Drilling Uncovers 75-Meter Uranium Zone in Saskatchewan, Beyond Early Expectations

1. Terra Clean Energy Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
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* Disclosure for the quote from the Clive Maund article published on March 7, 2025

1. For the quoted article (published on March 7, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989.  The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

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The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

Terra Clean Energy Corp. (TCEC:CSE; TCEFF:OTC; T1KC:FSE) has completed its 2025 winter drilling program at the South Falcon East Uranium Project, located 18 km outside the Athabasca Basin in Saskatchewan. 

The program, consisting of seven diamond drill holes totaling 1,927 meters, yielded uranium mineralization in six holes and extended mineralized zones to the east and west of the Fraser Lakes B Uranium Deposit. 

The South Falcon East property covers approximately 12,234 hectares and lies near key infrastructure, including Cameco's Key Lake Uranium Mill. The company has an option to earn up to a 75% interest in the property from Skyharbour Resources Ltd. under a 2022 agreement. An historical NI 43-101 mineral resource estimate for the Fraser Lakes Zone B deposit shows 6,960,681 pounds U308.  This historical resource was prepared by Skyharbour in 2015. The Company announced the expansion of this historical resource and continuity across the deposit, which appears to open down dip and to the North and North East, as well as consistent high-grade spikes of Uranium up to and including 0.18%, much higher grades than the historical resource. 

The company intersected the presence of clay alteration in Holes SF63, SF65, SF66, and SF67 within a structure on the northeast side and plans to target this area in the summer drill program.

"Where this clay alteration intersects the mineralized conductive package estimated to be 150 meters to the Northeast of SF 67 is an exciting target as this can bring together many of the key features associated with known basement hosted unconformity deposits in the basin," said Mr. Perkins. VP Exploration. 

Greg Cameron, CEO of Terra Clean Energy, stated in a company news release, "With uranium present in six of seven holes drilled this winter . . .  we believe we have added significant value to the Property."

"The Fraser Lakes Zone B Deposit is shallow in nature, making it ideal for open pit mining and not far from Cameco's Key Lake Uranium Mill and a powerline, making this a very unique opportunity, especially in a rising uranium price environment," said Mr. Cameron CEO. 

Geochemical assay results from the winter drill program are expected in early May, following analysis by the Saskatchewan Research Council's Geoanalytical Laboratory. Samples were selected based on visual inspection and radiometric logging, with full quality assurance and control procedures in place, including the use of certified reference materials. 

Uranium Sector Policy Shifts and Supply Realignments

The uranium sector in early 2025 experienced significant volatility shaped by production restarts, policy uncertainty, and geopolitical developments. According to Nuclear News on March 19, U.S. uranium production increased throughout 2024, reaching 375,401 pounds of U₃O₈ in the fourth quarter— the highest quarterly output since 2018. This rise was attributed to resumed operations at previously idle projects following the signing of the Russian uranium import ban in May 2024. The publication noted that "uranium producers are keenly sensitive to price shifts" and described 2024 as "a fundamental building year" for U.S. supply as companies restarted mining and prepared projects for scaled output.

Technical Analyst Clive Maund concluded that "this is a good point to add to positions" and rated Terra Clean Energy a "Strong Buy . . .  for all time horizons."

According to a March 31 report from FRC Analysts, uranium prices had fallen 26% year-over-year to US$64 per pound. The analysts identified multiple drivers for the downturn, including U.S. utilities delaying long-term contracts, market hesitancy due to unresolved trade policies, and a pause in purchasing activity by the Sprott Physical Uranium Trust. The report also pointed to ongoing ceasefire negotiations in Ukraine as a factor potentially enabling increased Russian uranium exports, which account for 35% of global enriched uranium supply.

