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Drill Results

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

By The Northwire Desk — AI Analysis Jan 23, 2026 · 19:00 PEGA · 0.065 Pegasus Resources Inc.
PEGA · Price

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.)

Read the original news release →

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