What Pegasus Resources does

Pegasus Resources Inc. was a junior Canadian mineral exploration company headquartered in Vancouver, British Columbia, focused on uranium, vanadium, gold, and base metal properties in top-tier North American jurisdictions. The company's two primary assets were the 100%-owned, fully permitted Energy Sands Project (approximately 1,560 hectares across two properties in Utah's San Rafael Uranium District) and the Jupiter Uranium Project (75% ownership with a path to 100%, located 3 km north of Energy Sands), which leveraged historical drill data from over 100 holes completed by Atlas Minerals between 1972 and 1983 for resource estimation. Field exploration employed RS-125 handheld spectrometers for grab sampling, with notable results including 18.87% U3O8 from mineralized outcrop samples, and 13 of 41 grab samples exceeding 1% U3O8; a Western Uranium Technical Report (November 2014) referenced 3,404,600 lbs U3O8 indicated and 1,859,600 lbs U3O8 inferred resources at a 0.06% cut-off at Energy Sands.

Pegasus operated as a pre-revenue exploration company, generating no operating income and funding activities through equity financings, including non-brokered flow-through private placements (which provide Canadian tax incentives) and joint subscription receipt financings. Value creation was intended to be realized through exploration success, with eventual monetization via sale, joint venture, or development by a larger mining company; the company had no commercial customers and the customer segments were institutional and retail investors seeking exposure to the uranium and nuclear energy supply chain. Investor relations were conducted via press releases distributed through GlobeNewswire, Junior Mining Network, Stock Titan, and Yahoo Finance, supplemented by social media (LinkedIn, X, Facebook) and a YouTube channel.

On February 27, 2026, Aero Energy Limited signed a definitive agreement to acquire Pegasus for an implied equity value of approximately CAD 2.1 million (CAD 0.063 per share), with Pegasus shareholders receiving 0.133 Aero shares per Pegasus share held. Shareholders approved the arrangement on April 29, 2026 (98.21% in favor), the Supreme Court of British Columbia granted final order on May 4, 2026, and the transaction closed on May 7, 2026. Pegasus became a wholly-owned subsidiary of Manhattan Uranium Discovery Corp. (formerly Aero Energy, ticker MANU), and Pegasus was de-listed from the TSX Venture Exchange on or about May 11, 2026.

Name

Pegasus Resources

Legal name

Pegasus Resources Inc.

Website

https://pegasusresourcesinc.com

Company type

Public

Founded year

2023

Operating status

Acquired

Headcount range

1–10 employees

Short description

Pegasus Resources Inc. was a pre-revenue junior Canadian mineral exploration company focused on uranium and vanadium properties in Utah's San Rafael Uranium District and the Athabasca Basin, Saskatchewan. Acquired by Manhattan Uranium Discovery Corp. in May 2026.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Support Activities for Mining (2131), Support Activities for Mining (21311), Geophysical Surveying and Mapping Services (541360)

akta.pro primary industry

Uranium Exploration & Resource Development (EUAKACAA)

akta.pro secondary industry

Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Uranium mineral exploration
• Vanadium exploration projects
• Junior mining company
• Mineral property acquisition
• Uranium resource development

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mineral Exploration (Pre-Revenue): As a junior mineral exploration company, Pegasus Resources is pre-revenue and does not generate operating income. The company raises capital through equity financings (private placements, flow-through private placements) to fund exploration activities. Value is created through exploration success and intended to be monetized via sale, joint venture, or development of its uranium properties.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

Pegasus Resources Inc. is a junior Canadian mineral exploration company that acquires, explores, and advances uranium, vanadium, gold, and base metal properties in North America. The company's core assets are the Energy Sands Project (100% owned, fully permitted, ~1,560 hectares) and the Jupiter Uranium Project (75% owned, drill-ready) in Utah's San Rafael Uranium District, with additional exploration properties in Saskatchewan's Athabasca Basin. As a pre-revenue explorer, the company funds operations through equity financings and intends to monetize discoveries via sale, joint venture, or development to a larger mining company.

Product overview

Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company focused on uranium, gold, and base metal properties in North America. The company's product portfolio consists of two primary exploration projects in top-tier jurisdictions: the Energy Sands Project (100% owned, fully permitted) and the Jupiter Uranium Project (75% ownership, drill-ready), both located in Utah's San Rafael Uranium District. The company was acquired by Manhattan Uranium Discovery Corp. (formerly Aero Energy Limited) in May 2026 through a court-approved plan of arrangement.

