Shares of Snow Lake Resources Ltd. (NASDAQ:LITM) surged 10% on Monday after the company announced it has signed a definitive agreement to acquire Global Uranium and Enrichment Limited (GUE), in a move aimed at building a U.S.-focused nuclear fuel cycle company.
The acquisition will bring together Snow Lake’s existing 50/50 joint venture with GUE on the Pine Ridge uranium project in Wyoming’s Powder River Basin, which the company has described as a potential Tier 1 uranium asset. The combined firm will rank among the largest uranium exploration and development companies centered on the U.S. market, with projects spanning Wyoming, Colorado, Utah, Canada, and Namibia.
Under the terms of the agreement, GUE shareholders will receive A$0.0968 in Snow Lake shares for each GUE share held, representing a 40.3% premium to GUE’s closing price on October 3, 2025. The deal assigns GUE an equity value of A$44.5 million and an enterprise value of A$41.5 million.
“The acquisition of GUE is another step in our strategy to create a U.S. focused nuclear fuel cycle company,” said Frank Wheatley, Chief Executive Officer of Snow Lake. “Combining our assets with those of GUE is a natural fit for our strategy, as it consolidates our joint venture with GUE on the Pine Ridge uranium project in the prolific Powder River Basin in Wyoming, allowing for an expedited pathway to development and eventual production.”
In addition to uranium exploration, the merged company will gain broader exposure to the nuclear fuel cycle through a 21.9% stake in Ubaryon, a firm developing uranium enrichment technology, and a strategic partnership with Exodys Energy, a startup focused on small modular reactors.
The transaction is expected to close in the first quarter of 2026, pending regulatory approvals and other standard conditions. Upon completion, Snow Lake will hold 67% of the combined company, while GUE shareholders will own the remaining 33%.
Snow Lake Resources stock price
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