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 the 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]
Please click to view image
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 emissions-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 production 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 Creek 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 February 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
kelvin@megawattmetals.com, (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.