Critical Resource Race: The Multi-Billion Dollar Move Toward Secure Supply Chains

Executive Summary

• Eagle Nuclear Energy Corp. engaged SLR International as lead permitting manager for its Aurora Uranium Project and targets a Pre‑Feasibility Study completion in late 2027.
• Nouveau Monde Graphite secured US$335 million senior project debt from Export Development Canada and the Canada Infrastructure Bank to advance Phase‑2 of the Matawinie Mine, moving toward financial close.
• Doubleview Gold released a positive Preliminary Economic Assessment for its Hat Project, reporting a post‑tax NPV(5%) of C$4.96 billion and a 19% IRR (base case).

Key Details

• Eagle Nuclear Energy Corp. (NUCL)
• Appointed SLR International Corporation as lead permitting manager for Aurora Uranium Project (Oregon‑Nevada border).
• Aurora contains 32.75 M lbs indicated uranium and 4.98 M lbs inferred uranium.
• SLR will manage environmental baseline studies, geological/drill program support, metallurgical studies, and hydrogeological work.

• Target: Pre‑Feasibility Study to be completed in late 2027; potential FAST‑41 fast‑track designation being pursued.

• Sherritt International (S)

• Reduced operations at Moa, Cuba nickel‑cobalt joint venture due to fuel delivery shortfalls; plant placed on standby pending maintenance and supply resolution.

• Fort Saskatchewan refinery continues processing existing inventory; expected feedstock exhaustion by mid‑April 2026.

• Nouveau Monde Graphite (NMG / NOU)

• Secured US$335 million senior project debt from Export Development Canada and the Canada Infrastructure Bank for Phase‑2 Matawinie Mine.
• Engineering ~80% complete; key permits in hand; offtake agreements covering 75% of future production with Government of Canada, Panasonic Energy, and Traxys.

• Actively negotiating equity component; expects financial close and drawdowns after customary conditions precedent are satisfied.

• Century Aluminum (CENX)

• Signed agreement with Emirates Global Aluminium (EGA) and U.S. Aluminum Company to explore downstream aluminum fabrication facility adjacent to planned Oklahoma Primary Aluminum smelter in Inola.

• Project structure: EGA 60% ownership, Century Aluminum 40%; construction of primary smelter expected to begin end‑2026, first production before decade’s end.

• Doubleview Gold (DBG / DBLVF)

• Preliminary Economic Assessment for Hat Project (BC) shows:
  • Post‑tax NPV(5%) C$4.96 billion; IRR 19% (base case A1).
  • Initial capital estimate C$3.55 billion; payback period six years.
  • Average annual EBITDA C$886 million (base case), scaling to C$1.24 billion under Scenario B with added scandium recovery circuit.
• At higher metal prices (Cu US$6.00/lb, Au US$5,200/oz) NPV rises to C$11.05 billion; IRR 34%; three‑year payback.

Notable Quotes

• “SLR’s permitting expertise… makes them a natural partner for Eagle as we plan to take Aurora toward the next stage of development,” – Vishal Gupta, VP of Operations, Eagle Nuclear Energy.
• “A defining milestone for the Matawinie Mine… validates the bankability of our project,” – Eric Desaulniers, CEO, Nouveau Monde Graphite.
• “By establishing an aluminum hub in Oklahoma, we are strengthening and shortening the supply chain for a critical metal…” – Jesse Gary, CEO, Century Aluminum.