Overview
Wyoming has the biggest uranium reserves of all of the US states and is the house of in-situ restoration (ISR) uranium mining, with experimental ISR mining in the course of the early Nineteen 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 p.c of the nation’s uranium manufacturing. It has a manufacturing historical past that dates again to the late Forties. With a hovering uranium value that handed $90 by the top of 2023, many analysts imagine the worth will stay on the upper finish for years to return.
GTI Power (ASX:GTR,OTCQB:GTRIF) is a mineral exploration firm targeted on growing a portfolio of enticing uranium initiatives in the US. 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 an extra 103 mud rotary exploration drill holes to extend the whole development size for GTI’s initiatives within the Nice Divide Basin to 7.5 miles.
The corporate has additionally commenced work at its Inexperienced Mountain ISR uranium mission subsequent to Rio Tinto’s (ASX:RIO) uranium deposits. GTI has historic drill information confirming the presence of uranium mineralised roll fronts on the properties.
The corporate is led by a extremely skilled administration and exploration group with an in depth monitor file within the mineral exploration trade. GTI’s operational group 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 biggest 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 initiatives at present. This holding then grew with the acquisition of the 13,800-acre Inexperienced Mountain mission in 2022.
The corporate additional expanded its ISR uranium portfolio in 2023 by buying the Lo Herma Mission 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 biggest manufacturing web site in Wyoming
GTI Power leverages the strategic positioning of its Wyoming initiatives, 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 assist 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 acquired its carbon impartial certification for its Australian head workplace and US area operations, by means of the Australian Authorities’s Local weather Energetic Program.
GTI Power is positioned for development with the pursuit of ISR mining on its Wyoming initiatives, presenting a possibility for low working bills and capital expenditures with low environmental impression in comparison with typical mining. ISR mining helps the corporate’s aim of low-impact mining and carbon neutrality on its Wyoming initiatives.
In 2021, the corporate accomplished area exploration on its Henry Mountains mission in Utah. In the identical 12 months, GTI Power additionally started a 15,000-meter drill program on its Wyoming initiatives, concluding this system in early 2022. The drilling confirmed that the focused ISR-amenable uranium mineralization was current on the Thor mission. In 2022, the corporate accomplished an extra 103 mud rotary exploration drill holes to extend the whole development size for GTI’s initiatives within the Basin to 7.5 miles.
Firm Highlights
- GTI Power owns a number of promising property 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 mission contains 13,300 acres of floor in Wyoming inside circa 16 kilometers of Cameco’s $16-billion ISR uranium plant (the biggest permitted ISR manufacturing facility in Wyoming) and 80 kilometers of 5 permitted ISR uranium manufacturing services, together with UEC’s Christensen Ranch (resulting from restart in August 2024) and Peninsula Power’s (ASX:PEN) Lance Mission (resulting from recommence manufacturing in late 2024).
- GTI’s Nice Divide Basin initiatives 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 mission delivered an inferred mineral useful resource estimate of 5.71 Mlbs uranium oxide at a mean 630 ppm plus an exploration goal of an extra 5.87 to 10.26 Mlbs potential at common grade of 500 to 700 ppm.
- Up to date complete assets throughout its Wyoming initiatives of seven.37 Mlbs plus an exploration goal of an extra 11.97 to 19.79 Mlbs potential at common grade of 500 – 700 ppm.
- In early 2022, the corporate accomplished an additional 103 mud rotary exploration drill holes to extend the whole development size for GTI’s initiatives within the Nice Divide Basin to 7.5 miles.
- In late 2023, GTI accomplished 26 holes at Lo Herma to confirm the historic information base & affirm exploration potential alongside development & at depth.
- GTI acquired a 1,771 drill gap information set over Lo Herma with a substitute worth of AU$15 million.
- GTI acquired its carbon impartial certification for its Australian head workplace and US area operations, by means of the Australian Authorities’s Local weather Energetic Program.
- GTI goals to make the most of ISR mining at its Wyoming initiatives, which presents decrease environmental impression, decrease opex and capex than typical mining.
- GTI Power has a extremely skilled exploration group together with the latest appointment of ISR specialist, Matt Hartmann, with a historical past of profitable uranium discovery in Wyoming.
Key Initiatives
Wyoming Initiatives
The Wyoming initiatives are situated within the Powder River & Nice Divide Basins in Wyoming and the Henry Mountains (Colorado Plateau) Utah, United States. The Greta Divide Basin initiatives encompass the Thor, Logray, Loki, Odin, Teebo, Wicket and Inexperienced Mountain claims. The roughly 13,000 hectare group of initiatives is potential for ISR-amenable sandstone-hosted roll-front uranium. The Wyoming initiatives are located 5 to 30 kilometers from Ur-Power’s Misplaced Creek ISR plant. The initiatives 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 mission comprising 5,585 hectares of contiguous ISR uranium exploration claims which abuts the Rio Tinto claims at Inexperienced Mountain. Historic drill information and geophysics confirms the presence of main uranium mineralisation on the initiatives.
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 at present in progress aiming to optimise follow-up drilling, enhance the whole variety of drill holes, and assemble monitoring wells for groundwater information 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 an extra 103 mud rotary exploration drill holes. The drilling of 70 holes was beforehand reported on the Thor prospect and an extra 33 holes mixed have now been accomplished on the Odin, Teebo and Loki prospects. These 33 holes have found an extra mixed 4.26 kilometers of ISR amenable uranium mineralised roll entrance tendencies rising the whole development size for GTI’s initiatives within the Basin to 12.07 kilometers.
