Core Viewpoint - IsoEnergy Ltd. has agreed to acquire Toro Energy Ltd. through a scheme of arrangement, enhancing its uranium project portfolio with Toro's Wiluna Uranium Project, which is located in a top-tier jurisdiction in Australia [1][2][9]. Company Overview - IsoEnergy is a globally diversified uranium company with significant mineral resources in Canada, the U.S., and Australia, focusing on development-ready projects [28][29]. - Toro Energy is an ASX-listed uranium development and exploration company, with its flagship Wiluna Uranium Project consisting of multiple uranium deposits [30]. Transaction Details - IsoEnergy will acquire all issued and outstanding shares of Toro, with Toro shareholders receiving 0.036 IsoEnergy shares for each Toro share, implying a value of A$0.584 per Toro share [3][10]. - The total equity value of the transaction is approximately A$75 million (C$68.1 million) [3]. Strategic Rationale - The acquisition will strengthen IsoEnergy's development pipeline by adding Toro's Wiluna Uranium Project, which is at the scoping stage, to its existing portfolio [2][9]. - Toro shareholders will benefit from exposure to a larger, diversified portfolio of uranium assets in stable jurisdictions, enhancing their investment value [2][10]. Resource Base Expansion - The combined entity will hold a pro forma mineral resource estimate of 133.4 million pounds U3O8 measured and indicated (M&I) and 39.4 million pounds inferred, significantly increasing the resource base [47]. - The merger will create a robust and geographically diversified resource base, with IsoEnergy's existing projects complemented by Toro's assets [10][47]. Market Context - The transaction is well-timed to capitalize on the projected increase in uranium demand, with expectations of a 30% rise by 2030 and more than doubling by 2040 [10]. - IsoEnergy aims to leverage its strengthened resource base to benefit from the tightening supply/demand outlook in the nuclear market [10]. Shareholder Benefits - Toro shareholders will receive a significant premium of 79.7% to the last traded price and 92.2% to the 20-day volume-weighted average price (VWAP) [10][11]. - The merger is expected to provide Toro shareholders with enhanced access to capital and liquidity, as well as a diversified portfolio of high-quality uranium assets [10][11].