Hatchet Lake
Uranium · Athabasca Basin, Saskatchewan · Monetized through the sale of Hatchet Uranium Corp. to Future Fuels Inc.
ValOre is a pure-play precious metals developer. Our flagship is the district-scale Pedra Branca PGE project in Brazil.
A disciplined exit, not a departure
In 2024, ValOre set out to unlock value from its Saskatchewan uranium exploration assets so that capital and focus could be directed to Pedra Branca. Rather than selling the property outright, ValOre contributed Hatchet Lake to a purpose-built subsidiary, Hatchet Uranium Corp. (HUC), which grew into a district-scale Athabasca Basin explorer before being acquired by Future Fuels Inc. (TSX-V: FTUR) in May 2026.
Through the transaction, ValOre became a significant shareholder of Future Fuels, preserving exposure to the uranium portfolio’s future success for ValOre shareholders while completing the company’s transition to pure-play precious metals.
About the property
Hatchet Lake comprised six mineral claims adjacent to the north-eastern margin of the Athabasca Basin in Saskatchewan, one of the world’s premier uranium jurisdictions. The property sits 39 kilometres along trend from the Roughrider uranium deposit and within 29 kilometres of Cameco’s Eagle Point mine. Prior work by Hathor Exploration and Rio Tinto, including geophysics and boulder, soil, lake sediment and biogeochemical sampling, defined multiple unconformity-related basement targets.
Transaction history
February 2024
ValOre incorporates Hatchet Uranium Corp. and contributes its 100% interest in Hatchet Lake in exchange for HUC shares, alongside a strategic financing backed by experienced uranium investors.
2024 to 2025
HUC assembles a broader Athabasca Basin portfolio spanning five project areas totaling approximately 97,674 hectares, combining wholly owned claims and optioned interests.
February 2026
HUC, Future Fuels Inc. and ValOre announce a definitive amalgamation agreement.
May 2026
Future Fuels completes the acquisition of HUC. The portfolio continues under Future Fuels Athabasca Inc., and ValOre becomes a significant shareholder of Future Fuels.
What this means for ValOre shareholders
The Hatchet Lake transaction reflects the value-creation approach ValOre shares with Discovery Group: acquire quality assets at low cost, add value through technical work and partnerships, and monetize at the right moment. Proceeds of focus, not just capital, now flow to Pedra Branca, where a Preliminary Economic Assessment is targeted for Q4 2026, while ValOre shareholders retain a stake in the Athabasca portfolio’s next chapter through the Future Fuels holding.
“In 2024, ValOre formed a plan to derive value from its Saskatchewan uranium exploration project in order to focus on its 100% held Pedra Branca PGM property located in Brazil. Upon closing of this transaction, ValOre will become a significant shareholder of Future Fuels Inc., a company with a strong team, a large and prospective project portfolio, and a highly financeable corporate structure.” Jim Paterson, Chairman, ValOre Metals Corp.
Related news and links
- Joint Press Release of Future Fuels Inc. and Valore Metals Corp. – Future Fuels Completes Acquisition of Hatchet Uranium Corp. (May 29, 2026)
- ValOre Provides Update on Hatchet Uranium Corp. Transaction (April 16, 2026)
- Joint Press Release of Future Fuels Inc. And ValOre Metals Corp. – Future Fuels Inc. Enters into Agreement to Acquire Hatchet Uranium Corp. (February 26, 2026)
This page is maintained as a historical record and is no longer updated. For current information on the Athabasca Basin portfolio, refer to Future Fuels Inc. For ValOre’s active projects, visit the Portfolio page.
