Azincourt Energy Applauds Approval by Federal Regulators to Build Canada's First Small Modular Reactor
Rhea-AI Summary
Azincourt Energy (TSXV: AAZ, OTCQB: AZURF) welcomes the Canadian Nuclear Safety Commission's approval for Ontario Power Generation to build Canada's first small modular reactor (SMR) at the Darlington Nuclear Generation Station. The project, featuring a BWRX-300 SMR, will be the first in any G7 country.
The plan includes up to four 327-megawatt SMRs capable of powering approximately 900,000 homes with zero-emissions electricity. This development aligns with Canada's nuclear energy expansion, including Nova Scotia's recent lifting of its 45-year uranium exploration ban and federal funding of CAD$74 million for SMR development in Saskatchewan.
The International Energy Agency projects global electricity consumption to rise 4% annually to 2027. To meet net-zero emissions targets by 2050, Canada may need to build 85 SMRs according to RBC. The government has also committed up to $304 million for modernizing CANDU reactors, supporting Canada's position as the world's second-largest uranium producer.
Positive
- First G7 country to approve SMR construction, positioning Canada as a nuclear innovation leader
- Nova Scotia lifted 45-year uranium exploration ban, opening new opportunities
- Government support through significant funding: CAD$74M for SMR development and CAD$304M for CANDU modernization
- Strong market potential with projected need for 85 SMRs in Canada by 2050
Negative
- SMR deployment in Saskatchewan not expected until mid-2030s, indicating long development timeline
- Project success dependent on local communities and First Nations support
News Market Reaction – AZURF
In the trading session that priced this news, AZURF gained 0.31%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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- Decision highlights Canada's opportunity to become a world leader in nuclear energy innovation
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2025) - AZINCOURT ENERGY CORP. (TSXV: AAZ) (OTCQB: AZURF) ("Azincourt" or the "Company"), applauds the Canadian Nuclear Safety Commission's recent approval of Ontario Power Generation's ("OPG") plans to build Canada's first small modular reactor ("SMR") at the site of the Darlington Nuclear Generation Station in Clarington, Ontario. The approval grants OPG a license to construct a BWRX-300 Small Modular Reactor at the site, which would serve as a model for future reactor builds within Ontario and across Canada. It would also be the first SMR built in any G7 country.
OPG's full plan includes the construction of up to four of the 327-megawatt SMRs at the Darlington site, which would reliably generate enough zero-emissions electricity to power around 900,000 homes1.
"The approval of the SMR project in Ontario is a milestone not just for Canadian energy security, but also highlights the urgency for governments worldwide to find sustainable energy solutions that can replace fossil fuels while also meeting rapidly rising electricity demands," said Alex Klenman, CEO of Azincourt Energy. "The nuclear energy industry is experiencing a major revival as nations seek to meet their net-zero emissions goals by 2050 while grappling with rising energy demands. As a Canadian uranium exploration company with two advanced Canada-based projects underway, we are acutely aware of the role that uranium and nuclear energy will play as the world's clean energy needs continue to expand."
"We are also pleased to see that Canadian legislators are supportive of finding new domestic sources of uranium, as exemplified by the province of Nova Scotia's recent move to lift its moratorium to ban uranium exploration and mining, which has been in place for 45 years2. Tariffs aside, if Canada continues to find new domestic uranium sources that can be mined safely and with the consideration and support of local communities and First Nations, it has a real chance to be a responsible and ethical world leader in nuclear energy innovation."
According to the International Energy Agency (IEA), factors such as urbanization, increasing global standards of living, the expansion of data centres and the adoption of AI mean that global electricity consumption is expected to rise
SMRs will play a key role in the global nuclear energy revival. A relatively new technology, SMRs can reliably and consistently produce zero-carbon energy while offering improved safety features and a reduced environmental footprint compared to large-scale nuclear reactors. According to a recent report by RBC, Canada will need to build a projected 85 SMRs to reach its net-zero emissions target by 20505. In August 2023, Canada also approved up to CAD
Canada, the world's second largest producer of uranium, has an extensive history of nuclear research, technology and deployment behind it. In March 2025 the Canadian government announced it would provide up to
About Azincourt Energy Corp.
Azincourt is currently conducting an inaugural exploration program at its recently acquired Snegamook uranium deposit in Eastern Canada's Central Mineral Belt, an advanced project which contains known multiple lenses of uranium mineralization over a 300-metre strike length and to a vertical depth of 200 metres, with grades ranging from 225 to 771 ppm U3O8. Some zones contain higher-grade uranium concentrations (e.g.,
The Company is also advancing exploration at its
Sources:
1.) https://www.canada.ca/en/natural-resources-canada/news/2025/03/canada-invests-in-the-next-generation-of-canadian-made-clean-affordable-nuclear-energy0.html
2.) https://www.mining.com/nova-scotia-mining-association-applauds-passage-of-bill-that-could-end-uranium-ban/
3.) https://www.iea.org/news/growth-in-global-electricity-demand-is-set-to-accelerate-in-the-coming-years-as-power-hungry-sectors-expand
4.) https://netzeronuclear.org/news/six-more-countries-endorse-the-declaration-to-triple-nuclear-energy-by-2050-at-cop29
5.) https://thoughtleadership.rbc.com/think-small-how-canada-can-make-small-modular-nuclear-reactors-a-priority/
6.) https://www.canada.ca/en/natural-resources-canada/news/2023/08/government-of-canada-announces-federal-support-for-small-modular-reactor-smr-development-in-saskatchewan.html
7.) https://www.foronuclear.org/en/updates/news/canadian-nuclear-investment/#:~:text=The%20Government%20of%20Canada%20will,and%20use%20uranium%20from%20Saskatchewan.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
"Alex Klenman"
Alex Klenman, President & CEO
For further information please contact:
Alex Klenman, President & CEO
Tel: 604-638-8063
info@azincourtenergy.com
Azincourt Energy Corp.
1430 - 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
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