Uranium Explorer Expands U.S. Footprint as Prices Surge to Year Highs

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Terra Clean Energy Corp. (TCEC:CSE; TCEFF:OTC; C900:FSE) announced the closing of its acquisition of the past-producing Wheel Anne and Green Vein Mesa uranium claims in Emery County, Utah. The company issued a total of 750,000 common shares to the property owners as part of previously disclosed earn-in agreements to acquire interests in both claim groups.

The assets form part of the San Rafael Swell, a historic uranium district in east-central Utah that saw production from the 1940s through the 1970s. According to Terra, uranium mineralization occurs near surface along the contact between the Triassic-aged Moenkopi and Chinle formations. The company plans to begin a site visit and sampling program within the next two weeks, ahead of a planned 2026 drill campaign.

Sampling will include radiometric surveys, which measure natural radioactivity levels using a handheld spectrometer, and select geochemical assays for laboratory analysis. The program will also map and reconcile historical mine workings to assist in targeting drill locations.

"Based on the information on hand from the old mines, we are very confident that there is more uranium to be recovered from the Green Vein Mesa and Wheel Anne claim groups," said Trevor Perkins, Vice President of Exploration for Terra, in the announcement. "A focused drill program will allow us to determine exactly how much uranium is present."

Chief Executive Officer Greg Cameron added that recent financing has provided sufficient funding for the company's initial work program, including drilling. "The Company has the funding for its initial work program, including drilling, which I believe will unlock significant value for shareholders," he stated in the release.

The transaction marks Terra's second uranium project, complementing its South Falcon East Project in Saskatchewan's Athabasca Basin, where historical resources outlined 6.96 million pounds of uranium oxide (U₃O₈) at an average grade of 0.03% within the Fraser Lakes B deposit.

All securities issued under the agreements are subject to a four-month plus one-day hold period under applicable Canadian securities laws. The technical information was reviewed by C. Trevor Perkins, P.Geo, a Qualified Person as defined by National Instrument 43-101.

Global Supply Shifts and Energy Security Drive Momentum in Uranium Markets

Uranium prices continued to strengthen through late September as supply constraints and renewed investment demand supported the market, according to an October 2 report from Nuclear Newswire. Canadian producer Cameco Corp. (CCO:TSX; CCJ:NYSE) reported an end-of-September spot price of US$82.63 per pound, marking its highest level of the year. The publication noted that the long-term uranium price stood at US$83.00 per pound, with futures trading at US$83.10 per pound.

Trading Economics observed that purchases by physical holding funds often trigger rallies in uranium benchmarks due to the market's limited liquidity, citing new buying activity from the Sprott Physical Uranium Trust and Yellow Cake Plc. (YLLXF:OTCMKTS). The rally was further supported by reduced output from major producers, including Cameco's 19% guidance cut at its McArthur River mine in Saskatchewan and Kazatomprom's (NATKY:OTCMKTS; KAP:LSE) 10% reduction to its 2026 production forecast.

The World Nuclear Association reported that global uranium demand was projected to rise by 28% by 2030 and potentially more than double by 2040, reaching over 150,000 metric tons annually.

In an October 15 analysis for Investing News Network, Georgia Williams highlighted that uranium prices had rebounded from a March low of US$63.25 per pound to a quarterly high of US$83.18 by the end of September. She wrote that "September saw uranium markets ignite as fresh capital flowed in, sentiment turned sharply positive and supply tightened," quoting Jacob White of Sprott Asset Management.

The report attributed the renewed strength in prices to investor inflows, a shortage of new mine development, and reduced production guidance among top suppliers. The World Nuclear Association's Chief Executive Malcolm Critchley stated that the time required to develop new mines "is actually getting longer, not shorter," emphasizing that fresh supply is needed "just to meet current needs." He added that global nuclear capacity was expected to rise from 449 gigawatts electrical (GWe) in 2030 to 746 GWe by 2040.

The U.S. government has also advanced measures to strengthen domestic energy security, including a US$1.52 billion loan guarantee to support the restart of the Palisades nuclear plant in Michigan and the expansion of the national uranium stockpile.

Later on October 22, Crux Investor provided additional context in its feature "What You Need to Understand About the Nuclear Sector Before You Invest in Uranium – Part 9." The publication described a global shift toward regional supply frameworks, exposing vulnerabilities across the nuclear fuel cycle. It reported that North American enrichment capacity covers less than one-third of domestic demand, while conversion and enrichment bottlenecks are deepening. The analysis concluded that "jurisdictional safety and domestic supply chains now carry intrinsic valuation premiums" as Western governments move to onshore fuel production and reduce reliance on Russian supply. It also noted that uranium supply deficits in North America and Europe are projected to widen through 2028, with policy support continuing to drive capital toward domestic and allied projects.

Building a Binational Uranium Portfolio

Terra Clean Energy's strategy centers on developing a diversified North American uranium portfolio across both the Athabasca Basin, one of the world's highest-grade uranium jurisdictions, and the San Rafael Swell, a historically productive U.S. district with near-surface deposits. The San Rafael West Project now covers nine past-producing mines with historical grades reported up to 1% U₃O₈ and surface readings of approximately 21,000 counts per second, or about 0.22% U₃O₈.

Infrastructure in Emery County provides year-round access, with roads, power, and a uranium mill located within 75 miles. The staged earn-in structure enables Terra to scale its exploration based on results while retaining exposure to U.S. uranium assets at a time when domestic supply remains limited; less than 10% of U.S. nuclear fuel originates domestically.

Management includes industry veterans with direct Athabasca experience, including Perkins and Technical Advisor Jordan Trimble, who also serves as CEO of Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE). With an early-stage capital structure and projects positioned in stable jurisdictions, Terra aims to advance both Utah and Saskatchewan programs through systematic exploration and data-driven development planning.

Ownership and Share Structure ¹

Insiders and management own about 12% of the company, and institutions own 20%, the company said. The rest is in retail.

Terra Clean Energy has 36.33 million outstanding shares, and its market cap is CA$6.52 million. Its 52-week range is CA$0.07–CA$0.36 per share.