Hathor Exploration

Hathor Exploration Limited was a Canadian mineral-exploration company focused primarily on uranium properties in northern Saskatchewan's Athabasca Basin. Based in Vancouver, with an exploration office in Saskatoon, the company built its identity around the acquisition, exploration, and consolidation of uranium prospects rather than the operation of producing mines. Its name referred to Hathor, the ancient Egyptian goddess associated in Egyptian culture with miners, a thematic choice consistent with the company's mining focus. The company originated in Alberta on June 28, 1996, as Longview Minerals Ltd. It subsequently moved out of Alberta and changed its name to Sixgill Minerals Ltd. on September 26, 1996, before adopting the name Hathor Exploration Limited on May 28, 1997. During its independent existence, Hathor used acquisitions, joint ventures, property transactions, and drilling programs to assemble a portfolio of exploration interests across Canada. Its most important assets ultimately became the Roughrider uranium deposit and the Russell Lake property in the Athabasca Basin. A key turning point came in 2006, when Hathor completed the acquisition of Roughrider Uranium Corp. The transaction helped place the Roughrider project under Hathor's control and was followed by the discovery of significant uranium mineralization at the deposit's West Zone in February 2008. Drill hole MWNE-08-12 returned an intersection reported at up to 5.29% U3O8 over 3.3 metres. Subsequent exploration identified multiple mineralized zones, including West, East, and Far East zones. A May 2011 NI 43-101 resource estimate for the West and East zones reported a combined indicated and inferred resource of 57.94 million pounds of U3O8, although the estimate did not include the later Far East discovery. Reported drilling intercepts reached grades as high as 81.9% U3O8. Hathor also expanded its land position through corporate consolidation. It acquired Northern Continental Resources in 2009, obtaining full control of the Russell Lake property, and took full ownership and control of Terra Ventures in 2011. These transactions gave Hathor control of important properties along the eastern corridor of the Athabasca Basin, including projects near established uranium infrastructure and mines. In 2009, it also spun out the Eskay Creek precious-metals project into Standard Exploration Ltd., separating that non-uranium asset from its core uranium strategy. The quality of the Roughrider discovery attracted competing acquisition interest. Cameco announced an all-cash proposal for Hathor in August 2011, offering CAD 3.75 per share. Rio Tinto subsequently entered the bidding process with a higher offer. On November 30, 2011, Rio Tinto obtained 70.21% of Hathor's fully diluted common shares through an all-cash offer of CAD 4.70 per share. Rio Tinto announced in January 2012 that it had acquired all outstanding Hathor shares. Hathor then ceased to be an independent public company and was delisted from the Toronto Stock Exchange. Its principal significance is therefore historical: it was a junior uranium explorer whose Athabasca Basin discovery generated substantial strategic value and was ultimately absorbed by a major diversified mining group.

Hathor Exploration began as Longview Minerals Ltd., incorporated in Alberta on June 28, 1996. The company changed its name to Sixgill Minerals Ltd. later that year, on September 26, and adopted Hathor Exploration Limited on May 28, 1997 under the Canada Business Corporations Act. Its corporate development reflected the pattern of a Canadian junior explorer: assembling prospective mineral properties, entering joint ventures, conducting drilling, and using acquisitions to build a more valuable exploration portfolio. The company's principal focus became uranium in Saskatchewan's Athabasca Basin, one of Canada's most important uranium regions. Hathor's exploration office was located in Saskatoon, while its corporate headquarters were in Vancouver. The company also participated in arrangements involving Forum Uranium, Northern Continental Resources, Triex Minerals, Terra Ventures, and ESO Uranium on properties in Canada. These relationships supported Hathor's efforts to secure and consolidate exploration interests. In 2006, Hathor acquired Roughrider Uranium Corp. The acquisition proved strategically important because it placed the Roughrider project within Hathor's portfolio. In February 2008, drilling at the Midwest Northeast Project discovered the Roughrider deposit's West Zone. Hole MWNE-08-12 was reported to contain as much as 5.29% U3O8 across 3.3 metres. Further drilling outlined additional mineralized zones and raised the project's profile among uranium companies and investors. Hathor continued expanding its property control. In March 2009, it spun out the Eskay Creek precious-metals project into Standard Exploration Ltd., which until October 7, 2010 had been known as MAX Minerals Ltd. Later in 2009, Hathor completed its acquisition of Northern Continental Resources, obtaining complete ownership of the Russell Lake property. Russell Lake was located near major uranium infrastructure, approximately 15 kilometres northeast of the Key Lake mine and mill complex and 12 kilometres southeast of the McArthur River uranium mine. In August 2011, Hathor took full ownership and control of Terra Ventures, consolidating its interests in Roughrider and Russell Lake. A resource estimate dated May 17, 2011 reported a combined indicated and inferred resource of 57.94 million pounds of U3O8 for the Roughrider West and East zones. The estimate excluded the subsequently identified Far East Zone. The reported resource and high-grade drilling results made Roughrider an important strategic asset and contributed to competing acquisition interest from major uranium companies. On August 26, 2011, Cameco announced an intention to acquire Hathor for CAD 3.75 in cash per share. Rio Tinto entered the resulting contest with a higher offer. On November 30, 2011, Rio Tinto announced that it had obtained 70.21% of Hathor's fully diluted common shares at CAD 4.70 per share. On January 12, 2012, Rio Tinto announced that it had acquired 135,290,661 shares, representing all outstanding Hathor shares on a fully diluted basis. Hathor was subsequently delisted from the Toronto Stock Exchange. The company therefore ended as an independent corporate entity after its uranium exploration portfolio, especially Roughrider, was acquired by Rio Tinto.

