Energy Fuels' Roca Honda Project is one of the largest and highest grade uranium development projects in the United States. It is located in northwest New Mexico on lands managed by the U.S. Forest Service and State of New Mexico. Energy Fuels acquired the Roca Honda Project as a part of its acquisition of Strathmore Minerals Corp. in August 2013. The project is held in a joint venture with Sumitomo Corporation of Japan (Energy Fuels owns 60% and Sumitomo owns 40%). The project is within trucking distance of Energy Fuels' White Mesa Mill. According to the NI 43-101 Technical Report and Preliminary Economic Assessment (PEA) prepared by Roscoe Postle (USA) Ltd. for Strathmore, the Roca Honda Project contains 2.08 million tons of measured and indicated resources with an average grade of 0.404% U3O8 containing 16.8 million lbs. of U3O8. In addition, the project contains an additional 1.45 million tons of inferred mineral resources with an average grade of 0.411% U3O8 containing 11.9 million lbs. of U3O8. The same report also shows attractive project economics including a nine year mine life, estimated operating cost of US$24/lb., and annual production of 2.6 million lbs. of U3O8 per year.
The project is currently being permitted with the U.S. Forest Service and the State of New Mexico.