Top Ten US-based juniors to mid-tiers, excluding precious metals and coal

This year’s ranking of the top 10 U.S.-based juniors to mid-tiers (excluding precious metals and coal) based on market capitalization as of July 21 and compiled by our sister company Mining Intelligence features two new entrants — Brazil Minerals and Excelsior Mining.

1 ENERGY FUELS

Market cap: $1.6 billion (US$1.2 billion)

Headquartered in Colorado, Energy Fuels (TSX: EFR; NYSE: UUUU) is the leading producer of uranium in the U.S., a major vanadium producer, and an emerging producer of rare earth elements (REEs). The company retains its top ranking from last year.

Energy Fuels’ uranium assets include key centres of uranium production: the White Mesa mill in Utah, the only fully-licenced and operating conventional uranium mill in the U.S., the Nichols Ranch in-siturecovery (ISR) project in Wyoming, the Alta Mesa ISR project in Texas, and the Pinyon Plain uranium mine in Arizona, the highest-grade uranium project being developed in the United States.

In May, the company entered into binding agreements to acquire 17 mineral concessions totalling approximately 151 sq. km in Brazil’s eastern Bahia State. Based on historical drilling, Energy Fuels believes the concessions (referred to as the Bahia project) have the potential to supply approximately 3,000-10,000 tonnes per year of monazite sand containing about 1,500-5,000 tonnes of rare earth oxides to feed its emerging U.S.-based REE supply chain.

Bahia is a well-known heavy mineral sand (HMS) deposit with over 3,000 vertical historic exploration auger holes drilled to date, including significant quantities of titanium (ilmenite and rutile), zirconium, and REEs.

This year, Energy Fuels plans to complete extensive exploration work to further define and quantify the HMS resource at Bahia. The work is expected to include a comprehensive sonic drilling and geophysical mapping program to define the HMS grades and depths for the various mineral products, including the REE resources associated with the project.

In April, the company made three commercial shipments of uranium, vanadium, and REEs through the White Mesa mill, which included natural uranium concentrates to the Metropolis Works uranium conversion facility in Illinois, vanadium pentoxide to Bear Metallurgical in Pennsylvania, and REE carbonate to Neo Performance Materials’ Silmet facility in Estonia.

Energy Fuels said the shipments demonstrate its ability to become a “clean energy and critical mineral hub” in the United States. The company has set its 2022 production guidance at 100,000-120,000 lb. of uranium oxide and 650-1,000 tonnes of mixed REE carbonate.

2 URANIUM ENERGY

Market cap: $1.4 billion (US$1.1 billion)

Uranium Energy (NYSE-AM: UEC) is a pure-play uranium company advancing the next generation of low-cost ISR uranium projects. These include two production-ready ISR hub-and-spoke platforms in Texas and Wyoming, anchored by fully licenced and operational processing capacity at the Hobson and Irigaray plants.

The Texas-headquartered company has seven U.S.-based uranium projects, all of which have major permits in place. It also holds a diverse portfolio of uranium assets, including one of the largest physical uranium portfolios of U.S. warehoused uranium oxide (U3O8); a major equity stake in the only royalty company in the sector, Uranium Royalty (TSXV: URC; NASDAQ: UROY); and a pipeline of resource-stage uranium projects in Arizona, Colorado, New Mexico, and Paraguay.

In July, Uranium Energy reported resources for its 1,172.3-sq.-km Yuty project within the Paraná Basin of southeastern Paraguay, which it operates through a wholly owned subsidiary, Transandes Paraguay S.A., that holds a 100% interest in the concessions. The project contains 8.2 million indicated tonnes grading 0.049% U3O8 for 8.96 million lb. U3O8 and inferred resources of 2.5 million tonnes grading 0.04% U3O8 for 2.2 million lb. U3O8.

That same month, the company released an indicated resource estimate for its Anderson project in Arizona and stands at 15.2 million tonnes grading 0.099% U3O8 for 32.1 million lb. U3O8.

