Terra Clean Energy to acquire 75 uranium claims in Utah

Executive Summary

• Terra Clean Energy Corp. has announced an agreement to earn up to a 100% interest in 75 uranium claims located in Emery County, Utah, specifically covering the Green Vein Mesa and Wheal Anne claim groups on the San Rafael Swell.
• The transaction involves a staged earn-in structure requiring cash payments, common share issuances, and exploration expenditures to acquire the interests.
• The claims cover nine past-producing uranium mines with historical production of several hundred thousand tons of ore, offering significant exploration upside using modern technologies like 3-D modeling.

Key Details

• Asset Details: The acquisition targets 75 uranium claims in Emery County, Utah, divided into two groups:
  • Wheal Anne Claim Group: Approximately 130 hectares, covering the former-producing Lucky Strike mine (discovered 1949, produced >10,000 tons of ore grading 0.22% U3O8 and 0.09% V2O5).
  • Green Vein Mesa Claim Group: Approximately 300 hectares, covering the former-producing Payday mine, Hertz mine, and Green Vein group. The Hertz mine reportedly had local samples up to 1% U3O8.
• Historical Production: Nine past-producing uranium mines are covered, having produced several hundred thousand tons of ore grading up to 1% U3O8.
• Exploration Potential: Surface visibility of uranium, vanadium, copper, and cobalt with readings up to 21,000 CPS (equating to 0.22% U3O8). The company believes old mines were abandoned due to market collapse in the 1970s, not depletion of resources.
• Transaction Structure: The earn-in requires cash payments, issuance of common shares, and incurred exploration expenditures as detailed in attached tables (not provided in text).
• Regulatory Status: Agreements are subject to regulatory approvals, including the Canadian Securities Exchange.
• Shareholder Terms: All securities issued are subject to a four-month-plus-one-day hold period.
• Infrastructure: Properties have close proximity to major roads, year-round access, power, and a uranium mill located 75 miles away.

Notable Quotes

• Greg Cameron, CEO: "One of my stated goals with Terra was to add another low-risk uranium project to the company and this transaction does just that... I am excited to see work begin this fall and believe there to be a clear path to add significant value for our shareholders."
• Greg Cameron, CEO: "This initial project in San Rafael swell offers significant upside as it is clear that these old mines were abandoned in the 1970s due to a uranium market collapse not because they ran out of uranium to mine."
• Trevor Perkins, VP Exploration: "We believe strongly that we can expand on the previous work through modern exploration technologies like 3-D modelling."