American Uranium (ASX:AMU) launches $2.58M entitlement offer to fund Lo Herma work programs

American Uranium has announced a proposed pro rata non renounceable rights issue of new fully paid ordinary shares at $0.12 per New Share to raise up to approximately $2.58M before costs, with proceeds intended to fund permitted infill and expansion drilling, together with hydrogeological and metallurgical programs at the Lo Herma ISR Uranium Project ahead of a planned Q3 2026 Scoping Study.

Highlights

• 1 for 6 pro rata non renounceable entitlement offer to raise up to approximately $2.58M before costs.
• 1 for 2 free attaching option exercisable at $0.16 expiring 30 June 2029 to be issued to participants.
• Offer price of $0.12 per New Share represents a 3.1% discount to the 30 day volume weighted average price of $0.124.
• Up to 21,519,544 New Shares and 10,759,772 attaching New Options offered.
• Proceeds intended for drilling, hydrogeological and metallurgical studies at Lo Herma, plus landholding costs, costs of the offer and working capital.

Under the Entitlement Offer, shareholders registered at 4.00pm WST on Wednesday, 22 April 2026 with a registered address in Australia, New Zealand and Canada are eligible to participate.

Eligible Shareholders may subscribe for 1 New Share for every 6 existing Shares held at the Record Date, at an issue price of $0.12 per New Share.

All New Shares will rank equally with existing Shares, and the Company will apply for quotation of the New Shares, subject to ASX requirements, while the Attaching Options will not be quoted.

Funds raised are intended to be applied to expansion and infill drilling at the Lo Herma ISR Uranium Project, together with hydrogeological and metallurgical studies, as well as landholding costs, costs of the offer and general working capital.

The announcement states that the actual use of funds will depend on factors that cannot presently be ascertained and that the Directors reserve the right to alter how funds raised will be applied.

Lo Herma is identified as the Company’s flagship asset.

The project summary states a Mineral Resource Estimate of 5.92Mt at 720ppm eU3O8 containing 9.45Mlbs, including 46% in the Indicated category.

American Uranium also holds drill permitted projects in Wyoming’s Great Divide Basin and Green Mountain area, together with conventional uranium and vanadium assets in Utah’s Henry Mountains.

The Entitlement Offer is not underwritten.

The indicative timetable includes an ex date of Tuesday, 21 April 2026, a record date of Wednesday, 22 April 2026, an opening date of Monday, 27 April 2026, a closing date of Friday, 15 May 2026, issue of New Shares on Friday, 22 May 2026, and normal trading expected to commence on Monday, 25 May 2026.

The entitlement offer outlines the Company’s current funding plan for the next stage of work at the Lo Herma ISR Uranium Project, with drilling and technical studies scheduled ahead of the planned Q3 2026 Scoping Study.

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