Eagle Nuclear Energy has entered into a binding letter of intent (LoI) to acquire Noble Plains Uranium in an all-stock deal that would add two Wyoming uranium projects to its portfolio.
Noble Plains operates as a uranium exploration and development company in the US, holding interests in two in-situ recovery (ISR)-amenable projects in Wyoming.
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The company is advancing its flagship Duck Creek project in the Powder River basin.
According to reports by Noble Plains under Canadian NI 43-101 standards, the project contains 5.32 million pounds of triuranium octoxide in the indicated category and an additional 1.04 million pounds in the inferred category across a 5,965-acre area.
It currently holds an option to acquire 80% interest in this project.
Eagle’s technical team believes the current estimates reflect only part of the project’s full potential, as the resource estimate covers part of the trend and only the shallower mineralised formation.
The Shirley Central project, also operated by Noble Plains, is at an earlier stage and located in the Shirley basin of Wyoming.
Neither Eagle nor Noble Plains has carried out a technical report or resource estimate for these sites under Regulation S-K 1300 Standards of Disclosure for Mineral Projects.
If completed under the terms outlined in the LoI, Noble Plains shareholders will receive Eagle shares valued at C$0.125 per Noble Plains share, representing a premium of approximately 92% to Noble Plains’ closing price on 29 October 2026.
Eagle shareholders would hold approximately 95.22% of the combined company, with former Noble Plains shareholders holding 4.78%.
The transaction is subject to approval by boards, shareholders, stock exchanges and regulators.
Eagle said the potential acquisition would broaden its US uranium project portfolio, especially with the addition of ISR-capable assets in Wyoming.
Eagle CEO Mark Mukhija said: “This transaction gives Eagle greater scale at a time when demand for US uranium is growing. Noble Plains adds established resources in Wyoming and strengthens our portfolio with favorable ISR geology.
“We believe we can move these assets forward efficiently while we continue to work towards development of an integrated nuclear energy platform combining domestic uranium resources with advanced SMR technology.”
In April 2026, Eagle proposed plans to begin a 27,000ft drilling programme at the Aurora Uranium Project in the US.
