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MegaWatt Metals Comments on US Ban of Russian Uranium Imports

MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) has announced additional commentary on America’s May 14, 2024 ban on Russian imports of enriched uranium, the primary fuel used in nuclear power plants. The bipartisan bill will stop uranium imports from Moscow 90 days after its enactment.

Despite the pending shift in America’s uranium supply, uranium prices have held steady, maintaining the increases gained during the late 2023 rally. This stability may be due to the forecasted global uranium production growth of over 11% in 2024, with significant contributions from major uranium suppliers like Kazakhstan and Canada.

America’s Uranium Import History

America’s dependence on imported Russian uranium dates back to a 1993 nuclear disarmament program after the Cold War. Presently, Russian enriched uranium supplies about 20% of America’s nuclear fuel, costing US companies roughly $1 billion per year to Rosatom, Russia’s state nuclear power conglomerate. The US National Security Council (NSC) has stated that relying on Russia for low-enriched uranium is not in America’s security or economic interests.

Boosting Domestic Uranium Processing

To offset Russian imports, the bill also activates $2.7 billion from previous legislation to expand America’s domestic uranium processing industry. Establishing domestic uranium supply chain solutions is crucial, especially since US President Joe Biden aims for America to achieve 100% clean electricity by 2035. Achieving this goal significantly relies on nuclear reactors, currently generating over 50% of America’s emissions-free electricity. Additionally, the US plans to triple its nuclear power capacity by 2050.

CEO Casey Forward’s Comments

MegaWatt’s CEO, Casey Forward, commented, “We support America’s ban on Russian uranium imports, both as a uranium exploration company and as citizens who value energy independence and sovereignty. Fortunately, while Russian imports are being removed, global uranium production is expected to grow by over 11% this year. Canada, one of the major contributors, has high-grade deposits, some 100 times the world average. Over 85% of Canada’s uranium production is exported.”

Forward added that the ban on Russian imports is a long-term driver supporting the uranium sector, from which MegaWatt expects to benefit while advancing its goal of becoming a domestic, clean-energy minerals supplier.

About MegaWatt Lithium and Battery Metals Corp.

MegaWatt is a British Columbia-based company focused on acquiring and exploring mineral properties. It holds significant interests in various mineral properties in Canada, including the Benedict Mountains Uranium Property, Cobalt Hill Property, Tyr Silver Project, and multiple lithium properties in Quebec.

Contact Information

For more information, please contact Kelvin Lee, Chief Financial Officer at (236) 521-6500.

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