• 2012

  Acquisition by Rio Tinto and delisting

  [1]Hathor Explorationen.wikipedia.org

  Rio Tinto acquired all outstanding Hathor shares, after which Hathor was delisted from the Toronto Stock Exchange.

• 2011

  Roughrider resource estimate

  [1]Hathor Explorationen.wikipedia.org

  A May 17 resource estimate reported 57.94 million pounds of combined indicated and inferred U3O8 resources in the West and East zones.

• 2011

  Acquisition of Terra Ventures

  [1]Hathor Explorationen.wikipedia.org

  Hathor obtained full ownership and control of Terra Ventures, consolidating interests in Roughrider and Russell Lake.

• 2009

  Eskay Creek project spin-out

  [1]Hathor Explorationen.wikipedia.org

  Hathor transferred its Eskay Creek precious-metals project to Standard Exploration Ltd.

• 2009

  Acquisition of Northern Continental Resources

  [1]Hathor Explorationen.wikipedia.org

  The acquisition gave Hathor full ownership of the Russell Lake property.

• 2008

  Discovery of the Roughrider West Zone

  [1]Hathor Explorationen.wikipedia.org

  Drilling in February discovered the Roughrider deposit's West Zone, with a reported intersection of up to 5.29% U3O8 over 3.3 metres.

• 2006

  Acquisition of Roughrider Uranium

  [1]Hathor Explorationen.wikipedia.org

  Hathor completed the acquisition of Roughrider Uranium Corp., bringing the Roughrider project into its portfolio.

• 1997

  Adoption of the Hathor Exploration name

  [1]Hathor Explorationen.wikipedia.org

  The company became Hathor Exploration Limited on May 28, 1997.

• 1996

  Incorporation as Longview Minerals

  [1]Hathor Explorationen.wikipedia.org

  The company was founded in Alberta on June 28, 1996 under the name Longview Minerals Ltd.

• 1996

  Name change to Sixgill Minerals

  [1]Hathor Explorationen.wikipedia.org

  On September 26, 1996, the company changed its name to Sixgill Minerals Ltd.

A Canadian junior uranium exploration company specializing in high-grade discoveries and property consolidation in Saskatchewan's Athabasca Basin.

• Uranium exploration and development asset · 2008

  Roughrider uranium deposit

  Roughrider was Hathor's principal discovery and the asset most closely associated with the company's value. Located in the Midwest Northeast area of Saskatchewan's Athabasca Basin, it contained several mineralized zones, including West and East zones and a later Far East discovery. The West Zone was identified in 2008 through drilling that returned high-grade uranium mineralization. A 2011 estimate for the West and East zones reported 57.94 million pounds of combined indicated and inferred U3O8 resources, excluding the Far East Zone.

• Uranium exploration property · 2009

  Russell Lake property

  Russell Lake was an Athabasca Basin uranium exploration property near the Key Lake mine and mill complex and the McArthur River mine. Hathor acquired full ownership through its 2009 acquisition of Northern Continental Resources and later consolidated related interests through the Terra Ventures transaction. The property formed part of Hathor's broader strategy of controlling prospective ground along the eastern corridor of the basin.

• Precious-metals exploration project · 2009

  Eskay Creek project

  Eskay Creek was a precious-metals exploration project held by Hathor outside its central uranium focus. In March 2009, Hathor spun the project out into Standard Exploration Ltd., which assumed responsibility for the project. The transaction separated a non-core or differently oriented asset from Hathor's uranium exploration portfolio.

• 2011

  Accept Rio Tinto's acquisition offerM&A

  Background

  Hathor's Roughrider discovery and Athabasca Basin property portfolio attracted competing takeover interest from Cameco and Rio Tinto.

  Action taken

  Rio Tinto obtained Hathor shares through an all-cash offer of CAD 4.70 per share after Cameco had proposed CAD 3.75 per share.

  Aftermath

  Rio Tinto ultimately acquired all outstanding Hathor shares in January 2012, and Hathor was delisted from the Toronto Stock Exchange.

  Cash offer per Hathor share. CAD 3.75 per share proposed by Cameco → CAD 4.70 per share offered by Rio Tinto (2011)

  • Cameco — Cameco announced an all-cash proposal to acquire Hathor, initiating the competitive takeover process.
  • Rio Tinto — Rio Tinto submitted a higher cash offer and ultimately acquired Hathor.

  Source

• 2009

  Spin out the Eskay Creek projectStrategy

  Background

  Hathor held both uranium interests and the Eskay Creek precious-metals project, which was outside the company's principal Athabasca Basin uranium strategy.

  Action taken

  The company separated Eskay Creek into Standard Exploration Ltd., creating a distinct company to oversee the project.

  Aftermath

  The transaction sharpened Hathor's focus on uranium exploration while transferring responsibility for Eskay Creek to the spun-out company.

  Source

1. 1Hathor Explorationen.wikipedia.org