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NetworkNewsBreaks – Energy Fuels Inc. (NYSE Amer

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Posted On: 04/22/2024 4:54:51 PM
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Posted By: NetworkNewsWire
NetworkNewsBreaks – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Enters SID Agreement for Base Resources Transformational Acquisition

Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements (“REEs”) and vanadium has executed a definitive scheme implementation deed (“SID”) with Base Resources Limited. According to the agreement, Energy Fuels has agreed to acquire 100% of the issued shares of Base Resources in consideration for 0.0260 Energy Fuels common shares and A$0.065 in cash; the transaction will be payable by way of a special dividend by Base Resources to its shareholders for each Base Resources ordinary share held. The transaction has a total equity value of an estimated A$375 million. Highlights of the agreement include that the acquisition will include Base Resources’ wholly owned, advanced, world-class Toliara heavy mineral sands project in Madagascar and that Toliara monazite will be produced at UUUU’s White Mesa Mill into separated REE oxides. The company also noted that the transaction will also secure Base Resources’ mine development and operations team, which has an established track record. In addition, Energy Fuels is engaged in high-level discussions with U.S. government agencies and other entities that provide support for both domestic and international critical mineral projects.“The acquisition of Base Resources and the Toliara project represents a monumental leap forward for the company, as we continue to execute on a truly revolutionary REE, uranium and critical mineral combined strategy,” said Energy Fuels president and CEO Mark Chambers in the press release. “For the past four-plus years, Energy Fuels has innovated a new way to produce critical minerals, that we believe is more cost competitive than traditional approaches, by leveraging our uranium processing expertise and infrastructure to develop a secure, U.S.-centric REE oxide supply chain. . . . The transaction will not only secure a world-class project for Energy Fuels at a highly attractive acquisition price compared to the fundamental value of the project but will also secure a mine development and operations team with a successful track record of designing, constructing and profitably operating a world-class heavy mineral sands operation in Africa.”

NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://nnw.fm/UUUU

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer


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