The deal comes as uranium prices nearly doubled last year amid a global push for renewable power.

Denison currently has an effective 24.68% ownership interest in the Waterfound River joint venture.

Canada is one of the world’s main sources of the two commodities and buyers seek to fill gaps caused by the war in Ukraine.

The decision aims to secure supply amid record-high energy prices.

Canada is among the world’s premier jurisdictions for mineral exploration and mining and has become a go-to destination for the industry.

The prices of coal and oil have also risen, but it is uranium that is likely to see the greatest long-term impact from the outbreak of war in eastern Europe.

Russia accounted for 16.5% of the uranium imported into the US in 2020.