U92 Energy advances uranium exploration in Guyana

U92 Energy Corp, a Canadian company, is advancing its uranium exploration project at Kurupung, Guyana. The company plans to invest US$5 million this year into an 18-month exploration program. Geologist Richard Spencer expressed confidence that the project could identify reserves exceeding 50 million pounds, which would make the site commercially viable for a potential US$150 million plant.

The project aims to supply uranium to markets in the United States, Canada, and Europe, potentially supporting Guyana’s clean energy goals through small nuclear-powered modular power plants. While the site has proven reserves of 20 million pounds, the current drilling is intended to confirm the scale of the deposit.

In a regulatory development, Guyana’s Environmental Protection Agency (EPA) has exempted the Kurupung exploration program from requiring an Environmental Impact Assessment (EIA). The EPA determined that because the current application is limited to mineral exploration—including drilling for uranium, rare-earth elements, and other radioactive minerals—and does not involve mining, ore extraction, or processing, the activities are not likely to significantly affect the environment. The EPA clarified that this exemption applies only to exploration; any future mining or processing activities will require separate applications and full environmental assessments.