3 INTREPID POTASH

Market cap: $730.7 billion (US$566.7 million)

Intrepid Potash (NYSE: IPI) supplies high-quality potassium, magnesium, sulphur, salt, and water products for use in agriculture, animal feed, and the oil and gas industry.

The Denver-based company is the only U.S. producer of muriate of potash, which is used in several industrial applications and as an ingredient in animal feed.

Intrepid operates three solar evaporation mines in Wendover and Moab in Utah, and Carlsbad in New Mexico, which it says provide an environmentally friendly method of producing potash and salt. The company also operates a conventional underground mine in Carlsbad that hosts one of the largest known reserves of langbeinite, a naturally occurring fertilizer that it markets under the brand name Trio, a specialty fertilizer, which delivers potassium, magnesium, and sulphate in a single particle.

In May, Intrepid released its financial performance for the first quarter of 2022. The company reported that total sales had increased to US$104.4 million compared with US$71.5 million for the same period last year.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were US$50.2 million, a US$36.3 million increase over the same quarter in 2021 and a US$25.4 million increase over the prior quarter, and the best performance since the third quarter of 2012, the company said.

As of the end of April, Intrepid had approximately US$80 million in cash and US$74 million available under its revolving credit facility, for total liquidity of approximately US$154 million.

4 UR-ENERGY

Market cap: $424.1 million (US$328.9 million)

Ur-Energy (TSX: URE; NYSE-AM: URG) rose by one position from last year to place fourth in 2022.

Headquartered in Colorado, the company owns 194.2 sq. km of mineral rights in Wyoming, which include the Lost Creek ISR uranium facility in Sweetwater County that produced 2.7 million lb. of U3O8between 2013 and 2021 from two of 12 planned mining areas, and the Shirley Basin ISR uranium project in Carbon County which is construction ready with all major permits and licences in hand.

In March, Ur-Energy released an updated resource estimate for Lost Creek and an initial estimate for Shirley Basin. In conjunction with the resource estimates, it also released preliminary economic assessments (PEA) for the two projects.

Lost Creek now contains 6.5 million measured tonnes grading 0.048% U3O8 for 6.89 million lb. of U3O8and indicated resources of 6.8 million tonnes at 0.046% U3O8 for 5 million lb. of U3O8.

The PEA for the project, which assumes the restart of wellfield development activities and the subsequent ramp-up of production up to 1 million lb. U3O8 per year, estimates that the expanded project would produce 12.3 million lb. over a 14-year mine life at total operating costs of US$16.34 per lb. of uranium over the mine’s life.

The after-tax net present value was estimated at US$156.8 million (using an 8% discount rate) with an after-tax internal rate of return of 66.8%. Initial capital costs were pegged at US$46.5 million, with sustaining capital of US$19.9 million over the life of the mine.

Resources for Shirley Basin stand at 1.7 million measured and indicated tonnes grading 0.048% U3O8for 6.9 million lb. of U3O8 and indicated resources of 6.8 million tonnes at 0.23% U3O8 for 8.8 million lb. of U3O8.

The project, which would be developed as a satellite deposit of Lost Creek, is expected to have a mine life of 13 years and produce a total of 6.4 million lb. of uranium in the first nine years, with life-of-mine operating costs of US$15.86 per lb. of uranium.

5 NIOCORP DEVELOPMENTS

Market cap: $312.2 million (US$242.1 million)

NioCorp Developments (TSX: NB; US-OTC: NIOBF) is focused on developing production of niobium, scandium, titanium, and three magnetic rare earth oxides — neodymium-praseodymium, dysprosium, and terbium — from its Elk Creek project in southeastern Nebraska, about 105 km southeast of the state capital Lincoln.

The Colorado-headquartered company says that once in commercial production, Elk Creek will establish for the first time in decades a U.S. production capability for niobium, and will also establish Nebraska as a global leader in the production of scandium.

In June, NioCorp released an updated feasibility study for the project. The study envisions a mining operation with a 38-year mine life, with an average annual life-of-mine production of 4,348 tonnes of ferroniobium, 102 tonnes of scandium trioxide, and 12,063 tonnes of titanium oxide. Niobium is crucial component in high strength, low-alloy steel, scandium is used in ultra-high-performance aluminium alloys, and titanium is used in the aerospace, national defence, chemical processing, automotive, and other industries.

