07:34 AM EST, 12/19/2024 (MT Newswires) -- IsoEnergy ( ISENF ) and Purepoint Uranium Group ( PTUUF ) on Thursday agreed to consolidate ten uranium projects in the eastern Athabasca Basin in Saskatchewan.

Under the terms, IsoEnergy ( ISENF ) will initially own 60% of the joint venture while Purepoint will own 40%, with the option to adjust to a 50/50 ownership through the exercise of put/call options.

Following completion of the put/call option period, IsoEnergy ( ISENF ) has an option to purchase an additional 1% interest from Purepoint for $2 million, giving IsoEnergy ( ISENF ) a 51% participation interest and Purepoint a 49% participation interest.

"This partnership allows us to advance a promising portfolio of uranium projects while maintaining our focus on IsoEnergy's ( ISENF ) core development assets," said IsoEnergy ( ISENF ) Chief Executive Philip Williams.

Purepoint will serve as operator during the exploration phase, while IsoEnergy ( ISENF ) will assume operational control as the projects advance to pre-development stages.

"This collaboration not only validates the potential of these assets but also aligns with our commitment to advance them responsibly and efficiently," said Chris Frostad, Purepoint's president and CEO.

IsoEnergy's ( ISENF ) share price fell 4% on Wednesday to $2.65 on the TSX while Purepoint's share price dropped 1.9% to $0.26 on the TSXV.