LONDON: Metals One (AIM: MET1) said on Monday it had completed the acquisition of the Squaw Creek Claims (SQ Claims) in Carbon County, Wyoming, marking its second uranium project in the United States amid growing interest in domestic nuclear energy assets.
The SQ Claims, comprising 53 unpatented mining claims spanning roughly 430 hectares in the Shirley Basin, were acquired from 1491434 B.C. Ltd. for US$50,000 in cash and the issue of 500,000 new ordinary shares at a 5% discount to the five-day volume-weighted average price prior to signing. Metals One said all regulatory approvals, including a 10-year exploration lease, had been obtained.
The Shirley Basin is one of the most historically productive uranium districts in the U.S., with established in situ recovery (ISR) infrastructure. The newly acquired property is located near TerraPower’s advanced nuclear reactor development, providing strategic proximity to future nuclear capacity.
The transaction follows Metals One’s recent acquisition of the Uravan Uranium-Vanadium Project in Colorado and entry into New Mexico’s Red Basin via NovaCore Inc, forming a trio of assets under its North American critical minerals strategy.
Phase 1 exploration is underway across both the SQ and Uravan projects, the company said, including geophysical surveying and surface sampling.
“We continue to build momentum with our North American strategy,” said Metals One Chair Craig Moulton. “This positions us to advance exploration across three highly prospective districts with strong historic uranium pedigree and near-term exploration upside.”