & Deposits .................................................................................................................................. 324

Mega Uranium Ltd. (MGA.V) ....................................................................................................................................325 • Company Overview................................................................................................................................................. 325 • Uranium Projects & Deposits .................................................................................................................................. 325

Mesa Exploration Corp. (MSA.V) .............................................................................................................................327 • Company Overview................................................................................................................................................. 327 • Uranium Projects & Deposits .................................................................................................................................. 327

Optimal Mining Ltd. ...................................................................................................................................................328 • Company Overview................................................................................................................................................. 328 • Uranium Projects & Deposits .................................................................................................................................. 328

Pacton Gold Inc. (PAC.V) .........................................................................................................................................331 • Company Overview................................................................................................................................................. 331 • Uranium Projects & Deposits .................................................................................................................................. 331

PhosEnergy Ltd. .......................................................................................................................................................332 • Company Overview................................................................................................................................................. 332 • Uranium Projects & Deposits .................................................................................................................................. 332

Plateau Energy Metals Inc. (PLU.V) .........................................................................................................................334 • Company Overview................................................................................................................................................. 334 • Uranium Projects & Deposits .................................................................................................................................. 334

Purepoint Uranium Group Inc. (PTU.V) ....................................................................................................................336 • Company Overview................................................................................................................................................. 336 • Uranium Projects & Deposits .................................................................................................................................. 336

Roughrider Exploration Ltd. (REL.V) ........................................................................................................................340 • Company Overview................................................................................................................................................. 340 • Uranium Projects and Deposits .............................................................................................................................. 340

Samphire Uranium Ltd. .............................................................................................................................................341 • Company Overview................................................................................................................................................. 341 • Uranium Projects & Deposits .................................................................................................................................. 341

Shiva Uranium Pty Ltd. .............................................................................................................................................342 • Company Overview................................................................................................................................................. 342 • Uranium Projects & Deposits .................................................................................................................................. 342

Sinosteel Corp. .........................................................................................................................................................344 • Company Overview................................................................................................................................................. 344 • Uranium Projects & Deposits .................................................................................................................................. 344

Skyharbour Resources Ltd. (SYH.V) ........................................................................................................................345

Table of Contents


• Company Overview ................................................................................................................................................ 345 • Uranium Projects & Deposits .................................................................................................................................. 345

Standard Uranium Ltd. (STND.V) ............................................................................................................................. 348 • Company Overview ................................................................................................................................................ 348 • Uranium Projects & Deposits .................................................................................................................................. 348

Strateco Resources Inc. (RSC.V) ............................................................................................................................. 349 • Company Overview ................................................................................................................................................ 349 • Uranium Projects & Deposits .................................................................................................................................. 349

Toro Energy Ltd. (TOE.AX) ...................................................................................................................................... 351 • Company Overview ................................................................................................................................................ 351 • Uranium Projects and Deposits .............................................................................................................................. 351

U3O8 Corp. (UWE.V) ............................................................................................................................................... 354 • Company Overview ................................................................................................................................................ 354 • Uranium Projects and Deposits .............................................................................................................................. 354

UEX Corporation (UEX.T) ........................................................................................................................................ 357 • Company Overview ................................................................................................................................................ 357 • Uranium Projects and Deposits .............................................................................................................................. 357

UrAmerica Ltd. ......................................................................................................................................................... 362 • Company Overview ................................................................................................................................................ 362 • Uranium Projects & Deposits .................................................................................................................................. 362

Uranium Industry a.s. ............................................................................................................................................... 364 • Company Overview ................................................................................................................................................ 364 • Uranium Projects & Deposits .................................................................................................................................. 364

Uravan Minerals Inc. (UVN.V) .................................................................................................................................. 366 • Company Overview ................................................................................................................................................ 366 • Uranium Projects & Deposits .................................................................................................................................. 366

ValOre Metals Corp. (VO.V) ..................................................................................................................................... 368 • Company Overview ................................................................................................................................................ 368 • Uranium Projects & Deposits .................................................................................................................................. 368

Vanadian Energy Corp. (VEC.V) .............................................................................................................................. 370 • Company Overview ................................................................................................................................................ 370 • Uranium Projects & Deposits .................................................................................................................................. 370

Virginia Uranium Inc. (VAE.X) .................................................................................................................................. 372 • Company Overview ................................................................................................................................................ 372 • Uranium Projects & Deposits .................................................................................................................................. 372

Waseco Resources Inc. (WRI.V) .............................................................................................................................. 374 • Company Overview ................................................................................................................................................ 374 • Uranium Projects & Deposits .................................................................................................................................. 374

