Canadian uranium explorer Consolidated Uranium (CUR) has secured approval from the Ontario Superior Court of Justice for the previously announced spin-out of Premier American Uranium (PUR), a pure-play US uranium company.

This follows the approval from Consolidated Uranium shareholders earlier this month, with 99% voting in favour of the proposal.

In May 2023, the company proposed the spin-out to focus on the acquisition, exploration and development of uranium projects, including the Great Divide Basin and the Cyclone in Wyoming, as well as the Uravan Mineral Belt and Monogram Mesa project in Colorado.

PUR plans to begin work programmes to advance its portfolio this year.

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By GlobalData

The Cyclone project features 25,500 acres with past work supporting an exploration target between the ranges of around 6.5 million tonnes (mt) at 0.06% and 10.5mt at 0.06% triuranium octoxide (U₃O₈). The Great Divide Basin produced nearly 230 million pounds (mlb) of U₃O₈ in the 1950s.

The Uravan project has a history of producing nearly 80mlb of the mineral and more than 400mlb of vanadium oxide (V₂O₅).

Covering nearly 7,431 acres, the Monogram Mesa project includes 361 mining claims. Historically, the mine produced 840,761t of U₃O₈ at 0.3% and 20,000lb of V₂O₅.

Other projects in Colorado include the Outlaw Mesa and the Slick Rock projects. While Outlaw Mesa covers 5,759 acres, Slick Rock spans 1,226 acres with a total of four leases from the US Department of Energy (DOE).

When completed, the spin-out will result in CUR transferring ownership of some of its indirect subsidiaries that hold eight US Department of Energy leases and certain patented claims in Colorado to PUR for 7.7 million shares.