Eagle Nuclear Energy advances Aurora uranium project toward 2027 pre-feasibility study

Purepoint Uranium Group CEO Chris Frostad warned that the uranium sector's structural supply deficit is worsening even as demand from new reactors, small modular reactors and AI data centres rises. Speaking with Steve Darling of Proactive, Frostad pointed to setbacks among existing producers, including a roughly 20% cut to Cameco's guidance last year and production issues at Kazatomprom tied to acid supply. He said bringing major new discoveries into production takes many years, citing Next Gen's Arrow deposit, discovered 12 years ago, where construction is only now beginning. Frostad said Purepoint's partnership model, which involves joint ventures with larger companies such as Orano, Cameco, ISO Energy and Eldorado Gold that provide capital and technical expertise while Purepoint contributes operatorship and exploration capabilities, lets it keep drilling through weak capital markets. He also reported that Purepoint identified close to 7.5 metres of high-end radioactivity at the unconformity in its Q24 zone, alongside ongoing work at its Nova zone.

District Metals Corp. has commenced diamond drilling at its Viken Property in Jämtland County, central Sweden, with Arctic DS AB, a Swedish subsidiary of Arctic Drilling AS, resuming core drilling using most of its crew from Jämtland and Västerbotten Counties. The 2026 drill program is focused on Target Areas A and B, two large conductive anomalies identified by the Company's 2025 airborne MobileMT survey that remain largely untested by drilling, with historical 2008 drilling limited primarily to their periphery. Target Areas A and B lie approximately 1.7 km and 7.5 km, respectively, north to northwest of the Viken Energy Metals Deposit, and their conductive responses are larger and stronger than the signature associated with the Viken Deposit itself. The number of drill holes and total meters will be guided by geological observations and uraniferous radiometric measurements collected during drilling, forming part of District's approved 2026 exploration budget of approximately 5,000 to 7,000 meters across the Viken and Alum Shale Properties. CEO Garrett Ainsworth said the program is designed to determine whether the significant MobileMT conductive responses are associated with uranium and other energy metals mineralization similar to the Viken Deposit.

Atomic Eagle Limited plans to release the first phase of its technical review of the Madaouela uranium project in Niger in the first quarter of next year, part of a strategy aimed at bringing the asset back into production. CEO Phil Hoskins said the review is intended to determine how to make Madaouela as large-scale and economic as possible, with expectations it could become a 4 to 5 million pound per annum operation. The project hosts a 116 million pound resource at almost 1,300 ppm, and Hoskins said historical studies have not done it justice given the 160 million US dollars already spent on its technical and drilling database. Atomic Eagle, which listed in November 2025 after acquiring TSXV-listed GoviEx Uranium Inc., also holds the Mantanga project in Zambia, where it will continue drilling this year, update its resource in the first quarter and complete feasibility studies through 2027. Hoskins said the company's end game for Madaouela is to run a financing process that will likely attract a strategic partner, and he pointed to the US Development Finance Corporation's conditional agreement for a $414 million debt financing for Global Atomic's project in Niger as a sign of the country's strategic appeal.

Xcite Uranium Inc. has commenced a 1300m, 6-hole diamond drilling program at Eagle Plains Resources Ltd.'s 100% owned Black Bay Project near Uranium City, Saskatchewan, and has procured a second drill rig to speed completion of the planned work. The program will test for structurally-controlled Beaverlodge-type and basement-hosted unconformity style uranium mineralization, targeting 2025 VTEM conductors along trend from the past-producing Black Bay Mine, with 6 holes from 5 pad locations and the second rig under contract to Base Diamond Drilling. The approved 2026 budget for Black Bay is approximately $1.1 million, comprising $125,000 in completed fieldwork and $975,000 allocated for drilling, with all work managed by TerraLogic Exploration Inc. The 1114ha project overlies 7 Saskatchewan Mineral Deposit Index occurrences including the past-producing Black Bay Uranium Mine, and sits within the six-project Xcite option agreement covering 54 SMDI occurrences and five past-producing uranium mines, under which Xcite may earn up to an 80% interest in each project by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 common shares and paying CDN$55,000 over four years, for an aggregate of CDN$19,200,000 in exploration expenditures, 4,500,000 shares and $330,000 in cash to Eagle Plains. Historic trench samples at Black Bay include 6.51% U3O8, 3.78% U3O8 and 3.62% U3O8 over 0.3m, while grab samples from historical drill core at the Blue Grass 'B' Zone include 9.64% U3O8 and 16.74% U3O8. The Black Bay mine produced approximately 1375 tons of material at a grade of 0.17% U3O8 shipped to the Lorado custom mill between 1953 and 1960.