With Long-Term Uranium at US$98, Wyoming’s In-Situ Basins Draw a New Acquirer

RENO, Nev., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Market Updates News Commentary - The long-term uranium price indicator published by Cameco Corporation rose to US$98.00 per pound at the end of October, up from US$96.50 in August and September, while its spot indicator finished the month at US$91.55. Much of the attention in the U.S. supply story is landing on Wyoming, which has produced more than 238 million pounds of uranium since its first uranium mines opened in 1951, according to the Wyoming State Geological Survey, and where most of the country’s in-situ recovery (ISR) production now takes place. Companies mentioned in today’s commentary include: Eagle Nuclear Energy Corp. (NASDAQ: NUCL), enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), Cameco Corporation (NYSE: CCJ) (TSX: CCO), Anfield Energy Inc. (NASDAQ: AEC) (TSX.V: AEC), Peninsula Energy Limited (ASX: PEN) (OTCQB: PENMF).

Where Wyoming Fits

In the second quarter of 2026, U.S. uranium production came from six facilities, four of them ISR operations in Wyoming, according to the U.S. Energy Information Administration (EIA). Those four Wyoming sites produced a combined 175,249 pounds in the quarter, based on EIA’s facility-level table, while the largest single contributor to national output was a conventional mill in Utah. Wyoming also accounted for 348 of the 711 full-time person-years employed in the U.S. uranium production industry in 2025, up from 89 in 2022, and EIA reported that exploration and development drilling in 2025 recorded the most holes since 2012.

Buyers have been paying more. EIA’s latest marketing report shows that owners and operators of U.S. civilian nuclear power reactors paid a weighted-average price of $58.46 per pound for uranium delivered in 2025, 11% higher than in 2024, and that total U.S. commercial inventories stood at 170 million pounds at the end of 2025, up 9% from a year earlier.

An Oregon Developer Looks East

Eagle Nuclear Energy Corp., (NASDAQ: NUCL) which owns the Aurora uranium deposit in southeastern Oregon, has signed a binding letter of intent to acquire 100% of Noble Plains Uranium Corp., a U.S.-focused uranium exploration and development company with ISR-amenable projects in Wyoming’s Powder River and Shirley basins, in an all-stock transaction. Under the LOI, and subject to a definitive agreement, Eagle would acquire Noble Plains at a deemed price of CAD $0.125 per share based on an exchange ratio of 0.0167 Eagle shares for each Noble Plains share, which Eagle said represents a premium of approximately 92% to Noble Plains’ October 29 closing price of CAD $0.065 on the TSX Venture Exchange. Existing Eagle stockholders would hold approximately 95.22% of the combined company after closing, which remains subject to board, exchange and any necessary regulatory and shareholder approvals.

The centerpiece is Duck Creek in the Powder River basin, where Noble Plains holds an option to acquire an 80% interest, and has reported a resource of 5.32 million pounds U3O8 Indicated and 1.04 million pounds Inferred under Canadian NI 43-101 standards. Eagle said its technical team believes that resource represents a relatively small portion of the project’s potential, because it covers only 2.5 miles of a 5.25-mile long mineralized trend, and sits entirely in the shallower of two prospective formations. Eagle is planning a phased exploration program over the next 12 to 18 months to systematically unlock additional resources at Duck Creek. Noble Plains also holds Shirley Central, an earlier-stage project in the Shirley Basin. Eagle noted that neither company has completed an S-K 1300 technical report or resource estimate on the Noble Plains projects.

The deal would add ISR potential to a portfolio built around Aurora, which hosts 32.75 million pounds Indicated and 4.98 million pounds Inferred of near-surface uranium under S-K 1300, and to Eagle’s proprietary small modular reactor technology program. In its third-quarter update, Eagle reported a cash balance of $25.5 million and no outstanding interest-bearing debt as at August 31, 2026.

“This transaction gives Eagle greater scale at a time when demand for U.S. uranium is growing,” said Mark Mukhija, CEO of Eagle Nuclear Energy.

CONTINUED... Read this and more news for Eagle Nuclear Energy Corp. at: market-updates.com

Producers, Permits and Patience

The largest licensed ISR plant capacity EIA lists in Wyoming, 5.5 million pounds a year at Smith Ranch-Highland, belongs to Cameco Corporation (NYSE: CCJ) (TSX: CCO). Cameco’s U.S. operations, Crow Butte and Smith Ranch-Highland, are not currently producing after the company decided in 2016 to curtail production and defer all wellfield development, according to its third-quarter financial statements. In its third-quarter results on October 30, Cameco reported net earnings of C$43 million and adjusted EBITDA of C$267 million, and said an outage at the Key Lake mill that began during the quarter resulted in lower production volume and higher costs.

