Pine Ridge Acquisition Adds Up to 51Mlbs U3O8; Snow Lake Takes 19.9% Stake

Transformational Acquisition in Wyoming

Global Uranium and Enrichment Limited (ASX: GUE) has marked a pivotal milestone by completing the acquisition of the Pine Ridge Uranium Project in Wyoming, USA. This district-scale, advanced In-Situ Recovery (ISR) uranium project is held through a 50/50 joint venture with Snow Lake Energy, a NASDAQ-listed company. The acquisition, finalized after an initial US$7.5 million payment, secures a significant exploration target ranging from 24.4 to 51.3 million pounds of U3O8 at an average grade between 0.031% and 0.040%. While the Exploration Target remains conceptual and not yet JORC compliant, the project benefits from extensive historic drilling and proximity to established uranium infrastructure.

Strategic Positioning in the Powder River Basin

Located in the prolific Powder River Basin, Pine Ridge is adjacent to major uranium producers including Cameco and Uranium Energy Corp. The basin is the most significant uranium production area in the US, primarily through ISR methods, which offer cost-effective and environmentally responsible extraction. Pine Ridge’s proximity, just 15 kilometres, to Cameco’s Smith Ranch Mill, one of the largest uranium processing facilities in the country, provides a clear pathway to production and reduces development lead times.

Capital Raise and Partnership with Snow Lake Energy

To fund the acquisition and initial exploration, Global Uranium successfully raised A$10 million through a placement, with Snow Lake Energy subscribing for approximately A$5.8 million and acquiring a 19.9% equity stake in GUE. The placement was approved by shareholders in April 2025, and Snow Lake’s shares are escrowed for six months. The joint venture partners have committed to a minimum of US$10 million in exploration expenditure over three years, underscoring their confidence in the project’s potential.

Advancing a Diverse Uranium Portfolio

Beyond Pine Ridge, Global Uranium is progressing several other key uranium assets. The Tallahassee Uranium Project in Colorado boasts a JORC-compliant resource of 52.2 million pounds U3O8 at 530ppm grade, with a scoping study nearing completion. The Maybell Uranium Project, also in Colorado, is poised for its maiden JORC Mineral Resource Estimate following successful drilling. In Utah, the Rattler Uranium Project includes historic mines and is strategically located near the only operating conventional uranium mill in the US. Meanwhile, the company’s Athabasca Basin portfolio in Saskatchewan, Canada, covers over 55,000 hectares in the world’s premier high-grade uranium district.

Corporate Developments and Technology Partnerships

Global Uranium strengthened its board with the appointments of Hugo Schumann, a US-based mining executive, and Frank Wheatley, CEO of Snow Lake Energy, bringing extensive expertise in mining operations and capital markets. The company also regained 100% ownership of the Lake Johnston Project in Western Australia after Breakthrough Metals returned their 80% interest. Additionally, Global Uranium holds a significant stake in Ubaryon, an Australian company developing proprietary uranium enrichment technology, which is advancing towards securing a strategic partner for commercialization.

Financial Position and Outlook

At quarter-end, Global Uranium held approximately A$1.7 million in cash and investments valued around A$90,000. The recent capital raise positions the company well to fund exploration and development activities across its US uranium projects. Exploration and evaluation expenditure for the quarter totaled A$1.379 million, reflecting active project advancement. No substantive mining production occurred during the period, consistent with the company’s development stage.

Global Uranium’s strategic acquisition and capital infusion mark a significant step towards establishing a high-grade, ISR-focused uranium platform in the US, aligning with growing demand for nuclear fuel amid global energy transition efforts.