US-based uranium and rare earths producer Energy Fuels has agreed to acquire 100% of the issued shares in Base Resources , in a deal valued at A$375 million .
Base Resources shareholders will receive 0.0260 Energy Fuels common shares plus a dividend of A$0.065 for each Base Resources share held, for total consideration of approximately A$0.302 per share, which represents a premium to Base Resources’ last closing price of 188%, and a premium to the 20-day VWAP of Base Resources shares of 173%.
The deal will also create a platform for the funding and development of Base Resources’ Toliara project in Madagascar, with future monazite production from the project to be processed at Energy Fuels’ operating White Mesa mill in Utah.
“For the past four-plus years, Energy Fuels has innovated a new way to produce critical minerals, that we believe is more cost competitive than traditional approaches, by leveraging our uranium processing expertise and infrastructure to develop a secure, US-centric REE oxide supply chain,” Energy Fuels CEO Mark Chalmers“We have secured long-term sources of REE concentrate through offtake , and direct ownership , Chalmers said.
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