Snow Lake Receives FIRB Approval for the Acquisition of Global Uranium and Enrichment Limited and its Investment in Ubaryon

Rhea-AI Summary

Snow Lake Energy (NASDAQ: LITM) received Australian Foreign Investment Review Board (FIRB) approval to acquire 100% of Global Uranium and Enrichment (GUE) and an indirect 21.9% interest in Ubaryon. FIRB also approved Urenco's A$5 million investment for a 13% interest in Ubaryon. Snow Lake is targeting completion of the GUE and Ubaryon transactions in early 2026. Snow Lake previously became a 19.9% cornerstone investor in GUE and is a 50/50 JV partner on the Pine Ridge Uranium Project in Wyoming. Ubaryon is developing a chemical uranium enrichment technology that removes the need for conversion to and from gaseous UF6, and its technical disclosures are regulated by Australian safeguards and defense export controls.

Positive

• FIRB approval to acquire 100% of GUE
• FIRB approval for Snow Lake to acquire 21.9% of Ubaryon
• Urenco committed A$5 million for a 13% stake in Ubaryon
• Snow Lake targets closing acquisitions in early 2026
• Existing 50/50 JV role in Pine Ridge Uranium Project (Wyoming)

Negative

• Acquisitions remain subject to closing conditions and are not yet completed
• Ubaryon technical disclosures are tightly regulated, limiting public technical detail

News Market Reaction – LITM

+7.31%

14 alerts

+7.31% News Effect

+12.2% Peak Tracked

-4.4% Trough Tracked

+$5M Valuation Impact

$73M Market Cap

1.4x Rel. Volume

On the day this news was published, LITM gained 7.31%, reflecting a notable positive market reaction. Argus tracked a peak move of +12.2% during that session. Argus tracked a trough of -4.4% from its starting point during tracking. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $5M to the company's valuation, bringing the market cap to $73M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

GUE ownership target: 100% Ubaryon stake (Snow Lake): 21.9% Ubaryon investment (Urenco): A$5 million +3 more

6 metrics

GUE ownership target 100% Planned acquisition of Global Uranium and Enrichment Limited

Ubaryon stake (Snow Lake) 21.9% Indirect interest in Ubaryon via acquisition structure

Ubaryon investment (Urenco) A$5 million Urenco’s FIRB‑approved investment for a 13% Ubaryon interest

Ubaryon stake (Urenco) 13% Equity interest obtained by Urenco in Ubaryon

Initial GUE stake 19.9% Cornerstone investment in GUE made in March 2025

Pine Ridge JV split 50/50 Joint venture ownership of Pine Ridge Uranium Project with GUE

Market Reality Check

Price: $2.95 Vol: Volume 229,109 is below 2...

low vol

$2.95 Last Close

Volume Volume 229,109 is below 20-day average 610,327 (relative volume 0.38x) ahead of this approval news. low

Technical Shares at $3.42 are trading below the 200-day MA of $4.41 and sit 86.01% below the 52-week high.

Peers on Argus

Within Basic Materials peers, several related names were weak (e.g., FMST -5.48%...

1 Up 1 Down

Within Basic Materials peers, several related names were weak (e.g., FMST -5.48%, ELBM -4.67%, GTI -18.18%), while others were flat, and momentum scanner names were split (CHNR +9.45%, NVA -5.10%). This points to mixed, stock-specific trading rather than a clear sector-wide move.

Historical Context

5 past events · Latest: Nov 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	Policy designation	Positive	-0.3%	Uranium added to U.S. critical minerals list, supporting domestic nuclear focus.
Oct 21	New business launch	Positive	-3.7%	Launch of Kadmos Energy Services to pursue small modular light water reactors.
Oct 06	Major acquisition	Positive	+3.4%	Binding deal to acquire remaining GUE stake and form U.S.-focused fuel cycle company.
Oct 02	Exploration results	Positive	+0.2%	Encouraging Pine Ridge drilling with multiple mineralized roll fronts confirmed.
Sep 17	Exploration results	Positive	-8.7%	Promising initial Pine Ridge drill results with high‑grade U3O8 intercepts reported.

