PERTH: Canadian uranium developer IsoEnergy Ltd. has agreed to acquire Australian counterpart Toro Energy Ltd. in an all-share deal that aims to create a diversified uranium company with assets across top-tier mining jurisdictions, the companies announced on Sunday.
Under the terms of the scheme implementation deed, Toro shareholders will receive 0.036 of an IsoEnergy common share for each Toro share held. The exchange ratio implies a value of A$0.584 per Toro share, representing a 79.7% premium to Toro’s last traded price on the Australian Securities Exchange (ASX) on October 10, 2025.
The transaction values Toro’s fully-diluted, in-the-money equity at approximately A$75.0 million (C$68.1 million).
The combined entity will hold a portfolio of uranium assets in Canada, the United States, and Australia. A key asset being acquired is Toro’s 100%-owned Wiluna Uranium Project, located in Western Australia’s northern goldfields. IsoEnergy’s portfolio includes the high-grade Hurricane deposit in Canada’s Athabasca Basin and past-producing mines in the United States.
“Global nuclear demand is accelerating,” said Philip Williams, CEO and Director of IsoEnergy. “The Wiluna Uranium Project strengthens our portfolio with a large, previously permitted asset in a top-tier jurisdiction.”
Upon completion, existing shareholders of IsoEnergy and Toro will own approximately 92.9% and 7.1% of the combined company, respectively, on a fully-diluted basis.
The deal is subject to several conditions, including approval from Toro shareholders, court approval, and no adverse changes to Western Australia’s policy on uranium mining. Key regulatory approvals from the Foreign Investment Review Board of Australia, the ASX, the Toronto Stock Exchange, and the NYSE American are also required.
Toro’s Independent Board Committee has unanimously recommended that shareholders vote in favor of the scheme, in the absence of a superior proposal. Substantial shareholder Mega Uranium Ltd., holding approximately 12.7% of Toro shares, has provided a voting intention statement in support of the deal.
A shareholder meeting is expected to be held in early 2026, with the transaction anticipated to close in the first half of 2026.