New Uranium Giant Emerges from Three-Way North American Merger

VANCOUVER, BC – May 04, 2026 – A significant new force in the North American uranium sector is set to debut this week as Aero Energy Limited finalizes its acquisitions of Urano Energy Corp. and Pegasus Resources Inc. Following overwhelming shareholder and court approval, the consolidated company will rebrand as Manhattan Uranium Discovery Corp., trading under the new ticker symbol 'MANU' on the TSX Venture Exchange as early as May 7, 2026.

This strategic three-way merger creates a substantially larger and more diversified uranium exploration and development company, combining a rich portfolio of assets spanning premier jurisdictions in both Canada and the United States. The move is widely seen as a calculated response to a surging global demand for uranium, driven by a renaissance in nuclear energy and tightening global supplies.

A Strategic Consolidation for a New Era

The path to creating Manhattan Uranium Discovery Corp. was cleared last week after shareholders of both Urano and Pegasus gave their resounding support for the acquisitions. At a special meeting on April 29, an overwhelming 99.91% of votes cast by Urano shareholders were in favor of the arrangement. Pegasus shareholders showed similarly strong backing, with 98.21% of votes cast in approval.

Following the shareholder mandates, the Supreme Court of British Columbia granted the final order approving the arrangements on May 4, removing the last major legal hurdle. The transactions are expected to officially close on or about May 7, 2026, subject to customary closing conditions.

In a joint statement, the CEOs of the three companies signaled their unified vision. "On Behalf of the Boards of Directors," signed Galen McNamara of Aero Energy, Jason Bagg of Urano Energy, and Christian Timmins of Pegasus Resources, underscoring the collaborative nature of the transaction. The new entity, Manhattan Uranium Discovery Corp., aims to leverage the combined strengths and assets of its predecessors to become a key player in securing a domestic North American uranium supply chain.

Existing shareholders of Aero Energy will see their shares automatically transition to the new company name, and no action is required on their part. The company has been assigned a new CUSIP number (562913103) and ISIN (CA5629131031) which will become effective with the name change.

Building a North American Uranium Powerhouse

The strategic rationale behind the merger becomes clear when examining the newly combined asset portfolio. Manhattan Uranium Discovery Corp. will now control an expansive and geographically diverse collection of projects, from high-grade exploration targets in Canada to advanced-stage, past-producing mines in the United States. This diversification mitigates single-project risk and provides a multi-pronged approach to value creation.

The company inherits Aero Energy's significant land package in Saskatchewan's prolific Athabasca Basin, widely regarded as the world's leading source of high-grade uranium. The Strike and Murmac projects, located near Uranium City, host dozens of shallow, drill-ready targets guided by an award-winning technical team credited with major discoveries like Arrow and Gryphon. Recent exploration at Murmac has already confirmed a mineralizing system with grades reported as high as 13.8% U₃O₈.

From its previous merger with Kraken Energy, the portfolio also includes key U.S. assets in Nevada. These are highlighted by the Apex Uranium Property, the state's largest past-producing uranium mine, and the Huber Hills Property, which contains the historic Race Track open pit mine. These assets provide a foothold in a historically productive American mining district.

The acquisition of Urano Energy adds a substantial portfolio in the Colorado Plateau, a region with a rich history of uranium and vanadium production. Urano brings 25 properties with 15 past-producing mines, including projects in major Utah and Colorado mining districts like Uravan and Lisbon Valley. Crucially, its I-70 Uranium Project in Utah already possesses an underground mining permit, placing it further along the development curve.

Rounding out the portfolio is the flagship asset from Pegasus Resources, the Jupiter Uranium Project in Utah. Located in a proven uranium district, this drill-ready property comes with a wealth of historical drilling data from the 1970s and 80s, which the new company will use to fast-track resource expansion efforts. The combined U.S. holdings give Manhattan Uranium a powerful presence aimed at bolstering domestic American supply.

Riding the Wave of a Uranium Bull Market

The formation of Manhattan Uranium Discovery Corp. is timed to capitalize on what analysts describe as a structural bull market for uranium. After years of underinvestment, the global energy landscape has shifted dramatically in favor of nuclear power. The relentless electricity demand from AI data centers, coupled with global decarbonization goals, has positioned nuclear energy as an indispensable source of clean, reliable baseload power.

This demand surge is colliding with a constrained supply chain. Major global producers like Kazakhstan's Kazatomprom and Canada's Cameco have signaled production challenges, widening an existing structural deficit. With long lead times of 7 to 12 years to bring new mines online, this supply-demand imbalance is expected to persist, keeping upward pressure on prices.

The uranium spot price has remained robust throughout 2026, hovering above $85 per pound after peaking over $100 earlier in the year. More importantly for producers, long-term contract prices are climbing as utilities return to the market to secure future supply, with some forecasts from major financial institutions projecting prices could reach $135 per pound by 2027.

Furthermore, geopolitical instability and a desire for energy independence have made a secure, domestic supply of uranium a matter of national security for Western nations. By consolidating a strong portfolio of assets exclusively within Canada and the United States, Manhattan Uranium is positioning itself as a strategic solution to these concerns, insulated from the supply chain vulnerabilities of relying on non-allied jurisdictions. The new company is now well-equipped to advance its projects and meet the growing appetite for North American uranium.