Energy Fuels Inc. Completes Acquisition Deal with Base Resources Limited

Energy Fuels Inc. (NYSE: UUUU) recently finalized its acquisition of Base Resources Limited, a significant move in the company’s strategic expansion plan. The completion of this acquisition was disclosed in a Form 8-K report filed with the Securities and Exchange Commission on October 8, 2024.

The acquisition, executed by EFR Australia Pty Ltd, a wholly-owned subsidiary of Energy Fuels Inc., involved the purchase of all fully paid ordinary shares of Base Resources, following a Scheme Implementation Deed dated April 21, 2024. The transaction was successfully closed on October 2, 2024, marking a pivotal moment for Energy Fuels.

As part of the acquisition process, Energy Fuels issued a total of 31,920,983 common shares to the holders of ordinary shares of Base Resources. This issuance was in compliance with the exemption from the registration requirements of the United States Securities Act of 1933.

Additionally, alongside the acquisition, key appointments were made within the leadership team of Energy Fuels. Michael Stirzaker, the former Chair of the Base Resources Board of Directors, was appointed to the Board of Directors of Energy Fuels. It is expected that Stirzaker will serve as a member of the Audit Committee, subject to meeting the necessary independence requirements.

Stirzaker brings over 30 years of commercial experience, primarily in mining finance and investment, to his new role. His vast experience includes roles in investment banking, private equity mining fund management, and directorships in various resource companies.

In another key appointment, Tim Carstens, the former Managing Director of Base Resources, was appointed as the new Executive Vice President, Heavy Mineral Sands Operations of Energy Fuels. Carstens, with a career spanning more than 20 years in senior resource-sector roles, is expected to bring valuable expertise to his new position.

Carstens’ appointment comes with an incentive package, including 159,594 restricted stock units (RSUs) as a retention incentive. These RSUs fully vest on October 2, 2025, and additional RSUs are expected to be issued in January 2025, linked to his 2024 base salary and scheduled to vest over time.

These strategic appointments and the successful acquisition of Base Resources Limited mark an important milestone for Energy Fuels Inc. as the company continues to strengthen its position in the market and enhance its operational capabilities.

This news release was made public in accordance with the reporting obligations outlined in the Form 8-K filing with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Energy Fuels’s 8K filing here.

Energy Fuels Company Profile

Energy Fuels Inc, together with its subsidiaries, engages in the extraction, recovery, recycling, exploration, permitting, evaluation, and sale of uranium mineral properties in the United States. The company produces and sells vanadium pentoxide, rare earth elements, and heavy mineral sands, such as ilmenite, rutile, zircon, and monazite.