Differentiator

Problem solved

Functional benefit

Products and services

• Energy Sands Project 100% owned, fully permitted uranium and vanadium exploration project located in the San Rafael Uranium District in Utah, consisting of two properties totaling approximately 1,560 hectares. Targets sandstone-hosted uranium and vanadium mineralization in the Salt Wash Member of the Jurassic Morrison Formation. The project borders Western Uranium and Vanadium's San Rafael Project and benefits from proximity to two built uranium mills and a third under construction.
• Jupiter Uranium Project Drill-ready uranium project located 3 km north of Energy Sands in Utah, where Pegasus holds 75% ownership with a path to 100%. Previously held by Atlas Minerals from 1972 to 1983, the property features an extensive historical database from over 100 drill holes, providing a robust geological model for resource estimation compliant with CIM Definition Standards.

Quantifiable outcome

• High-grade uranium sampling results: 18.87% U3O8 (ESRS24-016), 3.55% U3O8 (ESRS24-007) from Energy Sands Project grab samples.
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Utah School and Institutional Trust Lands Administration (SITLA)coreStrategic or Co-development Partner · 23 January 2026Pegasus Resources (USA) Inc. executed an Other Business Arrangement (OBA) with SITLA covering approximately 640 acres in Emery County, Utah. The OBA provides Pegasus exclusive rights to explore for uranium and associated metalliferous minerals for a five-year term and includes an option to convert lands to a mineral lease upon satisfaction of exploration and payment requirements. Pegasus will make annual option payments of US$6.00 per acre and complete staged exploration activities including geophysical surveys, permitting, drilling, and technical studies.
• Atlas Minerals (historical)minorOthers · 1 January 2024Atlas Minerals previously held the Jupiter Property from 1972 to 1983, during which time it conducted approximately 100+ drill holes. Pegasus acquired 75% ownership of the Jupiter Property, leveraging Atlas Minerals' extensive historical drill database for modern resource estimation.

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Western Uranium and Vanadium: Operator of the adjacent San Rafael Uranium Project in Utah with two uranium mills (including one under construction). Pegasus' Energy Sands and Jupiter projects directly border Western Uranium's property, making it the closest peer by geography and commodity.
• Denison Mines: Athabasca Basin uranium developer focused on the Wheeler River project. Directly comparable as a uranium-focused junior with Athabasca Basin exploration/development assets overlapping Pegasus' Saskatchewan properties.
• Fission Uranium: Developer of the Triple R deposit at Patterson Lake South in the Athabasca Basin. Highly relevant peer given Pegasus advisor Jody Dahrouge's involvement with Fission Energy's earlier uranium discoveries.

Broad incumbents

• Energy Fuels: Largest US uranium producer with the White Mesa Mill in Utah and conventional/ISR assets across the Colorado Plateau. Comparable as a Utah-based uranium and vanadium operator with toll milling capability that Pegasus' assets could potentially leverage.
• Uranium Energy Corp: Major US-focused ISR uranium producer that acquired Rio Tinto's Roughrider project in the Athabasca Basin. Comparable as a uranium pure-play with both US ISR and Athabasca conventional assets, overlapping Pegasus' jurisdictional exposure.
• NexGen Energy: Advanced Athabasca Basin uranium developer (Arrow deposit). Comparable as a Canadian uranium-focused exploration/development company targeting the same basin as Pegasus' Saskatchewan properties.
• Cameco: World's largest publicly traded uranium producer with major Athabasca Basin operations (Cigar Lake, McArthur River). Relevant incumbent peer for benchmarking uranium pricing, jurisdictional dynamics, and off-take structures relevant to Pegasus.
• enCore Energy: US-focused ISR uranium producer with producing assets in Texas and Wyoming and a pipeline of permitted projects. Comparable as a domestic US uranium producer pursuing a similar end-market of supplying US utilities.

Emerging players

• Azincourt Energy: Junior uranium explorer with Athabasca Basin (East Preston) and US uranium projects. Highly comparable as a similarly-sized junior with multi-jurisdictional uranium exposure in tier-1 districts.
• Standard Uranium: Canadian junior uranium explorer focused on the eastern Athabasca Basin. Comparable as a small-cap uranium exploration peer with similar pre-revenue profile and Athabasca Basin focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/pegasusresinc
• YouTubeyoutube.com/@PegasusResources
• Facebookfacebook.com/pegasusresourcesinc
• LinkedInlinkedin.com/company/pegasusresinc

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pegasus Resources