The feasibility pegged initial capital costs at US$1.1 billion, with US$412.4 million budgeted for sustaining capital over the life of the mine. The after-tax net present value was estimated at US$2.4 billion (using an 8% discount rate) with a 27.6% after-tax internal rate of return and a payback period of 2.7 years. The study did not include the rare earth products.

The updated study was based on 188.8 million indicated tonnes grading 0.51% niobium oxide (Nb2O5), 2.24% titanium dioxide (TiO2), and 60.06 grams scandium per tonne for 970,300 tonnes contained Nb2O5, 4.21 million tonnes TiO2, and 11,337 tonnes scandium. Inferred resources add 108.3 billion tonnes grading 0.39% Nb2O5, 1.92% TiO2, and 52.28 grams scandium for 426,600 tonnes Nb2O5, 2.1 million tonnes TiO2, and 5,660.2 tonnes scandium.

6 TEXAS MINERAL RESOURCES

Market cap: $172.1 million (US$133.5 million)

Exploration company Texas Mineral Resources (US-OTC: TMRC) is targeting high-value heavy REEs, technology metals, and industrial minerals through its 20% ownership in the Round Top Mountain project in Texas’s Hudspeth County, approximately 137 km southeast of El Paso.

The company holds 19-year renewable leases covering 3.9 sq. km that encompass the Round Top deposit and additional prospecting permits on adjacent areas covering an additional 37.8 sq. kilometres. The deposit contains 16 of 17 rare earths, including all 11 heavy REEs and five light REEs, all five of which are required to make permanent magnets.

In June, Texas Minerals announced that it plans to invest more than US$100 million to develop the first fully integrated U.S.-based REE and sintered neo-magnet manufacturing facility in Stillwater, Okla. The company says it will utilize its owned facilities and technology to convert rare earth oxides into metals, magnets, and other specialty materials.

Last August, Texas Minerals and USA Rare Earth LLC, the operator and 80% owner of Round Top, announced that USA Rare Earth had recently acquired additional land for the construction of a demonstration facility. The acquisition will provide support to the final design and regulatory review for the facility, and process representative material for evaluation by prospective customers.

A 2019 PEA for Round Top estimated annual production of 2,213 tonnes of REEs, of which over 1,900 tonnes would be heavy REEs, over a 20-year mine life from an open pit mine. The estimation was based on mining only 14% of the current mineral resources at the project.

7 WESTWATER RESOURCES

Market cap: $70.9 million (US$55 million)

Headquartered in Colorado, Westwater Resources (NYSE-AM; WWR) is focused on advancing its 100%-owned flagship Coosa graphite project in east-central Alabama, about 80 km southeast of Birmingham.

The approximately 170-sq.-km property lies in the heart of the historic, past-producing Alabama graphite belt and is the most advanced natural graphite flake project in the contiguous U.S., according to Westwater. The company plans to produce battery-grade, natural graphite products from Coosa that are essential to clean energy production.  

In June, Westwater announced that it had received its air permit from the Alabama Department of Environmental Management (ADEM) for the Kellyton graphite processing plant, allowing Alabama Graphite Products LLC, a subsidiary of Westwater Resources, to begin construction at the plant.

The US$202-million Kellyton plant, which is being built in the Lake Martin Regional Industrial Park in Coosa County, will process raw graphite into refined, battery-grade graphite for use in batteries that power electric vehicles, electronics, and many other products. When fully operational, the plant is expected to produce 7,500 tonnes of refined graphite per year.

Westwater says mining operations at Coosa are expected to commence at the end of 2028. Until then, the Kellyton plant will import feed graphite acquired from high-quality sources.

In April, the company completed exploration drilling on approximately 16 sq. km of the property and core samples are currently being evaluated, with an updated resource expected by the end of the year.

