Purecore Metals has signed a definitive agreement with Skyharbour Resources for the option to earn up to a 100% interest in the Yurchison uranium property in Canada.
The site covers approximately 35,029 hectares (ha) across 22 mineral claims in the Athabasca Basin, northern Saskatchewan.
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Under the agreement, following a non-binding letter of intent signed earlier this month, Purecore can acquire an initial 70% interest in the Yurchison property by paying Skyharbour $350,000 (C$491,253) in cash, issuing $700,000 worth of shares and spending a minimum of $3.5m on exploration.
The agreement includes a 2% net smelter return (NSR) royalty.
The Yurchison property is located approximately 75km south of Cameco’s Rabbit Lake operation.
Purecore president and CEO Peter Berdusco said: “We are very pleased to be working with Skyharbour and greatly value the opportunity to advance the Yurchison Property.
“Global electricity demand is accelerating as AI, data centres and broader electrification place increasing pressure on power grids. We believe nuclear energy will play an increasingly important role in meeting this demand, strengthening the long-term outlook for uranium.
“Yurchison gives Purecore meaningful exposure to this powerful energy transition through a large, accessible and under-explored uranium property in the world’s premier uranium jurisdiction – the Athabasca Basin.”
Purecore has the opportunity to acquire an additional 30% interest in the property, bringing its total ownership to 100%, contingent upon the NSR royalty.
This can be achieved by making a cash payment of $3m and issuing consideration shares valued at $3m.
Should Purecore attain the initial 70% interest in the property but choose not to pursue the additional 30% interest, the involved parties may establish a joint venture regarding the property under mutually agreed terms, with each party contributing in accordance with their respective interests.
Additionally, Purecore retains the right to purchase half of the NSR royalty from Skyharbour at any time, in exchange for a payment of $1m to Skyharbour.
