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Current Status

Care and maintenance

In May 2018, the Company received the consent of relevant stakeholders to place LHM into care and maintenance and LHM stopped presenting ore to the plant. There will be a run-down phase of up to three months where various stages of the plant will be progressively suspended and cleaned. Once the run-down phase is complete, operations will have been completely suspended and LHM will be on care and maintenance.

PRODUCTION AND CASH COST OF PRODUCTION

Langer Heinrich Mine 2017 Jun Qtr 2017 Sept Qtr 2017 Dec Qtr 2018 Mar Qtr 2018 June Qtr
U3O8 production (lb) 753,573 840,664 873,107 670,456 354,465
U3O8 drummed (lb) 696,392 838,011 890,230 733,946 515,774
C1 cash cost of production (US$/lb) 25.08 23.56 22.67 29.82 34.55

Quarterly U3O8 production of 354,465lb was down on the preceding quarter by 47%. The amount of drummed material produced (i.e. U3O8 drummed) for the quarter was down 30% from last quarter at 515,774lb.

LHM unit C1 cash cost of production for the quarter increased by 16% from US$29.82/lb in the March quarter to US$34.55/lb in the June quarter.

Mining

No mining activities were carried out during the June quarter. The long term ore stockpiles continued to supplement the Run-of-Mine (RoM) with medium grade ore until 13 May 2018, when plant feed ceased.

PROCESSING

.

2017 June Qtr

2017 Sept Qtr

2017 Dec Qtr

2018 Mar Qtr

2018 June Qtr

Ore mined (t)

830,204

878,421

862,961

782,447

430,470

Grade (ppm U3O8)

475

488

529

439

406

Overall recovery (%)

86.7

89.0

86.8

88.5

92.1

U3O8 production  (lb) 753,573 840,664 873,107 670,456 354,465

U3O8 production for the June quarter was down 47% on the prior quarter mainly due to the transition of operations to care and maintenance from 13 May 2018. Recovery was higher for the quarter as soluble uranium return credits from the tailings facilities continued after the plant was shut down.

Drummed production for the quarter also included uranium recovered from in-circuit uranium inventory, as the various sections of the plant were emptied and cleaned in preparation for care and maintenance.

Latest prices

ASX A$ 0.18

Latest Prices

TradeTech U3O8 spot US$27.55/lb
TradeTech U3O8 long term US$32.00/lb

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