Westwater Resources Inc. (WWR.NASDAQ) .......................................................................................................... 375 • Company Overview ................................................................................................................................................ 375 • Uranium Supplies ................................................................................................................................................... 375

6 – Other Suppliers _______________________________________________________________________ 381 • Introduction ............................................................................................................................................................. 381

China Nuclear Energy Industry Corporation (CNEIC) .............................................................................................. 381 • Company Overview ................................................................................................................................................ 381 • Marketing ................................................................................................................................................................ 381

ITOCHU Corporation ................................................................................................................................................ 383 • Company Overview ................................................................................................................................................ 383 • Marketing ................................................................................................................................................................ 383

Macquarie Group Ltd................................................................................................................................................ 385 • Company Overview ................................................................................................................................................ 385 • Marketing ................................................................................................................................................................ 385

Marubeni/Energy USA.............................................................................................................................................. 387 • Company Overview ................................................................................................................................................ 387 • Marketing ................................................................................................................................................................ 387

Sumitomo Corp. ....................................................................................................................................................... 389 • Company Overview ................................................................................................................................................ 389 • Marketing ................................................................................................................................................................ 389

Traxys....................................................................................................................................................................... 390 • Company Overview ................................................................................................................................................ 390 • Marketing ................................................................................................................................................................ 390

Uranium Asset Management (UAM) ........................................................................................................................ 392 • Company Overview ................................................................................................................................................ 392

List of Figures


• Marketing ................................................................................................................................................................ 392 U.S. Department of Energy (DOE) ...........................................................................................................................394

• Company Overview................................................................................................................................................. 394 • Marketing ................................................................................................................................................................ 396

Urangesellschaft (UG) ..............................................................................................................................................397 • Company Overview................................................................................................................................................. 397 • Marketing ................................................................................................................................................................ 397

7 – Uranium Funds _______________________________________________________________________ 399 • Introduction ............................................................................................................................................................. 399

Yellow Cake plc ........................................................................................................................................................399 • Company Overview................................................................................................................................................. 399 • Uranium Assets ...................................................................................................................................................... 399

Uranium Participation Corp. (UPC) ..........................................................................................................................400 • Company Overview................................................................................................................................................. 400 • Uranium Assets ...................................................................................................................................................... 400

8 – Supplier Directory _____________________________________________________________________ 401

List of Figures Figure 1. Pre- versus Post-Fukushima Uranium Production Plans ............................................................................................. 12 Figure 2. World Uranium Base Case Supply vs. Base Case Demand, 2018-2035 ..................................................................... 14 Figure 3. Top Ten Producing Countries in 2018 ......................................................................................................................... 21 Figure 4. Existing and Planned World Production, 2018-2035 ................................................................................................... 23 Figure 5. Shares of World Production by Company – 2019 ........................................................................................................ 26 Figure 6. Shares of World Production by Company – 2025 ........................................................................................................ 27

List of Tables Table 1. Mines Placed on Care and Maintenance Since 2011 ................................................................................................... 12 Table 2. Company Risk Matrix .................................................................................................................................................... 18 Table 3. Uranium Production Company Listing – Primary Producers ......................................................................................... 19 Table 4. Uranium Production Country Domestic Producer Listing .............................................................................................. 19 Table 5. Uranium Production Company Listing – Planned Producers ........................................................................................ 19 Table 6. Junior/Exploration Company Listing ............................................................................................................................. 20 Table 7. Top 10 Producing Uranium Projects in 2018 ................................................................................................................ 21 Table 8. Existing Mines & Processing Facilities, Mid-Case, 2018-2035 ..................................................................................... 22 Table 9. New Mine Development – Planned & Potential, Mid-Case, 2018-2035 ........................................................................ 23 Table 10. Secondary Supplies, Mid-Case, 2018-2035................................................................................................................ 23 Table 11. World Production by Company in 2019 ...................................................................................................................... 26 Table 12. World Production by Company in 2025 ...................................................................................................................... 27 Table 13. Uranium Production Company Listing – Primary Producers ....................................................................................... 29 Table 14. Mine/Mill/Project Table Legend ................................................................................................................................... 29 Table 15. ARMZ Production Center Summary ........................................................................................................................... 34 Table 16. ARMZ Project Summary ............................................................................................................................................. 34 Table 17. ARMZ Projected Production Based On Ownership Share .......................................................................................... 34 Table 18. ARMZ Project Risk Matrix ........................................................................................................................................... 35 Table 19. BHP Mill/Production Center Summary ........................................................................................................................ 38 Table 20. BHP Mine/Project Summary ....................................................................................................................................... 38 Table 21. BHP Projected Production Based On Ownership Share ............................................................................................. 38 Table 22. BHP Project Risk Matrix.............................................................................................................................................. 38 Table 23. Cameco Mill/Production Center Summary .................................................................................................................. 49 Table 24. Cameco Mine/Project Summary ................................................................................................................................. 49 Table 25. Cameco Projected Production Based On Ownership Share ....................................................................................... 50 Table 26. Cameco Project Risk Matrix ........................................................................................................................................ 51 Table 27. CGN Mining Mill/Production Center Summary ............................................................................................................ 57 Table 28. CGN Mining Mine/Project Summary ........................................................................................................................... 57 Table 29. CGN Mining Projected Production Based On Ownership Share ................................................................................. 58 Table 30. CGN Mining Uranium Project Risk Matrix ................................................................................................................... 58 Table 31. Energy Fuels Mill/Production Center Summary .......................................................................................................... 69 Table 32. Energy Fuels Mine/Project Summary ......................................................................................................................... 69 Table 33. Energy Fuels Projected Production Based On Ownership Share ............................................................................... 70 Table 34. Energy Fuels Project Risk Matrix ................................................................................................................................ 70

