Explorer Toro Energy is set to expand its Wiluna uranium project in Western Australia with the inclusion of two prospective deposits.
An exploration study flagged the Centipede-Millipede and Lake Way deposits as considerable resources strategically located near the company’s Lake Maitland uranium-vanadium processing operation.
The announcement comes as yellowcake prices soared past $US100 per pound this week, surpassing the 15-year high record previously set in November last year.
Toro’s share price jumped 15 per cent since January 11 amid the flurry of activity, prompting a closer look at Australia’s uranium market.
Toro executive chair Richard Homsany said the deposits were significant and “need to be thoroughly evaluated for viability” to be included in Lake Maitland.
“We are pleased that strengthening market conditions continue as we develop and seek to maximise the value of the Wiluna uranium project, especially our evaluation of extending our Lake Maitland uranium vanadium processing operation to include materials from our nearby 100 per cent owned uranium deposits, Centipede-Millipede and Lake Way,” he said.
“One of our key aims is to strengthen the production schedule at Lake Maitland and to assess the potential to extend the processing of high-grade uranium resource well beyond seventh year of production, as is presently the case for a Lake Maitland-only operation.”
Toro is not the only uranium player making moves during the resources’ uptick. Lotus Resources just landed the number three spot on the ASX for its significant uranium resource.
The company boasts 241 million pounds (Mlbs) of uranium compound triuranium octoxide across key projects in Africa.
Closer to home, Boss Energy broke ground at its highly anticipated Honeymoon uranium project in South Australia last October.
After a series of expansions and exploration of satellite prospects, Boss inked a major 1Mlb supply deal with a US power company just before the new year, set to commence in 2025.
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