Roger Lemaitre, President & CEO of UEX Uranium speaks about the rising demand for cobalt as it is going to be a mandatory part of batteries used in electric vehicles.
“UEX is one of the largest portfolios of land holdings in the Athabasca Basin. We have ten uranium deposits that are waiting to move forward with the next uranium cycle. We have one the largest uranium portfolios and the lowest cost districts in the world. But meanwhile we’re also developing an emerging cobalt district. Our key cobalt project is the West Bear Cobalt Product. It’s only the second cobalt deposit with a resource in Canada.
The long-term fundamentals for cobalt are extraordinarily strong, it’s underpinned by the demand for electrical vehicles and that’s growing rapidly at an incredible pace and cobalt is going to be a mandatory part of those batteries for the foreseeable future. Our goal at West Bear is to define approximately 20 million pounds of cobalt. We believe that a 20-million-pound deposit would produce about a thousand tonnes a year which is about 1 percent of the cobalt market which is a meaningful contribution and we think that that’s very doable.
We have a fantastic exploration team that has a long history of making both uranium and now cobalt discoveries and just being able to see the results every day and tell people what we’re doing excites me on a daily basis. The company is still planning to spin out to cobalt metals. We haven’t able to do at this point in time because our goal is to enhance shareholder value. Because the long-term fundamentals of cobalt are strong, in the next few months will we keep evaluating the case by case or month by month basis as to what we do with the spin-out is our long term goal to spin the company out.” – Roger Lemaitre, President & CEO of UEX Uranium
Well positioned to take advantage of opportunities
We are a Canadian junior exploration company with a diverse portfolio of projects in Saskatchewan’s Athabasca Basin. UEX is well positioned to take advantage of opportunities that present themselves in the uranium exploration sector and the cobalt-nickel market. Since the company’s formation in 2002, UEX Corporation has made significant advancements in the discovery and development of existing and new uranium deposits in the Athabasca Basin.
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