Eagle Nuclear Energy to acquire Noble Plains Uranium

Eagle Nuclear Energy (NUCL) has entered into a binding Letter of Intent (LOI) to acquire 100% of Noble Plains Uranium (NOBL), a U.S.-focused uranium exploration and development company. This all-stock transaction will significantly expand Eagle's resource footprint beyond Oregon, where it is developing the Aurora uranium project, considered the largest mineable uranium deposit in the US.

The deal, subject to a definitive agreement, will see Eagle pay a deemed price of C$0.125 per Noble Plains share. The exchange ratio is 0.0167 Eagle shares for each Noble Plains share, representing a 92% premium to the closing price of Noble Plains shares on October 29th. The transaction will result in existing Eagle stockholders holding approximately 95.22% of Eagle's equity, while former Noble Plains shareholders will hold about 4.78%.

Noble Plains' portfolio includes two In-Situ Recovery (ISR)-amenable projects in Wyoming, strategically located within two of the country's most prolific uranium districts. The company's flagship project, Duck Creek, features an ISR portfolio covering ~5,965 acres of demonstrated ISR geology in close proximity to established operators.

Eagle's CEO, Mark Mukhija, sees this acquisition as part of a move into project Manhattan 2.0, emphasizing the potential for significant resource value at Duck Creek. Noble Plains' CEO, Drew Zimmerman, highlights the acquisition as a means to strengthen the portfolio with favorable ISR geology and increase scale, enabling efficient asset development while working towards an integrated nuclear energy platform.

Eagle's stock experienced a 2.8% decline in Wednesday's closing, with a market capitalization of $123.5 million. Noble Plains' stock price rose 13% on the TSX.