Red dice with uranium's element symbol of U on all sides
(Source: Adobe Stock)

Making headlines this week were reports that Russia and India are expected to sign a uranium supply pact.

According to Bloomberg, the two nations are expected to lock down a long-term uranium supply plant to come online in the state of Tamil Nadu.

The expected agreement comes after India’s Prime Minister Narendra Modi visit to Russia for the first time in five years.

Uranium spot price update

As of the time of this writing on Wednesday, the uranium spot price sits at US$85.50, according to Business Insider, which has remained steady at that price over a one-week period.

Year-to-date, the uranium spot price is down 5.2 per cent.

Uranium companies in the spotlight

Indigo Exploration (TSXV:IXI) entered into an agreement to acquire the Hot Property in the past-producing Shirley Basin of Wyoming.

The company stated in a news release that the property includes 71 unpatented mineral claims spanning a 5.75-square-kilometre area.

“Gaining 100 per cent interest in a project of this calibre, located in a key uranium district next to past production and some of the preeminent U.S.-focused uranium producers and developers, and with extensive historical drill results, is an exciting new development for the company,” Paul Cowley, CEO of Indigo Exploration, said in a statement.

GoviEx Uranium (TSXV:GXU) stated that the Government of the Republic of Niger has revoked the rights of its Madaouela mining permit.

The company stated in a news release that it reserves its right to challenge the decision to withdraw the mining rights.

“GoviEx believes that the government’s decision to withdraw the mining rights for the Madaouela Project will have a negative impact on the economic and social development of the region,” the company stated in the news release.

Finally, Skyharbour Resources (TSXV:SYH) revealed initial results from Phase One of its 2024 winter drill program at the 73,294-hectare Russell Lake Uranium Project in the Athabasca Basin in Saskatchewan.

“The discovery of multi-percent, high-grade, sandstone-hosted uranium mineralization at a new target is a major breakthrough in the discovery process at Russell – something that hasn’t been seen before at the project with the potential to quickly grow with more drilling,” Jordan Trimble, CEO of Skyharbour Resources, said in a statement.

What will be the top uranium headlines next week? Stay tuned!

Check out Stockhouse’s latest Thematic Insights report, “The Future of Energy.”

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(Top image: Adobe Stock)

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