Pattern Detected

Recent upbeat operational and strategic news has produced mixed reactions, with several positive updates followed by price declines, indicating a tendency for volatility and occasional selloffs on good news.

Recent Company History

Over the last six months, Snow Lake has reported a series of growth-focused milestones. These include strong drill results at Pine Ridge in September–October 2025, the agreement on October 6 to acquire the remainder of GUE, the launch of Kadmos Energy Services on October 21, and the U.S. designation of uranium as a critical mineral on November 10. Price reactions to these largely positive announcements have been inconsistent. Today’s FIRB approval and progress toward closing GUE and Ubaryon extends that same nuclear-fuel-cycle build‑out theme.

Regulatory & Risk Context

Active S-3 Shelf · US$1,000,000,000

Shelf Active

Active S-3 Shelf Registration 2025-11-14

US$1,000,000,000 registered capacity

Snow Lake has an active Form F-3 shelf filed on November 14, 2025, allowing it to offer up to US$1,000,000,000 of various securities over a 36‑month period for working capital and general corporate purposes. No usage has been disclosed yet (usage count 0), but the shelf provides flexibility to fund acquisitions and development initiatives such as GUE, Ubaryon, and broader nuclear fuel cycle projects.

Market Pulse Summary

The stock moved +7.3% in the session following this news. A strong positive reaction aligns with Sno...

Analysis

The stock moved +7.3% in the session following this news. A strong positive reaction aligns with Snow Lake’s ongoing strategy of building a vertically integrated nuclear fuel platform. FIRB approval advances the previously announced GUE and Ubaryon acquisition path, and past acquisition headlines have averaged a 5.31% move over 5 events. However, the US$1,000,000,000 F‑3 shelf registration allows for future security issuance, which could introduce dilution risk and potentially temper extended rallies after deal milestones.

Key Terms

foreign investment review board, firb, nuclear fuel cycle, uranium enrichment technology, +4 more

8 terms

foreign investment review board regulatory

"it has received its Australian Foreign Investment Review Board ("FIRB") approval"

A foreign investment review board is a government body that screens inward foreign investments to decide whether they are allowed, need conditions, or should be blocked because of national interest, security, or competition concerns. For investors, this gatekeeper can change the timing, cost, or even the feasibility of a deal—like a security checkpoint that can clear, delay, or impose restrictions on a planned transaction.

firb regulatory

"FIRB approval is one of the conditions precedent to Snow Lake's acquisition"

The Foreign Investment Review Board (FIRB) is an Australian government advisory body that reviews and approves foreign purchases of businesses, land and other sensitive assets. Investors should care because FIRB approval can determine whether a cross-border deal can proceed, impose conditions or delays, and change legal and financial risk—similar to needing a neighborhood permit before a major renovation that could otherwise halt or alter the project.

nuclear fuel cycle technical

"Snow Lake Resources Ltd., d/b/a Snow Lake Energy ..., a nuclear fuel cycle company"

The nuclear fuel cycle is the full supply chain that turns raw uranium into usable reactor fuel, manages its use in power generation, and handles spent fuel and any recycling or disposal. Think of it like the path from coffee beans to a brewed cup and the leftover grounds — each step (mining, conversion, enrichment, fabrication, reactor use, storage or reprocessing) affects cost, regulatory risk, supply security and long-term liabilities, all of which influence the value and prospects of companies involved.

uranium enrichment technology technical

"Ubaryon (developing next generation uranium enrichment technology)"

Uranium enrichment technology is the industrial process and equipment used to increase the proportion of the energy-producing isotope in natural uranium so it can be used as reactor fuel. Think of it like concentrating the active ingredient in a crop: it turns a raw material into a usable product. Investors care because enrichment determines how much usable fuel is available, who controls supply, the cost of nuclear power, and it is subject to heavy regulation and geopolitical risk, all of which affect company revenues and national energy strategies.

