Uranium Mining

Sceptre Ventures Inc. and 1490660 B.C. Ltd. have entered into a non-binding letter of intent dated October 8, 2026, under which Sceptre will acquire the outstanding securities of 1490660 in a reverse takeover that will constitute Sceptre's Qualifying Transaction as a Capital Pool Company. The LOI contemplates a definitive agreement by November 30, 2026, with Sceptre acquiring all issued and outstanding securities of 1490660 on a 1 for 1 exchange ratio, and the Resulting Issuer continuing 1490660's business under the name Evolution Uranium Corp. and listing as a Tier 2 Mining Issuer on the TSX Venture Exchange. 1490660 is a privately held Canadian mineral exploration company whose principal properties are the Black Birch Lake Property and the Rifle Property, both in Saskatchewan, and its outstanding capital consists of 17,000,100 common shares and 15,000,000 share purchase warrants. In connection with the Proposed Transaction, Sceptre intends a concurrent financing of up to 6,000,000 units at $0.50 per unit for gross proceeds of up to $3,000,000, each unit comprising one Sceptre share and one Sceptre warrant exercisable at $0.75 for two years. Assuming completion of the Concurrent Financing, approximately 26,001,753 Sceptre Shares and up to approximately 21,000,000 Sceptre Warrants will be outstanding, with former 1490660 shareholders holding approximately 65.38%, Concurrent Financing placees approximately 23.08%, and former Sceptre shareholders approximately 11.54% of the Resulting Issuer Shares on an undiluted basis. Trading in Sceptre's common shares has been halted and is expected to remain halted until completion of the Proposed Transaction.

Energy Fuels reported $996 million in working capital as of June 30, 2026, up from $927.4 million as of Dec. 31, 2025, including $58.4 million of cash and cash equivalents and $878.3 million of marketable securities. The company's net cash used in operating activities declined to $17.8 million in the first half of 2026 from $44.8 million a year earlier, while net cash used in investing activities rose to $133.3 million from $75.2 million on higher investments in marketable securities, equipment and mineral properties, plus contributions to the Donald Project joint venture. In June, Energy Fuels received a conditional $725 million financing commitment from the U.S. Office of Strategic Capital, a proposed 20-year loan to support critical minerals processing expansion at the White Mesa Mill and a planned U.S. rare earth metals and alloys facility, subject to customary conditions and approvals. Among peers, MP Materials generated $4.9 million of operating cash flow in the first half of 2026 versus an outflow of $66.9 million a year earlier, and spent $307.7 million on property, plant and equipment, up from $59.5 million, ending with $429.6 million in cash, cash equivalents and restricted cash. Centrus Energy reported $16.7 million of operating cash outflow in the first half of 2026 against $89.3 million of inflow a year earlier, with capital expenditures surging to $94.8 million from $5.7 million and cash and cash equivalents of $1.87 billion as of June 30, 2026.

District Metals Corp. has commenced diamond drilling at its Viken Property in Jämtland County, central Sweden, with Arctic DS AB, a Swedish subsidiary of Arctic Drilling AS, resuming core drilling using most of its crew from Jämtland and Västerbotten Counties. The 2026 drill program is focused on Target Areas A and B, two large conductive anomalies identified by the Company's 2025 airborne MobileMT survey that remain largely untested by drilling, with historical 2008 drilling limited primarily to their periphery. Target Areas A and B lie approximately 1.7 km and 7.5 km, respectively, north to northwest of the Viken Energy Metals Deposit, and their conductive responses are larger and stronger than the signature associated with the Viken Deposit itself. The number of drill holes and total meters will be guided by geological observations and uraniferous radiometric measurements collected during drilling, forming part of District's approved 2026 exploration budget of approximately 5,000 to 7,000 meters across the Viken and Alum Shale Properties. CEO Garrett Ainsworth said the program is designed to determine whether the significant MobileMT conductive responses are associated with uranium and other energy metals mineralization similar to the Viken Deposit.