List of Tables


Table 35. General Atomics Mill/Production Center Summary ..................................................................................................... 76 Table 36. General Atomics Mine/Project Summary .................................................................................................................... 76 Table 37. General Atomics Projected Production Based On Ownership Share ......................................................................... 76 Table 38. General Atomics Project Risk Matrix .......................................................................................................................... 76 Table 39. Kazatomprom Mill/Production Center Summary ......................................................................................................... 89 Table 40. Kazatomprom Mine/Project Summary ........................................................................................................................ 89 Table 41. Kazatomprom Projected Production based on Ownership Share ............................................................................... 90 Table 42. Kazatomprom Project Risk Matrix............................................................................................................................... 91 Table 43. Navoi MMC Mill/Production Center Summary ............................................................................................................ 98 Table 44. Navoi MMC Mine/Project Summary ............................................................................................................................ 98 Table 45. Navoi MMC Projected Production Based on Ownership Share .................................................................................. 98 Table 46. Navoi MMC Project Risk Matrix .................................................................................................................................. 98 Table 47. Nufcor Mill/Production Center Summary ................................................................................................................... 102 Table 48. Nufcor Mine/Project Summary .................................................................................................................................. 102 Table 49. Nufcor Projected Production Based On Ownership Share ....................................................................................... 103 Table 50. Nufcor Project Risk Matrix ........................................................................................................................................ 103 Table 51. Orano Mill/Production Center Summary ................................................................................................................... 114 Table 52. Orano Mine/Project Summary .................................................................................................................................. 114 Table 53. Orano Projected Production Based On Ownership Share ........................................................................................ 115 Table 54. Orano Project Risk Matrix ......................................................................................................................................... 116 Table 55. Peninsula Energy Mill/Production Center Summary ................................................................................................. 122 Table 56. Peninsula Energy Mine/Project Summary ................................................................................................................ 122 Table 57. Peninsula Energy Projected Production Based On Ownership Share ...................................................................... 122 Table 58. Peninsula Energy Project Risk Matrix ....................................................................................................................... 122 Table 59. Rio Tinto Uranium Mill/Production Center Summary ................................................................................................ 128 Table 60. Rio Tinto Uranium Mine/Project Summary ................................................................................................................ 128 Table 61. Rio Tinto Uranium Projected Production Based On Ownership Share ..................................................................... 128 Table 62. Rio Tinto Project Risk Matrix .................................................................................................................................... 129 Table 63. Uranium One Mill/Production Center Summary ........................................................................................................ 137 Table 64. Uranium One/Mine Project Summary ....................................................................................................................... 138 Table 65. Uranium One Projected Production Based on Ownership Share ............................................................................. 138 Table 66. Uranium One Project Risk Matrix ............................................................................................................................. 139 Table 67. Ur-Energy Mill/Production Center Summary ............................................................................................................. 145 Table 68. Ur-Energy Mine/Project Summary ............................................................................................................................ 145 Table 69. Ur-Energy Projected Production Based On Ownership Share .................................................................................. 145 Table 70. Ur-Energy Project Risk Matrix .................................................................................................................................. 145 Table 71. Uranium Production Country Domestic Producer Listing .......................................................................................... 147 Table 72. Mine/Mill/Project Table Legend ................................................................................................................................ 147 Table 73. CNEA Mill/Production Center Summary ................................................................................................................... 149 Table 74. CNEA Mine/Project Summary .................................................................................................................................. 149 Table 75. CNEA Projected Production Based On Ownership Share ........................................................................................ 149 Table 76. INB Mill/Production Center Summary ....................................................................................................................... 151 Table 77. INB Mine/Project Summary ...................................................................................................................................... 151 Table 78. INB Projected Production Based On Ownership Share ............................................................................................ 151 Table 79. China Mill/Production Center Summary .................................................................................................................... 158 Table 80. China Mine/Project Summary ................................................................................................................................... 158 Table 81. China Projected Production Based On Ownership Share ......................................................................................... 159 Table 82. Diamo Mill/Production Center Summary ................................................................................................................... 161 Table 83. Diamo Mine/Project Summary .................................................................................................................................. 161 Table 84. Diamo Projected Production Based On Ownership Share ........................................................................................ 161 Table 85. UCIL Mill/Production Center Summary ..................................................................................................................... 166 Table 86. UCIL Mine/Project Summary .................................................................................................................................... 166 Table 87. UCIL Projected Production Based On Ownership Share .......................................................................................... 167 Table 88. PAEC Mill/Production Center Summary ................................................................................................................... 169 Table 89. PAEC Mine/Project Summary ................................................................................................................................... 169 Table 90. PAEC Projected Production Based On Ownership Share ........................................................................................ 169 Table 91. CNU Mill/Production Center Summary ..................................................................................................................... 171 Table 92. CNU Mine/Project Summary ..................................................................................................................................... 171 Table 93. CNU Projected Production Based On Ownership Share .......................................................................................... 171 Table 94. VostGOK Mill/Production Center Summary .............................................................................................................. 175 Table 95. VostGOK Mine/Project Summary ............................................................................................................................. 176 Table 96. VostGOK Projected Production Based on Ownership Share .................................................................................... 176 Table 97. Uranium Production Company Listing – Planned Producers .................................................................................... 177

