Pegasus Resources Executes Other Business Arrangement (OBA) for 640 Acres of Uranium Exploration Lands in Utah

Executive Summary

• Pegasus Resources’ U.S. subsidiary signed an Other Business Arrangement (OBA) with Utah’s School and Institutional Trust Lands Administration for exclusive uranium exploration rights over ~640 acres in Emery County, Utah.
• The agreement grants a five‑year exclusive right to explore, with an option to convert the land to a mineral lease upon meeting exploration and payment milestones.
• Pegasus will make annual option payments of US $6.00 per acre and conduct staged exploration activities including geophysical surveys, permitting, drilling and technical studies.

Key Details

• Agreement Parties: Pegasus Resources (USA) Inc. (wholly owned subsidiary) and Utah School and Institutional Trust Lands Administration (SITLA).
• Property Size & Location: Approximately 640 acres in Emery County, Utah.
• Term: Exclusive exploration rights for five years from the signing date (January 23 2026).
• Option Payments: US $6.00 per acre annually (≈US $3,840 per year).
• Exploration Activities Planned: Geophysical surveys, permitting work, drilling programs, and technical studies to be conducted in stages throughout the term.
• Conversion Option: Ability to convert all or portions of the land to a mineral lease upon satisfying predefined exploration results and payment obligations.
• Regulatory Conditions: Exploration rights are subject to standard regulatory approvals, bonding requirements, and reclamation obligations.
• Future Updates: Pegasus will provide further updates as exploration progresses.

Notable Quotes

(No direct quotes were included in the release.)