International Consolidated Uranium Inc. (TSXV:CUR) entered into an asset purchase agreement to acquire Portfolio of Conventional Uranium Projects in Utah and Colorado from Energy Fuels Inc. (TSX:EFR) for $31.8 million on July 14, 2021. Under the term, International Consolidated Uranium Inc will pay $2 million in cash, issue 7.07 million shares that results in Energy Fuels holdings 19.9% of the outstanding CUR common shares immediately after closing of the transaction, CAD 3 million ($2.4 million) in cash on or before the 18-month anniversary of closing of the transaction, an additional CAD 3 million ($2.4 million) in cash on or before the 36-month anniversary of closing of the transaction and up to CAD 5 million ($4 million) in contingent cash payments tied to achieving commercial production at the Tony M, Daneros and Rim mines. All securities issued in connection with the agreement are subject to a hold period expiring four months and one day from the date of issuance. The portfolio of projects includes Tony M Mine in the Henry Mountains area of southeastern Utah, Daneros Mine in the White Canyon District, Rim Mine in the East Canyon portion of the Uravan Mineral Belt. In connection with the transaction, both companies have also agreed to enter into toll-milling, operating, and investor rights agreements with respect to the projects which positions CUR as a potential near-term US Uranium producer subject to an improvement in uranium market conditions and/or CUR entering into acceptable uranium supply agreements.

On closing, it is expected that Mark Chalmers, president and chief executive officer of Energy Fuels, will join the CUR Board of Directors. The transaction is subject to satisfaction of certain closing conditions including, among other things, CUR receiving approval of the TSX Venture Exchange.