Canadian firm says concerns about uranium mining reduced due to location of Guyana project

May 28, 2026 News

…identifies Venezuela border controversy as principal political risk

(Kaieteur News) – Canadian firm, U92 Energy Corp. has said that concerns and public perception about uranium mining and uranium processing are largely reduced due to its project in Guyana being located in a remote area.

The disclosure was made in a January 2026 Filing Statement which reveals that U92 gained control of Guyana’s only uranium project through the acquisition of a Singaporean firm.

The Kurupung uranium project in Region Seven (Cuyuni-Mazaruni), is listed as U92’s only project. Uranium is a naturally occurring radioactive element that serves as the primary fuel for nuclear power plants worldwide. It is primarily used to produce electricity, providing a highly concentrated energy source and its special properties also make it the main source of fuel for nuclear reactors.

Canadian firm says concerns about uranium mining reduced due to location of Guyana project

A look at U92 uranium project operation.

U92 has assessed Guyana as a relatively stable mining jurisdiction with strong government support and a mining-friendly permitting process, and also cited the country’s focus on the extractive industries as a key economic driver. Under Risk factors to access to the Property, the filing stated that, “public perception about uranium mining and processing, and nuclear energy in general that may result in restriction of access to the Property by non-governmental groups. The relatively remote location of the Property largely mitigates this risk.”

Moreover, the filing highlighted that Venezuela’s claim to Guyana’s Essequibo region, the area where the project is located, as the principal political risk to the project. The company also outlined that ExxonMobil Guyana Limited (EMGL) made large oil discoveries offshore Guyana, also in the Essequibo area.

Since the publication of Kaieteur News’ article on uranium mining in Guyana, questions surfaced about permission to drill for the radioactive chemical element in Region Seven with environmental concerns topping the list of fears as commentators opined that uranium mining can cause significant environmental damage, through the contamination of water and soil with heavy metals.

Meanwhile, on Friday, President Irfaan Ali said that Guyana is confident that the International Court of Justice (ICJ) will uphold the 1899 Arbitral Award establishing the country’s border with Venezuela, as the long-running territorial dispute entered its final phase. Guyana is now awaiting a ruling from the world court in its border controversy case against Venezuela, with a decision expected by or before January 2027.

Kaieteur News had reported that the project hosts some 20.6 million pounds (Mlbs) historical resource. The historical Mineral Resource Estimate (MRE) comprises of 10.6 Mlbs indicated at a grade of 0.072% and 10Mlb Inferred at a grade of 0.067% U₃O₈.

There are four deposits at the project site: Aricheng North, Aricheng South, Aricheng West and Aricheng C. Other targets previously drilled include Aricheng A, Aricheng Alpha, Aricheng Epsilon, Aricheng Sigma and Wild Cow.

Back in March, U92 entered into a commercial agreement with Orbit Garant for phase one 5,000 metre diamond drill programme at the Kurupung uranium project. In its most recent update, the company confirmed that the diamond drill rig assigned to U92 is currently in Guyana. The company anticipates that the rig will be available for mobilisation to site in the near term to commence phase one drilling on high-priority targets at the project.

The Canadian firm has already submitted the required environmental application for drill pad preparation, and that field teams are on site to complete camp infrastructure, including construction of a fuel storage facility in accordance with the applicable requirements. It was also revealed that key machineries have been sourced to support access road upgrades and drill pad construction.

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Kurupung uranium project, U92 Energy Corp., Uranium mining, uranium processing

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