An in-depth discussion with Bruce Lane, Executive Director of American Uranium Limited (ASX: AMU). Presented company is our client so this should be considered as paid sponsorhip.
In a year marked by volatility across commodity markets, uranium has proven no exception. While long-term fundamentals remain compelling, uranium explorers—particularly early-stage developers—have faced a challenging investment environment. Against this backdrop, we sat down with Bruce Lane, Executive Director of American Uranium Limited, to discuss market dynamics, company achievements in 2025, and what lies ahead in 2026.
American Uranium is a uranium exploration and development company with assets located in Wyoming and Utah, positioning it squarely within the United States’ domestic uranium supply chain. With uranium designated as a critical mineral and increasing emphasis on energy security, the company’s progress and strategic direction are drawing growing attention.
The uranium market in 2025 has been characterized by sharp price movements, particularly in the spot market. Spot prices fluctuated broadly, ranging from the low $60s per pound to the mid-$80s, reflecting thin liquidity and sensitivity to short-term sentiment. In contrast, long-term contract prices have continued to grind higher, recently sitting around the mid-to-high $80s per pound.
According to Lane, this divergence between spot and term prices is an important signal. While he cautions against precise price forecasting—given uranium’s opaque and contract-driven market structure—he views the current pricing environment as constructive.
The recent firmness around the $80/lb level suggests a potential near-term floor, with signs of strengthening demand heading into early 2026. Major producers such as Cameco, which exert significant influence over utility contracting cycles, continue to provide important cues for the broader market.
Crucially, Lane emphasized that while current prices have been sufficient to incentivize restarts of existing operations with embedded infrastructure, they are not yet high enough to broadly support new greenfield uranium projects. Reaching a true incentive price—likely closer to $95–$100/lb—will be necessary to unlock capital for higher-risk exploration and development ventures.
American Uranium’s flagship asset, the Lo Herma Project in Wyoming, delivered one of the company’s most significant technical milestones in 2025. Recent resource expansion drilling produced the strongest intercept recorded at the project to date.
The standout result was a single drill hole delivering a grade-thickness (GT) of 1.41 over a combined 7.6 meters. While Lo Herma is not expected to yield Athabasca-style high grades—a reality of this style of sandstone-hosted mineralization—the combination of thickness and consistent mineralization is particularly well-suited to in-situ recovery (ISR) mining.
Lane explained that the drilling campaign had two key objectives:
Testing northern extensions of known mineralized trends beyond the proposed Mine Units 1 and 2.
Confirming geological continuity and thickness, which are critical parameters for ISR viability.
The program achieved a combined strike extension of approximately 10,000 feet (around 3 kilometers) with just 50 drill holes, demonstrating efficient exploration success. Importantly, altered sands were confirmed in the anticipated areas, validating the geological model.
Beyond drilling, American Uranium advanced a second essential component of ISR project development: hydrogeology. During the same campaign, the company conducted aquifer and pump testing to evaluate groundwater conditions.
Initial observations from the hydrogeological testing have been positive, with a draft report received from PetroTech. These results are expected to be released in early 2026 and will play a crucial role in determining the project’s technical readiness for ISR mining.
The combination of favorable mineralization and supportive hydrogeology significantly de-risks Lo Herma as a potential future production asset.
Lane described 2025 as a year that met—and in some areas exceeded—the company’s expectations. Key accomplishments included:
A 50% resource upgrade at the start of the year
Completion of a scoping study, which, while not publishable in full due to ASX disclosure thresholds (32% indicated resource), provided strong economic guidance
Installation of water monitoring wells, enabling subsequent hydrogeological testing
Permitting of 121 drill holes (37,500 feet), with the first exploration and resource expansion phase completed
Additional ground staking along strike north of Mine Unit 2, expanding future upside
Collectively, these steps have strengthened Lo Herma’s scale, confidence level, and development trajectory.
Looking ahead, American Uranium has outlined a clear, though flexible, roadmap for 2026. Key milestones include:
Early 2026: Release of hydrogeological testing results
January–February: Potential additional expansion drilling, followed by an updated Mineral Resource Estimate
Q1 2026: Infill drilling program under existing permits, combined with metallurgical test work
Mid-2026: Updated scoping study incorporating new resources, drilling, hydrogeology, and metallurgy
Lane stressed that while timelines are subject to operational and market factors, the company is well positioned from a permitting and funding perspective to execute these plans.
Beyond Lo Herma, American Uranium holds the Henry Mountains Project in Utah, which hosts both uranium and vanadium mineralization. Activity in 2025 was limited, primarily due to capital allocation priorities and market conditions.
The project remains fully permitted and drill-ready, offering optionality should uranium prices move decisively above incentive levels. The region is becoming increasingly active, with nearby projects such as Shooter and Canyon moving toward potential restarts and processing capacity from operators like Energy Fuels likely to expand.
Lane noted that Henry Mountains could achieve an initial resource with relatively modest expenditure, but any advancement will depend on capital availability and strategic prioritization.
American Uranium also maintains a portfolio of Wyoming assets, including:
Thor Project (Great Divide Basin) with approximately 1.66 million pounds of uranium already defined
Green Mountain Project, featuring 11–12 miles of confirmed mineralized trend based on geophysics and historical drilling
While these assets remain highly prospective, Lane emphasized a conservative approach in the current exploration environment. With capital markets favoring near-production companies, the focus remains on maximizing value at Lo Herma before deploying significant capital elsewhere.
In 2025, the company undertook several important corporate initiatives:
$4.5 million capital raise (August 2025), providing funding runway into 2026
Share consolidation and rebranding to American Uranium Limited, clarifying the company’s focus and mission
Strategic investment by Snow Lake, which acquired a 9.9% stake
The Snow Lake transaction is particularly notable, as Snow Lake is actively exploring a large uranium target adjacent to American Uranium’s ground. Drilling near the shared boundary highlights potential geological continuity and future collaboration opportunities, particularly around shared geological models.
American Uranium has re-established its presence on US trading platforms by upgrading from the pink sheets to OTC ID, with potential to move to OTCQB in the future.
While Lane acknowledged that OTC listings are not a “magic bullet” for liquidity, he views US market visibility as strategically important given the company’s exclusively North American asset base. Increasing engagement with US investors is a stated priority for 2026.
With uranium designated a critical mineral in the United States, American Uranium is actively monitoring and participating in policy-driven opportunities. The company has engaged with the Department of Energy’s Defense Production Act consortium, though these initiatives remain in early stages.
Lane highlighted that near-term government focus is understandably on projects capable of production by 2028. However, longer-term mechanisms—such as a strategic uranium reserve with minimum purchase commitments—could significantly benefit developers like American Uranium if implemented.
Over the next three to five months, investors can anticipate:
Release of hydrogeological pump testing results
Strategic decision on further expansion drilling versus immediate resource update
Updated Mineral Resource Estimate
Detailed plans for infill drilling at Lo Herma
These updates will form the foundation for the next phase of de-risking and advancing the company toward a credible development pathway.
Despite a challenging year for uranium explorers, American Uranium has delivered consistent technical progress, strengthened its flagship asset, and positioned itself for a more active 2026. With improving market fundamentals, critical mineral tailwinds, and a clear development roadmap, the company enters the new year with momentum and optionality across a diversified US uranium portfolio.
As Lane concluded, the coming quarters will be pivotal—not only for American Uranium, but potentially for the broader uranium exploration sector as market sentiment begins to shift.
WATCH THE VIDEO INTERVIEW HERE
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