American Uranium Expands Wyoming Project, Boosting US Supply

CASPER, Wyo. – April 17, 2026 – In a strategic move to solidify its position in the heart of America's uranium country, American Uranium Ltd. (ASX: AMU; OTCQB: AMUIF) has significantly expanded its flagship Lo Herma project in Wyoming's Powder River Basin. The company announced it has secured approximately 1,040 acres of new uranium mineral rights and staked an additional 29 federal mining claims, bolstering its control over what it considers a highly prospective uranium corridor.

This expansion comes as the United States grapples with bolstering its domestic energy supply chains and as global interest in nuclear power surges as a reliable, carbon-free energy source. By consolidating its land holdings, American Uranium is positioning the Lo Herma project to play a more significant role in meeting the nation's future uranium needs.

A Strategic Consolidation for Resource Growth

The land acquisition is not merely an increase in acreage but a calculated consolidation of key territory. The new mineral rights, secured under a private lease agreement with industry-standard terms, are located directly north and south of the company's current operations. This effectively connects disparate parcels and removes land tenure constraints adjacent to the project's existing Mine Units 2 and 3.

"The additional mineral rights and claims consolidate our position immediately adjoining Mine Units 2 and 3 and remove land tenure constraints adjacent to existing resources," said Bruce Lane, Executive Director of American Uranium, in the company's official announcement. "Identified during earlier resource modeling and based on existing data these parcels are expected to contribute to the next Mineral Resource update and support further resource growth as drilling commences in May."

The timing of the expansion is critical. American Uranium is set to begin a 55-hole infill and expansion drilling program in early May 2026. The data gathered from this program, combined with the potential of the newly acquired land, will feed into a planned Mineral Resource Estimate update and a Scoping Study, both targeted for completion in the third quarter of 2026. This study will provide the first comprehensive economic evaluation of the Lo Herma project, a major milestone for the company and its investors.

Fueling a Domestic Uranium Renaissance

American Uranium's move is set against a backdrop of compelling market dynamics. The United States currently consumes approximately 50 million pounds of uranium annually for its nuclear reactor fleet, yet domestic production has fallen to near-zero in recent years, creating a significant and growing supply gap. This dependence on foreign imports, particularly from nations with geopolitical instability, has raised serious energy security concerns in Washington.

Wyoming, with the largest known uranium reserves in the nation, is central to any effort to revitalize domestic production. The Powder River Basin, where Lo Herma is located, is a dominant hub for American uranium, with a history of production dating back to the 1970s using the In-Situ Recovery (ISR) method. This well-established jurisdiction provides a clear regulatory pathway and existing infrastructure that benefits projects like Lo Herma.

With a stated production target in the 2029-2030 timeframe, American Uranium is aligning its development schedule with market forecasts that predict a tightening uranium market and sustained higher prices, driven by the global push for decarbonization and energy independence.

Funding the Path to Production

A strategic vision requires capital to execute, and American Uranium has proactively secured funding for its next phase of growth. The company recently completed a placement to institutional and sophisticated investors, raising $2.64 million. Notably, existing shareholder Frontier Nuclear and Minerals participated to maintain its 9.92% stake, signaling continued confidence in the project's trajectory.

In addition, the company has announced a non-renounceable entitlement offer to its eligible shareholders, aiming to raise an additional $2.58 million. The proceeds from these capital raises are specifically earmarked for advancing the Lo Herma project. This includes funding the upcoming drilling program, conducting hydrogeological studies to optimize the ISR wellfield design, and performing metallurgical testing to confirm uranium recovery rates—all critical steps in de-risking the project and moving it towards a production decision.

A Growing Player in a Proven Uranium Hub

With a current resource of 9.45 million pounds of uranium, the Lo Herma project is already achieving a scale that commands attention. The project is increasingly comparable to other ISR satellite projects in the region, such as Ur-Energy's Shirley Basin project (8.8 million pounds) and Uranium Energy Corp.'s Ludeman project (11 million pounds).

The expansion and upcoming resource update are designed to further enhance Lo Herma's scale and improve the confidence level of its resource, potentially upgrading more of its inventory from the 'Inferred' to the 'Indicated' category. This is a crucial step for securing institutional financing for future development.

Furthermore, Lo Herma's strategic location, approximately 10 miles from Cameco Corporation's Smith Ranch-Highland facility—the largest permitted ISR operation in the U.S.—opens up the possibility of a 'hub-and-spoke' development model. By potentially toll-milling its uranium-rich solution at an existing nearby facility, American Uranium could significantly reduce its initial capital expenditure and accelerate its timeline to production. This combination of resource scale, strategic location, and a favorable market positions the Lo Herma project as a key asset to watch in the revival of American uranium production.