DISA · DISA Uranium Corporation / DISA Technologies (private)

DISA is private, so there is nothing to buy directly — it matters because of what it does and because IsoEnergy will own about a third of it. Its technology is called high-pressure slurry ablation: rather than crushing and chemically leaching everything, it blasts the material so the uranium-rich fine particles separate from the barren rock. At Tony M that shrank the volume needing further processing by 78% while still recovering about 88% of the uranium. Less material to haul and treat means lower cost per pound.

The genuinely unusual asset, though, is a piece of paper. DISA holds the only US Nuclear Regulatory Commission license that authorizes recovering uranium from abandoned mine waste across multiple sites — and there are more than 15,000 such sites across the American West, piles of material that were left behind because they were uneconomic with older processing. That is feedstock "that requires no new mining": no new permit, no new orebody, no exploration risk, and a remediation story that plays well politically at exactly the moment states like New Mexico are blocking new mines.

Stack enough of that feedstock together and it could justify building the first new conventional uranium mill in the US in over 40 years — the missing piece of American processing capacity. The outside money is the tell that this is not a paper concept: Tembo Capital, BHP Ventures, Valore Equity Partners and Halliburton Labs funded the round. The honest caveat is that Tony M is described as "the first real test of whether the model delivers" — the ablation economics are proven in test work, not yet at commercial scale.