List of Tables


Table 98. Mine/Mill/Project Table Legend ................................................................................................................................. 177 Table 99. Anfield Energy Mill/Production Center Summary ...................................................................................................... 183 Table 100. Anfield Energy Mine/Project Summary ................................................................................................................... 183 Table 101. Anfield Energy Projected Production Based On Ownership Share ......................................................................... 183 Table 102. Azarga Uranium Mill/Production Center Summary ................................................................................................. 189 Table 103. Azarga Uranium Mine/Project Summary ................................................................................................................. 189 Table 104. Azarga Uranium Projected Production Based On Ownership Share ...................................................................... 189 Table 105. Bannerman Resources Mill/Production Center Summary ....................................................................................... 192 Table 106. Bannerman Resources Mine/Project Summary ...................................................................................................... 192 Table 107. Bannerman Resources Projected Production Based On Ownership Share ........................................................... 192 Table 108. Berkeley Energia Mill/Production Center Summary ................................................................................................ 195 Table 109. Berkeley Energia Mine/Project Summary ............................................................................................................... 195 Table 110. Berkeley Energia Projected Production Based On Ownership Share ..................................................................... 196 Table 111. Boss Resources Mill/Production Center Summary ................................................................................................. 199 Table 112. Boss Resources Mine/Project Summary ................................................................................................................. 199 Table 113. Boss Resources Projected Production Based On Ownership Share ...................................................................... 199 Table 114. Denison Mines Mill/Production Center Summary .................................................................................................... 208 Table 115. Denison Mines Mine/Project Summary ................................................................................................................... 208 Table 116. Denison Mines Projected Production Based On Ownership Share ........................................................................ 208 Table 117. Global Atomic Mill/Production Center Summary ..................................................................................................... 210 Table 118. Global Atomic Mine/Project Summary .................................................................................................................... 211 Table 119. Global Atomic Projected Production Based On Ownership Share .......................................................................... 211 Table 120. NexGen Energy Mill/Production Center Summary .................................................................................................. 214 Table 121. NexGen Energy Mine/Project Summary ................................................................................................................. 214 Table 122. NexGen Energy Projected Production Based On Ownership Share ....................................................................... 214 Table 123. Paladin Energy Mill/Production Center Summary ................................................................................................... 221 Table 124. Paladin Energy Mine/Project Summary .................................................................................................................. 221 Table 125. Paladin Energy Projected Production Based On Ownership Share ........................................................................ 221 Table 126. Sibanye-Stillwater Mill/Production Center Summary ............................................................................................... 224 Table 127. Sibanye-Stillwater Mine/Project Summary .............................................................................................................. 224 Table 128. Sibanye-Stillwater Projected Production Based On Ownership Share ................................................................... 224 Table 129. Uranium Energy Corp. Mill/Production Center Summary ........................................................................................ 233 Table 130. Uranium Energy Corp. Mine/Project Summary ....................................................................................................... 234 Table 131. Uranium Energy Corp. Projected Production Based On Ownership Share............................................................. 234 Table 132. Vimy Resources Mill/Production Center Summary ................................................................................................. 238 Table 133. Vimy Resources Mine/Project Summary ................................................................................................................. 238 Table 134. Vimy Resources Projected Production Based On Ownership Share ...................................................................... 238 Table 135. Western Uranium Corp. Uranium Mine/Project Summary....................................................................................... 242 Table 136. Western Uranium Production Based On Ownership Share .................................................................................... 242 Table 137. Junior/Exploration Company Listing ....................................................................................................................... 243 Table 138. A-Cap Resources Project Summary ....................................................................................................................... 245 Table 139. Alligator Energy Project Summary .......................................................................................................................... 248 Table 140. Appia Energy Project Summary .............................................................................................................................. 256 Table 141. Aura Energy Project Summary ............................................................................................................................... 