American Uranium to Start 55-Hole Drilling Campaign at Lo Herma in May 2026

New Drilling Phase Targets Resource Growth at Lo Herma

American Uranium Limited (ASX:AMU) is set to kick off the next stage of drilling at its flagship Lo Herma ISR uranium project in Wyoming’s Powder River Basin, with up to 55 holes planned to begin early May 2026. This drilling campaign aims to expand and upgrade the existing Mineral Resource within priority Mine Units 1 and 2, including newly acquired mineral rights south of Mine Unit 2.

The program is the final phase under the company’s approved permit for 121 holes, of which 66 have already been completed. The upcoming drilling will combine infill and step-out holes designed to enhance geological confidence and resource size within the project footprint ahead of a Mineral Resource Estimate update and Scoping Study slated for Q3 2026.

Supporting Technical Work to De-Risk Project Development

Alongside drilling, American Uranium plans to intensify hydrogeological and metallurgical field programs focused on key Mine Unit areas. These studies will refine critical parameters such as formation permeability, transmissivity, and leach characteristics, which are vital for in-situ recovery (ISR) development assumptions and engineering inputs.

Executive Director Bruce Lane emphasised the strategic importance of this phase, noting it builds on successful campaigns from 2025 and early 2026. The company expects the new data to strengthen the technical foundation for the upcoming resource update and Scoping Study, which will assess the project’s viability and development pathway.

Project Portfolio and Resource Context

Lo Herma remains American Uranium’s core asset, boasting an updated Mineral Resource Estimate of 9.45 million pounds of contained U3O8 with 43% in the Indicated category. The company also holds other uranium assets in Wyoming’s Great Divide Basin and Utah’s Henry Mountains, with combined Wyoming resources totaling over 11 million pounds of uranium.

This drilling initiative follows a recent capital-raising effort, where American Uranium launched a $2.59 million entitlement offer to fund Lo Herma’s development and exploration activities. The raise underscores the company’s commitment to advancing the project through technical milestones and resource expansion, as detailed in their recent $2.59M entitlement offer.

Looking Ahead to Q3 2026 Resource Update and Scoping Study

The success of this drilling campaign and associated technical programs will be pivotal for the planned Q3 2026 Mineral Resource update and Scoping Study. These milestones will provide the first comprehensive assessment of Lo Herma’s commercial potential underpinned by JORC-compliant resource confidence and detailed technical inputs.

While the Exploration Targets remain conceptual and subject to further validation, the company’s methodical approach to drilling and hydrogeological work aims to reduce uncertainties and support future development decisions. Investors will be watching closely as assay results and technical data emerge over the coming months.