On December 19 2025 the Federal Court of Australia issued orders requiring Snow Lake Resources Ltd. to convene a share‑scheme meeting and an option‑scheme meeting for its pending acquisition of Global Uranium and Enrichment Limited (GUE). The share‑scheme meeting is scheduled for 10:00 am AEDT on January 27 2026, while the option‑scheme meeting will take place at 11:00 am AEDT or later, depending on the conclusion of the share‑scheme session.
The court’s orders specify that all GUE shareholders registered by 7:00 pm AEDT on January 25 2026 will be entitled to vote on the share‑scheme, and all option holders registered by the same deadline will vote on the option‑scheme. The requirement to register by that date ensures that only current owners of GUE equity or options participate in the governance of the transaction, thereby aligning shareholder interests with the proposed transfer of ownership.
The acquisition, valued at approximately AUD 35.5 million (about US$30 million), will be executed through a share‑scheme and option‑scheme structure. Under the terms, each GUE share will be exchanged for AUD 0.0968 of Snow Lake shares, subject to a maximum of 0.083878 new Snow Lake shares per GUE share, with the final allocation adjusted for the USD/AUD exchange rate. Option holders will receive Snow Lake warrants in lieu of their GUE options, consolidating the ownership structure and simplifying the transaction’s closing process.
Strategically, the deal expands Snow Lake’s uranium and enrichment portfolio by adding GUE’s assets in Wyoming, Colorado, and Utah, and by securing a 21.9 % stake in Ubaryon Pty Ltd, an Australian company developing advanced enrichment technology. The combined entity will hold a diversified portfolio of uranium projects across the United States, Canada, and Namibia, positioning Snow Lake as a leading U.S.-focused nuclear fuel cycle company in line with domestic policy priorities to strengthen the domestic nuclear industry.
Management has emphasized that the court‑ordered meetings are a critical milestone that brings the acquisition closer to completion, with a projected closing in the first quarter of 2026. Snow Lake’s CEO, Frank Wheatley, noted that the regulatory approval and the forthcoming shareholder votes demonstrate the company’s commitment to transparent governance and reinforce confidence among investors and stakeholders in the long‑term value creation of the combined entity.
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