Overview
Wyoming has the most important uranium reserves of all of the US states and is the house of in-situ restoration (ISR) uranium mining, with experimental ISR mining through the early Sixties and business ISR mining beginning in 1974. The state is an power powerhouse within the US, second solely to Texas in power manufacturing and accounting for greater than 80 % of the nation’s uranium manufacturing. It has a manufacturing historical past that dates again to the late Nineteen Forties. With a hovering uranium worth that handed $90 by the tip of 2023, many analysts consider the value will stay on the upper finish for years to return.
GTI Power (ASX:GTR,OTCQB:GTRIF) is a mineral exploration firm targeted on creating a portfolio of enticing uranium tasks in america. The corporate now boasts roughly 42,000 acres within the prolific Nice Divide and Powder River Basins, that are low-cost ISR uranium-producing districts inside 100 miles of one another.
In 2022, the corporate accomplished a further 103 mud rotary exploration drill holes to extend the overall pattern size for GTI’s tasks within the Nice Divide Basin to 7.5 miles.
The corporate has additionally commenced work at its Inexperienced Mountain ISR uranium challenge subsequent to Rio Tinto’s (ASX:RIO) uranium deposits. GTI has historic drill knowledge confirming the presence of uranium mineralised roll fronts on the properties.
The corporate is led by a extremely skilled administration and exploration crew with an intensive monitor file within the mineral exploration business. GTI’s operational crew has confirmed growth and engineering experience with a historical past of success in ISR uranium deposit discovery in Wyoming.
GTI’s acquisition of Branka Minerals in November 2021 gave the corporate management of the most important non-US or Canadian-owned uranium exploration landholding within the Nice Divide Basin, with roughly 19,500 acres. The landholding included underexplored and extremely potential sandstone-hosted uranium properties that are the corporate’s Wyoming tasks immediately. This holding then grew with the acquisition of the 13,800-acre Inexperienced Mountain challenge in 2022.
The corporate additional expanded its ISR uranium portfolio in 2023 by buying the Lo Herma Venture in Wyoming’s prolific Powder River Basin uranium district. The newly staked 13,300 acres of claims are situated inside 16 kilometers of Cameco’s Smith Ranch-Highland ISR uranium manufacturing plant – the most important manufacturing website in Wyoming
GTI Power leverages the strategic positioning of its Wyoming tasks, that are situated close to Ur Power’s (TSX:URE,NYSE:URG) Misplaced Creek ISR manufacturing plant and the now-rehabilitated historic Rio Tinto Kennecott Sweetwater Mill. The Misplaced Creek plant is claimed by Ur Power to be the lowest-cost ISR uranium manufacturing plant outdoors of Kazakhstan.
GTI is dedicated to robust environmental, social and governance (ESG) initiatives to help the clear power transition. In November 2021, the corporate adopted an internationally acknowledged Environmental, Social and Governance Stakeholder Capitalism Metrics framework, with 21 core metrics and disclosures.
In December 2021, GTI Power introduced it will be transitioning to carbon-neutral operations. The corporate has subsequently obtained its carbon impartial certification for its Australian head workplace and US subject operations, by means of the Australian Authorities’s Local weather Energetic Program.
GTI Power is positioned for progress with the pursuit of ISR mining on its Wyoming tasks, presenting a chance for low working bills and capital expenditures with low environmental affect in comparison with typical mining. ISR mining helps the corporate’s aim of low-impact mining and carbon neutrality on its Wyoming tasks.
In 2021, the corporate accomplished subject exploration on its Henry Mountains challenge in Utah. In the identical 12 months, GTI Power additionally started a 15,000-meter drill program on its Wyoming tasks, concluding this system in early 2022. The drilling confirmed that the focused ISR-amenable uranium mineralization was current on the Thor challenge. In 2022, the corporate accomplished a further 103 mud rotary exploration drill holes to extend the overall pattern size for GTI’s tasks within the Basin to 7.5 miles.
Firm Highlights
- GTI Power owns a number of promising belongings in Wyoming’s prolific and in-situ restoration (ISR) uranium-producing Nice Divide and Powder River Basins. Wyoming is the main US uranium manufacturing state and is “uranium-friendly”.
