IsoEnergy and Purepoint Uranium Complete Joint Venture
IsoEnergy and Purepoint Uranium have completed their joint venture, consolidating 10 uranium projects covering over 98,000 hectares in Saskatchewan's eastern Athabasca Basin. The initial ownership structure is 60% IsoEnergy and 40% Purepoint, with options to adjust to a 50/50 split through put/call options exchangeable for 4 million Purepoint shares. IsoEnergy can later purchase an additional 1% interest for $2 million.
Purepoint will operate during exploration, while IsoEnergy will control pre-development stages. The partnership focuses on properties along the Larocque Trend, known for high-grade uranium discoveries. Any ownership interest reduced to 10% or less converts to a 2% net smelter royalty.
IsoEnergy e Purepoint Uranium hanno completato la loro joint venture, consolidando 10 progetti di uranio che coprono oltre 98.000 ettari nel Bacino di Athabasca orientale, in Saskatchewan. La struttura di proprietà iniziale è del 60% per IsoEnergy e del 40% per Purepoint, con opzioni per adattarsi a una divisione 50/50 attraverso opzioni di put/call convertibili in 4 milioni di azioni Purepoint. IsoEnergy può successivamente acquistare un ulteriore 1% di interesse per 2 milioni di dollari.
Purepoint gestirà le attività durante la fase di esplorazione, mentre IsoEnergy controllerà le fasi di pre-sviluppo. La partnership si concentra su proprietà lungo il Larocque Trend, noto per le scoperte di uranio ad alta qualità. Qualsiasi interesse di proprietà ridotto al 10% o meno si converte in una royalty netta di fusione del 2%.
IsoEnergy y Purepoint Uranium han completado su empresa conjunta, consolidando 10 proyectos de uranio que cubren más de 98,000 hectáreas en la cuenca de Athabasca oriental en Saskatchewan. La estructura de propiedad inicial es del 60% para IsoEnergy y del 40% para Purepoint, con opciones para ajustarse a una división 50/50 a través de opciones de put/call intercambiables por 4 millones de acciones de Purepoint. IsoEnergy puede posteriormente adquirir un interés adicional del 1% por 2 millones de dólares.
Purepoint operará durante la exploración, mientras que IsoEnergy controlará las etapas de pre-desarrollo. La asociación se centra en propiedades a lo largo de la tendencia Larocque, conocida por sus descubrimientos de uranio de alta calidad. Cualquier interés de propiedad reducido al 10% o menos se convierte en una regalía neta de fundición del 2%.
IsoEnergy와 Purepoint Uranium은 공동 사업을 완료하여 사스카치원 주 동부 아타바스카 분지에서 98,000헥타르 이상을 포괄하는 10개의 우라늄 프로젝트를 통합했습니다. 초기 소유 구조는 IsoEnergy가 60%, Purepoint가 40%이며, 400만 개의 Purepoint 주식과 교환 가능한 풋/콜 옵션을 통해 50/50 비율로 조정할 수 있는 옵션이 있습니다. IsoEnergy는 이후 200만 달러에 추가로 1%의 지분을 구매할 수 있습니다.
Purepoint은 탐사 중 운영을 맡고, IsoEnergy는 개발 전 단계에 대한 관리를 합니다. 이 파트너십은 고급 우라늄 발견으로 알려진 Larocque 트렌드를 따라 위치한 자산에 중점을 둡니다. 소유 지분이 10% 이하로 줄어들면 2%의 순 제련 로열티로 전환됩니다.
IsoEnergy et Purepoint Uranium ont finalisé leur coentreprise, consolidant 10 projets d'uranium couvrant plus de 98 000 hectares dans le bassin d'Athabasca oriental en Saskatchewan. La structure de propriété initiale est de 60 % pour IsoEnergy et de 40 % pour Purepoint, avec des options pour ajuster à une répartition 50/50 par le biais d'options d'achat/vente échangeables contre 4 millions d'actions Purepoint. IsoEnergy peut ensuite acheter un intérêt supplémentaire de 1 % pour 2 millions de dollars.
