The McClean Lake operation is comprised of several uranium mines and one of the most technologically advanced uranium mills in the world—the only mill designed to process high-grade uranium ore without dilution.
As of January 24, 2024, McClean Lake Joint Venture (“MLJV”) approved a restart of uranium mining operations using the MLJV’s patented Surface Access Borehole Resource Extraction (“SABRE”) mining method.
Mining at McClean Lake was suspended in 2008 in response to declining uranium prices. During the interim 15 years, the MLJV invested in the development of a proprietary mining method. The successful mining test of the SABRE method in 2021 provided the MLJV with important information about the productivity and cost of SABRE operations. This information suggests an incentive price meaningfully lower than current uranium prices, which has provided the JV with a strong basis to make a restart decision for mining at McClean Lake. |