Canadian firm completes US$352,000 acquisition of historical dataset for uranium project in Guyana

Jun 23, 2026 News

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(Kaieteur News) – U92 Energy Corp. has received TSX Venture Exchange approval and has closed the agreement to acquire the complete historical technical and exploration dataset for its Kurupung Uranium Project – the only uranium project in Guyana.

On 1^st June, the company announced that it entered into a binding Asset Purchase Agreement to acquire the dataset for the project.  The CA$500,000 (US$352,500/GYD$73.7 million) transaction will see U92 issue common shares in exchange for ownership of the dataset. In a recent update, the company disclosed that pursuant to the agreement being closed, it issued 1,030,927 common shares of a deemed price of $0.485 per share to the “arm’s-length vendor”. However, it was noted that the shares are subject to a statutory four-month hold period in accordance with applicable Canadian securities laws.

Adam Clode, Executive Chairman and Chief Executive Officer (CEO) of U92, stated, “Securing ownership of exploration work completed over more than a decade at Kurupung is a pivotal milestone that materially strengthens the project’s technical foundation ahead of an updated mineral resource estimate and inaugural drill program. By completing the transaction on an all-share basis, U92 has enhanced the value of its asset while preserving capital for exploration.”

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.

According to U92, acquiring the dataset gives the company more than a decade of systematic exploration work and represents the core technical foundation supporting the advanced-stage Kurupung uranium project which has a historical resource estimate of 20.6 million-pound. The transaction also provides it with direct ownership of a substantial body of technical work that would be both costly and time-intensive to replicate.

The Kurupung uranium project which is located in Region Seven (Cuyuni-Mazaruni) is listed as U92’s only project and has a land package of 92.2 square kilometres (km2).

The Kurupung uranium project is listed as U92’s only project. This publication had reported that the Canadian firm gained control of Guyana’s only uranium project through a 2026 acquisition of a Singaporean firm.

Kaieteur News reported that a January 2026 filing statement revealed that U92 on 18^th   June, 2025, entered into a binding share purchase agreement to acquire LIA Industries Pte. Ltd., a company incorporated in Singapore on 11^th November, 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 2^nd    December, 2022. LIA Industries indirectly holds mineral exploration rights to the Kurupung Property, through its wholly-owned subsidiary LIA (Guyana) Inc., a private limited liability company in Guyana which was incorporated on 20^th March, 2023. LIA Guyana registered office is listed at Lot 35E North Road, Lacytown, Georgetown.

According to the document, the Guyana Geology & Mines Commission (GGMC) granted LIA Guyana the “exclusive right of occupation and exploration” through the issuance of Exclusive Prospecting Licences (PLs) on 19^th April, 2024. It was also revealed in the filings that exploration activities at the project site commenced in 2024.

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

Earlier this year, U92 entered into a commercial agreement with Orbit Garant for phase one 5,000 metre diamond drill programme at the Kurupung uranium project. The diamond drill rig assigned to U92 is already in Guyana to commence phase one drilling on high-priority targets at the project.

Moreover, the 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.

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• dataset, TSX Venture, U92 Energy Corp., Uranium

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