Eagle Nuclear Energy to Acquire Noble Plains Uranium
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Eagle Nuclear Energy has signed a binding letter of intent (LOI) to acquire 100 percent of Noble Plains Uranium in an all-stock transaction, subject to the negotiation and execution of a definitive agreement and customary closing conditions.
“This transaction gives Eagle greater scale at a time when demand for U.S. uranium is growing,” said Mark Mukhija, CEO of Eagle Nuclear Energy.
“Noble Plains adds established resources in Wyoming and strengthens our portfolio with favorable ISR geology. We believe we can move these assets forward efficiently while we continue to work towards development of an integrated nuclear energy platform combining domestic uranium resources with advanced SMR technology,” added Mukhija.
“We’ve proven we can acquire uranium assets with historical data, move them forward quickly and add value without having to recreate decades of work,” said Drew Zimmerman, CEO of Noble Plains.
“Combining with Eagle gives us more scale and the capital to keep executing that strategy. We have a strong resource at Duck Creek, more opportunity across the portfolio and existing uranium infrastructure all around us. Today’s announcement is a significant inflection point in the development of our assets and we look forward to further building alongside the team at Eagle,” added Zimmerman.
Noble Plains is a U.S.-focused uranium exploration and development company advancing two in-situ recovery (ISR)-amenable projects strategically located within two of the country’s most prolific uranium districts in Wyoming. ISR provides the most capital-efficient and environmentally responsible method of uranium extraction, while also offering faster development times and lower capital intensity than conventional mining. Noble Plains’ ISR portfolio combines brownfield projects covering ~5,965 acres of demonstrated ISR geology in close proximity to established operators.
Noble Plains has an option to acquire an 80 percent interest in its flagship Duck Creek project located in the uranium-rich Powder River basin of Wyoming that hosts a U₃O₈ resource, reported on a 100 percent basis. Eagle’s technical team believes this current resource estimate represents a relatively small portion of the total resource potential at Duck Creek, as it covers only 2.5 miles of a total 5.25-mile trend, and sits entirely in the shallower of two prospective mineralized formations. Eagle plans to unlock significantly more value at Duck Creek through the execution of a systematically phased exploration program over the next 12-18 months.
Noble Plains’ Shirley Central is an earlier-stage uranium project that represents additional prospectivity for developing U₃O₈ resources in the strategically prominent Shirley basin of Wyoming.
Eagle Nuclear Energy is a next-generation nuclear energy company that combines domestic uranium exploration with access to proprietary small modular reactor (SMR) technology. The company owns the largest conventional, measured and indicated uranium deposit in the United States, located in southeastern Oregon. This includes the Aurora deposit, and the adjacent Cordex deposit, which the company believes offers potential to expand the project’s overall resource inventory. By integrating advanced SMR technology with a sizeable uranium asset, Eagle is building an integrated nuclear platform positioned to support domestic nuclear energy development.
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