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Associated Press
28-05-2025
- Business
- Associated Press
Snow Lake and Exodys Energy Collaborate to Support the Formation of a New Nuclear Reactor Development and Deployment Company
Winnipeg, Manitoba--(Newsfile Corp. - May 28, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ('Snow Lake'), a uranium exploration and development company, and Exodys Energy, a premier U.S. nuclear engineering services provider specializing in nuclear fuel recycling solutions, are pleased to announce their collaboration in supporting the formation of a new, purpose-driven nuclear reactor development and deployment company (the 'Reactor Company'). This strategic alliance marks a significant step forward in enabling the delivery of clean, reliable energy solutions designed to meet the rapidly growing needs of AI-powered infrastructure and hyperscale data centers. Since announcing their Memorandum of Understanding (the 'MOU') in February, 2025, the partners played a central role in shaping the Reactor Company's commercialization roadmap and integrated risk mitigation strategy. A Significant Step in Snow Lake's Nuclear Diversification Strategy This development represents a pivotal advancement in Snow Lake's ongoing diversification into the nuclear industry. Following its successful acquisitions of key uranium exploration projects in Wyoming, and a strategic investment in Global Uranium and Enrichment Limited ('GUE') (which included uranium enrichment technologies), Snow Lake is now expanding its nuclear footprint to include reactor design, development, and deployment. The leadership of the new Reactor Company will be unveiled over the coming weeks. 'Our recent uranium acquisitions and equity stake in GUE demonstrate Snow Lake's commitment to becoming a full-spectrum player in the nuclear energy sector,' said Frank Wheatley, CEO of Snow Lake Energy. 'The incubation of this dedicated Reactor Company positions Snow Lake as one of the few vertically integrated companies in the nuclear industry - from uranium supply through to enrichment and to reactor development and deployment. This is a natural and strategic progression in our mission to power the AI-driven future with clean, reliable energy.' Momentum Driven by Policy and Innovation This announcement comes at a time of unprecedented momentum for nuclear energy, driven by the four nuclear Executive Orders signed by President Trump [1] on May 23, 2025, that will streamline regulatory processes, accelerate reactor licensing, and cement domestic nuclear fuel security. These directives provide a favorable backdrop for Snow Lake's new Reactor Company and broader nuclear sector strategy. 'The ongoing U.S. nuclear resurgence, bolstered by President Trump's Executive Orders, creates an extraordinary and timely opportunity for Snow Lake to lead the next wave of innovation with the Reactor Company's founding team, and supported by partners like Exodys,' said Carl Perez, CEO of Exodys Energy. 'Supporting Snow Lake in its technical and commercial roadmap is not merely a plan - it is a response to the urgent need to domestically scale and deploy nuclear power reactors. Together, we are committed to building a resilient and circular nuclear ecosystem to power the future.' Snow Lake's First Principles Approach Since the initial announcement of the partnership and execution of the MOU in February 2025, both companies and the scouted founding team have thoroughly discussed reactor development risks and deployment considerations to determine the path of least resistance with the highest financial return. As a result, the new Reactor Company is opting for a pragmatic approach to advanced nuclear development by focusing on a small modular reactor (SMR) design based on existing and mature pressurized water reactor (PWR) technology. This enables it to leverage the deep expertise and industrial infrastructure associated with PWR reactors - ensuring strong regulatory readiness, a mature supply chain, time-tested technology, and established operator training pipelines. Snow Lake is therefore centered on driving the most rapid and reliable path to generating nuclear power. In partnering with Exodys Energy, Snow Lake is anticipating the challenges that advanced reactors will face in regards to spent nuclear fuel storage and management costs-further amplifying its unique foresighted and comprehensive approach. 'This is just the beginning,' added Frank Wheatley. 