Global Uranium and Enrichment Limited (ASX: GUE), founded in 2017, is an ASX-listed uranium exploration and development company headquartered in Perth, Western Australia. The company has a portfolio of high-grade uranium projects in the United States and Canada, including assets in Wyoming, Colorado, and Saskatchewan’s Athabasca Basin, one of the world’s richest uranium regions. The company is focused on advancing uranium exploration, development, and enrichment technologies, particularly as nuclear energy demand rises globally. Its investment in in-situ recovery (ISR) mining offers a low-cost, environmentally sustainable approach to uranium extraction. Currently, Global Uranium shares are trading at A$0.071 per share.
Strategic Acquisition of Pine Ridge Uranium Project
Global Uranium’s A$10 million capital raise will fund the acquisition and development of the Pine Ridge ISR Uranium Project, a highly prospective uranium asset in Wyoming’s Powder River Basin, a leading uranium mining district in the United States.
More than 1,200 historical drill holes have been completed at Pine Ridge, identifying 140 miles of redox fronts, a strong indicator of ISR-amenable uranium deposits. The project has substantial exploration potential, aligning with Global Uranium’s strategy to develop scalable, ISR-based uranium operations.
Under the Joint Venture Agreement (JVA) with Snow Lake, Global Uranium will acquire 100% ownership of Pine Ridge, leveraging Snow Lake’s financial strength and US-based operational expertise. Snow Lake has already secured US$37 million (A$58 million) in funding, ensuring it can fully meet its financial commitments to the JVA.
Snow Lake Becomes a Cornerstone Investor
As part of the capital raise, Snow Lake Energy will invest A$5.8 million in Global Uranium, securing a 19.9% stake in the company. The investment solidifies Snow Lake’s commitment to uranium development in North America while strengthening Global Uranium’s financial position.
Additionally, Snow Lake CEO, Frank Wheatley, will join Global Uranium’s Board as a Non-Executive Director, providing strategic oversight as the company progresses with project development and uranium production planning.
Placement Details and Shareholder Participation
The A$10 million placement was executed at A$0.065 per share, representing an 8.5% discount to the company’s last closing price of A$0.071 (as of March 10, 2025). A total of 153.8 million new fully paid ordinary shares will be issued under the placement, which remains subject to shareholder approval at an Extraordinary General Meeting (EGM) on April 14, 2025.
Snow Lake’s investment is contingent on completing due diligence on Global Uranium’s assets by April 2, 2025. Upon settlement, Snow Lake’s shares will be voluntarily escrowed for six months, ensuring long-term alignment between the two companies.
Global Uranium’s Board of Directors will also participate in the placement for up to A$60,000, reinforcing management’s confidence in the company’s growth strategy. Canaccord Genuity (Australia) Limited acted as Lead Manager to the Placement, receiving 7.8 million unlisted options as part of its compensation.
Outlook and Development Timeline
With secured funding and a strategic joint venture in place, Global Uranium is well-positioned to accelerate uranium exploration and development in North America. The company plans to advance drilling and feasibility studies at Pine Ridge, defining a JORC-compliant uranium resource. It will also develop a long-term production strategy, leveraging ISR mining techniques for cost-efficient uranium extraction.
Global Uranium is actively evaluating further uranium assets to expand its US-based portfolio and capitalise on rising demand for nuclear energy. The company’s ability to execute its development plans efficiently, combined with strong financial backing from Snow Lake and institutional investors, underscores its potential as a leading uranium developer.