American Uranium (ASX:AMU) commences drilling at Lo Herma ISR uranium project

American Uranium has commenced drilling at its Lo Herma ISR uranium project in Wyoming’s Powder River Basin, targeting resource expansion and upgrades across proposed Mine Units 1 and 2 while advancing technical work ahead of a planned Q3 2026 Resource Update and Scoping Study.

Highlights

• Drilling of up to 55 holes has commenced
• Program includes infill drilling within Mine Unit 1 and expansion drilling into areas south of Mine Unit 2
• Drilling results and expanded hydrogeological and metallurgical work programs expected to support Mineral Resource update and Scoping Study targeted for Q3 2026
• Approved drilling permit allows up to 121 drill holes and approximately 37,500 metres of drilling
• To date, 66 holes have been completed with the current program comprising the remaining 55 holes

The Lo Herma project is covered by an approved drilling permit allowing up to 121 drill holes and approximately 37,500 metres of drilling, with 66 holes completed to date and the current program comprising the remaining 55 infill and expansion holes targeting both resource growth and improved geological confidence within the planned study footprint.

The drilling program includes infill and expansion drilling within existing Mine Units and step out drilling into newly secured adjoining mineral rights south of Mine Unit 2, alongside ongoing hydrogeological and technical field programs designed to support future development studies.

In parallel with drilling, the Company is undertaking more intensive hydrogeological and metallurgical work programs within priority Mine Unit areas to refine development assumptions and support study level inputs, with results from the drilling and associated technical work expected to inform a planned Mineral Resource Estimate update and Scoping Study targeted for Q3 2026.

American Uranium Executive Director Bruce Lane said:

“Following successful 2025–26 drilling campaigns and our recent interim Mineral Resource upgrade, we have commenced the remaining 55 permitted holes at Lo Herma. This next phase of drilling is designed to further grow and upgrade resources within our priority Mine Unit areas including testing mineralised trends south of Mine Unit 2, ahead of our planned Q3 2026 resource update and Scoping Study.”

The Lo Herma ISR uranium project is the Company’s flagship asset, with exploration and development drilling, together with hydrogeological and metallurgical testing, undertaken across three discrete areas defined as Mine Unit 1, Mine Unit 2 and Mine Unit 3.

Data generated from this work, along with historical drilling data, has been used to estimate Mineral Resources and support preliminary assessments of leach characteristics, conceptual wellfield and process flowsheet design, and high level engineering and capital cost inputs.

As shown in the resource table on page 4 of the announcement, the Lo Herma Mineral Resource Estimate updated as at 31 March 2026 is reported at 5.93Mt @ 720ppm eU3O8 for 9.45Mlbs contained U3O8, with 43% classified as Indicated, contributing to a total Wyoming Mineral Resource base of 7.25Mt for 11.11Mlbs contained U3O8.

Results from the drilling and associated technical work are expected to inform a planned Mineral Resource Estimate update and Scoping Study targeted for Q3 2026.

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