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Consolidated to create new pure-play US uranium company

25th May 2023

By: Creamer Media Reporter

     

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TSX-V-listed Consolidated Uranium (CUR) has announced the creation and planned spin-out of Premier American Uranium (PUR), currently a majority-controlled subsidiary of CUR focused on the acquisition, exploration for and development of uranium projects in Wyoming and Colorado.

CUR will transfer ownership of certain indirect wholly-owned subsidiaries which hold eight US Department of Energy (DoE) leases and certain patented claims located in Colorado to PUR in exchange for 7 753 752 Class A common shares, a portion of which will be distributed to the company’s shareholders on a pro rata basis.

PUR intends to apply to list the PUR shares on the TSX-V.

In addition, CUR and PUR have entered into a purchase agreement with, among others, Premier Uranium, a privately held US-uranium-focused project acquisition vehicle which owns a 100% interest in the Cyclone project in the Great Divide Basin of Wyoming and various mining claims in the Uravan Mineral Belt of Colorado, pursuant to which PUR has agreed to acquire all of the outstanding shares of Premier. 

Separately, PUR has also staked 368 unpatented mining claims in key areas of the Uravan Mineral Belt.

“We are very excited to announce the spin-off of PUR, in partnership with Sachem Cove. At CUR, our focus in the US has been squarely on readying our past-producing Tony M, Daneros and Rim mines in Utah for production once market conditions warrant. This inherently meant our Colorado DoE leases, with a history of production and strong exploration potential, have received little attention.

“At the same time, in Premier, Tim [Rotolo] and Sachem Cove have assembled a portfolio of projects in Colorado, which complement ours, as well as a compelling land package in the Great Divide basin in Wyoming with large-scale ISR potential.

“CUR’s strategy has been to realise value in our portfolio, either directly by advancing projects to production, or through spinouts/divestures where a compelling strategic rationale could be identified, similar to our Labrador Uranium transaction last year. In PUR, we are convinced that this is a case where one plus one could equal much more than two, and we believe CUR shareholders will be the ultimate beneficiaries when we complete the planned TSX-V listing and direct distribution of PUR shares in the coming months,” said chairperson and CEO Philip Williams.

Rotolo, CEO of Premier and planned CEO of PUR commented: “The US was once the global leader in uranium production at over 40-million pounds per year, enough uranium to supply nearly its entire nuclear fleet - the largest in the world and provider of 20% of U.S. electricity. Today, the US produces almost none of its own domestically consumed uranium as US utilities have turned to buying nearly half of their uranium needs from former Soviet States Russia, Kazakhstan and Uzbekistan.

"We believe we are on the precipice of a resurgence in domestic production. For the first time in decades, a large supply deficit, which may push uranium prices higher, has converged with a global nuclear renaissance and newfound bi-partisan political support to safeguard our domestic nuclear fleet from geopolitical risk of a former Soviet-bloc dominated nuclear fuel cycle. In respect of this, we started Premier to capitalize on the U.S. uranium resurgence, accumulating projects and waiting for the right time to bring them to market. That time is now, and our partnership with CUR whose projects are complementary, sets up an exciting and well-timed launch for PUR." 

Edited by Creamer Media Reporter

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