Premier American Uranium Update | Colin Healey and Jimmy Connor

Key Concepts

• Nuclear Renaissance: The global shift toward nuclear energy driven by energy security, self-sufficiency, and greenhouse gas emission mandates.
• In-Situ Recovery (ISR): A mining method used in Wyoming where a leaching solution is injected into the ore body to dissolve uranium, which is then pumped to the surface.
• Heap Leach: A process used at the Seboyeta project where crushed ore is stacked and sprayed with a leaching solution to extract uranium.
• Preliminary Economic Assessment (PEA): A high-level study used to determine the economic viability of a mining project.
• Net Present Value (NPV): A financial metric used to calculate the current value of all future cash flows from a project.
• Mineral Resource Categories: Specifically "Indicated," which refers to a resource with sufficient confidence to support mine planning and evaluation.
• Metallurgical (MET) Test Work: Laboratory testing to determine the efficiency of extracting uranium from ore.

1. Company Overview: Premier American Uranium

Premier American Uranium was established two years ago to capitalize on the growing demand for domestic US uranium. The company operates under an "acquire, explore, and develop" model. Their primary focus is on two regions:

• Wyoming: Focused on large-scale ISR exploration.
• New Mexico: Focused on the advanced-stage Seboyeta project.

2. The Seboyeta Project (New Mexico)

Seboyeta is the company’s most advanced asset, transitioning from exploration to development.

• Resource Update: The project holds 27.4 million pounds of uranium, with 75% in the "indicated" category.
• PEA Highlights: The project is scoped as a large-scale, single-source mine with a 13-year life and an average annual production of 1.4 million pounds.
• Economics: The base case NPV is $84 million (at $90/lb uranium). The project shows high sensitivity to price; a $10/lb increase in uranium prices boosts the NPV by $70 million (an 83% increase).
• Recovery Optimization: The current base case assumes 80% recovery. The company is initiating advanced metallurgical testing to reach a 90% recovery target. Every 2% increase in recovery adds approximately $16 million to the after-tax NPV. If 90% recovery is achieved, the NPV could rise by $75 million to nearly $160 million.

3. Wyoming Projects: KC and Cyclone

The company’s Wyoming assets utilize ISR mining, which is generally lower-cost and less invasive.

• KC Project: In 2025, the team drilled 132 holes (100,000+ feet). Results confirmed lateral and vertical continuity across an 8-mile trend between the "Rustler" and "Stampede" areas. A new, high-grade "Outpost" system was also discovered.
• Cyclone Project: Early-stage exploration. 2025 drilling identified a new 1.5-mile mineralized corridor. Notable intercepts included 15.5 feet grading 0.09% $U_3O_8$, including a high-grade interval of 3 feet at 0.229% $U_3O_8$.

4. 2026 Operational Strategy

• Seboyeta: The company is contracting a specialized lab to conduct long-term column leach tests. Drilling of eight core holes is scheduled for April 2026 to provide representative samples. The full test program will take approximately 42 weeks, with results and an updated PEA expected in Q1 2027.
• KC Project: A second 100,000-foot drill program is planned for May/June 2026. The focus is on increasing drill density to delineate resources along the 8-mile trend and further defining the Outpost discovery.

5. Financial Position and Market Strategy

• Capital Raise: The company successfully raised $15 million in a bought-deal financing, which was upsized due to strong institutional demand.
• Shareholder Base: Key institutional support comes from industry players like Sachem Cove (20%), ISO Energy (10%), and Mega Uranium.
• ETF Strategy: The company was previously part of the URA ETF but was removed due to changes in free-float market cap requirements. Management’s goal is to grow the company’s scale through successful exploration and development to regain inclusion in major uranium ETFs.

6. Synthesis and Conclusion

Premier American Uranium is positioning itself as a significant domestic supplier by balancing long-term development in New Mexico with aggressive, news-generating exploration in Wyoming. The primary value driver for 2026 is the metallurgical optimization at Seboyeta, which has the potential to nearly double the project's NPV, alongside a massive 100,000-foot drill campaign in Wyoming designed to prove the scale of their ISR assets. The company remains well-funded and supported by strategic industry shareholders, with a clear roadmap to increase market capitalization and regain ETF eligibility.