Possible merger partners Vimy Resources and Deep Yellow have both placed their shares in a trading halt, citing a potential control transaction.
Mulga Rock is considered one of the largest undeveloped uranium resources in Australia.
DYL proposed a one for 3.74 offer on November 15 that implied a combined entity valuation of $687 million.
A deal was not to be however and Vimy elected to open the floor to other buyers.
Since then, Vimy has since attained a unique point of difference from other Western Australian uranium companies by maintaining ministerial approval for Mulga Rock, the only WA uranium outfit to do so.
Both Vimy and Deep Yellow went into a trading halt on Monday, giving way to number of reports that a deal could be back on the table.
“The reason for the request is that Deep Yellow is in advanced discussions with a third party in relation to a potential control transaction,” DYL said in a statement.
Further details on the transaction are expected on or before Wednesday.
Aitken Murray, Houlihan Lokey and Gilbert + Tobin are understood to be advising Deep Yellow on the transaction, with Macquarie advising Vimy.