Strathmore Plus Uranium (SUU) - Cash Raised for Development Program

Strathmore Plus Uranium Corp. is a Canadian junior exploration company with assets in Wyoming, USA. The company changed its name to Strathmore Plus Uranium Corp. in September 2022, after being previously known as Strathmore Plus Energy Corp.

The Night Owl project of the company is a formerly producing mine in the Shirley Basin Uranium district of Wyoming and was previously mined by Night Owl Properties & Battle Axe Mining Co. The project produced 93 tons of mineralisation at a grade of 0.24% U3O8 between 1950 and 1960. The Agate project of the company is also located in the Shirley Basin Uranium district of Wyoming and holds a land position of 1,075 acres. The project is amenable to in-situ recovery with eU3O8 grades ranging from 0.02% to 0.18%. The Beaver Rim project of the company is located next to the Gas Hills Uranium project of Cameco and holds a land position of 2,706 acres.

The company has an experienced management team including John Dejoia, Ross McElroy, Terrence Osier and Dev Randhawa, who have all advanced projects into production. The company on the 23rd of August 2022 released the early assay results of various grab samples taken at its Night Owl uranium project, with some of the highlights including mineralisation of 0.326% and 0.283%. The assay results also show metals such as iron Manganese, phosphorus and sulphur and also indicated further high-grade mineralisation at the project.

Strathmore Plus Uranium Corp. announced on the 28th of October 2022, that it had concluded a private placement financing. The private placement consisted of the issuing of approximately 4 million units of the company, consisting of one common share and one purchase warrant. A share purchase warrant of the company entitles the holder thereof to one common share of the company at CAD$ 0.40 for 2 years following the closing of the placement.

The company on the 31st of October 2022, announced initial results from the airborne and ground geophysical surveys conducted at its Night Owl project. The results have been able to give Strathmore Plus Uranium Corp. more insight into the distribution of elements on the surface of the project and show numerous radiometric anomalies detected outside of the original project area. The various encouraging anomalies have led the company to expand its holdings by staking numerous new areas, expanding the Night Owl project.

Projects and the US nuclear sector

The Night Owl project of the company is a formerly producing mine in the Shirley Basin Uranium district of Wyoming and was previously mined by Night Owl Properties & Battle Axe Mining Co. The project produced 93 tons of mineralisation at a grade of 0.24% U3O8 between 1950 and 1960. The production was shut down due to a low uranium price of approximately USD$ 7.

The Agate project of the company is also located in the Shirley Basin Uranium district of Wyoming and holds a land position of 1,075 acres. The project is amenable to in-situ recovery with eU3O8 grades ranging from 0.02% to 0.18%. The Beaver Rim project of the company is located next to the Gas Hills Uranium project of Cameco and holds a land position of 2,706 acres.

The US nuclear sector has seen renewed interest by not only utility companies but also the global energy sector, with the EU labelling nuclear as a Green Energy source. Well-known billionaires Bill Gates and Warren Buffet have chosen to build the Natrium nuclear reactor in Wyoming. The Natrium Nuclear reactor will be a commercial operating, advanced nuclear reactor that will deliver carbon-free, reliable power to the electric grid as well as provide employment in Wyoming. Dev Randhawa. The CEO and Chairman of Strathmore Plus Uranium Corp. explains the current sentiment towards nuclear power in the US as follows.

“I think the whole sentiment in the US is entirely different. Bill Gates and Warren Buffet are building their first reactor there - that tells you all you need to know. Wyoming is pragmatic and realises that nuclear power is part of the solution. We want cleaner air and to still be able to cook, and this is the answer. Wyoming is the place to be for infrastructure purposes and everything else, but it is politically supportive because they know: Buffet, Gates, and the Democratic Party for the first time have said, you know what? We need it.”

The global intent to move away from fossil-fuel-driven internal combustion vehicles has led to electric cars being at the front of global green initiatives. The implementation of electric vehicles however results in an increased demand for a stable and green power supply.

“California needs Newsom, they were going to shut reactors, and now they can't find enough energy for the few electric cars they have, so they've left the reactor in Diablo Canyon on. It's the same thing in Germany. I think it's now hit everybody that we need power and preferably green power. That's where green energy comes in and that's why I want to be in the US. Also, Night Owl is different: it is high grade. Someone said that some of the highest grades we've seen are some of these breccia-type pipes, so we think we're onto something here.”

Randhawa explains that the global energy crisis has led to a global realisation that nuclear power is one of the most stable and viable sources of green energy production.

“The number one thing you need to be able to do as an economy is to have cheap and reliable energy, and nuclear energy fits right into that. I've been talking about this for years, but unfortunately sometimes in our personal lives or on a country level, it takes a crisis to wake us up; now you go, oh, we need energy, we need clean energy. The US sees that, and the best place to be in the US is Wyoming.”