uranium isotopes technical

"technology based on the chemical separation of naturally occurring uranium isotopes"

Uranium isotopes are naturally occurring versions of the uranium element that contain the same number of protons but different numbers of neutrons, which gives each isotope distinct physical behavior. Investors care because certain isotopes (like those that fission easily) are the raw material for nuclear power and weapons, so their relative abundance, ease of processing and regulation affect fuel supply, prices and company prospects much like the grade or quality of a commodity affects its market value.

yellowcake technical

"eliminates the need for conversion from uranium oxide or yellowcake (UO4 or U3O8)"

Yellowcake is a coarse, powdery concentrate of uranium extracted from mined ore and refined into a form suitable for further processing into nuclear fuel. For investors, it matters because it represents the key raw material in the nuclear fuel supply chain—changes in yellowcake availability, production costs, or regulation can affect the value and profitability of mining and energy companies, similar to how crude oil inventories influence the oil sector.

u3o8 technical

"conversion from uranium oxide or yellowcake (UO4 or U3O8) to gaseous uranium (UF6)"

U3O8 is the chemical name for a stable form of uranium oxide commonly called “yellowcake,” the concentrated powder produced after uranium ore is processed. Investors track U3O8 because it represents the raw material that is turned into nuclear fuel; its supply, demand and price act like a commodity indicator that can move the value of mining companies, utilities and firms tied to the nuclear fuel chain. Think of it as the crude oil equivalent for nuclear power — a basic feedstock whose availability and cost affect an entire industry.

uf6 technical

"to gaseous uranium (UF6) and the need for deconversion from UF6 to uranium oxide"

UF6, short for uranium hexafluoride, is a chemical form of uranium used during the process that separates the isotope needed for nuclear fuel. Think of it as the raw slurry that makes it possible to refine uranium into usable reactor fuel; its availability, transport restrictions and regulatory controls can strongly influence nuclear fuel supply, project timelines and the valuation of companies involved in mining, enrichment or nuclear power.

AI-generated analysis. Not financial advice.

Winnipeg, Manitoba--(Newsfile Corp. - December 8, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a nuclear fuel cycle company, announces that it has received its Australian Foreign Investment Review Board ("FIRB") approval for the acquisition of 100% of Global Uranium and Enrichment Limited ("GUE"), previously announced by Snow Lake on October 6, 2025, and the acquisition of an indirect 21.9% in Ubaryon Pty Ltd. ("Ubaryon"). FIRB approval is one of the conditions precedent to Snow Lake's acquisition of GUE and Ubaryon.

Highlights

• FIRB approvals granted for:

• Snow Lake to acquire 100% of GUE

• Snow Lake to acquire 21.9% of Ubaryon

• Urenco to acquire 13% of Ubaryon 

• Snow Lake is working towards closing the acquisition of GUE in early 2026

Snow Lake CEO Remarks

"We are very pleased to have received FIRB approval to both our acquisition of 100% of Global Uranium, and a 21.9% interest in Ubaryon. In addition, Urenco has received FIRB approval to make its A$5million investment in Ubaryon for a 13% interest" said Frank Wheatley, CEO of Snow Lake. "We will now turn our attention to moving forward and working towards completion of the acquisition of GUE and Ubaryon in early 2026."

Mr. Wheatley continued: "Receipt of these FIRB approvals moves Snow Lake one step closer to building out our capabilities across the front end of the nuclear fuel cycle, with uranium assets in Wyoming and Colorado, an investment in Ubaryon (developing next generation uranium enrichment technology) and our investment in Kamos Energy Services (developing small light water reactors based on existing, proven designs, proven fuel technology and robust, established component supply chains).

Our development of U.S. focused capabilities across the nuclear fuel cycle directly aligns with and supports the U.S. Administration's policies underpinning the development of a domestic nuclear industry to enhance and ensure U.S. national, economic and energy security."

Acquisition of Global Uranium and Enrichment Ltd.