- GTI’s flagship Lo Herma challenge includes 13,300 acres of floor in Wyoming inside circa 16 kilometers of Cameco’s $16-billion ISR uranium plant (the most important permitted ISR manufacturing facility in Wyoming) and 80 kilometers of 5 permitted ISR uranium manufacturing services, together with UEC’s Christensen Ranch (because of restart in August 2024) and Peninsula Power’s (ASX:PEN) Lance Venture (because of recommence manufacturing in late 2024).
- GTI’s Nice Divide Basin tasks are strategically situated close to Ur Power’s (TSX:URE,NYSE:URG) Misplaced Creek ISR manufacturing plant which has re-commenced manufacturing.
- Maiden uranium useful resource and up to date exploration goal on the Lo Herma ISR challenge delivered an inferred mineral useful resource estimate of 5.71 Mlbs uranium oxide at a median 630 ppm plus an exploration goal of a further 5.87 to 10.26 Mlbs potential at common grade of 500 to 700 ppm.
- Up to date whole assets throughout its Wyoming tasks of seven.37 Mlbs plus an exploration goal of a further 11.97 to 19.79 Mlbs potential at common grade of 500 – 700 ppm.
- In early 2022, the corporate accomplished an extra 103 mud rotary exploration drill holes to extend the overall pattern size for GTI’s tasks within the Nice Divide Basin to 7.5 miles.
- In late 2023, GTI accomplished 26 holes at Lo Herma to confirm the historic knowledge base & verify exploration potential alongside pattern & at depth.
- GTI acquired a 1,771 drill gap knowledge set over Lo Herma with a substitute worth of AU$15 million.
- GTI obtained its carbon impartial certification for its Australian head workplace and US subject operations, by means of the Australian Authorities’s Local weather Energetic Program.
- GTI goals to make the most of ISR mining at its Wyoming tasks, which presents decrease environmental affect, decrease opex and capex than typical mining.
- GTI Power has a extremely skilled exploration crew together with the latest appointment of ISR specialist, Matt Hartmann, with a historical past of profitable uranium discovery in Wyoming.
Key Tasks
Wyoming Tasks
The Wyoming tasks are situated within the Powder River & Nice Divide Basins in Wyoming and the Henry Mountains (Colorado Plateau) Utah, United States. The Greta Divide Basin tasks include the Thor, Logray, Loki, Odin, Teebo, Wicket and Inexperienced Mountain claims. The roughly 13,000 hectare group of tasks is potential for ISR-amenable sandstone-hosted roll-front uranium. The Wyoming tasks are located 5 to 30 kilometers from Ur-Power’s Misplaced Creek ISR plant. The tasks are additionally situated close to Rio Tinto’s Sweetwater/Kennecott Mill.
GTI Power’s land holding within the Nice Divide Basin was bolstered by the acquisition of the Inexperienced Mountain challenge comprising 5,585 hectares of contiguous ISR uranium exploration claims which abuts the Rio Tinto claims at Inexperienced Mountain. Historic drill knowledge and geophysics confirms the presence of main uranium mineralisation on the tasks.
Preliminary drilling at Lo Herma commenced in November 2023 and was accomplished in December with 26 drill holes efficiently verifying the historic Lo Herma drill gap database. A drilling allow modification is presently in progress aiming to optimise follow-up drilling, improve the overall variety of drill holes, and assemble monitoring wells for groundwater knowledge assortment. Drilling is predicted to renew by July 2024 with an enlarged program, and the mineral useful resource estimate and exploration targets are anticipated to be up to date within the fourth quarter of 2024.
The corporate started preliminary exploration on Thor in 2021, and in 2022, it accomplished a further 103 mud rotary exploration drill holes. The drilling of 70 holes was beforehand reported on the Thor prospect and a further 33 holes mixed have now been accomplished on the Odin, Teebo and Loki prospects. These 33 holes have found a further mixed 4.26 kilometers of ISR amenable uranium mineralised roll entrance tendencies rising the overall pattern size for GTI’s tasks within the Basin to 12.07 kilometers.
