“It’s the biggest thing we’ve ever done,” CEO Sean Wade told The Northern Miner in a Zoom interview. “You don’t get many deals like this with a £20-million market cap and below (company). It’s a great validation of our model.”
Power Metal shares traded for 16 pence apiece on Monday after markets closed in London, valuing the company at £18.3 million. Its shares traded in a 52-week range of 10 pence to 25.68 pence.
The tie-up follows the spot price for uranium oxide rising to $82 per lb. this week from $78.50 per lb. at the end of August. It’s among various tailwinds for the uranium market, including a deal last month between Microsoft and Constellation on a 20-year power purchase from the restarted Three Mile Island nuclear plant in Pennsylvania.
Cash for spring drilling
Under the yet-to-be named JV, UCAM is to hold a 70% interest, according to a Power Metal news release. London-based private investment firm…
