Snow Lake Updates on the Joint Venture with Global Uranium and Enrichment Limited on the Pine Ridge Uranium Project
Snow Lake Resources (NASDAQ: LITM) has provided an update on its 50/50 joint venture with Global Uranium and Enrichment (GUE) for the Pine Ridge Uranium Project in Wyoming's Powder River Basin. GUE has expanded the project's footprint to nearly 20,000 acres through additional mineral claims staking.
GUE has scheduled an extraordinary general meeting for April 14, 2025, seeking shareholder approval for a A$10 million equity raise. As part of this raise, Snow Lake has committed to invest approximately A$5.8 million for a 19.99% stake in GUE.
The joint venture partner GUE holds a 21.9% stake in Ubaryon, a private Australian company developing proprietary uranium enrichment technology. Ubaryon is currently in discussions with potential strategic partners for funding, with announcements expected in the first half of 2025. GUE has also begun preparing a drilling program for Pine Ridge, including permitting and contractor tendering.
Snow Lake Resources (NASDAQ: LITM) ha fornito un aggiornamento sulla sua joint venture 50/50 con Global Uranium and Enrichment (GUE) per il progetto Uranio Pine Ridge nella Powder River Basin del Wyoming. GUE ha ampliato l'area del progetto a quasi 20.000 acri attraverso ulteriori rivendicazioni minerarie.
GUE ha programmato un'assemblea generale straordinaria per il 14 aprile 2025, cercando l'approvazione degli azionisti per un
Il partner della joint venture GUE detiene una partecipazione del 21,9% in Ubaryon, una società australiana privata che sviluppa tecnologia proprietaria di arricchimento dell'uranio. Ubaryon è attualmente in discussione con potenziali partner strategici per il finanziamento, con annunci attesi nella prima metà del 2025. GUE ha anche iniziato a preparare un programma di perforazione per Pine Ridge, inclusi permessi e gare per appaltatori.
Snow Lake Resources (NASDAQ: LITM) ha proporcionado una actualización sobre su empresa conjunta 50/50 con Global Uranium and Enrichment (GUE) para el Proyecto de Uranio Pine Ridge en la Cuenca Powder River de Wyoming. GUE ha ampliado la superficie del proyecto a casi 20,000 acres mediante la presentación de reclamaciones minerales adicionales.
GUE ha programado una reunión general extraordinaria para el 14 de abril de 2025, buscando la aprobación de los accionistas para un incremento de capital de 10 millones de dólares australianos. Como parte de este aumento, Snow Lake se ha comprometido a invertir aproximadamente 5.8 millones de dólares australianos por una participación del 19.99% en GUE.
El socio de la empresa conjunta GUE posee una participación del 21.9% en Ubaryon, una empresa australiana privada que desarrolla tecnología de enriquecimiento de uranio propia. Ubaryon está actualmente en conversaciones con posibles socios estratégicos para la financiación, con anuncios esperados en la primera mitad de 2025. GUE también ha comenzado a preparar un programa de perforación para Pine Ridge, incluidos permisos y licitaciones para contratistas.
스노우 레이크 리소스(SNOW LAKE RESOURCES, NASDAQ: LITM)는 와이오밍의 파우더 리버 분지에 있는 파인 리지 우라늄 프로젝트에 대해 글로벌 우라늄 및 농축(GUE)과의 50/50 합작 투자에 대한 업데이트를 제공했습니다. GUE는 추가 광물 청구권을 통해 프로젝트의 면적을 거의 20,000 에이커로 확장했습니다.
GUE는 2025년 4월 14일에 주주 승인을 요청하는 1천만 호주 달러의 자본 조달을 위한 특별 총회를 예정하고 있습니다. 이 자본 조달의 일환으로 스노우 레이크는 GUE의 19.99% 지분을 위해 약 580만 호주 달러를 투자하기로 약속했습니다.
합작 투자 파트너인 GUE는 우라늄 농축 기술을 개발하는 호주 사기업인 우바리온(Ubaryon)의 21.9% 지분을 보유하고 있습니다. 우바리온은 현재 자금 조달을 위한 잠재적 전략 파트너와 논의 중이며, 2025년 상반기에 발표가 예상됩니다. GUE는 또한 파인 리지를 위한 드릴링 프로그램을 준비하기 시작했으며, 여기에는 허가 및 계약자 입찰이 포함됩니다.
