We spoke with Bruce Lane, Executive Director of American Uranium, offering a detailed update on the company’s flagship Lo Herma project in the United States. The conversation covered resource expansion, technical progress, development timelines, and the broader uranium market outlook. What emerges is a company steadily advancing toward development while positioning itself within a strengthening nuclear energy narrative.

Resource Growth and Quality Improvement

One of the most significant updates is the expansion of the Lo Herma resource to approximately 9.45 million pounds of uranium, with 43% classified in the indicated category—a meaningful step toward development readiness.

This growth was not simply about adding volume. The company also improved the average grade from 630 ppm to 720 ppm, reflecting a combination of better targeting and tighter geological modeling. According to Lane, this upgrade resulted from focusing on higher-confidence zones within defined mine units, particularly Mine Units 1 and 2.

Importantly, around 7 million pounds now sit within proposed mining areas, with nearly half categorized as indicated resources. This balance between expanding total resource size and upgrading confidence levels is critical, as it directly supports future economic studies and project financing.

Higher grades also have tangible operational benefits. In in-situ recovery (ISR) mining, better grades can translate into denser wellfield layouts and improved economics, potentially reducing capital intensity and operating costs.

Drilling Strategy and Exploration Upside

The company is only halfway through its current drilling program, leaving considerable upside potential. The second phase of drilling is expected to be more targeted, benefiting from data gathered in the first phase.

Key objectives of the next drilling phase include:

• Expanding total resource size
• Increasing the proportion of indicated resources
• Refining hydrogeological understanding
• Conducting additional metallurgical testing

A notable catalyst is the acquisition of new private mineral rights and claims, totaling roughly 1,500 acres. These areas sit adjacent to existing resource zones and are believed to host extensions of known mineralization. In some cases, previously interpreted resources could now be formally incorporated into future estimates.

Lane emphasized that while geological continuity is strong—thanks to consistent sandstone-hosted systems—the main challenge remains accurately locating high-grade roll-front mineralization. With limited geophysical tools available for this deposit type, success depends heavily on precise drilling.

ISR Potential and Project Scale

Currently, about 7 million pounds are considered “under pattern”, meaning they are sufficiently understood to be included in development planning. Additional resources may be ISR-extractable, but require further hydrogeological validation.

To contextualize scale, Lane compared Lo Herma to nearby U.S. ISR projects:

• Projects in the 8–10 million pound range are already moving into or nearing production
• Lo Herma’s current scale supports a 7–8 year mine life, with potential to extend to 9–10 years

This places the project firmly within the range of commercially viable ISR operations in Wyoming, one of the most established uranium-producing regions in the United States.

Development Timeline: Focus on 2026

Looking ahead, American Uranium has laid out a clear set of milestones for 2026:

Q2 2026

• Restart drilling (expected May start)
• Conduct hydrogeological and metallurgical testing

Q3 2026

• Updated resource estimate
• Completion and release of a scoping study

The scoping study will be a critical inflection point, as it will incorporate updated resource confidence and provide the first comprehensive economic framework for the project.

Funding and Capital Position

The company recently raised approximately $2.6 million, with an additional rights issue targeting a similar amount. This funding is expected to:

• Complete the current drilling and study programs
• Deliver the scoping study
• Maintain operational flexibility

Post-scoping study, the company will evaluate next steps based on uranium market conditions and project economics.

Broader Asset Portfolio

While Lo Herma is the primary focus, American Uranium holds several additional assets:

• Great Divide Basin (Wyoming): ~1.6 million pounds of uranium resources, including the Thor project
• Green Mountain: Early-stage exploration with identified drill targets
• Utah projects: Shallow uranium-vanadium targets with historical production and potential for rapid resource definition

These assets provide longer-term optionality but remain secondary to Lo Herma in current capital allocation.

Institutional Interest and Market Positioning

Lane noted a clear increase in institutional interest, driven by two converging themes:

1. Critical minerals supply chains
2. Nuclear energy as a low-carbon baseload solution

Uranium sits at the intersection of both, making it particularly attractive. Importantly, Lane highlighted a scarcity of advanced ISR projects held by junior companies, which strengthens American Uranium’s positioning.

Uranium Market Outlook

The uranium market remains complex but broadly supportive:

• Spot prices have been relatively flat and thinly traded
• Term prices are rising, with reported transactions around $100 per pound
• Legacy contracts still anchor some producers at lower prices (~$60 range)

Lane suggested that the “real” price environment likely sits closer to the higher end, particularly for future delivery contracts.

At the same time, policy momentum—especially in the United States—is accelerating. Plans for new nuclear reactor builds and government-backed initiatives signal strong long-term demand for domestic uranium supply.

Conclusion

American Uranium’s Lo Herma project is transitioning from exploration toward development, supported by:

• Growing and higher-quality resources
• Strategic land acquisitions
• Clear near-term milestones
• Favorable macro trends in uranium and nuclear energy

While risks remain—particularly in drilling precision and hydrogeological validation—the project is increasingly aligned with the scale and characteristics of producing ISR operations.

If execution continues as planned through 2026, the upcoming scoping study could mark a pivotal step in demonstrating the project’s economic viability and unlocking further value.

You can watch the interview on this link: https://youtu.be/IItJDHt3Ahs?si=5x4V0YCqJYDV8TIW