259 Table 142. Barrick Gold Project Summary ................................................................................................................................ 263 Table 143. Blue Sky Uranium Project Summary ....................................................................................................................... 265 Table 144. Canada Jetlines Project Summary .......................................................................................................................... 267 Table 145. Cauldron Energy Project Summary ........................................................................................................................ 272 Table 146. Cobra Resources Project Summary ....................................................................................................................... 275 Table 147. Deep Yellow Project Summary ............................................................................................................................... 277 Table 148. enCore Energy Project Summary ........................................................................................................................... 283 Table 149. Energy Metals Project Summary ............................................................................................................................ 288 Table 150. Fission Uranium Project Summary ......................................................................................................................... 292 Table 151. Forsys Metals Project Summary ............................................................................................................................. 299 Table 152. Globe Metals & Mining Resources Project Summary ............................................................................................. 305 Table 153. GoviEx Uranium Project Summary ......................................................................................................................... 309 Table 154. Greenland Minerals Project Summary .................................................................................................................... 311 Table 155. Laramide Resources Project Summary .................................................................................................................. 320 Table 156. Marenica Energy Project Summary ........................................................................................................................ 323 Table 157. Marmota Energy Project Summary ......................................................................................................................... 324 Table 158. Mega Uranium Project Summary ............................................................................................................................ 326 Table 159. Optimal Mining Ltd. Project Summary..................................................................................................................... 330 Table 160. Plateau Energy Metals Project Summary ............................................................................................................... 335

List of Tables


Table 161. Samphire Uranium Project Summary ..................................................................................................................... 341 Table 162. Shiva Uranium Pty. Ltd. Minerals Project Summary .............................................................................................. 343 Table 163. Sinosteel Corp. Minerals Project Summary ............................................................................................................ 344 Table 164. Skyharbour Resources Project Summary ............................................................................................................... 347 Table 165. Strateco Resources Project Summary .................................................................................................................... 350 Table 166. Toro Energy Project Summary ............................................................................................................................... 353 Table 167. U3O8 Corp. Project Summary ................................................................................................................................ 356 Table 168. UEX Corp. Uranium Mine/Project Summary ........................................................................................................... 361 Table 169. UrAmerica Ltd. Project Summary ........................................................................................................................... 363 Table 170. ValOre Metals Corp. Project Summary ................................................................................................................... 369 Table 171. Vanadian Energy Project Summary ........................................................................................................................ 371 Table 172. Virginia Uranium Inc. Project Summary .................................................................................................................. 373 Table 173. Westwater Resources Project Summary ................................................................................................................ 379 Table 174. Supply Summary: ITOCHU ..................................................................................................................................... 384 Table 175. Supply Summary: Macquarie Group Ltd. ................................................................................................................ 386 Table 176. Supply Summary: Marubeni/Energy USA ............................................................................................................... 388 Table 177. Supply Summary: Sumitomo Corp. ......................................................................................................................... 389 Table 178. Supply Summary: Traxys ........................................................................................................................................ 391 Table 179. Overview of U.S. DOE Uranium Inventories as of December 31, 2017 .................................................................. 396 Table 180. Supply Summary: UG ............................................................................................................................................. 398 Table 181. Yellow Cake plc Holdings ....................................................................................................................................... 399 Table 182. UPC Holdings ......................................................................................................................................................... 400 Table 183. Supplier Directory ................................................................................................................................................... 401

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