The company

Strathmore Plus Uranium Corp. has been trading at an average of approximately CAD$ 0.30 between September 2022 and November 2022. The company has a market cap of approximately CAD$ 35.62 million and approximately 23 million issued shares. Randhawa explains the financials of the company as the ideal time for an investor to join.

“We've only got 23 million shares issued as of now, and the stock is 35 million, so you are toying with CAD$ 7 million to CAD$ 8 million, yet you've got a former producer and two other ISL assets, so that's number 1. When people buy, they've got to realise, what am I getting in this? Also, when the markets turn, supply and demand, it's much easier for that stock to go up. In a normal market, I think we would be 2 to 3 times the size of this, but it is what it is. It is still a great opportunity for people to jump in.”

The company has an experienced management team including John Dejoia, Ross McElroy, Terrence Osier and Dev Randhawa, who have all advanced projects into production.

“You're getting a very good team: Ross McElroy is on the board, John's thinking of ideas, and Terrence is executing, so it's a good team with lots of experience. I don't know of an award that, between Ross and I, we haven't won in the entire mining business. That's a third-party verification of our ability just to look for uranium, find it, monetize it, buy companies, sell companies, bring bankers in - you have to have that piece, but it means nothing unless your people know how to execute the technical plan, and John and Terrence do. You are getting a world-class management team and a super-small market cap.”

Private placement and land position expansion

Strathmore Plus Uranium Corp. announced on the 28th of October 2022, that it had concluded a private placement financing. The private placement consisted of the issuing of approximately 4 million units of the company, consisting of one common share and one purchase warrant. A share purchase warrant of the company entitles the holder thereof to one common share of the company at CAD$ 0.40 for 2 years following the closing of the placement.

The total raised by the company through the private placement financing total approximately CAD$ 1.35 million and will be implemented towards exploration programs and general corporate purposes.

“The private placement closed at about USD$1.4M on Friday, so we have enough money to move things forward. Again, we are only paying one salary; our professionals get paid, our accountants and lawyers, but we keep the net low, keep focusing on picking up more land.”

The company on the 31st of October 2022, announced initial results from the airborne and ground geophysical surveys conducted at its Night Owl uranium project in the Shirley Basin of Wyoming.

The results have been able to give Strathmore Plus Uranium Corp. more insight into the distribution of elements on the surface of the project and show numerous radiometric anomalies detected outside of the original project area. The various encouraging anomalies have led the company to expand its holdings by staking numerous new areas, expanding the Night Owl project.

“We announced on Monday 31st October that we had picked up more land. We had looked at it, and when I went out on the property I said, 'Okay, John, you'd have to be blind to not see what I'm seeing,' And he could see the same thing. We've flown our land, we looked at radio metrics, trying to pick up radioactivity, and we found 3 to 4 other places that are even better than where Night Owl is. We grabbed all that land, so we're excited to have more land. It went from a small area to what is now a 1,500m area. We know that we can build a mine in that space”

Randhawa explains that the company intends to valuate the project as well as conduct additional exploration further delineating the mineralisation as well as de-risking the project.

“The next step is to valuate on Night Owl, pick up more land, valuate, do some drilling, and we will have the same approach at Agate. We will put all of the information together, 500 drill holes, find out where the uranium is, how much you have, and then you do more drilling and you move towards the permitting process.”

Future

Strathmore Plus Uranium Corp. plans to advance the Night Owl project towards production, with the experienced team certain that they have the technical knowledge necessary to reach the goal.

“I've always said, you hope for the best and plan for the worst, so everybody that says, I'm going to build it, they will buy it, is a bit naive. What I do know is that we know how to get there, because John has built mines. I asked him if we're going to heap leach at Night Owl, what are we going to do? He's already gone through that. We talked to the analysts at Red Cloud and David Talbot, and he said, 'Well, it's windy there, we have to contain it.' He's already got a plan for how to put Night Owl into production. We've got a guy who has not only found uranium but he has mined it. He's a great leader in that respect. Our plan is to move towards production.”

Randhawa sums up the company’s intent as share-holder-focused. Strathmore Plus Uranium Corp. will continue to advance its projects with the company focused on enabling maximum returns to its shareholders.

“It comes down to brains. Junior companies, for real estate it might all be about location, location, location, but there's only one thing that matters for a junior company, and that's management, management, management, management. Nothing else. I've seen good management find better projects. I've seen bad management destroy good projects because they are not aligned with shareholders. If you're not thinking as a shareholder, you're a bad CEO in my opinion. We think about what's good for our shareholders.”

To find out more, go to the Strathmore Plus website