The 2025 exploration will focus on areas with potential for basement-hosted unconformity-related uranium targets. Credit: RHJPhtotos / Shutterstock.

Global Uranium has signed an option agreement with Forum Energy Metals, aiming to acquire a significant stake in a joint venture (JV) with NexGen Energy.

The deal could see Global Uranium holding up to 75% of Forum’s interest in the Northwest Athabasca (NWA) project in Saskatchewan.

Forum Energy Metals currently possesses a 62.2% stake in a JV with NexGen, which in turn holds a 69.95% interest in the Northwest Athabasca JV.

This translates to Forum holding a 43.32% beneficial interest in the venture.

Under the agreement, Global Uranium can initially acquire 51% of Forum’s Interest by making payments totalling $225,000 and issuing one million shares of the company by the end of 2027.

Additionally, Global Uranium is obligated to cover Forum’s contribution for exploration from 2025 to 2028, committing at least $3.9m and potentially up to $9m.

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The company has made a firm commitment to fund $3m of this amount by the end of 2025. Upon exercising this initial option, Global Uranium will become a party to the Forum/NexGen JV agreement.

Furthermore, Global Uranium has the option to acquire an additional 24% interest in Forum’s Interest by covering Forum’s contributions for the 2029-2031 operating years, which could range from $4.75m to $11m.

Should Global Uranium exercises the initial option, milestone payments are set to be made to Forum.

This includes $1m upon the preparation of a preliminary economic assessment and an additional $1m plus one million common shares upon the completion of a feasibility study, both following National Instrument 43-101.

The agreement is contingent upon the approval of the Canadian Securities Exchange, and any securities issued will be subject to a four-month hold period as per securities laws.

The NWA Project, located near Lake Athabasca and close to the Alberta border, spans 13,845ha and is strategically positioned along the edge of the Athabasca sandstone basin.

Exploration plans for 2025 will focus on areas with the potential for basement-hosted unconformity-related uranium targets.