In March 2025, Snow Lake became a cornerstone 19.9% investor in GUE and a 50/50 joint venture partner with GUE to acquire 100% of the Pine Ridge Uranium Project in the Powder River Basin in Wyoming, United States. GUE in turn owns 21.9% of Ubaryon. On October 6, 2025, Snow Lake announced that it had entered into an agreement with GUE to acquire all of the shares of GUE which it does not currently own and is currently targeting completion of the acquisition in early 2026.

Ubaryon Strategic Partnership with Urenco

As announced by Ubaryon on May 5, 2025, Ubaryon agreed to form a strategic partnership with Urenco, a global uranium enrichment company. The agreement was reached after a comprehensive process involving a targeted group of potential investors and partners, conducted within the controls of the security legislation that Ubaryon's technology is regulated by. Ubaryon's board of directors considers Urenco's investment will also significantly assist the future commercialization of Ubaryon's technology.

Urenco Background

Urenco is an international supplier of enrichment services with sustainability at the core of its business. Operating in the nuclear fuel supply chain for 50 years, Urenco has its head office near London, UK, and enrichment facilities in Germany, the Netherlands, the UK and the U.S.¹

Urenco's deep technical, regulatory, market expertise, resources and strategic position in the nuclear fuel supply chain industry will make them the ideal strategic shareholder for Ubaryon moving forward. Urenco has received FIRB approval for its investment of A$5 million into Ubaryon for a 13% interest in Ubaryon.

Ubaryon Background

Ubaryon is a private Australian company which is developing and commercializing a unique uranium enrichment technology based on the chemical separation of naturally occurring uranium isotopes. The Australian Safeguards and Non-Proliferation Office, and Defense Export Controls, regulate all Ubaryon's technical disclosure. A significant feature of the Ubaryon enrichment technology is that it eliminates the need for conversion from uranium oxide or yellowcake (UO₄ or U₃O₈) to gaseous uranium (UF₆) and the need for deconversion from UF₆ to uranium oxide. Removing conversion and deconversion simplifies the enrichment process and allows for additional flexibility in the nuclear fuel supply chain.

About Snow Lake Resources Ltd.

Snow Lake Resources Ltd. is a Canadian nuclear fuel cycle and critical minerals company listed on Nasdaq:LITM, with a portfolio of U.S. focused uranium projects, together with interests in next-generation uranium enrichment and small modular reactors. The Pine Ridge uranium project is an exploration stage project located in Wyoming, United States and the Engo Valley uranium project is an exploration stage project located on the Skeleton Coast of Namibia. Snow Lake also holds a portfolio of additional exploration stage critical minerals projects located in Manitoba, as well as investments in a number of public companies with critical minerals assets, including rare earths and lithium, in North America. 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.

For Further Information:

Frank Wheatley	Investor Relations
Chief Executive Officer	ir@snowlakelithium.com
fw@snowlakelithium.com

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¹ www.urenco.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277146

FAQ

What did Snow Lake announce on December 8, 2025 regarding GUE and Ubaryon (LITM)?

Snow Lake announced FIRB approval to acquire 100% of GUE and an indirect 21.9% interest in Ubaryon, and noted Urenco received approval for a A$5M investment for 13% of Ubaryon.

When is Snow Lake (LITM) targeting completion of the GUE and Ubaryon acquisitions?

Snow Lake is targeting transaction completion in early 2026.

How does Urenco's investment affect Ubaryon and Snow Lake (LITM)?

Urenco's A$5M investment for 13% in Ubaryon provides a strategic partner expected to assist commercialization of Ubaryon's enrichment technology.

What is Ubaryon's uranium enrichment technology described in Snow Lake's announcement?

Ubaryon is developing a chemical separation enrichment method that eliminates conversion to and from gaseous UF6, simplifying the fuel supply chain.

Does Snow Lake (LITM) already have exposure to the Pine Ridge Uranium Project?

Yes; Snow Lake is a 19.9% cornerstone investor in GUE and a 50/50 JV partner on the Pine Ridge Uranium Project in the Powder River Basin, Wyoming.