Wheeler River is the largest undeveloped uranium project in the eastern part of Saskatchewan's Athabasca Basin.

Kazatomprom said it may supply the metal to Sprott Inc., the investment firm whose aggressive bets on the market have helped drive a surge in prices.

The Canadian Prairies may soon be known as much for their diverse mineral wealth including uranium, nickel and copper, as for their potash endowment and rolling hectares of grain.

The country's new government is also preparing legislation that will ban uranium mining.

The Sprott Physical Uranium Trust has itself been on a buying spree, bolstering its stockpile by 45% in four weeks.

Uranium futures on Nymex surged to $44.15 a pound on Monday, the highest level since December 2012.

Sprott has amassed over 24 million pounds of uranium, sometimes buying more than 500,000 pounds in a single day.

The combined company would hold multiple uranium projects at various stages of development.