Instructions for Uranium Extraction in Canada

In the heart of Saskatchewan, the Athabasca Basin continues to attract interest from uranium companies worldwide. This rich region is home to over 94,476 hectares of interests held by Standard Uranium, with its flagship Davidson River project in the southwest region.

North Shore Uranium, on the other hand, is focused on discovering economic uranium deposits at the eastern margin of the basin, particularly the Falcon and West Bear projects.

Canada hosts three producing uranium mines, all located in the Athabasca Basin. Cigar Lake, one of the largest and the world's highest grade uranium mine, boasts proven and probable reserves of 551,400 metric tons of ore grading 15.87 percent U3O8 for 192.9 million pounds of contained U3O8. In 2024, production at the Cigar Lake mine reached 16.9 million pounds U3O8, up 2 million pounds from the previous year.

Other significant players in the Athabasca Basin include Paladin Energy, which acquired the Patterson Lake South (PLS) project through the takeover of Fission Uranium Corp. in December 2024. The PLS project has a probable mineral reserve estimate of 93.7 million pounds of contained uranium. The 2023 feasibility study for PLS highlights average production of approximately 9 million pounds U3O8 per year over a 10 year mine life.

Skyharbour Resources, another junior mining company, manages an extensive portfolio of uranium exploration projects in the Athabasca Basin, comprising 36 projects covering over 614,000 hectares.

Purepoint Uranium also has a significant presence in the region, with six joint ventures and five wholly owned projects.

Denison Mines' Wheeler River uranium project is home to the high-grade Phoenix and Gryphon deposits. The Phoenix deposit is expected to start construction in early 2026 and first production by the first half of 2028.

Azincourt Energy is working on its Harrier project in Newfoundland and Labrador and its East Preston joint venture project in the Western Athabasca Basin.

Canada is the second largest producer of uranium in the world, accounting for 13 percent of global output. This is largely due to the high-grade uranium deposits found in the country, with grades reaching up to 20 percent, which is 100 times greater than the global average.

Companies like F3 Uranium, Forum Energy Metals, NexGen Energy, Patterson Metals, and Baselode Energy are also actively involved in uranium exploration and development in various parts of Canada, including Saskatchewan, Newfoundland and Labrador, Québec, and the territory of Nunavut.

CanAlaska Uranium, a project generator, holds a portfolio of assets in the Athabasca Basin, including the West McArthur joint venture with Cameco. The McArthur River-Key Lake operation, which includes the McArthur River mine and Key Lake mill, is home to the largest high-grade uranium mine and largest uranium mill in the world.

Canada hosts 9 percent of the world's uranium resources and is home to the biggest deposits of high-grade uranium. This rich endowment of uranium resources continues to attract investment and exploration activities, positioning Canada as a key player in the global uranium market.