Canadian firm acquired Guyana uranium project via Singapore deal

May 27, 2026 News

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…Prospecting licences granted in 2024 for uranium, other radioactive minerals and rare earth elements

By Renay Sambach

(Kaieteur News) – U92 Energy Corp., a Canadian-registered company, gained control of Guyana’s only uranium project through a 2025 acquisition of a Singaporean firm.

Uranium is a naturally occurring radioactive element that serves as the primary fuel for nuclear power plants worldwide.  It is primarily used to produce electricity, providing a highly concentrated energy source and its special properties also make it the main source of fuel for nuclear reactors.

A January 2026 filing statement states that U92 on June 18, 2025, entered into a binding share purchase agreement to acquire LIA Industries Pte. Ltd., a company incorporated in Singapore on November 11, 2020 under the Companies Act as a private company.

According to the filling, LIA Industries was formerly known as Arafura Oeste Pte. Ltd, and the change of name took effect on December 2, 2022.

LIA Industries indirectly holds mineral exploration rights to the Kurupung Property in Region Seven (Cuyuni-Mazaruni), through its wholly-owned subsidiary LIA (Guyana) Inc., a private limited liability company in Guyana which was incorporated on March 20, 2023. LIA Guyana registered office is listed at Lot 35E North Road, Lacytown, Georgetown.

According to the document, the Guyana Geology & Mines Commission granted LIA Guyana the “exclusive right of occupation and exploration” through the issuance of Exclusive Prospecting Licences (PLs) GS14: L-1003/000/23 and GS14: L-1003/001/23 on April 19, 2024. Exploration activities at the project site commenced in 2024.

The two prospecting licences cover approximately 92.2 square kilometres (km2) and permit the exploration of uranium, other radioactive minerals, and rare earth elements (REEs) for a period of three years ending April 18, 2027. The licences may be extended upon application for a maximum of two additional one-year periods, extending the term to April 18, 2029.

First-year requirements included maintaining the property in good standing, submitting two six-monthly progress reports to the GGMC, and paying an annual fee of US$17,101. The company was also required to lodge a performance bond of US$86,022 for the first year of the licence term ending April 18, 2025.

Second-year requirements included maintaining the property in good standing, payment of an annual fee of US$20,521, which the filing states was paid to the GGMC on March 27, 2025 and lodging a performance bond of US$18,519.50, which was submitted to the commission on June 27, 2025. Together with the performance bond lodged for year one, the total bond held by the GGMC is US$104,542, being 10% of the work commitment of US$1,045,415 for year two of the term of the prospecting licences.

Moreover, research on U92 shows that the company was incorporated under the Ontario Business Corporations Act (OBCA) on December 13, 2024 under the corporate name “U92 Corp.”. The registered and head office of U92 is located at 200 Bay Street, Suite 2800, Toronto, Ontario.

The Kurupung uranium project is listed as U92’s only project. The filing describes U92 as an early-stage mineral exploration company with no production from any property, and consequently has no current operating income, cash flow, or revenues.

U92 has outlined that the project is located in a “Pro-Mining Jurisdiction” with strong government support and a mining-friendly permitting process.

The project hosts some 20.6 million pounds (Mlbs) historical resource.  The historical Mineral Resource Estimate (MRE) comprises of 10.6 Mlbs indicated at a grade of 0.072% and 10Mlb Inferred at a grade of 0.067% U₃O₈.

There are four deposits at the project site: Aricheng North, Aricheng South, Aricheng West and Aricheng C. Other targets previously drilled include Aricheng A, Aricheng Alpha, Aricheng Epsilon, Aricheng Sigma and Wild Cow.

Back in March, U92 entered into a commercial agreement with Orbit Garant for phase one 5,000 metre diamond drill programme at the Kurupung uranium project. In its most recent update, the company confirmed that the diamond drill rig assigned to U92 is currently in Guyana. The company anticipates that the rig will be available for mobilisation to site in the near term to commence phase one drilling on high-priority targets at the project.

The Canadian firm has already submitted the required environmental application for drill pad preparation, and that field teams are on site to complete camp infrastructure, including construction of a fuel storage facility in accordance with the applicable requirements. It was also revealed that key machineries have been sourced to support access road upgrades and drill pad construction.

Kaieteur News had previously contacted Minister of Natural Resources Vickram Bharrat, who shared that U92 is the only company in Guyana that has a uranium project. He had also stated that there are no plans currently for any other uranium projects in the near or long-term.

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• Guyana uranium, Kurupung, LIA Industries Pte. Ltd, rare earth elements, U92 Energy Corp.

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