Thundelarra Exploration has become the second Perth-based uranium explorer in a week to start battening down the hatches to wait for global sentiment for yellowcake to recover.
Thundelarra, which lost long-time managing director Brett Lambert in March and exploration director Brian Richardson this month, signalled yesterday it would cut staff and salaries and sell or joint venture some projects.
The group, which also has copper and base metal assets in WA and the Northern Territory, said uranium would remain a focus but it planned to restrict activity to tenement maintenance "until a recovery is apparent in global sentiment for uranium".
It follows a similar move by WA-based African-focused Deep Yellow, which said last week it was cutting staff and selling projects while it waited for the market to improve.
Uranium stocks have been in the doldrums since last year's Japanese nuclear crisis. A rally by uranium stocks on Monday, fuelled by the news Japan had started reopening nuclear plants, proved shortlived, with many giving up their gains in trading yesterday.
Although Thundelarra has historically been a uranium explorer, it enjoyed some market attention last year for encouraging results from its Red Bore copper-gold deposit near Sandfire Resources' copper-gold Doolgunna mine.
Thundelarra shares were 0.5¢ higher at 7.2¢ yesterday.
·Deep Yellow is hoping to raise $10.5 million from a 2-for-9 entitlement issue at 4.2¢ a share. The capital raising is partly underwritten by Patersons Securities, with shareholder Paladin Energy as a sub-underwriter.
Shares in Deep Yellow fell 1.3¢ to 4.5¢.