Basov reported in early November, 2021 that Uranium Energy, a U.S.-based uranium mining and exploration company advancing the next generation of low-cost and environmentally friendly In-Situ Recovery (ISR) mining uranium projects, announced today that the company has entered into a definitive share purchase agreement to acquire all the issued and outstanding shares of Uranium One Americas (U1A) for a total purchase price comprised of $112 million in cash and the replacement (with corresponding payments to the seller) of $19 million in reclamation bonding. Uranium One is the world’s fourth largest uranium producer and part of Russia’s State Atomic Energy Corporation, Rosatom.
The company said that the acquisition is fully funded with UEC’s existing balance sheet, which as of October 26, 2021 had over $235 million of cash and market value liquid assets. The U1A assets are primarily situated in the Powder River Basin of Wyoming, which is the most productive in-situ recovery (“ISR”) uranium mining district in the western hemisphere. According to the company’s statement, “This acquisition positions UEC as the largest American uranium mining company, amid a new era of domestic and global support for clean-air nuclear energy as essential to the realization of a low-carbon global economy.”
The U1A portfolio of projects being acquired includes, among other assets, seven projects in the Powder River Basin, three of which are fully permitted, and five in the Great Divide Basin. The U1A acquisition portfolio contains 37.6 million pounds U3O8 in Measured and Indicated Resources and 4.3 million pounds U3O8 in Inferred Resources. The most notable projects include the Willow Creek area,(more), which is comprised of the Irigaray and Christensen Ranch projects currently under care and maintenance; and the Moore Ranch project, (more), which is fully permitted and was previously drilled and developed by Conoco in the early 1980’s.
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