American Uranium Advances Wyoming ISR Development with Resource Growth and Confidence Upgrade at Lo Herma

Rhea-AI Summary

American Uranium (OTCQB: AMUIF) reported an interim Mineral Resource update at its Lo Herma ISR uranium project in Wyoming on March 31, 2026. The global Lo Herma resource grew ~10% to 9.45 million pounds eU3O8, with 43% classified as Indicated.

Within the Scoping Study footprint across Mine Units 1–3, combined resources total 7.0 million pounds at 46% Indicated. Drilling is halfway complete (66 of 121 holes); the remaining 55 holes are scheduled for Q2 2026, ahead of a targeted Scoping Study in Q3 2026.

Positive

• Resource growth of ~10% to 9.45 million pounds eU3O8
• Higher confidence: 43% of global resource now Indicated
• Scoping Study footprint: 7.0 million pounds at 46% Indicated
• Drilling momentum: 66 of 121 holes completed

Negative

• Remaining 55 holes must be drilled in Q2 2026 to deliver planned updates
• Resource increase is modest (~10%), not a transformative scale-up
• Scoping Study remains targeted for Q3 2026, subject to completion risk

CASPER, Wyo., March 31, 2026 /PRNewswire/ -- At the halfway point of its drilling program, American Uranium Limited (ASX: AMU; OTCQB: AMUIF) today announced an interim Mineral Resource update for its flagship Lo Herma in‑situ recovery (ISR) uranium project in Wyoming's Powder River Basin. 66 holes of the 121‑hole permitted drill program are completed and the Company has increased the global Lo Herma Mineral Resource by approximately 10% to 9.45 million pounds eU₃O₈, with 43% now classified as Indicated.

Within the planned Scoping Study footprint across Mine Units 1, 2 and 3, combined resources now total 7 million pounds at 46% Indicated, strengthening the Project's development foundation ahead of a planned Scoping Study targeted for Q3 2026. The remaining 55 infill and expansion holes are scheduled for drilling during Q2 2026. Additional details can be found here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03073877-6A1318623&v=undefined.

Lo Herma is located in Wyoming, the most established ISR uranium jurisdiction in the United States. On a contained‑resource and development‑readiness basis, the Project is increasingly comparable to ISR satellite projects such as Ur‑Energy's Shirley Basin and Uranium Energy Corp's Ludeman, which have been advanced within hub‑and‑spoke ISR development frameworks.

Bruce Lane, CEO and Executive Director of American Uranium, said: "This interim update reflects meaningful progress in building scale and confidence across Lo Herma's core mine units. With nearly half of the planned Scoping Study resource now classified as Indicated and further drilling planned in Q2, we are positioning Lo Herma for a further resource update and a Scoping Study in Q3 2026 to assess ISR development options, including potential standalone and conceptual hub‑and‑spoke pathways within Wyoming's established ISR district."

View original content:https://www.prnewswire.com/news-releases/american-uranium-advances-wyoming-isr-development-with-resource-growth-and-confidence-upgrade-at-lo-herma-302729525.html

SOURCE American Uranium Ltd.

FAQ

How much did American Uranium (AMUIF) increase Lo Herma's resource on March 31, 2026?

The company reported an approximate 10% resource increase to 9.45 million pounds eU3O8. According to the company, 43% of that global resource is now classified as Indicated, improving near‑term development confidence.

What portion of Lo Herma's resource is Indicated and how does that affect AMUIF's plans?

43% of the global Lo Herma resource is Indicated, raising development readiness. According to the company, higher Indicated classification supports a planned Scoping Study targeted for Q3 2026 to evaluate ISR development options.

How many drill holes has American Uranium completed at Lo Herma and what's left for Q2 2026?

66 of 121 permitted holes are completed, leaving 55 holes scheduled in Q2 2026. According to the company, the remaining infill and expansion drilling is intended to support a further resource update and the Q3 2026 Scoping Study.

What resources are inside the planned Scoping Study footprint at Lo Herma for AMUIF?

Within Mine Units 1–3, combined resources total 7.0 million pounds with 46% Indicated. According to the company, this footprint strengthens the Project's development foundation ahead of the Q3 2026 Scoping Study.

When does American Uranium expect to deliver a Scoping Study for Lo Herma (AMUIF)?

The company targets a Scoping Study in Q3 2026 to assess ISR development pathways. According to the company, the study depends on completion of the remaining Q2 2026 drilling and a further resource update.

How does Lo Herma compare to other ISR projects cited by American Uranium (AMUIF)?

The company says Lo Herma is increasingly comparable on a contained‑resource and development‑readiness basis to ISR satellite projects like Shirley Basin and Ludeman. According to the company, this reflects Lo Herma's contained resources and advancing confidence metrics.