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Bullfrog Project

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Summary

Mine TypeUnderground
Study CompletedPreliminary Economic Assessment
StagePermitting
Commodities
  • Uranium
Mining Method
  • Room-and-pillar
  • Drift & Fill
  • Split-shooting
Backfill type ... Lock
Mine Life... Lock
SnapshotThe Bullfrog Project consists of two separate contiguous deposits, also known as Copper Bench and Indian Bench.

The Project is being developed in preparation for production as an underground operation, from which the mineralized material will be processed based on a toll milling agreement at Energy Fuels' White Mesa Mill, located near Blanding, Utah, approximately 127 road miles south of the Project.

Environmental permitting and compliance activities are being developed to start mining operations.

Due to improvement in the uranium market in recent years, Energy Fuels is planning to conduct additional evaluation work at the Bullfrog Project during 2026. The Company also plans on restarting the permitting process with the BLM and State of Utah in 2026.

Owners

SourceSource
CompanyInterestOwnership
Energy Fuels Inc. 100 % Indirect
The Bullfrog Project is held by Energy Fuels Inc.’s subsidiary EFR Henry Mountains LLC.

Deposit type

  • Sandstone hosted

Summary:

The Bullfrog Project consists of two separate contiguous deposits, also known as Copper Bench and Indian Bench.

Sandstone-type uranium deposits typically occur in fine- to coarse-grained sediments deposited in a continental fluvial environment. The uranium is either derived from a weathered rock containing anomalously high concentrations of uranium, leached from the sandstone itself, or leached from an adjacent stratigraphic unit. It is then transported in oxygenated water until it is precipitated from solution under reducing conditions at an oxidation-reduction front. The reducing conditions may be caused by such reducing agents in the sandstone as carbonaceous material, sulfides, hydrocarbons, hydrogen sulfide, or brines.

There are three major types of sandstone hosted uranium deposits: tabular vanadium-uranium Salt Wash type of the Colorado Plateau, uraniferous humate deposits of the Grants, New Mexico area, and the roll-type deposits of Wyoming. The differences between the Salt Wash deposits and other sandstone hosted uranium deposits are significant. Some of the distinctive differences are as follows:
• The deposits are dominantly vanadium, with accessory uranium.
• One of the mineralized phases is a vanadium-bearing clay mineral.
• The deposits are commonly associated with detrital plant trash, but not redistributed humic material.
• The deposits occur entirely within reduced sandstone, without adjacent tongues of oxidized sandstone.

The vanadium content of the Henry Mountains Basin deposits is relatively low compared to many Uravan deposits. Furthermore, the Henry Mountains Basin deposits occur in broad alluvial sand accumulations, rather than in major sandstone channels as is typical of the Uravan deposits of Colorado. The Henry Mountains Basin deposits do have the characteristic geochemistry of the Uravan deposits and are classified as Salt Wash type deposits.

Extensive research by Northrop and Goldhaber (1990) shows that the Henry Mountains Basin deposits were formed at the interface of an underlying brine with overlying oxygenated flowing waters carrying uranium and vanadium in solution. Reduction and deposition of the mineralization were enhanced where the interface occurred within sandstones containing carbonaceous debris. The multiple mineralized horizons developed at favourable intervals as the brine surface migrated upwards. Geochemical studies indicate the uranium and vanadium were leached either from the Salt Wash sandstone or the overlying Brushy Basin Member.

Uranium Mineralization
The uranium-vanadium mineralization in the Henry Mountains Basin area is similar to the mineralization observed elsewhere in the Colorado Plateau.

It occurs as intragranular disseminations within the lower fluvial sand facies (Lower Rim) of the Salt Wash Member containing detrital organic debris. Mineralization primarily consists of coffinite, with minor uraninite, which usually occurs in close association with vanadium mineralization. Mineralization occurs as intergranular disseminations, as well as coatings and/or cement on and between sand grains and organic debris.

The Lower Rim of the Salt Wash Member has been subdivided into an upper, middle, and a lower unit designated as the Upper-Lower, Middle-Lower, and Lower-Lower. Each of these subunits, in turn, have been subdivided into upper, middle, and lower horizons. The Bullfrog deposit primarily occurs in upper and lower portions of the Middle-Lower unit (i.e., 60 ft to 100 ft above the base) with minor mineralization found in the upper portion of the Lower-Lower unit. Minor mineralization is also seen in the underlying Tidwell formation.

The Bullfrog deposit extends approximately 3.5 mi along a northwesterly trend to the northeast of the Tony M-Southwest deposit. Mineralization of the Bullfrog deposits ranges in thicknesses of three feet to six feet but occasionally is shown on radiometric logs exceeding 12 ft in some portions of the Project area.

Vanadium Mineralization
Vanadium occurs as montroseite (hydrous vanadium oxide) and vanadium chlorite in primary mineralized zones located below the water table (i.e., the northern portion of the Tony M deposit). Montroseite is the only vanadium oxide mineral identified in this interval. An unusual vanadium-bearing chlorite or an interlayered vanadium-bearing chlorite-smectite is the only authigenic clay mineral(s) recognized. The grain size and sorting characteristics of detrital quartz grains vary within the host rocks; cross-bed laminae with coarser grains and better sorting are invariably more highly mineralized.

Above the water table vanadium chlorite is absent, while montroseite and a suite of secondary uranium-vanadium minerals are present. These include tyuyamunite, metatyuyamunite, rauvite, and carnotite all of which have been identified in samples from the southern part of the Tony M deposit. Carnotite is a secondary hydrous potassium-vanadium-uranium mineral, while the other three are similar minerals with calcium replacing potassium. The later minerals occur above the water table in the zone that has been subjected to near surface secondary oxidation.

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

Milling equipment has not been reported.

Processing

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Commodity Production

CommodityProductUnitsAvg. AnnualLOM
Uranium U3O8 k lbs 728 *9,226 *
* According to 2024 study.

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2024 study.

Production Costs

CommodityUnitsAverage
Total cash costs U3O8 USD  ....  Subscribe
All-in sustaining costs (AISC) U3O8 USD  ....  Subscribe
Assumed price U3O8 USD  ....  Subscribe
* According to 2024 study / presentation.

Operating Costs

CurrencyAverage
UG mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2024 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
UG OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 194.2
Transportation (haulage) costs $M USD 52.7
G&A costs $M USD 57.8
Total OpEx $M USD  ......  Subscribe
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Income Taxes $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
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EBITDA (LOM) $M USD  ......  Subscribe
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Pre-tax NPV @ 5% $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
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After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Mar 20, 2026
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Workforce

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Aerial view:

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