Purepoint opérera pendant l'exploration, tandis qu'IsoEnergy contrôlera les étapes de pré-développement. Le partenariat se concentre sur des propriétés le long de la tendance Larocque, connue pour ses découvertes d'uranium de haute qualité. Tout intérêt de propriété réduit à 10 % ou moins se transforme en une redevance nette de fusion de 2 %.
IsoEnergy und Purepoint Uranium haben ihr Joint Venture abgeschlossen und 10 Uranprojekte konsolidiert, die über 98.000 Hektar im östlichen Athabasca-Becken von Saskatchewan abdecken. Die ursprüngliche Eigentümerstruktur beträgt 60% für IsoEnergy und 40% für Purepoint, mit Optionen zur Anpassung an eine 50/50-Aufteilung durch Put/Call-Optionen, die gegen 4 Millionen Purepoint-Aktien eintauschbar sind. IsoEnergy kann später zusätzlich 1% Interesse für 2 Millionen Dollar erwerben.
Purepoint wird während der Erkundung operieren, während IsoEnergy die Vorentwicklungsphasen kontrolliert. Die Partnerschaft konzentriert sich auf Grundstücke entlang des Larocque-Trends, der für hochgradige Uranentdeckungen bekannt ist. Jedes Eigentumsinteresse, das auf 10% oder weniger reduziert wird, wandelt sich in eine 2% Nettoverhüttungsroyalty um.
- Strategic consolidation of 98,000 hectares of uranium projects in prime location
- Flexible ownership structure with options to optimize partnership alignment
- Experienced operator (Purepoint) managing exploration phase
- Properties located in proven uranium-rich Larocque Trend
- None.
Toronto, Ontario--(Newsfile Corp. - December 19, 2024) - IsoEnergy Ltd. (TSX: ISO) (OTCQX: ISENF) ("IsoEnergy") and Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint") are pleased to announce the successful implementation of their previously announced joint venture (the "Joint Venture") (see press release dated October 22, 2024), consolidating 10 uranium projects spanning over 98,000 hectares in the eastern Athabasca Basin, Saskatchewan (Figure 1). This strategic collaboration strengthens both companies' efforts to advance high-potential uranium assets in one of the world's premier uranium-producing regions.
The joint venture establishes an initial ownership structure of
The Joint Venture brings together a complementary portfolio of highly prospective properties strategically positioned along the Larocque Trend, a region renowned for high-grade uranium discoveries such as IsoEnergy's Hurricane Deposit (Figure 2). Subject to the terms of the Joint Venture agreement, Purepoint will serve as operator during the exploration phase, while IsoEnergy will assume operational control as the projects advance to pre-development stages. Work programs across the joint portfolio are expected to commence in the near future.
Philip Williams, CEO and Director of IsoEnergy, commented, "This partnership allows us to advance a promising portfolio of uranium projects while maintaining our focus on IsoEnergy's core development assets. By working alongside Purepoint, a highly experienced operator in the Athabasca Basin, we ensure these projects receive the dedicated attention and resources needed to unlock their full potential."
Chris Frostad, President and CEO of Purepoint, added, "Our strategy of partnering with the strongest players in the uranium sector ensures that our most prospective projects, like those within this joint venture, are supported by a secure and sustainable source of funding. This collaboration not only validates the potential of these assets but also aligns with our commitment to advance them responsibly and efficiently."
Figure 1: Joint Venture Portfolio, including 10 Projects Covering More Than 98,000 Hectares in the Athabasca Basin
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3218/234370_4feda723d44828d2_001full.jpg
Figure 2: Complimentary and Prospective Ground Covering the Larocque Trend with Strong Discovery Potential
* See Qualified Person Statement below.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3218/234370_4feda723d44828d2_002full.jpg
Early Warning Disclosure
In connection with the formation of the Joint Venture, IsoEnergy is deemed to have acquired beneficial ownership of the 4,000,000 PTU Shares issuable upon exercise of the Put/Call Option pursuant to applicable Canadian securities laws. Prior to the implementation of the Joint Venture, IsoEnergy beneficially owned an aggregate of 3,333,334 PTU Shares and 3,333,334 warrants ("PTU Warrants"), representing approximately
While IsoEnergy currently has no plans or intentions with respect to the Purepoint securities, IsoEnergy may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the PTU Shares, PTU Warrants or other securities of Purepoint based on market conditions, general economic and industry conditions, trading prices of Purepoint's securities, Purepoint's business, financial condition and prospects and/or other relevant factors.
