MegaWatt Metals Comments on US Ban of Russian Uranium Imports & Forecast of Increased Uranium Production from Canada

• Imports from Moscow will cease 90 days after bill is enacted
• Uranium prices held steady around increases gained during late 2023 rally
• Canada major contributor to projected 11%+ growth in uranium production in 2024‎

Vancouver, British Columbia, May 24, 2024 (GLOBE NEWSWIRE) -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company", "MegaWatt Metals" or “MegaWatt”) provides additional commentary on America’s May 14, 2024 ban on Russian imports of enriched uranium, the primary fuel used in nuclear power plants. The bipartisan bill will ban uranium imports from Moscow beginning 90 days after its enactment. Despite the pending need for America to shift its uranium supply, uranium prices continued to hold the increases gained during the late 2023 rally, possibly due to the forecast that global uranium production will grow by over 11% in 2024, with most of that increase coming from America’s largest uranium suppliers: Kazakhstan and Canada.[1]

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‎Data Source BusinessInsider.com May 21, 2024

America’s dependence on imported Russian uranium dates back to a 1993 nuclear disarmament program soon after the end of the Cold War. Currently, Russian enriched uranium supplies roughly 20% of America’s nuclear fuel. US companies pay roughly $1 billion per year to Rosatom, Russia’s state nuclear power conglomerate. The US National Security Council (NSC), however, stated that America’s reliance on Russia for low-enriched uranium to support US nuclear reactors is not in the nation’s security or economic interests.

To help offset imports from Russia, the bill also frees up $2.7 billion that was passed in previous legislation to build out America’s domestic uranium processing industry. Establishing domestic supply chain solutions for uranium is especially important due to US President Joe Biden having set the goal of America achieving 100% clean electricity by 2035. Reaching that ambitious goal would require significant electricity generation from nuclear reactors, which currently generate more than 50% of America’s emissions-free electricity.[2] Toward that end, the US recently announced plans to triple their nuclear power capacity by 2050.[3]