In February 2023, GTI Power secured, by staking, roughly 3,500 hectares of unpatented mineral lode claims referred to as the Lo Herma challenge, about 16 kilometers from Cameco’s Smith Ranch-Highland ISR Uranium facility and Power Fuels Nichols Ranch ISR plant. Lo Herma additionally lies inside 97 kilometers of the businesses main the restart of uranium manufacturing within the USA, together with Uranium Power, Ur-Power, Power Fuels, Encore Power and Peninsula Power.
The corporate subsequently, secured a cloth historic knowledge bundle for the challenge, which allowed GTI Power to report a maiden uranium useful resource and exploration goal replace on the Lo Herma ISR challenge, together with a cut-off grade of 200 components per million (ppm) uranium oxide and a minimal grade thickness (GT) of 0.2 per mineralised horizon as 4.12 million tonnes of mineralisation at a median grade of 630 ppm uranium oxide for five.71 million kilos (Mlbs) of uranium oxide contained steel. The inferred mineral useful resource estimate is 5.71 Mlbs uranium oxide at a median of 630 ppm.
The corporate additionally accomplished assortment of aerial geophysical knowledge at its Lo Herma, Inexperienced Mountain and Loki West ISR uranium exploration tasks in Wyoming. The survey was performed utilizing a twin-engine plane loaded with a collection of sensors that present detailed radiometric, magnetic and electromagnetic knowledge, permitting for correlation between the three merchandise.
The airborne geophysical survey at its Inexperienced Mountain challenge consequently up to date its drill plan with 16 potential drill holes. The allow software course of is underway for the 2024 drill program which goals to check the validity of the historic Kerr McGee drill gap maps, in addition to the interpreted mineralised areas as decided from the airborne geophysical survey.
Henry Mountains Uranium Venture
GTI’s uranium/vanadium tasks in Utah are thought-about appropriate for typical mining and are situated on the east flank of the Henry Mountains, protecting 3,860 acres. The permits host historic manufacturing, open underground workings and have an exploration allow in place. The tasks noticed important work from 2019 to 2021 together with two drill packages totaling 52 drill holes and geophysical logging of a further 76 historic drill holes. GTI subsequently elected to prioritise work at its newly acquired Wyoming ISR tasks till such time as exercise and funding within the area improves. The corporate’s tasks lie inside ~100 miles of Power Fuels’ (NYSE American: UUUU) (TSX: EFR) White Mesa Mill and inside just a few miles of Anfield Power’s (TSX.V: AEC) Shootaring (Ticaboo) mill website. The homeowners of each of those mills are actively pursuing mill re-starts.
As well as, Western Uranium & Vanadium (CSE:WUC) (OTCQX:WSTRF) has introduced the acquisition of a mill website in Inexperienced River Utah and work to design and allow the power for processing uranium and vanadium. The plant, which might be situated ~80 miles from GTI’s tasks, is meant to course of feed from Western’s just lately restarted Sunday Mine Advanced over 160 miles away. Western suggested of a mine operations restart at Sunday in February 2024. Western said its new “mineral processing plant” will get well uranium, vanadium and cobalt from ore from Western’s mines and that produced by different miners. Western stated, on February 13, 2024, it expects the plant to be licensed and constructed for annual manufacturing of 1 million kilos U3O8 and 6 million kilos of V2O5, with preliminary manufacturing in 2025.
Based mostly on the renewed curiosity in exploration, mining, and processing of uranium ore on this area, GTI is presently evaluating potential paths for additional exploration, useful resource growth, or different worth creating actions with its Utah tasks.
Administration Staff
Nathan Lude – Non-executive Chairman
Nathan Lude has broad expertise working within the asset and fund administration, mining, and power industries. Lude is the founding director of Benefit Administration, a company advisory agency. Lude has beforehand held directorships with ASX-listed mining corporations.
At the moment, he’s the chief director of ASX-listed Hartshead Assets (ASX:ANA). Lude has grown a big enterprise community throughout Australia and Asia, establishing robust ties with Australian broking corporations, establishments, and Asian buyers.