Uranium Royalty Corp. filed a shelf registration of about US$915.95 million covering up to 226,719,982 common shares in early October 2026, expanding its capacity to raise capital over time. The filing increases the company's flexibility to fund new royalty acquisitions or uranium purchases, but it also raises the prospect of further equity issuance after a year in which shareholders were already substantially diluted. Uranium Royalty has turned profitable, reporting US$214.36 million in revenue and US$55.47 million in earnings over the past year. Two fair value estimates from the Simply Wall St Community span roughly US$1.21 to US$4.29 per share, reflecting widely differing views on the company against its recent profitability and the sizeable new shelf. The share price has pulled back over the past month and trades at a modest discount to consensus fair value, which may sharpen investor focus on the trade off between growth opportunities and potential dilution.

China Uranium, stock code 001280, announced that Chairman Yuan Xu has resigned due to work adjustment. The announcement shows that the board of directors of China Uranium recently received a written resignation report from Yuan Xu, in which he applied to resign from his positions as chairman, director, and convener of the board's strategy and investment committee. His original term was set to end upon the expiration of the second board of directors. After resigning, he will no longer hold any position in the company. According to relevant regulations, Yuan Xu's resignation will not cause the number of board members to fall below the statutory minimum, and his resignation report takes effect from the date it is delivered to the board. It will not have an adverse impact on the company's daily management or production and operations. As of the disclosure date of the announcement, Yuan Xu does not hold any company shares, and there are no commitments that should have been fulfilled but have not been fulfilled. China Uranium stated that during his tenure, Yuan Xu performed his duties diligently and conscientiously, steadily advanced the increase of domestic natural uranium reserves and production, significantly enhanced the ability to control overseas uranium resources, accelerated the development of the comprehensive utilization industry for radioactive associated resources, strengthened top-level design for scientific and technological innovation, and successfully completed the company's initial public offering and listing.

F3 Uranium Corp. will issue 797,872 common shares to Denison Mines Corp. to settle a portion of accrued interest owed under a financing agreement entered into in October 2023. The payment consists of a cash payment of $225,000 plus the shares, issued at a deemed price of $0.141 per share, being the 20-day VWAP as at September 28, 2026. The underlying debenture carries a 9% coupon payable quarterly, matures on October 18, 2028, and is convertible at Denison's option at a conversion price of $0.56 per share; F3 may pay up to one-third of the interest in shares. All securities issued are subject to TSX-V approval and a statutory hold period in Canada expiring four months and one day from issuance. The shares-for-debt transaction was approved by F3's Board of Directors and did not require a formal valuation or minority shareholder approval under Multilateral Instrument 61-101.

RBC Capital initiated coverage of Uranium Energy with a Sector Perform rating, a Speculative Risk qualifier and a $10 price target, sending shares down 0.6% in Friday's trading. Analyst Andrew Wong said the shares look fairly valued, balancing strong growth potential against execution risk. Uranium Energy holds the largest licensed U.S. uranium capacity at 12M lbs/year, with production currently ramping, which could generate significant cash flow at RBC's roughly $110/lb long-term uranium price forecast. Wong flagged ramp-up risks tied to labor, permitting and construction, noting the company is ramping production in Wyoming and Texas, developing the Roughrider project in Saskatchewan, and plans to build new uranium conversion capacity in the U.S. He said the company offers highly leveraged exposure to uranium, especially U.S.-origin, but carries potential execution risks given its ambitious and expansive plans, adding that building greenfield conversion in the U.S. comes with significant risks and that plan details are currently limited.

Torq Resources Inc. has closed its previously announced shares-for-debt settlement, issuing 2,261,120 shares to two directors, 240,018 shares to arm's length creditors and 8,081,182 units to arm's length creditors to settle an aggregate of $529,116 of debts. The settlement follows the closing of the company's private placement for gross proceeds of $1.7m on September 16, 2026, and the units issued are identical to those in that placement, each consisting of one common share and one share purchase warrant exercisable until October 1, 2029, to acquire a share for C$0.10. The debts primarily relate to accrued interest on Torq's $2.8m loan facility, both the principal and accrued interest on an $84k promissory note, and settlement of certain accrued director wages. No finder fees were paid in connection with the closing, and the securities issued are subject to a statutory four-month and one-day hold period in Canada. The 2,261,120 shares issued to related parties are exempted from formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of Canadian Multilateral Instrument 61-101, as neither the fair market value of the securities issued to nor the consideration paid by such person could exceed $2.5 million or 25% of the company's market capitalization.