History
92 Energy listed in 2021 as a uranium explorer, found the Gemini discovery in Canada's Athabasca Basin, and was acquired by ATHA Energy in April 2024.
2021: Listing and a first discovery
92 Energy was admitted to the ASX on 13 April 2021 as a uranium explorer, with trading from 15 April. Its IPO raised $7,000,000 by issuing 35,000,000 shares at $0.20. In May it pegged (staked) two new projects, Cypress River and Powerline Creek, covering 23,000 hectares near the north-western edge of the Athabasca Basin, adding to its original three. In July CEO Siobhan Lancaster became Managing Director.
Diamond drilling began at the Gemini project in late July, the company's first drill program since listing. On 1 September hole GEM-004 hit 5.3m of elevated radioactivity, measured with a hand-held device rather than laboratory assays. On 20 September assays confirmed a discovery: 5.5m at 0.12% U3O8 (uranium oxide), including 1.0m at 0.28%, from about 190m depth, with the zone open in all directions.
The company moved to fund the follow-up. On 28 September it raised A$7.15 million through a placement of 9,927,750 shares at A$0.72. In October Kanan Sarioglu was appointed VP Exploration and Steve Blower rejoined the board. Shares on issue ended the year at 52,717,349.
2022: Growing the Gemini zone
A winter drill program with two rigs started in February. It finished in April with 19 holes and 5,378m drilled, and 11 of 12 holes in the new main zone, called the GMZ, were radioactive. In May the first assays confirmed it: GEM22-022 returned 17.0m at 0.38% U3O8, far above the discovery hole's 0.12%.
In June the company raised about A$8.7m through 11,153,847 Canadian flow-through shares at A$0.78, a 22% premium to the close. Flow-through shares carry an obligation to spend an equal amount on qualifying exploration, here by 31 December 2023. Summer drilling followed. Hole GEM22-025 cored 47.0m of continuous radioactivity, and its assays in August gave 43.0m at 0.62% U3O8, including 6.0m at 2.17%, the highest-grade interval so far. The summer program finished with 7,160m in 25 holes, and the GMZ was defined over 220m by 200m and remained open.
The company also widened its search. In September it staked the Wares property, a sixth project, and began a maiden program at Tower, 10km from Cigar Lake. That program finished in October with 1,919m in four holes, three showing elevated radioactivity, though only hand-held readings. In December it placed 4.47 million shares at A$0.50 to raise A$2.235m, well below June's A$0.78. Shares on issue ended 2022 at 86,648,696.
2023: Higher grades, then a search for a partner
A 4,000m winter program began at Gemini in February, with the portfolio at 40 claims in seven projects. Holes about 65m south of the discovery were strong, and by May assays showed GEM23-061 at 1.47% U3O8 over 5.0m, including 9.66% over 0.5m, the best grade at Gemini to date. The company also reported gold and dravite results further north and said they warranted a significant follow-up program.
In July it raised about $5.5m: $5m through 12.3m flow-through shares at about $0.41 and $0.5m through 1.67m shares at $0.30, with the flow-through spend due by 31 December 2024. A summer program finished in September after 3,659m. GEM23-072A hit 17.6m at 0.43% eU3O8 (an estimate from a downhole radiation probe), the main zone was defined over 250m by 290m, and the last hole found a new parallel structure 300m east. Shares on issue ended 2023 at 106,658,436.
2023-2024: Acquired by ATHA Energy
On 8 December 2023 the company signed a Scheme Implementation Deed for ATHA Energy to acquire 100% of it, as part of a three-way merger with Latitude Uranium. Shareholders would receive 0.5834 ATHA shares per share, implying about A$0.651, a 78% premium to the A$0.365 close the day before.
In February 2024 the independent expert, BDO Corporate Finance, found the deal fair and reasonable and in shareholders' best interests, absent a superior proposal. Shareholders approved it on 25 March with 99.65% of votes cast in favour. The Federal Court approved it on 27 March, and it became effective on 28 March, when trading was suspended. The scheme was implemented on 11 April, with foreign holders and those electing to sell receiving cash instead of shares. Chair Richard Pearce was to join the ATHA board. ASX removed 92 Energy from its official list at the close of trading on 12 April 2024. At that date the company no longer existed as a listed entity, and its Athabasca Basin claims, including Gemini, had passed to ATHA.
Written from the 34 story beats below (2021 to 12 Apr 2024), which come from the company's own announcements and filings.