Eagle Nuclear Energy Corp.
In February 2026, Aurora Energy Metals Limited completed the sale of the Aurora Uranium Project in Oregon, USA to Eagle Nuclear Energy Corp (NASDAQ:NUCL).
The transaction was structured to allow Aurora to retain meaningful exposure to the future development and value creation of the project while transferring the capital and operational responsibilities of project development to Eagle. Aurora’s ongoing exposure to the project is achieved through a combination of equity ownership, milestone-based deferred consideration and a retained production royalty.
Equity participation
As part of the transaction consideration, Aurora received 1,710,991 shares in Eagle Nuclear Energy Corp., representing approximately 5 percent of the company at completion.
This strategic shareholding provides Aurora shareholders with continued participation in the advancement of the Aurora Uranium Project as Eagle progresses development activities. Key value drivers may include permitting progress, further technical and engineering studies, resource expansion, project financing and eventual development decisions.
As these milestones are achieved, Aurora may benefit from appreciation in the value of its equity holding in Eagle Nuclear Energy Corp.
Deferred consideration
In addition to the upfront equity consideration, Aurora is entitled to receive milestone-based deferred consideration linked to the continued advancement of the Aurora Uranium Project.
Aurora may receive up to US$10 million in additional Eagle shares upon the achievement of defined project milestones. These include up to US$5 million linked to the next SK1300 compliant mineral resource estimate, comprising US$4 million upon achieving Measured and Indicated Resources of at least 40 million pounds U3O8 and US$200,000 for each additional one million pounds U3O8 thereafter, capped at US$1 million.
A further US$5 million in Eagle shares may be issued upon delivery of a positive Pre-Feasibility Study for the project.
These milestone payments provide further exposure to project value creation and ensure Aurora shareholders remain aligned with future development success.
Retained royalty
Aurora also retains a 1 percent Net Smelter Royalty over uranium production from the Aurora Uranium Project.
This royalty provides Aurora with potential long term participation in production revenues from the project without the requirement to contribute capital toward mine development or operating costs.
Under the transaction terms, Eagle Nuclear Energy Corp. holds the right to repurchase half of the royalty for US$1 million, or the entire royalty for US$2 million.
Strategic outcome
The structure of the transaction provides Aurora shareholders with multiple pathways to future value creation. These include equity participation in a Nasdaq listed uranium company through Eagle Nuclear Energy Corp., additional milestone linked share consideration tied to project advancement, and potential long term exposure to production through the retained royalty.
This structure allows Aurora to maintain exposure to one of the largest measured uranium deposits in the United States while significantly reducing the capital intensity and development risk traditionally associated with advancing a uranium project.
Further information on Eagle Nuclear Energy Corp. and the Aurora Uranium Project can be found at: https://www.eaglenuclearenergy.com
