The license to buy up to 20 million pounds of uranium oxide from Guyana's sole known uranium deposit has been obtained by an investment entity located in Gibraltar. This agreement covers half of the material anticipated from the project's initial production phase.  ROPA Investments Limited holds off-take rights to 50% of the first 40 million pounds of U3O8 produced at the Kurupung Uranium Project, according to acquisition filings tied to Canadian company U92 Corp.'s recent purchase of the asset.

The Kurupung project covers approximately 92.2 square kilometres in Region Seven and carries a historical resource estimate of 20.6 million pounds of uranium. U92 has moved quickly since completing its takeover earlier this year, finalising a commercial agreement for an initial 5,000-metre diamond drilling programme and submitting the required environmental application for drill pad preparation. The company has also acquired the historical technical and exploration dataset compiled on the site.

The off-take arrangement itself predates U92's involvement. It stems from an agreement executed on 18 June 2025, before the Canadian firm completed its acquisition of Singapore-based LIA Industries Pte. Ltd., the company that controls Kurupung through its Guyanese subsidiary, LIA (Guyana) Inc. That subsidiary was incorporated in Guyana on 20 March 2023 and holds exclusive rights to occupy and explore the property under two Prospecting Licences issued by the Guyana Geology & Mines Commission on 19 April 2024.

Those licences run for three years, expiring on 18 April 2027, with an option to extend for up to two further one-year periods through to 18 April 2029. Crucially, a mining permit application can be submitted at any point during that window, and it is only at that stage that royalties owed to the Government of Guyana will be negotiated. The terms governing ROPA's stake, by contrast, were fixed well in advance.

Beyond the off-take rights, ROPA holds a 2% net concentrate royalty over the prospecting licences, applying indefinitely to all revenue generated from mineral extraction and sale. The royalty extends to any other revenue derived from the property and remains in place regardless of whether the licences are eventually converted into mining licences. U92 has to repurchase this royalty in two installments, paying C$10 million for the point during 36 and 50 months after listing, and C$8 million for one percentage point under 36 months after a stock market listing.

The sequencing is notable. While the state's eventual royalty share awaits a mining permit application that has not yet been filed, a private investor's entitlement to both physical uranium and ongoing revenue has already been settled contractually, years ahead of any large-scale extraction taking place.

ROPA Investments describes itself as a privately backed investment group with capital exposure across more than 26 countries, targeting contrarian growth investments in upstream and midstream minerals businesses and adjacent technologies. U92, for its part, has framed Kurupung as a project with substantial historical resource and clear expansion potential, positioning the site to meet rising global demand for uranium as countries turn to nuclear power as a low-carbon energy source.

The deal illustrates a pattern increasingly familiar in Guyana's emerging extractive sectors, where foreign capital arrives early and secures favourable terms before domestic regulatory and fiscal frameworks have had the chance to catch up. With Kurupung representing the country's sole known uranium asset, the terms struck in 2025, ahead of any mining licence being granted, will shape how much of the eventual proceeds from Guyana's uranium sector flow to the state versus to private investors positioned upstream of that process.