Australia-listed Global Uranium and Nasdaq-listed Snow Lake Resources have entered a joint venture (JV) to acquire the Pine Ridge uranium project, located in Wyoming’s Powder River Basin, from Stakeholder Energy. The acquisition, announced on Wednesday, strategically positions Global Uranium at the heart of one of the most prominent uranium-producing regions in the US.

As part of the JV agreement, Powder River Basin — a 50:50 venture between Global Uranium’s subsidiary Usuran Resources and Snow Lake Exploration (US) — will acquire the project for $22.5-million. Global Uranium and Snow Lake will equally share the financial burden of the acquisition, as well as any future exploration expenditures. The purchase agreement also includes a commitment to at least $10-million in exploration investment over the first three years of the project’s development.

“We are pleased to announce the acquisition of the Pine Ridge uranium project, an advanced project with significant scale potential in the Powder River Basin, Wyoming. The basin is currently home to four globally significant uranium companies, and this strategic move positions Global Uranium in the heart of this important uranium district,” said Global Uranium MD Andrew Ferrier.

Uranium major Cameco’s Smith Ranch uranium mill is located just 15 km from Pine Ridge and has a licensed capacity of 5.5-million pounds a year of triuranium octoxide (U₃O₈).

The exploration target at Pine Ridge is substantial, with an estimated range of 24.4-million to 51.3-million pounds of U₃O₈, at an average grade of 0.031% to 0.040% U₃O₈ (on a 100% basis). However, the potential quantity and grade of the resource remain conceptual, as insufficient modern exploration has been conducted to classify it under Joint Ore Reserve Committee-compliant standards.

Meanwhile, Snow Lake will invest A$5.6-million into Global Uranium, acquiring a 19.99% stake in the company as part of a broader A$9-million placement. Snow Lake CEO Frank Wheatley will also join Global Uranium’s board as a nonexecutive director.

"We are pleased to welcome Snow Lake Energy as a strategic partner, who have recognised the strength of Global Uranium’s existing portfolio and our value as a partner in the Pine Ridge project. The commitment of Snow Lake underscores the Pine Ridge’s value and aligns with our vision of advancing high-quality uranium assets in Tier 1 jurisdictions,” Ferrier stated.

The acquisition is a key milestone in Global Uranium’s broader strategy of securing over 100-million pounds of uranium across its portfolio. Ferrier described the Pine Ridge project as a “game-changer” for the company, one that holds the potential to significantly contribute to its long-term growth.