Companies join forces to create 'top-tier' ISL miner

08 September 2021

Uranium development company enCore Energy and integrated uranium exploration and development company Azarga Uranium Corp have announced plans to combine to create a 'top-tier' US in-situ leach (ISL) uranium mining company with multiple assets at various stages of development.

Kingsville Dome (Image: enCore Energy)

The companies' consolidated assets include two licensed ISL production facilities - Rosita and Kingsville Dome - and multiple potential satellite exploration and development projects in South Texas; the advanced stage Dewey Burdock development project in South Dakota; and the Gas Hills project in Wyoming; as well as a uranium resource endowment in New Mexico including the Marquez-Juan Tafoya, Crownpoint and Hosta Butte projects.

enCore will acquire all of the issued and outstanding common shares of Azarga pursuant to a court-approved plan of arrangement, the companies said yesterday, in a transaction which is expected to close in November. The combined company will possess a uranium resource base of 90.0 million pounds U3O8 (34,618 tU) in the measured and indicated category, 9.9 million pounds in the inferred category, and 68.4 million pounds in the historic category.

The combined company will be managed by the current enCore executive team, led by Paul Goranson as CEO and director. Blake Steele, currently president and CEO of Azarga, will continue as a strategic advisor to the combined company.

In connection with the closing of the Transaction, enCore said it intends to seek the listing of its shares on the NYSE-AMEX or NASDAQ exchange.

Researched and written by World Nuclear News