Eagle Nuclear Launches 47-Hole, 27,000-Foot Drill Program on 32.75M-Pound Deposit
Eagle Nuclear Energy announced a 47-hole, 27,000-foot drill program at its Aurora project in Oregon, aiming for a 2027 Pre-Feasibility Study on its 32.75 million pounds indicated uranium resource. The company holds $31.3 million cash, zero debt, and plans to integrate production with SMR technology.
1. Domestic Uranium Market Surge
Uranium spot prices topped $100 per pound for the first time since 2007, with long-term contract pricing reaching $93 per pound, driven by record utility uncovered requirements and $2.7 billion in Department of Energy enrichment contracts. This supply-demand imbalance underpins Eagle’s timing to advance its flagship project.
2. Aurora Project Drill Program
Eagle plans a 47-hole, 27,000-foot diamond drill campaign starting July 2026 to fill critical data gaps ahead of a Pre-Feasibility Study targeted for H2 2027. Permit applications have been filed with federal and state regulators, and Harris Exploration Drilling & Associates has been engaged to supply rigs.
3. Resource Base and Value
The Aurora deposit hosts 32.75 million pounds of indicated U3O8 plus 4.98 million pounds inferred, providing an in-ground value in the billions at current contract prices. An adjacent expansion asset further enhances potential resource growth before PFS completion.
4. SMR Integration Strategy
Beyond uranium production, Eagle’s long-term vision combines its resource platform with advanced SMR technology to create an integrated nuclear energy offering. This vertically integrated model aims to align with U.S. supply-chain security goals and growing AI-data-center power demand.