IsoEnergy to acquire Toro, creating diversified uranium company

The deal is worth around AUD75 million (CAD68.1 million, USD49 million), and is expected to close in the first half of 2026, subject to satisfaction of all conditions, including receipt of all necessary approvals. Shares in the merged company will continue trading on the Toronto and New York stock markets: Toro will be removed from the official list of the Australian Securities Exchange.

Toro is the 100% owner of Wiluna uranium project in Western Australia, and the combination with IsoEnergy's past-producing mines in the USA, the ultra-high-grade Hurricane deposit in Canada’s Athabasca Basin, and multiple development/exploration assets across Canada, the USA and Australia with Toro’s flagship Wiluna Uranium Project in Western Australia, creates a development-ready platform with significant near-term production potential in stable, mining-friendly jurisdictions, the companies said.

IsoEnergy CEO Philip Williams said the acquisition of Toro Energy is part of IsoEnergy’s strategy to build a globally diversified, development-ready uranium platform. "The Wiluna Uranium Project strengthens our portfolio with a large, previously permitted asset in a top-tier jurisdiction at a time when global nuclear demand is accelerating. This transaction positions IsoEnergy to deliver meaningful scale, optionality, and sustained value creation for shareholders. We look forward to welcoming the Toro team, who have done an admirable job stewarding the company and its projects through often challenging markets, to IsoEnergy and advancing the project together," he said.

Last year, IsoEnergy announced plans to acquire Anfield Energy - owner of the licensed and permitted Shootaring Canyon uranium mill in Utah - but that plan was subsequently terminated in January.

Toro Executive Chairman Richard Homsany said the transaction provides Toro shareholders with the opportunity to be part of a "larger, leading uranium company listed on the TSX and NYSE" with exposure to a "diverse uranium portfolio that has strong growth potential and is located in favourable regulatory jurisdictions, and the ability to attract enhanced access to funding including for the Wiluna Uranium Project".

The pro forma company will hold 55.2 million pounds U3O8 (21,233 tU) of current NI 43-101 compliant uranium resources in the measured and indicated categories, and 4.9 million pounds U3O8 in the inferred category, as well as historic measured and indicated resources of 154.3 million pounds U3O8 and 88.2 million pounds inferred.

Toro's 12.7% owner Mega Uranium Ltd and its associate Mega Redport Pty Ltd have indicated that they intend to vote in favour of the Scheme, subject to no superior proposal emerging and provided that the scheme continues to be "in the best interests" of Toro shareholders.

IsoEnergy owned about 4.99% of Toro's shares as of 12 October.