Resource investor John Forwood of the Lowell Resource Fund (ASX:LRT) released his quarterly market update yesterday.
He makes the point that Kazakhstan, India, and China are proposing massive buildouts of nuclear fleets. While Taiwan’s ruling party plans to restart two shuttered reactors.
Then there is this supply shortfall building out to 2040:
Lowell Resource Fund is an investor in Basin Energy (ASX:BSN), which has some uranium projects.
Pete Moorhouse is the managing director of Basin.
Basin has some prospective territory in Canada and the Nordics, and Moorhouse’s passion for uranium exploration is evident after two decades working in the sector.
He worked for Alligator Energy (ASX:AGE) before Basin, where he ran exploration on some of the ground DevEx Resources (ASX:DEV) is now exploring.
He brings true ‘insider’ insight to the uranium sector.
“I had a full head of hair when I started championing uranium,” says Pete. “But genuinely, energy security is central to the next phase of global development.”
He says a growing number of governments are extending reactor lifespans, adding nuclear capacity, or revisiting the sector as the benefits of reliable, low-carbon energy and greater energy independence become increasingly difficult to ignore.
“That is the fundamental difference in this cycle. It is increasingly being driven from the top down by policy and national strategy. That creates a long-term requirement for stable, responsibly produced uranium from trusted jurisdictions. Australia should be at the front of that pack.”
There is no ban on uranium mining in the Northern Territory or South Australia, unlike the rest of Australia’s states and territories.
Mining.com.au asked Pete how the Northern Territory region stacked up compared to the other regions?
“I believe there are more Jabiluka-scale discoveries waiting to be drilled in West Arnhem,” he said. “DevEx has done an excellent job in building the scale via consolidating a large, contiguous land position, which gives it the room to run a patient, systematic, and geology-driven exploration campaign.”
“Everyone understands the access, logistics, and stakeholder challenges in that part of the world. But the team and budget DevEx has assembled means some excellent targets can now be properly advanced and drilled.”
“A discovery would be significant not only for DevEx, but for the wider Australian uranium industry. I’ll be hoping it succeeds and will be watching closely.
“The geology is world class, but advancing any mining project in 2026 is subject to extensive scrutiny. This is even more relevant when it relates to uranium which carries a more complicated history and social licence.”
What did Pete make of the recent deal between India and Australia?
“Any progress at government level engaging and progressing any part of the uranium cycle is excellent. This deal takes a long-standing diplomatic framework and turns it into a practical export pathway,” he said.
“India has an enormous and growing requirement for reliable electricity, while Australia has the geology, governance, and non-proliferation credentials to be a preferred supplier.
“Australia has an opportunity to become a global powerhouse in uranium, but clear support and certainty around the future of uranium exploration and development across the states are paramount. Let’s get Western Australia and Queensland up there with South Australia in capitalising on and driving this opportunity.”
The NT Government is pushing hard to generate investment in the region and to help commercialise the huge Beetaloo gas basin. How likely is a similar regulatory push for uranium resources?
“The Territory is a great place to explore, and the direction is encouraging, but I would not expect a Beetaloo-style big push for uranium tomorrow,” Pete said.
“Adding uranium to the Territory’s critical minerals list is probably the most meaningful signal. Governments generally do not call something ‘critical’ because they want less of it.
“Genuine meaningful engagement with Traditional Owners is fundamental. A great example of this is some of the work completed in West Arnhem during various companies’ exploration stages. You can streamline the process, but you cannot fast-track relationships.”
Basin has projects across two sectors. Uranium and rare earths. Two speakers at the recent Noosa Mining Conference made the point that the fundamentals of one sector can drive other resources as well.
Are there any important crossovers between uranium and rare earths?
“They are different commodities with different mineralogy, metallurgy, and markets, and each project has to stand on its own merits,” says Moorhouse.
“Strategically, though, they are close cousins. Uranium helps generate reliable, low-carbon electricity. Rare earths help turn those electrons into motion through motors, generators, and advanced technologies.”
Both sit inside concentrated and geopolitically sensitive supply chains. Both depend heavily on processing. And both are increasingly being viewed through the lens of energy security and national security.
“In each case, geology, jurisdiction, infrastructure, metallurgy, and market access ultimately determine whether a discovery becomes a mine.”
Write to Callum Newman at Mining.com.au
Images: Lowell Resource Fund & Unsplash