Snow Lake Resources (NASDAQ: LITM) a fourni une mise à jour sur sa coentreprise 50/50 avec Global Uranium and Enrichment (GUE) pour le projet d'uranium Pine Ridge dans le bassin de Powder River du Wyoming. GUE a élargi l'empreinte du projet à près de 20 000 acres grâce à des revendications minérales supplémentaires.
GUE a prévu une assemblée générale extraordinaire pour le 14 avril 2025, cherchant l'approbation des actionnaires pour une augmentation de capital de 10 millions de dollars australiens. Dans le cadre de cette augmentation, Snow Lake s'est engagé à investir environ 5,8 millions de dollars australiens pour une participation de 19,99 % dans GUE.
Le partenaire de la coentreprise GUE détient une participation de 21,9 % dans Ubaryon, une entreprise australienne privée développant une technologie d'enrichissement de l'uranium. Ubaryon est actuellement en discussions avec des partenaires stratégiques potentiels pour le financement, avec des annonces attendues dans la première moitié de 2025. GUE a également commencé à préparer un programme de forage pour Pine Ridge, y compris les permis et les appels d'offres pour les entrepreneurs.
Snow Lake Resources (NASDAQ: LITM) hat ein Update zu seinem 50/50-Joint-Venture mit Global Uranium and Enrichment (GUE) für das Pine Ridge Uran-Projekt im Powder River Basin in Wyoming gegeben. GUE hat die Fläche des Projekts auf fast 20.000 Acres erweitert durch zusätzliche Mineralansprüche.
GUE hat eine außerordentliche Hauptversammlung für den 14. April 2025 einberufen, um die Zustimmung der Aktionäre für eine Kapitalerhöhung von 10 Millionen australischen Dollar zu suchen. Im Rahmen dieser Erhöhung hat sich Snow Lake verpflichtet, etwa 5,8 Millionen australische Dollar für einen 19,99% Anteil an GUE zu investieren.
Der Joint-Venture-Partner GUE hält einen Anteil von 21,9% an Ubaryon, einem privaten australischen Unternehmen, das proprietäre Technologie zur Urananreicherung entwickelt. Ubaryon befindet sich derzeit in Gesprächen mit potenziellen strategischen Partnern zur Finanzierung, mit Ankündigungen, die in der ersten Hälfte von 2025 erwartet werden. GUE hat auch begonnen, ein Bohrprogramm für Pine Ridge vorzubereiten, einschließlich Genehmigungen und Ausschreibungen für Auftragnehmer.
- Significant expansion of project footprint to 20,000 acres through additional claims
- Strategic investment opportunity securing 19.99% stake in JV partner GUE
- Drilling program preparation underway for 2025
- Potential funding from strategic partners for Ubaryon technology development
- Equity raise and investment subject to shareholder approval
- Due diligence period extended, indicating possible complications
- No immediate revenue generation from project
Insights
The expansion of the Pine Ridge Uranium Project footprint to nearly 20,000 acres represents a significant land position increase in Wyoming's Powder River Basin, a historically productive uranium region. The aggressive claim-staking by GUE demonstrates confidence in the project's geological potential, essentially doubling the project's exploration territory.
This joint venture structure smartly balances risk and opportunity for Snow Lake. The 50/50 JV on Pine Ridge gives direct project exposure, while the
The preparation of a 2025 drilling program signals an acceleration of exploration activities, transitioning from land acquisition to resource definition. Wyoming's Powder River Basin has historically hosted significant roll-front uranium deposits amenable to in-situ recovery methods, which typically have lower capital requirements and shorter development timelines than conventional mining.
The expanded land package creates strategic optionality - allowing for prioritization of the most promising zones while maintaining control over potential satellite deposits. This approach optimizes exploration capital efficiency while maximizing discovery potential across the district-scale property.
Snow Lake's
The transaction architecture offers multiple potential value drivers: direct project participation through the 50/50 JV on Pine Ridge, equity upside in GUE's broader portfolio, and indirect exposure to Ubaryon's uranium enrichment technology. This creates three distinct pathways for potential value creation.
The due diligence extension to April 10 (today) suggests the deal is in its final verification stages, with GUE's shareholder vote scheduled for April 14. The transaction timing aligns with increasing global interest in uranium assets amid supply concerns and growing nuclear power adoption.
