Business
Update on Kyrgyzstan Uranium Project
Update on Kyrgyzstan Uranium Project.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN\n17 June 2024\nMetalNRG plc\n(the \"Company\" or \"MetalNRG\")\nUpdate on Kyrgyzstan Uranium Project\n \nKyrgyzstan Parliament removes prohibition on uranium mining \n \nMetalNRG plc (LON:MNRG), the natural resources and energy investment company, is pleased to announce that the Parliament of Kyrgyzstan has approved a bill lifting the ban on prospecting, exploration, development and mining uranium and thorium in the Kyrgyz Republic.\nMetalNRG has a significant interest in the Kamushanovskoye Uranium Deposit, a uranium clean up project in the Kyrgyz Republic, with low CAPEX requirements (the \"Project\"). The Project is currently owned by International Mining Company Invest Inc (\"IMC). MetalNRG holds a 9.9% stake in IMC, with an option to increase that interest. The value of MetalNRG's stake in IMC was fully impaired in 2022, and is held at zero value, due to the prohibition on uranium mining in the Kyrgyz Republic. This valuation will be reviewed in due course.\nProject Highlights:\n· The Project is in the Kamushanov community, Sokuluksky District, Chuy Province, 48km from Bishkek the capital city of the Kyrgyz Republic.\n· The State Reserve Committee of Kyrgyzstan had previously granted an application for a mining licence in January 2019 (the \"Mining Licence\") for 3,371.1 tonnes uranium reserves (8.731 million lbs uranium 308) which had an in-situ value of approximately US$253.1 million at uranium spot prices on that date. The uranium price has since increased fourfold from approximately US$22/lb to approximately US$86/lb.\n· The Project offers a potential exploration upside of an additional 2.58 million lb of uranium from a partially explored zone (subject to being brought into a compliant resource), plus as yet untested prospective ground.\n· The Project was intended to be developed on an In-Situ Recovery (\"ISR\") basis providing...