Drill Results
Traction Uranium Signs Option Agreement to Earn up to 80% in the Aurora Uranium Project, Southeastern Athabasca Basin
TRAC · Price
Executive Summary
- Traction Uranium entered an option agreement with Cosa Resources to earn up to an 80% interest in the Aurora uranium project in northern Saskatchewan.
- The earn‑in requires $9.15 M in cash and $1.5 M in share consideration across five phases, with ownership increasing from 20% to 80% by December 2030.
- Traction may accelerate the schedule; Cosa will remain operator during the earn‑in and can charge an operator fee, with a potential operatorship transfer after Phase 4 (65% interest).
Key Details
- Agreement Effective Date: February 10 2026.
- Project Overview: Aurora spans ~17 km of prospective strike on the SE margin of the Athabasca Basin, ~16 km east of the Key Lake mill; sandstone cover <100 m in north, absent elsewhere; no drilling since 1979; historic alteration zones identified; 2024 airborne gravity‑gradient and VTEM surveys completed.
- Earn‑In Schedule & Consideration:
| Phase | Exploration Expenditure | Cash Payment | Traction Shares Issued | Ownership % | Deadline |
|---|---|---|---|---|---|
| Signing | – | $25,000 | 250,000 | 0% | – |
| 1 | $1,150,000 | $75,000 | 500,000 | 20% | 31 Dec 2026* |
| 2 | $2,000,000 | $100,000 | 500,000 | 35% | 31 Dec 2027 |
| 3 | $2,000,000 | $100,000 | 750,000 | 49% | 31 Dec 2028 |
| 4 | $2,000,000 | $200,000 | 1,000,000 | 65% | 31 Dec 2029 |
| 5 | $2,000,000 | $1,000,000 | 2,000,000 | 80% | 31 Dec 2030 |
*Includes cash payments of $25,000 due June 1 2026 and $50,000 due Dec 31 2026.
- Total Consideration: $9,150,000 in cash + $1,500,000 in Traction shares (5,000,000 shares).
- Operator Rights: Cosa remains operator during earn‑in and may charge an operator fee; after Phase 4, Traction can elect to assume operatorship.
- Termination Clause: If Traction terminates before completing Phases 1–2, all paid consideration is forfeited and Cosa reverts to 100% ownership.
- Share Hold Period: Shares issued to Cosa are subject to a statutory hold of four months + one day under Canadian securities law.
- Qualified Person: Dr. Jared Suchan (CEO & Director) reviewed and approved the technical content per NI 43‑101.
Notable Quotes
“The Aurora project offers a compelling opportunity to expand our uranium portfolio in one of the world’s most prospective basins, and this option agreement provides us with a clear path to secure a majority interest while leveraging Cosa’s existing work.” – Jared Suchan, CEO & Director, Traction Uranium Corp.
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Jun 25, 2026 · 08:00