Resource News

Uranium Resources (NASDAQ:URI) announced that it has closed the merger with Anatolia Energy (ASX:AEK) and the integration of the two businesses is now underway.

Uranium Resources (NASDAQ:URI) announced that it has closed the merger with Anatolia Energy (ASX:AEK) and the integration of the two businesses is now underway.
As quoted in the press release:

On November 10, 2015, the new URI shares exchanged for Anatolia shares will begin trading on Nasdaq under its existing trading symbol (as URRE) and on the ASX as CDIs under the new trading symbol “URI”. On the same day, new URI quoted options exchanged for Anatolia quoted options will begin trading on the ASX as CDIs under the new trading symbol “URIO”.

Highlights:

  • Transformational merger with Anatolia is now completed, and integration of the two businesses is well underway, putting URI on an expedited path to return to uranium production.
  • URI is actively progressing the high-grade, low-cost Temrezli ISR Project in Central Turkey, with the objective of commencing development during CY2016.
  • With a cash operating cost of US$16.89/lb. and all-in operating costs of less US$30.17/lb. indicated by the Pre-Feasibility Study (Feb 2015), the project is capable of generating a robust free cash flow and returns to shareholders, even at the current uranium price.
  • URI is targeting completion and reporting of a formal update to the Pre-Feasibility Study for the Temrezli Project in Q1 2016.
  • URI has significant management and operational experience, as well as licensed ISR processing facilities to successfully implement its plan.
  • With an enterprise value of less than US$45 million today, and owning one of the world’s lowest cost uranium projects capable of entering development in the near-term, URI is well placed for a share price re-rating as it achieves a number of significant project milestones.
  • The new and expanded URI expects to continue with its demonstrated proactive M&A strategy to grow the company and re-align its portfolio pipeline towards the lowest-quartile cost projects.
  • URI has a well-timed production growth profile and significant operational leverage to the favorable future outlook for uranium prices.

Christopher Jones, president and CEO of Uranium Resources, commented:

With this transformational merger now completed, we now turn our immediate attention to completing the permitting process for the high-grade, low-cost Temrezli ISR Project, and moving into development during 2016. The more we study Temrezli, the more confident we are that this is one of the best undeveloped in-situ recovery uranium projects in the world.

Click here to read the full Uranium Resources (NASDAQ:URI) press release.

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