Noble Plains agrees to acquire Shirley Central data

Executive Summary

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

Key Details

• Transaction Counterparties: Noble Plains Uranium Corp. (Acquirer) and Pathfinder Mines Corp., a wholly owned subsidiary of Ur-Energy Inc. (Seller).
• Asset Acquired: Historical database for 1,211 drill holes on the Shirley Central project in Wyoming's Shirley basin.
• Data Content: Includes lithologic logs, geophysical results, and historical interpretations from multiple operators.
• Estimated Replication Cost: Over $6 million (U.S.) and several years of drilling and analysis.
• Consideration Structure:
  • Cash: $125,000 (U.S.).
  • Equity: Issuance of 4,786,451 common shares at a deemed price of 13.58 cents per share, totaling $650,000 (U.S.).
  • Earn-out/Contingent Payment: Upon issuance of a NI 43-101, SK-1300, JORC, or equivalent mineral resource report, Noble Plains will pay 10 U.S. cents and issue 20 cents in shares for each pound of mineral resource or reserve.
• Strategic Context:
  • Shirley Central consists of 30 unpatented mineral claims covering 665 acres.
  • Located adjacent to Ur-Energy’s Shirley Basin ISR project (which hosts a NI 43-101 compliant resource of 8,816,000 lbs U3O8 at 0.23% and is under construction for 2026 production).
  • Bordered by Uranium Energy Corp. (UEC), placing Noble Plains between two major U.S. uranium developers.
• Next Steps: The data will immediately guide a permitted 22-hole drill program to validate historical results and work toward a NI 43-101 resource estimate.
• Regulatory Status: Transaction requires acceptance by the TSX Venture Exchange prior to closing.

Notable Quotes

• Drew Zimmerman, CEO of Noble Plains: "This data acquisition is exactly what our business model is built around, taking historically drilled uranium assets in great jurisdictions and accelerating them toward defined pounds in the ground... Having Ur-Energy not only support our work but also become a shareholder speaks to the quality of the opportunity at Shirley Central."
• John Cash, Chairman of Ur-Energy: "We are pleased to support Noble Plains' advancement of Shirley Central... We believe a subset of that data, now in the hands of the Noble Plains team, will help them interpret the geology and potentially assist with identification of uranium bearing roll fronts."