Atomic Minerals offers Comment on Uranium Market Following Significant Price Increase
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For Immediate Release
PRESS RELEASE
October 30, 2023
Symbol: TSX-V: ATOM
Atomic Minerals offers Comment on Uranium Market
Following Significant Price Increase
Vancouver, British Columbia, October 30, 2023 – Atomic Minerals Corporation ("ATOMIC
MINERALS" or the "Company") (TSX Venture: ATOM) is pleased to provide its outlook on the
substantial price increase observed in the uranium market over the past months. The spot price of U3O8
(uranium) has witnessed a remarkable increase of over 227.6% since March 2020. 1 (USD $21.51 March
2020 to USD $73.00 (October 2023).
The Company recognizes the positive implications of this upward trend, which reflects the escalating
global demand for clean and sustainable energy sources. As the international community intensifies
efforts to transition towards a low-carbon future, nuclear energy plays a crucial role in meeting the
world's growing energy needs while curbing greenhouse gas emissions. This renewed focus on nuclear
power has stimulated a strong demand for uranium.
"We are witnessing a significant strengthening of the Uranium spot price, which signifies the increasing
acknowledgment that nuclear power is the only solution to the looming worldwide power shortages,"
stated Clive Massey, President & CEO of Atomic Minerals. "At Atomic, we are strategically positioned
to play a significant role in the global transition towards clean energy."
Atomic Minerals holds a strong conviction that the recent increase in the uranium spot price reflects not
only the present demand for uranium but future demand, being created by the 450 nuclear power
facilities that are either in the planning, permitting or construction phase globally. As a junior uranium
exploration company, we are very excited about playing a role in the future transition from fossil fuels
to a carbon free nuclear-powered world.
Bank of America Securities, in a research note co-authored by Michael Widmer, their metals analyst,
has expressed a bullish outlook on uranium for the year 2023, and commented, "Near-decade bear market
has pushed global focus elsewhere, creating tight supply conditions."
The research note outlines several compelling reasons to anticipate a continued bull market in this sector.
One significant factor contributing to this optimism is the invasion of Ukraine by Russia, which took
place last year. As a result of this geopolitical event, the imposition of sanctions on Russian uranium is
expected to further constrain the already limited supply of uranium in the short term. Bank of America
suggests that these supply shortages will likely drive uranium prices even higher. According to their
1 Source: Accessed online at https://tradingeconomics.com/commodity/uranium
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estimates, there is potential for a price increase ranging between 20% and 40% in the near future.
Looking ahead to 2025, the research note predicts that uranium prices could reach $75 per pound.
Future Plans
The recent price increase further strengthens our conviction in the long-term prospects of the uranium
market and our commitment to continue to advance not only our Harts Point project but also having both
our 10 Mile project and Dolores uranium projects permitted in early 2024, thus delivering substantial
potential value to our shareholders.
Qualified Person
Mr. R. Tim Henneberry, P.Geo. (BC), is the "Qualified Person" under National Instrument 43 -101
Standards of Disclosure for Mineral Projects ("NI 43-101") and is responsible for the technical contents
of this news release and has approved the disclosure of the technical information contained herein.
About the Company
Atomic Minerals Corp. is a publicly listed exploration company on the TSX Venture Exchange, trading
under the symbol ATOM. Led by a highly skilled management and technical team with a proven track
record in the junior mining sector. Our core objective at Atomic Minerals is to identify exploration
opportunities in regions that have been previously over looked but are geologically similar to those with
previous uranium discoveries. These, underexplored areas, hold immense potential and are in stable
geopolitical and economic environments.
Currently, our property portfolio contains Uranium projects with significant technical merit in two
locations known for hosting Uranium production in the past. We have three on the Colorado Plateau
(Previously produced over 597 million pounds) within the continental United States. The other three
are in the prolific Athabasca region in Saskatchewan, Canada.
For additional information, please visit the Company's website at www.atomicminerals.ca
ON BEHALF OF THE BOARD OF DIRECTORS
“Clive Massey”
Clive H. Massey
President & CEO
For further information, please contact:
Dave Langlais
(778) 316-5105
Neither TSX Venture Exchange nor their Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release contains certain statements that may be deemed "forward -looking" statements. Forward
looking statements are statements that are not historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although
Atomic Minerals Corporation believes the expectations expressed in such forward-looking statements are based
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on reasonable assumptions, such statements are not guarantees of future performance and actual results may
differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs,
estimates and opinions of Atomic Minerals Corporation management on the date the statements are made.
Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-
looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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