Global Uranium Enrichment Expands U.S. Presence with Pine Ridge Uranium Acquisition

Key Highlights:

• Global Uranium Enrichment Ltd (ASX: GUE) and Snow Lake Energy (NASDAQ: LITM) secure 100% ownership of the Pine Ridge Uranium Project in Wyoming’s Powder River Basin.
• US$22.5 million acquisition with a US$10 million exploration commitment over three years.
• Pine Ridge features over 1,200 drill holes and 140 miles of redox fronts, supporting In-Situ Recovery (ISR) uranium potential.
• Snow Lake Energy invests A$5.6 million, acquiring a 19.99% stake in GUE, strengthening strategic ties.
• Wyoming’s pro-uranium policies and Pine Ridge’s proximity to Cameco’s Smith Ranch Uranium Mill enhance development prospects.

Global Uranium Enrichment Secures Strategic Foothold in U.S. Uranium Market

In a move that solidifies its position as an emerging force in the uranium sector, Global Uranium & Enrichment Ltd (ASX: GUE) has finalized a joint venture with Snow Lake Energy (NASDAQ: LITM) to acquire 100% of the Pine Ridge Uranium Project in Wyoming’s Powder River Basin.

This US$22.5 million transaction positions Global Uranium in one of North America’s most prolific uranium-producing regions, known for its favorable regulatory environment and extensive uranium infrastructure. The acquisition includes a minimum US$10 million exploration commitment over the next three years to advance the project towards production.

Pine Ridge: A High-Grade ISR Uranium Prospect

Pine Ridge boasts an initial Exploration Target of 24.4–51.3 million pounds (Mlbs) U3O8, with an average grade of 0.031%–0.040% U3O8. More than 1,200 historical drill holes have mapped over 140 miles of uranium-bearing redox fronts, highlighting its strong potential for In-Situ Recovery (ISR) mining.

ISR uranium mining is a cost-effective, environmentally friendly extraction method that eliminates the need for open pits or underground tunnels. Wyoming’s regulatory framework streamlines permitting processes, making ISR projects in the region highly attractive for near-term development.

Pine Ridge is strategically located just 15km from Cameco’s Smith Ranch Uranium Mill, which has a licensed processing capacity of 5.5M lbs U3O8 per year. This proximity significantly reduces infrastructure costs and enhances Pine Ridge’s potential for rapid commercialization.

Snow Lake Energy Investment & Strategic Partnership

As part of the agreement, Snow Lake Energy will invest A$5.6 million in Global Uranium, securing a 19.99% ownership stake. This move underscores Snow Lake’s confidence in GUE’s asset portfolio and uranium sector growth strategy.

Additionally, Snow Lake CEO Frank Wheatley will join Global Uranium’s board as a Non-Executive Director, bringing over 35 years of mining and nuclear energy expertise to the company.

Wyoming: A Premier U.S. Uranium Hub

Wyoming has produced over 240 Mlbs of uranium since 1951, making it the largest uranium-producing state in the U.S.. The Powder River Basin is home to major uranium operations owned by Cameco, Uranium Energy Corp (UEC), and GTi Energy, further validating the region’s importance in the uranium supply chain.

Pine Ridge sits adjacent to Cameco’s Smith Ranch-Highland Project, which holds a JORC resource of 36.2M lbs U3O8, as well as UEC’s Allemand-Ross Uranium Project. The extensive drilling history and proximity to proven uranium deposits enhance the project’s long-term economic viability.

Future Outlook: Exploration & Resource Development

Following the acquisition, Global Uranium and Snow Lake will initiate an aggressive exploration program, prioritizing areas with high-grade intercepts. The goal is to delineate a JORC-compliant resource, conduct a scoping study, and fast-track ISR development.

Commenting on the acquisition, Andrew Ferrier, Managing Director of Global Uranium, stated:

“Pine Ridge is a game-changing acquisition that positions us in the heart of the U.S. uranium resurgence. With ISR technology, existing infrastructure, and Wyoming’s regulatory support, we are well-placed to advance this project towards production and contribute to the growing demand for domestic uranium supply.”