Base Resources plans to merge with Energy Fuels, forming a global leader in critical minerals.

Energy Fuels will acquire 100% of Base Resources' shares, offering a premium of approximately 30.2 cents per share, a 188% increase over the last closing price.

Base Resources' board unanimously recommends the deal. The merger aims for a pro forma market capitalisation of around US$1.1 million ($1.7 million).

The transaction will close in the third quarter, pending shareholder and regulatory approvals.