Energy Fuels to Acquire Base Resources for A$375m, Including Toliara Heavy Mineral Sands Project in Madagascar.

Energy Fuels, a US-based uranium, rare earth elements (REEs), and vanadium producer, has signed a definitive scheme implementation deed (SID) with Base Resources to acquire the mineral sands producer in a deal worth about A$375m ($241.43m). The acquisition will include Base Resources’ fully-owned advanced Toliara heavy mineral sands project in Madagascar. Each Base Resources shareholder will receive 0.026 Energy Fuels common shares and A$0.065 ($0.042) in cash as consideration. Following implementation of the scheme, shareholders will own nearly 83.6% and 16.4% of the enlarged company. Base Resources managing director Tim Carstens said the transaction reflects the exceptional quality of the Tolara project and the efforts of the Base Resources team over several years to advance the project towards construction readiness.