Canadian explorer Nexus Uranium (CSE:NEXU) has closed the acquisition of the Chord Uranium Project in South Dakota, US, via paying US$100,000 ($147,801) cash and issuing 250,000 shares to the vendors.
As part of the deal, the vendors retain a 1% net smelter return royalty on future production, of which Nexus holds the right to repurchase half for US$1 million at any time prior to starting commercial production.
CEO Jeremy Poirier says with a mineral board hearing scheduled for 18-20 March 2026, representing the final step of a state permitting process, the company has built momentum heading into 2026.
“Full ownership of Chord positions us to advance exploration and evaluate in-situ recovery potential without encumbrance as we work toward a permitted drilling program,” Poirier says.
The Chord Uranium Project, covering 3,640 contiguous acres in Fall River County, is advancing through two parallel permitting tracks. Nexus is pursuing a hub-and-spoke strategy in the Fall River County uranium district, with the Chord serving as the central project.
Within 10 miles south-southeast of Chord, Nexus holds the Wolf Canyon Project and has recently staked the Deadhorse and RC projects, as previously reported.
Earlier this month, Nexus joined national coalition Better In Our Backyard (BIOBY) which complements the company’s ongoing efforts to pursue inclusion in the FAST-41 program.
FAST-41 is a federal initiative established under the Fixing America’s Surface Transportation Act to coordinate and expedite environmental reviews and permitting decisions for qualifying infrastructure projects.
Nexus believes that uranium projects serving domestic energy security may benefit from a streamlined review process, as the US Government continues to prioritise critical minerals supply chains.
Write to Aaliyah Rogan at Mining.com.au
Images: Nexus Uranium
