Verdera Energy Listing High-Grade USA Focused ISR Projects

Bera Energy Corp. – Overview & Qualifying Transaction Details

Key Concepts:

• ISR (In-Situ Recovery): A mining process used to extract uranium by dissolving it in groundwater and pumping the solution to the surface.
• 43-101 Compliant: A standard for reporting mineral resources, ensuring transparency and reliability.
• Qualifying Transaction (QT): A process for a private company to become publicly listed through a reverse takeover (RTO).
• Fast 41: A federal program designed to streamline the permitting process for critical infrastructure projects, including uranium mining.
• RTO (Reverse Takeover): A process where a private company acquires a publicly listed shell company.
• URI Data/Ker McGee Data: Historical geological and exploration data pertaining to uranium resources in New Mexico.
• Clean Energy Association of New Mexico: An organization focused on educating the public about ISR technology and promoting responsible uranium extraction.

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1. Company Overview & Asset Portfolio

Bera Energy Corp. (Vera) is a uranium-focused company holding a substantial portfolio of mineral rights and uranium assets in New Mexico. The company’s assets encompass approximately 400 square miles of mineral rights, representing the largest land holding and mineral rights land holding in the state. Currently, Vera holds 88 million pounds of known and historic uranium resources. These assets were originally advanced by major oil and gas companies like Phillips, Kerr-McGee, and others, primarily during the 1970s. The company’s strategy centers around leveraging these advanced assets, which benefit from historical data and relatively high cutoff grades used during their initial development. All of Vera’s projects utilize In-Situ Recovery (ISR) mining methods.

2. Spin-Out from Encore Energy & Shareholder Distribution

Vera was created as a spin-out from Encore Energy, a production-focused uranium company with assets in Texas. Encore, possessing solid operational assets but lacking the dedicated team to manage the New Mexico portfolio, opted to spin out these assets into Vera. This transaction involved Encore receiving cash and 50 million shares of Vera. 35 million shares are being distributed to Encore shareholders, while Encore will retain 15 million shares, representing approximately 14% ownership of Vera. This structure allows Encore to focus on its production activities while unlocking value from the New Mexico assets.

3. New Mexico as a Uranium Jurisdiction

New Mexico is a historically significant uranium-producing region. If it were an independent country, it would rank as the seventh-largest uranium producer globally, having contributed 40% of all uranium produced in the United States. With the increasing emphasis on domestic energy independence and a secure nuclear fuel cycle, New Mexico is considered vital to meeting US energy goals. The state possesses substantial untapped uranium resources and a growing supportive environment for uranium development.

4. Key Projects & Resource Estimates

Vera’s portfolio includes four major projects:

• Crown Point/Hosta: This project currently has a 43-101 compliant resource estimate of approximately 28 million pounds of uranium. It is the focus of the current qualifying transaction.
• West Largo: Considered the highest-grade ISR project in the United States, with a grade of 3.3%, containing an estimated 20 million pounds of uranium (historic resource).
• Largo/Ambrosia Lake: These projects also hold historic resources and are targeted for resource updates within the next year.
• Treeine: This project contains a historic resource of 1.5 million pounds of uranium, exploration halted due to low uranium prices in the past, presenting a potential opportunity for future development.

5. Data Advantage & Historical Information

A significant asset for Vera is its extensive database, comprising the majority (approximately 90%) of all uranium resource and Kerr-McGee data in New Mexico. This data, accumulated over decades of exploration by major companies, provides a substantial advantage in understanding the potential of the region and identifying new exploration targets. Bill Sher, Janet Lee Sher’s husband, personally maintains many of these databases.

6. Qualifying Transaction & Financing

Vera is currently undertaking a qualifying transaction (QT) to become publicly listed. Haywood and Sprat Capital Partners are leading a $20 million financing, offering subscription receipts at $1.00 per share. The company anticipates receiving its listing symbol within the next week and expects to be publicly traded on the TSXV under the symbol "V" following the RTO with PAC ML7, a part of Power One.

7. Development Plan & Initial Focus

The initial development plan focuses on the West Largo project, aiming to modernize its historic resource in the first year. A drill program is planned to expand the resource. Simultaneously, Vera will pursue a dual-track approach for the Ambrosia Lake project, involving permitting processes and a drill program for ISR. The company also envisions potential joint venture opportunities for other projects within its portfolio, such as Treeine.

8. Community Engagement & Regulatory Environment

Vera is actively engaging with the community and regulators in New Mexico through the Clean Energy Association of New Mexico. This association aims to educate the public about ISR technology and address historical concerns related to conventional uranium mining. The company emphasizes the safety and environmental benefits of ISR, highlighting a successful pilot project demonstrating the amenability of its projects to ISR and restoration work.

9. Federal & State Permitting Processes

Uranium mining in the US is regulated differently depending on the state. New Mexico is not an “agreement state,” meaning permitting requires navigating both state and federal regulations. The federal government’s Fast 41 program is designed to streamline the federal permitting process, and four projects in New Mexico are currently participating. Vera emphasizes the importance of a collaborative effort between state and federal governments to expedite permitting and achieve energy independence.

10. Strategic Outlook & Government Support

The current political climate in the US is increasingly supportive of domestic uranium production, driven by concerns about mineral security. The government is actively encouraging mining and streamlining regulations to facilitate the development of critical mineral resources. This supportive environment, combined with Vera’s substantial asset portfolio and experienced team, positions the company for potential growth and success in the evolving uranium market.

Notable Quote:

• “New Mexico…if it were its own country would be known as the seventh largest uranium producing district in the world.” – Janet Lee Sher, CEO of Bera Energy Corp.

Synthesis/Conclusion:

Bera Energy Corp. represents a compelling opportunity to invest in a well-positioned uranium exploration and development company with a significant asset base in a favorable jurisdiction. The spin-out from Encore Energy, coupled with the company’s extensive data holdings and strategic development plan, provides a strong foundation for future growth. The company’s commitment to community engagement and responsible mining practices, combined with the supportive regulatory environment, further enhances its prospects. Successful completion of the qualifying transaction and the execution of its initial development plans will be key milestones for Vera in realizing its potential.