On October 22, 2024, IsoEnergy Ltd. (TSX: ISO) (OTCQX: ISENF) and Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) announced the establishment of a joint venture (the “Joint Venture”) for the exploration and development of a portfolio of uranium properties in northern Saskatchewan’s Athabasca Basin. Both companies will contribute assets from their respective portfolios to the Joint Venture, which will consist of 10 projects covering more than 98,000 hectares in the east side of the Athabasca Basin. The Joint Venture aims to capitalize on the significant potential of these properties by combining the expertise of both companies.
Highlights of the transaction include the formation of a Joint Venture Portfolio comprising 10 projects, such as IsoEnergy’s Geiger, Thorburn Lake, Full Moon, Edge, Collins Bay Extension, North Thorburn, 2Z Lake, and Madison Projects, as well as Purepoint’s Turnor Lake and Red Willow Projects. The Joint Venture will focus on areas with strong discovery potential, particularly the Larocque Trend, a regional structure hosting high-grade uranium occurrences.
IsoEnergy will hold a 60% interest in the Joint Venture initially, with Purepoint holding the remaining 40%. The ownership structure may be adjusted to 50/50 within six months through put/call options. Purepoint will operate the Joint Venture properties during the exploration phase, while IsoEnergy will take over operational control during the pre-development phase.
Both companies expressed enthusiasm about the collaboration, noting the strategic synergy and potential for accelerated discoveries. The formation of the Joint Venture is subject to regulatory approvals and completion of certain conditions. Details of the Joint Venture agreement, ownership interests, and operating terms were outlined in the release.
IsoEnergy and Purepoint also disclosed plans for a share consolidation and a non-brokered private placement offering to raise funds for the Joint Venture’s exploration plans. The transactions are subject to approval by the TSX Venture Exchange and are expected to be completed following the satisfaction of all necessary conditions.
IsoEnergy is a globally diversified uranium company with projects in Canada, the U.S., and Australia, while Purepoint Uranium Group Inc. is a focused explorer in the Athabasca Basin in Canada. Both companies emphasized the importance of the Joint Venture in advancing their respective projects and unlocking value for their shareholders.
For more information, please refer to the source version of this press release available at https://www.newsfilecorp.com/company/3218/Purepoint-Uranium-Group-Inc.
