Latest news with #SnowLakeResources
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
Associated Press
13-05-2025
- Business
- Associated Press
Snow Lake Secures Strategic Stake in North America's Largest Undeveloped Rare Earths Project Amid Global Supply Chain Pressures
Winnipeg, Manitoba--(Newsfile Corp. - May 13, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ('Snow Lake'), is pleased to announce a cornerstone investment in Commerce Resources Corp (TSXV: CCE), ('Commerce'), to advance its Ashram Rare Earths Project - the largest undeveloped Rare Earths Project in North America. This investment comes at a critical moment for the global technology supply chains, as the world's dependency on China—currently responsible for approximately 90% of all processed rare earth output—faces mounting pressure. Beijing's recent tightening of export controls on key REEs, including rare earth magnets, has further accelerated the race among Western governments and companies to establish secure, domestic sources of critical minerals. Highlights 1 CEO Remarks 'This is more than a financial investment—it's a strategic move to help secure North America's rare earth future,' said Frank Wheatley, CEO of Snow Lake. 'As the U.S. and its allies prioritize supply chain independence from China, the Ashram Project stands out as one of the most significant and advanced domestic REE opportunities on the continent.' 'As a clean energy and critical metals company, we believe our investment in Commerce Resources Corp. provides us with a strategic toehold in the largest undeveloped rare earth element project in North America 'The merger of Commerce and Mont Royal will create a well-funded Canadian-focused critical metals company with an excellent portfolio of rare earth element projects at an advanced stage of exploration. With the global race for rare earth elements accelerating amid international trade tensions, accentuated by certain rare earths export controls imposed by the Chinese who produce ~90% of the global supply of processed rare earths, we believe that supporting Commerce in this merger with Mont Royal will provide the merged entity with the capabilities to advance development of the Ashram Project to the benefit of Commerce's, Mont Royal's and Snow Lake's shareholders. As global trade continues to experience significant volatility and uncertainty, we believe developing a North American deposit of rare earth minerals directly supports the U.S. Administrations policies regarding securing a steady supply of rare earths and critical minerals.' The Strategic Imperative Rare earth elements are indispensable to EV motors, wind turbines, defense systems, and high-tech electronics. With China's dominance increasingly seen as a national security concern, the U.S. Administration has launched multiple programs to localize critical mineral supply chains, including REEs. Snow Lake's investment helps fill that gap by supporting the Ashram Project's progress toward production, while aligning with both Canadian and U.S. objectives to de-risk mineral inputs for clean energy and defense technologies. Commerce Resources Corp. - Interim Convertible Note Financing Commerce is undertaking a secured convertible note ('Convertible Notes') financing to raise up to C$2.2 million to provide interim funding to be used for the continuation of studies for the development of the Ashram Project and for working capital while the Merger is completed. The Convertible Note Financing is necessary and integral for the Transaction. Snow Lake has agreed to purchase C$1.1million of the Convertible Notes. A summary of the key terms of the Convertible Notes are set out below: The Convertible Note Financing completed on April 12, 2025. Merger Rationale The Merger will create a Québec-focused critical minerals explorer and developer through the combination of Commerce's Ashram Project and the Eldor Niobium exploration project and Mont Royal's Northern Lights Lithium Project (the 'Merged Group'). The merger will result in a dual listing on the TSX Venture Exchange (the 'TSXV') and the Australian Securities Exchange (the 'ASX'), enabling greater access to liquidity and funding for the Ashram Project, with the combined entity bringing together highly experienced members of the management teams of each company with strong capital markets experience, project development and operational expertise. In addition to Commerce's existing assets in Canada, key highlights of the Merger include: CAUTIONARY NOTE CONCERNING THE USE OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES As a registrant with the United States Securities and Exchange Commission ('SEC'), Snow Lake must report its exploration results, mineral resources, and mineral reserves using the mining disclosure standards of Subpart 229.1300 of Regulation S-K Disclosure by Registrants Engaged in Mining Operations ('S-K 1300"). S-K 1300 is a rule developed by the SEC, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms 'mineral resource', 'measured mineral resource', 'indicated mineral resource' and 'inferred mineral resource' are defined in accordance with S-K 1300. Readers are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into a higher category of mineral resources or mineral reserves. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Under S-K1300, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. As a Canadian junior mineral resource company, Commerce does not need to report its exploration results, mineral resources, and mineral reserves using S-K 1300. Instead, it reports in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms 'mineral resource', 'measured mineral resource', 'indicated mineral resource' and 'inferred mineral resource' are defined in accordance with NI 43-101. Readers are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into a higher category of mineral resources or mineral reserves. 'Inferred mineral resources' have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in very limited circumstances. While S-K 1300 uses the same terminology for mineral reserves and mineral resources as NI 43-101, the definitions, while similar, are not identical to NI 43-101. Accordingly, information included in this press release concerning mineral resources of Commerce in accordance with NI 43-101 may not be comparable to similar information prepared in accordance with S-K 1300. About Commerce Resources Corp. Commerce (TSXV: CCE) is a Canadian junior mineral resource company focused on the exploration and development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. Commerce is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. Additionally, the Ashram Deposit has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. For more information on Commerce, please visit their website 3. About Mont Royal Resources Limited Mont Royal Resources Limited (ASX: MRZ) is an Australian company that owns 75% of Northern Lights Minerals 536km 2 tenement package located in the Upper Eastmain Greenstone belt in Quebec. This project is located in the emerging James Bay area, a Tier-1 mining jurisdiction of Quebec, Canada, and are prospective for lithium, precious (Gold, Silver) and base metals mineralization (Copper, Nickel). For further information on Mont Royal, please visit their website 4. 