American Uranium (ASX:AMU) confirms continuity at Lo Herma ahead of Q3 resource upgrade

American Uranium has reported early infill drilling results from its Lo Herma ISR Uranium Project in Wyoming, where the first 18 holes of AMU’s ongoing infill drilling program have confirmed strong continuity of uranium mineralisation within Mine Unit 1, with results expected to support further conversion of Inferred resources to Indicated in the upcoming Mineral Resource Estimate update.

Highlights

• 11 of 18 holes, or 61%, intersected mineralisation above cut-off.
• 8 drill holes exceeded target GT >0.2.
• Best hole grade thickness result was 1.06 over 5.8m at 0.056% eU₃O₈ in hole LH-26-026.
• ~3,243m drilled across 18 holes, representing approximately one-third of the planned 55-hole program.
• ~22 additional infill drill holes are planned at Mine Unit 1, with ~15 step-out drill holes planned to the south of Mine Unit 2.
• Updated Mineral Resource Estimate and Scoping Study targeted for Q3 2026.

The current 55-hole program, commenced on 5 May 2026, is focused on increasing resource confidence within Mine Unit 1 through infill drilling while expanding the resource base in Mine Unit 2 through step-out drilling along interpreted redox trends.

Eighteen drill holes have been completed to date for 10,640 feet, or ~3,243m, representing approximately one-third of the total planned drilling effort for Q2 CY2026, with 11 holes intercepting mineralisation meeting or exceeding the 0.02% eU₃O₈ grade cut-off, while 8 drill holes exceeded the target Grade Thickness of 0.2 GT, including the strongest drill hole, LH-26-026, which returned the best intercepts to date with 5.8m of average 0.056% eU₃O₈.

The drilling completed during May has primarily focused on infill drilling within Mine Unit 1 to increase the density of drilling within a portion of the mine unit considered amenable to conversion from Inferred to Indicated classification, with the goal to grow resources within this area and increase the resource confidence.

According to the Mineral Resource Estimate summary referenced in the release, Mine Unit 1 contains 3,091,887lbs U₃O₈, with 1,429,414lbs classified as Indicated and 1,662,473lbs as Inferred. Across Mine Units 1, 2 and 3, the planned study area totals 7,004,569lbs U₃O₈.

Lo Herma is located in Converse County, Powder River Basin, Wyoming, approximately 15 miles north of Glenrock and close to several permitted ISR uranium production facilities, with uranium deposits associated with fluvial channels and reducing environments within fluvial sandstones, described as sandstone hosted roll-front uranium deposits.

A historical data package was purchased for Lo Herma in March 2023 with an estimated replacement value of ~US$15m and included original drill data for roughly 1,771 drill holes pertaining to the Lo Herma region.

A total of 845 historical drill holes located on AMU’s land position were used to prepare the maiden Mineral Resource Estimate published on 4 April 2023.

American Uranium CEO Bruce Lane commented,

“These early infill drilling results provide strong confirmation of mineralisation continuity within Mine Unit 1 and demonstrate the effectiveness of our resource upgrade strategy.”

Further infill drilling is underway at Mine Unit 1, where the company is continuing to increase drill density within areas considered amenable to conversion from Inferred to Indicated classification, while a step-out program is scheduled to commence to the south of Mine Unit 2 to expand the broader resource base.

The ongoing drilling, together with the upcoming longer-term aquifer pump-test program at Mine Unit 1, are designed to support Lo Herma’s progression toward ISR mine development.

The updated Mineral Resource Estimate and Scoping Study remain targeted for Q3 2026.

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