IsoEnergy (TSX:ISO,NYSE American:ISOU) is set to acquire Australia’s Toro Energy (ASX:TOE,OTC Pink:TOEYF) in an all-share deal that will consolidate two uranium developers into a single diversified platform as global nuclear demand surges and uranium prices continue to strengthen.
The merger brings Toro’s 100 percent-owned Wiluna uranium project in Western Australia into IsoEnergy’s development pipeline, adding a large, scoping-stage asset to the company’s holdings that already include the high-grade Hurricane deposit in Canada’s Athabasca Basin and several past-producing US mines.
Once combined, the pro forma company will hold total measured and indicated resources of 55.2 million pounds U3O8 and inferred resources of 4.9 million pounds.
“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,” said Philip Williams, IsoEnergy’s CEO and Director.
Toro’s Wiluna project, which comprises the Centipede-Millipede, Lake Way, and Lake Maitland deposits, sits about 30 kilometers south of the town of Wiluna and represents one of Western Australia’s most advanced undeveloped uranium assets.
The merger will also broaden IsoEnergy’s presence in Australia, which ranks first globally in uranium resources and was among the top five producers in 2024.
Toro Executive Chairman Richard Homsany said the deal provides Toro shareholders the opportunity to be part of a larger, leading uranium company listed on the TSX and NYSE.
Following the transaction, Toro shareholders will hold about 7.1 percent of IsoEnergy’s fully diluted shares and will gain indirect exposure to IsoEnergy’s assets in Canada and the US, including the Hurricane deposit in Saskatchewan and the company’s Utah-based projects.
The merger comes amid a uranium market revival driven by renewed global interest in nuclear power as a clean energy source.
The World Nuclear Association’s 2025 Fuel Report projects uranium demand to rise by roughly 30 percent by 2030 and to more than double by 2040, as nations expand reactor fleets to meet decarbonization goals.
Pending approval of the scheme by Toro shareholders, expected in early 2026, the Australian company will be delisted from the ASX, while IsoEnergy’s shares will continue trading on the NYSE American and TSX.
The company noted that an eventual ASX listing for IsoEnergy may be considered but is not a condition of the transaction.
In a separate announcement last month, IsoEnergy also launched its 2025 US exploration program focused on its uranium projects in southeast Utah.
The initiative includes drilling ten rotary holes totaling 15,000 feet at the Flatiron claims near the historic Tony M mine, as well as fieldwork at the Daneros and Sage Plain projects.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.