U.S. Based Uranium Company | Colin Healey and Jimmy Connor

Key Concepts

• Uranium Exploration & Development: The process of identifying, assessing, and preparing uranium deposits for production.
• PEA (Preliminary Economic Assessment): A study that provides an initial economic evaluation of a mineral project.
• Heap Leach: A mining process used to extract uranium by spraying a solvent over crushed ore; the company aims to optimize recovery rates.
• ISR (In Situ Recovery): A mining method used in Wyoming where a solution is injected into the ore body to dissolve uranium, which is then pumped to the surface.
• Roll Front System: A geological feature where uranium minerals are deposited at the interface of oxidized and reduced groundwater, common in Wyoming sandstone.
• NPV (Net Present Value): A financial metric used to estimate the profitability of a project.
• Mineral Resource Categories: Specifically "Indicated" resources, which have higher geological confidence than "Inferred."

1. Company Overview: Premier American Uranium

Premier American Uranium was established two years ago to capitalize on the global nuclear renaissance and the specific need for US energy security and self-sufficiency. The company operates under an "acquire, explore, develop" model, focusing on:

• Wyoming: Serving as the primary hub for large-scale uranium exploration.
• New Mexico: Serving as the primary hub for development, specifically the Cebolleta project.

2. Cebolleta Project (New Mexico)

The Cebolleta project is the company’s most advanced asset, transitioning from exploration to development.

• Resource Update: Total resources increased by 17% to 27.4 million pounds, with 75% in the indicated category.
• PEA Highlights: The project is scoped as a large-scale, single-source mine producing 1.4 million pounds of uranium annually over a 13-year mine life.
• Economics: Base case NPV is $84 million (at $90/lb uranium). The project shows high sensitivity to price; a $10/lb increase in uranium price boosts NPV by $70 million (83%).
• Recovery Optimization: The current base case assumes 80% recovery. The company plans metallurgical test work in 2026 to reach 90% recovery, which could increase the after-tax NPV by approximately $75 million.

3. Wyoming Projects (Casey and Cyclone)

The company utilizes ISR mining in Wyoming, which is generally lower-cost and less invasive.

• Casey Project:
  • 2025 drilling (132 holes, 100,000 feet) confirmed mineralization continuity across an 8-mile trend between the Ross and Stampede areas.
  • A new discovery at the "Outpost" area yielded some of the strongest grades of the 2025 program.
  • 2026 Strategy: An aggressive 100,000-foot drill program is planned to delineate resources and define the geometry of the Outpost area.
• Cyclone Project:
  • Early-stage exploration with successful results, including the best hole drilled to date: 50.5 feet grading 0.09% $U_3O_8$.
  • Identified a new 1.5-mile mineralized corridor.

4. Financials and Market Strategy

• Capital Raise: The company successfully raised $15 million (upsized from an initial $10 million target), ensuring the company is well-funded through 2026.
• Shareholder Base: Key institutional support includes Sachem Cove (20%), ISO Energy (10%), and Mega Uranium.
• ETF Inclusion: The company is currently focused on increasing its scale and market cap to regain eligibility for major uranium ETFs (like URNM), following a restructuring that removed smaller constituents.

5. Operational Timeline and Methodology

• Cebolleta Met Work: Drilling for core samples begins in April 2026. The subsequent column leach tests will take approximately 42 weeks, with final results and a potential PEA update expected in Q1 2027.
• Wyoming Drilling: Weather-dependent, starting in May/June 2026.
• News Flow: Investors can expect a steady stream of updates regarding drill contracts, incremental assay results, and the progress of the long-term metallurgical testing.

Synthesis

Premier American Uranium is positioning itself as a significant player in the US domestic uranium supply chain. By balancing long-term development milestones at Cebolleta—where metallurgical optimization is the key value driver—with aggressive, systematic exploration in Wyoming, the company aims to build the scale necessary for institutional investment and ETF inclusion. The 2026 fiscal year is set to be a high-activity period, with the company well-capitalized to execute its dual-track strategy of resource expansion and economic optimization.