Investor Insight
American Uranium presents an intriguing opportunity for investors seeking exposure to the uranium sector, given its focus on ISR projects in the US, aligning well with macro trends in the nuclear energy industry and geopolitical shifts favouring domestic uranium production.
Overview
American Uranium Limited (ASX:AMU) is an Australia-based uranium exploration and development company focused on uranium projects in Wyoming, USA, that are amenable for in-situ recovery (ISR). In uranium mining, ISR is the lowest cost and least environmentally damaging form of uranium recovery, especially when alkaline leach and ion exchange processes are utilised.
The flagship Lo Herma uranium project, located in the Powder River Basin, contains a JORC-compliant mineral resource of 8.57 Mlbs U₃O₈ at 630 parts per million (ppm), including 32 percent in the indicated category, and an exploration target of 6 to 11 Mlbs U₃O₈.
American Uranium also holds the Great Divide Basin project (1.66 Mlbs inferred), the Green Mountain project adjoining Rio Tinto tenements, and the Henry Mountains uranium-vanadium project in Utah – together providing a diversified, strategic platform for future growth.
The company is strategically positioned to capitalise on tightening US supply-demand fundamentals. The United States consumes approximately 50 Mlbs of uranium annually, yet produces less than 1 Mlb domestically, and recent federal actions seek to dramatically expand nuclear capacity and secure domestic fuel supply chains.
Growing private-sector electricity demand, including AI-driven data centre loads, further reinforces the long-term structural need for new domestic uranium production.
As the US uranium sector continues to consolidate, American Uranium remains open to strategic partnerships, joint ventures, and other value-enhancing transactions that could accelerate development at Lo Herma or unlock value across the broader portfolio. The recent cornerstone investment in American Uranium by Snow Lake Energy underscores growing strategic interest in the region and highlights the potential for future collaboration opportunities that could strengthen American Uranium’s pathway to production and enhance shareholder value.
Company Highlights
100 percent owned ISR-amenable uranium projects in Wyoming, USA.
Flagship Lo Herma project hosts a JORC 2012 compliant resource of 8.57 Mlbs U₃O₈ at 630 ppm and a defined 6 to 11 Mlb exploration target.
Resource development drilling underway, including Phase 1 step-out drilling (commenced October 2025) and Phase 2 infill drilling scheduled for early 2026.
Hydrogeological testing successfully completed in November 2025, confirming sustained flows and favourable aquifer transmissivity to support ISR development.
Additional drill-permitted uranium projects in the Great Divide Basin and Green Mountain districts of Wyoming, plus conventional uranium-vanadium assets in Utah.
Total combined Wyoming uranium resources of 10.23 Mlbs U₃O₈ and combined exploration targets of 12.14 to 15.21 Mlbs.
Snow Lake Energy (NASDAQ:LITM) now holds 9.9 percent of American Uranium as a cornerstone investor, strengthening strategic alignment with regional uranium development.
Wyoming remains the premier ISR-producing region in the United States, with established infrastructure, a supportive regulatory environment, and multiple operating ISR facilities.
Key Projects
Wyoming Uranium Projects
American Uranium’s focus on Wyoming ISR assets positions the company well to capitalise on strengthening uranium market fundamentals. ISR mining offers lower capital intensity, faster development timelines and reduced environmental footprint compared to conventional methods. Wyoming remains the leading uranium-producing region in the United States, hosting multiple operating ISR mines, established infrastructure, and a supportive regulatory environment.
The company’s Wyoming portfolio comprises the Lo Herma, Great Divide Basin and Green Mountain projects, located across the Powder River and Great Divide Basins.
Lo Herma
American Uranium’s exploration and development activity is centred on its 100 percent owned flagship Lo Herma ISR project in the Powder River Basin. The project hosts a JORC-compliant mineral resource estimate of 8.57 Mlbs U₃O₈ at an average grade of 630 ppm (32 percent indicated), supported by more than 950 historical and modern drill holes, and an additional exploration target of 6 to 11 Mlbs.
During 2025, the company completed key de-risking work, including hydrogeological pump testing, which demonstrated sustained wellfield flows and minimal aquifer drawdown, confirming favourable conditions for ISR development.
In October 2025, American Uranium commenced Phase 1 resource expansion drilling, targeting mineralised roll fronts north of the proposed mine units 1 and 2. This program is designed to grow the existing resource base ahead of an interim mineral resource estimate update planned for early 2026. Phase 2 infill drilling, scheduled for early 2026, will focus on upgrading resource classification to support a scoping study update in the latter part of 2026.
Lo Herma is located approximately 10 miles from Cameco’s Smith Ranch-Highland ISR facility, the largest ISR uranium plant in the United States, providing potential synergies for future development.
Great Divide Basin and Green Mountain
American Uranium continues to progress its additional Wyoming projects in the Great Divide Basin and Green Mountain districts. These projects are permitted for drilling and offer substantial exploration potential across a large, contiguous land position.
The Great Divide Basin project includes the Thor, Logray, Loki, Odin, Teebo and Wicket claim groups. It contains an inferred JORC resource of 1.66 Mlbs U₃O₈ at 570 ppm, along with a significant exploration target supported by historical drilling and trend-based geological modelling. The project benefits from proximity to existing regional ISR operations and uranium processing infrastructure.
The company’s position in the basin was further strengthened through the acquisition of the Green Mountain project, comprising 5,585 hectares adjoining Rio Tinto’s tenements. Historical data confirm the presence of roll-front uranium mineralisation within the Battle Springs formation. The project sits near significant regional deposits including Sheep Mountain, Lost Soldier and Antelope, placing American Uranium in a highly strategic district with potential future development pathways.
Utah
Henry Mountains Uranium Project
The Henry Mountains project in Utah is a brownfields uranium-vanadium opportunity within the prolific Colorado Plateau uranium province. Exploration has focused on a 5 km mineralised corridor between the Rat Nest and Jeffrey claim groups, including state leases within the project area.
Mineralisation is shallow and has historically supported substantial regional production. While the company’s near-term focus is on advancing its Wyoming ISR assets, Henry Mountains remains a valuable longer-term opportunity with potential for renewed exploration, resource development or strategic transaction optionality.
Management Team
Bruce Lane – Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 20 years, most notably with ASX listed companies Atom Energy, Stonehenge Metals and Fenix Resources (FEX).
Matt Hartmann – Director
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Simon Williamson – Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project. Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia.
James (Jim) Baughman – Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium. Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career. He is a registered member of the Society of Mining, Metallurgy, Exploration, and a member of the Society of Economic Geologists.
Petar Tomasevic – Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
