MegaWatt Metals Comments on US Ban of Russian Uranium Imports & Forecast of Increased Uranium Production from Canada
MegaWatt Metals Comments on US Ban of Russian Uranium Imports & Forecast of
Increased Uranium Production from Canada
● Imports from Moscow will cease 90 days after bill is enacted
● Uranium prices held steady around increases gained during late 2023 rally
● Canada major contributor to projected 11%+ growth in uranium production in 2024
Vancouver, British Columbia, May 24, 2024 -- MegaWatt Lithium and Battery Metals Corp.
(CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the " Company", " MegaWatt Metals " or
“MegaWatt”) provides additional commentary on America’s May 14, 2024 ban on Russian imports
of enriched uranium, the primary fuel used in nuclear power plants. The bipartisan bill will ban
uranium imports from Moscow beginning 90 days after its enactment. Despite t he pending need
for America to shift its uranium supply, uranium prices continued to hold the increases gained
during the late 2023 rally, possibly due to the forecast that global uranium production will grow by
over 11% in 2024, with most of that increase coming from America’s largest uranium suppliers:
Kazakhstan and Canada.[1]
Data Source BusinessInsider.com May 21, 2024
America’s dependence on imported Russian uranium dates back to a 1993 nuclear disarmament
program soon after the end of the Cold War. Currently, Russian enriched uranium supplies
roughly 20% of America’s nuclear fuel. US companies pay roughly $1 billion per year to Rosatom,
Russia’s state nuclear power conglomerate. The US National Security Council (NSC), however,
stated that America’s reliance on Russia for low-enriched uranium to support US nuclear reactors
is not in the nation’s security or economic interests.
To help offset imports from Russia, the bill also frees up $2.7 billion that was passed in previous
legislation to build out America’s domestic uranium processing industry. Establishing domestic
supply chain solutions for uranium is especially important due to US President Joe Biden having
set the goal of America achieving 100% clean electricity by 2035. Reaching that ambitious goal
would require significant electricity generation from nuclear reactors, which currently generate
more than 50% of America’s em issions-free electricity.[2] Toward that end, the US recently
announced plans to triple their nuclear power capacity by 2050.[3]
MegaWatt’s CEO, Casey Forward, commented, “We are understandably in support of America’s
ban on Russian uranium imports, both as a uranium exploration company and as citizens of a
Western nation that values energy independence and geopolitical sovereignty. Fortunately, at the
same time that Russian imports are being taken out of the equation, global uranium production is
expected to grow by over 11% this year. While we’re excited that Canada is among the 2 countries
where most of that increased uranium prod uction will come from, we’re not surprised. Most of
Canada’s uranium resources are in high-grade deposits with some being 100X the world average,
and over 85% of Canada's uranium production is exported.[4] The ban on Russian imports is yet
another long -term driver supporting the uranium sector that we expect to benefit from while
advancing MegaWatt’s focus on becoming a domestic, clean-energy minerals supplier.”
For Additional Information
Investors can learn more about the Company, our team and latest news at
https://megawattmetals.com.
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About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company involved in the acquisition and exploration of
mineral properties.
MegaWatt has acquired a 100% interest in a company that holds a 100% interest (subject to a
1.5% NSR) in the Benedict Mountains Uranium Property, consisting of 2 mineral licenses covering
an area of approximately 350 hectares in the Central Mineral Belt on the east coast of Labrador,
Canada, approximately 200 km NE of Goose Bay (see press release dated April 1, 2024).
MegaWatt holds a 100% undivided interest (subject to a 1.5% NSR) on all base, rare earth
elements and precious metals, in the Cobalt Hill Property, consisting of 8 mineral claims covering
an area of approximately 1,727.43 hectares located in the Trail Cree k Mining Division in the
Province of British Columbia, Canada.
Additionally, the Company has acquired a 100% interest in a company that indirectly holds a
100% interest (subject to a 2% NSR) in the Tyr Silver Project (see press release dated October
15, 2020).
MegaWatt holds a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property,
comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province
of Quebec, covering 2,126 hectares (see press release dated Febr uary 3, 2021), and a 100%
interest in 229 additional mineral exploration claims prospective for lithium, also in the James Bay
area of Quebec covering an area of 12,116 hectares or 121 square kms.
On Behalf of the Board of Directors,
MegaWatt Lithium and Battery Metals Corp.
Casey Forward, CEO
1055 West Georgia Street, Suite 1500
Vancouver, BC, Canada
V7X 1M5
For Further Information Please Contact:
Kelvin Lee, Chief Financial Officer
[email protected], (236) 521-6500
Sources:
1. https://www.morningstar.com/news/globe-newswire/9066905/global-uranium-mining-
output-expected-to-rise-117-in-2024-due-to-kazakh-and-canadian-growth
2. https://www.washingtonpost.com/business/2024/05/13/russian-uranium-imports-ban/
3. https://tradingeconomics.com/commodity/uranium
4. https://world-nuclear.org/information-library/country-profiles/countries-a-f/canada-
uranium.aspx
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes "forward -looking information" that is subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of the Company.
These forward-looking statements or information may relate to the Company’s business plans,
the exploration plans of the Company and the timing thereof, and other factors or information.
Such statements represent the Company’s current views with respect to future events and are
necessarily based upon a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant business, economic,
competitive, political and social risks, contingencies and uncertainties. Many factors, both known
and unknown, could cause results, performance, or achievements to be materially different from
the results, performance or achievements that are or may be expressed or implied by such
forward-looking statements. The Company does not intend, and does not assume any obligation,
to update these forward -looking statements or information to reflect changes in assumptions or
changes in circumstances or any other events affecting such statements and information other
than as required by applicable laws, rules and regulations.