Fusion Fuel Green PLC announced that it will acquire a 2.0 % Net Smelter Return (NSR) royalty on the Shea Creek uranium project in Saskatchewan, Canada, as part of a broader portfolio of 16 royalty interests that will be transferred under the share‑exchange agreement with Royal Uranium Inc. The agreement was announced on February 18 2026 and is expected to close in the first half of 2026.
Shea Creek, operated by Orano Canada Inc. and Uranium Energy Corp., is one of the largest undeveloped uranium resources in the Western Athabasca Basin. Technical reports indicate more than 95 million pounds of indicated and inferred U₃O₈, with a detailed breakdown of 67.57 million pounds indicated and 28.06 million pounds inferred. The project’s high‑grade deposits and proximity to existing infrastructure make it a strategic asset for royalty holders.
The 2.0 % NSR royalty gives Fusion Fuel a capital‑light share of net revenue generated by the project without the need for additional capital investment in exploration, development or operations. This aligns with the company’s strategy to diversify its revenue base and tap into the long‑term supply deficit projected for uranium by 2040, driven by expanding nuclear power and AI‑driven infrastructure.
The royalty is one of 16 uranium and three natural‑gas royalty interests that Fusion Fuel will acquire through Royal Uranium. The portfolio spans the Americas, including assets in Canada, Newfoundland, Colombia and Argentina, and positions Fusion Fuel to benefit from a broad geographic exposure to high‑grade uranium and natural‑gas resources.
JP Backwell, Fusion Fuel’s CEO, said, "Through our anticipated acquisition of Royal Uranium, the holder of a 2.0 % NSR royalty on the Shea Creek project deposits, we anticipate providing Fusion Fuel with a share of value generated without additional capital spend." He added, "Shea Creek is one of the largest undeveloped uranium resources in Canada, operated by two of the industry's most experienced names." Backwell also noted that the acquisition "provides Fusion Fuel with direct exposure to one of the most compelling and increasingly fundamental asset classes supporting global energy security and the rapid expansion of AI‑driven infrastructure and the nuclear power required to support it." He further explained that "By gaining meaningful exposure to sixteen (16) uranium and three (3) natural gas royalties in the Americas, Fusion Fuel believes that it is poised to secure long‑term economic participation in the energy sources increasingly required to power AI infrastructure, electrification and global decarbonization."
On March 23 2026, Fusion Fuel announced the appointment of James Passin, a seasoned uranium‑market investor with over 20 years of experience, to its board. Backwell said, "James brings exactly the kind of uranium‑market experience and cycle‑tested judgment that we believe is valuable as Fusion Fuel pursues its uranium royalty strategy." Passin’s addition is intended to strengthen the company’s expertise as it expands its royalty portfolio.
While the royalty structure offers a low‑risk, capital‑efficient revenue stream, it also exposes Fusion Fuel to the performance of third‑party operators, commodity price volatility, and regulatory approvals in multiple jurisdictions. The transaction is subject to customary closing conditions, including Irish regulatory approval and shareholder consent, and is expected to close in the first half of 2026.
The announcement signals a significant strategic pivot for Fusion Fuel, moving beyond its core green‑hydrogen and energy‑engineering services into the uranium royalty market. By securing a share of a high‑grade, undeveloped resource and adding a diversified royalty portfolio, the company positions itself to capture upside from a tightening uranium supply while maintaining a low‑capital footprint.
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