🇨🇦 Bayridge Resources Corp has signed a definitive agreement to acquire a 51 percent interest in the Baker Lake Uranium Project in Nunavut

Bayridge Resources Corp has signed a definitive agreement to acquire a 51 percent interest in the Baker Lake Uranium Project in Nunavut through a share-based transaction valued at CAD 1.4 million (approximately USD 1 million and ISK 127 million), expanding its footprint in Canada’s Arctic uranium sector.

Bayridge will issue 5.6 million common shares at a deemed price of CAD 0.25 per share to vendor Ursa Major Holdings. The company says the structure allows it to secure majority ownership of a large, advanced-stage Arctic uranium asset without drawing on cash reserves.

The Baker Lake project covers about 619 square kilometers of mineral claims in the Kivalliq Region and includes historic drilling, fieldwork and airborne geophysical surveys that together represent roughly CAD 7 million in prior exploration investment (around USD 5.3 million and ISK 750 million). Bayridge says this existing dataset gives it a strong foundation for upcoming technical and field programs.

The company argues the acquisition positions it to benefit from renewed global interest in nuclear energy amid energy security concerns and long-term decarbonisation trends. It plans to advance target definition and prepare for future drilling aimed at confirming and expanding historical uranium occurrences across the project area.

Bayridge Resources Corp is a Canadian mineral exploration company focused on uranium projects in the Canadian Arctic and northern regions with an emphasis on advancing underexplored districts toward discovery.