Pegasus Resources Looks To Acquire Uranium Assets In Athabasca Basin

Uranium, by all accounts, appears to be the hot ticket right now. At least, Pegasus Resources (TSXV: PEGA) appears to think so, with the firm this morning issuing a brief release on the matter.

The company this morning indicated that it is in the process of reviewing and in negotiations for “a number of uranium assets.” The assets are reportedly located within the Athabasca Basin of Saskatchewan, one of the global hotspots for the production of the yellow metal. Notably, market leader Cameco Corp (TSX: CCO), has several operations in the region, including its Cigar Lake mine, as well as the McArthur River/Key Lake, and Rabbit Lake mines.

Commenting on the development, CEO Charles Desjardins stated, “In recent weeks the spot price of uranium has improved dramatically, providing impetus for the evaluation of a number of assets the company either previously examined prior to the sale of its last uranium assets to Rio Tinto in 2018, or which are new to the company.”

While some may view it as questionable as to why the firm has considered stepping into the space, it should be noted that this a return to the region, rather than an entirely new endeavor. The firm in 2018 sold a 100% interest in uranium assets, located near to McArthur River, within the Athabasca Basin to Rio Tinto, with the final 25% of the asset being sold for $1.0 million in cash.

Pegasus Resources last traded at $0.08 on the TSX Venture.


FULL DISCLOSURE: Pegasus Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Pegasus Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Nova Scotia Moves to End Uranium Mining Ban

Nova Scotia is poised to lift its four-decade ban on uranium mining after a government...

Monday, March 31, 2025, 11:41:00 AM

Pegasus Resources Set To Begin Exploring Uranium Properties

Pegasus Resources (TSXV: PEGA) this morning revealed its exploration plans for its uranium properties. The...

Tuesday, November 2, 2021, 09:05:29 AM

Pegasus Resources Begins Follow-Up Exploration At Golden, BC Properties

Pegasus Resources (TSXV: PEGA) has begun a work program on its high priority properties. The...

Wednesday, August 11, 2021, 08:53:19 AM

Uranium Royalty Corp Announces Purchase Of 300,000 U3O8 Pounds For US$11.5 Million

Uranium Royalty Corp. (TSXV: URC) announced this morning that it is entering into contracts for...

Wednesday, September 15, 2021, 09:47:00 AM

Pegasus Resources Acquires South Dakota Uranium Property With Non-Compliant Historical Resource Of 2.4 Million Lbs U3O8

Pegasus Resources (TSXV: PEGA) continues to consolidate its position within the uranium industry. The company...

Tuesday, April 12, 2022, 08:31:44 AM