'As we deepen our nuclear partnerships, we have grown increasingly acclimated to the success factors driving this industry. Our approach is simple and focused: energy must be delivered. To meet this challenge, we are building on a proven playbook of development and deployment, alongside a proven executive team, to kickstart our path to generating nuclear energy. In addition, the collaboration with Exodys Energy ensures the anticipation of spent fuel management challenges and its revenue potential. Snow Lake's vertical integration strategy positions us to earn revenue throughout the value chain and reactor asset life - before, during, and after reactor operations.' About Snow Lake Resources Ltd. Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on (NASDAQ: LITM), with a global portfolio of critical mineral and clean energy projects. The Pine Ridge Uranium project is an exploration stage project located in Wyoming, United States, and the Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia. Snow Lake also holds a portfolio of additional exploration stage critical minerals projects located in Manitoba. Learn more at About Exodys Energy Inc. Exodys Energy is a pioneering U.S. nuclear engineering services company commercializing innovative fuel reprocessing and waste minimization solutions. With a world-class team of experts in nuclear chemistry, waste vitrification, and reactor design support, Exodys is focused on unlocking the full energy potential of slightly used nuclear fuel. By transforming traditional waste liabilities into valuable fuel assets, Exodys is setting a new standard for sustainability and circularity in the nuclear sector. Investor Relations Frank Wheatley, CEO [email protected] Exodys Energy Media Relations [email protected] 115 Broadway, 5th Fl New York, NY 10006 Forward-Looking Statements: This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the 'safe harbor' provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as 'anticipate,' 'believe,' 'contemplate,' 'could,' 'estimate,' 'expect,' 'intend,' 'seek,' 'may,' 'might,' 'plan,' 'potential,' 'predict,' 'project,' 'target,' 'aim,' 'should,' 'will,' 'would,' or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled 'Risk Factors' in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law. [1]Deploying Advanced Nuclear Reactor Technologies for National Security - The White House To view the source version of this press release, please visit
Yahoo
13-02-2025
- Business
- Yahoo
Snow Lake Accelerates Uranium Strategy with Successful Phase 1 Results and Upcoming Phase 2 Drill Program
Winnipeg, Manitoba--(Newsfile Corp. - February 13, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a leading uranium exploration company, is pleased to announce the successful completion of the Phase 1 drill program at its Engo Valley Uranium Project ("Engo Valley"), confirming significant uranium mineralization and setting the stage for an ambitious Phase 2 drill campaign. Highlights Phase 1 drill program consisted of 1,570 meters of drilling in 20 reverse circulation drill holes, with downhole radiometrics completed on each drill hole 11 of the 20 drill holes in Phase 1 returned mineralized intersections greater than 100 ppm eU3O8, ranging from 1 meter to 20 meters in width Initial chemical assays confirm a positive correlation between chemical assays and equivalent radiometric assays Geology of the twinned drill holes confirm a positive correlation to the lithologies from the exploration work undertaken in the 1970s Phase 2 drill program is planned to consist of up to 7,500 meters of a combination of reverse circulation and diamond drilling, and is designed to provide a drill database sufficient to calculate a uranium maiden resource estimate in accordance with SK-1300 The global uranium market is valued at over $6 billion annually, with significant growth forecast by increasing demand driven by the U.S. government's commitment to nuclear energy security Recent MOU with Exodys Energy positions Snow Lake as a key player in securing a reliable uranium supply for increased energy demand and progress projects across the nuclear energy supply chain. CEO Frank Wheatley's Excitement on Progress: "We are thrilled by the success of our Phase 1 drill program, which has validated the uranium mineralization discovered in the 1970s at Engo Valley. These results confirm our confidence in the project's potential and give us the momentum to launch an expansive Phase 2 program," said Frank Wheatley, CEO of Snow Lake. "With the U.S. government prioritizing nuclear energy and looking at recognizing uranium as a critical mineral, we are in the right place at the right time. The demand for uranium is surging as countries worldwide accelerate their clean energy initiatives, and Snow Lake is positioned to capitalize on this opportunity. Moreover, our recently announced MOU with Exodys Energy strengthens our commitment to building a robust uranium supply chain, and we are eager to move forward with Phase 2 drilling