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 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. 1Commerce Resources and Mont Royal Resources Enter into Arrangement Agreement to create a Canadian-Focused Critical Minerals Development Company - Commerce Resources 2 Due to its simple gangue and well-understood rare earth mineralogy, the Ashram Deposit is able to produce high-grade mineral concentrates at high recovery (>40% TREO at >75% recovery), in line with active global producers. - 3Home - Commerce Resources To view the source version of this press release, please visit
Zawya
09-04-2025
- Business
- Zawya
Namibia Strengthens Uranium Market with Exploration and Production (E&P) Expansion
Namibia is expanding its uranium industry through a combination of established operations and new Exploration and Production (E&P) initiatives. With an average production of 5,613 metric tons in recent years, Namibia has solidified its position as the world's third-largest uranium producer. As global interest in uranium increases to meet growing demand for nuclear electricity, the country is intensifying cooperation with international E&P companies to unlock the full potential of its uranium market. The upcoming African Mining Week – taking place October 1-3 in Cape Town - will connect investors with lucrative prospects within Namibia. 2025 Milestones Recent developments highlight Namibia's growth trajectory in the uranium sector. In February 2025, Canada's Snow Lake Resources launched Phase 2 drilling at its Engo Valley project, targeting up to 7,500 meters of reverse circulation and diamond drilling. A maiden resource estimate for the project is expected in the second half of the year. Pioneer Lithium also acquired Rodon Metals, operator of the Warmbad Project, committing A$1.675 million to geological surveys and exploration to expand the mine. Meanwhile, Connected Minerals commenced drilling at the highly prospective Swakopmund project in January 2025, after securing a prospecting license from the Namibian government. The company is also exploring the Etango North-East project, where high-grade uranium mineralization was confirmed in November 2024. Deep Yellow Limited is expected to make a final investment decision for its 79-million-pound Tumas Expansion Project in the first quarter of 2025. The project is projected to produce 6 million pounds per annum over 30 years as from 2026, increasing Namibia's production capacity. 2024 Achievements Namibia experienced several market growth milestones in 2024, with new discoveries made and new exploration and production campaigns launched. Australia's Paladin Energy achieved a record production of 1.2 million pounds in the second half of 2024. The company aims to set a new record of 3.6 million pounds by June 2025. Beyond large-scale operations, Namibia has seen a surge in new market entrants and partnerships. Madison Metals and Star Minerals partnered to accelerate the development of the Cobra Project. Australia's Gibb River Diamonds secured three new licenses in the Erongo District, while Hertz Energy applied for two prospecting licenses. Oar Resources secured A$1 million in funding from shareholders to finance two greenfield uranium projects. Amidst these developments, African Mining Week will feature high-level panel discussions and exclusive networking sessions, connecting global investors with Namibia's rapidly growing uranium sector. The event will foster collaboration between global mining firms and Namibian stakeholders, laying the foundation for accelerated growth across the country's uranium market. African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ Distributed by APO Group on behalf of Energy Capital&Power.
Globe and Mail
21-03-2025
- Business
- Globe and Mail
1 Nuclear Energy Stock Is Surging Today on a Trump Boost. Should You Buy It Now?
Snow Lake Resources (LITM) shares rallied as much as 10% today after President Donald Trump signed an executive order aimed at increasing domestic mineral production. Trump has directed his team to issue accelerated approvals for domestic mineral projects. His order added uranium to the list of 'critical minerals' for national and energy security as well. According to Snow Lake Resources, the administrative decree could significantly benefit its Pine Ridge Uranium Project in Wyoming. Versus its year-to-date high, Snow Lake stock is still down more than 50% at the time of writing. How Will Trump's Order Help Snow Lake Stock? Trump's executive order aims at rejuvenating the national uranium infrastructure. On top of accelerated approvals, it will improve LITM's access to federal funding as well. 'With the United States producing 0.02% of global uranium supply, the executive order represents a seismic shift in national energy policy,' Frank Wheatley, the company's chief executive officer, told investors in a press release on Friday. Today's surge in Snow Lake Resources is also coupled with a meaningful increase in trading volume. More than 100 million shares of LITM have exchanged hands on Friday versus the stock's average volume of close to 19 million sharse. LITM Has Announced a Share Repurchase Program Earlier in March, the Canadian company announced a $10 million stock buyback program aimed at 'enhancing shareholder value and market presence.' The share repurchase program indicates management's confidence in the future of Snow Lake Resources and its viability as a long-term investment. That said, investors should note that LITM is a speculative pick at best. Despite today's surge, Snow Lake is still a penny stock with a market cap of about $35 million, which means it's more susceptible to price manipulation. It can fall just as quickly as it rises. Is It Worth Owning This Nuclear Energy Stock? Snow Lake Resources is also a high-risk investment because it's currently a pre-revenue company. LITM focuses on exploration and development of mineral resources, including uranium and lithium, but is yet to generate any significant revenue from its operations. In fact, that's why the nuclear energy stock is not covered by any analysts, as tracked by Barchart.