A copy of the early warning report to be filed by IsoEnergy will be available under Purepoint's profile on SEDAR+ at www.sedarplus.ca or by contacting Graham du Preez, Chief Financial Officer of IsoEnergy, at 306-373-6399. IsoEnergy's head office is located at 217 Queen St. West, Suite 401, Toronto, Ontario, M5V 0R2.
Qualified Person Statement
The scientific and technical information contained in this news release relating to IsoEnergy was reviewed and approved by Dr. Dan Brisbin, P.Geo., IsoEnergy's Vice President, Exploration, who is a "Qualified Person" (as defined in NI 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")).
For additional information with respect to the current mineral resource estimate for IsoEnergy's Hurricane Deposit, please refer to the Technical Report prepared in accordance with NI 43-101 entitled "Technical Report on the Larocque East Project, Northern Saskatchewan, Canada" dated August 4, 2022, available under IsoEnergy's profile at www.sedarplus.ca.
About IsoEnergy Ltd.
IsoEnergy is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S. and Australia at varying stages of development, providing near-, medium- and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada's Athabasca basin, which is home to the Hurricane deposit, boasting the world's highest-grade indicated uranium mineral resource.
IsoEnergy also holds a portfolio of permitted past-producing, conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.
About Purepoint Uranium Group Inc.
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca Basin in Canada. The most prospective projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc. and IsoEnergy Ltd.
Additionally, the Company holds a promising VHMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Corporation's McIlvena Bay project. Through a robust and proactive exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe's most significant uranium districts.
For further information, please contact:
IsoEnergy Ltd.
Philip Williams, CEO and Director
(833) 572-2333
info@isoenergy.ca
www.isoenergy.ca
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO
(416) 603-8368
cfrostad@purepoint.ca
www.purepoint.ca
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". This forward-looking information may relate to the Joint Venture, including statements with respect to the anticipated benefits of the Joint Venture to the parties; the expected ownership interests of IsoEnergy and Purepoint in the Joint Venture; the prospects of each company's respective projects, including mineralization of each project; the potential for, success of and anticipated timing of commencement of future exploration and development of the Joint Venture projects; IsoEnergy's expectations with respect to the sale or purchase or sale of Purepoint securities shares in the future; and any other activities, events or developments that the companies expect or anticipate will or may occur in the future.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, the accuracy of management's assessment of the effects of the successful completion of the Joint Venture and that the anticipated benefits of the Joint Venture will be realized; the anticipated mineralization of IsoEnergy's and Purepoint's projects being consistent with expectations and the potential benefits from such projects and any upside from such projects; the price of uranium; that general business and economic conditions will not change in a materially adverse manner; that financing will be available if and when needed and on reasonable terms; and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Joint Venture's planned activities will be available on reasonable terms and in a timely manner. Although each of IsoEnergy and Purepoint have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of IsoEnergy and Purepoint with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by IsoEnergy and Purepoint, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: the inability of the parties to realize the benefits anticipated from the Joint Venture and the timing to realize such benefits; changes to IsoEnergy's and/or Purepoint's current and future business plans and the strategic alternatives available thereto; growth prospects and outlook of IsoEnergy's and Purepoint's business; regulatory determinations and delays; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada, the United States and other jurisdictions where the applicable party conducts business. Other factors which could materially affect such forward-looking information are described in the risk factors in each of IsoEnergy's and Purepoint's most recent annual management's discussion and analyses or annual information forms and IsoEnergy's and Purepoint's other filings with the Canadian securities regulators which are available, respectively, on each company's profile on SEDAR+ at www.sedarplus.ca. IsoEnergy and Purepoint do not undertake to update any forward-looking information, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234370
FAQ
What is the ownership structure of the IsoEnergy-Purepoint uranium joint venture?
How many hectares does the PTUUF joint venture cover in the Athabasca Basin?
What happens if a partner's ownership drops below 10% in the PTUUF joint venture?
Who will operate the PTUUF joint venture projects?
What is the deadline for IsoEnergy to exercise its additional 1% purchase option from PTUUF?