While this investment represents a significant portion of Snow Lake's market capitalization, it's a strategic diversification from their previous lithium focus. The structured approach to uranium sector exposure - combining direct project investment with strategic equity stakes - creates a more robust position than a single-asset strategy would provide. The expanded land position further enhances optionality value while progressing toward a drilling program indicates a clear path to potential resource definition.
Winnipeg, Manitoba--(Newsfile Corp. - April 10, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, provides an update on the 50 / 50 joint venture with Global Uranium and Enrichment Limited ("GUE") on the Pine Ridge Uranium Project ("Pine Ridge") in Wyoming's Powder River Basin.
Highlights
- GUE has staked additional mineral claims around Pine Ridge, bringing the total project footprint to nearly 20,000 acres of surface access and mineral rights
- GUE has called an extraordinary general meeting for April 14, 2025 to obtain approval from its shareholders for it's A
$10 million equity raise as part of the acquisition of Pine Ridge
- Snow Lake has committed to invest circa A
$5.8 million , for a19.99% interest in GUE, as part of the equity raise
- Ubaryon continues to progress with a number of interested strategic parties towards securing funding for the ongoing development of its business
CEO Remarks
"We are extremely pleased with Global Uranium and Enrichment Limited's ("GUE") ASX Announcement of April 3, 20251, announcing that GUE continues to stake additional mining claims around Pine Ridge in order to increase the project footprint," said Frank Wheatley, CEO of Snow Lake. "This proactive approach of GUE to enhance the footprint of Pine Ridge, as well as commencing the preparation of a drill program for Pine Ridge in 2025, reinforces our belief that our joint venture with GUE on Pine Ridge holds the potential to create substantial value for our shareholders."
Ubaryon
Ubaryon is a private Australian company which is developing and commercialising a unique uranium enrichment technology (the "Ubaryon Enrichment Technology") based on the chemical separation of naturally occurring uranium isotopes. GUE is the largest shareholder of Ubaryon with a
As GUE announced on February 12, 20252, Ubaryon updated its shareholders regarding commercial interest from potential major strategic partners towards securing funding for ongoing development for the business. GUE advises that this process continues to progress well with a number of interested parties and is expected to be announced within the first half of 2025.
Pine Ridge Uranium Project
As announced by each of Snow Lake and GUE on March 12, 20253, Snow Lake and GUE entered into a joint venture agreement (the "JVA") for the acquisition of
GUE announced on April 3, 20254 that that through the JVA, the GUE management team is staking further claims surrounding Pine Ridge, which will nearly double the footprint of the current project holdings. The current project holdings include nearly 20,000 acres of surface access and mineral rights. GUE has also commenced the preparation of a drilling program including permitting and tendering drill contractors.
As part of the acquisition, GUE received binding commitments to raise A
About Snow Lake Resources Ltd.
Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on (NASDAQ: LITM), with a global portfolio of clean energy mineral projects comprised of two uranium projects and two hard rock lithium projects. The Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia, and the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco lithium, cesium and tantalum mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba. Learn more at www.snowlakeenergy.com.
Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd.. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-Looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-Looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-Looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law.
| Contact and Information Frank Wheatley, CEO | Investor Relations Investors: ir@snowlakelithium.com Website: www.snowlakeenergy.com | Follow us on Social Media Twitter: www.twitter.com/SnowLakeEnergy LinkedIn: www.linkedin.com/company/snow-lake-energy |
1 https://wcsecure.weblink.com.au/pdf/GUE/02932279.pdf
2 https://wcsecure.weblink.com.au/pdf/GUE/02912046.pdf
3 https://wcsecure.weblink.com.au/pdf/GUE/02923751.pdf, https://snowlakeenergy.com/transformational-u-s-uranium-transaction-snow-lake-energy-acquires-the-advanced-pine-ridge-uranium-project-in-wyoming-through-a-strategic-partnership-with-global-uranium-and-enrichment-limited/
4 https://wcsecure.weblink.com.au/pdf/GUE/02932279.pdf
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248050
FAQ
What is the size of Snow Lake's (LITM) Pine Ridge Uranium Project after recent expansion?
How much is Snow Lake (LITM) investing in Global Uranium and Enrichment ?
When is GUE's extraordinary general meeting for the Pine Ridge Project funding approval?
What is the ownership structure of the Pine Ridge Uranium Project between LITM and GUE?
What are the next development steps for LITM's Pine Ridge Uranium Project?
