Generation Uranium’s flagship is the Yath uranium project in Nunavut’s Kivalliq region, about 235 km southwest of Baker Lake and directly north of ATHA Energy’s Angilak property. It’s early stage. Decades of historical work turned up surface samples close to 10% U3O8, but the best drill result so far is 1 m of 0.22% U3O8. The CEO thinks the project has much more to offer than that. In this interview, I asked Michael about the history of the asset, his commitment to the company, and his plans for the project’s future.
TL;DR
CEO Collins’ pitch is that Generation has the same rocks, the same mobile magnetotelluric (MMT) data and the same targets as ATHA, at about 1% of ATHA’s market cap. The MMT survey was flown jointly with ATHA. They hold a drill permit but have no drill contract and only a couple hundred thousand dollars in the bank. That means everything depends on raising enough to drill about 3,000 m next summer. He told me the stock is weak because, under the previous CEOs, nothing happened for three years and old holders are giving up. He’s the third CEO since the company has been public.
What have they done for shareholders lately?
Collins is the third CEO since listing, after Anthony Zelen and interim CEO Chris Huggins, and he said little got done before he arrived. Since then they ran a summer 2026 field program to tie the conductors to the historic showings and pick a campsite, and they completed an MMT infill survey. They also got the CIRNAC drill permit in late July, after caribou questions were addressed. He owns about 1.8 million shares at an average of roughly 8 cents and bought 100,000 last Friday. He said director Christoph Bruening bought about half a million last week. Collins didn’t vend the project, has no royalty and no free founders’ paper, earns about $140,000 a year, and has a two-year change of control clause. On track record, he co-founded Prime Mining, which Torex Gold bought last year, and built Exploits Discovery. He admitted Nuclear Fuels, which he started with Bill Sheriff, didn’t go well before it merged into Premier American Uranium.
How much money do they have and what are they spending it on?
He said they have “a couple hundred” thousand in the bank, currently going to marketing, investor meetings and lunches. The last raise was in July: just under $400,000 at 9 cents, with a half warrant at 13 cents for 30 months. ATHA drills at about $1,000 per metre, and Collins expects to pay a bit more because Generation has to build a small camp. So a 3,000 m program costs more than the company’s current market cap. When I asked whether that means two raises, one soon to keep going and a larger one for drilling, he called it a reasonable assumption. A JV or offtake isn’t ruled out, but he’d rather drill it themselves first.
Upcoming catalysts
Over the next few weeks they expect data from the MMT infill survey and results from this summer’s field samples. After that come news releases explaining how the new targets differ from the historic ones. ATHA has also said it will soon report more drilling at Lac 50 Northwest, right next to Generation’s border, and Collins thinks that will show how the two properties relate. Then the sequence is financing, a drill contract, and a fixed wing and helicopter supported program he hopes to start in June. First priority is the extension of the Lac 50 trend onto their ground. With core flown out around mid July and a couple of months at the lab, assays would come next fall, though counts per second data could be released sooner.
Risks
The CEO named financing as what keeps him up at night. Roughly $200,000 in cash against a drill program costing more than the company is worth, at 4 cents, points to potential dilution. The shareholder base is still loose and legacy holders are selling. The geology is untested by modern drilling, though he is confident it will work out. The historic holes hit only low grades, and the deep VGR target on the west side would need 500 to 600 m holes they can’t afford yet. Arctic logistics add cost and complexity, including permafrost, short weather windows and building a camp, and they haven’t decided between RC and core. Consultation with communities in Arviat and Whale Cove and with the Northern Manitoba Dene is still ongoing.
Generation Uranium CEO Interview
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