to unlock what we believe could be a significant economic uranium resource in Namibia - one of the world's best uranium mining jurisdictions." Phase 2 Drill Program The Phase 2 drill program ("Phase 2") is currently planned to consist of an aggregate of up to 7,500 meters of a combination of reverse circulation and diamond drill holes in an in-fill grid pattern sufficient to allow the calculation of a maiden mineral resource estimate. Phase 2 will be focused on the MUO and D1. A number of drill holes will be undertaken on some of the targets identified by the Radon Survey outside of the MOU and D1. Downhole radiometrics will be conducted on each drill hole. Phase 2 is currently scheduled to begin mobilization to site in March 2025, and assuming drilling goes according to plan and assay results are received in a timely fashion, the preparation of a maiden mineral resource estimate is targeted for completion during the second half of 2025. With over $30 million in cash & equivalents from recent equity financings, Snow Lake is well-positioned to carry out both the Phase 2 drill program and publish a maiden mineral resource estimate in the second half of 2025. Uranium: The Cornerstone of Energy Security As nuclear power gains global momentum, the demand for uranium is reaching unprecedented levels. The United States is ramping up efforts to secure domestic uranium supply, recognizing its essential role in energy independence and sustainability. Namibia, the world's third-largest uranium producer, provides an excellent jurisdiction for Snow Lake to establish a long-term, economic resource that can help meet this growing demand. Phase 1 Drill Program The Phase 1 drill program ("Phase 1") consisted of 1,570 meters of reverse circulation drilling in 20 holes. A total of 8 drill holes were completed on the Main Uranium Occurrence ("MUO"), 5 drill holes were completed on the D1 target area ("D1"), and 7 holes were completed on a variety of targets identified by the radon cup survey (the "Radon Survey") completed in 2024 by Snow Lake. Phase 1 was designed to confirm historical uranium mineralization, identified in the sandstones and conglomerates at the MUO and D1 in the 1970's, through twinning historical drill holes and starting an in-fill grid pattern between the historical drill holes. Downhole radiometrics were completed on each Phase 1 drill hole with a gamma spectrometer probe. The reader is cautioned that Snow Lake uses eU3O8 calculations as a preliminary indication for chemical grades that have yet to be confirmed by chemical assays. Snow Lake considers all eU3O8 readings below 50 ppm as background radioactivity, and not mineralised ground. Notable results from the downhole radiometrics include: Mineralized intersection of 232 ppm eU3O8 over a 4 meter ("m") interval from 11 m depth, associated with sandstone, observed from drill hole ERCH001 Mineralized intersection of 251 ppm eU3O8 over a 3 m interval at 25 m depth, associated with sandstone, observed from drill hole ERCH001 Mineralized intersection of 244 ppm eU3O8 over a 13 m interval from 17 m depth, associated with sandstone, observed from drill hole ERCH002 Mineralized intersection of 183 ppm eU3O8 over a 2 m interval from 34 m depth, associated with sandstone, observed from drill hole ERCH002 Mineralized intersection of 269 ppm eU3O8 over a 7 m interval from 27 m depth, associated with sandstone, observed from drill hole ERCH007 Mineralized intersection of 225 ppm eU3O8 over a 9 m interval from 62m depth, associated with shale, observed from drill hole ERCH009 Mineralized intersection of 260 ppm eU3O8 over a 6 m interval from 19m depth, associated with shale, observed from drill hole ERCH010 Qualified Person Technical information in this news release has been reviewed and approved by Milton Misihairabgwi (AusIMM), a professional geologist with Namib Geological Services, who is a Qualified Person as defined by the Securities and Exchange Commission's Regulation S-K 1300. About Snow Lake Resources Ltd. Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on NASDAQ: LITM, with a global portfolio of clean energy mineral projects comprised of two uranium projects and two hard rock lithium projects. The Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia, and the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco lithium, cesium and tantalum mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba. Learn more at Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd.. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law. Contact and InformationFrank Wheatley, CEO Investor RelationsInvestors:ir@ Follow us on Social MediaTwitter: To view the source version of this press release, please visit Sign in to access your portfolio
