Global Uranium and Snow Lake Resources have formed a joint venture (JV) to acquire the Pine Ridge uranium project in Wyoming’s Powder River Basin, Mining Weekly reports.
The acquisition, valued at $22.5 million, was announced on Wednesday and marks a significant step for Global Uranium, positioning the company in one of the most prominent uranium-producing regions in the United States.
The newly established Powder River Basin JV—a 50:50 partnership between Global Uranium’s subsidiary, Usuran Resources, and Snow Lake Exploration (US)—will take ownership of the Pine Ridge project from Stakeholder Energy. Both companies will share the financial responsibilities for the acquisition, as well as future exploration investments.
As part of the agreement, the JV has committed to spending at least $10 million on exploration over the first three years of project development.
Andrew Ferrier, Managing Director of Global Uranium, highlighted the strategic importance of the acquisition, stating:
“The Powder River Basin is home to several globally significant uranium companies. This acquisition positions Global Uranium at the heart of an important uranium district.”
The Pine Ridge project has a significant exploration target, estimated at 24.4 million to 51.3 million pounds of triuranium octoxide (U₃O₈), with an average grade of 0.031% to 0.040% U₃O₈. However, this estimate remains conceptual, as further exploration is required to confirm the resource under Joint Ore Reserve Committee (JORC) standards.
The project is 15 km from Cameco’s Smith Ranch uranium mill, which has a licensed capacity of 5.5 million pounds of U₃O₈ per year.
As part of a broader A$9 million placement, Snow Lake will invest A$5.6 million into Global Uranium, acquiring a 19.99% stake in the company. Additionally, Snow Lake CEO Frank Wheatley will join Global Uranium’s board as a nonexecutive director.
Ferrier welcomed the partnership, stating:
“Snow Lake’s commitment underscores the value of the Pine Ridge project and aligns with our vision of advancing high-quality uranium assets in Tier 1 jurisdictions.”
The acquisition is a key milestone in Global Uranium’s broader strategy to secure over 100 million pounds of uranium across its portfolio. Ferrier described the Pine Ridge project as a “game-changer” for the company, with the potential to significantly contribute to its long-term expansion and development in the uranium sector.
