Proposed Russian Uranium Imports Ban Set for US House Floor Vote

Proposed Russian Uranium Imports Ban Set for US House Floor Vote

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Source: Freepik
Source: Freepik

A pivotal vote in the US House of Representatives is set to reshape America's nuclear energy landscape. The Prohibiting Russian Uranium Imports Act, spearheaded by Washington Representative Cathy McMorris Rodgers, stands at the cusp of a critical decision. Leveraging an expedited voting process, it seeks a two-thirds majority for passage, reflecting the urgency in responding to Russia's aggression in Ukraine.1

This bipartisan initiative aims to halt imports of nuclear reactor fuel from Russia a move that could significantly impact the Senate's stance on similar legislation.

In a candid interview, Senator Joe Manchin emphasized the stakes: "It's a straightforward choice – we ban their imports or they ban us." His words resonate with a sense of urgency and a hopeful outlook for Senate action. Russia, a key player in this scenario, provided nearly one-fourth of the enriched uranium for the US's over 90 commercial reactors last year, positioning itself as a primary supplier.

The bill, if enacted, would cease Russian uranium imports within 90 days, with an option for a temporary waiver until January 2028. It has already sailed through a House committee and echoed success in a Senate panel, gaining bipartisan support from leaders like Senator Manchin and Wyoming Republican John Barrasso.

However, this legislative push doesn't come without economic ramifications. The Congressional Budget Office warns of a 13% hike in nuclear fuel costs in the US, as the bill aims to pivot away from Russia's cost-effective enrichment services, potentially disrupting the nuclear fuel market.

Responding to these challenges, the Biden administration seeks a $2 billion boost from Congress to strengthen America's domestic enrichment capabilities, crucial for both advanced and traditional nuclear reactors. This strategic move underscores a renewed focus on self-reliance and resilience in the nation's energy sector.

If the bill to ban uranium imports from Russia passes, the US could import more uranium from Canada, the world's second largest producer of uranium.

The Athabasca Basin in northern Saskatchewan houses the most affluent uranium mines globally, hosting sizable and high-grade uranium deposits. Currently, it is anticipated to contribute around 15% of the annual global uranium production, featuring grades that are 10 to 20 times higher than the global average.

Among the companies making waves in the Athabasca Basin is GoldMining Inc. (NYSE-A:GLDG), which boasts a robust portfolio of projects, substantial cash reserves of $163 million, and zero debt.

GoldMining: Unlocking Value in Diverse Resource Assets

GoldMining Inc. (NYSE-A:GLDG) is set to rejuvenate its exploration activities at the Rea Uranium Project, located in the prolific Western Athabasca Basin in Canada. The project marks a major foray into uranium for GoldMining Inc., broadening the scope of the company's mineral portfolio.

Under the guidance of CEO Alastair Still, the company is planning a collaborative and phased development of this underexplored asset, working closely with local stakeholders. Future updates are expected to focus on exploring a key regional shear zone, adjacent to the high-grade Dragon Lake deposit.

As highlighted in a recent report by, GoldMining employs a unique formula for identifying undervalued enterprises, emphasizing the consideration of Enterprise Value (EV) as the "takeover value" of a company. A low EV suggests that investors assign little to no value to the company's assets, while a high EV indicates substantial value in the eyes of investors. Astonishingly, the market attributes only $29 million to all of GoldMining's assets

GoldMining owns the La Mina gold deposit, evaluated at an after-tax Net Present Value of $369 million by third-party engineers. Moreover, the company possesses a 75% stake in the Rea uranium project in Canada's Western Athabasca Basin, partnering with Orano, the world's second-largest uranium producer. With vast exploration and drilling achievements, this project alone could potentially surpass GoldMining's entire current EV.

GoldMining Inc. (NYSE-A:GLDG) has a worldwide resource base comprising 12.65 million ounces of gold categorized as Measured and Indicated, along with an additional 13.41 million ounces classified as Inferred. The company adopted a strategic approach, acquiring these assets at advantageous prices during market downturns, showcasing a contrarian investment strategy.2

GoldMining operates on multiple fronts including a cash and equity portfolio with 15% ownership in Gold Royalty Corp, 80% ownership in US GoldMining, and 22% ownership in NevGold, the La Mina Project which boasts an impressive Preliminary Economic Assessment NAV of over $360 million, a strategic joint venture partnership with Orano on the Rea Project in Canada, justifying the current enterprise value and assets in Brazil, Colombia, Peru, and North America, comprising both resource-rich and early-stage projects.

GoldMining's business plan involves acquiring high-quality resource assets at favorable prices and subsequently unlocking their value. Phase one succeeded in accumulating a diverse portfolio without royalties on core projects. The company is now poised for the second phase, involving the sale, spin-out, or partnership of gold projects to realize the inherent value for shareholders.

With no debt, over $160 million in cash, and equity holdings, GoldMining has a solid financial foundation. The company's management and insiders, owning about 15% of the float, are aligned with shareholders' interests. As gold prices reach all-time highs, the company's resource portfolio becomes increasingly valuable, promising numerous near-term catalysts.

With management and insiders holding approximately 15% of the float, there is clear alignment with shareholder interests at GoldMining. The company's strategic plan positions it to capitalize on the growing significance of resources amid the unfolding energy transition, providing investors with a distinctive opportunity in a dynamic market.

For further details, click here to explore GoldMining Inc. (NYSE-A:GLDG).





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