Pine Ridge Acquisition Raises Stakes but Exploration Risks Remain for GUE

Transformational Acquisition in Wyoming

Global Uranium and Enrichment Limited (GUE) has taken a significant step forward in its US uranium ambitions by completing the acquisition of 100% of the Pine Ridge Uranium Project through a 50/50 joint venture with Snow Lake Energy. Located in Wyoming’s prolific Powder River Basin, Pine Ridge is now one of the largest near-development in-situ recovery (ISR) uranium projects in the country, boasting an exploration target estimated between 24.4 and 51.3 million pounds of uranium oxide (U₃O₈).

This acquisition not only expands GUE’s footprint but also strategically positions the company near Cameco’s Smith Ranch processing facility, just 15 kilometres away, offering a clear and cost-effective pathway to production.

Aggressive Exploration and Land Expansion

Following the acquisition, GUE has rapidly expanded the Pine Ridge project area by approximately 85%, now controlling 37,387 acres. This expansion was informed by a comprehensive 3D geological model and historical drilling data comprising over 1,200 holes, which have outlined promising uranium roll-front systems amenable to ISR extraction.

In July 2025, the joint venture launched a major 38,000-metre drilling campaign targeting eight high-priority zones identified through detailed analysis of historical datasets. Spearheaded by uranium expert Bryan Soliz, this is the largest drill program ever conducted on the project, with results expected to provide a steady stream of news flow in the coming months.

Advancing US Uranium Projects and Technology

Beyond Pine Ridge, GUE reported a positive scoping study for its Tallahassee Uranium Project in Colorado, which confirmed robust project economics with a pre-tax net present value (NPV8) of up to US$365 million and an internal rate of return (IRR) of 145% at a uranium price of US$110 per pound. The study highlights the cost advantages of Hydraulic Borehole Mining, a selective and environmentally responsible extraction method.

Additionally, the company announced a maiden JORC-compliant resource estimate of 6 million pounds of U₃O₈ at the Maybell Uranium Project, also in Colorado, underscoring the growing potential of its US portfolio.

On the technology front, GUE maintains a 21.9% stake in Ubaryon, an Australian company developing next-generation uranium enrichment technology. A strategic partnership with global enrichment leader Urenco was formalised during the quarter, with Urenco committing an initial A$5 million investment to accelerate technology development, signalling confidence in Ubaryon’s progress.

Strengthening US Government Engagement and Capital Position

Recognising the importance of regulatory navigation and potential government funding, GUE appointed CT Group, a Washington D.C.-based advisory firm, to support its US regulatory strategy and positioning under critical minerals initiatives. This move aligns with broader US efforts to secure domestic uranium supply chains.

To fund these ambitious activities, GUE completed a A$10 million placement during the quarter, bolstering its financial capacity to advance exploration and development programs.

Corporate Developments

In line with its strategic growth, GUE welcomed Frank Wheatley, CEO of Snow Lake Energy, as a Non-Executive Director, bringing over 35 years of mining industry experience. Meanwhile, Matthew Keane retired from the board, with the company expressing gratitude for his contributions.