Uranium American Resources, Inc Announces Official Name Change and Pivots to Uranium and Vanadium Focus

Rhea-AI Summary

Uranium American Resources, Inc. (formerly Tonogold Resources, OTC PINK:TNGL) has announced its official rebranding, marking a strategic shift towards uranium and vanadium assets. The company is acquiring three projects in the western USA: the Marysvale Project (hardrock uranium and vanadium mine), SKY Project (uranium roll front asset), and Stateline Project (19 historic high-grade mines).

The projects were acquired between 2017-2020 during low uranium prices. Historic estimates indicate over 1Mlb U3O8 at Sky Project and approximately 2.9Mlb U3O8 at Marysvale. Over 80% of historical convertible noteholders have supported this transition by converting their notes to equity at $0.10 per share. The company is currently working on changing its ticker symbol, though it will continue trading as TNGL until FINRA processes are complete.

Positive

• Strong shareholder support with 80% of noteholders converting to equity at $0.10/share
• Portfolio includes three historic uranium/vanadium production sites
• Historic estimates show significant uranium resources (>1Mlb U3O8 at Sky Project, ~2.9Mlb U3O8 at Marysvale)
• Assets acquired during low uranium price period (2017-2020), suggesting favorable acquisition costs

Negative

• Historic resource estimates are not NI43-101 compliant
• Projects require updating of resources and mining approvals
• Company still pending FINRA approval for name and ticker change

WOODLAND HILLS, CA / ACCESS Newswire / February 4, 2025 / Uranium American Resources, Inc. (formerly Tonogold Resources, Inc., (OTC PINK:TNGL)) is proud to announce a significant milestone in its strategic transition, with the company officially rebranding as Uranium American Resources, Inc. effective immediately. The Company is also in the process of changing its ticker symbol and will update shareholders on this progress. Pending completion of the formal name and ticker update process with FINRA, the Company's common stock with continue to trade under the old Company and TNGL ticker symbol.

This rebranding marks a pivotal shift in the company's focus to uranium and vanadium assets, aligning with the growing demand for clean energy solutions and positioning Uranium American Resources as a key player in the U.S. nuclear energy sector.

The company is in the process of acquiring three unique low risk projects located in west central USA known for Historic Production of Uranium & Vanadium close to significant mines and operating plants.

Figure 1: Uranium American Resources Portfolio.

The land was acquired during periods of low uranium prices between 2017 and 2020, including:

• Marysvale Project: A hardrock uranium and vanadium mine with significant historic production.

• SKY Project: A uranium roll front asset with promising in-situ recovery potential.

• Stateline Project: A cluster of more than 19 historic high-grade vanadium and uranium mines located across Montrose County, Colorado, and San Juan County, Utah.

The projects contain highly prospective geology, confirmed by historical mining activities and supported by comprehensive existing datasets, enabling a fast track to updating Resources and mining approvals.

Table 1: Project Drilling, Historic Mining and Historic Estimates.

Project	Drillhole Data	Historic Mines1	Historic Estimate2
Sky	>150 Drillholes	-	>1Mlb U3O8
Stateline	>30 Drillholes	19 U & V Mines	-
Marysvale	>120 Drillholes	3 U Mines	~2.9Mlb U3O8

Shareholder Support for Strategic Change
This positive transformation has received resounding support from shareholders, with over 80% of historical convertible noteholders electing to convert their notes into equity at a price of $0.10 (ten cents) per share. This strong endorsement highlights the confidence in the company's new direction and its focus on uranium and vanadium production.

The market has responded favorably to the company's strategic pivot, with the share price reflecting the strong investor confidence in the new vision and growth potential of Uranium American Resources.

CEO William Hunter commented:
"We're pleased to announce our name change and continuing to move this transaction forward. With the increased focus on producing "clean" energy, we believe our current strategy uniquely positions Uranium American Resources as a leader in the US nuclear industry. We continue to discuss partnerships and transactions with other leaders in the industry and look forward to providing updates in the near future."

The company looks forward to providing further updates as it progresses these exciting acquisitions and builds a sustainable future in clean energy production.

Enquiries

For further information, please contact:

William Hunter

Interim CEO, Uranium American Resources, Inc.

M: +1 203 856 7285

E: bhunter@tonogold.com

¹ USGS MRDS database.
² Historic Estimates are not considered NI43-101.

SOURCE: Uranium American Resources, Inc.

View the original press release on ACCESS Newswire

FAQ

What are the three main projects acquired by Uranium American Resources (TNGL)?

The three main projects are the Marysvale Project (hardrock uranium and vanadium mine), SKY Project (uranium roll front asset with in-situ recovery potential), and Stateline Project (19 historic high-grade vanadium and uranium mines in Colorado and Utah).

How much historical uranium resources do TNGL's projects contain?

According to historic estimates, the Sky Project contains over 1Mlb U3O8 and the Marysvale Project contains approximately 2.9Mlb U3O8. However, these estimates are not NI43-101 compliant.

What was the conversion price for TNGL's noteholders in the 2025 strategic change?

Historical convertible noteholders converted their notes into equity at a price of $0.10 (ten cents) per share, with over 80% of noteholders participating in the conversion.

When did TNGL acquire its uranium and vanadium projects?

The projects were acquired during periods of low uranium prices between 2017 and 2020.

How many historic mines are included in TNGL's Stateline Project?

The Stateline Project includes more than 19 historic high-grade vanadium and uranium mines located across Montrose County, Colorado, and San Juan County, Utah.