RCS - Atlas Metals Group - Update on Kyrgyz Uranium Asset

Atlas MetalsAnnouncement

09/02/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260209:nRSI1437Sa&default-theme=true

RNS Number : 1437S  Atlas Metals Group PLC  09 February 2026

9 February 2026

Atlas Metals Group plc

("Atlas Metals" or the "Company")

Update on Kyrgyz Uranium Asset

Atlas Metals (LSE: AMG), the natural resources and energy company, is pleased
to provide an update on the Company's interest in the Kamushanovskoye uranium
deposit, located in northern Kyrgyzstan, 48km northeast of the capital of the
Kyrgyz Republic, Bishkek (the "Project"). The Project is owned by
International Mining Company Invest Inc. ("IMC"), a US based company, and
currently Atlas Metals has a 10 % interest in IMC.

Whilst the Company's primary focus remains on the proposed acquisition of
Universal Pozzolanic Silica Alumina Ltd ("UPSA") (the "Proposed Acquisition"),
which is progressing well, this update is provided in view of the significant
increase in the uranium price since the Company invested in the Project in
2018. At that time, the in-situ value of contained uranium totalled US$151
million at a uranium price of US$27-28/lb. Over the last six months, the
uranium price has reached US$80-85/lb, placing a value of approximately US$700
million on the contained resources.

The Project has been under exploration since 2011 and the State Reserve
Committee of Kyrgyzstan ("GKZ") granted an application for a mining licence in
January 2019 (the "Mining Licence") for 3,371.1 tonnes of uranium reserves
(8.731 million lbs U(3)O(8)). This provides an in-situ value of approximately
US$700 million at a uranium price of US$80-85/lb. In May 2019, the Kyrgyz
parliament voted to ban uranium mining in the country and the Mining Licence
was cancelled without any compensation. IMC contested this action and appealed
the decision under international arbitration. Hearings were held in 2024-25
and a decision is in process (case ICSID ARB/22/25). The Company believes
IMC's case is strengthened by the Parliament of Kyrgyzstan approving a bill
lifting the ban on prospecting, exploration, development and mining of uranium
and thorium in the Kyrgyz Republic in June 2024.

As part of the work completed since the grant of the Mining Licence and to
support IMC's case at arbitration, a detailed review and assessment of the
Project took place and was completed in 2024. The review was completed by Dr
Mike Armitage, BSc, MIMMM, FGS, CEng, CGeol and confirmed both the potential
viability of the extraction method as well as the resource estimate approved
by GKZ.

The deposit is uranium oxide hosted in peat soils at depths from surface down
to a maximum of 14 metres. Testwork on site of in-situ recovery (ISR)
confirmed good extraction of uranium using sodium carbonate as the leaching
solution. ISR comprises the injection of the leaching solution into the site
and recovering the pregnant solution using shallow pump wells. The pregnant
solution can be enhanced on site to a product than can be shipped for final
processing. Due to the shallow depths and simple technology, the operating and
capital costs are low.

Discussions are underway with possible development partners and the Kyrgyz
government to find a satisfactory conclusion for all parties.

Chris Chadwick, Chief Executive Officer of Atlas Metals, commented:

"While our primary focus is on completing the transformative acquisition of
UPSA, it is noteworthy that our long-term belief in Atlas' Kyrgyz uranium
project is being validated. We will continue to seek to derive value from this
project in parallel with completing the UPSA transaction and I look forward to
providing further updates in due course."

 

For further information, please contact:

 Atlas Metals Group plc:
 Christopher Chadwick  +44 (0) 20 7796 9060
 Strand Hanson - Financial Adviser and Sponsor:
 Rory Murphy           +44 (0) 20 7409 1761
 Abigail Wennington    +44 (0) 20 7409 1761
 Edward Foulkes        +44 (0) 20 7409 1761
 S I Capital Limited - Joint Broker:
 Nick Emerson          +44 (0) 14 8341 3500
 CMC Markets - Joint Broker:
 Douglas Crippen       +44 (0) 20 3003 8632
 Axis Capital Markets Limited - Joint Broker:
 Richard Hutchison     +44 (0) 20 3026 0320
 IFC Advisory Limited - Financial PR and IR:
 Tim Metcalfe          +44 (0) 20 3934 6632
 Graham Herring        +44 (0) 20 3934 6632

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAUPUGCPUPQGQR



            Copyright 2019 Regulatory News Service, all rights reserved