IsoEnergy, a company based in Canada, has signed an agreement to acquire all of the issued and outstanding shares of Australian operator Toro Energy for A$75m ($48.9m).
This move will add the Wiluna uranium project in Western Australia (WA) to IsoEnergy’s portfolio.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The offer, which involves exchanging 0.036 of an IsoEnergy share for each Toro share, provides Toro shareholders with around 7.1% ownership in the combined entity.
This offer represents a 79.7% premium over Toro’s last closing price of A$0.325 per share on 10 October and a 92.2% premium over its 20-day volume-weighted average price.
The merger would integrate Toro’s fully owned Wiluna uranium project in the northern goldfields of WA into IsoEnergy’s portfolio.
IsoEnergy’s portfolio features the ultra-high-grade Hurricane deposit in Canada’s Athabasca basin, a host of past-producing US mines, and uranium exploration and development assets across tier one mining jurisdictions.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIsoEnergy CEO and director Philip Williams said: “The acquisition of Toro Energy marks another important step in advancing IsoEnergy’s strategy to build a globally diversified, development-ready uranium platform. The Wiluna Uranium Project strengthens our portfolio with a large, previously permitted asset in a top-tier jurisdiction at a time when global nuclear demand is accelerating.
“This transaction positions IsoEnergy to deliver meaningful scale, optionality and sustained value creation for shareholders. We look forward to welcoming the Toro team, who have done an admirable job stewarding the company and its projects through often challenging markets, to IsoEnergy and advancing the project together.”
Toro executive chairman Richard Homsany said: “The Toro team will benefit from the significant financial strength of ISO and looks forward to working together on the successful development of the Wiluna Uranium Project for all stakeholders.”
Upon completion, the merged company will possess a consolidated resource base of 55.2 million pounds of (mlb) uranium oxide (measured and indicated) and 4.9mlb inferred, according to National Instrument 43-101 standards.
Additionally, it will have Joint Ore Reserves Committee-compliant resources totalling 78.1mlb (measured and indicated) and 34.6mlb inferred.
The merger positions the company to benefit from a strengthening uranium market, with the World Nuclear Association forecasting a 30% rise in global uranium demand by 2030 and more than the double by 2040.
IsoEnergy and Toro announced that Toro’s independent board committee has unanimously advised shareholders to support the transaction, provided no better offer emerges.
Mega Uranium, a major shareholder with approximately 12.7% ownership in Toro, has expressed its intention to vote in favour of the transaction.
Last year, in October, IsoEnergy and Purepoint Uranium Group formed a joint venture to explore and develop uranium properties in the Athabasca basin in northern Saskatchewan, Canada.
