• Extract Resources Limited
• Website: www.extractresources.com

Industry:

Oil, Gas & Consumable Fuels

Fiscal Year-End:

Jun 10

Extract Resources Limited (EXT), formerly Tuart Resources, is a Perth-based mining exploration company. The principal asset is the 100%-owned Husab Uranium Project, which contains two known uranium deposit areas—Rossing South and Ida Dome. Extensive exploration potential also exists for new uranium discoveries in the region.

Extract Resources listed on the ASX in August 2000. In 2005, EXT established a 51% interest in the Husab Project (EPL3138) in Namibia by way of a $400,000 earn-in joint venture. In April 2006, a 8,000m drilling program commenced on this known uranium province. In August 2008, it announced a maiden resource estimate for Ida Dome of 53.3Mt @ 215ppm U3O8. when in July 2009, Rossing South Zone 1 reported its maiden resource of 147Mt @ 449ppm U3O8, and Zone 2 an inferred resource of 102Mt @ 543ppm.

EXT operates in the Materials sector, focusing on the mining and exploration of uranium. The process from initial exploration surveys to the definition of an orebody through drilling typically takes a number of years. Production methods vary depending on commodity, grades, scale of operations and open cut or underground mining. In recent years, approvals for mining developments have been slowed down due to stricter environmental controls and land rights issues.

The Husab uranium project has a large resource of solid grade with exploration upside. The project is centrally located in Namibia's uranium belt, approximately 10km from the Rossing uranium mine. This mine has been operated by RIO for over 30 years and is nearing the end of its natural life.

Major competitors consist of other mining companies in Australia and overseas exploring for uranium. These range from massive international companies to small explorers with one or two projects. Prospective uranium customers are in the main power utilities.