Growing Investments Send Canadas Nuclear Industry Into the Spotlight

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Small Modular Reactors (SMRs) and nuclear technology have been attracting increasing attention and funding for their potential in addressing energy needs and reducing carbon emissions.

X-Energy Reactor Company, a developer of advanced SMRs and fuel technology for clean energy, just concluded its Series C financing round, securing an additional $80 million in funding and bringing the total to $235 million.1 Key investors include Ares Management Corporation, founder Kam Ghaffarian, and others like Ontario Power Generation.

Last week, the Canadian government announced plans to substantially increase its nuclear energy production, signing a pledge to triple its nuclear capacity by 2050 alongside 22 other countries at the COP28 United Nations Climate Change Conference in the United Arab Emirates.

Canada's federal government has already made investments into the space, including C$74 million ($55 million) to support SaskPower's potential deployment of a 300-MW small modular reactor in the mid-2030s.2

Natural Resources Canada confirmed that up to C$50 million will be allocated to SaskPower from the Electricity Predevelopment Program's C$250 million fund. Another C$24 million will be committed to the provincial government of Saskatchewan from the Future Electricity Fund (FEF) by Environment and Climate Change Canada (ECCC).

In June 2022, SaskPower chose GE Hitachi Nuclear Energy's BWRX-300 SMR technology for the province's first two potential nuclear units, shortlisting study areas in Elbow and Estevan. SaskPower's proposed SMR, if built, will mark the province's first commercial nuclear project.

This initiative is poised to boost the demand for locally sourced uranium, capitalizing on the province's standing as a top uranium producer.

The Athabasca Basin in northern Saskatchewan is home to some of the richest uranium mines globally, containing significant and high-grade uranium deposits. It is expected to contribute approximately 15% to the annual global uranium production, with grades that surpass the global average by 10 to 20 times.

One notable uranium exploration player in the Athabasca Basin is GoldMining Inc. (NYSE-A:GLDG), which boasts a robust portfolio of projects, substantial cash reserves amounting to $163 million, and a debt-free status.

GoldMining's Bold Move in a Resurgent Uranium Market

GoldMining's business strategy revolves around acquiring high-quality resources at low costs and unlocking their value. The company, financially robust with no debt and over $160 million in cash and equity holdings, is well-positioned for growth.

Management and insiders, holding about 15% of the company, align their interests with shareholders, presenting a promising opportunity for investors in a market where gold's value is on the rise. The presence of renowned names like David Garofalo, Warren Gilman, Rick Rule, and Doug Casey in the shareholder registry further enhances the companys credibility.

GoldMining Inc. (NYSE-A:GLDG) differentiates itself by valuing underappreciated companies, with a focus on Enterprise Value (EV), as highlighted in a recent report by CarbonCredits.com.

Despite a market-attributed EV of only $29 million for all its assets, GoldMining holds substantial resources, including the La Mina gold deposit valued at $369 million and a 75% stake in the Rea uranium project in partnership with major uranium producer Orano.

GoldMining Inc. (NYSE-A:GLDG) is gearing up for a renewed phase of exploration at the Rea Uranium Project, situated in the prolific Western Athabasca Basin in Canada.3

Covering approximately 125,328 hectares, GoldMinings Rea Uranium Project strategically surrounds Orano's high-grade Dragon Lake deposit, placing it in a prime location near world-class uranium reserves.

The Rea Project is entering the scene amid a robust uranium market, with uranium spot hitting $85 per pound, the highest in 15 years. This surge positions uranium as the leading performer among energy commodities in 2023, underscoring the project's potential in a strong market. Its proximity to significant uranium developments such as Fission Uranium's Triple R and NexGen Energy's Arrow deposits further solidifies its appeal, emphasizing its potential in a region known for high-grade uranium.

Acquired in 2013 as part of GoldMining's takeover of Brazilian Gold Corporation, the Rea Project is situated in an historically underexplored area. However, recent high-grade discoveries in the nearby Patterson Lake area have reignited exploration interest in the region. The project's closeness to the shallow uranium mineralization at the Dragon Lake deposit, part of Oranos Maybelle River project, enhances its exploration prospects.

With a global resource base of 12.65 million ounces of gold (Measured and Indicated) and an additional 13.41 million ounces (Inferred), GoldMining strategically acquired assets at favorable prices, demonstrating a contrarian investment strategy. Operations span Brazil, Colombia, Peru, and North America, with significant stakes in Gold Royalty Corp, US GoldMining, and NevGold.

For further details, click here to explore GoldMining Inc. (NYSE-A:GLDG).

Footnotes:

[1] https://x-energy.com/media/news-releases/x-energy-finalizes-235-million-series-c-financing

[2] https://www.powermag.com/federal-funding-bolsters-saskatchewans-first-proposed-300-mw-nuclear-project/

[3] https://www.newswire.ca/news-releases/goldmining-to-advance-the-rea-uranium-project-one-of-the-largest-land-packages-in-western-athabasca-basin-canada-859037683.html

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