IsoEnergy, a Canadian uranium exploration company, has announced plans to reopen underground access to its Tony M uranium mine in the first half of 2024.

The company expects uranium production operations at the site to restart in 2025.

The decision comes amid the current upward trend in uranium prices and growing global support for nuclear energy.

Situated in eastern Garfield County, south-eastern Utah, the Tony M mine is poised to benefit from a toll milling agreement with Energy Fuels, which recently decided to restart its uranium circuit at the White Mesa Mill.

The mine, developed in the mid-1970s by Plateau Resources, a subsidiary of Consumer Power Company, has previously produced nearly one million pounds of U3O8 (triuranium octoxide).

Its reopening is expected to allow for direct assessment of the mine’s conditions and the uranium mineralisation in situ.

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The company emphasised the importance of regaining underground access to facilitate the collection of data necessary for an efficient mine plan.

Furthermore, IsoEnergy’s work programme includes mapping of the mineralisation to refine extraction plans for an updated economic study.

IsoEnergy is set to conduct a technical and economic study to provide details on the potential restart date and a mine plan outlining production plans, operational costs and capital requirements.

The company’s toll milling arrangement with Energy Fuels ensures access to the White Mesa Mill, the only operational conventional uranium mill in the US.

The Tony M mine is one of the three past-producing, fully permitted uranium mines in Utah owned by IsoEnergy.

Its reopening marks the first step in the company’s strategy to become a multi-asset uranium producer.

IsoEnergy is also evaluating the restart of operations at its Daneros and Rim mines, both of which are permitted for production and have historically produced uranium and vanadium.

IsoEnergy director and CEO Phil Williams said: “With the uranium spot price now trading around $100 per pound, we are in the very fortunate position of owning multiple, past-producing, fully-permitted uranium mines in the US that we believe can be restarted quickly with relatively low capital costs.

“Our existing toll-milling agreement with Energy Fuels places IsoEnergy in a unique position to become a conventional uranium producer in the near-term.

“Multiple work streams are now under way to move our flagship Tony M Mine back toward production in 2025, in line with the timing Energy Fuels has announced for its White Mesa Mill for which IsoEnergy has a toll milling agreement.”