Bruce Lane – Government Director
Bruce Lane has important expertise with ASX-listed and enormous industrial corporations. Lane has held administration positions in lots of international blue-chip corporations in addition to useful resource corporations and startups in New Zealand, Europe and Australia. He holds a grasp’s diploma from London Enterprise Faculty and is a graduate member of the Australian Institute of Firm Administrators. Lane has led quite a few profitable acquisitions, fund elevating and exploration packages of uranium and different minerals tasks over the past 15 years most notably with ASX listed corporations Atom Power Ltd & Stonehenge Metals Ltd & Fenix Assets Ltd (FEX).
James (Jim) Baughman – Government Director
James Baughman is a extremely skilled Wyoming uranium geologist and company govt who will assist information the corporate’s technical and business actions within the US. Baughman is the previous president and CEO of Excessive Plains Uranium (offered for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has greater than 30 years of expertise advancing minerals tasks from grassroots to superior stage. He has held senior positions (i.e., chief geologist, chairman, president, appearing CFO, COO) in personal and publicly traded mining & mineral exploration corporations throughout his 30-year profession.
He’s a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Financial Geologists with a BSc in geology (1983 College of Wyoming) and is a registered skilled geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a professional individual (QP) on the Toronto Inventory Change (TSX) and Australian Inventory Change (ASX).
Petar Tomasevic – Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a monetary providers firm specializing in mineral acquisition and asset implementation. He has labored with a number of ASX-listed corporations in advertising and marketing and investor relations roles. Tomasevic is fluent in 5 languages. He’s presently appointed as a French and Balkans language specialist to help in challenge analysis for ASX-listed junior explorers. Most just lately, he was a director at Fenix Assets (ASX:FEX), which is now transferring into the manufacturing section. He was concerned within the firm’s restructuring when it was referred to as Emergent Assets. Tomasevic was additionally concerned within the firm’s Iron Ridge asset acquisition, the RTO financing, and the event section of Fenix’s Iron Ridge challenge.
Simon Williamson – Non-executive Director
Simon Williamson was common supervisor and director of Cameco Australia till late 2023 and has important uranium business expertise, networks and abilities from his 13 years at Cameco. Throughout his tenure with Cameco, Williamson managed relations with key authorities ministers and departments and group stakeholders. He managed challenge approvals processes, together with negotiations with State and Federal businesses and reviewing the PFS for the Yeelirrie challenge.
Williamson was intimately concerned in acquiring environmental approval for the Kintyre and Yeelirrie uranium tasks, together with creating and implementing a program of environmental baseline research, authorities and group session and negotiating land entry. Previous to his appointment as common supervisor, he led the federal government and regulatory affairs, environmental and radiation security actions of Cameco in Australia. He additionally held roles with minerals business members in Australia and the US together with varied positions at Cliffs, Sons of Gwalia the WA Chamber of Minerals & Power and WMC the place he negotiated the mine closure standards for a gold challenge close to Sacramento, California.
Matt Hartmann – Director
ISR uranium specialist Matt Hartmann is an govt and technical chief with greater than 20 years of worldwide expertise and substantial uranium exploration and challenge growth expertise. He first entered the uranium mining house in 2005 and adopted a profession path that has included senior technical roles with Strathmore Minerals and Uranium Assets. He’s additionally a former principal marketing consultant at SRK Consulting the place he offered advisory providers to explorers, producers and potential uranium buyers. Hartmann’s ISR uranium expertise has introduced him by means of your entire cycle of the enterprise, from exploration, challenge research and growth, to manufacturing and effectively subject reclamation. He has offered technical and managerial experience to numerous uranium ISR tasks throughout the US together with, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (presently held by enCore Power), the Churchrock ISR Uranium challenge (presently held by Laramide Assets), and the Dewey-Burdock ISR Uranium challenge (presently held by enCore Power).
Matthew Foy – Firm Secretary
Matthew Foy is an lively member of the WA State Governance Council of the Governance Institute Australia. Foy has greater than 14 years of expertise in facilitating ASX-listing rule compliance. His core competencies are within the secretarial, operational, and governance disciplines for publicly listed corporations. Foy has a working information of the Australian Securities and Investments Fee and Australia Inventory Change reporting. He has doc drafting abilities that present the premise for precious contributions to the boards on which he serves.
