Mining News Flash with Aurania Resources, Uranium Energy and Miata Metals

Key Concepts

• In-Situ Recovery (ISR): A mining process used to recover uranium by dissolving it in groundwater and pumping the solution to the surface.
• U308: Uranium oxide (Uranium concentrate), a common form in which uranium is traded.
• Section 232: A US trade law allowing the President to impose restrictions on imports deemed a threat to national security – relevant to uranium supply.
• Hydrothermal Activity: Processes involving heat and water that can concentrate minerals, like gold, in geological formations.
• Shear Zone: A zone of rock that has been deformed by intense stress, often hosting mineral deposits.
• Indicated vs. Inferred Resources: Categories of mineral resource estimation, with "indicated" being more certain than "inferred."
• Vertically Integrated Supply Chain: Control of all stages of production, from raw material extraction to finished product.

Orania Resources – Brittany Peninsula Gold Exploration

Orania Resources has been granted three new exploration licenses for gold and strategic metals on the Brittany Peninsula in northwestern France. This initiative is viewed positively by the French government as a means to better understand and secure the country’s mineral resources. Dr. Keys Baron, President and CEO, highlighted the opportunity for Brittany and Pay de la Loire to gain insights into their mineral wealth and for France to bolster its metal supply. The region’s institutional stability and infrastructure are cited as advantages for efficient exploration. Preliminary studies by the BRGM (French Geological Survey) have confirmed the presence of gold and strategic metals along a 150+ kilometer shear zone, with some areas exhibiting “exceptional grades,” indicating significant past hydrothermal activity.

Uranium Energy Corp (UBC) – Fiscal Year 2026 Performance & Expansion

Uranium Energy Corp (UBC) reported strong results for the first quarter of fiscal year 2026, focusing on building a fully integrated uranium fuel supply chain within the United States – encompassing mining, conversion, and enrichment. Key developments include:

• Production Costs: Total costs per pound of U308 were $34.35, with cash costs at $29.90 and non-cash costs at $4.45, based on production of 68,612 pounds of precipitated uranium.
• Processing Plant Upgrade: A complete overhaul of the yellow cake thickener and clarifier at the Central Processing Plant (CPP) in Irrigaray was completed, enabling 24/7 operation. Approximately 49,000 pounds of U308 were packaged between November 13th and 30th.
• Lootman ISR Project: Development has commenced on the fully permitted Lootman In-Situ Recovery (ISR) project, with the first planned Production Area Test (PAT).
• Christensen Ranch Expansion: Construction of six additional gathering houses in new wellfields at the Christensen Ranch ISR operation in the Powder River Basin is underway.
• Burke Hollow Commissioning: Burke Hollow, a new ISR mine in South Texas, is nearing commissioning.
• Sweetwater Permit (FAST 41): Work is progressing on the FAST 41 permit for the Sweetwater project, with drilling and mill upgrade plans initiated in October 2025.
• Rough Rider Exploration: A 34,000-meter core drilling program began at Rough Rider in the Athabasca Basin (Saskatchewan, Canada) to convert inferred uranium resources to indicated resources for a proposed prefeasibility study.
• United States Uranium Refining and Conversion Corp: The establishment of this corporation positions UBC as the only vertically integrated uranium company in the US, combining mining, processing, refining, and conversion. A feasibility study is underway.
• Financial Strength: UBC holds approximately $700 million USD in cash, uranium reserves, and shares, with no debt.
• Uranium Inventory: As of October 31st, UBC’s physical uranium inventory was 1.356 million pounds of U308, valued at approximately $112 million, plus an additional 199,000 pounds at Irrigaray. An additional 300,000 pounds of U308 is expected to be purchased by the end of December 2025 at $375/pound.
• Stock Outlook: A price cycle of $33 USD for the stock is indicated over a two to three-year horizon.

Miata Metals – Isilla Creek Gold Project, Sugna

Miata Metals reported further positive drill results from the Leon’s Trend Zone at the Isilla Creek gold project in Sugna. Drilling (DDH 037 to 39 and 42 and 246) confirms gold mineralization within a 750m x 250m corridor to a depth of 200m, remaining open along strike and at depth. A 500m step-out drill hole confirmed continuity of mineralization. Re-evaluation of geophysical data suggests the gold system extends to a depth of 1.5 kilometers. 10,61 meters were drilled in 2025, achieving the annual target, with results from 2755 meters still pending.

Logical Connections & Overall Perspective

The program highlights a positive outlook for both uranium and gold exploration and production. UBC’s focus on a vertically integrated US-based uranium supply chain is presented as a strategic response to potential supply shortages and the Section 232 decision. Orania’s entry into the French market represents a new opportunity in a politically stable region with promising geological indicators. Miata Metals continues to expand its understanding of the Isilla Creek gold deposit. The interconnectedness lies in the broader theme of securing critical mineral supplies and capitalizing on favorable market conditions.

Disclaimer

The presenter notes that the stocks discussed will be part of the SRC mining special situation certificate, and SRC, its employees, and the presenter may be shareholders in the mentioned companies.