enCore Energy finalises Azarga takeover
TSX-V-listed enCore Energy has acquired all the outstanding shares of uranium development company Azarga Uranium Corporation on the basis of 0.375 common shares of Encore for each Azarga share.
The deal consolidates an industry-leading pipeline of exploration and development-stage in-situ recovery (ISR) projects, including two production licences and resources of about 90-million pounds of uranium oxide in the measured and indicated categories.
enCore’s assets include the licensed Rosita and Kingsville production facilities in South Texas, the advanced-stage Dewey Burdock development project, in South Dakota, and the preliminary economic assessment-stage Gas Hills project, in Wyoming.
The acquisition by Encore is a continuation of its strategy to be a leading US ISR uranium producer.
enCore chairperson William Sheriff says ISR production has major operating and capital cost advantages, as well as significantly less environmental impact compared with conventional mining.
“This strategic acquisition adds strong mid-term ISR opportunities in Wyoming and South Dakota to enCore's pipeline of near-term production assets in Texas and longer-term opportunities in New Mexico.
“This second major acquisition for enCore within the last 12 months is in keeping with our announced decision to implement the aggressive merger and acquisition strategy our team successfully used to quickly build Energy Metals Corp, which was sold for $1.6-billion during the last uranium cycle,” he explains.
enCore believes industry consolidation, coupled with capable operation teams, are the keys to success in building a leading US ISR company.
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