North America-based IsoEnergy on Monday announced a A$75-million bid for Australian company Toro Energy in a deal that would add the Wiluna uranium project, in Western Australia, to its growing portfolio.

NYSE American- and TSX-listed IsoEnergy offered ASX-listed Toro shareholders 0.036 of its own shares for each share held, giving them about 7.1% ownership in the combined company.

The offer represented a 79.7% premium to Toro’s last closing price of A$0.325 a share on October 10, and a 92.2% premium to Toro’s 20-day volume weighted average price, implying a fully diluted equity value of about A$75-million (C$68.1-million).

The merger would bring Toro’s 100%-owned Wiluna uranium project, located in Western Australia’s northern goldfields, into IsoEnergy’s portfolio, which already includes the ultrahigh-grade Hurricane deposit in Canada’s Athabasca basin, a suite of past-producing US mines, and exploration and development assets across Tier 1 mining jurisdictions.

IsoEnergy CEO and director Philip Williams said the acquisition marked a milestone in the company’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,” he said. “This transaction positions IsoEnergy to deliver meaningful scale, optionality, and sustained value creation for shareholders.”

Toro Energy executive chairperson Richard Homsany described the agreement as highly value-accretive for Toro investors.

“This transaction creates significant value for our shareholders, representing a material premium for Toro shareholders of 79.7% to Toro’s last traded price and 92.2% to Toro’s 20-day VWAP,” he stated. “It also provides Toro shareholders the opportunity to be part of a larger, leading uranium company listed on the TSX and NYSE.”

Following completion, the merged company will hold a combined resource base of 55.2-million pounds of uranium oxide (measured and indicated) and 4.9-million pounds inferred under National Instrument 43-101 standards, alongside Joint Ore Reserves Committee-compliant resources of 78.1-million pounds (measured and indicated) and 34.6-million pounds inferred. The group will also hold historical resources of more than 240-million pounds of uranium oxide, underscoring its scale and geographic diversification.

IsoEnergy noted that the enlarged company would be well positioned to benefit from a strengthening uranium market, with the World Nuclear Association projecting global uranium demand to rise by about 30% by 2030 and to more than double by 2040.

The merger is also expected to improve the group’s access to capital and increase liquidity, creating a platform for future mergers and acquisitions.

IsoEnergy and Toro said the independent board committee of Toro had unanimously recommended that shareholders vote in favour of the transaction, in the absence of a superior proposal. Major shareholder Mega Uranium, which holds about 12.7% of Toro, has indicated its intention to vote in favour of the scheme under the same conditions.