MegaWatt Metals Provides Overview of Uranium Sector & Domestic Demand and Mining Opportunities

• Uranium prices hit 16-year high in February 2024
  
• America has $4.3B plan to buy uranium from domestic producers
• Labrador's Central Mineral Belt among top uranium exploration regions in Canada
  
  

Vancouver, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company", "MegaWatt Metals" or “MegaWatt”) is pleased to provide an update on long-term uranium sector drivers, America's plan to source domestic uranium for its expanding nuclear power generation, and Canada's leading role in uranium exploration and mining. The world generates roughly 10% of its power from nuclear energy,[1] with America generating about 20% of its total electricity from nuclear while producing more nuclear power than any other nation.[2] To reach current global decarbonization targets, however, the International Energy Agency (IEA) projects that worldwide nuclear power production needs to increase by 80% by 2040.[3] Fortunately, the US and 20 other countries plan to triple their nuclear power capacity by 2050.[4]

MegaWatt Metal's CEO, Casey Forward, commented: “With long-term investment in nuclear power increasing, and uranium prices hitting a 16-year high in February, our announcement on April 1, 2024 of entering an agreement to acquire Labrador Mineral Resources Inc. and their Canada-based Benedict Mountains Uranium Property in Labrador's Central Mineral Belt is timely and marks a significant milestone in advancing MegaWatt's commitment to becoming a domestic, clean-energy minerals supplier."

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The number of countries turning to nuclear to provide low-carbon energy continues to grow. As a result, total global nuclear power generation is expected to break records in 2025, with China, India, Korea and Europe expected to have new reactors come online, while several reactors in Japan are forecast to return to generation, and French output is expected to increase.[5]

As the world's largest producer of nuclear power, the US accounts for about 30% of global nuclear energy generation and currently has 94 operable nuclear reactors.[6] At the same time, America is committed to advancing its strengths in the nuclear energy sector.

The US has earmarked $6 billion to maintain existing nuclear reactors, has dedicated $2.5 billion for R&D into new nuclear technologies,[7] and has a $4.3-billion-dollar plan to buy uranium from domestic producers to wean the country off its reliance on Russian imports.[8] Meanwhile, America’s Inflation Reduction Act (IRA) includes various tax credits and incentives for clean energy technologies and $700 million to support establishing a domestic-based uranium supply chain.[9]