Gold and uranium explorer Norfolk Metals (ASX: NFL) will make its ASX debut on Tuesday after successfully raising $5.5m at 20 cents per share.
The Russia-Ukraine war witnessed massive inflows for the yellow metal as investors flocked towards safe haven assets. Gold prices hit US$2,070 in early March - within an arm's reach of all-time highs - before stabilising around the US$1,900 level.
Gold plays into relevant thematics including:
A weakening US dollar
The flattening yield curve
Uranium prices hit US$60/lb earlier this month for the first time since the Fukushima nuclear disaster in 2011.
The Ukraine-Russia conflict has put uranium supply at risk, as Russia accounts for approximately 16% of US imports and 20% of EU imports.
Alongside the supply risk, governments are showing increasing support for nuclear power as a reliable and 'green' energy source. This includes:
Belgium delaying its nuclear exit by 10 years
South Korea elects pro-nuclear president
Japan policymakers call to accelerate reactor restarts
Czech opens tender for a nuclear power plant
UK to explore plans to build new nuclear capacity
France President pledges to build 14 new reactor
Norfolk has 100% ownership of two projects:
Roger River Gold Project, located in northwest Tasmania
Orroroo Uranium Project, located in the southeast of South Australia
The Roger River project area has had minor registered gold and copper occurrences from previous geological survey data. In the coming months, Norfolk plans to:
Execute gravity and UAV magnetic surveys
Identify targets and gain approvals
Launch Phase 1 drilling program
The Orroroo hydrocarbon basin is similar to Kazakhstan and Niger, which is host to world-class sandstone hosted uranium deposits, according to Sahara - an independent geologist company.
Historical exploration includes 32 boreholes drilled by Linc Energy in 2010. The drilling identified anomalous gamma reading that represent potential uranium mineralisation.
Norfolk plans to re-enter the existing holes to determine the elemental uranium values as an initial proof of concept.
A phase 1 drilling program is targeted for the third-quarter of 2022.
Finance Writer & Social Media
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