IsoEnergy Ltd has officially announced the acquisition of issued and outstanding ordinary shares of Toro.
Under the agreed terms, the two companies will focus on installing Toro’s high-quality, scoping-stage Wiluna Uranium Project to IsoEnergy’s existing portfolio, which already includes past-producing U.S. mines, the ultra-high-grade Hurricane deposit in Canada’s Athabasca Basin, as well as a diversified suite of development and exploration assets across US.
On the other hand, Toro shareholders can enjoy access exposure to a larger, more diversified portfolio of high-quality uranium exploration, development and near-term production assets in tier-one jurisdictions, while simultaneously retaining direct exposure to the Wiluna Uranium Project and all other Toro assets.
More on the same would reveal how these shareholders will basically receive 0.036 of a common share of IsoEnergy for each Toro Share held on the record date. Once everything is said and done, existing shareholders of IsoEnergy and Toro will own approximately 92.9% and 7.1% on a fully-diluted in-the-money basis, respectively, of the outstanding ISO Share.
“The acquisition of Toro Energy marks another important step in advancing IsoEnergy’s strategy to build a globally diversified, development-ready uranium platform. The Wiluna Uranium Project strengthens our portfolio with a large, previously permitted asset in a top-tier jurisdiction at a time when global nuclear demand is accelerating. This transaction positions IsoEnergy to deliver meaningful scale, optionality, and sustained value creation for shareholders. We look forward to welcoming the Toro team, who have done an admirable job stewarding the company and its projects through often challenging markets, to IsoEnergy and advancing the project together,” said Philip Williams, CEO and Director of IsoEnergy,
Talk about what made Toro an ideal candidate for acquisition, the answer begins from the company’s tier one Uranium portfolio, which is headlined by development-ready platform with significant near-term production potential in stable, mining-friendly jurisdictions. On top of that, the company’s Wiluna Uranium Project, comprising the Centipede-Millipede, Lake Way and Lake Maitland deposits, brings forth a scoping-level project with mineral resources.
Beyond expansion, the said acquisition also diversifies IsoEnergy’s uranium resource base. You see, the company will have a control of more than 55.2 Mlbs U3O8 M&I and 4.9 Mlbs U3O8 Inferred5, and JORC 2012 and 2004 compliant resources of 78.1 Mlbs U3O8 M&I. The merged company is further expected to deliver historical resources of 154.3 Mlbs U3O8 M&I and 88.2 Mlbs U3O8 Inferred,
Further contextualizing the need for such a development is the role it can play in nuclear context. Going by World Nuclear Association’s 2025 Fuel Report, uranium demand is set to rise by almost 30% before 2030. In case that wasn’t enough, it is also tipped to more than double by 2040. Hence, a strengthened resource base and diversified jurisdictional exposure should empower IsoEnergy to benefit from rapidly tightening supply/demand outlook.
Rounding up highlights would be the fact that this consolidated company will even have significant balance sheet strength and access to capital markets to fund its comprehensive portfolio.
“This Transaction creates significant value for our shareholders, representing a material premium for Toro shareholders of 79.7% to Toro’s last traded price and 92.2% to Toro’s 20 day VWAP. It also provides Toro shareholders the opportunity to be part of a larger, leading uranium company listed on the TSX and NYSE. Toro shareholders will have exposure to a diverse uranium portfolio that has strong growth potential and is located in favourable regulatory jurisdictions, and the ability to attract enhanced access to funding including for the Wiluna Uranium Project. The Toro team will benefit from the significant financial strength of ISO,” said Richard Homsany, Executive Chairman of Toro.
