Urano Energy Expands I-70 Uranium Project Through Strategic Acquisition from enCore Energy Corp.

Executive Summary

• Urano Energy Corp. acquired the historic Snow and Probe Uranium Mines from enCore Energy Corp., expanding its I‑70 Uranium Project footprint by ~60% (an additional 599 acres).
• Purchase consideration consisted of CAD $65,980.60 in cash plus CAD $200,000 worth of Urano common shares issued at the VWAP prior to Oct. 7 2025.
• The properties contain historically reported indicated reserves of approximately 295,534 lbs U₃O₈ (average grade 0.23% U₃O₈) and historic production of ~935,000 lbs U₃O₈ (1973‑1982).

Key Details

• Acquisition Target: Snow and Probe Uranium Mines (historic Atlas Corp. operations) located in Emery County, Utah, contiguous with Urano’s existing I‑70 claims.
• Land Addition: ~599 acres (2.42 km²), raising total mineral rights at I‑70 by roughly 60%.
• Historical Production: ~935,000 lbs U₃O₈ at 0.19% U₃O₈ (1973‑1982).
• Historical Resource Estimate (Atlas):
• Snow Deposit – 30,421 t @ 0.23% U₃O₈ → 139,466 lbs U₃O₈
• Probe–North Snow Deposit – 33,457 t @ 0.23% U₃O₈ → 156,068 lbs U₃O₈
• Total Indicated Reserves: 63,878 t @ 0.23% U₃O₈ → 295,534 lbs U₃O₈
• Consideration Paid: CAD $65,980.60 cash + CAD $200,000 of Urano common shares (priced at VWAP for the 15‑day period ending the day before Oct. 7 2025).
• Geology: Deposits hosted in the Saltwash Member of the Jurassic Morrison Formation, a primary uranium‑vanadium host in southeastern Utah.
• Future Work: Company plans confirmatory drilling and NI 43‑101 technical reporting to upgrade historical estimates; Atlas’ Mine Closure Report identifies multiple drill‑ready exploration targets.
• Qualified Person Review: Dr. Douglas Underhill, PhD (Geology), MBA, CPG – Director of Urano Energy Corp., approved the technical information per NI 43‑101 standards.

Notable Quotes

“This strategic acquisition from enCore Energy meaningfully expands our I‑70 Uranium Project footprint and adds a well‑documented past‑producing uranium deposit with historical resources… positions us for significant value creation as we continue to advance our portfolio toward NI 43‑101 compliance.” – Jason Bagg, CEO, Urano Energy