- Paladin holds 55% interest in 69,825 ha of mineral licences in Labrador, Canada
- Six deposit with a total of 127.7Mlb of mineral resources
- Among largest deposits in North America
- US$75M of total historical in ground exploration to-date
- Potential development 2022-2025 timeframe
Total Resource of 127.7Mlb across six deposit. The largest of these deposits is Michelin.
Paladin, through its wholly-owned subsidiary Aurora Energy Ltd (Aurora), holds a 55% interest in 69,550 hectares of mineral licences located within the Central Mineral Belt of Labrador, Canada and is situated approximately 140km north of Happy Valley-Goose bay and 40km southwest of the community of Postville.
Each year, beginning 31 May 2018, Paladin has the right to increase its interest by 5% each year, by funding the exploration and project commitments, increasing its ownership to 75%. The mineral licences are coincident with 127.7Mlb of uranium resources and Paladin believes that there is significant potential to further grow the existing resources through resource extension drilling and greenfield discovery.
Newfoundland and Labrador have a regulatory framework which is supportive of the responsible development of mineral resources. A large portion of the Michelin Project area lies within an area administered by the Labrador Inuit through the Nunatsiavut Government. The Nunatsiavut Government supports development that contributes to regional growth if it takes into account community concerns provided that it passes Environmental Assessment regulations and an Impacts and Benefits Agreement is in place.
In June 2015, the Federal Canadian Government granted Paladin an exemption to the Non-Resident Ownership Policy under which, by the stage of first production, Canadian resident ownership must be at least 51%. The exemption allows Paladin, at the appropriate time, to proceed to production with no requirement for a majority Canadian partner.
The Michelin Project claims cover a significant area of prospective ground over the Central Mineral Belt. The claims are also coincident with a total of 127.7Mlb of Mineral Resources across 6 deposits. The largest of these deposits is Michelin, the flagship deposit of the Project, which contains a total resources of 92Mlb uranium, 82.2Mlb of which is classified measured and indicated.
Canada | Michelin
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