
Premier American Uranium has agreed to acquire Nuclear Fuels, a uranium exploration company advancing early-stage, district-scale in-situ recovery (ISR) amenable uranium projects towards production in the US.
The acquisition is set to unite extensive project portfolios across key US uranium districts, bolstering both companies’ strategic positions.
The arrangement will see Nuclear Fuels shareholders receive 0.33 of a Premier American Uranium share for each Nuclear Fuels share held.
This exchange ratio represents a 54% premium over the closing price of Nuclear Fuels shares on the Canadian Securities Exchange as of the announcement date. The combined entity is valued at approximately C$102m ($74.4m).
Nuclear Fuels’ portfolio includes the Kaycee uranium project in Wyoming’s Powder River Basin, which spans a 35-mile trend with significant drilling and exploration history.
The acquisition also adds five exploration-stage projects in Wyoming, Utah and Arizona to Premier American Uranium’s assets.

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 GlobalDataThe combined project portfolio will cover more than 104,000 acres, offering a pipeline from near-term development to early-stage exploration.
Premier American Uranium CEO Colin Healey said: “Premier American Uranium is proud to pursue this transaction to combine our assets with those of Nuclear Fuels. Kaycee is an exciting ISR prospect that, in combination with our own Cyclone Project, is expected to position PUR [Premier American Uranium] as one of the most active uranium explorers in Wyoming.
“While we target resource growth in Wyoming, we will continue to advance our Cebolleta Project in New Mexico along the development curve. This is the second major acquisition for Premier American Uranium within the last 12 months, and it adheres to our goal of growth during a time of pronounced optimism in the nuclear space.”
The strategic rationale behind the transaction is multifaceted. It establishes a leading explorer with an estimated 18.6 million pounds (mlb) of triuranium octoxide indicated and 4.9mlb of triuranium octoxide inferred mineral resource at the Cebolleta Project in New Mexico.
The presence in Wyoming is notably enhanced, with the combined company having completed the most exploration drilling among Wyoming-focused ISR explorers in 2024.
Key development catalysts include a planned mineral resource update and preliminary economic assessment for Cebolleta, expected in summer 2025.
The Grants Mineral Belt’s strategic significance is underscored by the addition of four uranium projects to the US Federal FAST-41 permitting dashboard in May 2025.
Nuclear Fuels acquired the Kaycee project from enCore Energy in 2022, with enCore retaining a buyback option under certain resource estimate conditions.
Premier American Uranium consolidates, explores and develops uranium projects in the US, aiming to strengthen domestic energy security and support the transition to clean energy.
One of the company’s key strengths is the extensive land holdings in three uranium-producing regions in the US: the Grants Mineral Belt of New Mexico, the Great Divide Basin of Wyoming and the Uravan Mineral Belt of Colorado.
Premier American Uranium also reported successful 2024 exploration drilling at the Cyclone ISR Uranium Project in Wyoming in October last year, with promising uranium mineralisation identified.