The combined portfolio of projects is expected to enhance uranium production. Credit: RHJPhtotos/Shutterstock.

IsoEnergy has agreed to acquire Canadian mining company Anfield Energy to expand its near-term uranium production capacity in the US.

The overall equity value of the deal is approximately C$126.8m ($93.76m).

This transaction includes the Shootaring Canyon Mill, one of only three licensed and constructed conventional uranium mills in the country.

Under the agreed terms, Anfield shareholders will receive 0.031 of a common share of IsoEnergy for each share held.

Upon closing, IsoEnergy and Anfield shareholders will own around 83.8% and 16.2% of the combined entity, respectively.

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The exchange ratio values Anfield shares at $0.103 each, based on IsoEnergy’s closing share price as of 1 October 2024, representing a 32.1% premium.

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IsoEnergy expects the combined portfolio of permitted past-producing mines and development projects to enhance uranium production potential in the short, medium and long term.

The transaction’s completion is contingent on court approval and the satisfaction of certain standard conditions.

IsoEnergy CEO and director Philip Williams said: “The US is a key jurisdiction for us, and we believe today’s acquisition of Anfield strengthens both our resource base and near-term production potential. The combined uranium mineral endowment will rank as one of the largest in the US, supported by a 100%-owned processing facility, multiple fully permitted mines ready for rapid restart and a strong pipeline of longer-term development projects.

“With the global shift towards nuclear power, we believe the outlook for uranium has never been stronger, making this a pivotal move for IsoEnergy at the right time.”