Nasdaq Listing Condition Shift Adds Uncertainty to Snow Lake-GUE Deal

Court Approval Marks Key Milestone

Global Uranium and Enrichment Limited (ASX – GUE) has announced a pivotal development in its proposed acquisition by Snow Lake Resources Ltd (NASDAQ – LITM). The Federal Court of Australia has granted approval for the Share Scheme and Option Scheme, which form the legal framework for Snow Lake to acquire all remaining fully paid ordinary shares in GUE and cancel outstanding unlisted options.

This court endorsement is a critical step forward, confirming that the acquisition process is on track to proceed under the terms agreed by both parties. The approval is subject to amendments, notably the reclassification of the Nasdaq listing approval from a condition precedent to a condition subsequent, reflecting Nasdaq's procedural requirements.

Amendment to Nasdaq Listing Condition

Originally, Snow Lake was required to secure formal Nasdaq approval for listing and trading of the new shares issued under the scheme before the acquisition could become effective. However, Nasdaq clarified that only a notification is required, with a review to occur post-effective date. Consequently, the schemes were amended to reflect this change, shifting the Nasdaq approval to a condition subsequent that must be satisfied within 15 business days after the schemes become effective.

Snow Lake has expressed confidence that this condition subsequent will be met, which is crucial for the full implementation of the acquisition and the issuance of new shares and warrants to GUE shareholders.

Timetable and Market Impact

The schemes are set to become legally effective on 4 February 2026, coinciding with the suspension of GUE shares from trading on the ASX at market close that day. The record date for determining entitlements to the new Snow Lake shares and warrants is 6 February 2026, with implementation and despatch of shareholding statements scheduled for 13 February.

Following implementation, the new Snow Lake shares are expected to commence trading on Nasdaq on 16 February 2026, the same day GUE will be officially delisted from the ASX. This transition marks a significant change for GUE shareholders, who will move from holding shares in an ASX-listed uranium company to holding shares and warrants in a Nasdaq-listed entity.

Shareholder Considerations and Next Steps

Shareholders who do not wish to receive Snow Lake shares may opt to participate in a sale facility by submitting an opt-in notice by 6 February. The schemes also include provisions for handling ineligible foreign shareholders and fractional entitlements, ensuring a smooth transition for all parties involved.

GUE has committed to providing updates on any material developments and has established dedicated contact lines for shareholder inquiries. The company and Snow Lake will continue to coordinate closely to satisfy all regulatory and procedural requirements in the coming weeks.