Uranium Exploration

CanAlaska Uranium announced positive results from its 2025 geophysical survey at the West McArthur project, extending the C10/C10S corridor to 16km. The survey delineated multiple conductor plates, improving drill targeting. A $15M exploration budget for 2026, a 20% increase, will fund an early January drilling program using three rigs. While significant potential exists, 10km of the corridor remain untested. Option agreements with Bayridge and Paradigm were terminated, focusing CanAlaska on its uranium assets.

On October 29, 2025, Pegasus Resources (TSXV:PEGA; OTCID:SLTFF; FSE:OQS2) announced the immediate resignation of Noah Komavli from its Board of Directors, reducing the board to three members. The company acknowledged Komavli’s contributions. This change may lead to increased agility but raises questions about strategic shifts and the Jupiter Uranium Project’s future. Investors are watching for a potential replacement and further strategic direction.

Azincourt Energy (AZURF) has commenced exploration at its Harrier Uranium Project in Labrador, Canada. The 49,400-hectare project features numerous uranium zones with high-grade surface samples (up to 7.48% U3O8). A helicopter-supported reconnaissance program is underway, focusing on the Snegamook Uranium Deposit, which has historical drilling showing wide uranium zones. The company plans an updated NI 43-101 resource estimate for 2026. With limited drilling to date, the project holds significant discovery potential, bordering Paladin Energy’s and Atha Energy’s projects.