8 BRAZIL MINERALS

Market cap: $67.8 million (US$52.6 million)

Brazil Minerals (US-OTC: BMIX) makes the top 10 list for the first time. The exploration company is focused on the minerals essential to the global transition from fossil fuels to electrification. 

The company’s portfolio includes projects and properties that encompass approximately 243 sq. km for lithium, 121 sq. km for REEs, 89 sq. km for titanium, 59 sq. km for graphite, and 30 sq. km for nickel and cobalt. It also holds multiple mining concessions for gold, diamond, and industrial sand and, through partial ownership of two subsidiaries, has interests in iron, gold, and quartzite projects.

In July, Brazil Minerals announced that it had signed an option agreement to acquire a 3.9-sq.-km high-potential lithium mineral concession in the Bananal Valley in Brazil’s Salinas municipality and within the Araçuaí Hard Rock lithium district in the northeast of the country’s Minas Gerais state.

The concession contains a massive pegmatitic outcrop measuring approximately 30 metres in diameter and 8 metres in height, which it is noted is several times larger than the average size of regular outcropping pegmatites.

In May, the company received presumptive exploratory permits for six additional nickel mineral rights encompassing 117.7 sq. km in Brazil’s Goiás state. One of these rights is adjacent to a nickel producing mine, and all are in a district known for lateritic nickel deposits, it said.

9 EXCELSIOR MINING

Market cap: $58.5 million (US$45.4 million)

Arizona-based Excelsior Mining (TSX: MIN; US-OTC: EXMGF) has a portfolio of assets including the Gunnison copper project, the past-producing Johnson Camp copper mine, and the Peabody Sill and Strong and Harris copper-zinc-silver deposit, all located in the state’s Cochise County.

In June, Excelsior reported assays from a recently completed 43-hole infill drill program at Johnson Camp. Drilled in the northeast corner of the Burro pit, highlights include holes EBD-21, which intersected 5.2 metres grading 2.05% copper starting from 51.8 metres downhole, and EBD-26, which returned 1.7 metres grading 4.03% copper from 53.8 metres. Assays from six holes are pending.

The company said the results will allow it to develop a mine plan on this new, higher-grade, mineralized zone.

In March, Excelsior released a PEA on the Johnson Camp heap leach operation. The study outlined an operation producing 65.9 million lb. copper over an approximate five-year period.

Using a 7.5% discount rate, the PEA estimated the operation would have an after-tax net present value of US$7.8 million and after-tax internal rate of return of 13.4%. Initial capital for the new heap leach pad was pegged at US$26.5 million, while the initial mine capital was set at US$14.3 million.

That same month, the company released an updated prefeasibility study on the North Star deposit on Gunnison that envisioned a mining operation producing a total of 2.2 billion lb. of copper over a 24-year mine life. Using a 7.5% discount rate and US$3.93 per lb. of copper, the study estimated an after-tax net present value and internal rate of return of US$1.4 billion and 44.9%, respectively. Preproduction capital stands at US$45.1 million and would be paid back in 4.8 years.

10 SOLITARIO ZINC

Market cap: $42.6 million (US$33.03 million)

Colorado-headquartered Solitario Zinc (TSX: SLR; NYSE: XPL) is an exploration and development company with zinc properties in North and South America. These include Link in Alaska, a 50%-50% joint venture with Teck Resources (TSX: TECK.A/TECK.B: NYSE: TECK), and Florida Canyon in Peru, a 39%-61% joint venture with Nexa Resources (TSX: NEXA; NYSE: NEXA). It also owns 100% of the 113.3-sq.-km Golden Crest gold project in southwestern South Dakota.

In May, the company announced plans to drill three core holes (650 metres) on Link this summer to test resource extensions to the northeast and northwest margins of a defined resource area, with the third hole on the southern margin. At Florida Canyon, it said it plans to complete metallurgical testing on approximately five tonnes of previously drilled mineralized core to better estimate zinc, lead, and silver recoveries and to drill over 80 new holes in areas to the south, east, and southeast of the Florida Canyon deposit.

This article was first published by The Northern Miner. Read the original story here.