American Uranium Launches Major Drilling Phase at Lo Herma with $4.5M Boost

• Phase 1 drilling commenced at Lo Herma ISR uranium project
• Targeting expansion of existing 8.57 million pound uranium resource
• Raised A$4.5 million with Snow Lake Energy as cornerstone investor
• Company rebranded to American Uranium Limited with new ASX ticker AMU
• Drilling program includes up to 121 holes over two phases through 2026

Drilling Campaign Underway at Lo Herma

American Uranium Limited (ASX, AMU) has officially commenced Phase 1 of its resource development drilling campaign at the Lo Herma ISR uranium project in Wyoming. This marks a significant step forward for one of the few near-term in-situ recovery uranium projects in the United States, positioning AMU to capitalise on the resurgence of America’s nuclear and uranium mining sectors.

The initial phase involves approximately 50 drill holes targeting known mineralised zones north of the proposed mine units, aiming to expand the current resource base of 8.57 million pounds of uranium. Drilling began on 21 October 2025 following approvals from the Bureau of Land Management and Wyoming’s Land Quality Division, with a total program of up to 121 holes planned across two phases through early 2026.

Strategic Capital Raise and Corporate Rebranding

Supporting this drilling push, American Uranium successfully completed a A$4.5 million placement to sophisticated and institutional investors. The cornerstone investor in this raise is Snow Lake Energy (NASDAQ, LITM), a US-focused uranium and nuclear energy company that holds a 50% joint venture interest in the adjacent Pine Ridge project. Snow Lake’s investment secured it a 9.9% stake in AMU and the right to appoint a director to the board, underscoring the strategic alignment between the two companies.

In tandem with these developments, the company has rebranded from its former identity to American Uranium Limited, adopting the new ASX ticker code AMU. This change reflects its sharpened focus on uranium exploration and development in the US market.

Broader Project Portfolio and Technical Plans

While Lo Herma remains the flagship asset, AMU also holds several other promising uranium projects in Wyoming’s Great Divide Basin and Green Mountain areas, as well as brownfields uranium-vanadium assets in Utah’s Henry Mountains. The ongoing drilling program at Lo Herma includes not only resource expansion but also plans for additional groundwater observation wells and diamond drilling to support hydrogeological studies and metallurgical testing. These efforts aim to optimise mineral processing and ensure environmentally responsible operations.

The data generated will feed into an updated Mineral Resource Estimate and a revised scoping study expected in early 2026, critical milestones on the path to production.

Financial Position and Outlook

During the September quarter, AMU reported exploration expenditure of A$1.07 million and net cash outflows from operating and investing activities. The company ended the quarter with cash and equivalents of A$2.75 million and access to an equity standby facility, providing runway for ongoing activities. Management has expressed confidence in its ability to manage expenses and raise additional funds as needed to support its growth trajectory.

CEO Bruce Lane highlighted the company’s strong positioning to complete the first phase of drilling this quarter and anticipates the interim resource update will demonstrate the project’s economic potential.

Bottom Line?

As drilling advances and resource estimates update, American Uranium’s next moves will be critical in defining its role in the US uranium revival.

Questions in the middle?

• How will Phase 2 drilling impact the confidence and size of the Lo Herma resource?
• What operational milestones will American Uranium target following the 2026 resource update?
• How might Snow Lake Energy’s board involvement influence strategic decisions at AMU?