Noble Plains completes data acquisition agreement

Executive Summary

• Noble Plains Uranium Corp. has completed the acquisition of historical drill data for 1,211 drill holes from Pathfinder Mines Corp. (a subsidiary of Ur-Energy Inc.) for its Shirley Central project in Wyoming.
• The transaction involves a cash payment of $125,000 USD and the issuance of 4,786,451 common shares valued at $650,000 CAD, making Ur-Energy a new shareholder.
• The acquired data will be used to refine geological modeling and guide a permitted 22-hole drill program aimed at establishing a NI 43-101 compliant resource estimate.

Key Details

• Transaction Structure:
  • Cash Consideration: $125,000 USD paid to Pathfinder Mines Corp.
  • Equity Consideration: Issuance of 4,786,451 common shares of Noble Plains Uranium Corp.
  • Share Price: Deemed price of 13.58 Canadian cents per share.
  • Total Equity Value: $650,000 CAD.
• Contingent Payment Terms:
  • If Noble Plains issues a NI 43-101, SK-1300, JORC, or equivalent mineral resource report, it must issue a contingent payment of 10 U.S. cents and 20 Canadian cents in shares for each pound of mineral resource or reserve.
  • Cap: Contingent share issuance is capped to ensure Pathfinder’s ownership does not exceed 9.9% of Noble Plains. Excess payments would be settled in cash.
  • Approval: Contingent share issuance requires prior approval from the TSX Venture Exchange.
• Asset Details:
  • Data Acquired: Historical database for 1,211 drill holes.
  • Location: Shirley Central project, Shirley Basin, Wyoming.
  • Data Content: Lithologic logs, geophysical results, and historical interpretations from multiple operators.
  • Estimated Replication Cost: In excess of $6 million USD and several years of drilling/analysis.
• Operational Impact:
  • Data will immediately be used to refine geological modeling.
  • Guides a permitted 22-hole drill program.
  • Objective is to validate historical results and establish a NI 43-101 compliant resource estimate.
• Strategic Context:
  • Shirley Central consists of 30 unpatented mineral claims covering 665 acres.
  • Adjacent to Ur-Energy’s Shirley Basin ISR project (which has a NI 43-101 compliant measured and indicated resource of 8,816,000 lb U3O8 at 0.23% and is under construction for 2026 production).
  • Bordered by Uranium Energy Corp. (UEC), placing Noble Plains between two active U.S. uranium developers.

Notable Quotes

• Drew Zimmerman, CEO of Noble Plains: "With this transaction now closed, we have immediately put this extensive historical data set to work... This is how we have moved quickly to create value, acquiring historically drilled uranium assets in top U.S. jurisdictions and rapidly advancing them toward defined pounds in the ground. Welcoming Ur-Energy as a new shareholder further validates the quality of Shirley Central and its strategic location beside a new ISR facility under construction."
• John Cash, Chairman of Ur-Energy: "We are pleased to see this data now formally in the hands of the Noble Plains team as they advance Shirley Central... We believe this subset of data will assist Noble Plains in efficiently interpreting the geology and identifying uranium-bearing roll fronts as they progress toward drilling and resource definition."