“We will not advance production, commit capital or pursue growth simply in response to headlines, short-term price movements or market enthusiasm surrounding any single theme,” said Tim Gitzel, Cameco’s CEO.

In Texas, enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), which uses only ISR to extract uranium and counts the Gas Hills project in Wyoming in its pipeline, said on October 27 that the public comment period on the final draft permit for its Upper Spring Creek production area closed on October 19, with waste disposal approval, production area authorization and final state authorization expected shortly. The company said the satellite ion exchange plant and first production wellfield are already built, with uranium extraction expected to begin shortly after the permit is received.

“Permitting has been the last step between the infrastructure we have built in South Texas and new production,” said Richard Little, Chief Executive Officer of enCore.

Processing capacity is another piece. Anfield Energy Inc. (NASDAQ: AEC) (TSX.V: AEC) said on October 27 that Utah regulators had provided it with a draft renewed radioactive materials license and a draft groundwater discharge permit for its Shootaring Canyon Mill, which it describes as one of only three licensed, permitted and constructed conventional uranium mills in the United States. Subject to the renewed license being issued, Anfield is targeting the start of major refurbishment work in the second quarter of 2027.

“Our goal remains to restore domestic conventional uranium and vanadium milling capacity in the United States,” said Corey Dias, Anfield CEO.

Back in Wyoming, Peninsula Energy Limited (ASX: PEN) (OTCQB: PENMF) reported in its September quarter activities report that two header houses at its 100%-owned Lance Project delivered a significant improvement in flow performance during acidification, and that it increased the Lance mineral resource estimate to 59.0 million pounds U3O8 under the JORC Code. The company reconfirmed calendar 2027 production guidance of 500,000 to 600,000 pounds U3O8 and has no production guidance in place for 2026.

“While the production ramp-up is taking longer than anticipated, we are now seeing positive evidence that the changes we are implementing can deliver meaningful improvements in wellfield performance,” said George Bauk, Managing Director and CEO of Peninsula Energy.

Track the Signals Before the Crowd

Uranium names can move on a price print, a permit or a merger announcement, and attention often builds before the crowd notices. Eagle Eye is a real-time investor signal-intelligence platform that surfaces sentiment shifts, news flow and trending tickers as they form. Watch it live at eagle-eye.dev.

Article Source: Eagle Nuclear Energy Corp. news releases dated October 13 and November 3, 2026.

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Cautionary Note Regarding Technical Information and the Proposed Transaction. The proposed acquisition of Noble Plains Uranium Corp. is subject to the negotiation and execution of a definitive agreement and to board, stock exchange and any necessary regulatory and shareholder approvals and customary closing conditions, and there is no assurance that it will be completed on the terms described or at all. The deemed price, exchange ratio, premium and post-closing ownership percentages are as stated by Eagle Nuclear Energy Corp. The Duck Creek mineral resource referred to in this article was reported by Noble Plains under Canadian National Instrument 43-101; neither Eagle nor Noble Plains has completed a technical report or resource estimate of Noble Plains’ projects in accordance with Regulation S-K 1300, and Noble Plains holds an option to acquire an 80% interest in Duck Creek rather than full ownership. The views that the current Duck Creek resource represents a relatively small portion of the project’s potential and that further value can be unlocked through exploration are those of Eagle’s technical team. The Aurora mineral resource estimate is reported under subpart 1300 of Regulation S-K in a technical report summary prepared by BBA USA Inc.; the Company’s releases do not name an individual qualified person. Mineral resources are not mineral reserves and do not have demonstrated economic viability, and Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. Eagle Nuclear Energy Corp. has not declared any mineral reserve or made a production decision at Aurora or at any Noble Plains project. The Company’s small modular reactor technology is in development and has not been licensed or deployed. Data attributed to the U.S. Energy Information Administration and the Wyoming State Geological Survey, and uranium price indicators published by Cameco Corporation, are as published by those sources. Production, permits, licences, guidance and other information of other companies referenced in this article are as reported by those companies and are not indicative of results for Eagle Nuclear Energy Corp. Additional information is available in the Company’s filings with the Securities and Exchange Commission at www.sec.gov.

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