enCore Energy, a diversified US uranium developer, announced this Tuesday it completed the acquisition of Azarga Uranium Corp. The arrangement will consolidate an industry-leading pipeline of exploration and development company with two production licenses and a deep focus on US uranium projects.
Firstly, under the arrangement, enCore acquired all of the outstanding shares of Azarga Uranium. As outlined above, the transaction will form a company with permittable United States jurisdictions and resources of approximately 90 million pounds of Triuranium octoxide (U3O8).
Moreover, enCore’s assets include the licensed Rosita & Kingsville production facilities in South Texas; the advanced-stage Dewey Burdock development project in South Dakota; the PEA-stage Gas Hills Project, located in Wyoming; and a dominant portfolio of large-high-quality ISR projects throughout Wyoming and New Mexico.
In addition, the acquisition of Azarga Uranium is the second major acquisition by enCore within the past twelve months and represents a continuation of enCore’s strategy to create the leading United States ISR uranium producer.
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enCore to consolidate a solid uranium production portfolio
As a result, the Azarga Uranium acquisition will boost enCore’s operational game plan. Firstly, it will allow the company to modernize its Rosita plant; it would expand its Texas resource base for Rosita production; and will expand its outreach to develop long-term developments in New Mexico.
On the other hand, Azarga will intensify and accelerate permitting related to the advancement of the Dewey Burdock project in South Dakota; initiate permitting to advance the Gas Hills project in Wyoming; and will also advance future development of the Aladdin and Dewey Terrace properties in Wyoming.
William Sheriff, Executive Chairman of enCore, said about the matter. “This strategic acquisition adds strong mid-term ISR opportunities in Wyoming and South Dakota to enCore’s pipeline of near-term production in Texas and longer-term opportunities in New Mexico.”
Finally, Paul Goranson, CEO of enCore, stated. “Dewey Burdock is an excellent advanced ISR uranium project along with the Gas Hills property in Wyoming. Our experienced operating team looks forward to building upon Azarga Uranium’s success to create additional value through development progress and production while continuing to advance our Texas assets to production to deliver into two sales contracts beginning in 2023.”