In February 2023, GTI Power secured, by staking, roughly 3,500 hectares of unpatented mineral lode claims often known as the Lo Herma mission, 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 information bundle for the mission, which allowed GTI Power to report a maiden uranium useful resource and exploration goal replace on the Lo Herma ISR mission, 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 mean grade of 630 ppm uranium oxide for five.71 million kilos (Mlbs) of uranium oxide contained metallic. The inferred mineral useful resource estimate is 5.71 Mlbs uranium oxide at a mean of 630 ppm.
The corporate additionally accomplished assortment of aerial geophysical information at its Lo Herma, Inexperienced Mountain and Loki West ISR uranium exploration initiatives in Wyoming. The survey was performed utilizing a twin-engine plane loaded with a collection of sensors that present detailed radiometric, magnetic and electromagnetic information, permitting for correlation between the three merchandise.
The airborne geophysical survey at its Inexperienced Mountain mission consequently up to date its drill plan with 16 potential drill holes. The allow utility 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 Mission
GTI’s uranium/vanadium initiatives in Utah are thought-about appropriate for typical mining and are situated on the east flank of the Henry Mountains, masking 3,860 acres. The permits host historic manufacturing, open underground workings and have an exploration allow in place. The initiatives noticed vital work from 2019 to 2021 together with two drill applications totaling 52 drill holes and geophysical logging of an extra 76 historic drill holes. GTI subsequently elected to prioritise work at its newly acquired Wyoming ISR initiatives till such time as exercise and funding within the area improves. The corporate’s initiatives 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 web site. 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 web site in Inexperienced River Utah and work to design and allow the power for processing uranium and vanadium. The plant, which can be situated ~80 miles from GTI’s initiatives, is meant to course of feed from Western’s not too long ago restarted Sunday Mine Complicated over 160 miles away. Western suggested of a mine operations restart at Sunday in February 2024. Western acknowledged 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 mentioned, 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.
Primarily based on the renewed curiosity in exploration, mining, and processing of uranium ore on this area, GTI is at present evaluating potential paths for additional exploration, useful resource growth, or different worth creating actions with its Utah initiatives.
Administration Workforce
Bruce Lane – Govt Director
Bruce Lane has vital expertise with ASX-listed and enormous industrial firms. Lane has held administration positions in lots of world blue-chip firms in addition to useful resource firms and startups in New Zealand, Europe and Australia. He holds a grasp’s diploma from London Enterprise College and is a graduate member of the Australian Institute of Firm Administrators. Lane has led quite a lot of profitable acquisitions, fund elevating and exploration applications of uranium and different minerals initiatives over the last 15 years most notably with ASX listed firms Atom Power Ltd & Stonehenge Metals Ltd & Fenix Sources Ltd (FEX).
James (Jim) Baughman – Govt 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 (bought for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has greater than 30 years of expertise advancing minerals initiatives from grassroots to superior stage. He has held senior positions (i.e., chief geologist, chairman, president, performing CFO, COO) in non-public and publicly traded mining & mineral exploration firms 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 certified individual (QP) on the Toronto Inventory Trade (TSX) and Australian Inventory Trade (ASX).
Petar Tomasevic – Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a monetary companies firm specializing in mineral acquisition and asset implementation. He has labored with a number of ASX-listed firms in advertising and investor relations roles. Tomasevic is fluent in 5 languages. He’s at present appointed as a French and Balkans language specialist to help in mission analysis for ASX-listed junior explorers. Most not too long ago, he was a director at Fenix Sources (ASX:FEX), which is now shifting into the manufacturing part. He was concerned within the firm’s restructuring when it was often known as Emergent Sources. Tomasevic was additionally concerned within the firm’s Iron Ridge asset acquisition, the RTO financing, and the event part of Fenix’s Iron Ridge mission.
Simon Williamson – Non-executive Director
Simon Williamson was basic supervisor and director of Cameco Australia till late 2023 and has vital uranium trade expertise, networks and expertise 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 mission approvals processes, together with negotiations with State and Federal companies and reviewing the PFS for the Yeelirrie mission.
Williamson was intimately concerned in acquiring environmental approval for the Kintyre and Yeelirrie uranium initiatives, together with growing and implementing a program of environmental baseline research, authorities and group session and negotiating land entry. Previous to his appointment as basic supervisor, he led the federal government and regulatory affairs, environmental and radiation security actions of Cameco in Australia. He additionally held roles with minerals trade contributors in Australia and the US together with numerous 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 mission 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 mission growth expertise. He first entered the uranium mining area in 2005 and adopted a profession path that has included senior technical roles with Strathmore Minerals and Uranium Sources. He’s additionally a former principal marketing consultant at SRK Consulting the place he offered advisory companies to explorers, producers and potential uranium traders. Hartmann’s ISR uranium expertise has introduced him by means of the complete cycle of the enterprise, from exploration, mission research and growth, to manufacturing and properly area reclamation. He has offered technical and managerial experience to a lot of uranium ISR initiatives throughout the US together with, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (at present held by enCore Power), the Churchrock ISR Uranium mission (at present held by Laramide Sources), and the Dewey-Burdock ISR Uranium mission (at present held by enCore Power).
Matthew Foy – Firm Secretary
Matthew Foy is an energetic 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 firms. Foy has a working information of the Australian Securities and Investments Fee and Australia Inventory Trade reporting. He has doc drafting expertise that present the idea for helpful contributions to the boards on which he serves.
