Snow Lake and Global Uranium and Enrichment Limited Successfully Close the Acquisition of the Pine Ridge Uranium Project

Rhea-AI Summary

Snow Lake Resources (NASDAQ: LITM) and Global Uranium and Enrichment (GUE) have successfully completed their joint acquisition of the Pine Ridge Uranium Project in Wyoming's Powder River Basin. The deal establishes a 50/50 joint venture partnership between the two companies.

Key aspects of the transaction include Snow Lake becoming a 19.9% cornerstone shareholder in GUE, and Snow Lake's CEO Frank Wheatley joining GUE's Board of Directors. The Pine Ridge project is described as a uranium project of potentially significant scale with a large JORC 2012 exploration target, situated in the premier U.S. uranium mining region.

The companies are actively preparing for a significant 2025 drilling program at Pine Ridge, with further updates on exploration plans and timelines expected in the coming weeks.

Positive

• Strategic 50/50 joint venture partnership established in premier U.S. uranium mining region
• Acquisition of potentially significant-scale uranium project with large JORC 2012 exploration target
• 19.9% equity stake acquired in partner company GUE
• Board representation secured through CEO's appointment to GUE's Board

Negative

• Significant capital expenditure required for 2025 drilling program
• Project still in exploration phase with no proven reserves

News Market Reaction

+6.09%

1 alert

+6.09% News Effect

On the day this news was published, LITM gained 6.09%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Winnipeg, Manitoba--(Newsfile Corp. - April 28, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces that Snow Lake and Global Uranium and Enrichment Limited ("GUE") have successfully completed their joint acquisition of the Pine Ridge Uranium Project ("Pine Ridge") in Wyoming's Powder River Basin.

Highlights

• Successful completion of the acquisition of the Pine Ridge

• Snow Lake and GUE are 50 / 50 joint venture partners in Pine Ridge

• Pine Ridge is uranium project of potential significant scale with a large JORC 2012 exploration target¹, located in Wyoming's Powder River Basin, the premier U.S. uranium mining region

• Snow Lake is now also a cornerstone 19.9% shareholder in GUE

• Frank Wheatley, Snow Lake's CEO, has joined the Board of Directors of GUE

• Preparations for the 2025 drilling program at Pine Ridge are well advanced, with further updates on exploration plans and timelines expected in the coming weeks

CEO Remarks

"We are extremely pleased to have completed the acquisition of Pine Ridge in joint venture with Global Uranium and Enrichment Limited," said Frank Wheatley, CEO of Snow Lake. "Preparations for the significant 2025 drill program at Pine Ridge are advancing quickly, and we look forward to working with GUE to begin work on Pine Ridge as soon as possible."

About Snow Lake Resources Ltd.

Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on (NASDAQ: LITM) with a global portfolio of clean energy mineral projects comprised of two uranium projects and two hard rock lithium projects. The Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia, and the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco lithium, cesium and tantalum mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba. Learn more at www.snowlakeenergy.com.

Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd.. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-Looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-Looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-Looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law.

Contact and Information Frank Wheatley, CEO

Investor Relations Investors: ir@snowlakelithium.com Website: www.snowlakeenergy.com

Follow us on Social Media Twitter: www.twitter.com/SnowLakeEnergy LinkedIn: www.linkedin.com/company/snow-lake-energy

 

---

¹ The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("the JORC Code") 2012 edition. https://globaluranium.com.au

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249851

FAQ

What is the ownership structure of the Pine Ridge Uranium Project after LITM's acquisition?

Snow Lake Resources (LITM) and Global Uranium and Enrichment (GUE) have established a 50/50 joint venture partnership in the Pine Ridge Uranium Project.

Where is the Pine Ridge Uranium Project that LITM acquired located?

The Pine Ridge Uranium Project is located in Wyoming's Powder River Basin, which is considered the premier U.S. uranium mining region.

What percentage stake did Snow Lake Resources (LITM) acquire in GUE?

Snow Lake Resources (LITM) acquired a 19.9% cornerstone shareholding in Global Uranium and Enrichment (GUE).

When will LITM begin drilling operations at the Pine Ridge Uranium Project?

LITM and GUE are preparing for a significant drilling program at Pine Ridge in 2025, with detailed plans and timelines to be announced in the coming weeks.