The nuclear renaissance, reborn: Exploration activities are on the uptick as uranium is, once again, in demand – by Alexandra Lopez-Pacheco (CIM Magazine – November 23, 2022)

After a crushing 11-year downturn, the uranium sector is experiencing the beginning of a revival. Many are hoping that this is the one that turns the sector into a key player in the decarbonized economy of the future.

The last time junior uranium explorers had so much reason to be optimistic was in the years between 2004 and 2008. Duane Parnham, executive chairman and CEO of the Toronto-based uranium junior exploration company Madison Metals, recalls that excitement is what got him into the sector after attending the Prospectors & Developers Association of Canada’s (PDAC) annual convention in 2006.

“All the buzz was about uranium and nuclear fuel,” he said. “The institutional investors wanted to invest in the sector. I was actually looking for copper, zinc and gold in Namibia. So, when the investors said, ‘Do you have any uranium in Namibia?’ I said ‘Yes, Namibia’s a fantastic place for uranium.’”

Parnham founded Forsys Metals that year and joined forces with geological engineer Roger Laine to grow a uranium project in Namibia called Valencia. Now Valencia is part of Forsys’s Norasa project, which has a proven and probable reserve of nearly 91 million pounds of U308 grading at 200 parts per million out of 206 million tonnes of ore.

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