Despite the price pressure, FRC Analysts emphasized that "primary uranium production has been short of consumption for several years," with new mines needed to close the gap. They noted that current prices remained below the US$80 per pound typically required for new mine viability. The long-term price forecast of US$90 per pound reflected expectations that demand would outpace available supply. Structural factors, including nuclear power's role in decarbonization and data center growth fueled by AI, were seen as reinforcing uranium's strategic relevance.

Market activity remained subdued in early 2025, as reported by Mining.com on April 1. The looming implementation of a 10% tariff on Canadian uranium exports had already caused a 50% drop in U.S. utility purchases, according to TradeTech data. Entergy's nuclear fuels supply manager Karen Radosevich said, "Utilities are waiting to see what this all means before they take action," while Sprott Asset Management CEO John Ciampaglia commented that "in the absence of any clarity… it has just created this complete paralysis." With 95% of U.S. nuclear fuel imported — 25% from Canada— the potential levies introduced a high degree of uncertainty to procurement strategies.

Analyst Signals Strong Buy on Terra's Near-Surface Uranium Potential

*On March 7, technical analyst Clive Maund issued a strongly favorable assessment of Terra Clean Energy Corp., describing the company as "an exceptional investment at this time for a number of important and readily demonstrable fundamental and technical reasons." He cited the company's Fraser Lakes B Uranium Deposit in the Athabasca Basin as a key advantage, noting that while current uranium grades are lower than some regional peers, they occur at shallow depths favorable for open-pit extraction and are located near infrastructure, which "further reduces costs." Maund also emphasized that "there is plenty of scope for increasing both the grade and the magnitude of the resource going forward on the company's sizable property."

He pointed to ongoing exploration efforts as a catalyst, highlighting that "an extensive drilling program is currently underway." The company's updated management team was also presented as a strength. According to Maund, "there have been significant management changes with the appointment of a new CEO, Greg Cameron and a new vice-president of exploration, C. Trevor Perkins," which he indicated the market had responded positively to. In a direct quote from Cameron included in the analysis, he stated, "We believe strongly that our upcoming exploration program will allow us to increase both the size and grade of the current deposit."

Maund also offered a technical overview of the company's share performance, suggesting that Terra's stock was nearing a breakout point after completing what he described as a classic Cup and Handle base pattern. He noted the strong upward movement in the On-Balance Volume line and interpreted this as a sign of "increasingly aggressive 'Smart Money' buying of stock." He concluded that "this is a good point to add to positions" and rated Terra Clean Energy a "Strong Buy . . .  for all time horizons."

Upcoming Catalysts and Exploration Potential

Looking ahead, Terra Clean Energy plans to launch a substantial summer drill program at South Falcon East, targeting both expansion of the Fraser Lakes B deposit and new high-grade uranium discoveries. According to the company's January 2025 investor presentation, approximately 2,000 meters of drilling is planned, with a budget of up to CA$2 million. Infill and step-out drilling will support the development of an updated National Instrument 43-101-compliant resource estimate, incorporating results from both Terra's 2024 campaign and Skyharbour's 2015 program that were not included in the original historical estimate.

The exploration program will continue to investigate mineralized structures along the 25-kilometer-long Way Lake Conductor, which is folded into three limbs and remains largely untested outside the Fraser Lakes B footprint. Of particular interest is the T-Bone Lake area to the north, where past drilling intersected promising clay alteration and anomalous radioactivity. These features are often associated with basement-hosted uranium deposits in the Athabasca Basin.

Management noted that the shallow depth of the deposit, access to infrastructure, and increasing uranium demand, driven by global reactor buildouts and supply chain constraints, create favorable conditions for advancing the project. Terra also emphasized that the Fraser Lakes B zone offers potential for both grade and size increases, enhancing its appeal as a near-surface uranium development asset in one of the world's premier uranium districts.

Ownership and Share Structure

Management and Insiders own approximately 8.3% of the company after the December private placement, with institutional shareholders participating for over half of the CA$3.4 million raised, the company noted. 

Terra Clean Energy has a market cap of CA$10.58 million with a strong balance sheet and shareholder base.